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Executive Summary
皆様、 いつもルクセンブルクニューズレターをご覧頂きありがとうございます。 10月9日はルクセンブルクの地方選挙投票日です。2010年2月の法改正によりルクセンブルクに5年以上居住する外国人にも投票権が 与えられ、今回外国人総人口の12％が投票登録をしました。 内陸の国ルクセンブルクにも船籍があるのをご存知ですか？1982年の国連海洋法条約は内陸国にも自国の国旗を掲げた船舶に公海を 通行させる権利を認めています。実はすでに200隻以上の船舶がルクセンブルクの商船旗である青白のストライプ地に赤いライオン を配した旗を掲げて航海しています。ルクセンブルクの海運セクターを紹介するウェブサイト（英文）ができまし た：http://www.maritime.lu/ 現在ウェブサイトオープニングキャンペーン実施中ですので、是非一度サイトを訪ねてみてください。 秋はイベントの季節です。9月26日（月）に「ルクセンブルクin丸の内2011」第一弾「ルクセンブルクで暮らす！起業する！」セミ ナーを開催しました。（http://www.marunouchicafe.com/seminar/201109.html）今やグローバル企業となったSES社やスカイプ、現 在急成長中の環境技術ベンチャーEPURAMAT社などが、新しいアイディアを持ってルクセンブルクから世界市場にチャレンジしていま す。ルクセンブルクの起業環境をご説明した後、実際にルクセンブルクで旅行関連の会社Lux２Japanを立ち上げご活躍中の古賀夫妻 にご登場頂き、起業の苦労話や心構え、生活者の視線で見たルクセンブルクについてお話頂きました。ご質問も多数頂き熱気あるセ ミナーとなりました。 9月29日～10月2日開催のJATA旅博にルクセンブルク政府観光局が初めて参加しています。これに先駆け、28日（水）に大使館で「ル クセンブルク観光セミナー」が開催されました。ルクセンブルク観光省、政府観光局、現地オペレータが来日し、旅行業界関係者 約50名に対して観光地ルクセンブルクの魅力、商品内容などにつき説明しました。JATA旅博のルクセンブルクブースは「ミート・ ザ・ワールド」エリア内にあります。 今後のイベント予定は以下のとおりです： ・ 10月24日（月）日本オンラインゲーム協会主催セミナー（最近オンラインゲーム企業の集積が見られるルクセンブルクの環境に ついてお話します） ・ 10月26日（水）「ルクセンブルクin丸の内2011」第二弾「発見！石川の味覚と味わうルクセンブルクワイン」（今回は和の食材 と合わせるルクセンブルクワインを提案します） 食欲の秋にふさわしい話題を２つ。都内でルクセンブルクワインを飲めるお店が増えました。中目黒のベルギーフレンチ「アンビア ンス」（http://www.lart-de-la-table.com/ambiance/ ）と西新橋の現代青森料理「ボワヴェール」（www.bois-vert.jp/）です。クリエイティ ブなお料理と一緒にルクセンブルクワインをお楽しみ下さい。 一方ルクセンブルクでは10月7日～15日にRestoDaysが開催され、期間中は参加レストランにてランチ21ユーロ、ディナー28ユーロ で3皿構成のコース料理が楽しめます（要事前予約）。詳しくはウェブサイトをご覧下さい：http://www.restodays.lu/ 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 August 2011, a number of events took place within and outside Luxembourg. Table 1 summarises the key developments that took place within the month. Table 1: Key Developments – August 2011 SEGMENT NEWS Company news 国内企業関連ニュース ・ · · ・ · ・ · ・ · ・ · ・ · ・ · ・ · ・ · ・ · ・ ArcelorMittal, Peabody Energy All-Cash Offer Accepted by Macarthur Coal Board アルセロール･ミタル、ピーボディの現金での買収提案をマッカーサーコール役員会が受入 ArcelorMittal to Invest EUR 104,57 Million in Upgrading Kazakh Plant; EUR 43,40 Million in Hunedoara Steel Mill アルセロール・ミタル、カザフのプラントの整備のために104.57百万ユーロ、ユーロ、フネドアラ製鉄所に4340万投資 ArcelorMittal Termitau Plans to Start Billet Caster by End-2011 アルセロール、テルミタウ製鉄所2011年末までにビレット鋳造を開始 SES Selects Newtec to Upgrade Astra2Connect Platform; Orders Products from Gilat SES ニューテックをアストラ２コネクトのプラットフォームに選択; ジラットに製品を発注 SES World Skies Inks Capacity Deal with Yes Networks SESワールド･スカイズ、イエス･ネットワークと容量契約 SES’s Subsidiary Selects Infonova to Manage Customers, Products SES子会社、インフォノヴァを顧客・製品管理に選択 Guardian, ecoScorecard Ink Deal to Increase Transparency of In-Glass Products ガーディアン、エコスコアカード社とIn－Glass製品の透明度向上のための契約 Guardian Automotive Expands Distribution Network in the US; Guardian Subsidiary Continues Expansion in the US ガーディアン・オートモーティブ、アメリカでの販路を拡大；ガーディアン子会社アメリカでの発展をつづける Clearstream, ASX Group Plan to Cooperate on Collateral Management Cooperation クリアストリーム、ASXグループ、コラテラル･マネージメントでの協力を計画 RBC Dexia to Provide Custodian Services to Carvetian Capital Management RBVデクシア、カルベティアン･キャピタル・マネージメントにカストディアン･サービスを提供 Ceratizit Introduces Products for Hot Runner Technology セラティジット、ホットランナーテクノロジーのための製品を発表 · ・ · ・ · ・ · . National political developments 国内政治関連ニュース · ・ · ・ · ・ · ・ · ・ European and international political developments EU・国際政治関連ニュース · ・ · ・ · ・ · ・ · ・ RTL Group Reports Financials for H1 2011 RTLグループ2011年上半期の会計報告を発表 RTL Group Plans to Expand in Poland, Vietnam RTLグループ、ポーランド、ベトナムで事業拡大 Guardian Industries Appoints New VP ガーディアンインダストリー新福社長を任命 RBC Dexia Chooses Eric Chua RBCデクシア、エリック・チュアをディレクターに任命 Juncker Meets Tremonti in Luxembourg ユンカー首相、ルクセンブルクでトレモンティと会談 Juncker Proposes Transfer of More Functions to the EU ユンカー首相、EUに更なる機能の移転を提案 Frieden