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Friday, October 14, 2022
Luxembourg, Luxembourg: laugh-out-loud Ukrainian comedy
This year’s opening ceremony for the CinEast Film Festival opened with a momentous screening of Luxembourg, Luxembourg, a 2022 Ukrainian film which brought much-needed levity to an event overshadowed by the ongoing war in the country.
Written and directed by Antonio Lukich and
Written and directed by Antonio Lukich and
Human trafficking: Council of Europe experts call on Luxembourg to step up efforts to identify and assist victims
The Council of Europe’s expert group on human trafficking (GRETA) has urged Luxembourg to make additional efforts to identify and assist victims of trafficking, and to ensure that human trafficking cases are investigated proactively and results in effective, proportionate, and
WTW makes senior hire for Luxembourg
Advisory and broking solutions company, WTW has appointed Alain Dufraisse as Managing Director of its Luxembourg Captive and Insurance Management Solutions (CIMS) office.
WTW - Willis Towers Watson logoWithin this role, he will report to Elizabeth Carbonaro, WTW CIMS regional lead
WTW - Willis Towers Watson logoWithin this role, he will report to Elizabeth Carbonaro, WTW CIMS regional lead
Urban Agency and COBE Design Master Plan for Esch-Sur-Alzette in Luxembourg
Urban Agency, in partnership with COBE, won in 2019 a competition to transform a former steel factory into an 850,000 square meters car-free mixed-use district. The industrial site is planned to become a mixed-use district, with housing for over 8,000 new residents, office spaces,
Luxembourg supports Moldova on path to EU membership
However, Popescu also acknowledged that the war in Ukraine has hampered efforts to establish economic ties with Europe and other foreign countries. Moldova has taken in over 100,000 refugees from Ukraine.
The Moldovan Minister of Foreign Affairs was welcomed by Luxembourgish Minister
The Moldovan Minister of Foreign Affairs was welcomed by Luxembourgish Minister
Experts of the Committee on Economic, Social and Cultural Rights Welcome Luxembourg’s Efforts to Narrow Workforce Gender Gap, Ask About Business and Human Rights
The Committee on Economic, Social and Cultural Rights today concluded its consideration of the fourth periodic report of Luxembourg, with Committee Experts welcoming the country’s efforts to narrow gender gaps in the workforce, and asking about business and human rights.
Morocco, Luxembourg share resolve to promote partnership & economic cooperation
Morocco and Luxembourg have both expressed resolve to promote their partnership and develop further their economic cooperation.
This came during the meetings Prince Guillaume, Hereditary Grand Duke of Luxembourg, held Tuesday in Rabat with several members of the Moroccan cabinet,
This came during the meetings Prince Guillaume, Hereditary Grand Duke of Luxembourg, held Tuesday in Rabat with several members of the Moroccan cabinet,
Sunday, June 19, 2022
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Saturday, May 28, 2011
Juncker calls for 'soft restructuring' of Greece's debt
Jean-Claude Juncker, Luxembourg prime minister and Eurogroup chair, called yesterday (17 May) for a "soft restructuring" of Greece's debt provided that the country would put in practice deep reforms and a privatisation "exceeding the imagination".
Greek bonds rose after Luxembourg Prime Minister Jean-Claude Juncker said the Mediterranean nation's debt could be ‘reprofiled' as part of an aid plan, damping concern that bondholders will be forced to take losses.
Portuguese ten-year bonds gained after the decision by European finance chiefs to endorse a €78 billion (Dh406.7 billion) bailout for the Iberian nation. Europe would consider "reprofiling" Greek bond maturities as part of a package including stepped-up sales of state assets and deeper spending cuts, Juncker said.
German bonds fell even as a report showed investor confidence in Europe's largest economy declined this month.
"The impact has been mildly positive," said Peter Schaffrik, head of European fixed-income strategy at RBC Capital Markets in London. "The spreads have been trading well-behaved. The market is well-supported."
Greek two-year yields fell 42 basis points to 24.49 per cent. The 4.6 per cent security due in May 2013 gained 0.495, or €4.95 per 1,000-euro face amount, to 71.19. Ten-year yields declined four basis points to 15.57 per cent.
European governments have thus far ruled out shifting some costs to private bondholders and have instead relied on taxpayer-funded bailouts to stamp out the region's sovereign debt crisis. A "large restructuring" remains taboo, Juncker said. French Finance Minister Christine Lagarde told reporters in Brussels yesterday that a restructuring or reprofiling of Greece's debt is "off the table.
In more general terms, Juncker said that the enlargement and the euro were the EU's most important projects, without which the continent and the Union would have been much more vulnerable.
"We did two things of which I'm proud," he insisted. Thanks to EU enlargement East European countries, many of which were "predestined to oppose each other," had been locked in to safety, Juncker said.
Regarding the euro, he cited figures according to which the common currency had brought down inflation to low levels never attained by the Deutsche Mark. Without the euro, the Nordic currencies would be under-evaluated and vice versa, auguring "pernicious" developments, he argued.
Juncker also spoke out in favour of stronger economic governance and introducing "a minimum of European social rights". Europe is not a government, but the Union's rules make up for the absence of an EU government, he said. Regarding the absence of a social dimension to EU policies, which he lamented, he said he was not calling for equal salaries, but for "a minimum level of rules" in the social area.
