Business

Spain falls back into recession

Spain fell into recession in the first quarter of 2012 with a decline of 0.3 percent in gross domestic product (GDP), the same rate of contraction recorded late last year, official data showed on Thursday.

Spanish police clear 'indignants' from Madrid's square

Luxembourg & Austria frustrate EU plans to fight tax evasion

Luxembourg and Austria on Tuesday frustrated European Union plans to claw back unpaid tax on earnings lying in offshore banking havens, prompting an angry rebuke from Brussels.

Finance minister rebuffs TV documentary claims of secret agreements

Helminger confirmed as Luxair chairman

Former Luxembourg mayor Paul Helminger has officially taken his post as Luxair SA's chairman of the board, after being suggested for the post in April.

State wants Helminger to chair Luxair

Juncker lashes out at Greek euro exit 'propaganda'

Leading eurozone powerbroker Jean-Claude Juncker has lashed out at "propaganda" suggesting that a politically-paralysed Greece would now exit the troubled currency.

IMF sees Luxembourg pension reform with skepticism

The International Monetary Fund (IMF) has voiced criticism of the Luxembourg pension system reform in its newest report, especially in regards to the indexation of pensions.

Cargolux launches new service to Chongqing

Starting Monday a new twice-weekly Cargolux service will be flying from Luxembourg to Chongqing, China, with several other key airports part of the route.

JPMorgan Chase executive to resign

JPMorgan Chase's $2 billion loss on derivatives trades will claim its first casualty as early as Monday, with the executive who oversaw the trade set to resign, The New York Times reported.

Germany's Schaeuble ready to lead Eurogroup after Juncker

German Finance Minister Wolfgang Schaeuble said Sunday that he is prepared to lead the Eurogroup of eurozone finance ministers, a crucial position as the bloc struggles with its debt crisis.

Juncker supports German Finance Minister Schäuble for Euro Group presidency

JPMorgan Chase acknowledges $2 billion trading loss

JPMorgan Chase, the largest bank in the United States, said Thursday that it lost $2 billion in the past six weeks in a trading portfolio designed to hedge against risks the company takes with its own money.

Eurozone can cope with a Greek exit: German finance minister

The eurozone would cope if Greece left the currency union, Germany's finance minister said in an interview on Friday as Greek parties continued with efforts to form a government coalition.

Enovos energy sales see rapid increase

Enovos International has recorded a 62 percent increase of energy sales in the past year, with a net income growth of 5 percent.

ArcelorMittal fires back at Juncker

Steel giant ArcelorMittal did not let Prime Minister Jean-Claude Juncker's allegations that the company was not doing its bit for the Luxembourg steel industry go uncommented.

Mittal says interest in Luxembourg still strong

RTL Group reports 6.3% sales growth

The Luxembourg-based RTL Group has reported a 6.3 percent sales growth in the first trimester of this year, with an 80 million euro increase in comparison to the previous year.

Statec predicts 6.7% unemployment for 2014

In its economic activity prognosis Statec foresees a “quasi stagnation” for the Luxembourg economy with no real improvement until 2014.

RBC to take complete control of RBC Dexia

The Royal Bank of Canada will now take over RBC Dexia in Esch-Belval entirely. Economy Minister Etienne Schneider made the announcement on Tuesday night after talks with top officials at the Canadian bank in Toronto.

Mittal says interest in Luxembourg still strong

At a shareholder's meeting on Tuesday, steel giant ArcelorMittal said it had a continued interest in Luxembourg, amid growing criticism from the government.

Euro falls in Asia amid political turmoil

The euro weakened against the dollar and yen in Asian trade Wednesday as investors fretted over political uncertainty in Europe and its impact on the common currency.

New 'FLASHiZ' smartphone payment scheme launches in Luxembourg

A new quick and easy way to make payments and transfer money launches on May 15 in Luxembourg ... with your smartphone!