Meets de Jager in The Hague フリーデン、ハーグでデ イェーガーと会談 Two Luxembourg Banks in the Top 50 of the Most Secure Banks in the World ルクセンブルクの銀行２行が世界でもっとも安全な銀行トップ５０にランクイン Luxlait Appoints New Board of Directors ルクスレ新役員を任命 Merkel, Sarkozy to Propose FTT in EU メルケル、サルコジEUでFTT導入を提案 European Council President Favours Italian Fiscal Measures EU大統領イタリアの財政措置を支持 Ashton Visits Middle East アシュトン中東を訪問 EC Provides Relaxation to Countries Facing Financial Challenges EC財政上の課題にさらされている諸国に緩和を提供 EU Parliamentarians Plead in Favour of Limiting Speculation on Financial Securities 欧州議会、金融証券の投機制限の支持を主張 Company News: The board of Australian mining company Macarthur Coal has accepted the EUR 11,71-per-share offer placed by Luxembourg-based steelmaker ArcelorMittal, in collaboration with US-based coal company Peabody Energy. The proposal has also received approval from European regulatory authorities. Further, the steelmaker’s Kazakh unit ArcelorMittal Termitau intends to expand its output to 6.300 tonnes at its blast furnace (BF) by 2013 with an investment of EUR 104,57 million in upgrades. Additionally, the company intends to invest EUR 43,40 million to establish a steel mill in Romania by 2012. In another development, ArcelorMittal Termitau plans to establish a billet caster in Kazakhstan with a capacity of 1,2 million tonnes which will be operational by the end of 2011. In the satellite services industry, Luxembourg-based satellite operator SES has entered into an agreement to increase the speed to over 10 Mb/s through Belgian satellite communication specialist Newtec’s next-generation Ka-band Sat3Play ® technology and Point&Play® self-installation capability to Astra2Connect. The equipment will be provided by Israel-based manufacturer of satellite-based broadband equipment Gilat Satellite Networks Ltd. Further, SES’s Netherlands-based subsidiary SES World Skies has contracted its C-band transponder capacity on SES World Skies' AMC-1 satellite with US-based Yes Networks to provide coverage in the US. In another development, SES’s German subsidiary HD Plus, has chosen Austrian technology provider Infonova to manage its customers and products. In the float and fabricated glass category, Luxembourg-based float and fabric glass manufacturer Guardian Industries has collaborated with US-based product-rating provider ecoScorecard to provide a new service which will provide information regarding the products’ certifications and sustainability metrics. Further, the glass manufacturer’s subsidiary Guardian Automotive has established a new distribution centre in the US to expand in South West America. Additionally, Guardian’s another subsidiary Guardian Auto Glass has appointed Deborah Pizzuti to continue with the expansion in Pittsburg, the US. Regarding management changes, Guardian has appointed David Jaffe as its new Vice President, who also functions as the Secretary for the company. In the financial services industry, Luxembourg-based International Central Securities Depository Clearstream and Australian Stock Exchange plan to develop collateral management offerings together. The aim is to allow more efficient management of collateral holdings of ASX clients. In another development, UK-based financial institute RBC Dexia will provide custodian services to the global authorised funds of Carvetian Capital Management. Regarding management changes, Eric Chua has been chosen as the Director for its Business Development division of Singapore to enforce RBC’s expansion plans in Asia. Further, Luxembourg-based carbide manufacturer Ceratizit has launched hot runner nozzles which have high resistance and high heat conductivity. In another