police accident april2017

Grand Ducal Police are appealing for witnesses after a particularly serious traffic accident on the N8 between Brouch and Reckange yesterday afternoon.  

According to the police report, an overtaking manoeuvre resulted in a collision between three vehicles, one of which caught fire though the fire was extinguished by people who witnessed the accident.

Two people were taken to the hospital. One person who was trapped in his vehicle suffered serious injuries and had to be freed by the fire brigade and taken to the hospital by the rescue helicopter. 

The route was blocked for the duration of the clearing work.

The police are looking for persons who may have observed the accident or have appropriate information regarding the involved vehicles. All information can be communicated to the police in Mersch under the telephone number 4997-9500.


luxaviation baa zhu yimin patrick hansen

Luxaviation Group has formed a new strategic alliance with Business Aviation Asia Ltd. (BAA), one of the largest and most influential business aviation operators in the Asia-Pacific, to create a unified service offering in Asia, a developing private aviation market.

The companies say that the partnership will enable BAA, which provides high-level aircraft management services to business aircraft owners in Greater China (Mainland China, Hong Kong, Macau, Taiwan) and beyond for more than a decade, to work in partnership with Luxaviation Group, one of the largest private aviation operators with a fleet of more than 260 aircraft and 1,600 employees worldwide.

The agreement between the two major private airlines will allow BAA to offer expertise to China's new and growing private aviation sector by integrating the advanced western experience of jet business and working in synergy with Luxaviation Group. Through its subsidiary ExecuJet, Luxaviation Group manages 25 ground operations facilities (FBOs) and fifteen maintenance centres (MROs) worldwide and offers the combined experience of some of the most respected business aviation operators in the world.

Collaboration will allow customers to enjoy the extensive privileges of a high-end global infrastructure and the service culture of a truly global private aviation company, providing charter, FBO, maintenance, management and aircraft transactions, with operations in Europe, Asia, Australasia, Africa, the Middle East, the Caribbean and Latin America.

BAA is fully owned by CMIG Aviation, part of China Minsheng Investment Group. The president of CMIG Aviation, Mr. Zhu Yimin, said the partnership will help to drive this new market in China. "This new strategic partnership will undoubtedly play a major role in the growth and development of the Chinese business aviation market. The agreement will bring the combined expertise of private and commercial aviation from East and West into a single, unified service offering with related companies capable of supporting and complementing their operations in Europe and Asia.".

Patrick Hansen, CEO of Luxaviation Group, added, "We are proud to have the opportunity to provide our expertise to the growing Asian market, particularly to the Chinese business aircraft industry, and to support BAA Further improve customer service in the region."

Thursday, 13 April 2017 13:50

April Glacismaart this Weekend


The next "Glacismaart", a monthly market held every third Sunday between March and November, will be on Sunday 16 April from 10:00 to 17:00 on Place Auguste Laurent and the parking lot of the Halle Victor Hugo in Luxembourg-Limpertsberg.

Grand Duke olympic solidarity commission barcelona IOC

This Tuesday, His Royal Highness the Grand Duke participated in a meeting of the Olympic Solidarity Commission in Barcelona, of which he has been a member since 1999.

S.A.R. the Grand Duke was co-opted as a member of the International Olympic Committee at the February 1998 session held in Nagano, Japan, and has since been actively engaged in the promotion of Olympic values.

Olympic Solidarity's mission is to organise assistance to National Olympic Committees, particularly those who need them most, through multi-dimensional programmes focused on athlete development, coach training and Sports leaders, and the promotion of Olympic values.

Image: © IOC – Olympic Solidarity / all rights reserved

RMB forum

Luxembourg for Finance is hosting the Luxembourg Renminbi Forum at the Philharmonie on Thursday 1 June.

In its fourth consecutive year, the Luxembourg Renminbi Forum gathers international high-level speakers and practitioners to discuss RMB business through various sectors of the finance industry.

Ideas and topics up for discussion include, what reforms are to be expected in China's economy? What are the global investment trends and how will investors react with regard to China's capital markets? How have e-commerce and mobile payments transformed the marketplace? How will the world's second largest economy respond to the challenge of climate change and what green finance incentives are being explored? What is the future of Europe's relations with China in financial services? Will Brexit impact the flow of investments between China and the EU?

These and other issues will be addressed during panel discussions and keynote speeches. Join this enriching platform on Renminbi debates to foster knowledge and share experiences.

