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Executive Summary
皆様、 春らしい陽気の中、新年度が始まりました（昨日は“爆弾低気圧”とやらでしたが）。ヨーロッパでも 4月8日のイースター（復活祭）を控え、春めいたムードが漂っています。皆 様のスタートはいかがでしょうか。 ルクセンブルク中央銀行が 3月28日に発表した消費者心理調査では、家庭の貯蓄余力などを中心に消費者信頼感指数全般に前月と比べ改善が見られました。ルクセンブル ク中央銀行総裁のイヴ･メルシュがECB (欧州中銀）役員会の専任理事候補として噂されていますが、現在ユンカー首相が務めるユーログループ議長職や欧州復興銀行、 ユーロ圏救済基金などの総裁ポストなどの行方も含め、しばらく議論が続きそうです。 去る3月12日に経済産業省の関東経済産業局主催の「ネットワーク系ゲームデベロパー向け海外進出セミナー」にて、欧州ゲーム市場の概況とルクセンブルクの事業環境 について講演させて頂きました。50名を超える熱心な聴衆が集まり、セミナー後の交流会でも積極的に情報収集をされていました。日本の若い産業の海外を目指す勢いを 感じ、是非ルクセンブルクを欧州攻略の基地として活用して頂くべく尽力しようと思いました。ルクセンブルクには昨年来、アメリカ、韓国、ロシアなどから進出するゲーム企 業がさらに増え、益々同産業の基盤が拡大しています。 そんな中、6月19日･20日にルクセンブルクで開催の国際 ICTイベント「 ICT Spring Europe 2012」（www.ictspring.com）主催者より、日本の ICT系スタートアップ企業に 1日無料 展示ブースとプレゼンテーションのパッケージを提供するとのオファーをもらいました。同イベントは、“イノベーション”をキーワードに世界各国から 2500人以上のICT企業の リーダー、開発者、ベンチャーキャピタリスト、スタートアップ企業、メディアなどが集う国際フォーラムです。ゲーミング、クラウド・ソリューション、Eモーション等の幅広いテー マのセッションと企業展示、デモンストレーション、商談、交流会が開催されます。 今年は、楽天の三木谷社長をはじめ、 RtoZメディアCEO/元Face bookのランディ・ザッカーバーグ等の多彩な顔ぶれの基調講演が予定されており、世界のキー・プレイヤー とのネットワーキング、才能あふれるスタートアップ企業との交流、業界のトレンドの把握など、今後のビジネス、イノベーションに役立つイベントです。同イベントを視察する 企業ならびに無料ブースに応募するスタートアップ企業を募集しています。4月19日に東京の大使館にて説明会を開催します。（詳細 は：http://www.investinluxembourg.jp/sites/investinluxembourg.jp/files/IS.pdf）ご興味のある方は是非お申し込みの上、ご参加下さい。 3月27日に講談社から大衆演劇スターの早乙女太一さんの写真集「 S’」が発売されました。ルクセンブルクロケで撮影された写真はどれも、冬のヨーロッパの雰囲気と和装、 普段着の早乙女太一のムードが不思議にマッチして印象的です。大御所の写真家、橋本先生もロケーションにご満足下さいました。週末に行われた出版記念イベントでは、 ご本人が一番気に入っている写真2枚を選んでいましたが、どちらもルクセンブルクらしい風景です。これからロケーションとしてのルクセンブルクも認知されることを期待し ます。ルクセンブルクには映画制作の優遇制度、ルクセンブルク・フィルム･ファンド（http://en.filmfund.lu/）があり数多くの国際映画共同制作が行われていますが、まだ日本 とのプロジェクトはありません。 それでは、皆様、今年度もどうぞよろしくお願い致します。 ルクセンブルク貿易投資事務所 エグゼクティブ･ディレクター 松野百合子 Executive Summary In February 2012, a number of events took place within and outside Luxembourg. Table 1 summarises the key developments of the month. Table 1: Key Developments – February 2012 SEGMENT NEWS Company news 国内企業関連 · · · · · · · · · · · · · · · · · · · · · · · · · · · ArcelorMittal Acquires Land for Karnataka Project アルセロールミタル、カルナタカプロジェクトのための土地を買収 SES Signs Capacity Agreement with M7 Group SES、M7グループと容量契約を締結 SES, NordNet Upgrade Astra2Connect in France SES、NordNet フランスのアストラ２コネクションを改良 SES Inks Deal with Media Networks Latin America SES、メディア・ネットワークス・ラテンアメリカと成約 SES Partners with ICCES to Serve the Middle East and North Africa SESパートナーズ、ICCESと中東及び北アフリカでのサービスを提供 Paul Wurth Expands Operations in Valparaiso ポール・ヴュルト、ヴァルパライソでの事業拡大 Guardian Industries Extends Partnership with Intermolecular ガーディアン・インダストリー、インターモレキュラとの協力を延長 Guardian Auto Glass Acquires Glass Specialty Company ガーディアン・オート･ガラス、ガラスの専門企業を買収 Clearstream Enhances Collateral Management Cooperation with BNP Paribas クリアストリーム、BNPパリバとの担保管理提携を強化 Ceratizit Participates in GrindTec 2012 セラティジット、GrindTec2012に出展 IEE Launches 7" Browser Control Display Unit IEE、7" 制御表示装置を発表 Lindab Undertakes Sandwich Panel Manufacturing リンダブ、サンドイッチ板製造を開始 RTL Group’s JV Partners with Reliance Digital TV RTLグループ合弁会社、リライアンス・デジタルTVと提携 SES Names Norbert Hölzle as Head of EU Sales SES、EUの営業部門の代表にNorbert Hölzle氏を任命 · · · National political developments 国内政治関連 European and international political developments 欧州・国際政治関連 · · · · · · · · · · · · · · · · · · · · RTL Group Makes Changes to its Board RTLグループ、役員に変更 Handover at the Ministry of Economy and Foreign Trade 経済通商省にて引継ぎ式 Frieden Visits the US フリーデン大臣訪米 Schneider Welcomes Sodrugestvo Group’s Decision to Move HQ from Denmark to Luxembourg シュナイダー大臣、Sodrugestvoグループのデンマークからルクセンブルクへ本社を移転する決定を歓迎 Schneider Attends the EU Energy Council in Brussels シュナイダー大臣、ブリュッセルでのEUエネルギー委員会に出席 EU-US Promote International Tax Cooperation EU-米、国際租税協力を推進 Barnier Visits the US バルニエ欧州委員訪米 EU Grants Second Greek Bailout EU ギリシャへ第二次支援を決定 EU Budget Pact Accepted by Hungary’s Parliament EUの予算協定をハンガリー議会承認 EU Imposes Restrictions on Trade with Syria EUシリアへ貿易規制措置 EU to Grant Membership to Serbia EUセルビアを加盟候補国として承認 Company News: In the steel sector, Luxembourg-based steelmaker ArcelorMittal has completed all the necessary steps for Karnataka project and has obtained the possession of 1.827 acres of land in Karnataka