development, Luxembourg-based media conglomerate RTL Group reported revenues of EUR 2,75 billion for the first half of 2011. Further, the media group seeks to acquire a 56-percent stake in Polish national broadcaster TVN for EUR 1 billion, besides its plans to launch five German channels in Vietnam. National Political Developments: On 3 August 2011, Jean-Claude Juncker, the Prime Minister of Luxembourg and the head of the Eurogroup, discussed the financial situation of Italy with Italian Economy and Finance minister Giulio Tremonti. Further, Juncker has proposed to give more authority to the EU in financial matters to promote efficient implementation of financial policies among the member-countries. In addition, Luxembourg Finance Minister Luc Frieden discussed the sovereign debt crisis and the future of Eurozone with his Dutch counterpart Jan Kees de Jager on 12 August 2011. In another development, two Luxembourg banks have secured a position in the rankings provided by the Global Finance magazine based on the quality of assets and long-term credit lines. Finally, Luxembourg-based milk products manufacturing company is being headed by a new board of directors since 21 June 2011. European and International Political Developments: To generate extra revenues for the European Union (EU) region, German Chancellor Angela Merkel and French President Nicolas Sarkozy plan to re-submit a proposal to implement financial transaction tax in the EU. Further, European Council President Herman Van Rompuy has favoured the fiscal measures undertaken by the Italian Prime Minister Silvio Berlusconi to improve the country’s financial condition. In another development, EC Vicepresident and high representative of the Union for foreign affairs and security policy Catherine Ashton discussed Palestine’s membership in the United Nations with Israeli Prime Minister Benjamin Netanyahu and King Abdullah II of Jordan during her visit to the Middle East from 27–29 August 2011. Further, the EC has come up with a proposal to provide relaxation to economically-challenged countries of the EU by seeking for a lesser contribution amount. In addition, the EU parliament members seek a minimum holding period for the financial securities to avoid speculation. Stock Market Index Figure 1 illustrates the performance of the Luxembourg Stock Exchange Index over July–August 2011. Figure 1: Luxembourg Stock Exchange Index (July–August 2011) Source: Luxembourg Stock Exchange Website Table 2 summarises the key deals signed by Luxembourg-based companies in August 2011. Table 2: Key Deals August 2011 S. No. Luxembourg-based Company Foreign Company Country Deal Size Type of Deal Status 1. ArcelorMittal, Peabody Energy Macarthur Coal Australia EUR 3,51 billion Stake Acquisition In-progress 2. SES World Skies Yes Networks The US NA Capacity agreement Completed Headlines News – Luxembourg-based Companies 2.1 International Momentum 2.1.1 ArcelorMittal 2.1.1.1 ArcelorMittal, Peabody Energy All-Cash Offer Accepted by Macarthur Coal Board 2.1.1.2 ArcelorMittal to Invest EUR 104,57 Million in Upgrading Kazakh Plant; EUR 43,40 Million in Hunedoara Steel Mill 2.1.1.3 ArcelorMittal Termitau Plans to Start Billet Caster by End-2011 2.1.2 SES 2.1.2.1 SES Selects Newtec to Upgrade Astra2Connect Platform; Orders Products from Gilat 2.1.2.2 SES World Skies Inks Capacity Deal with Yes Networks 2.1.2.3 SES’s Subsidiary Selects Infonova to Manage Customers, Products 2.1.3 Guardian 2.1.3.1 Guardian, ecoScorecard Ink Deal to Increase Transparency of In-Glass Products 2.1.3.2 Guardian Automotive Expands Distribution Network in the US; Guardian Subsidiary Continues Expansion