EU, South Korea Sign

皆様
東京では蒸し暑さが増しておりますが、いかがお過ごしでしょうか。今年の夏の節電でどのような状況
になるのか気になります。
日本での原発事故をきっかけに世界各国でエネルギー政策についての議論が活発に行われています。ル
クセンブルク政府は70年代終わりに国内に原子力発電所を設置しないという決定を下し、現在までその
方針を貫いてきました。ルクセンブルクではエネルギー需要の23％をフランス、ベルギーなどの原子力
発電からの輸入に、また21％を再生可能エネルギーの輸入に頼っています。国内生産エネルギーは現在
火力発電が主ですが、政府は現状１．７％の再生可能エネルギー比率を2020年までに4％に高める目標を
設定しました。消費者の間でも、自分たちが購入するエネルギーの内訳をより“グリーン”にしたいという
要望が高まっています。
ルクセンブルクの貨物航空、カーゴルックス社がローンチ･カスタマーとなったボーイング747-8フレイ
ターのテスト機が、バイオ燃料を搭載した民間航空機による世界初の大西洋横断飛行に成功しまし
た。ボーイング社の機長とカーゴルックスのステンスロビー機長の操縦によるもので、カーゴルックス
航空はバイオ燃料推進を積極的に支援しています。http://www.boeing.jp/ViewContent.
do?id=64925&Year=2011
同テスト機はパリの航空ショーでのお披露目の後ルクセンブルク空港に寄航し、カーゴルック社員と現
地メディアに公開されました。ボーイング社によれば、747-8Ｆ初号機のカーゴルックス社への納品は今
年の夏終わり頃とのことです。
ルクセンブルクでは、ロジスティクス産業がＧＤＰの8.7％を占めています。ルクセンブルク商業学
校（Luxembourg School of Commerce）と、アンリ・テューダー公立研究所、メスの国立工学院が提携し、
ロジスティクスの修士課程が創設されることとなりました。2年間の課程のうち、４∼6ヶ月が実地研修
に充てられ、工学とロジスティクス管理の知識を持つ専門人材を育成することを目標としています。
5月の投資セミナーでは、「欧州本社機能」、「ＩＣＴ」を主なキーワードとして取り上げました。セ
ミナーに参加できなかった方、参考文献をご希望の方は、当貿易投資事務所ウェブサイトの「資料ダウ
ンロード」ページから、セミナー抄録やブローシュア”Conquer the World from Your
Luxembourg Headquarters” “Luxembourg, your European eBusiness Platform”がご覧いただけます。是非ご利用
くださいませ。
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 May 2011, a number of events took place within and outside Luxembourg. Table 1 summarises the key developments in the month.
Table 1: Key Developments – May 2011
SEGMENT
Company news
国内企業関連ニュース
NEWS
●
ArcelorMittal to Expand Quebec Operations
●
アルセロール･ミタル ケベックの事業を拡大
●
ArcelorMittal Modifies GMB, Group Committee; Extends Management Committee
●
アルセロール･ミタルGMB、グループ委員会、マネジメント委員会を拡大
●
Qatar Airways to Take Stake in Cargolux
●
カタール航空 カーゴルクスに資本参加
●
Paul Wurth Introduces Changes in Executive Body; Declares Financial Results for 2010
●
ポール・ヴュルト 執行機関の変更を発表； 2010年の決算報告書を公表
●
SES Astra to Provide DTH Services to Telekom Srbija, Promosat
●
SESアストラDTHサービスをテレコムセルビア、プロモサットに提供
●
SES to Expand in Africa
National political developments
国内政治関連ニュース
European and international
political developments
欧州・国際政治関連ニュース
●
SESアフリカで事業拡大
●
SES Introduces Streamlined Management Structure
●
SES合理化した管理体制を導入
●
Guardian Celebrates Largest Float Glass Plant Construction
●
ガーディアン、最大のフロートガラス工場建設を祝う
●
Clearstream, Euroclear Bank, ISMAG Develop Improved Framework for Securities
●
クリアストリーム、ユーロクリア銀行、ISMAG、証券のための改良版枠組みを開発
●
RBC Dexia to Provide Custodian Services to Artemis Investment Management
●
RBCデクシア、アルテミス･インベストメント･マネージメントにカストディアン･サービスを提供
●
EMS Capital Chooses RBC Dexia to Manage Funds
●
EMSキャピタル、RBCデクシアを資金管理会社として選択
●
Dexia BIL, Northstar Enter into Cooperation Agreement to Promote Exporter SMEs in Luxembourg
●
デクシア国際銀行、ノーススター、ルクセンブルクの中小輸出企業促進のための協力協定を締結
●
RBC Dexia Awarded Custodian, Fund Administrator of the Year in Canada
●
RBCデクシア、カストディアン、ファンド・アドミニストレーター オブ ザ イヤー賞をカナダで受賞
●
BNP Paribas to Appoint Bonnafe as CEO, Prot as Chairman
●
BNPパリバ、 Bonnafe 氏をCEO、 Prot氏を会長に指名
●
LuxFLAG Labels 3 MIVs
●
3つのマイクロファイナンス投資ビークルに、LuxFLAGの表示
●
IIEA, Prammer Meet Juncker in Luxembourg
●
ユンカー首相、IIEAのデリゲーションとプラマー議長とルクセンブルクで会談
●
Juncker Meets Merkel in Germany; Rutte, Leterme in the Netherlands; Sarkozy in France
●
ユンカー首相、ドイツでメルケル首相と会談； ルッテ首相、ルトルム首相とオランダで、サルコジ大統領とフランスで会談、
●
Frieden Promotes Luxembourg Financial Institutions in Poland, the Czech Republic
●
フリーデン大臣ルクセンブルクの金融機関をポーランド、チェコでプロモーション
●
Juncker, Biltgen, Halsdorf in Estonia
●
ユンカー首相、ビルツェン大臣、ハルスドルフ大臣、エストニアを訪問
●
Crown Prince Guillaume, Krecké in Japan, South Korea
●
ギョーム皇太子、クレッケ大臣、日本、韓国を訪問
●
Luxembourg, Sri Lanka Conclude DTAA
●
ルクセンブルク、スリランカDTAAを締結
●
EU, Indonesia to Boost Trading Activities to EUR 34.87 Billion; EU, South Korea Sign FTA; EU, Japan Start Talks on FTA