For more information and to register, check out the website:

The published programme for the day is reproduced below: 

The Luxembourg Renminbi Forum 2017

Welcome address

Nicolas Mackel, CEO, Luxembourg for Finance


Keynote Speech

Chief Representative, The People’s Bank of China, Frankfurt (invited)


Keynote Speech

HE Pierre Gramegna, Minister of Finance, Luxembourg



China’s economy is proving more resilient than many Western commentators thought. The Yuan devaluates in a controlled manner and GDP growth is still outstanding. Beijing has started to tackle the challenges at the heart of the economic transformation of China’s economy. Where are we in this process and what reforms can we expect for Xi Jinping’s second mandate?

Moderator: Yanqing Yang, Deputy Editor-in-Chief, Yicai Media Group, Shanghai

Christopher Balding, Associate professor, HSBC Business School of Peking University Graduate School, Shenzhen
Margit Molnar, Head of China Desk, OECD Economics Department, Paris
Leonard Xingrong Zhang, Managing Director, Institute of International Finance, Bank of China Head Office, Beijing



Past turbulences in China’s capital markets and lowered growth expectations have turned some investors away from China while others continue to believe in its long-term promise. Global trends towards protectionism and an overall uncertain economic environment demand for risk diversification. What are the general trends among global investors with regard to China’s capital markets and what factors are driving their decisions?

Moderator: James Kynge, Emerging Markets Editor, Financial Times, London (tbc)

Jane Jiang, Partner, Head of PRC Regulatory group, Allen & Overy, Beijing
Fiona Leung, Senior China Specialist Product Manager, Standard Chartered, London
Fangyu Liu, Senior Manager, Agent Trading, Global Market Department, ICBC, Beijing
Caroline Owen, CEO and Founder of RMB Global Advisors, New York

10:55 Coffee break



China’s President has put himself in the position of defender-in-chief of globalisation. China and Europe have common interests in a free-trade agenda. How will this play out in the area of financial services? How will Brexit impact the flow of investments between China and the EU?

Moderator: Jonathan Ford, City Editor, Financial Times, London

Laura Cha, Member of the Executive Council of the Government of Hong Kong
Olivier Guersent, Director General, European Commission, Brussels
Paola Subacchi, Director of International Economics Research, Chatham House, London
Denise Voss, Chairman, Association of Luxembourg Fund Industry (ALFI), Luxembourg



Solving environmental challenges is one of China’s main concerns and hence the country has set up huge financing capabilities in order to deal with these issues. At the global stage the countryhas joined in the battle to mitigate climate change effects and looking for ways to implement multilateral policies. It is now planning to launch a national carbon-trading scheme that will dwarf the European one.

Moderator: Bob Currie, Editorial Director, Financial Services Research, London

Karine Hirn, Partner, East Capital, Hong Kong
Aldo Romani, Deputy Head of Funding, Euro, European Investment Bank, Luxembourg
Robert Scharfe, CEO, Luxembourg Stock Exchange
Yao Wang, Professor and Director General, International Institute of Green Finance, Beijing

12:40 Networking Lunch


Keynote Speech: China's Fintech Landscape

Zennon Kapron, Founder, Kapronasia, Shanghai



The explosion of mobile payments in China goes along with the country’s fast growing e-commerce sector. Within five years, the sale of online money market funds has increased a hundredfold. The increase in payments outnumbers European payments by far. Are there lessons to be learned from China’s experience? With Chinese going more and more abroad, how can payments in Europe be facilitated?

Moderator: Nasir Zubairi, CEO, Luxembourg House of Financial Technology (LHoFT)

Patrick Hess, Senior Market Infrastructure Expert, European Central Bank, Frankfurt
Rita Liu, Head of Alipay EMEA, Alipay, London
Ning Wang, Chief Business Officer, PingPong Financial, San Francisco
Ada Xiao, Chief Strategy Officer, Juzhen Financials, Shanghai



Over the course of the last years China has opened up its domestic market for foreign investors. While this process started cautiously and only a few players were granted this opportunity at the start, the initial restrictions decreased over time and the channels also multiplied. Where do we stand when it comes to the RQFII, the Shanghai-Hong Kong Stock Connect and other schemes?

Moderator: Stéphane Karolczuk, Partner, Head of Hong Kong Office, Arendt & Medernach

Chris Edge, Managing Director, PwC, Luxembourg
Gast Juncker, Partner, Elvinger Hoss, Luxembourg
Andrew Malcolm, Partner, Head of Capital Markets Asia, Linklaters, Hong Kong
Marc Robert-Nicoud, CEO Clearstream Holding Frankfurt and Clearstream International Luxembourg


Closing Remarks

Nicolas MACKEL, CEO, Luxembourg for Finance

Thursday, 13 April 2017 12:01

WIDE Hosting Fintech in Action Workshop

wide fintech in action

Women in Digital Empowerment (WIDE) is hosting a workshop on Fintech in Action at Ripple on 24 April. 

