Auto Salon 2022 will go ahead after all

Auto Salon 2022 will go ahead after all

Belgium’s Auto Salon will go ahead as usual in January, according to sources close to the organisation. The planned dates are 14 to 23 January. The announcement comes after a week of uncertainty when the very existence of the Salon seemed to be in jeopardy. The 2022 edition is to be the first time back to normal after two years of pandemic restrictions. The problem was that some major car companies were doubtful they would attend, and some were sure they would not. In June, Volvo said it would not…

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Record-breaking streak continues for fund industry

Record-breaking streak continues for fund industry

The Luxembourg fund industry continued its pandemic recovery in July reaching a record €5.5trn in net assets under management, around €900m more than compared to February 2020, the last pre-pandemic month. Net assets in mutual funds dropped to €4.1trn in March 2020, the month that the World Health Organization declared the coronavirus crisis a global pandemic, from €4.6 trillion a month earlier. But it has been 16 months of steady growth since then, with funds first breaking the €5trn threshold in January this year and now reaching €5.5trn. Over the…

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Lidl comes out with quite a modest step in making consuming less harmful for the environment

Lidl comes out with quite a modest step in making consuming less harmful for the environment

Lidl of Belgium has just switched to the use of more sustainable receipts. The retailer uses the motto: “Making groceries more ecological together.” After the primary and secondary packaging that received a sustainability certificate, it is up to Lidl checkout tickets to become environmentally responsible. The aim of the retail chain is to make shopping more ecological. The new checkout ticket, introduced gradually since April, is blue and made from ecological material certified by FSC, meaning it comes from forests that are managed sustainably. The ink of the checkout ticket…

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Belgian florists’ profits are in full bloom after a year of hardship and challenges

Belgian florists’ profits are in full bloom after a year of hardship and challenges

Belgium’s floriculture sector is thriving after demand for ornamental flowers and plants has risen sharply, which is welcome news after the difficulties faced during the beginning of the coronavirus crisis. The production value of the ornamental plant and tree nursery sector in Belgium amounts to approximately €600 million, according to the Flemish infocentre for agriculture and horticulture (VILT), with around 90% of that value realised in Flanders. The cultivation takes place on 6,500 hectares throughout the country and the sector employs some 3,600 people, including 1,000 seasonal workers. Wim and…

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Decline and near fall of Italy’s Monte dei Paschi, the world’s oldest bank

Decline and near fall of Italy’s Monte dei Paschi, the world’s oldest bank

Four years after spending €5.4 billion ($6.3bn) to rescue it, Rome is in talks to sell Monte dei Paschi (BMPS.MI) to UniCredit (CRDI.MI) and cut its 64% stake in the Tuscan bank, writes Valentina Za, Reuters. Here is a timeline of key events in the recent history of Monte dei Paschi (MPS), which have made it the epitome of Italy’s banking nightmare. NOVEMBER 2007 – MPS buys Antonveneta from Santander (SAN.MC) for €9bn in cash, just months after the Spanish bank paid €6.6bn for the Italian regional lender. JANUARY 2008…

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Microsoft expands relationship with SES

Microsoft expands relationship with SES

Luxembourg satellite operator SES has signed on Microsoft as the first cloud provider for its next-generation medium Earth orbit system, the company said on Wednesday after unveiling the first satellites of the constellation a day before. SES is planning to launch the first three of its so-called O3b mPower satellites in December and on Tuesday unveiled the hardware at a Boeing factory in California. Two further launches are scheduled for next year. Microsoft has signed up as the network’s first customer providing cloud services, SES said in a statement on…

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Schrems has Facebook data processing in sights for next coup

Schrems has Facebook data processing in sights for next coup

Max Schrems, the privacy activist who brought down the EU-US Privacy Shield data transfer agreement, spoke to EURACTIV Germany about his new case against Facebook, which he hopes could turn the tech giant’s entire data processing model upside down. Following the Austrian Supreme Court’s referral in July of Schrems’ case to Luxembourg, the EU Court of Justice will now decide whether Facebook’s processing of personal data is compatible with European law. If the EU Court were to rule in his favour, this would mean that “a large part of the…

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Vincent Verlaine: from Liège to Luxembourg

Vincent Verlaine: from Liège to Luxembourg

Liège-based Vincent Verlaine in 2009 expanded into Luxembourg. Growing a local customer base took a lot of energy, the brand’s business developer says as part of an interview series on shops crossing borders. This is the story of a Liège-based family business that has survived three generations and then arrived in Luxembourg in 2009. The owner, Vincent Lemineur, was offered the opportunity to take over the premises of the Tomcat shop in Strassen. “He always had in mind to enter the Luxembourg market one day”, says Guillaume Leclercq, responsible for…

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EU unveils plan to cut emissions 55% by 2030, wave fossil fuels goodbye

EU unveils plan to cut emissions 55% by 2030, wave fossil fuels goodbye

The European Commission tabled a root-and-branch review of the EU’s energy and climate laws on Wednesday, aiming to cut carbon emissions by 55% before the end of the decade and initiate a decisive break away from fossil fuels. At the centre of the reform is a review of the bloc’s carbon market, the emissions trading scheme (EU ETS), which puts a price on each tonne of CO2 emitted by around 10,000 installations in the power sector, the manufacturing industry, as well as intra-EU flights. As part of a broad package…

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UBP takes over Danske Bank International

UBP takes over Danske Bank International

Swiss bank Union Bancaire Privée (UBP) has announced the acquisition of Danske Bank’s wealth management business in Luxembourg, operating under the name Danske Bank International (DBI). Established in Luxembourg since 1976, DBI specialises in international private banking activities with almost a thousand clients in some sixty countries. Its client base consists mainly of wealthy private clients from the Nordic countries–mainly Denmark–residing abroad, particularly in Europe. It currently employs 70 people. Union Bancaire Privée (UBP) is one of the leading private banks in Switzerland. This family-owned bank specialises in wealth management…

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