Without naming any specific country, Juncker lamented the recent border row between France and Italy and Denmark's plan to reinstate "visible" border controls.
"I'm really upset to see that now, without any debate, and without taking into consideration the points of view of others, countries are reinstating border controls," he said.
Juncker regretted that "national concerns" had become predominant lately in EU affairs.
"If you have the choice between the national and the European avenue, even when in doubt, you should choose the European avenue, because national avenues lead nowhere.
Portuguese ten-year yields fell four basis points to 8.93 per cent after the country become the third member of the 17- nation currency bloc after Greece and Ireland to receive emergency loans from the European Union and the International Monetary Fund. The decision by European finance chiefs to provide assistance to Portugal brought to €256 billion the aid provided to stamp out the Europe's sovereign debt crisis.
German investor confidence declined for a third month in May as faster inflation threatened to curb consumer spending and Europe's sovereign debt crisis worsened. The ZEW Centre for European Economic Research in Mannheim said its index of investor and analyst expectations, which aims to predict developments six months in advance, declined to 3.1 from 7.6 in April.
Economists expected a drop to 4.5, according to the median of 31 estimates in a Bloomberg News survey.
Upward pressure
The ECB left its benchmark rate unchanged at 1.25 per cent on May 5 though President Jean-Claude Trichet said policymakers continue to see "upward pressure" on inflation.
German two-year note yields were four basis points higher at 1.84 per cent, while ten-year yields climbed three basis points to 3.15 per cent.
German bonds have handed investors a 0.8 per cent loss this year, compared with a 2.1 per cent return for Treasuries, according to indexes compiled by Bloomberg and the European Federation of Financial Analysts Societies.
Pension Corporation wins £400m from Bill Winters' backers
Luxembourg investment fund is in exclusive talks about a deal to invest £400m of new capital in Pension Insurance Corporation.
The specialist investment fund, Reinet, is in exclusive talks with the insurer's parent company, Pension Corporation, about the deal, which could see it take a 30% to 40% stake in PIC.
Pension Corporation is owned by investors including J.P. Morgan, JCFlowers, Istithmar World and Swiss Re.
In its consolidated audited financial results for the year ended 31 March 2011 - published today - Reinet Investments said: "Reinet Fund is in exclusive negotiations with Pension Corporation and its key stakeholders for a transaction involving the re-organisation of its capital structure and an investment by Reinet Fund of approximately £ 400m through which it would become a principal shareholder in the business.
"Completion of any transaction is subject to the successful conclusion of these negotiations and to regulatory and other approvals. Further information regarding the status and details of this potential investment will be communicated to our shareholders at the appropriate time."
Pension Insurance Corporation Holdings chairman Sir Mark Weinberg said: "As a stable long-term investor, we believe that the Reinet proposal will be attractive for the current and future customers of Pension Insurance Corporation.
Earlier this week, the pensions consultancy Hymans Robertson estimated that up to £20bn of these "pensions buyout" deals could be done in the next 18 months. Broadcaster ITV and carmaker Bentley are believed to be investigating the prospects for longevity swaps, a related type of deal that covers pension-funds against the risk their members will live longer than currently predicted.
Truell said the extra money would mean Pension Corporation could start talking seriously with the UK's very biggest pension schemes. He said: "With that amount of capital we would be confident going to talk to a £2bn, £3bn size pension scheme, whereas before a deal with one of those would have pushed us right to the wire."
He also added that none of Pension Corporation's other backers have pulled out, and Reinet is looking to sign up for "the long term". The deal would make the Luxembourg-listed fund one of Pension Corporation's biggest shareholders, alongside others like JC Flowers, Lloyds Banking Group and Swiss Re.
Truell's acquaintance with the wealthy Rupert family goes back to the early 1990s, when he was working for the boutique investment bank Hambros. He worked on splitting their Richemont business, which then held investments in watchmaker Cartier, tobacco group Rothmans and menswear Alfred Dunhill amongst other firms, into two groups, one focused on tobacco and the other on luxury goods.
Johann Rupert, chairman of Richemont and of Reinet, also knows Pension Corporation group chairman Sir Mark Weinberg through business and finance circles in South Africa, from where they both originate.
The €2.7bn Reinet Fund was originally founded to look after the Rupert family's remaining financial interest in Rothmans, and then later in British American Tobacco when the former was merged with it in 1999. Originally holding a 23.3% stake, it has been steadily reducing that in the decade since and diversifying into other investments.
investment would augment our existing capital resources, enabling PIC to maintain a market leading position in what we believe is a rapidly growing market for pension insurance and risk transfer."
The Reinet Fund is a specialised investment fund incorporated in Luxembourg. At 31 March this year, its net asset value was over €2.7bn (£2.3bn).
PIC currently has over £4bn in assets and has insured more than 50,000 pension fund members.
Skype says some users can't sign in
Internet phone service Skype says a small percentage of its 170 million users have been unable to sign in to its service.
Skype said the trouble stemmed from corrupted data affecting computers using Windows, Linux or Macintosh operating systems.
