KBC Group Closes Sale Of Its Private Banking Subsidiary To Precision Capital

My orchids. To a savvy investor from Qatar. Photo: ET

After

1. Cargolux
2. BIL, now:
3. KBL

KBC Group Closes Sale Of Its Private Banking Subsidiary To Precision Capital

Through BIL, the Qatari investor Precision Capital also enters the capital of Luxair, which is a shareholder of Cargolux.

Nice bridgehead!

After the Tour de France 2012, the Schleck Team RNT spiraling down

My orchids. It takes some patience, discipline and work. Photo ET

Enovos Ends Sponsorship 

With RadioShack-Nissan

Bikeworldnews reported about this public statement from Enovos, the Luxembourg energy company, cutting its support to the team.

“As part of its partnership with the Luxembourg cycling team Leopard Trek, then RadioShack-Nissan-Trek, Enovos wishes to express its satisfaction with the way things went in 2011,” reads a press release from the company. “It transpired that with the sponsorship of the Leopard Trek team in 2011 gave a very satisfactory level visibility, branding and communications for the Group Enovos. Additionally, results were at the level expected.
“Unfortunately, the 2012 season has not brought the desired results,” it continues. “Considering only the sporting angle, this is part of the risk of sponsorship. However, the image that the RadioShack-Nissan-Trek team has given this year is by no means in line with the image that Enovos wants to communicate. There have been too many negatives have since the beginning of the year. Finally the withdrawal of Fränk Schleck from the 2012 Tour de France, following an abnormal result of a doping control, led Enovos to reconsider its partnership with RadioShack-Nissan-Trek.
“Therefore, the sponsorship agreement is terminated by Enovos with effect from 1 August 2012,” it concludes. “Enovos strongly deplores the events of recent months. However, as a socially responsible company, Enovos does not wish to continue this partnership, as the values representing the image of Enovos are not compatible with the affairs developing around RadioShack-Nissan-Trek.”


Of course, this isn't good news. A miserable season, an accident for Andy Schleck, a brewing political-financial scandal involving Flavio Becca, the founder of the Leopard team, and a doping accusation against Frank Schleck. That's a little much for a team that has not been successful. An old friend used to say: "If it is a success, no one asks how much did it cost".


For my part, if I may be just a little presumptuous: I would have preferred that the Schlecks would have followed my free advice from July 2009, advocating an early alliance with RadioShack and  Lance Armstrong for the reasons explained here: 


http://egidethein.blogspot.com/2009/07/luxembourg-tour-de-france-armstrong.html


I believe it was a mistake to delay such a decision and to opt instead for a "Luxembourg" solution, which had to have the following shortcomings: shortness of (financial) breath of the main sponsor, a tiny market for endorsements, absence of any serious research facility to enhance preparedness of the team and equipment. I'm sure some object with some sarcasms about Lance Armstrong's "preparedness." And even there, I would defend the option that was available at the time.


Where to go from here? Simply, go through the hell you have now and find a team. A good team. Not one with primadonnas only. Prepare seriously, work hard and show what you can, if possible with early successes in the 2013 season. The talent is there. Maybe you Schleck brothers  should watch your advisers. At least my advice is free advice. You Leopards! Put a tiger in your tank! Arrh, Frank, not literally!

Frank and Andy Schleck, move on. Here's Marie Muller.

My orchid "Gold Medal". Photo ET

So we were just left hanging our heads, because of the Schleck brothers' miserable season 2012. But then came relief: our hanging heads became turning heads, when Marie Muller, the Luxembourg Flag Bearer at the London Olympics marched by.

The Bleacher Report reported (as it should as reporting is important for a Report): Marie Muller: Luxembourg Flag Bearer Turns Heads During Opening Ceremony

Now Marie Muller might not make it to Olympic gold. But she will still turn heads. Not sure about the Schlecks, though. But I'm assured they are very good looking too.

Cargolux: Return to sender

My Orchids. No link to Cargolux. Photo ET

Luxembourg's Cargolux CEO resigns to take up gov't post

After only 19 months on the job, Frank Reimen stepped down from his CEO position at Cargolux to return to a government job. Hence going in circles, back from where he came. One has to say times were (are) tumultuous at Cargolux. A successor is to be appointed shortly. 

May I suggest a more prominent successor, who made the news today at the London Olympics: Marie Muller, Flag Bearer for Luxembourg who competes in judo starting on Sunday. 