●
EU、インドネシア間の貿易活動が348.7億ユーロに増加； EU、韓国FTAに調印、日本とのFTA交渉を開始。
●
EU Gains Super-Observer Status at the UN
●
EU、UNでスーパー･オブザーバーの資格を獲得
●
EU Proposes International Carbon Pricing Scheme for Aviation, Maritime Sectors
●
EU、航空、海運セクターに国際炭素税を提案
●
Eurogroup Meeting Held; ECB to Be Headed by Draghi
●
ユーログループ会議開催； ドラギ氏 ECBの新会長に
Company News: Luxembourg-based steelmaker ArcelorMittal plans to expand iron ore mining and processing facilities in Canada,
entailing an investment of EUR 1.51 billion. Further, the steelmaker introduced major changes to its board of directors on 20 May
2011, increasing the total board members to 25.
In the air cargo sector, UAE-based airline Qatar Airways entered into negotiations with Luxembourg-based cargo airline Cargolux to buy a
33–35 percent stake in Cargolux in 2011. In the engineering field, Luxembourg-based Paul Wurth has introduced changes in its
management structure. Georges Rassel has been appointed as the new COO, and Frank Wagener has been appointed as CAO and
CFO, effective 1 January 2011.
Further, in the satellite services industry, Luxembourg-based satellite operator SES Astra has signed agreements with
Serbian telecommunication company Srbija and Italian TV operator Promosat on 19 May 2011 and 25 May 2011, respectively, to provide
DTH services in Serbia and Italy. In another development, SES has entered into an agreement with Kenyan television and broadband
operator Wananchi to launch Zuku TV in East Africa. In addition, the operator inked a capacity agreement with French Internet
provider YellowSat. The satellite operator has also merged the management of SES Astra and SES World Skies under a common head
to explore better synergies.
In the glass manufacturing field, US-based float and fabricated glass manufacturer Guardian Industries has started the construction of a
900-tonnes float glass manufacturing plant in Russia. The project involves an expenditure of EUR 153.43 million.
In the financial services industry, Luxembourg-based International Central Securities Depository (ICSD) Clearstream, Belgium-based
ICSD Euroclear bank and the securities advisory association International Securities Market Advisory Group have jointly developed a
new industry framework for international securities. The framework sets standards for these securities issued in and primarily
deposited with the ICSDs. This move is aimed at increasing transparency and efficiency for issuance and asset servicing for these
securities. In the banking sector, Luxembourg-based custodian bank RBC Dexia Investor Services will provide custodian services to UKbased financial group Artemis Investment Management. Further, US-based EMS Capital has chosen RBC Dexia to manage its Irelanddomiciled UCITS fund. Additionally, the custodian bank has entered into an agreement with Canada-based Northstar Europe to promote
SMEs in Europe and Luxembourg by providing new ways of financing. In another development, the Luxembourg custodian bank has
been felicitated with ‘Custodian of the Year – Canada’ and ‘Fund Administrator of the Year – Canada’ awards on 26 May 2011 in New
York City, the US. Separately, France-based bank BNP Paribas appointed Baudouin Prot as the group’s Chairman, while Jean-Laurent
Bonnafe will take over as the bank’s new CEO in December 2011.
National Political Developments: Luxembourg-based LuxFLAG has added the Luxembourg Microfinance and Development Fund, the
Regional MSME Fund for Sub Saharan Africa and the Rural Impulse Fund II under its list of Microfinance Investment Vehicles.
