New tech and offices as EY eyes end of six-year plan
Olivier Coekelbergs, Country Managing Partner of EY Luxembourg, sat down with the Luxembourg Times to discuss the Big Four firm’s 2024 annual report, released Wednesday, as well as what lies ahead for the company that he took the reins of in 2020.
At that time, the company adopted a strategic plan until 2026, which is now coming to an end, with the the firm looking to new horizons in terms of investment, technology and people.
Luxembourg’s economic outlook strong for 2025 but reforms needed, warns OECD
Luxembourg’s economic growth is expected to strengthen next year with household incomes to be boosted by falling inflation and a further wage indexation, the OECD has said.
However, energy price aids should be scrapped and the country’s pension system should be reformed to help put the public finances on a more secure footing, according to an assessment of Luxembourg’s economy published on Wednesday.
The economy is expected to grow by 1.2% this year, 2.3% next year and 2.4% in 2026, the report by the group of the world’s most economically developed countries concluded.
Climate summit outcome ‘biggest disappointment’ for Luxembourg NGOs
The final agreement that came from the COP29 in Baku has left NGOs and activists worldwide feeling disappointed, with Luxembourg umbrella organisation Votum Klima describing this year’s climate conference as “the COP of all disappointments.”
COP29, dubbed the finance COP, ended with a deal that saw developed countries promise to raise $300 billion every year for developing countries by 2035 to help fund their green transitions and pay for the impact of climate change. It also renewed the intention of the nearly 200 countries signing the agreement to increase renewable energy capacity.
“The general impression of the COP results is that, far from ‘taking the lead’ the Global North has shifted the responsibility back to the Global South, effectively instructing them to make do with the resources at hand to reduce emissions, finance adaptation, and provide compensation,” Votum Klima said.
Uruguay’s assets in Luxembourg frozen amid legal battle
Luxembourg banks have been ordered to freeze assets they may hold belonging to Uruguay’s government while a local court decides on an investor’s 12-year pursuit to recover money lost when the South American country suddenly shut down its national airline.
Citigroup, Brown Brothers Harriman, Bank of America and HSBC are some of the 18 banks operating in Luxembourg who have been told that accounts and assets belonging to Uruguay should be held while a Luxembourg District Court decides whether to validate an arbitration tribunal’s decision. Some of the notified banks may not hold any of the country’s assets, the Grand Duchy-based lawyer for Panama-based aviation holding company Latin America Regional Aviation Holding (Larah) told The Luxembourg Times.
“Banking secrecy applies, and until the court validates the attachments there is no way of knowing if assets have been effectively frozen,” Fabio Trevisan said.
Local police scheme set to be extended to Luxembourg’s third-largest town
A pilot project to deploy extra police officers on the streets of Luxembourg’s two largest cities is soon set to be extended to Differdange, Home Affairs Minister Léon Gloden said on Wednesday.
In the initial phase of the police locale project, launched in July, 20 additional police officers were deployed on the streets in Luxembourg City and four in Esch, under the ultimate responsibility of the respective mayors.