The company, based in Luxembourg, said it had released a new version of Skype for Windows to deal with the issue, along with a version for Mac.
Linux users were told to delete a file manually.
Shots rampage suspect moved
The suspect of a shooting rampage in Tucson, Arizona, has been flown to a prison where mental health experts will rule if he is psycho-logically fit to stand trial.
Jared Loughner (22) will spend up to four months at the jail in Missouri.
Loughner has pleaded not guilty to charges stemming from the shooting that wounded US congresswoman Gabrielle Giffords and 12 others and killed six people.
Linux users were told to delete a file manually.
Skype said individuals using its service on mobile phones, televisions or other non-computer devices were unaffected.
Skype's service, which allows users to make voice or video calls for free or for low rates, has become a popular way to lower calling costs.
Microsoft Corp, the world's biggest software maker, is buying Skype for $US8.5 billion ($8 billion) in a deal expected to close by the end of the year.
Microsoft believes Skype will help it sell more digital advertising and offer more popular conferencing tools to help businesses save money.
Violent storms swept across America's Eastern seaboard, flooding towns from New England to Georgia, knocking out power and killing at least three people in Atlanta.
About 200 people were forced from their homes in Vermont as rivers burst their banks.
There was also flash-flooding in parts of northern New Hampshire.
In eastern Pennsylvania, a tornado that touched down in Schuylkill County was the second twister to hit the area this week. Another tornado hit Franklin County in south-central Pennsylvania.
Gil, Godfather of Rap, is dead
Musician Gil Scott-Heron, known as the Godfather of Rap, has died aged 62.
He helped lay the groundwork for rap, fusing minimalistic percussion, political expression and spoken-word poetry on songs such as The Revolution Will Not Be Televised.
Scott-Heron died at St Luke's Hospital, Manhattan, after becoming sick upon returning from a European trip. He had battled drugs problems in recent years but returned last year with the acclaimed I'm New Here.
Monday, January 18, 2010
Luxembourg FM calls for European tax
Luxembourg's finance minister called for a new tax to fund the European Union's budget, saying in Monday's Le Figaro newspaper he favoured a levy on financial transactions or a carbon tax.
Luxembourg's finance minister called for a new tax to fund the European Union's budget, saying in Monday's Le Figaro newspaper he favoured a levy on financial transactions or a carbon tax.
"Our citizens have a direct link with their national budget but this is not at all the case when it comes to the European Union budget," the minister, Luc Frieden, wrote in a commentary for the French daily.
"It would therefore make sense to rethink the financing of the European budget through a European tax imposed on certain services or products that would go directly into the European budget," he said.
"A European environmental tax, such as a carbon tax, or a tax on certain financial transactions would be particularly suitable," he added.
The Eurogroup of eurozone finance ministers met in Brussels on Monday, with its chairman calling for the group to be given greater powers for surveillance of national economies in the wake of the economic crisis.
Source:news.ph.msn.com/
Luxembourg's finance minister called for a new tax to fund the European Union's budget, saying in Monday's Le Figaro newspaper he favoured a levy on financial transactions or a carbon tax.
"Our citizens have a direct link with their national budget but this is not at all the case when it comes to the European Union budget," the minister, Luc Frieden, wrote in a commentary for the French daily.
"It would therefore make sense to rethink the financing of the European budget through a European tax imposed on certain services or products that would go directly into the European budget," he said.
"A European environmental tax, such as a carbon tax, or a tax on certain financial transactions would be particularly suitable," he added.
The Eurogroup of eurozone finance ministers met in Brussels on Monday, with its chairman calling for the group to be given greater powers for surveillance of national economies in the wake of the economic crisis.
Source:news.ph.msn.com/
Europe Finance Chiefs Says Greece Must Deal With Deficit Itself
European finance chiefs said Greece must rein in its budget deficit on its own as the nation’s fiscal crisis threatens to spread to other countries in the region.
“The Greeks are very much aware of how serious the situation is, and they are very much aware that they will in the end have to solve the situation themselves,” Dutch Finance Minister Wouter Bos told reporters today before a meeting with euro-area counterparts in Brussels. “They have difficult work to do,” Germany’s Wolfgang Schaeuble said.
Greece last week presented its economic plan to push down a budget deficit that’s still more than four times the European Union’s limit of 3 percent of gross domestic product and which has prompted rating companies to cut the nation’s creditworthiness. Finance Minister George Papaconstantinou will brief his counterparts on the budget plan, which includes 10 billion euros ($14.4 billion) in cuts this year.
Papaconstantinou said in an interview on Jan. 14 that overall government debt will “peak” at 120 percent of GDP next year and “start declining afterwards.” He also signaled the need for Greece to provide more-reliable statistics after the EU said earlier this month that the country’s data contained “severe irregularities.”
“The serious reforms made to their statistics will help detect and avoid more problems like this in the future,” Schaeuble told reporters.
Economic Surveillance
Luxembourg’s Jean-Claude Juncker, who is leading today’s meeting, called for “broader economic surveillance” of national economies by the euro-area finance ministers. The European Commission “should not hesitate” to warn governments if they “risk jeopardizing the proper functioning of the economic and monetary union,” Juncker said in a letter to the ministers dated yesterday.