Further, Luxembourg’s Prime Minister and Eurogroup Head Jean-Claude Juncker met the members of Independent Institute of
European Affairs on 6 May 2011 and Barbara Prammer, the President of National Council of Australian Republic, on 11 May 2011, to
discuss the economic condition in the Euro zone. Additionally, the Luxembourg Prime Minister met German Chancellor Angela Merkel,
the Dutch Prime Minister Mark Rutte and the Belgian Prime Minister Yves Leterme to discuss the financial issues pertaining to the Euro
zone. Juncker also met French President Nicolas Sarkozy to discuss mutual relations between Luxembourg and France. Luxembourg
Finance minister Luc Frieden met his Polish counterpart Jan-Vincent Rostowski to focus on issues pertaining to Europe as well as
the upcoming Polish Presidency of the European Council. Further, Juncker, along with a delegation of ministers, met Andrus Ansip,
the Prime Minister of Estonia, and other ministers of Estonia on a two-day visit to the country starting 2 May 2011. During this visit, the
two sides discussed about the role of Estonia in the European Union (EU), and cooperation in cyber-security, e-government and
education related to new technologies. In another development, Crown Prince Guillaume of Luxembourg visited Japan and South Korea
from 16 to 19 May 2011 along with a delegation headed by Luxembourg’s Minister of Economy and Foreign Trade Jeannot Krecké to
discuss mutual cooperation in e-commerce and investment. Further, Luxembourg and Sri Lanka concluded a double-taxation
avoidance agreement on 20 May 2011, which will be put into effect subject to the approval from governments of both sides.
European and International Political Developments: Karel De Gucht, the EU Trade Commissioner, met Indonesian Minister of Trade
Mari Elka Pangestu to enhance trading activities over EUR 34.87 billion by 2013–15 between the two sides, reduce duties on traded goods
and provide technical expertise to Indonesia. Further, the EU and South Korea entered in a free trade agreement (FTA), effective 1
July 2011. The EU and Japan started discussions to conclude FTA. In another development, the EU was granted the super-observer status
of the United Nations which will provide the EU with speaking and debating rights. Further, the EU has asked the International
Maritime Organisation and the International Civil Aviation Organisation to develop schemes to control carbon leakage in the aviation
and maritime industries. Finally, on 16 May 2011, the Eurogroup members approved the EUR 78-billion three-year bail-out package
for Portugal. This package will be equally financed by the European Financial Stabilisation Mechanism, the European Financial
Stability Facility and the International Monetary Fund. Further, Italian investment banker Mario Draghi has been chosen as the new
ECB President, effective November 2011.
Stock Market Index
Figure 1 illustrates the performance of the Luxembourg Stock Exchange Index over April–May 2011.
Figure 1: Luxembourg Stock Exchange Index (April–May 2011)
Source: Luxembourg Stock Exchange Website
Table 2 summarises the key deals signed by Luxembourg-based companies in May 2011.
Table 2: Key Deals - May 2011
S. No.
1.
2.
3.
Luxembourg-based Company
Cargolux
SES
SES
Target Company
Qatar Airways (Acquirer)
Promosat
Srbija
Country
The UAE
Italy
Serbia
Deal Size
NA
NA
NA
Type of Deal
Acquisition
Capacity Agreement
Capacity Agreement
Status
Planned
Signed
Signed
Headlines
News – Luxembourg-based Companies
2.1 International Momentum
2.2.3 SES
2.2.3.1 SES Introduces Streamlined Management Structure
2.1.1 ArcelorMittal
2.1.1.1 ArcelorMittal to Expand Quebec Operations
2.1.2 Cargolux
2.2.4 BNP Paribas
2.2.4.1 BNP Paribas to Appoint Bonnafe as CEO, Prot as Chairman
2.1.2.1 Qatar Airways to Take Stake in Cargolux
News – National Political Developments
2.1.3 SES
3.1 Major National Developments
2.1.4 GUARDIAN
3.1.1
3.1.2
3.1.3
3.1.4
2.1.3.1 SES Astra to Provide DTH Services to Telekom Srbija, Promosat
2.1.3.2 SES to Expand in Africa
2.1.4.1 Guardian Celebrates Largest Float Glass Plant Construction
2.1.5 CLEARSTREAM
LuxFLAG Labels 3 MIVs
IIEA, Prammer Meet Juncker in Luxembourg
Juncker Meets Merkel in Germany; Rutte, Leterme in the Netherlands; Sarkozy in France
Frieden Promotes Luxembourg Financial Institutions in Poland, the Czech Republic
2.1.5.1 Clearstream, Euroclear Bank, ISMAG Develop Improved Framework for Securities
2.1.6 Dexia
