Mediawatch - Luxembourg for Finance

Mediawatch
01 - 15 june 2012
01 - 15 June 2012
Contents
LUXEMBOURG
FINANCIAL
CENTRE in
THE NATIONAL
PRESS
1|4
LUXEMBOURG FINANCIAL CENTRE IN THE NATIONAL PRESS
1-2
LUXEMBOURG FINANCIAL CENTRE IN THE INTERNATIONAL PRESS
3-4
How Private Equity can save Europe
lff.lu, 15/06/12
Entrepreneurship is of key importance to the economic recovery of the Eurozone. According to Dörte Höppner,
Secretary General of the EVCA (European Private Equity and Venture Capital Association), there is a huge demand
for long-term investment capital. Companies that want to grow and finance this growth need capital. But these
days, asking a bank for a loan is not the best solution. “Private equity might be an interesting alternative for company financing, especially because it is much more than just pure capital: it is smart capital that offers access to
a unique pool of knowledge and networks. On the other hand, there is a growing supply of long-term investment
capital that is looking for high returns in a low yield environment.” (...)
Part of the solution, not part of the problem
lff.lu, 15/06/12
After her speech, Dörte Höppner, Secretary General of the European Private Equity and Venture Capital Association (EVCA), was joined by two practitioners who argued on behalf Private Equity’s (PE) contribution to the
economy. All three panellists agreed that PE is certainly not responsible for the financial market crisis and that it
does not pose any systemic risks. The good news is that European policy makers have started to realise that this
industry is a source of growth. (...)
Moody’s sanctionne la BCEE
paperJam.lu, 15/06/12
(...) La BCEE ne fait plus partie du club très fermé des banques encore notées triple A. Moody’s vient d’annoncer la dégradation de l’établissement d’un cran, à Aa1, avec perspective stable. La note à court terme P1 de la
Banque et Caisse d’Epargne de l’Etat est maintenue. (...)
Luxembourg signs double taxation agreement with Poland
wort.lu, 11/06/12
Luc Frieden has signed a Protocol with Poland, amending the convention on double taxation.
In a bid to improve efforts to stamp out fiscal evasion, the Luxembourg finance minister met with Poland’s
ambassador to Luxembourg Bartosz Jalowiecki last week to sign the document.
The amendments change the conditions under which dividends are taxed in the main beneficiary’s country of
residence. (...)
Mediawatch
01 - 15 june 2012
01 - 15 June 2012
2|4
Les frontaliers français pas visés
paperJam.lu, 08/06/12
La convention fiscale franco-luxembourgeoise est actuellement en phase de renégociation. Mais l’objectif n’est
pas de modifier la situation des frontaliers, officialise le ministre français chargé du budget.
Les milliers de frontaliers français peuvent pousser un ouf de soulagement. Ils avaient pu croire, à mesure que les
rumeurs se répandaient – surtout depuis l’élection du président Hollande -, que le fisc de l’Hexagone en voulait à
leurs impôts payés au Luxembourg. Des éléments très rassurants figurent dans un échange de courriers officiels,
entre le député de Meurthe-et-Moselle Christian Eckert et Jérôme Cahuzac, ministre délégué chargé du budget.
Le député Eckert a voulu couper court aux supputations et inquiétudes de bon nombre de ses concitoyens
lorrains. Et, par un courrier, il a attiré l’attention du ministère sur les perspectives d’évolution de l’imposition des
travailleurs frontaliers franco-luxembourgeois. (...)
Luxembourg Freeport, de sortie à Bâle
paperJam.lu, 07/06/12
(...) Le futur port franc de Luxembourg prend forme concrète. Le projet, lancé dans le public en décembre 2011,
a pris du retard sur le terrain mais, cette fois, 13.000 m2 sont « réservés » au Findel. La phase administrative va
pouvoir avancer et mener à la construction de ces vastes halls logistiques dédiés au stockage sécurisé et adapté
aux biens de valeur (œuvres d’art, grands crus, etc.) et, surtout, localisés en « zone franche », hors TVA. Une méthode idéale pour attirer les transitaires et générer une activité de diversification nouvelle, liant notamment l’art
et la finance.
Selon toute vraisemblance, l’infrastructure, spécialement étudiée pour ses contingences techniques (volumes
modulables, climatisation spécifique, sécurisation, facilités d’accès en direct au tarmac du cargo…) par le bureau
suisse 3BM3, sera disponible et opérationnelle dans le courant du troisième trimestre 2014. (...)
Landesbank Berlin schließt Luxemburger Tochter
wort.lu, 31/05/12
Die Landesbank Berlin (LBB) zieht sich bis 2014 schrittweise aus dem Ausland zurück. Davon betroffen sind die
Standorte in London, wo die LBB mit einer Niederlassung vertreten ist, sowie der Finanzplatz Luxemburg. Hier
hat die deutsche Landesbank ebenfalls eine Niederlassung und mit der Landesbank Berlin International zusätzlich auch eine Tochter. Eine Sprecherin der LBB bestätigte die Rückzugpläne. Als Grund nannte sie eine “Konzentration auf das kundengetriebene Geschäft”. Seit dem Verlauf der Privatkundenaktivitäten 2009 an die LBBW
beschränkt sich das Geschäft der Landesbank Berlin International auf das Kapitalmarktgeschäft. Insgesamt sind
am Standort Luxemburg 40 Mitarbeiter beschäftigt. (...)
