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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Slovenia rocked by Iran-related money laundering scandal

Slovenia rocked by Iran-related money laundering scandal

Slovenia’s state prosecutor has opened a preliminary investigation into claims that the country’s biggest state-owned bank, Nova Ljubljanska Banka (NLB), may have laundered nearly €1bn from Iran between 2008 and 2010, breaking an international embargo and failing to enforce rules on the financing of terrorism. Slovenian media reported in July that 40-50 transactions took place every day from NLB bank to more than 30,000 accounts around the world, including some clearly held in fake names, such as Donald Duck and Mickey Mouse. The allegations were not further elaborated until the…

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130 countries agree to global tax reform

130 countries agree to global tax reform

The world’s leading economies have struck a deal to revamp multinational corporate taxation that aims to dampen international tax rate competition. 130 nations and territories, including Luxembourg, have signed up to an OECD plan that requires multinational firms to pay a minimum tax rate of 15% worldwide, the OECD said on 1 July. The OECD, an international economic policy forum, estimated that this would raise $150bn in fresh tax revenue annually. The agreement would also “re-allocate some taxing rights” from companies’ home countries to the markets where they do business,…

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EE first UK Mobile operator to reintroduce roaming charges in Europe

EE first UK Mobile operator to reintroduce roaming charges in Europe

UK Mobile operator EE will charge new UK customers extra to use their mobile phones in Europe from January, the BBC reports. Those joining or upgrading from 7th July 2021 will be charged £2 a day to use their allowances in 47 European destinations from January 2022. EE, which is part of BT Group, previously said it had no plans to reintroduce roaming charges in Europe. It is the first UK operator to reintroduce the charges since the EU trade deal was signed in December. Since 2017, mobile networks in…

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Banks too involved in fossil fuels: study

Banks too involved in fossil fuels: study

A French study shows that the biggest European banks continue to support the fossil fuel sector. A double threat–climatic and financial–which, according to the study, could generate a financial crisis, similar to that of the subprimes. While the financial world swears by green finance, a French study shows that the largest banks in the euro zone still strongly support the fossil fuel sector, through credit products or investments. Commissioned by the Rousseau Institute, associated with environmental NGOs Reclaim Finance and Amis de la Terre, the “Fossil assets, the new subprimes?” study calculated that…

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