2.1.6.1 RBC Dexia to Provide Custodian Services to Artemis Investment Management
2.1.6.2 EMS Capital Chooses RBC Dexia to Manage Funds
2.1.6.3 Dexia BIL, Northstar Enter into Cooperation Agreement to Promote Exporter SMEs in
Luxembourg
2.1.6.4 RBC Dexia Awarded Custodian, Fund Administrator of the Year in Canada
2.2 Management changes
2.2.1 ArcelorMittal
2.2.1.1 ArcelorMittal Modifies GMB, Group Committee; Extends Management Committee
2.2.2 Paul Wurth
2.2.2.1 Paul Wurth Introduces Changes in Executive Body; Declares Financial Results for 2010
3.1.5 Juncker, Biltgen, Halsdorf in Estonia
3.1.6 Crown Prince Guillaume, Krecké in Japan, South Korea
3.1.7 Luxembourg, Sri Lanka Conclude DTAA
News – European and International Political Developments
4.1 Major International Events
4.1.1 EU, Indonesia to Boost Trading Activities to EUR 34.87 Billion; EU, South Korea Sign FTA;
EU, Japan Start Talks on FTA
4.1.2 EU Gains Super-Observer Status at the UN
4.1.3 EU Proposes International Carbon Pricing Scheme for Aviation, Maritime Sectors
4.1.4 Eurogroup Meeting Held; ECB to Be Headed by Draghi
News – Luxembourg-based Companies
2.1 International Momentum
2.1.1 ArcelorMittal
2.1.1.1 ArcelorMittal to Expand Quebec Operations
On 20 May 2011, Luxembourg-based steelmaker ArcelorMittal announced plans to invest EUR 1.51 billion (CAD 2.1 billion) to expand its
iron ore mining and processing facilities in Northern Quebec, Canada. The expansion is expected to increase ArcelorMittal Mines
Canada’s iron ore concentrate production to 24 million tonnes (MT) by 2013 from 14 MT, and to generate 900 permanent employees.
Sources: The Globe and Mail website and Company website, 20 May 2011
http://www.theglobeandmail.com/globe-investor/arcelormittal-to-spend-21-billion-on-quebec-expansion/article2029858/
http://www.arcelormittal.com/index.php?lang=en&page=49&tb0=472&tblng=1
Back to headlines
2.1.2 Cargolux
2.1.2.1 Qatar Airways to Take Stake in Cargolux
UAE-based airline Qatar Airways is expected to acquire a 33 to 35 percent stake in Luxembourg-based cargo airline Cargolux in 2011
after the two companies entered into exclusive negotiations. According to Akbar Al Baker, the Chief Executive Officer (CEO) of
Qatar Airways, both the airlines seek to leverage each others’ synergies.
Sources: Reuters, 2 May 2011; Company website, 5 May 2011; News352 website, 3 and 5 May 2011
http://www.reuters.com/article/2011/05/02/qatarairways-cargolux-idUSLDE74115V20110502
http://www.cargolux.com/Press/PressReleases.php#
http://bonjour.news352.lu/edito-70618-qatar-airways-a-deux-doigts-d-avoir-35-de-cargolux.html
Back to headlines
2.1.3 SES
2.1.3.1 SES Astra to Provide DTH Services to Telekom Srbija, Promosat
On 19 May 2011, Luxembourg-based satellite operator SES Astra announced that it has inked an agreement with Telekom Srbija to
provide direct-to-home (DTH) transmission of public TV channels—RTS Sat and Radio Beograd—in Serbia through its 19.2 degrees East
orbital position starting 1 June 2011. Further, on 25 May 2011, SES Astra declared that it will provide capacity to Italian TV
operator Promosat through the 19.2 degrees East orbital position for the free-to-air transmission of the operator’s ABChannel to Italian
TV viewers. The deals are expected to boost the demand for SES Astra’s 19.2 degrees East orbital position.
Sources: 4-traders website, 19 May 2011; Company website, 19 and 25 May 2011
http://www.ses.com/ses/siteSections/newsroom/Latest_News/index.php?pressRelease=/pressReleases/pressReleaseList/11-05-19/
index.php
http://www.4-traders.com/SES-SA-6492155/news/SES-ASTRA-Signs-Agreement-with-Telekom-Srbija-13631308/
http://www.ses.com/ses/siteSections/newsroom/Latest_News/index.php?pressRelease=/pressReleases/pressReleaseList/11-05-25/
index.php
Back to headlines
2.1.3.2 SES to Expand in Africa
Luxembourg-based satellite operator SES is looking to expand its operations in Africa. As part of its efforts, the satellite operator has
agreed with Kenyan television and broadband operator Wananchi to start Zuku TV, a new Direct-to-Home (DTH) line-up, in East Africa.
SES will provide capacity and training to installers to ensure quality services for the launch of Zuku TV in July 2011. In addition, on 31
May 2011, SES signed an agreement with YellowSat, a French company that provides Internet connectivity to governments and
other institutions in Africa. YellowSat will be able to use SES’s inclined orbit capacity on NSS-703 at 47 degrees West orbital location.