Finance ministers should follow such a warning with “a frank discussion with the member state concerned,” said Juncker, who is set to win a new term as eurogroup head.
The finance chiefs also are debating who will succeed Lucas Papademos as vice president of the European Central Bank after his term expires at the end of May. The most likely appointees are Luxembourg central bank chief Yves Mersch, Portuguese counterpart Vitor Constancio and ECB Banking Supervision Committee Chairman Peter Praet, economists say.
Source:businessweek.com/
“The Greeks are very much aware of how serious the situation is, and they are very much aware that they will in the end have to solve the situation themselves,” Dutch Finance Minister Wouter Bos told reporters today before a meeting with euro-area counterparts in Brussels. “They have difficult work to do,” Germany’s Wolfgang Schaeuble said.
Greece last week presented its economic plan to push down a budget deficit that’s still more than four times the European Union’s limit of 3 percent of gross domestic product and which has prompted rating companies to cut the nation’s creditworthiness. Finance Minister George Papaconstantinou will brief his counterparts on the budget plan, which includes 10 billion euros ($14.4 billion) in cuts this year.
Papaconstantinou said in an interview on Jan. 14 that overall government debt will “peak” at 120 percent of GDP next year and “start declining afterwards.” He also signaled the need for Greece to provide more-reliable statistics after the EU said earlier this month that the country’s data contained “severe irregularities.”
“The serious reforms made to their statistics will help detect and avoid more problems like this in the future,” Schaeuble told reporters.
Economic Surveillance
Luxembourg’s Jean-Claude Juncker, who is leading today’s meeting, called for “broader economic surveillance” of national economies by the euro-area finance ministers. The European Commission “should not hesitate” to warn governments if they “risk jeopardizing the proper functioning of the economic and monetary union,” Juncker said in a letter to the ministers dated yesterday.
Finance ministers should follow such a warning with “a frank discussion with the member state concerned,” said Juncker, who is set to win a new term as eurogroup head.
The finance chiefs also are debating who will succeed Lucas Papademos as vice president of the European Central Bank after his term expires at the end of May. The most likely appointees are Luxembourg central bank chief Yves Mersch, Portuguese counterpart Vitor Constancio and ECB Banking Supervision Committee Chairman Peter Praet, economists say.
Source:businessweek.com/
Shareholders of Northland Approve Continuation of the Corporation to Luxembou
Northland Resources Inc. (the "Corporation") (TSX: NAU | Quote | Chart | News | PowerRating)(FRANKFURT: NBS)(OSLO: NAUR) (is pleased to announce that at a special meeting of shareholders of the Corporation held on January 15, 2010, the shareholders of the Corporation overwhelmingly approved the continuation of the Corporation from British Columbia to Luxembourg (the "Continuation") and certain other matters relating to the Continuation. Of the 54.77% of the shares represented at the meeting, 99.96% voted in favour of the Continuation.
Management of the Corporation has determined that the Continuation is in the best interests of the shareholders and the Corporation. The Continuation into Luxembourg, a European country, is consistent with the Corporation's objective of integrating into Europe to facilitate development of its European assets.
The Continuation will become effective upon filing the migration deed in Luxembourg. Upon the effective date of the Continuation, the Corporation will no longer be incorporated pursuant to the laws of British Columbia but will be subject to the jurisdiction and laws of Luxembourg. In addition, the Corporation will change its name from "Northland Resources Inc. to "Northland Resources S.A.". The Corporation will remain a reporting issuer pursuant to Canadian securities laws in the provinces of British Columbia, Alberta and Ontario.
Source:tradingmarkets.com/
Management of the Corporation has determined that the Continuation is in the best interests of the shareholders and the Corporation. The Continuation into Luxembourg, a European country, is consistent with the Corporation's objective of integrating into Europe to facilitate development of its European assets.
The Continuation will become effective upon filing the migration deed in Luxembourg. Upon the effective date of the Continuation, the Corporation will no longer be incorporated pursuant to the laws of British Columbia but will be subject to the jurisdiction and laws of Luxembourg. In addition, the Corporation will change its name from "Northland Resources Inc. to "Northland Resources S.A.". The Corporation will remain a reporting issuer pursuant to Canadian securities laws in the provinces of British Columbia, Alberta and Ontario.
Source:tradingmarkets.com/
Juncker assured of third term
Luxembourg’s Prime Minister Jean-Claude Juncker looked likely to secure another term as president of the Eurogroup ahead of a meeting of finance minsters, on 18 January. Emerging as the only candidate after Italian Finance Minister Giulio Tremonti last week denied having an interest in the post, Juncker saw fit to send a letter to ministers setting out his intention to modernise the group, which coordinates the interests of the 16 countries using the euro. Calling for a closer coordination of economic policies and surveillance, Juncker said in the letter – seen by AFP– that warnings may be necessary for countries that stray from agreed norms.
“The Eurogroup should lead a more broad economic surveillance [...] to identify priority problems for each of our member states and to establish a coherent frawework for action,” the letter says. It goes on to argue that in cases where some countries deviate from the “general lines” agreed by the majority, the European Commission should issue warnings to ensure the smooth functioning of the economy.