In the satellite services industry, Luxembourg-based satellite operator SES has inked a capacity agreement with M7 Group for offering additional Astra services to the latter for the distribution of French-speaking channels in the Belgian market in HD versions. Further, the satellite operator and NordNet have upgraded the speed of Astra2Connect to 10 Mbps in France. In another development, SES signed a capacity agreement with Media Networks Latin America (MNLA) to meet the increasing demand for DTH in Central America and the Caribbean. In addition, the satellite operator has partnered with ICCES to increase its reach in the Middle East and North Africa. Further, the company has given additional responsibilities to Norbert Hölzle and has named him Senior Vice President of the European sales team. In the engineering products industry, Luxembourg-based engineering products company Paul Wurth Group expects to start its operations at Valparaiso location by July 2012. In the glass manufacturing industry, US-based float and fabricated glass manufacturer Guardian Industries has extended and expanded its existing collaborative development programme and strategic technology licensing agreement with Intermolecular, Inc. Further, Guardian Auto Glass LLC and LRST LLC have acquired Glass Specialty Company based in Bloomington, Illinois, to form a new company Guardian Auto Glass Bloomington, LLC to expand their operations in Illinois and adjacent states. In the financial services industry, Luxembourg-based international central securities depository (ICSD) Clearstream has launched a new service for agent banks, “Liquidity Hub Connect”, in collaboration with BNP Paribas, to enhance collateral management cooperation. Luxembourg-based carbide developer Ceratizit will participate in GrindTec, Europe’s top trade fair for grinding technology. While Luxembourg-based sensing specialist IEE has launched a light weight 7" browser control display unit (B-CDU) for military applications, logistics support, condition-based maintenance (CBM) and embedded training. In the construction sector, Luxembourg-based construction company Lindab Buildings (formerly Astron) has entered into the manufacturing of sandwich panels by acquiring a major share in Plannja's project sales organisation. In the entertainment industry, the European entertainment network RTL Group’s joint venture (JV) BIG RTL has partnered with Reliance Digital TV for the distribution of channels by BIG TV. Further, the company has replaced Gerhard Zeiler with Co-CEOs Guillaume de Posch and Anke Schäferkordt, effective 18 April 2012. National Political Developments: After the handover ceremony between Stephen Schneider and Jeannot Krecké, the former officially took functions on 1 February 2012 as the new Minister of the Economy and Foreign Trade. Further, on 13 February 2012, the Luxembourg Minister of Finance Luc Frieden went on an official three-day visit to Washington DC to strengthen the political and economic relations between the US and Luxembourg. During his visit, he had discussions with US government and Congress representatives, business leaders and finance associations. Further, on 21 February, Schneider welcomed the Russian group Sodrugestvo Group SA’s decision to move its headquarters in Luxembourg from Denmark. In another development, on 14 February 2012, Schneider attended the Energy Council of the European Union (EU) in Brussels wherein he emphasised on the development of energy infrastructures having a European interest and also on improving energy efficiency in the European economy. European and International Political Developments: After intense discussions, the US has finally accepted on having a more friendly approach regarding handling tax invaders. The country will adopt a government-to-government approach and will implement the US Foreign Account Tax Compliance Act (FATCA). On 22 February 2012, the European Union (EU) Commissioner responsible for internal market and services Michel Barnier was on an official three-day visit to Washington to discuss the new US banking