Sources: Company website, 30 and 31 May 2011; WebWire website, 30 May 2011; BusinessDay website, 31 May 2011
http://www.businessday.co.za/articles/Content.aspx?id=144330
http://www.ses.com/ses/siteSections/newsroom/Latest_News/index.php?pressRelease=/pressReleases/pressReleaseList/11-05-30/
index.php
http://www.webwire.com/ViewPressRel.asp?aId=138442
http://www.ses-astra.com/business/en/news-events/news-latest/index.php?pressRelease=/pressReleases/pressReleaseList/11-05-31/
index.php
Back to headlines
2.1.4 GUARDIAN
2.1.4.1 Guardian Celebrates Largest Float Glass Plant Construction
On 13 May 2011, US-based float and fabricated glass manufacturer Guardian Industries held a ceremony in Russia to celebrate the start
of the construction of its EUR 153.43 million (USD 220 million) float glass manufacturing plant in the Rostov region. The plant, which
will produce 900 tonnes of glass per day and will include a technologically advanced glass coater, is expected to start operations in the
third quarter of 2012 and create 300 jobs.
Sources: Company website, 19 May 2011; GlassOnWeb website, 23 May 2011
http://www.guardian.com/AboutGuardian/Newsroom/News/gi_017665
http://www.glassonweb.com/news/index/13180/
Back to headlines
2.1.5 CLEARSTREAM
2.1.5.1 Clearstream, Euroclear Bank, ISMAG Develop Improved Framework for Securities
Luxembourg-based international central securities depositories (ICSDs) Clearstream, Belgium-based ICSD Euroclear bank and the
securities advisory association International Securities Market Advisory Group (ISMAG) have jointly launched a new framework
for international securities. The framework will require international securities issued in and deposited with the ICSDs, with
outstanding levels of about EUR 9,000 billion, to follow a set of standards. This move is aimed at increasing transparency and efficiency
for the issuance and asset servicing of these securities. The scheme will also benefit investors by improving performance, and
reducing inefficiencies and processing risks.
Sources: Company website, 3 May 2011; RFPConnect website, 4 May 2011
http://www.clearstream.com/ci/dispatch/en/listcontent/ci_nav/news/30_Press/45_2011/Content_Files/2011/press_110506.
htm?headline=Clearstream_and_Euroclear_set_higher_standards_for_international_securities
http://rfpconnect.com/news/2011/5/4/new-international-securities-industry-framework-developed-by-clearstream-and-euroclear-bank
Back to headlines
2.1.6 Dexia
2.1.6.1 RBC Dexia to Provide Custodian Services to Artemis Investment Management
Luxembourg-based custodian bank RBC Dexia Investor Services has been chosen by the UK-based financial group Artemis
Investment Management on 5 May 2011 to provide custodian services. RBC Dexia will provide Artemis with custody for family office
relations, and custody, fund accounting and unitholder recordkeeping for hedge funds.
Source: Digital Journal website, 5 May 2011
http://www.digitaljournal.com/pr/298824
Back to headlines
2.1.6.2 EMS Capital Chooses RBC Dexia to Manage Funds
Luxembourg-based custodian bank RBC Dexia Investor Services has been appointed by the US-based EMS Capital to manage the latter’s
new Ireland-domiciled undertakings for collective investment in transferable securities (UCITS) fund, Tensor Fund. RBC Dexia will
provide Tensor Fund with trustee, custody, fund administration, financial reporting, distribution support and shareholder services.
Source: Banking Business Review website, 10 May 2011
http://assetmanagement.banking-business-review.com/news/ems-capital-selects-rbc-dexia-to-service-new-ireland-domiciled-ucitsfund-100511
Back to headlines
2.1.6.3 Dexia BIL, Northstar Enter into Cooperation Agreement to Promote Exporter SMEs in Luxembourg
Luxembourg banking institution Dexia BIL and Canada-based trade finance solutions provider Northstar Europe SA have entered into
a cooperation agreement to promote small and medium enterprises (SMEs) in Europe, particularly Luxembourg. The DexiaNorthstar agreement, a first of its kind, will promote Luxembourg SMEs’ exports by offering new means to fund their businesses.
The company will also provide a maximum loan of EUR 5 million per project, which needs to be repaid within five years.
Source: Company website, 13 May 2011
http://www.dexia-bil.lu/webquotes/htm/download/en/cp_13052011_EN.pdf
Back to headlines
2.1.6.4 RBC Dexia Awarded Custodian, Fund Administrator of the Year in Canada
UK-based custodian bank RBC Dexia Investor Services (RBC Dexia) was awarded ‘Custodian of the Year – Canada’ and ‘Fund Administrator
of the Year – Canada’ on 26 May 2011 at the 2011 ICFA Americas Service Provider Awards in New York City, the US. The ICFA
Americas Service Provider Awards recognise the achievements of custodians, fund administrators and service providers in both North
and South America. Recently, RBC Dexia also received the Best Custodian Overall award in the Global Investor 2011 Global Custody Survey.
