EU work with OECD to cancel tax benefits for coal-powered plants and equipment manufacturers

EU work with OECD to cancel tax benefits for coal-powered plants and equipment manufacturers

EU collaborates with other OECD countries to propose ban on export credits for coal-fired power projects Organization for Economic Co-operation and Development (OECD) countries hold an extraordinary meeting today (15 September) and Thursday (16 September) to discuss a possible ban on export credits for international coal-fired power generation projects without measures compensation. Discussions will focus on a proposal presented by the EU and other countries (Canada, Republic of Korea, Norway, Switzerland, UK and US) earlier this month. The proposal supports the greening of the global economy and is an important…

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Artel to strengthen position as a leading innovator

Artel to strengthen position as a leading innovator

Artel Electronics LLC (Artel), Central Asia’s leading home appliance and electronics manufacturer and one of Uzbekistan’s largest companies, continues to strengthen its Research and Development (R&D) position to bring new, innovative products to its customers. Artel’s custom R&D centre in Tashkent is one of the most extensive manufacturing research facilities in Central Asia. The centre’s designers, engineers and technicians develop new technologies to advance the next generation of contemporary products for the modern home. The expansion of Artel’s R&D centre is at the heart of the company’s forward-looking strategy. In…

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Heat and power bills may grow 130 euro more next year

Heat and power bills may grow 130 euro more next year

Energy prices could go up by as much as €130 in the coming year for customers with a variable contract, the federal regulator CREG has warned. A variable contract is one where the cost of electricity and gas is adjusted either every month or every quarter, depending on the contract, in keeping with the price movements on the world market. About 40% of Belgian households have a variable contract. The comparison was made by CREG on the basis of prices in the summer of 2019, before the pandemic hit. The…

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Luxembourg receives EU funds to feed poor

Luxembourg receives EU funds to feed poor

Luxembourg received €460,000 in aid from the European Commission to help provide food and basic assistance to poor households as part of coronavirus relief measures. The money forms part of the Fund for European Aid to the Most Deprived (FEAD). It supports member countries to provide food, clothing and other essential items, such as shoes or soap, to those in need. “Between 2014 and 2020, the FEAD in Luxembourg supported 71,640 beneficiaries with an envelope already incurred of some €3.5m,” the Commission said in a statement on 20 August. “The…

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Former SocGen chief Frédéric Genet has died

Former SocGen chief Frédéric Genet has died

Well-known Luxembourg banking executive Frédéric Genet unexpectedly passed away earlier this month. Frédéric Genet, a leading figure in Luxembourg’s banking sector, died on 4 August at the age of 66. “Frédéric was a leading banking executive, popular in the Luxembourg financial centre,” the International Bankers Club Luxembourg said in an announcement on 17 August. “Over two decades, he developed a keen interest in promoting Luxembourg’s financial industry across global and developing markets.” “He was known in his professional life for his visionary leadership and pragmatic and empathetic approach towards business…

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Patrick Hoffnung: “It was an extraordinary first job”

Patrick Hoffnung: “It was an extraordinary first job”

This week’s instalment of “My First Job” features Patrick Hoffnung, general manager of the European Convention Center Luxembourg. He tells us about his first experiences in the tourism industry. What was your first student job? When I was studying in Aix-en-Provence, every summer I went back to my family in Nancy and gave tours of the city as a tour guide. At the same time, working at the tourist office, I was in charge of a programme called “Holidays for Those Who Stay”. It was very nice and had a…

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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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Romania’s recovery plan drama continues

Romania’s recovery plan drama continues

As Brussels goes into summer recess, the topic of Romania’s recovery and resilience plan is far from being settled as the Commission is still seeking clarification on a series of important issues, media reported. Romania requested a one-month delay for the evaluation of its recovery plan to settle the problems. However, it appears more time will be needed following the summer holidays. Serious loopholes, including missing information regarding the costs and spending, as well as other inconsistencies, are currently plaguing the recovery plan, German newspaper Die Welt reported. Documents published…

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Rebound for ArcelorMittal

Rebound for ArcelorMittal

ArcelorMittal’s net profit reached $6.3 bn in the first half of the year, marking its best performance since 2008, it announced on Thursday. ArcelorMittal saw its sales jump 38% year-on-year to $35.5 bn in the first half of 2021. Its net profit rose to $6.3 bn, after a $1.7 bn loss a year earlier, when the covid-19 pandemic slowed both the demand and production of steel. “The second quarter was marked by a continued strong recovery and a tight-flow environment,” Aditya MittalAditya Mittal, CEO of the Luxembourg-based multinational, commented on…

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ECB will allow inflation to exceed 2% for a ‘transitory period’

ECB will allow inflation to exceed 2% for a ‘transitory period’

Speaking after the first meeting of the Governing Council since the ECB presented its strategic review, President of the ECB Christine Lagarde announced that inflation may exceed the 2% target for a “transitory period”, but stabilise at 2% in the medium term. The strategic review has adopted what is called a symmetric inflation target of two per cent over the medium term. In the past, the central bank for the eurozone took a position that the target should never be overshot. The new flexibility which has received unanimous support, is…

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