rule, Volcker Rule, with the US Treasury Secretary Timothy Geithner, Federal Reserve Board Chairman Ben Bernanke and top US regulators. In another development, the Eurozone finance ministers have approved a second bailout for Greece which includes write-down of privately held Greek sovereign debt. This bailout will enable Greece to pay bills and refinance its banks. Further, the Hungarian Parliament has now accepted the EU Budget Pact by allowing Budapest to sign up to a new EU budget pact agreed to in December. In addition, on 27 February 2012, the EU decided to introduce more bans on the Syrian regime to make trade with Syria more difficult. Finally, national ministers for foreign or European affairs plan to let Serbia enter the EU club after getting an approval from leaders at the EU summit to be held from 1 to 2 March 2012 in Brussels. Stock Market Index Figure 1 illustrates the performance of the Luxembourg Stock Exchange Index over January– February 2012. Figure 1: Luxembourg Stock Exchange Index (January–February 2012) Source: Luxembourg Stock Exchange Website Table 2 summarises the key deals signed by Luxembourg-based companies in February 2012. Table 2: Key Deals February 2012 S. No. Luxembourg-based Company Foreign Company Country Deal Size Type of Deal Status 1. SES M7 Group United Kingdom NA Capacity Agreement Completed 2. SES Media Networks Latin America (MNLA) Peru NA Capacity Agreement Completed 3. SES ICCES Middle East NA Capacity Agreement Completed Headlines News – Luxembourg-based Companies 2.1 International Momentum 2.1.9 RTL Group 2.1.9.1 RTL Group’s JV Partners with Reliance Digital TV 2.1.1 ArcelorMittal 2.1.1.1 ArcelorMittal Acquires Land for Karnataka Project 2.2 Management changes 2.1.2 SES 2.2.1 SES 2.1.2.1 2.1.2.2 2.1.2.3 2.1.2.4 SES Signs Capacity Agreement with M7 Group SES, NordNet Upgrade Astra2Connect in France SES Inks Deal with Media Networks Latin America SES Partners with ICCES to Serve the Middle East and North Africa 2.1.3 Paul Wurth 2.1.3.1 Paul Wurth Expands Operations in Valparaiso 2.1.4 Guardian 2.1.4.1 Guardian Industries Extends Partnership with Intermolecular 2.1.4.2 Guardian Auto Glass Acquires Glass Specialty Company 2.1.5 Clearstream 2.1.5.1 Clearstream Enhances Collateral Management Cooperation with BNP Paribas 2.2.1.1 SES Names Norbert Hölzle as Head of EU Sales 2.2.2 RTL Group 2.2.2.1 RTL Group Makes Changes to its Board News – National Political Developments 3.1.1.1 Handover at the Ministry of Economy and Foreign Trade 3.1.1.2 Frieden Visits the US 3.1.1.3 Schneider Welcomes Sodrugestvo Group’s Decision to Move HQ from Denmark to Luxembourg 3.1.1.4 Schneider Attends the EU Energy Council in Brussels EU News – European and International Political Developments 2.1.6 Ceratizit 2.1.6.1 Ceratizit Participates in GrindTec 2012 2.1.7 IEE 2.1.7.1 IEE Launches 7" Browser Control Display Unit 2.1.8 Lindab Buildings (formerly Astron) 4.1.1.1 4.1.1.2 4.1.1.3 4.1.1.4 4.1.1.5 4.1.1.6 EU-US Promote International Tax Cooperation Barnier Visits the US EU Grants Second Greek Bailout EU Budget Pact Accepted by Hungary’s Parliament EU Imposes Restrictions on Trade with Syria EU to Grant Membership to Serbia 2.1.8.1 Lindab Undertakes Sandwich Panel Manufacturing News – Luxembourg-based Companies 2.1 International Momentum 2.1.1 ArcelorMittal 2.1.1.1 ArcelorMittal Acquires Land for Karnataka Project Luxembourg-based steelmaker ArcelorMittal has obtained the possession of 1.827 acres of land in Karnataka after completing all the necessary steps. The date for beginning the construction of the 6-million-tonnes plant has not yet been finalised. Apart from the steel mill in Karnataka, the steelmaker has a few more projects in the pipeline for India. Source: Deccan Chronicle website, 26 February 2012 http://www.deccanchronicle.com/channels/business/companies/arcelormittal-secures-1827-acre-karnataka-project-869 Back to headlines 2.1.2 SES 2.1.2.1 SES Signs Capacity Agreement with M7 Group Luxembourg-based satellite operator SES has inked a deal with M7 Group, Luxembourg-based satellite television