in the US 2.1.4 Clearstream 2.1.4.1 Clearstream, ASX Group Plan to Cooperate on Collateral Management Cooperation 2.1.5 RBC Dexia 2.1.5.1 RBC Dexia to Provide Custodian Services to Carvetian Capital Management 2.1.6 Ceratizit 2.1.6.1 Ceratizit Introduces Products for Hot Runner Technology 2.1.7 RTL Group 2.1.7.1 RTL Group Reports Financials for H1 2011 2.1.7.2 RTL Group Plans to Expand in Poland, Vietnam 2.2 Management changes 2.2.1 Guardian 2.2.1.1 Guardian Industries Appoints New VP 2.2.2 RBC Dexia 2.2.2.1 RBC Dexia Chooses Eric Chua News – National Political Developments 3.1.1.1 3.1.1.2 3.1.1.3 3.1.1.4 3.1.1.5 Juncker Meets Tremonti in Luxembourg Juncker Proposes Transfer of More Functions to the EU Frieden Meets de Jager in The Hague Two Luxembourg Banks in the Top 50 of the Most Secure Banks in the World Luxlait Appoints New Board of Directors EU News – European and International Political Developments 4.1.1.1 Merkel, Sarkozy to Propose FTT in EU 4.1.1.2 European Council President Favours Italian Fiscal Measures 4.1.1.3 Ashton Visits Middle East 4.1.1.4 EC Provides Relaxation to Countries Facing Financial Challenges 4.1.1.5 EU Parliamentarians Plead in Favour of Limiting Speculation on Financial Securities News – Luxembourg-based Companies 2.1 International Momentum 2.1.1 ArcelorMittal 2.1.1.1 ArcelorMittal, Peabody Energy All-Cash Offer Accepted by Macarthur Coal Board The combined offer made by Luxembourg-based steelmaker ArcelorMittal and US-based coal company Peabody Energy’s joint venture (JV) PEAMCoal for Australian mining company Macarthur Coal has been accepted by the latter’s board members and the shareholders have been recommended to do the same. Under the terms, each share has been valued at EUR 11,71 (AUD 16) bringing the total equity value of the company to EUR 3,51 billion (AUD 4,8 billion). The shareholders are also allowed to retain dividend up to EUR 11,71 cents (AUD 16 cents) per share declared in the fiscal year 2011. The proposal has already been approved by the European Commission's (EC’s) directorate general for competition. Further, a bidder statement has been registered with Australian Securities and Investments Commission (ASIC). Sources: Company website, 1, 4, 18 and 30 August 2011; Platts website, 10 August 2011 http://www.arcelormittal.com/index.php?lang=en&page=49&tb0=478&tblng=1 http://www.arcelormittal.com/index.php?lang=en&page=49&tb0=480&tblng=1 http://www.platts.com/RSSFeedDetailedNews/RSSFeed/Metals/7147330 http://www.arcelormittal.com/index.php?lang=en&page=49&tb0=481&tblng=1 http://www.arcelormittal.com/index.php?lang=en&page=49&tb0=482&tblng=1 Back to headlines 2.1.1.2 ArcelorMittal to Invest EUR 104,57 Million in Upgrading Kazakh Plant; EUR 43,40 Million in Hunedoara Steel Mill Luxembourg-based steelmaker ArcelorMittal’s Kazakh subsidiary ArcelorMittal Termitau intends to invest EUR 104,57 million (USD 150 million) in upgrading a blast furnace (BF) by 2013 which will increase its output to 6.300 tonnes of cast iron per day. The investment is in line with the company’s intentions to boost the total annual output to 6 million tonnes by 2015. Further, ArcelorMittal seeks to build a new steel mill in Romania with an annual capacity of 400,000 tonnes. The mill will entail an investment of EUR 43,40 million and will be commissioned in January 2012. Sources: Reuters, 3 August 2011; Steel Prices China website, 19 August 2011 http://www.reuters.com/article/2011/08/03/arcelormittal-kazakhstan-idUSLDE7720I320110803 http://www.steelprices-china.com/news/index/2011/08/19/Mjc4NTQ%3D/ArcelorMittal_to_invest_EUR_43_million_in_Hunedoara_steel_mill.html Back to headlines 