She turned some heads ! She might get a medal. Wouldn't she be the right person to bring good order, even some judo ceremonial into the limping organization. And of course, she needs to be on the Board and practice her Deashi-Barai on that unwilling, uninspired and otherwise improvable crowd, including the one who says so.

Secretary Clinton and Luxembourg Deputy Prime Minister and Foreign Minister Jean Asselborn on Ethiopia, Egypt, and Syria

All good. Photo ET

Luxembourg's Vice Prime Minister Jean Asselborn came to town on July 25, 2012. This time cameras were only "spraying".
Here is the transcript of the opening part of the meeting.


http://www.humanrights.gov/2012/07/25/secretary-rodham-clinton-and-luxembourg-deputy-prime-minister-and-foreign-minister-jean-asselborn-on-ethiopia-egypt-and-syria/


TRANSCRIPT:


SECRETARY CLINTON: Well, it’s a pleasure to welcome the Vice Prime Minister and Foreign Minister of Luxembourg here. I have the opportunity to work with him on a number of important issues in NATO and in other fora, where we are committed to advancing our shared values and interests. And I’m looking forward to the opportunity to discuss a wide range of issues. So welcome, Jean. We’re so happy you’re here.
DEPUTY PRIME MINISTER ASSELBORN: Thank you, Hillary. First, I am grateful and it’s an honor for me to be here. It’s the sixth time that I have been in this house as Foreign Minister. I saw three different colleagues, three highly appreciated personalities, and I want to thank you, Hillary, in the name of Luxembourg for the very, very great job you are doing since now. 
SECRETARY CLINTON: Thank you.
DEPUTY PRIME MINISTER ASSELBORN: Let me – a little bit on Europe and United States. I think that we are facing unprecedented challenges on the economic future (inaudible) in our region. But I think that we have to put our energies together. We cannot face them, I think, alone. We will not manage it to face and to find solutions. So I think that more than ever, today we have to pray together and to put really our   energies in the same basket.
I just want to mention maybe three topics very briefly that I think that we have to work together. The first is Sahara*. I was in Africa in the last two weeks, in Addis Ababa and also in Mozambique. And in the Sahara* region, there is a humanitarian crisis and a security crisis that is unfolding out of our very eyes. And we have to cooperate, I think, with the Western African organizations and West African Union to avoid (inaudible) of this region.
The second point, of course, is Syria. I think that the only aim of the United States and the European Union is to make – to increase the pressure on the regime that the killings and the violence stop. And therefore we need to cooperate with all the diplomatic means that we have our – at our disposal.
And the last point, I think, on Northern Africa, there is a lot of hope, I think, and in Egypt – you have been there – in Libya, but also in Tunisia. The core challenge is to accept the results of democratic elections and to safeguard, if I can say, the fundamental human rights fixed in the UN Charter and to support – and that’s very important for Europe to support the countries to restart the economy and to give social hope to these countries.
So I think only three points that – for us as Europeans. I am the longest serving foreign minister in the European Union, but now more than ever, I think we can share, and we have to share, our values and cooperate very strongly together. Thank you.
SECRETARY CLINTON: Well, we certainly agree with that. 
DEPUTY PRIME MINISTER ASSELBORN: Thank you.
SECRETARY CLINTON: Thank you, all, very much.




In 2009, there was a transcript AND a video of the meeting. But both were no triple A and needed extensive renovation.


TRANSCRIPT:

SECRETARY CLINTON: Well, it is a real pleasure and delight to welcome the former and present foreign minister of Luxembourg. With the recent elections and the new government, which has many familiar faces, including the prime minister, but also the foreign minister, we are delighted to have this chance to discuss a lot of issues that we are working on together. So I thank you so much for being here.

VICE PRIME MINISTER ASSELBORN: Thank you. Thank you very – to receive you, it’s really an honor for me. I think   we will speak about our bilateral relations. We are in important financial place – things are good. I think the cooperation between U.S. and Luxembourg is on a very high level. We will speak – I am one of the 27 foreign ministers in the European Union, so I’ll give you my (inaudible) on Middle East.

But I wanted to tell you one sentence – your husband, who was for me, very – a very good sentence. He said in Denver, United States, they must lead by the power of the – of its example, not by the example of its power. And therefore, we want to help United States, help – want to help you to close Guantanamo, because this was not an example. And therefore – we are a small country, but we have the will to help with fellow partners of sponsoring training professional (inaudible) for detainees’ lodging and so on. So we will do it.