Evan Schwartz, managing director of Ripple Luxembourg and co-inventor of Interledger Protocol will be presenting his open protocol for secure, seamless payments between currencies and payment networks. The presentation will include live micropayments and will give a taste of the opportunities Interledger and the "Internet of Value" create for business and other open source projects. Bring along your laptop for live demonstrations of how to use Interledger.

Also on stage Sihem Zorfi will be giving his thoughts on the exciting challenges of being a Regtech consultant. Sihem studied business, worked in finance and controlling before transitioning into IT, banking and Regtech.


18:00 – 18:30    Welcome with snacks and drinks
18:30 – 19:00    My job as a Regtech consultant, with Sihem Zorfi
19:00 – 20:00    Open source code and protocol on Interledger with Evan Schwartz
20:00 – 20:30    Networking session

The workshop will be at Ripple (SeedBox building) on 5 Rue Goethe. To register and for more information:  

Thursday, 13 April 2017 09:33

ICT Spring Discount for Chronicle Readers

ICT Spring

The ICT Spring Conference, coming up on 9 and 10 May, is offering a 30% discount to Chronicle readers, giving them even better access to the huge selection of exhibits, more than 100 speakers, and networking opportunities across sixteen different ICT domains.

In order to take advantage of the discount, use this invitation code when registering: CHR3466

For more information and to register, see the website:


Corporate vehicle leasing company Arval Luxembourg broke the million vehicle threshold in November last year, with 1,028,142 leased vehicles at the end of the year, according to their results for 2016, published this week. In Luxembourg alone, the company grew by 15%, leasing some 5,000 vehicles in the Grand Duchy. 

In 2016, Arval Luxembourg confirmed its position as a major actor on the operational leasing market in Luxembourg. The company recorded a 15% growth of its fleet, bringing the number of leased vehicles to some 5,000 (percentage higher than the trend of the Luxembourg company car market). 

In July 2016, Arval Luxembourg successfully launched Arval Mid-Term Rental, a leasing solution covering periods from one to 24 months. This solution meets the flexibility needs of businesses in Luxembourg to cope with activity peaks, seasonal activity, or different phases of recruitment, e.g. trial periods, fixed-term contracts.

Furthermore, advice and needs analysis for company fleet managers has been enhanced by Arval Outsourcing Solutions which allows them, while staying in control, to outsource fleet management and contact with drivers.

In 2016, Arval also strengthened its involvement in eco-mobility through actions like the operational management of a new fleet of BMW i3 electric cars for Enovos and City Mov’ and the launch of commercial solutions to evolve the market towards more eco-responsible driving.

"The success of Arval Luxembourg is explained firstly by a strong desire to ensure continuity and quality of service to its customers. Arval Luxembourg's growth in 2017 will be based particularly on the quality of service and expertise of its staff, on cross-selling with BGL BNP Paribas and on the innovation of solutions in line with our eco-responsible commitment," said Gerry Wagner, General Manager of Arval Luxembourg.

The company’s worldwide fleet grew by 8.4% over the year, outperforming the initial average target of 6%. The growth was sustained by Arval's historic markets of France, UK, Spain and Italy, with an overall increase of 7% in the leased fleet, and double-figure growth in several countries such as Austria (15%), Brazil (14%), Hungary (10%), Luxembourg (15%), Poland (15%) and Czech Republic (19%).

During the year, Arval also delivered the Europe-wide integration programme of GE Fleet Services, which was acquired by Arval at the end of 2015. Covering more than 160,000 vehicles in 12 countries, this programme continues its success. More than 900 employees have joined the company, and are now focusing their enthusiasm and talent to contributing to the development of Arval and delivering the first operational and commercial successes.

Increased cooperation with the BNP Paribas Group retail banking networks, International Business Office, which handles the largest international clients, and SME Solutions, which serves self-employed and small company customers, were prime drivers of growth in 2016. 

Arval is now present in 28 countries, following its acquisition of Relsa in Brazil and its alliance with the same group in Peru and Chile. With around 30,000 vehicles leased in these three countries, Arval is consolidating its position in Latin America. The Element-Arval Global Alliance - the cornerstone of the company's international business - is itself expanding with the addition of a new member, RDA Renting, which operates in Argentina and Uruguay. The Alliance now covers 50 countries to offer international fleets a consistent level of high-quality service worldwide. 