2.1.1.3 ArcelorMittal Termitau Plans to Start Billet Caster by End-2011 Luxembourg-based steelmaker ArcelorMittal’s Kazakh subsidiary ArcelorMittal Termitau plans to start the construction on billet caster on 1 September 2011 and complete it by October 2011. The production on the 1,2 million tonnes billet caster is expected to be commenced by November 2011. Source: Steel Guru website, 28 August 2011 http://www.steelguru.com/russian_news/ArcelorMittal_Temirtau_to_launch_billet_caster_in_October/222443.html Back to headlines 2.1.2 SES 2.1.2.1 SES Selects Newtec to Upgrade Astra2Connect Platform; Orders Products from Gilat Luxembourg-based satellite operator SES has inked a deal with Belgian satellite communication specialist Newtec to introduce next-generation Ka-band Sat3Play ® technology and Newtec's Point&Play® self-installation capability to Astra2Connect. The new technology will raise the Internet speed to over 10Mbps from 6Mbps. SES has chosen Israel-based manufacturer of satellite-based broadband equipment Gilat Satellite Networks Ltd to provide all the necessary network and Ka-band equipments. Sources: Satellite TMC net website, 1 August 2011; Newtec website, 10 August 2011 http://satellite.tmcnet.com/topics/satellite/articles/203352-ses-gilat-team-deliver-consumer-ka-band-equipment.htm Back to headlines 2.1.2.2 SES World Skies Inks Capacity Deal with Yes Networks Netherlands-based satellite operator SES World Skies has entered into a capacity agreement with US-based Yes Networks to gain capacity on C-band transponder on SES World Skies' AMC-1 satellite. Yes Networks will use the capacity to increase its reach throughout the US. Source: Business Wire website, 4 August 2011 http://www.businesswire.com/news/home/20110804005612/en/Network-Gaining-National-Appeal-U.S.-SES Back to headlines 2.1.2.3 SES’s Subsidiary Selects Infonova to Manage Customers, Products Luxembourg-based satellite operator SES Astra’s German subsidiary, HD Plus, has chosen Austrian technology provider Infonova to manage its customers and products. Infonova will use the R6 platform to handle service activation and collect payment via several payment channels through an automated order management system. The platform can also adapt to new business models quickly when required, thanks to its partners who can provide services for bundling and monetisation of products. Source: Rapid TV News website, 29 August 2011 http://www.rapidtvnews.com/index.php/2011082914643/ses-astra-selects-infonova-for-hd.html Back to headlines 2.1.3 Guardian 2.1.3.1 Guardian, ecoScorecard Ink Deal to Increase Transparency of In-Glass Products US-based fabricated and floating glass manufacturer Guardian Industries has launched a new service in collaboration with US-based product-rating provider ecoScorecard to evaluate Guardian In-Glass products. Now, In-Glass products will show all sustainability metrics and certifications linked with them as soon as a product is selected. Source: Company website, 10 August 2011 http://www.guardian.com/AboutGuardian/Newsroom/News/gi_020526 Back to headlines 2.1.3.2 Guardian Automotive Expands Distribution Network in the US; Guardian Subsidiary Continues Expansion in the US US-based fabricated and floating glass manufacturer Guardian Industries’ subsidiary Guardian Automotive has launched a new distribution centre in Arizona, the US. The new centre will increase the company’s reach in South West America. Further, US-based floating and fabricated glass manufacturer Guardian Industries’ subsidiary Guardian Auto Glass plans to continue with its expansion plan in Pittsburgh, the US. The company, which provided glass repair