On 16 January 2015, the rating agency Fitch confirmed Luxembourg’s AAA rating with stable outlook. Luxembourg continues to benefit from the best credit rating from the three major rating agencies: S&P, Moody's and Fitch.See the details
A financial delegation from Luxembourg led by Luxembourg Minister of Finance Pierre Gramegna is underway in Asia stopping in South Korea, Japan, at the Asian Financial Forum in Hong Kong, as well as in Beijing to promote Luxembourg’s expertise in international finance. The tour also includes Taipei, Taiwan where experts from the fund industry highlighted Luxembourg’s expertise in the cross-border distribution of investment funds in a seminar organised by the Luxembourg Fund Association (ALFI).See the details
The prestigious Museum of Modern Art (MoMA) in New York has acquired a second painting by the late Luxembourg artist Michel Majerus regarded as one of the most promising artists of his generation to hail from the Grand-Duchy.
The painting "Splash Bombs I" (2002) follows "What look good today may not look good tomorrow" (2002) acquired by the museum in September 2014. Michel Majerus's international career was in its prime when his life was cut short in a plane accident in 2002, while working on an exhibition "Project Space" for Tate Liverpool.See the details
Following the designation of ICBC Luxembourg as the renminbi clearing bank in Luxembourg in September 2014, ICBC officially launched its clearing services today.See the details
In the 2014 Transparency International Corruption Perceptions Index, Luxembourg has scored 82, rising to 9th place, from 11th place last year, putting it in front of Germany, Belgium and the UK. The Index ranks countries on how corrupt their public sector is perceived to be. It is based on a 100-point "corruption perception" scale, where zero equals a "highly corrupt" perception and 100 means the country is perceived to be very clean.See the details
Minister of Finance Pierre Gramegna called for a coordinated effort by the international community to deal with tax matters. Speaking at the 4th annual LFF seminar in Milan, Gramegna also highlighted the steps Luxembourg has taken towards greater transparency, and outlined how Luxembourg’s financial centre offers Italian finance professionals an international platform to serve their clients’ business activities.See the details
A financial delegation headed by HRH the Crown Prince of Luxembourg accompanied by the Crown Princess and led by HE Pierre Gramegna, Luxembourg Minister of Finance, is currently visiting Brazil. 70 high-level executives from Luxembourg’s international financial centre have joined the official delegation.See the details
Recent media reports have suggested that a number of corporations may have chosen to settle in Luxembourg mainly to benefit from alleged “secret tax deals”. Why would multinationals choose Luxembourg, if not for tax favors?See the details
Following the publication by the ICIJ consortium of over 500 advance tax decisions (« rulings ») issued by the Luxembourg tax administration between 2002 and 2010, the Luxembourg Ministry of Finance has provided further clarifications.See the details
Nicolas Mackel explains how Luxembourg came to be a global centre for business and finance. "It's a founder member of the European Union, nestled discreetly between Belgium, France and Germany. But the Grand Duchy of Luxembourg has been attracting some rather unwelcome global publicity of late. Put bluntly: is Luxembourg helping multinational business escape its fair share of tax?" That is the question raised by a BBC World Business Report.