All of these led Arval to achieve the milestone of one million leased vehicles worldwide in November last year. This unprecedented performance consolidates Arval's leadership in the European multibrand leasing market and its status as a key industry stakeholder at global level.

"2016 was a tremendous year for Arval," said Arval CEO Philippe Bismut. "The millionth vehicle marked a clear turning point in the history of our company. It symbolises the success of our strategy and the unfailing commitment shown by our people".

Thursday, 13 April 2017 08:47

Student Competition for LuxairCargo

Luxair Cargo sign 3556 400

In March this year, LuxairCargo launched a logistics competition for students of technical high schools of Bonnevoie and Lallange, supported by the Ministry of Sustainable Development and Infrastructure and the Ministry of National Education.

Working in groups, the students will tackle developing ways of improving one of three issues set up by LuxairCARGO: the multitude and diversity of jobs offered by LuxairCargo; a study of the increasing freight flows in the non-standard cargo shop, and; optimising parking spaces at the Cargocentre.

The students will be supervised by their professors and receive personalised support from LuxairCargo staff. The competition offers high school students the opportunity to interact with a real player in the logistics sector and gain professional experience by working on concrete projects.


Private Banker 2017

More than 200 finance and banking professionals gathered at the Royal Hotel for the latest edition of PrivateBanker where experts discussed the digitalisation of the private banking industry, and its limits, on 4 April.

The conference was moderated by Pierre Etienne Lorenceau, founder and CEO of Leaders League. 

Nasir Zubairi, CEO of the recently created LHoFT, Luxembourg House of Financial Technology, took the stage. "Analogy is more powerful than computers. How well do you leverage the technology we all have in our pockets?" asked Nasir Zubairi. He added: "You can't ignore it, and you all are already involved in it. You now also have to understand the needs of customers,” he said.

Jean-Charles Schiltz, director and CIO of Banque Privée Edmond de Rothschild Europe then addressed the audience and shared his key convictions on market outlook. After dealing with the recent geopolitical changes, and notably the new US environment and the Brexit, he focused on big data. "Data generation is growing exponentially as well as its diffusion. We are also seeing a growing use of virtual intelligence, such as robots,” he said. He also highlighted the fact that we are currently seeing a massive increase in connected objects and that exponential data flows are transforming our world and multiplying opportunities to create value. 

A Q&A Session moderated by Jean-Pierre Gomez, head of regulatory & public affairs at Société Générale Securities Services brought together Quentin Vercauteren-Drubbel, head of wealth management at KBL and Marc Stevens, CEO, OneLife. On transparency, Jean-Pierre Gomez said: "Information provided to clients is not enough: you have still to test it like water.” 

According to Quentin Vercauteren-Drubbel, the idea is not to replace humans, placing emphasis on human relations. Yet, bringing new tools will definitely help the customers. "The digitalisation is about communication and interaction: how do you share the information through digital tools?" then asked Marc Stevens, who then insisted on the importance of RegTech solutions, and the huge opportunities to improve the way to deal with regulation. 

Then, Rob Thummel, Managing Director and Portfolio Manager, Tortoise, gave a speech entitled "Uncovering North American Energy Infrastructure. The energy sector is the only sector where, year after year, consumption increases" he saidd. The Tortoise North American Energy Infrastructure Fund (UCITS) therefore focuses on US energy infrastructures. These, along with renewable infrastructures and new drilling technologies, are exciting opportunities. 

Emmanuel Bégat, partner and COO at ME Business Solutions, focused on finance, which he sees as the management of revenues, governance — the establishment of policies — and ethics — differentiating the good and the bad, and having duties and obligations. "Finance needs to go back to an instrument. It must be used in an ethical way,” he concluded. 

According to Geoffroy De Schrevel, CEO of Gambit & Birdee, private bankers need to "forget products, ignore clients and digitise your bank". He then shared the examples of Kodak, Netflix, and Amazon Go. "People love technology and they actually trust technology" he added, highlighting the importance of customer experience, aiming at making life easier, lighter and more satisfactory. 

"Why and how to invest in European equities in in a crucial election year" was the name of the presentation given by François-Xavier Chauchat, economist at Dorval Asset Management, an affiliate of Natixis Global Asset Management and which ended this edition of PrivateBanker. He notably talked about the premium European political risk, which is back at its level of 2011. He then presented the options proposed by Dorval, to help customers protect and secure their investments. 

FinTech, InsurTech and RegTech experts will meet in Luxembourg for a new edition of ICT Spring which will take place on 9 and 10 May. The programme and registration forms are online:

Social Media

Website Information