provider, for the distribution of French-speaking channels in the Belgian market in HD versions. This is an additional Astra offering booked by M7 after January 2012, for the distribution of La Une and RTL TVi via Astra's 19,2 degrees East orbital position and direct-to-home (DTH). Source: Company website, 1 February 2012 http://www.ses.com/4233325/news/2012/9837287 Back to headlines 2.1.2.2 SES, NordNet Upgrade Astra2Connect in France Luxembourg-based satellite operator SES, along with NordNet, the French Internet service provider and a subsidiary of France’s Télécom-Orange, declared on 2 February 2012 that they have upgraded the speed of Astra2Connect, SES’s satellite broadband service, to 10 Megabits per second (Mbps). The decision will allow the users in France to access Internet with increased speed. With this move, the partner companies will be able to improve their commercial offerings in the region. Source: Company website, 2 February 2012 http://www.ses.com/4233325/news/2012/9845240 Back to headlines 2.1.2.3 SES Inks Deal with Media Networks Latin America Luxembourg-based satellite operator SES and Media Networks Latin America (MNLA), a unit of Telefonica Digital, signed a capacity agreement to meet the DTH demand in Central America and the Caribbean. Under the agreement, MNLA will install DTH wholesale pay-TV service along with international and regional SD and HD channels with the help of multiple transponders on SES' AMC-4 satellite. Source: Company website, 16 February 2012 http://www.ses.com/4233325/news/2012/10250229 Back to headlines 2.1.2.4 SES Partners with ICCES to Serve the Middle East and North Africa Luxembourg-based satellite operator SES has signed a capacity agreement with ICCES, a leading Saudi-based communications services provider and systems integrator, to enhance its coverage across the Middle East and North Africa. The long-term agreement will help in increasing the demand for residential and commercial connectivity in the two regions. ICCES will use 116MHz of Ku-band capacity on SES-4 satellite to enable its customers to extend their VSAT-delivered connectivity services. Source: Company website, 27 February 2012 http://www.ses.com/4233325/news/2012/10322769 Back to headlines 2.1.3 Paul Wurth 2.1.3.1 Paul Wurth Expands Operations in Valparaiso Luxembourg-based engineering products company Paul Wurth Group expects to start its Portage operations at Valparaiso location by July 2012. Initially, 13 employees will move to the site that was purchased by the company in December 2011. With more than 20 offices worldwide, the company is optimistic about expanding its service operations at the new location. Source: Nwitimes.com website, 13 February 2012 http://www.nwitimes.com/news/local/porter/valparaiso/paul-wurth-moving-to-valpo-expanding-operations/article_cd5508f0-3aae-5331-ad19-338f80f38b92.html Back to headlines 2.1.4 Guardian 2.1.4.1 Guardian Industries Extends Partnership with Intermolecular US-based float and fabricated glass manufacturer Guardian Industries has extended and expanded its collaborative development programme (CDP) and strategic technology licensing agreement with Intermolecular, Inc. The decision will extend the existing partnership and will focus on the development of advanced glass coatings portfolio, which is mainly related to energy conservation and generation. Source: Company website, 6 February 2012 http://www.guardian.com/AboutGuardian/Newsroom/News/YearArchive/gi_022597 Back to headlines 2.1.4.2 Guardian Auto Glass Acquires Glass Specialty Company Guardian Auto Glass LLC, a company formed between Guardian Glass Company and LRST LLC, has acquired Glass Specialty Company based in Bloomington, Illinois. The new company thus formed will be called Guardian Auto Glass Bloomington, LLC. This collaboration will enable Glass Specialty to expand its operations in Illinois and adjacent states. Source: Company website, 27 February 2012 http://www.guardian.com/AboutGuardian/Newsroom/News/YearArchive/gi_022605 Back to headlines 2.1.5 Clearstream 2.1.5.1 Clearstream Enhances Collateral