In a protocol attached to the Lisbon Treaty, the Eurogroup is given a special status in order “to develop ever-closer coordination of economic policies within the euro area”. While ministers from the 16 countries continue to meet informally – meaning they adopt no conclusions – under Article 136 of the treaty, they will now have greater scope to set their own rules on budgets and economic policy. Ministers can vote on the measures by qualified majority in the Council. They can also vote on a unified eurozone position in international financial institutions, such as the International Monetary Fund and G20 (Article 138).
Spain has signalled that it is keen to see a greater coordination of eurozone policies in these two organisations, and aspiring Economic and Monetary Affairs Commissioner Olli Rehn is to come out with a communication on the issue should he be confirmed in the post at the end of this month.
The new powers could be particularly important given that several EU member states – and most notably Greece – are having problems keeping their budget deficits and government debt under control. Greece has been an item on the Eurogroup agenda for months, but will come up for particular scrutiny after a Commission report found, on 8 January, that its Statistics Office had failed to provide Eurostat with accurate government accounts for 2008 and 2009. Greece was to submit an updated stability and growth programme under the EU’s excessive deficit procedure, on 15 January, and ministers will be eagerly awaiting a detailed run-through of the programme from their Greek counterpart, George Papaconstantinou.
The issue of warnings and sanctions will also feed into talks on the new EU2020 strategy, which have faltered at the first hurdle over whether or not member states should be punished for failing to meet growth and jobs targets.
Source:europolitics.info/
“The Eurogroup should lead a more broad economic surveillance [...] to identify priority problems for each of our member states and to establish a coherent frawework for action,” the letter says. It goes on to argue that in cases where some countries deviate from the “general lines” agreed by the majority, the European Commission should issue warnings to ensure the smooth functioning of the economy.
In a protocol attached to the Lisbon Treaty, the Eurogroup is given a special status in order “to develop ever-closer coordination of economic policies within the euro area”. While ministers from the 16 countries continue to meet informally – meaning they adopt no conclusions – under Article 136 of the treaty, they will now have greater scope to set their own rules on budgets and economic policy. Ministers can vote on the measures by qualified majority in the Council. They can also vote on a unified eurozone position in international financial institutions, such as the International Monetary Fund and G20 (Article 138).
Spain has signalled that it is keen to see a greater coordination of eurozone policies in these two organisations, and aspiring Economic and Monetary Affairs Commissioner Olli Rehn is to come out with a communication on the issue should he be confirmed in the post at the end of this month.
The new powers could be particularly important given that several EU member states – and most notably Greece – are having problems keeping their budget deficits and government debt under control. Greece has been an item on the Eurogroup agenda for months, but will come up for particular scrutiny after a Commission report found, on 8 January, that its Statistics Office had failed to provide Eurostat with accurate government accounts for 2008 and 2009. Greece was to submit an updated stability and growth programme under the EU’s excessive deficit procedure, on 15 January, and ministers will be eagerly awaiting a detailed run-through of the programme from their Greek counterpart, George Papaconstantinou.
The issue of warnings and sanctions will also feed into talks on the new EU2020 strategy, which have faltered at the first hurdle over whether or not member states should be punished for failing to meet growth and jobs targets.
Source:europolitics.info/
Belgian, Luxembourg rescue teams return from Haiti
Members of Belgian and Luxembourg rescue teams arrived in Brussels at the weekend from quake-ravaged Haiti, believing they have done all they could to help find survivors, the foreign ministry said.
BRUSSELS - The teams landed at around 1845 GMT in an Airbus A330 plane, with some 20 other people aboard, including Belgians and foreign nationals who sought to flee by any means possible, images from broadcaster RTBF showed.
The Belgian B-FAST search and rescue team was among the first from abroad to arrive on the scene following Tuesday's quake, which is thought to have killed more than 50,000 people and injured a quarter of a million others.
While B-FAST medical teams remain in Haiti, the 22-member search and rescue team withdrew believing that it could do no more to save people trapped in buildings destroyed by the 7.0 earthquake.
A team of 16 search and rescue specialists from Luxembourg was also aboard.
"The opinion of the United Nations, as well as the teams themselves, was that at this time, notably given the climatic conditions, their chances of success became too slim," Belgium's foreign ministry said in a statement.
"The B-FAST field hospital is fully operational, but security around this hospital is not yet optimal," the statement said, adding that UN protection was being sought for the medical staff.
The Belgian search and rescue team had to spend its last night at the airport in the Haitian capital Port-au-Prince due to security concerns, Belgian officials said.
The foreign ministry said that 87 Belgians were still to be accounted for in Haiti. Three were officially listed as missing.
AFP/Expatica
Source:expatica.com/
BRUSSELS - The teams landed at around 1845 GMT in an Airbus A330 plane, with some 20 other people aboard, including Belgians and foreign nationals who sought to flee by any means possible, images from broadcaster RTBF showed.
The Belgian B-FAST search and rescue team was among the first from abroad to arrive on the scene following Tuesday's quake, which is thought to have killed more than 50,000 people and injured a quarter of a million others.