Mediawatch
01 - 15 june 2012
01 - 15 June 2012
LUXEMBOURG
FINANCIAL
CENTRE IN THE
INTERNATIONAL
PRESS
3|4
UK/US
Huge business opportunities exist between Luxembourg and India: Gaston Stronck, Luxembourg ambassador to India
economictimes.indiatimes.com 13/06/12
A slew of business opportunities exist between India and Luxembourg in the financial and infrastructural sectors.
Luxembourg being one of the world’s leading nations in terms of accumulation of capital and globally ranked
second in financial investments, is a prospective investment destination for Indian stakeholders belonging to the
financial sector.
This was stated by Gaston Stronck, ambassador of Luxembourg to India, in the city on Wednesday at a meet
fielded by the Indian Chamber of Commerce.
The total amount of capital investment in Luxembourg’s financial sector is worth 2200 billion euros, of which
Indian investment is around 40 billion euros, said Mr Stronck. Renowned finance and mutual fund companies like
JP Morgan, Fidelity and Franklin Templeton, which operate in India, are either headquartered or have the major
operating units at Luxembourg, which increases the possibility to access capital in the country. Luxembourg can
be treated as a wealth management centre in the European Union, said Mr Stronck. (...)
Eva Joly slams Norway Sovereign Wealth Fund
theforeigner.no, 27/05/12
“I cannot understand how it’s possible to set up a branch of the Oil Fund in a tax haven. It should be prohibited,”
said a shocked Joly to Klassekampen.
NOK 6.6 billion (almost USD 1.1 billion) was invested in companies registered in tax havens the Cayman Islands,
Jersey, Guernsey, and Luxembourg last year.
Whilst critical to these transactions, Joly rebuffed the Oil Fund for the fact its strategy “is not just an unfortunate
consequence of the managers’ investments, this is deliberate.”
Last month, it was announced that Paul Lamberts has been appointed as chairperson of the new Oil Fund (formally-known as the Government Pension Fund Global) subsidiary NBIM S.á.r.l.
Mr Lamberts, who is tax lawyer and based in Luxembourg, has 18 years of experience of working with multinational companies and is being paid NOK 150,000 per year (approximately USD 25,000) for his services. Tasks extra
to the four AGMs are remunerated at an hourly rate of NOK 1,500 (about USD 250).
Answering Eva Joly’s censure, Labour (Ap) Deputy Minister of Finance Hilde Singsaas stated there is nothing unusual about establishing a property fund in Luxembourg when investing in more than one country.
(...) Deputy Minister Singaas told Klassekampen, “This [setting up a company in Luxembourg] is due to several
factors, such as predictable and robust legal framework and a well-developed management capacity for foreign
capital. National tax rules and tax treaties are also important in this context.” (...)
Mediawatch
01 - 15 june 2012
01 - 15 June 2012
4|4
Vodafone responds to reports of tax avoidance
marketwatch.com, 11/06/12
Vodafone PLC hit back after weekend press reports suggested that the U.K. mobile giant’s failure to pay any
corporation tax last year was linked to its group financing operations in Luxembourg.
The two issues are totally unrelated, a Vodafone spokesman told Dow Jones Newswires.
«Our U.K. corporation tax liabilities reflect statutory allowances for capital investment and interest costs and
have nothing to do with our Luxembourg subsidiary,» the spokesman said. (...)
Luxembourg, Lebanon near DTA conclusion
tax-news.com, 11/06/12
Luxembourg’s Economy Minister Etienne Schneider has recently conducted a working visit to Lebanon to promote economic relations between the two countries.
During the course of his visit, the Luxembourg minister held talks with Lebanon’s President Michel Sleimane, with
Lebanon’s Prime Minister Najib Miqati as well as with Lebanon’s parliamentary president Nahbi Berri.
(...) During the course of the discussions, it emerged that the bilateral double taxation agreement (DTA) between
Luxembourg and Lebanon could be concluded shortly, as Lebanon is confident of reaching a consensus on the
issue of information exchange.
According to the Luxembourg finance ministry, certain areas of cooperation, in particular logistics, the banking
and financial sector, as well as civil engineering and construction merit being further strengthened in the years
ahead.
Al Masah to launch $150m+ Ucits fund
menafm.com, 10/06/12
Dubai-based asset management house Al Masah Capital will launch its first Ucits IV-compliant fund with a target
AUM of $150-200m, Mena FM can exclusively reveal.
The $400m firm has won approval to establish a master umbrella fund in Luxembourg, through which it will
launch the Al Masah Absolute Return sub-fund within the next couple of months. It will invest in Mena equities,
and aims to attract international retail and institutional investors interested in gaining access to the market. (...)