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239 Articles Found


In conversation with Stefan Chorus from STREFF - Between tradition and innovation

The success story of STREFF is intricately linked to the leadership of the Chorus family who has owned the company since 1970. Three generations have since been involved in its development, with the children of director Stefan Chorus already participating in its activities. LACC is therefore proud to be introduced to the family business and to conduct an interview with co-director Stefan Chorus who talks about the company history and the balance between tradition and innovation.

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Unemployment down in the first month of 2019

The tight labour market, hard to find IT, audit, Horeca staff The number of people living in Luxembourg without a job has decreased by more than 8% in the space of one year, the country's unemployment agency Adem said on Wednesday. The director of Adem, Isabelle Schlesser, told the Luxembourg Times last month that companies are struggling to find enough candidates in sectors such as IT, audit, the horeca sector and accounting for investment funds. At the end of January, just over 15,100 people were unemployed and registered with the agency. At the same time in 2018, an additional 1,442 people were on the list. Luxembourg's unemployment rate now stands at 5.1% – lower than the European Union average of 6.6%. People under 30 years of age saw the biggest drop in unemployment numbers. There were 9.5% fewer women registered …

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The state of Brexit: Are you prepared for a no-deal Brexit?

The UK Prime Minister survived a vote of no confidence but is left with a divided cabinet and no parliamentary support. The UK Parliament will hold the historic vote on the Brexit agreement during the week of 14 January 2019. The vote was initially scheduled for 11 December but was postponed by Theresa May, provoking Conservative MPs to trigger a vote of no confidence in the Prime Minister.

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Capital Group plans to double headcount in Luxembourg

US active investment house to launch one or two funds a year for the next three years. US investment house Capital Group is planning on doubling its headcount in Luxembourg this year as it plots an expansion in Europe and Asia. The company, which has $1.6 trillion (€1.4 trillion) in assets under management globally, was one of the first US asset managers to introduce a Luxembourg-domiciled fund, back in 1969. The launch 50 years ago pre-dated the growth of the fund centre in the 1980s when EU-wide rules on retail funds were introduced. The US active investment house is now planning on gearing up its presence in Luxembourg with one or two new fund launches a year over the next three years. "It's really a question of getting serious about the distribution of the Luxembourg funds," Hamish Forsyth, president of …

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Luxembourg banks add 200 staff in 2018

Luxembourg's banks hired more than 200 extra employees last year, according to data from the country's central bank. However, compared to the third quarter, the number of bank employees decreased by 65 people. The Banque centrale du Luxembourg (BCL) found banks employed in the Grand Duchy 26,317 people as of 31 December 2018. Of the total, 14,444 were men, and 11,873 women.

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LUX SIGNS FIRST EUROPEAN COLLAB WITH NVIDIA

The Luxembourg government announced on 30 January the creation of an artificial intelligence (AI) laboratory with Nvidia, the first collaboration in Europe with the renowned American technology company. “Luxembourg is nurturing a pan-European innovation ecosystem,” prime minister Xavier Bettel (DP) said in the press release by the department of media, telecommunications and digital policy. He further called the cooperation “big news for our local innovators”. The collaboration, which has its origins in a 5 July 2018 MoU, will initially have a team of six people from the University of Luxembourg’s high-performance computing team, its Luxembourg Centre for Systems Biomedicine (LCSB), its Interdisciplinary Centre for Security, Reliability and Trust (SnT) and the Luxembourg Institute of Science and Technology (List). The founders of the AI lab--kickstarted by Digital Luxembourg--plan on eventually opening it up to the startup community and industry partners, given …

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ALIPAY GRANTED LUXEMBOURG LICENSE TO SERVE EUROPEAN MARKET

Alipay, part of Alibaba group, has been granted with an electronic money license in Luxembourg. Alipay is China’s leading mobile and online payment solution, with more than one billion users globally. The launch of the new Luxembourg licensed entity, Alipay (Europe) Limited S.A., was officially announced by Luxembourg Minister of Finance Pierre Gramegna on 14 January during his visit in Hong Kong, in the presence of Chen Leiming, General Counsel of Ant Financial Services Group. Already present with a licensed entity in London, Alipay’s new PSD2 license in Luxembourg will allow the group to leverage the EU passport to serve its customers across Europe in the future and connect Chinese users with merchants in EU countries. Minister Gramegna comments: “Alipay’s presence is a welcome addition to Luxembourg’s financial ecosystem and will further consolidate its position as a leading European hub …

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The Biggest Market For Luxembourg Booze Isn't In Luxembourg

The biggest market for Luxembourg booze isn’t Luxembourg. It’s the United States, or more specifically, Wisconsin and Ohio. And the importer who started importing all sorts of Luxembourgish booze discovered this by accident. Kate Ansay, operations manager for Ansay International, got into the booze importing business by accident. The story starts with her grandfather, who grandfather started an insurance business for Luxembourgish farmers out of Port Washington, WI, and over time, the company evolved to also incorporate a real estate business for this rural area, about an hour north of Milwaukee, and he also worked with the Luxembourgish American Cultural Society in Belgium, WI, which runs a Luxembourg Fest every August in Belgium, WI. George Lentz, who is the ninth generation owner of Bofferding Brewery in Luxembourg, attended Miami University in Ohio, which has a sister school in Luxembourg. He’s …

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US bank Northern Trust plots major office move to Leudelange

Chicago-headquartered group will combine two existing offices in Altitude development south-west of Luxembourg City. US bank Northern Trust has agreed to take a substantial new office to the south of Luxembourg city, amid plans to move its European headquarters to the Grand Duchy. The Luxembourg Times can reveal the Chicago-headquartered banking group will combine its two existing offices in Luxembourg into a single location in the Altitude development in Leudelange. The move comes after Northern Trust acquired UBS' fund administration arm in the Grand Duchy in 2017 – almost doubling its headcount to around 300 employees. As part of its preparations for Britain's departure from the European Union, Northern Trust also decided to re-domicile its EU bank from London to Luxembourg. A spokeswoman for the bank confirmed the move to Leudelange would take place next year. "Luxembourg is at the …

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