Source: Company website, 27 May 2011
http://www.rbcdexia.com/documents/en/mediareleases/2011/RBC%20Dexia%20ICFA%20Americas%202011%20FINAL.pdf
Back to headlines
2.2 Management changes
2.2.1 ArcelorMittal
2.2.1.1 ArcelorMittal Modifies GMB, Group Committee; Extends Management Committee
On 20 May 2011, ArcelorMittal announced some changes to both its Group Management Board (GMB) and Group Committee. Aditya
Mittal, Chief Financial Officer (CFO), will now be in charge of Flat Carbon Europe and Investor Relations and Communications. Michel
Wurth, who was earlier responsible for Flat Carbon Europe, will now take charge of Long Carbon worldwide. Further, Gonzalo Urquijo,
who previously managed Long Carbon, will continue to serve as Chairman of the Investments Allocations Committee (IAC). He will
also assume charge of AACIS (excluding China and India), AMDS, Tubular Products, and Corporate responsibility. Lou Schorsch, a member
of the Management Committee and chief executive officer (CEO) of Flat Carbon Americas, has been appointed to the GMB to take care
of Flat Carbon Americas, Strategy, Technology, and Research & Development (R&D). He will also become a member of the IAC.
Further, Christophe Cornier, who will quit the GMB to become advisor to CEO and GMB, will continue to serve as the Chairman
of ArcelorMittal France. Lakshmi Mittal, CEO, will be directly responsible for Health and Safety. Further, the number of
Management Committee members has been increased to 25 from 12.
Sources: Company website and RTTNews website, 24 May 2011
http://www.arcelormittal.com/index.php?lang=en&page=49&tb0=473&tblng=1
http://www.rttnews.com/Content/BreakingNews.aspx?Node=B1&Id=1630688
Back to headlines
2.2.2 Paul Wurth
2.2.2.1 Paul Wurth Introduces Changes in Executive Body; Declares Financial Results for 2010
Luxembourg-based engineering company Paul Wurth Group introduced major changes in its chief executive body in 2011 to
provide competitive services to its customers. The company appointed Georges Rassel as Chief Operations Officer (COO) and Frank
Wagener as Chief Administration and Financial Officer (CAO and CFO), effective 1 January 2011. In addition, the company held a
general meeting on 10 May 2011, wherein it appointed Marc Solvi as a member of Paul Wurth S.A.’s Board of Directors and declared
financial results for 2010. The company reported revenues of EUR 577.3 million for 2010, with net profits amounting to EUR 21.2 million.
Sources: Company website, 10 May 2011; CFO World website, 13 May 2011
http://www.paulwurth.com/en/News-Media/News-and-Archives/Enlarged-management-team-at-Paul-Wurth
http://www.paulwurth.com/en/News-Media/News-and-Archives/Technological-excellence-–-guarantor-of-Paul-Wurth's-business-development
http://www.cfoworld.lu/index.php?option=com_content&task=view&id=2828&Itemid=80
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2.2.3 SES
2.2.3.1 SES Introduces Streamlined Management Structure
Luxembourg-based satellite operator SES has introduced a new management structure, effective 1 May 2011, to consolidate operations
of SES Astra and SES World Skies under a common organisation. Under this new structure, members of the SES Executive Committee
have been changed. Robert Bednarek, former President and CEO of SES World Skies, will work as a strategic advisor to the SES President
and CEO, Romain Bausch. The new structure will help the company in building a stronger global position and leveraging synergies to
explore more business opportunities.
Source: Company website, 2 May 2011
http://www.ses-astra.com/business/en/news-events/news-latest/index.php?pressRelease=/pressReleases/pressReleaseList/11-05-02/
index.php
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2.2.4 BNP Paribas
2.2.4.1 BNP Paribas to Appoint Bonnafe as CEO, Prot as Chairman
Following the announcement of the retirement of its Chairman Michel Pebereau by the end of 2011, French bank BNP Paribas has
announced changes in its executive and management body. Effective 1 December 2011, Baudouin Prot, the bank’s current Chief
Executive Officer (CEO), will act as the group’s Chairman, while Jean-Laurent Bonnafe, the current Chief Operating Officer (COO), will
take over as the bank’s new CEO.
Source: Bloomberg, 11 May 2011
http://www.bloomberg.com/news/2011-05-11/bnp-paribas-chairman-pebereau-will-retire-by-end-2011-bonnafe-becomes-ceo.html
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News – National Political Developments
3.1 Major National Developments
3.1.1 LuxFLAG Labels 3 MIVs
LuxFLAG announced that it has granted LuxFLAG Microfinance Label to three new Microfinance Investment Vehicles (MIVs)—the
Luxembourg Microfinance and Development Fund, the Regional MSME Fund for Sub Saharan Africa and the Rural Impulse Fund II. These
three MIVs are now part of the 16 MIVs labelled by LuxFLAG, whose assets under management (AUM) have grown to EUR 1.85 million
(USD 2.65 billion).