Management Cooperation with BNP Paribas Luxembourg-based international central securities depository (ICSD) Clearstream has signed a letter of intent with BNP Paribas securities services to strengthen cooperation on collateral management. The company has strengthened its five-year-old quad-party collateral management venture by launching a new service for agent banks, “Liquidity Hub Connect”. Under the agreement, Clearstream will manage global collateral allocation, optimisation and exposure coverage while client assets will remain with BNP Paribas. Source: Company website, 29 February 2012 http://www.clearstream.com/ci/dispatch/en/listcontent/ci_nav/news/30_Press/44_2012/Content_Files/2012/press_120229.htm? headline=Clearstream_and_BNP_Paribas_Securities_Services_launch_innovative_collateral_management_cooperation Back to headlines 2.1.6 Ceratizit 2.1.6.1 Ceratizit Participates in GrindTec 2012 Luxembourg-based carbide developer Ceratizit will participate in GrindTec, Europe’s top trade fair for grinding technology. The carbide specialist will exhibit carbide products from its three business unit. Source: Company website, 27 February 2012 http://www.ceratizit.com/9573_ENG_HTML.htm Back to headlines 2.1.7 IEE 2.1.7.1 IEE Launches 7" Browser Control Display Unit Luxembourg-based sensing specialist IEE introduced a rugged 7" browser control display unit (B-CDU) equipped with SWaP-C properties and enhanced graphics capabilities useful in military applications. The light-weight display unit is cost effective and comes with low power consumption of 5W with high processing speed. The B-CDU can be useful in various military applications, logistics support, condition-based maintenance (CBM) and embedded training. It uses an integrated ARM processor that operates at 720 MHz and touch display, which can easily support embedded video decoding as well as 2D or 3D graphics processing. Source: Sacbee.com website, 22 February 2012 http://www.sacbee.com/2012/02/22/4282797/rugged-lightweight-7-display-from.html Back to headlines 2.1.8 Lindab Buildings (formerly Astron) 2.1.8.1 Lindab Undertakes Sandwich Panel Manufacturing Luxembourg-based construction company Lindab Buildings (formerly Astron) has acquired majority stake in Plannja's project sales organisation, a leader in sandwich panel manufacturing in the Nordic region. The construction company considers sandwich panels as a domain with high growth potential in the Nordic region. Further, the process is energy efficient and simple. The acquisition process is expected to be completed by 19 March 2012. Source: Company website, 28 February 2012 http://www.lindabgroup.com/English/news/newslist/pages/newsitem.aspx?xid=1589020&f=201202 Back to headlines 2.1.9 RTL Group 2.1.9.1 RTL Group’s JV Partners with Reliance Digital TV The European entertainment network RTL Group’s joint venture (JV) with Reliance Broadcast Network, BIG RTL, has collaborated with Reliance Digital TV, India’s leading DTH service provider. BIG RTL, an action entertainment channel and a reality-show-based channel, will get its channels distributed by BIG TV. The alliance will benefit both the parties. Source: Mediamughals.com website, 18 February 2012 http://www.mediamughals.com/News/1/1/Article/9177/BIG_RTL_collaborates_with_Reliance_Digital_TV.htm Back to headlines 2.2 Management changes 2.2.1 SES 2.2.1.1 SES Names Norbert Hölzle as Head of EU Sales Luxembourg-based satellite operator SES announced that Norbert Hölzle will continue his tenure in SES and will hold the position of Senior Vice President of the European sales team. Along with the additional responsibilities, Hölzle will continue to be responsible for markets in Western and Central Europe, the Nordic and Baltics, Eastern and Southern Europe as well as Russia, the countries South of Russia, Ukraine and Turkey. Source: Company website, 8 February 2012 http://www.ses.com/4233325/news/2012/10010339 Back to headlines 2.2.2 RTL Group 2.2.2.1 RTL Group Makes Changes to its Board The European entertainment network RTL Group has appointed Guillaume de Posch and Anke