SECRETARY CLINTON: Thank you. That means a lot to me. Thank you so much, Minister

VICE PRIME MINISTER ASSELBORN:  Yes, yes.

SECRETARY CLINTON: Thank you all very much.

VICE PRIME MINISTER ASSELBORN:  Thank you.

It needed some work. See here:

http://egidethein.blogspot.com/2009/07/luxembourgs-deputy-pm-helps-secretary.html


See for yourself how far we have come along! 

Moody's downgrades Luxembourg's outlook to negative

Dark mood among my orchids, after Moody's newest warnings. Photo ET

Moody's today revised to negative down from stable the outlooks for Luxembourg, but also for Germany and the Netherlands. All retain their Aaa sovereign ratings. Left unchanged is Finland that kept its Aaa rating and stable outlook. The reason it escaped the negative outlook that now has started contaminating the core Euroland? Finland's insistence for collateral in the Greek bailout.

Here is Moody's communiqué about Luxembourg:

MOODY'S CHANGES THE OUTLOOK ON LUXEMBOURG'S Aaa RATING TO NEGATIVE Moody's Investors Service has today changed the outlook on Luxembourg's Aaa rating to negative from stable. The Aaa rating itself remains unchanged. The key drivers of today's action on Luxembourg are: 1.) The rising uncertainty regarding the outcome of the euro area debt crisis given the current policy framework, and the increased susceptibility to event risk stemming from the increased likelihood of Greece's exit from the euro area, including the broader impact that such an event would have on euro area members, including Luxembourg. 2.) The rising contingent liabilities that the Luxembourg government will assume as a result of European policymakers' reactive and gradualist policy response, although the country's level of gross indebtedness is markedly lower than that of the other Aaa-rated euro area sovereigns. 3.) Concerns about the country's economic resilience in view of its significant reliance on financial services industry for employment, national income, and tax revenue. --RATIONALE FOR NEGATIVE OUTLOOK As indicated in the introduction of this press release, the first driver underlying Moody's decision to change the outlook on Luxembourg's Aaa bond rating to negative is the level of uncertainty about the outlook for the euro area and the impact that this has on the country's susceptibility to event risk. Specifically, the material risk of a Greek exit and the broader impact that such an event would have on euro area members exposes core countries such as Luxembourg to a risk of shock that is not commensurate with a stable outlook on their Aaa ratings. In Luxembourg's case, Moody's particular concern is over the impact that this development could have on the financial services industry, which directly accounts for 25-30% of Luxembourg's GDP. In addition, Luxembourg is exposed to a potential rise in contingent liabilities if additional euro area support is needed for banks and sovereigns in financial distress. In the case of Luxembourg, this concern is mitigated by its relatively low level of sovereign indebtedness. In light of Luxembourg's interdependence with the euro area's real economy and the global financial sector, Moody's has broader concerns about the country's economic resilience. Luxembourg's direct dependence on its financial services industry is substantial, both due to its contribution to government taxes and social security contributions (23% of the total) and to the country's employment (12% of employees). Of course, problems in the sector would inevitably generate second-order impacts on the national economy. While Moody's notes that Luxembourg's economy has a track record of being relatively resilient to shocks or crises, the above factors have prompted Moody's to examine whether this resiliency has gradually weakened. --RATIONALE FOR LUXEMBOURG'S UNCHANGED Aaa RATING Luxembourg's Aaa rating is underpinned by the country's position as one of the wealthiest countries in the world on both a GDP per capita and purchasing parity power basis. The rating also reflects the country's solid track record of economic growth, mainly driven by the financial services industry. In the past, the national authorities have been able to leverage their first-mover advantage in implementing EU directives by improving the business environment, being able to attract a highly skilled labour force and preserving some advantages related to bank secrecy legislation. Although the total assets of the banking sector and financial services' overall impact on the Luxembourg economy are very large, Moody's acknowledges that contingent liabilities emanating from it remain low. The domestic retail banking sector is dominated by three banks (Banque et Caisse d'Epargne de l'Etat, BGL BNP Paribas, BIL) and has assets that equate to just over 200% of GDP. These banks have, in aggregate, maintained strong, double-digit core Tier 1 ratios, thus capping the potential liabilities that could crystallise on the government's balance sheet. The off-shore part of the financial system is much larger and is composed of the investment fund industry (with assets under management that equate to 50x GDP) and the offshore banking operations (with assets that are 20x GDP). Moody's assesses the contagion risk between and within these different segments of Luxembourg's financial industry to be low due to minimal balance sheet linkages between the different segments of the financial sector (excluding intra-group exposures in the off-shore banking system which account for around 40% of the aggregated balance sheet of the system). The Aaa rating is supported by the very high fiscal flexibility, characterised by the low fiscal inertness of the government and its ability to adjust tax rates (especially VAT considering the structure of economy), capital expenditures (4% GDP) and social security parameters. Luxembourg still exhibits sound fiscal metrics, relative to other Aaa-rated countries, in spite of the fact that the government had to use its balance sheet to support both the economy and the banking sector during the financial crisis, which caused debt levels to increase to a still-modest 18.2% of GDP in 2011 from 7% in 2007. In addition, the government has significant financial buffers in the form of national pension fund assets that are equivalent to 27% of GDP. --WHAT COULD MOVE THE RATING DOWN Luxembourg's Aaa rating could potentially be downgraded if Moody's were to observe a large increase in the government's debt burden. Luxembourg's debt level is still low relative to rating peers, but the country's small size probably means that it is limited in its ability to take on large quantities of additional debt. More broadly, if events in the euro area develop in a way that undermines the resilience of the Luxembourg financial sector or economy, that could also result in a downgrade of the sovereign. --WHAT COULD MOVE THE OUTLOOK BACK TO STABLE Conversely, the rating outlook could return to stable if a benign outlook for the euro area, reduced stress in non-core countries and less adverse macroeconomic conditions in Europe in general were to ease medium-term uncertainties with regard to the country's debt trajectory and economic resilience.

