Tuesday, October 4, 2011

TJN's Financial Secrecy Index: Luxembourg is # 3.


The influential Tax Justice Network has issued its Financial Secrecy Index. You;ll find it here:



Luxembourg made it to number three after Switzerland and Cayman Islands. As the world goes, that is either good or bad. It is in the eye of the beholder. TJN thinks it is very bad. The Luxembourg survey is certainly an invitation to image control:


Sunday, October 2, 2011

Australia, Finland and Luxembourg Competing at the UN

Competing for a seat at the UN Security Council.
As seen in AdelaideNow.com.au:



"One group of votes Australia has been courting is the Gulf Co-operation Council. The GCC comprises the emirates, monarchies and sheikhdoms of the Persian Gulf. We have good political credit with them. We helped liberate Kuwait from Saddam Hussein, we are aligned with the West on Iran - which is a major issue in the Gulf - and we have a solid trading record in the region.
So their votes should be pretty safe. Well not quite - they've told the Government they will make a final decision after they've seen how the three candidates for the Security Council vote on the Palestinian question. And I suspect Finland and Luxembourg will be voting for the Palestinians."


See the whole article here:


http://www.adelaidenow.com.au/ipad/downer-a-un-vote-of-nerve/story-fn6br25t-1226156371960


I would just like to reiterate my bad feelings about Luxembourg's UN Security Council ambitions. The article gives some powerful argument why. It is already getting costly, for a small country with a focus on international services. Don't alienate your clients, Luxembourg.


Australia, good luck mate.

Thursday, September 29, 2011

ArcelorMittal Closes Two Mills in Luxembourg



We were writing 1974. About 1/3 of Luxembourg's workforce was cooking steel. Luxembourg produced 21 tons of steel per capita, followed by Germany with 2.5 tons. That's the weight the steel industry mustered then. In 1975 the steel industry came crashing down in a fast and scary way, under the double action of slowing demand and the competition of emerging steel producers.

What is left of the former ARBED is under new ownership, ArcelorMittal. It still employs about 6,000, quite a number for Luxembourg. This closing targets about 10% of them. In the present setup, who will come up with an innovative solution? Globalism takes away the cake from those who have the cake. How desirable is it? Pursue it at any price? The only barriers to globalism were the borders. They tend to disappear. Everyone seems to want it. It is an excellent deal when you had no cake. The new countries are the multinational companies who now can play the best options.
What is safe at ArcelorMittal Luxembourg? What cannot be easily done elsewhere.
ArcelorMittal Closes Two Mills

Wednesday, September 28, 2011

Fitch affirms Luxembourg at 'AAA'

Let me get this straight: we get a boring AAA ?

That cannot possibly take into account the fact that Luxembourg has the highest per capita GNP, and it defies our first place in all other categories: our Prime Minister enjoys a 92% popularity rate, we are, according to statistics, the heaviest drinkers and smokers on earth, the best student at the UN, the highest donor country, and we save Greece. There is even more, but that would take away some of the gravitas of this comment.

Bottom line: we deserve better. Please Miss Fitch, invent another category, the AAAAA. We certainly fit(ch) that rating. Think about the economic stimulation this would trigger internationally through others' sheer jealousy and their desire to catch up!

http://www.reuters.com/article/2011/09/28/idUSWLA630120110928


Tuesday, September 27, 2011

Letter to a Great Luxembourg Scientist, Dr Félicien M. Steichen, MD, 1927-2011



Dear Félicien:

You left us, but I won’t write an obituary. You would have said it yourself, with that twinkle in your eyes: “this ain’t a place for obituaries.”
We met 22 years ago when I moved with my family into your neighborhood in Larchmont, New York. You lived there on 12 Pryer Lane with your wife Michèle, your daughters Anne and Claire and your son François, in your beautiful home overlooking Long Island Sound. The old BMW in your driveway, with that big letter “L” on the bumper, let everyone know that there was a true Luxembourger around. I knew you already as a “Living National Monument”, for your incredible contributions to medical science. I came to learn more about your tireless work, developing laparoscopic surgery.
Your neighbor, a surgeon himself, would say how guilty he felt playing with his dogs while he knew that you were working on yet another paper. I can still see you there, the lamp glowing on top of that cypress table crafted by an Amish cabinetmaker.  In this office, your creative genius would produce dozens of scientific papers, to promote minimally invasive thoracic and abdominal surgery. They cover the challenges of sutures and stapling, the introduction of 3D in laparoscopic surgery together with new tools known as “Tools of Steichen”.
For more than 48 years, after graduating from the University of Lausanne, you left giant footprints at many places such as Baltimore and Johns Hopkins Hospitals, Lenox, and Saint Agnes. The crowning of your tremendous work and the worldwide recognition as the great pioneer and professor was the creation of the Félicien M. Steichen Chair of Surgery at New York Medical College in 1993, of which you became the first holder. Among your many awards, this is the ultimate one.

We all remember you as the discreet gentleman, who would be first in line to do anything “Luxembourg”. We had such fun launching the Luxembourg-American Chamber of Commerce in New York. I am most thankful for your ever open doors.

One day I needed your help as a surgeon. I’m still wearing (proudly) the three tiny marks of laparoscopic incisions you made. And for sure the following morning I left Saint Agnes all repaired. My wife and I mostly remember the days of deep distress, when you showed up at our son’s hospital bed. Your spontaneous travel to that place, your appearance in that hospital room has done more than all medical science on earth.

Dear Félicien: You are a great benefactor to mankind. Every morning, thousands of patients get readied for surgery somewhere. Many will have an amazing recovery, thanks to your pioneering work. They’ll say of their doctors what one of your friends told me about you: “He saved my life!” At the LACC, you have touched ours. We send our most heartfelt condolences to your family,


Egide Thein.

Thursday, September 22, 2011

Luxembourg home and offices of Leopard Trek owner Flavio Becca raided by police

This is reported by road.cc.


Find article here: http://road.cc/content/news/44413-luxembourg-home-and-offices-leopard-trek-owner-flavio-becca-raided


According to the article, this has nothing to do with Leopard-Trek. This is the relevant excerpt:


"Luxembourg-published tabloid magazine Privat says the police raids were carried out on Tuesday and concern a number of companies with which Mr Becca, whose parents moved to the Grand Duchy from Italy when he was a child, is involved. The website Wort.lu reports that a spokesman for the public prosecutor has confirmed that the raids took place."


Three remarks, to lay this to rest for the Schlecks:



  • This has nothing to do with cycling, but the other sponsors won't like this kind of publicity.
  • Unfortunately for our man Becca, he gets most to fear from that unwelcome publicity, and though not pronounced guilty of anything, he will be judged already in the court of public opinion.
  • Then again, if there are good news for Mr. Becca, they are this: we are at the stage of a Police investigation. Though that means that there were allegations credible enough to launch the investigation, it will take years and years before this gets resolved. The reason being that Luxembourg's Police and Justice system are dramatically understaffed. I reported in the following article the criminal case brought by a Luxembourg farmer against his neighbor, accused of stealing his cow: http://feierwon.blogspot.com/2011/06/la-justice-des-hommes-est-imparfaite.html After 13 years of proceedings, the man still hadn't gotten his cow back. Daisy might be dead by now. So may be most witnesses. But our man and the cow got their day in court: the European Court of Human Rights in Strasbourg sentenced the Luxembourg Government for violating the farmer's human rights by not providing an adequate judicial system that would have resolved the case in a "timely" way. The Government paid a fine. It did not improve its Judiciary. It did not bring the farmers cow back. The mooooving end.

Wednesday, September 21, 2011

Winter Park businessman Bob Mandell may become ambassador to Luxembourg



Very interesting. It took some time between the announcement and the hearing. US is becoming more like France: long vacations delayed the hearing.


But here's the beef:


http://www.orlandosentinel.com/news/politics/os-bob-mandell-ambassador-luxembourg-20110921,0,6653691.story


You'll have read the summary program:



Mandell told senators that, if confirmed, he plans to focus on increasing U.S. exports and on making Luxembourg's banking industry more transparent.