and replacement services for automobiles, buses, trucks and recreational vehicles, has appointed Deborah Pizzuti to carry out the expansion in the region. Source: Company website, 10 and 22 August 2011 http://www.guardian.com/AboutGuardian/Newsroom/News/gi_020524 http://www.guardian.com/AboutGuardian/Newsroom/News/gi_020555 Back to headlines 2.1.4 Clearstream 2.1.4.1 Clearstream, ASX Group Plan to Cooperate on Collateral Management Cooperation Luxembourg-based International Central Securities Depository (ICSD) Clearstream and Australian Stock Exchange (ASX) seek cooperation on the development of collateral management offerings for the Australian market. The agreement will provide better facilities to enable ASX clients to manage their collateral holdings more efficiently and thus, strengthen their risk profiles. The process will include outsourcing the allocation, optimisation and substitution of the collateral held in central securities depository Austraclear and settlement system for equities’ trades CHESS to Clearstream’s collateral management infrastructure Global Liquidity Hub. Source: Company website, 29 August 2011 http://www.clearstream.com/ci/dispatch/en/listcontent/ci_nav/news/30_Press/45_2011/Content_Files/2011/press_110829.htm? headline=Clearstream_and_ASX_Group_in_exclusive_talks_about_collateral_management_cooperation Back to headlines 2.1.5 RBC Dexia 2.1.5.1 RBC Dexia to Provide Custodian Services to Carvetian Capital Management UK-based custodian bank RBC Dexia has been appointed by Carvetian Capital Management to provide custodian services for its global authorised funds. Carvetian Capital Management expects to introduce several funds by the end of 2011. Source: Digital Journal website, 12 August 2011 http://www.digitaljournal.com/pr/390055 Back to headlines 2.1.6 Ceratizit 2.1.6.1 Ceratizit Introduces Products for Hot Runner Technology Luxembourg-based carbide developer Ceratizit has launched a new product – hot runner nozzles – for hot runner technology. The product, made of carbide, has a high resistance towards wear and tear, and a high conductivity of heat which saves costs for plastic producers. Source: Company website, 8 August 2011 http://www.ceratizit.com/9440_ENG_HTML.htm Back to headlines 2.1.7 RTL Group 2.1.7.1 RTL Group Reports Financials for H1 2011 Luxembourg-based media conglomerate RTL Group has published the financial results for the first half of 2011. The company reported total revenue of EUR 2,75 billion, an increase of 3,4 percent compared with the first half of 2010. Source: Company website, 24 August 2011 http://www.rtlgroup.com/www/htm/pressrelease_4A92799193D64678AB68CFA5FC2B23C8.aspx Back to headlines 2.1.7.2 RTL Group Plans to Expand in Poland, Vietnam Luxembourg-based media conglomerate RTL Group has placed a bid of about EUR 1 billion to acquire 56 percent stake in Polish national broadcaster TVN. Further, the Group plans to launch five German channels namely RTL, VOX, RTL2, Super RTL and n-tv in Vietnam. Sources: Broadband TV News website, 25 August 2011; Digital TV Europe website, 31 August 2011 http://www.broadbandtvnews.com/2011/08/25/rtl-eyes-poland%E2%80%99s-tvn/ http://www.digitaltveurope.net/14350/rtl-to-launch-channels-in-vietnam/ Back to headlines 2.2 Management changes 2.2.1 Guardian 2.2.1.1 Guardian Industries Appoints New VP US-based fabricated and floating glass manufacturer Guardian Industries has chosen David Jaffe as its new Vice President (VP). Jaffe also serves as Secretary for the company. Before being appointed as the VP, he held the position of General Counsel since 2007. Source: Glass Bytes website, 2 August 2011 