Luxembourg, Schleck, OLOS and Becca at Oxygenfedsport

My Orchids, 10 hanging there like Leopards. Photo ET

Article: RadioShack Nissan Trek Owner Carrying Debt

Is Team Leopard on a slippery slope? There seem to be too many negative signals for a  break-up to be an impossible scenario: unrest in the team, arguments about Bruyneel, pay checks, the lack of success, doping accusation against Frank Schleck, Cancellara taking a vacation from the Tour de France 2012, all those are not the attributes of a winning team, that stays together.

The article also presents Mr.  Flavio Becca's OLOS Fund, which has large liabilities among those short term in excess of € 300 million in the months to come. Cash flow doesn't seem to cover those and € 227 million need to be refinanced. What if there is no taker after the recent bad press?

Fitch cuts Banque Internationale a Luxembourg to 'A-'; outlook stable

My triple A Orchids. Photo ET

(The following statement was released by the rating agency)
July 18 - Fitch Ratings has downgraded Banque Internationale a Luxembourg's (BIL) Long-term Issuer Default Rating (IDR) to 'A-' from 'A+' and removed it from Rating Watch Negative (RWN). The Outlook is Stable. The agency has also revised BIL's Support Rating Floor to 'A-' from 'A+' and removed it from RWN. A full list of ratings is at the end of this comment.
BIL's Long- and Short-term IDRs, Support Rating and Support Rating Floor reflect Fitch's view that there would be an extremely high probability of support from the state of Luxembourg ('AAA'/Stable) if required. This view takes into account the bank's domestic systemic importance as one of the three largest retail banks in Luxembourg, Moreover, once the planned sale by Dexia closes, the state of Luxembourg will become a 10% owner of the bank, with Precision Capital holding the remaining 90%.
The Short-term IDR has been downgraded to 'F1', the higher of the two mapping options which link Short-term and Long-term IDRs generally applied by Fitch. This reflects the agency's belief that potential additional support from the Luxembourg state is more certain in the short term.
The agency no longer expects that the primary source of support in case of need would come from Dexia. Precision Capital is a Qatari investment group. As Fitch does not rate Precision Capital, neither its ability nor its willingness to support BIL are factored into the ratings.
BIL's IDRs are sensitive to any change in the Luxembourg authorities' ability (as defined by the rating of the Grand Duchy of Luxembourg) or propensity to support BIL and any reduction could be negative for BIL's IDRs. There is clear intent in developed markets to reduce state support for banks in the medium term, and force shareholders and creditors, rather than taxpayers, to take losses. Fitch does not, , expect a change in the willingness of the Luxembourg authorities to support banks in the near term given the current market turbulence.
BIL's Viability Rating (VR) reflects a good retail funding base, solid capital ratios, moderate risk profile, domestic geographic concentration and satisfactory operating profitability. BIL has a good retail funding base in Luxembourg and is liability driven. Customer deposits fund the bank's customer-loan portfolio and the rest of the bank's assets are essentially match funded. The VR takes into account the expectation that the bank will successfully reach its targeted Basel 3 Common Equity Tier 1 ratio of 9% (corresponding to Basel 2 Core Tier 1 ratio of 12%) after being sold.