While B-FAST medical teams remain in Haiti, the 22-member search and rescue team withdrew believing that it could do no more to save people trapped in buildings destroyed by the 7.0 earthquake.
A team of 16 search and rescue specialists from Luxembourg was also aboard.
"The opinion of the United Nations, as well as the teams themselves, was that at this time, notably given the climatic conditions, their chances of success became too slim," Belgium's foreign ministry said in a statement.
"The B-FAST field hospital is fully operational, but security around this hospital is not yet optimal," the statement said, adding that UN protection was being sought for the medical staff.
The Belgian search and rescue team had to spend its last night at the airport in the Haitian capital Port-au-Prince due to security concerns, Belgian officials said.
The foreign ministry said that 87 Belgians were still to be accounted for in Haiti. Three were officially listed as missing.
AFP/Expatica
Source:expatica.com/
VAT refund changes hold up Europe businesses
Businesses across Europe have cash flow worries because of problems with a new electronic system that was supposed to speed up value added tax refunds across borders.
The move from a paper-based to an electronic system for VAT refunds at the start of January has been marred by the failure of about half of Europe’s member states to set up a working interface through which businesses can submit claims to other member states.
Meanwhile, a technical change to the point of time at which VAT has to be assessed means that it is virtually impossible for businesses to comply properly with the new rules, according to BusinessEurope, the umbrella organisation for national industry federations in Brussels.
“The new rules on when the supply of services needs to be reported for VAT are almost impossible to comply with. This may bring penalties even where no tax is due,” it warns. Henk Wildeboer, head of its VAT working group, says the organisation will be detailing its concerns in a formal paper shortly and lobbying for legislative changes .
A spokesman for the International VAT Association said that assurances about the state of the systems from member states representatives and the commission had proved over-optimistic. He said: “They are not as ready as they indicate they are.”
The biggest problems were potentially faced by transport companies for which VAT on diesel fuel is a significant portion of their operating costs, he said. They could face serious cash flow problems if the VAT refunds are delayed. VAT reclaim agencies will also face particular difficulties, he said.
The survey by the International VAT Association found that Cyprus, Poland, Romania, Italy, Lithuania, Greece do not yet have working portals allowing businesses to access the electronic system. Portals in Ireland, Slovak Republic, Portugal, the UK, Luxembourg, Spain, Denmark and the Netherlands are only partially working.
Sweden, Finland, Germany, Austria, France, Belgium and Bulgaria had fully working systems, while it was unable to obtain information about Estonia, Slovenia, the Czech Republic, Latvia, Malta and Hungary.
The change from a paper-based to an electronic system, which was designed to make refunds for businesses faster and easier, was part of a package of reforms that represented the most far-reaching changes to the EU VAT system since the introduction of the single market in 1993.
The reform of the refund system was an attempt to move away from a burdensome paper-based system which often resulted in delays with valid claims being paid late or not at all. Many companies ended up paying much more tax than they needed because they were put off making claims by the difficulty of keeping up to date with legislation in different countries, complicated paperwork, tight deadlines for submitting claims and language barriers.
A spokesman for the Association criticised a failure to conduct end-to-end testing of the IT system before it went live. He also criticised the failure of member states to collaborate in building compatible portals, saying that Finland and Sweden were the only countries known to have worked together.
Suggestions that the EU should go back to its old paper-based system until the new technology is up and running have been rejected on the grounds of legal rules and the unworkability of operating two systems in parallel, he said.
The timing issue stems from the fact that a “taxable event” for cross-border services supplied to businesses is now deemed to occur when the service is supplied, rather than when it is invoiced. But Mr Wildeboer says that, because invoicing inevitably lags, this means that businesses cannot realistically calculate the right amount of tax due in any month. While some member states are fairly sympathetic to short payment delays – such as the UK and some Nordic countries – others are “really strict” and could impose penalties.
BusinessEurope will lobby to revert to calculating VAT at the invoice date, but Mr Wildeboer says that it will also want some assurances that member states will apply a “soft touch” vis-a-vis penalties in the meantime.
European Union finance ministers, meeting in Brussels, will have another stab at trying to agree revisions to the savings tax directive, so as to better crack down on tax evasion, on Tuesday. The measures require agreement by all 27 EU member states, and progress proved impossible last month, when Austria and Luxembourg dug their heels in over automatic sharing of savers’ bank account information. Although the majority of EU member states are supportive of the changes, diplomats say it is unlikely that unanimity will be forthcoming.
Copyright The Financial Times Limited 2010. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web.
Source:ft.com/
The move from a paper-based to an electronic system for VAT refunds at the start of January has been marred by the failure of about half of Europe’s member states to set up a working interface through which businesses can submit claims to other member states.
Meanwhile, a technical change to the point of time at which VAT has to be assessed means that it is virtually impossible for businesses to comply properly with the new rules, according to BusinessEurope, the umbrella organisation for national industry federations in Brussels.
“The new rules on when the supply of services needs to be reported for VAT are almost impossible to comply with. This may bring penalties even where no tax is due,” it warns. Henk Wildeboer, head of its VAT working group, says the organisation will be detailing its concerns in a formal paper shortly and lobbying for legislative changes .
