Luxembourg Times

🇱🇺🤝🇸🇪 During a visit to Luxembourg, Swedish PM Ulf Kristersson and PM Luc Frieden discussed boosting European defence capabilities, cutting bureaucracy, and strengthening support for Ukraine. Could Luxembourg companies soon work with Saab or Bofors? 🔧

💼 Ocorian, a specialist global provider of services to financial institutions, asset managers, corporates and high net worth individuals, announced on Thursday that it has promoted 24 people in Luxembourg.

🌍 As EU leaders gather this week, Luxembourg is set to oppose France’s push for a more centralized financial supervision system in the European Union. The debate centers on whether the Paris-based European Securities and Markets Authority (ESMA) should take over roles from national financial regulators, like Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF). 💡 Read the full story: https://bit.ly/41EOChV

📉 RTL Group's profits dropped 7% in 2024, hit by weaker TV, radio, and print advertising. More on RTL’s financial results and future plans 👉 https://bit.ly/4igvuht Its streaming business is on track to turn profitable next year, with nearly 6.8 million paying subscribers.

Global advisory firm EisnerAmper has opened a new office in the Grand Duchy, strengthening its audit, tax, and advisory services. The firm aims to help businesses navigate Luxembourg’s complex regulatory and reporting landscape, with a focus on fund structuring, financial reporting, and CSSF compliance.

📉 Luxembourg’s bankruptcy crisis is cooling—but challenges remain. Some 1,250 businesses are expected to go under in 2025, a 5% increase from last year, according to the latest Global Insolvency Report. 🔗 Read more: https://bit.ly/4ijCtWW Sectors like trade, transport, and storage are growing, but IT, finance, and construction are still struggling.

🚨 A Luxembourg court has upheld a record-breaking GDPR fine against Amazon, rejecting the company’s appeal over data protection breaches. The €746M penalty, imposed by the CNPD in 2021, is the second-largest ever under EU data laws. 🔗 Read the full story: https://bit.ly/3Y3sahl

🇱🇺 PM Luc Frieden has made it clear: the Luxembourg government will not give up its influence in satellite operator SES Satellites, despite pressure from US investor Appaloosa Management. The fund has called the state’s role “antiquated,” but Frieden insists SES remains deeply tied to Luxembourg’s interests.  📡 What’s next for SES? Read more: https://bit.ly/4ifBQgY

📉 Inflation in the euro area continued to ease in February, showing a slight decline from the previous month, according to Eurostat. The annual rate also dropped in Luxembourg, falling below the 2% mark.

🚧 Commercial property insurer FM is building its first science and technology centre in Europe, set to open in 2027. PM Luc Frieden hailed the investment as a testament to Luxembourg’s strength in data-driven innovation. 💡 Read the full story: https://bit.ly/4ixGqXA