SEPTEMBER 2017

Enjoy our Newsletter!

You are welcome to send your comments to our e-mail at ankara.amb@mae.etat.lu and to visit the following websites for more information on Luxembourg

BENCHMARKS

Since 2007, Cornell University, INSEAD and the World Intellectual Property Organization have published an annual Global Innovation Index. This composite index is a precious tool for comparing and evaluating the ongoing progress made by different countries in the area of innovation. In the 2017 edition, Luxembourg came 12th out of 127 with a score of 56.40. More information

Source: inspiringluxembourg.lu

Luxembourg is one of the leading financial centres in the EU, together with London and Frankfurt. This was confirmed once again by the latest Global Financial Centres Index (GFCI 22). Climbing by four places, Luxembourg now ranks 14th out of 92 global financial centres overall. More information

Source: Global Financial Centres Index

Standard & Poor’s confirmed that the Grand Duchy still had its “AAA” rating with a “stable” outlook in a periodic review issued on on 15 September. The Agency said: 

“The stable outlook reflects our expectation that, over the next two years, Luxembourg will maintain strong credit metrics while effectively managing change in international fiscal and financial regulations.” More information

Source: Delano

FINANCE

China’s struck a deal on 1 September to buy a 90% stake in Banque Internationale a Luxembourg (BIL) for 1.48 billion € (1.76 billion $) in the biggest takeover of a European deposit bank by a Chinese firm so far.

Legend, best known as owner of computer group Lenovo Group Ltd, is acquiring 161-year-old BIL from Precision Capital, an investment vehicle of members of Qatar’s royal family.

Although the Chinese group was willing to buy the state's 10%, Finance Minister Pierre Gramegna outlined that the government insisted on keeping its shares to ensure the bank's continuity and give reassurance to the 2000 BIL employees and the public. More information

Source: Reuters, wort.lu

China Everbright Bank (CEB) has received approval to set up its subsidiary in Luxembourg. This strategic move will strengthen CEB’s operations in Europe and confirms Luxembourg’s position as the main gateway for Chinese banks into the European market.

Established in 1992, China Everbright Bank is headquartered in Beijing and focused on corporate, treasury, investment banking, wealth management and mortgage businesses.

China Everbight Bank is the seventh Chinese financial institution to choose Luxembourg for its European continental hub. Due to its stable economic environment, the sound regulatory framework and its profound expertise in financial services and renminibi business, Luxembourg already serves as the continental hub for Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank, China Merchants Bank and Industrial and Commercial Bank of China.  Bank of China was the first Chinese bank to come to Luxembourg almost four decades ago, in 1979, to set up its first ever overseas subsidiary, after the creation of People’s Republic of China, in the Grand Duchy. More information

Source: luxembourgforfinance.com

INDUSTRY

Multinational tyre-maker Goodyear has announced plans to launch a new production plant in Luxembourg.

Based in Dudelange, the new facility will employ an "innovative" production process called Mercury to enable Goodyear to meet growing demand for premium tyres.

The company is investing between 77 million $ (64.2 million €) and 95 million € in the facility, which will produce approximately 500,000 tires annually and create 70 full-time jobs. More information

Source: Wort.lu

SPACE AND INNOVATION

The law on space resources was passed on 13 July at the Chambre des Députés du Luxembourg (Luxembourg Chamber of Deputies), obtaining a large majority with 55 votes in favour. It came into force on 1st August 2017. 'This large majority, with backing from all the different parties, means there is significant political support for the SpaceResources.lu initiative, and it sends a strong signal to companies and investors operating in this sector.' explained the Luxembourg Minister of the Economy. More information

Source: Spaceresources.lu

SES has announced its newest offering in cloud-scale connectivity and high power data services, a network system that will provide high performance network communications from 2021.

The new constellation, called O3b mPower, consists of an initial seven high-throughput satellites in medium-Earth orbit, delivering capacity through 30,000 spot beams for broadband internet services.

"The SES O3b mPOWER system opens a new era of connectivity, fundamentally transforming the role and capabilities of satellites," said Karim Michel Sabbagh, President and CEO at SES. More information

Source: capacitymedia.com, wort.lu

EDUCATION

The University of Luxembourg has topped the world university rankings in the international outlook category.

The Times Higher Education (THE) World University Rankings 2018 were announced recently in London and the only university in the Grand-Duchy came out as top performer in one of the sections. According to the annual report of the THE World University Ranking 2018, the university lands on the 179th place of 1102 universities. More information

Source: Wort.lu

UPCOMING EVENTS

13 May-26 November 2017, Venice - The artist Mike Bourscheid will be representing Luxembourg at the 57th International Art Exhibition. The artist's work entitled Thank you so much for the flowers will be open to the public from 13 May to 26 November 2017.

The Luxembourg Pavilion will be exhibiting reappropriated costumes and domestic objects – made by Mike Bourscheid – and adding to the scene with music and performances that attempt to question social conventions and societal norms. More information