Sources: ABBL website, 2 May 2011; CFO World website, 3 May 2011
http://www.abbl.lu/news-publications/news-archive/partner-news/3-new-microfinance-investment-vehicles-obtain-luxflagmicrofinance-label
http://www.cfoworld.lu/index.php?option=com_content&task=view&id=2790&Itemid=80
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3.1.2 IIEA, Prammer Meet Juncker in Luxembourg
On 6 May 2011, Luxembourg’s Prime Minister and Eurogroup Head Jean-Claude Juncker discussed the main European political
issues, particularly the economic and financial situation in the Euro zone, with a delegation of the Independent Institute for European
Affairs (IIEA) in Luxembourg. Juncker also met Barbara Prammer, the President of the National Council of the Austrian Republic, on her
visit to Luxembourg on 11 May 2011, to discuss the economic and financial situation of the Euro zone, bilateral relations, and the
European and International scenario.
Source: Luxembourg government website, 6 and 11 May 2011
http://www.gouvernement.lu/salle_presse/actualite/2011/05-mai/06-juncker/index.html
http://www.gouvernement.lu/salle_presse/actualite/2011/05-mai/11-juncker/index.html
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3.1.3 Juncker Meets Merkel in Germany; Rutte, Leterme in the Netherlands; Sarkozy in France
On 23 May 2011, Jean-Claude Juncker, the Prime Minister of Luxembourg and Head of Eurogroup, visited Germany where he met
Angela Merkel, the German Chancellor, and Wolfgang Schäuble, the German Minister of Finances, to discuss issues pertaining to Europe,
and the economic and financial situation in the Eurozone. On the next day, Juncker headed to The Hague, the Netherlands, to attend
a meeting of the prime ministers of Benelux on the same issues. Juncker, the Dutch Prime Minister Mark Rutte and the Belgian
Prime Minister Yves Leterme further discussed the next financial framework of the European Union (EU) for the seven-year period
starting 2014 and the situation in the countries on the South of the EU. In addition, Juncker met the French President Nicolas Sarkozy on
30 May 2011 in Paris, France, to discuss bilateral relations between France and Luxembourg. Juncker primarily discussed issues related
to the safety of the EU’s nuclear infrastructure. Juncker and Sarkozy also discussed international and European issues and highlighted
their ambition to end the Greek crisis before the end of June 2011.
Source: Luxembourg government website, 23, 24 and 30 May 2011
http://www.gouvernement.lu/salle_presse/actualite/2011/05-mai/23-juncker/index.html
http://www.gouvernement.lu/salle_presse/actualite/2011/05-mai/24-juncker/index.html
http://www.gouvernement.lu/salle_presse/actualite/2011/05-mai/24-juncker/index.html
http://www.gouvernement.lu/salle_presse/actualite/2011/05-mai/30-juncker/index.html
Back to headlines
3.1.4 Frieden Promotes Luxembourg Financial Institutions in Poland, the Czech Republic
On 23 and 24 May 2011, Luc Frieden, the Luxembourg Minister of Finances, headed to Poland and the Czech Republic with an
important delegation to promote Luxembourg financial institutions. On the first day of his visit, Frieden met his Polish counterpart
Jan-Vincent Rostowski to discuss European issues as well as the upcoming Polish presidency of the European Council from 1 July 2011.
Sources: Luxembourg government website, 23-24 May 2011; CFO World website, 23 May 2011
http://www.gouvernement.lu/salle_presse/actualite/2011/05-mai/23-frieden/index.html
http://www.cfoworld.lu/index.php?option=com_content&task=view&id=2850&Itemid=80
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3.1.5 Juncker, Biltgen, Halsdorf in Estonia
Jean-Claude Juncker, the Prime Minister of Luxembourg and Head of Eurogroup, along with Luxembourg ministers François Biltgen and
Jean-Marie Halsdorf, met the Estonian Prime Minister Andrus Ansip during a two-day visit to Estonia from 2 May to 3 May 2011. During a
press conference, Juncker highlighted the quality of the partnership between the two countries and the exemplary participation of
Estonia in the European Union (EU). Further, Biltgen and Juhan Parts, the Estonian Minister of Economy and Communication,
discussed bilateral cooperation opportunities, particularly in the domains of cyber-security, e-government and education related to
new technologies.
Source: Luxembourg government website, 2-3 May 2011
http://www.gouvernement.lu/salle_presse/actualite/2011/05-mai/02-juncker/index.html
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3.1.6 Crown Prince Guillaume, Krecké in Japan, South Korea
Crown Prince Guillaume of Luxembourg accompanied an economic delegation headed by Jeannot Krecké, the country’s Minister of
Economy and Foreign Trade, to Japan and South Korea from 16 May to 19 May 2011. The delegation’s Japan visit was aimed at
establishing direct contacts with the heads of companies that are also active from Luxembourg. The delegation met the heads of
e-commerce specialist company Rakuten, sea and air freight company Yusen Logistics, Teijin Films and Sony’s consumption
products department. The Crown Prince and Krecké also attended a seminar focussed on the advantages offered by Luxembourg to
potential Japanese investors. In South Korea, the delegation held several meetings with companies, particularly those active in the
industrial as well as Information and Communication Technology (ICT) fields such as Nexon, Kiswel Group, Hyosung and Samsung.