The VR is sensitive to capital ratios being below target in future or any unexpected increase in the bank's risk profile resulting from a change in strategic direction, following the change of ownership. The bank's capital ratios are now lower due to the realised loss of EUR1.9bn from the transfer of assets to Dexia (largely related to the legacy portfolio EUR1.7bn). The VR would benefit from a track record in its new scope as an independent bank, successful implementation of its business plan and improvements in efficiency.
BIL will be only roughly half its size following the sale as certain businesses will be carved out beforehand. BIL's legacy bond portfolio and asset management and investor services businesses will remain with Dexia or be sold. Once sold, BIL will be active in private, retail and commercial banking with a focus on Luxembourg and neighbouring countries. The quality of the loan book remains good. Loan impairment charges and impaired loans will likely rise in 2012 given the weaker economy, but should continue to be low as the bank concentrates on its low risk domestic clients.
The rating of the hybrid securities reflects their non-performance under Fitch's criteria 'Rating Bank Regulatory Capital and Similar Securities'. As BIL made a loss in 2011, it has waived the quarterly coupons on these instruments until the next annual results are approved and has written them down by 15%. If the bank makes sufficient profits in future years it must restore the nominal amount to its original value and therefore reverse the write-down as per the conditions in the prospectus.
The 'CCC' rating of the securities reflects Fitch's view that the instruments are expected to return to performing status with only moderate economic losses for investors being sustained once the bank returns to profitability. The rating is therefore sensitive to any weakening of BIL's earnings outlook that might give rise to the risk of a longer period of non-performance of the securities.

The rating actions are as follows:
Long-term IDR: downgraded to 'A-' from 'A+' removed from RWN; Stable Outlook
Short-term IDR: downgraded to 'F1' from 'F1+' removed from RWN
Support Rating: affirmed at '1'
Support Rating Floor: revised to 'A-' from 'A+' removed from RWN
Viability Rating: 'bbb' assigned
Senior debt: downgraded to 'A-' from 'A+' removed from RWN
Market linked notes: downgraded to 'A-(emr)' from 'A+(emr)' removed from RWN
Subordinated debt: affirmed at 'BBB-' removed from RWN
Hybrid securities: affirmed at 'CCC' removed from RWN

France, Luxembourg Now Under Investigation for Having Illegally Lowered Taxes on eBooks

My orchids don't bother about European tax codes. Photo ET.

France, Luxembourg Now Under Investigation for Having Illegally Lowered Taxes on eBooks

OMG ! Luxembourg lowered taxes, and the unelected people in Brussels didn't know, that they didn't know, that their little tax list had a little loophole. Let's ignore the unelected monster, so help us France!

International Monetary Fund Mission to Luxembourg

    My  orchids. Photo ET

This is the official text from the IMF report, for the record. I didn't see much of this report in the Luxembourg press. Some news are not so bad, by international standards. Some are inconvenient for the key players in Luxembourg. Will it be used in the future tripartite discussions? Were some of the more inconvenient lines inserted by the Government, so to make sure that it is an authoritative third party lecturing the recalcitrant Luxembourgers? Please read on, though it is not fun.

Following is the text of the mission statement from the International Monetary Fund visit to Luxembourg:

On June 27, 2012, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Luxembourg. Background Economic growth has slowed in 2011 amid the euro area sovereign debt crisis. Private consumption held up in the first half of the year. But as the crisis and uncertainty lingered, consumer and manufacturing business confidence fell and slowed domestic demand. Reflecting the waning impact of global fuel price increases and postponements in automatic wage indexation, inflation has eased. In recent months, employment growth has remained stable but the unemployment rate has risen, particularly long-run joblessness that accounts for about 45 percent of overall unemployment. The fiscal deficit fell in 2011, reflecting an over performance in revenues and continued expenditure restraint. Staff estimates that the structural deficit, at ½ percent of GDP, was roughly unchanged from 2010. Public debt has nonetheless almost tripled to about 20 percent of GDP since the outset of the global financial crisis and is poised to continue increasing in the face of medium-term fiscal pressures. The financial sector has endured the crisis and remained stable. The investment fund industry experienced some valuation losses in 2011 mainly due to euro area related market turbulence, but has largely recovered, with assets under management surpassing €2 trillion in early 2012. Though bank assets have been slower to recover, Luxembourg-based banks have generally remained well capitalized, profitable, and liquid. Their exposures to distressed sovereigns in the European periphery are generally contained, but cross-border exposures remain high. Cross-border, mainly intragroup, exposures still account for about ¾ of bank loans. Reflecting sluggish external demand, economic activity is expected to further weaken, with growth projected to decline to ½ percent in 2012. Volatile financial markets and unclear economic prospects will likely continue to weigh on domestic demand. These factors will also likely reduce price pressures and reinforce inflation’s declining trend. Risks are tilted to the downside given ongoing uncertainties in the euro area. Executive Board Assessment Executive Directors welcomed the continued stability of Luxembourg’s economy despite the turbulence in the euro area, but noted that slowing activity and an uncertain economic outlook call for further steps to limit financial sector risks, safeguard fiscal sustainability, and boost medium-term growth. Directors commended the authorities on measures taken to strengthen the financial sector and implement recommendations from the Financial Stability Assessment Program update. They supported further participation in EU supervisory colleges and the development of similar arrangements to promote cross-border cooperation among supervisors of non-EU banking groups and investment funds. Directors also advised the authorities to continue pursuing ahead of EU-level initiatives, if appropriate, regulatory enhancements not requiring legislation, and to continue encouraging banks to prepare for tighter liquidity standards under Basel III. More broadly, Directors saw scope for revisiting institutional arrangements for regulation and supervision, to better align these with evolving international standards. Regarding the AML/CFT framework, Directors noted the authorities’ commitment to undertake the needed measures to comply with revised FATF standards. Directors welcomed the support to the economy provided by the 2012 budget. They urged the authorities to adhere to the budget’s expenditure allocations but cautioned that reliance on public investment caps could hurt growth in the long run. Directors generally agreed that automatic stabilizers should be allowed to operate if downside risks materialized. A few Directors, however, were not convinced that this would be effective, given low fiscal multipliers and the need to preserve hard-won credibility.

In light of the expected deterioration in public finances in coming years, Directors encouraged high-quality consolidation measures supported by a medium-term fiscal framework. In particular, while welcoming the proposed pension reforms, they urged the authorities to undertake a more comprehensive reform of the pension and healthcare systems to ensure fiscal sustainability.

Directors commended the authorities’ efforts to lay the foundation for higher medium-term growth through a comprehensive reform agenda. They encouraged nonetheless further steps to improve active labor market policies and the social safety net with a view to minimizing work disincentives and addressing market rigidities. Directors also welcomed measures to limit the adverse competitiveness effects of the wage indexation system, and suggested revising or eliminating this system in the medium term. Product market regulations should also be reviewed to foster competition, productivity growth, and economic diversification.

SOURCE: International Monetary Fund

Viet Nam News: Luxembourg ties get ever stronger

Talking about Viet Nam, I thought I might as well show off my orchids, from now on.

"HA NOI — Viet Nam and Luxembourg have agreed to deepen bilateral ties, especially in finance and banking, insurance, heavy industry, tourism and transport services.



This was agreed during talks between Luxembourg's Deputy Prime Minister and Foreign Minister Jean Asselborn and Viet Nam's visiting Foreign Minister Pham Binh Minh, on Tuesday."


This way to the article in the Vietnam News.

The article concludes: 


"Later, Minh met Luxembourg's Minister of Development Co-operation, Marie-Josee Jacops, to discuss implementing Luxembourg's Official Development Aid projects in Viet Nam. — VNS"


A couple of suggestions: 


- Jacops, oops! Make the p a b, as in Jacobs. She might be sensitive to a misspelled name. And consider, she writes the checks!
- Mr. Minh, don't feel obligated to make good on your promise that Mr. Asselborn coerced out of you to vote for Luxembourg to become a future member of the UN's Security Council. Vote for Australia instead.

I hope no one holds any grudge for these two suggestions. My tax pays for both.