Schäferkordt as Co-CEOs, replacing Gerhard Zeiler, effective 18 April 2012. The Group’s production business and operations outside Germany will be handled by de Posch, whereas Schäferkordt will continue to manage the German TV business. Source: Company website, 7 February 2012 http://www.rtlgroup.com/www/press_releases/Press_Release_07022012_RTL_Group_Management_Change.pdf Back to headlines News – National Political Developments 3.1.1.1 Handover at the Ministry of Economy and Foreign Trade The new Minister of the Economy and Foreign Trade Stephen Schneider officially took functions on 1 February after being sworn in by HRH the Grand Duke on 31 January. A ceremony of functions handover between Jeannot Krecké, the former minister of the Economy and Foreign Trade, and Schneider was held on 1 February 2012. Source: Luxembourg government website, 1 February 2012 http://www.luxembourgforbusiness.lu/minister-frieden-meets-us-congress-imf-world-bank Back to headlines 3.1.1.2 Frieden Visits the US The Luxembourg Minister of Finance Luc Frieden visited Washington DC from 13 to 15 February 2012 to strengthen the political and economic relations between the US and Luxembourg. During his visit, Frieden met senior US government and Congress representatives, business leaders and finance associations to discuss political and economic issues. Further, he made a speech at the Atlantic Council on "The way forward in Europe". The minister also met the International Monetary Fund’s Director General, Christine Lagarde, and the World Bank’s President, Robert Zoellick. During a press conference on 16 February 2012, Frieden highlighted that the discussions had revolved around two main topics: US laws having direct implications on the Luxembourg financial sector, such as the Foreign Account Tax Compliance Act (FATCA) and the Dodd-Frank Act, and the evolution of the political situation in the Eurozone. Sources: Luxembourg government website, 13-15 and 16 February 2012; Luxembourg for Business website, 15 February 2012 http://www.gouvernement.lu/salle_presse/actualite/2012/02-fevrier/13-frieden/index.html http://www.luxembourgforbusiness.lu/minister-frieden-meets-us-congress-imf-world-bank http://www.gouvernement.lu/salle_presse/actualite/2012/02-fevrier/17-frieden/index.html Back to headlines 3.1.1.3 Schneider Welcomes Sodrugestvo Group’s Decision to Move HQ from Denmark to Luxembourg On 21 February 2012, the Minister of Economy and Foreign Trade Stephen Schneider welcomed the Russian group Sodrugestvo Group SA’s decision to move its headquarters to Luxembourg from Denmark. Sodrugestvo started its activities in 1994 in Russia in the field of distribution of raw materials for animal feed. The company expanded its operations to manage units of oilseed crushing, grain cars and port facilities. Sodrugestvo Group opened offices in Luxembourg in January of this year. Source: Luxembourg government website, 21 February 2012 http://www.gouvernement.lu/salle_presse/actualite/2012/02-fevrier/14-schneider/index.html Back to headlines 3.1.1.4 Schneider Attends the EU Energy Council in Brussels The Luxembourg Minister of the Economy and Foreign Trade Stephen Schneider attended the Energy Council of the European Union (EU) in Brussels on 14 February 2012. The ministers first debated the development of energy infrastructures having a European interest, notably the networks of electricity and natural gas. Schneider insisted on the importance of modernising the European networks to finalise the home energy market and the integration of renewable energy. He also insisted on improving energy efficiency in the European economy as this would reduce the energy dependence of the EU in the medium and long term. Source: Luxembourg government website, 14 February 2012 http://www.gouvernement.lu/salle_presse/actualite/2012/02-fevrier/21-schneider/index.html Back to headlines EU News – European and International Political Developments 4.1.1.1 EU-US Promote International Tax Cooperation Following intense discussions, the US has accepted the European Commission’s (EC) and the