Source: Luxembourg government website, 16-19 May 2011
http://www.gouvernement.lu/salle_presse/actualite/2011/05-mai/16-japon/index.html
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3.1.7 Luxembourg, Sri Lanka Conclude DTAA
Luxembourg and Sri Lanka have concluded a double-taxation avoidance agreement (DTAA) to curb income and capital tax evasion.
The agreement will be implemented after the governments of both sides complete all procedural and protocol formalities.
Source: Sunday Observer website, 24 May 2011
http://www.sundayobserver.lk/2011/05/22/oostory.asp?sid=20110524_06&imid=dutch-flag.jpg&dt=%5BMay%2024%202011%5D
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News – European and International Political Developments
4.1 Major International Events
4.1.1 EU, Indonesia to Boost Trading Activities to EUR 34.87 Billion; EU, South Korea Sign FTA; EU, Japan Start Talks
on FTA
Karel De Gucht, trade commissioner of the European Union (EU), has signed an agreement with his Indonesian counterpart, Mari
Elka Pangestu, to increase trading activities between the two countries to over EUR 34.87 billion (USD 50 billion) by 2013–15 from EUR
18.83 billion (USD 27 billion) in 2010. Under the terms of the agreement, duties on traded goods will be slashed by 95 percent for both
sides. The EU has provided EUR 30 million to Indonesia to facilitate capacity expansion and improve technical expertise to meet the
EU standards. Further, on 4 May 2011, the EU signed a free trade agreement (FTA) with South Korea, which will be effective from 1
July 2011. On 28 May 2011, the EU and Japan agreed to initiate discussions regarding the conclusion of a EUR multi-billion FTA, and
to formulate an agreement on political, global and other sectoral cooperation.
Sources: Viva news website, 4 May 2011; Xinhua net website, 5 May 2011; Auto-mobi info website, 20 May 2011; Google News, 28 May
2011; EU Business website, 29 May 2011
http://us.en.vivanews.com/news/read/218435-eu-supports-indonesia-s-investment-climate
http://news.xinhuanet.com/english2010/business/2011-05/05/c_13860040.htm
http://www.eubusiness.com/news-eu/japan-summit-trade.a8o/
http://www.google.com/hostednews/afp/article/
ALeqM5hYKaIhTURcK3Wd4iEwJTOyfDllAg?docId=CNG.52e969268df4ac6a7637f38f8fcefd53.3c1
http://www.auto-mobi.info/index.php?option=com_content&task=view&id=167766&Itemid=50
Back to headlines
4.1.2 EU Gains Super-Observer Status at the UN
On 3 May 2011, the United Nations (UN) General Assembly conferred a super-observer status to the European Union (EU). The
decision provides EU representatives with speaking rights in front of the UN assembly and reply rights in debates, therefore making
it possible for EU officials to present and promote EU’s position in the UN.
Sources: EU Business website and the Telegraph website, 3 May 2011
http://www.eubusiness.com/news-eu/un-diplomacy.9rm/
http://www.telegraph.co.uk/news/worldnews/europe/eu/8490946/EU-wins-super-observer-status-at-UN.html
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4.1.3 EU Proposes International Carbon Pricing Scheme for Aviation, Maritime Sectors
The European Union (EU) finance ministers have proposed a new international carbon pricing scheme for the aviation and
maritime industries. For this purpose, they have instructed the International Maritime Organisation (IMO) and the International Civil
Aviation Organisation (ICAO) to develop a worldwide policy framework to prevent carbon leakage. Carbon pricing in these sectors
would work by introducing charges (in the form of tradable permits to pollute) on aviation and maritime companies that will exceed
the imposed global cap on CO2 emissions. The move is expected to significantly reduce carbon emissions in the sectors involved.
Source: EurActiv website, 18 May 2011
http://www.euractiv.com/en/climate-environment/eu-finance-chiefs-call-global-air-maritime-carbon-market-news-504906
Back to headlines
4.1.4 Eurogroup Meeting Held; ECB to Be Headed by Draghi
At the Eurogroup meeting, held on 16 May 2011, the members approved the EUR 78-billion three-year bail-out package for Portugal.
The bailout package will be equally financed by the European Financial Stabilisation Mechanism (EFSM), the European Financial
Stability Facility (EFSF) and the International Monetary Fund (IMF). Further, Mario Draghi, an Italy-based investment banker, has
been appointed as the new President of European Central Bank (ECB). The new head will assume his responsibilities from November 2011.
Sources: FXstreet website and Bloomberg, 17 May 2011
http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2011/05/17/
http://www.bloomberg.com/news/2011-05-16/draghi-endorsed-by-euro-finance-ministers-to-become-next-president-of-ecb.html
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