A spokesman for the International VAT Association said that assurances about the state of the systems from member states representatives and the commission had proved over-optimistic. He said: “They are not as ready as they indicate they are.”
The biggest problems were potentially faced by transport companies for which VAT on diesel fuel is a significant portion of their operating costs, he said. They could face serious cash flow problems if the VAT refunds are delayed. VAT reclaim agencies will also face particular difficulties, he said.
The survey by the International VAT Association found that Cyprus, Poland, Romania, Italy, Lithuania, Greece do not yet have working portals allowing businesses to access the electronic system. Portals in Ireland, Slovak Republic, Portugal, the UK, Luxembourg, Spain, Denmark and the Netherlands are only partially working.
Sweden, Finland, Germany, Austria, France, Belgium and Bulgaria had fully working systems, while it was unable to obtain information about Estonia, Slovenia, the Czech Republic, Latvia, Malta and Hungary.
The change from a paper-based to an electronic system, which was designed to make refunds for businesses faster and easier, was part of a package of reforms that represented the most far-reaching changes to the EU VAT system since the introduction of the single market in 1993.
The reform of the refund system was an attempt to move away from a burdensome paper-based system which often resulted in delays with valid claims being paid late or not at all. Many companies ended up paying much more tax than they needed because they were put off making claims by the difficulty of keeping up to date with legislation in different countries, complicated paperwork, tight deadlines for submitting claims and language barriers.
A spokesman for the Association criticised a failure to conduct end-to-end testing of the IT system before it went live. He also criticised the failure of member states to collaborate in building compatible portals, saying that Finland and Sweden were the only countries known to have worked together.
Suggestions that the EU should go back to its old paper-based system until the new technology is up and running have been rejected on the grounds of legal rules and the unworkability of operating two systems in parallel, he said.
The timing issue stems from the fact that a “taxable event” for cross-border services supplied to businesses is now deemed to occur when the service is supplied, rather than when it is invoiced. But Mr Wildeboer says that, because invoicing inevitably lags, this means that businesses cannot realistically calculate the right amount of tax due in any month. While some member states are fairly sympathetic to short payment delays – such as the UK and some Nordic countries – others are “really strict” and could impose penalties.
BusinessEurope will lobby to revert to calculating VAT at the invoice date, but Mr Wildeboer says that it will also want some assurances that member states will apply a “soft touch” vis-a-vis penalties in the meantime.
European Union finance ministers, meeting in Brussels, will have another stab at trying to agree revisions to the savings tax directive, so as to better crack down on tax evasion, on Tuesday. The measures require agreement by all 27 EU member states, and progress proved impossible last month, when Austria and Luxembourg dug their heels in over automatic sharing of savers’ bank account information. Although the majority of EU member states are supportive of the changes, diplomats say it is unlikely that unanimity will be forthcoming.
Copyright The Financial Times Limited 2010. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web.
Source:ft.com/
Luxembourg's "Draft Dodgers" an uneven war drama
PALM SPRINGS, California (Hollywood Reporter) - The youth of Nazi-annexed Luxembourg had a choice, "Draft Dodgers" shows: conscription in the German army and likely death on the Russian front or the death-in-life of hiding in the country's iron mines for months on end.
Focusing on one young man's brutal wartime awakening, Luxembourg's foreign-language Oscar entry is by turns melodramatic and muscular.
The English-language title of "Refractaire" -- which bowed stateside at the Palm Springs festival -- doesn't quite match the nuance of the original. And producer Nicolas Steil's directing debut sometimes forsakes subtlety for overwrought flourishes. But at its best, "Draft Dodgers" offers fine period detail and makes powerful use of actual locations, from the mines themselves to the banal basement stairs that the occupiers turned into a tool of torture.
Gregoire Leprince-Ringuet stars as Francois, an unlikely member of one of the subterranean communities of deserters. Neither a communist nor the son of dissidents, he's the privileged child of an engineer who was well-known for collaborating with the Germans. After his father's retaliatory murder and his mother's steady fade into insanity -- one of the film's clumsiest elements -- Francois leaves the German-run university, where lectures center on the difference between Aryans and subhumans, and makes his way underground, with the help of the Resistance. In his three-piece suit and polished shoes, Francois is an almost comical addition to the group, which is run by the wiry Pierrot (Michel Voita) and at first glance threatens to turn into a collection of character types.
But broad strokes notwithstanding, the film is less interested in obvious personality clashes and class distinctions than in the ways Francois breaks out of his protective cocoon and into the world of moral complexity -- a world powerfully represented by the dank, impenetrable darkness of the mine.
Eventually becoming a courier for the Resistance, the collaborator's son finds a convenient hiding place in the arms of a collaborator's wife, Malou (Marianne Basler). The affair with an older woman is nothing if not a cliche of coming-of-age dramas, and the film doesn't entirely avoid a familiar touch of the mawkish. What deepens the lonely Malou's character is her clear understanding of what the Nazi Party represents to her weak, disappointed husband.
The film's strength is its understanding of the degrees of resistance and collaboration. At the other end of the spectrum are patches of stilted dialogue -- especially in Francois' family back story -- and plaintive music to drive home points.