Economic mission promoting Luxembourg in Canada

Economy Minister Etienne Schneider and Crown Prince Guillaume are currently in Canada, where they are meeting with politicians and business representatives to promote Luxembourg as a business partner.

America Movil offers 8 euros a share for 28% stake in KPN

Mexico's America Movil, owned by billionaire Carlos Slim, on Tuesday announced an offer of eight euros a share for a 28-percent stake in Dutch telecoms operator KPN.

CSV against ArcelorMittal trading emission allowances

The CSV does not want ArcelorMittal to benefit from trading its emission allowances, while also receiving money from the state to pay for social measures, in light of the temporary closure of the Schifflange site.

French steel workers to demonstrate in Luxembourg

French steel workers are set to stage a protest outside the ArcelorMittal building on Avenue de la Liberté on Tuesday morning.

State invests 108.7 million euros in Findel airport

The Luxembourg state is to invest 108.7 million euros in lux-Airport to create new hangars, administrative buildings and fire and rescue facilities.

Luxembourg residents skeptical of Qatar investments

A recent TNS Ilres study has found that over 50 percent of Luxembourg residents are not in favour of Qatari investment in Luxembourg's businesses.

Goodbye Business Review, hello Luxembourg Business Portal

Those familiar with the website address www.business.lu have seen a transformation the past few days from what was an English language business magazine for Luxembourg, ‘Business Review’, to become Luxembourg Business Portal.

New Media Lux officially bankrupt

Cargolux voted best all-cargo airline

Luxembourg's air freight firm has been recognised for its first-class service with a prestigious award.

Upbeat European Central Bank forecast lifts euro

The euro edged up against the dollar in Asia on Friday as traders took heart from European Central Bank forecasts that the eurozone would recover in the second half of this year, analysts said.

Oil retreats on profit-taking, eurozone concerns

Oil retreated in Asian trade Wednesday as investors took profits from recent gains, while renewed concerns about the eurozone's debt problems also pressured prices, analysts said.

Juncker supports German Finance Minister Schäuble for Euro Group presidency

Current Euro Group President Jean Claude Juncker has said German Finance Minister Wolfgang Schäuble would be a good candidate to lead the group, according to German media reports.

Fanuc renovates Echternach warehouse to streamline supply chain

A Japanese robotics manufacturer has opened its newly expanded European warehouse in Echternach, Luxembourg.

Late payers penalised under new law

Luxembourg companies facing a precarious position because of late payment by clients should become a thing of the past thanks to a new law.

Luxembourg's United Pilsen interested in Serbia steel plant

Luxembourg-based United Pilsen is one of three parties interested in Serbia's only steel plant located 40 km east of Belgrade

Clearstream to join TARGET2-Securities

An international central securities depository (ICSD) headquartered in Luxembourg is to join the European Central Bank’s TARGET2- Securities (T2S) initiative.

Microsoft teams up with Barnes & Noble on ebooks

Microsoft teamed up Monday with US bookselling giant Barnes & Noble in a venture aimed at grabbing a bigger share of the rapidly growing market for electronic books.

Apple using Luxembourg to legally sidestep billions in taxes

A published report says Apple Inc. uses subsidiaries in Luxembourg and other low-tax nations as part of a strategy that enables the technology giant to cut its global tax bill by billions of dollars every year.

German retail sales rise in March

Retail sales in Germany rose in March but were slightly lower than forecasts, official data showed on Monday.

Schneider: no repressive data protection laws for Luxembourg

At the Intellectual Property (IP) Day on Thursday, Economy Minister Etienne Schneider highlighted that Acta would not lead to changes in Luxembourg's data protection laws.

Website helps calculate Luxembourg net-income salary

Are you one of those people whose eyes instantly focus on the bottom figure of your wage slip when you get it? Do you in fact know what all the figures and deductions above actually represent?

Continental says on track to meet full-year targets

Continental, the German maker of automotive parts and tyres, said Friday it was "confident" of achieving its full-year targets after a "very good" first quarter.