http://www.glassbytes.com/newsJaffe20110802 Back to headlines 2.2.2 RBC Dexia 2.2.2.1 RBC Dexia Chooses Eric Chua UK-based custodian bank RBC Dexia has appointed Eric Chua as the Director for its Business Development division of Singapore to implement RBC’s growth strategy in Asia for both onshore and offshore operations. Source: Asset Servicing Times website, 26 August 2011 http://www.assetservicingtimes.com/assetservicesnews/article.php?article_id=2579 Back to headlines News – National Political Developments 3.1.1.1 Juncker Meets Tremonti in Luxembourg Luxembourg Prime Minister and Eurogroup Head Jean-Claude Juncker met Italian Economy and Finance minister Giulio Tremonti on 3 August 2011 in Luxembourg. The Italian minister discussed the financial situation of the country with Juncker. Sources: IGN website and Luxembourg government website, 3 August 2011 http://www.adnkronos.com/IGN/Aki/English/Business/Italy-Italian-finance-minister-meets-with-Eurogroups-chair_312314121864.html http://www.gouvernement.lu/salle_presse/actualite/2011/08-aout/03-tremonti/index.html Back to headlines 3.1.1.2 Juncker Proposes Transfer of More Functions to the EU Luxembourg Prime Minister Jean-Claude Juncker has proposed to place more authority under the control of the European Union (EU) to ensure better cooperation in financial sector among the European countries. The minister focussed upon the need for coordination among the finance ministers in order to form Europe’s economic government. Source: Bloomberg, 30 August 2011 http://www.bloomberg.com/news/2011-08-29/juncker-says-more-tasks-should-be-transferred-to-eu-zdf-says.html Back to headlines 3.1.1.3 Frieden Meets de Jager in The Hague Luxembourg Finance Minister Luc Frieden met his Dutch counterpart Jan Kees de Jager in The Hague on 12 August. They discussed the sovereign debt crisis and in particular the short- and middle-term perspectives of the Euro zone. Source: Luxembourg government website, 12 August 2011 http://www.gouvernement.lu/salle_presse/actualite/2011/08-aout/12-frieden/index.html Back to headlines 3.1.1.4 Two Luxembourg Banks in the Top 50 of the Most Secure Banks in the World The Global Finance magazine published its yearly ranking of the most solid/secure banks in the world by classifying banks according to the quality of their assets and the ratings of their long term credit lines from Moody's, Standard & Poor's and Fitch. The first five banks are public and the first private bank of the ranking is Rabobank coming at the sixth place. Two Luxembourg banks are part of the top 50 of this ranking. Source: CFO World website, 25 August 2011 http://www.cfoworld.lu/index.php?option=com_content&task=view&id=3123&Itemid=80 Back to headlines 3.1.1.5 Luxlait Appoints New Board of Directors Luxembourg-based milk products manufacturer Luxlait is being operated by a new board of directors since 21 June 2011. Under the new composition, Claude Steinmetz serves as the President of the Executive Committee, Gilles Gerard is the technical director, Dirk Hense is the Sales Head, Charles Klein is the head of production and quality management, Michel Merten heads the administrative and financial management, Gérard Reslinger heads the project management and André Wantz holds the position of the Secretary General. Source: Luxlait website, August 2011 http://www.luxlait.lu/fr/der-neue-luxlait-vorstand Back to headlines EU News – European and International Political Developments 4.1.1.1 Merkel, Sarkozy to Propose FTT in EU German Chancellor Angela Merkel and French President Nicolas Sarkozy intend to re-submit a proposal for financial transaction tax (FTT) and to extend it to the