European Union (EU) Presidency’s proposal, sent in April 2011, regarding handling tax invaders by adopting a government-to-government approach and by implementing the US Foreign Account Tax Compliance Act (FATCA). The proposed idea will help the EU financial institutions to reduce their administrative burden, compliance costs and legal difficulties. The financial industry estimates a cost of about EUR 0,76 million (USD 1 million) for each multinational bank for the adoption of the new proposal. This new advancement will enable the EU to promote global automatic exchange of information for tax purposes. Sources: CFO World website and Abbl.lu website, 8 February 2012 http://www.cfoworld.lu/index.php?option=com_content&task=view&id=3710&Itemid=80 http://www.abbl.lu/news-publications/news-archive/other-news/commission-welcomes-us-move-ensure-enhanced-international-tax-cooperation-more-busines Back to headlines 4.1.1.2 Barnier Visits the US The European Union’s (EU) Commissioner responsible for internal market and services Michel Barnier visited Washington for three days starting 22 February 2012 to discuss the new US banking rule, Volcker Rule, with the US Treasury Secretary Timothy Geithner, Federal Reserve Board chairman Ben Bernanke and top US regulators. Barnier exchanged views on strengthening the financial markets and on the EU’s opinion on the international foreign reforms. Source: EU Business website, 21 February 2012 http://www.eubusiness.com/news-eu/us-finance-markets.fbx/ Back to headlines 4.1.1.3 EU Grants Second Greek Bailout On 21 February 2012, after six months of discussions, the Eurozone finance ministers approved a second bailout for Greece. The new bailout includes write-down of privately held Greek sovereign debt and will enable Greece to pay bills and refinance its banks. Source: EU Business website, 21 February 2012 http://www.eubusiness.com/news-eu/finance-public-debt.fbg/ Back to headlines 4.1.1.4 EU Budget Pact Accepted by Hungary’s Parliament On 20 February 2012, the Hungarian Parliament allowed Budapest to sign up to a new European Union (EU) budget pact agreed to in December. The pact is to be applied to a minimum of 17 EU members that would require the signatories to include a golden rule in their national constitutions. The measures of the budget are expected to be implemented on 1 January 2013. Source: EU Business website, 21 February 2012 http://www.eubusiness.com/news-eu/hungary-finance.fbd/ Back to headlines 4.1.1.5 EU Imposes Restrictions on Trade with Syria In the national foreign ministers’ meeting held on 27 February 2012 in Brussels, the European Union (EU) announced to impose more bans on the Syrian regime. The additional restrictions include ban on the trade in precious metals, on cargo flights between Syria and the EU and the freezing of the assets of the Syrian Central Bank. The expansion of the sanctions against the Syrian government will lead to the freezing of assets of seven ministers of the Syrian government who will not be able to obtain visas to visit the EU. The new framework has been adopted to make trade with Syria difficult. Source: European voice website, 27 February 2012 http://www.europeanvoice.com/article/2012/february/eu-expands-syria-sanctions/73691.aspx Back to headlines 4.1.1.6 EU to Grant Membership to Serbia On 28 February 2012, national ministers for foreign or European affairs proposed to grant Serbia the European Union (EU) membership status. The proposal will be effective after getting an approval from the leaders at the EU summit to be held from 1 to 2 March 2012 in Brussels. Source: European voice website, 28 February 2012 http://www.europeanvoice.com/article/2012/february/eu-grants-candidate-status-to-serbia/73706.aspx Back to headlines Powered by Evalueserve – Please address Questions/Comments to [email protected] The information in this e-mail is the property of Evalueserve and is confidential and privileged. It is intended solely for the addressee. Access to this email by anyone else is unauthorized. 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