Performances are a mixed bag; among the standouts are Thierry van Werveke as Malou's husband, Carlo Brandt as trigger-happy dissident Jacques and Guillaume Gouix as the rough-hewn Rene, who above-ground was Francois' rival for the affections of a girl. Leprince-Ringuet is not the most compelling of protagonists, but he convinces as an untested boy getting a devastating crash course in adulthood.
Source:reuters.com/
Focusing on one young man's brutal wartime awakening, Luxembourg's foreign-language Oscar entry is by turns melodramatic and muscular.
The English-language title of "Refractaire" -- which bowed stateside at the Palm Springs festival -- doesn't quite match the nuance of the original. And producer Nicolas Steil's directing debut sometimes forsakes subtlety for overwrought flourishes. But at its best, "Draft Dodgers" offers fine period detail and makes powerful use of actual locations, from the mines themselves to the banal basement stairs that the occupiers turned into a tool of torture.
Gregoire Leprince-Ringuet stars as Francois, an unlikely member of one of the subterranean communities of deserters. Neither a communist nor the son of dissidents, he's the privileged child of an engineer who was well-known for collaborating with the Germans. After his father's retaliatory murder and his mother's steady fade into insanity -- one of the film's clumsiest elements -- Francois leaves the German-run university, where lectures center on the difference between Aryans and subhumans, and makes his way underground, with the help of the Resistance. In his three-piece suit and polished shoes, Francois is an almost comical addition to the group, which is run by the wiry Pierrot (Michel Voita) and at first glance threatens to turn into a collection of character types.
But broad strokes notwithstanding, the film is less interested in obvious personality clashes and class distinctions than in the ways Francois breaks out of his protective cocoon and into the world of moral complexity -- a world powerfully represented by the dank, impenetrable darkness of the mine.
Eventually becoming a courier for the Resistance, the collaborator's son finds a convenient hiding place in the arms of a collaborator's wife, Malou (Marianne Basler). The affair with an older woman is nothing if not a cliche of coming-of-age dramas, and the film doesn't entirely avoid a familiar touch of the mawkish. What deepens the lonely Malou's character is her clear understanding of what the Nazi Party represents to her weak, disappointed husband.
The film's strength is its understanding of the degrees of resistance and collaboration. At the other end of the spectrum are patches of stilted dialogue -- especially in Francois' family back story -- and plaintive music to drive home points.
Performances are a mixed bag; among the standouts are Thierry van Werveke as Malou's husband, Carlo Brandt as trigger-happy dissident Jacques and Guillaume Gouix as the rough-hewn Rene, who above-ground was Francois' rival for the affections of a girl. Leprince-Ringuet is not the most compelling of protagonists, but he convinces as an untested boy getting a devastating crash course in adulthood.
Source:reuters.com/
Traipefest 2010 Jan. 25
It is a yearly gathering that is produced through the collaboration and hard work of an intergenerational group -- families and friends of different professions, ages, and national backgrounds, most from Rollingstone, Oak Ridge, Altura, Lewiston, Minneiska and Winona; a few from St. Paul, La Crosse and the Milwaukee area. Many of those who plan the event and prepare the food are descendents of immigrants from Luxembourg, where traipen (a type of blood sausage) has been made for centuries.
Cooking and then sharing a hearty winter meal has been part of the history of many Winona County immigrant groups. However, the making of Luxembourger traipen is a remarkably long-standing tradition. The custom arrived in Winona County in the mid 1800s with the first settlers from the Grand Duchy.
The celebration of traipen at a yearly public Festival also has had a long history. “Fests” have been organized in Winona County for more than a century, with interruptions during the World Wars. Around the turn of the last century, Winona’s Luxembourg Society organized a “Treipen” evening. Many from Rollingstone and other towns attended. In the 1920s, Rollingstone began to advertise its own “Tripefeste.” However, these Festivals came to a halt during World War II, and were not resumed for more than a generation. In 1988, a group of Rollingstone area citizens decided to re-constitute their local Luxembourg Society, establish a Sister City agreement with Bertrange, Luxembourg, open the Luxembourg Heritage Museum, and reinvigorate the tradition of winter “Treipenfest.” Thus, while this year’s gathering is being advertised as the “twenty-second annual,” its history is much older than that.
The completion of the traipen-making was cause for celebration. With the pantry filled with meat, the family could relax and enjoy a large meal that featured home-grown potatoes, vegetables, breads, desserts, and, of course, the traipen. It was always seasoned according to a secret family formula, using “Bounekraitchen,” a type of summer savory still grown in the gardens of many Rollingstone residents.
The Fest sometimes also featured a dance -- all of this merriment tied to the celebration of “Fusicht,” the traditional Luxembourger “Carnival.” These festive events had to be completed before the beginning of Lent, a more somber season filled with prayer, much simpler meals, abstinence from drinking and meat, and occasional fasting.
The 2010 Traipefest will be held on Monday, January 25th, at Ginny’s Supper Club, 401 Rolling View Drive, Rollingstone, with servings at 5 pm and 7 pm—and door prizes. Seating is limited, so all are urged to order tickets without delay. For reservations, call Dorothy Stoos at (507) 689-2139 or Ginny Lehnertz at (507) 689-2111. Take-outs are available.
Source:winonapost.com/
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