European Union (EU) as a whole not only the Euro zone states. The tax is intended towards generating additional revenues for the EU as a whole. The proposal is expected to be discussed in October 2011. Sources: Reuters, 17 August 2011; The Conversation website, 23 August 2011 http://www.reuters.com/article/2011/08/17/eurozone-germany-idUSLDE77G08820110817 http://theconversation.edu.au/lets-all-dance-to-europes-tune-and-impose-a-financial-transactions-tax-2910 Back to headlines 4.1.1.2 European Council President Favours Italian Fiscal Measures The European Council’s President Herman Van Rompuy has praised the measures taken by the Italian Prime Minister Silvio Berlusconi to improve the financial condition of the country by 2013. The measures involve a EUR 45-billion plan to raise taxes and decrease public spending. Source: BBC website, 14 August 2011 http://www.bbc.co.uk/news/business-14520895 Back to headlines 4.1.1.3 Ashton Visits Middle East The European Commission’s (EC) Vice-president and high representative of the European Union (EU) for foreign affairs and security policy Catherine Ashton visited the Middle East on a three-day visit from 27 to 29 August 2011. The minister discussed Palestine’s position on the United Nation (UN) membership with Israeli Prime Minister Benjamin Netanyahu and Palestinian Prime Minister Salam Fayyad. Later, the EU foreign chief met King Abdullah II of Jordan on 29 August 2011. The ministers discussed the situation in Libya and the promotion of cooperation between Israel and Palestine. Sources: Google News, 28 August 2011; Trend website, Aljazeera website and Haaretz website, 29 August 2011 http://www.google.com/hostednews/afp/article/ALeqM5jPZbMFg6afOm_TxUAXsy2Zgrfr1g?docId=CNG.93d4f86cd25ae7e8ae3e0a0dac717a11.651 http://www.haaretz.com/news/diplomacy-defense/eu-s-ashton-mideast-changes-give-momentum-to-israeli-palestinian-peace-process-1.381361 http://english.aljazeera.net/news/middleeast/2011/08/201182915528199156.html http://en.trend.az/regions/met/arabicr/1924397.html Back to headlines 4.1.1.4 EC Provides Relaxation to Countries Facing Financial Challenges The European Commission (EC) came up with a measure on 1 August 2011 where financially-challenged countries – Greece, Ireland, Portugal, Romania, Latvia and Hungary – will be required to contribute a lesser amount towards various European Union (EU) projects. Under the EU rules, each member-country is required to contribute at least 15 percent to any EU-funded project. Sources: The Sofia Echo website, 1 August 2011; EurActiv website, 3 August 2011 http://www.sofiaecho.com/2011/08/01/1132210_european-commission-agrees-on-steps-to-aid-troubled-eu-economies http://www.euractiv.com/en/euro-finance/commission-grants-bonus-problem-countries-news-506865 Back to headlines 4.1.1.5 EU Parliamentarians Plead in Favour of Limiting Speculation on Financial Securities The economic and monetary commission of the European Parliament (EP) has welcomed on 30 August 2011 the President of the European Central Bank (ECB) Jean-Claude Trichet. During the session, several European parliamentarians have pleaded in favour of a minimal holding period for financial securities in order to limit speculation. Source: CFO World website, 31 August 2011 http://www.cfoworld.lu/index.php?option=com_content&task=view&id=3162&Itemid=80 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. If you are not the intended recipient, any disclosure, copying, distribution or any action taken in reliance on it is prohibited and will be unlawful. If you receive this message in error, please notify the sender immediately and delete all copies of this message.