Luxembourg

2024 - 1 - 9

Luxembourg's Latest News Roundup: Truffles, Tax Laws, and Tram Progress

consumer confidence - DTAs - EU regulations - financial sector - fruit production - inflation - Luxembourg - outsourcing - roadworks - tax laws - trams - truffles - vaccine wastage

From truffles to tax laws, catch up on Luxembourg's latest news including closures, financial restructuring, and infrastructure development.

Luxembourg has been buzzing with news lately, from the closure of truffle shops to updates on roadworks and tax laws. Signorini Tartufi, a truffle specialist, closed its doors after just three years, causing a stir in the culinary scene. Meanwhile, Luxembourg introduced a new Restructuring Law, impacting financial security interests and reorganisation proceedings. On the infrastructure front, a new bridge construction project over Bettembourg station is underway, promising improved transportation networks.

Inflation in Luxembourg made headlines with a sharp jump in December, driven by soaring plane ticket prices during the holiday season. Additionally, the country found itself far from the EU's collective work agreement targets, highlighting ongoing challenges in labor policies. On the tax front, the Luxembourg Tax Agency shared synthesized texts of DTAs and protocols, offering transparency on international agreements.

As for intriguing tidbits, Luxembourg's financial sector heavily relies on outsourcing, with 90% of activities being outsourced, revealing a key industry trend. Moreover, the country faced a significant vaccine wastage issue, leading to the disposal of over a million Covid-19 vaccine doses since 2021. This waste was attributed to collective procurement strategies within the EU.

In a promising turn, consumer confidence in Luxembourg saw a boost at the end of 2023, indicating optimism about personal finances and the economy. However, challenges remain, such as the exhaustion of local produce, marked by the 'fruit overshoot day' in early January 2024, showing the strain on agricultural resources.

Luxembourg's dynamic landscape reflects a mix of challenges and progress, from culinary setbacks to infrastructure advancements and financial transparency. As the country navigates these developments, it showcases resilience and adaptability in the face of changing circumstances.

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Two shops close after Luxembourg truffle specialist goes bust (Luxembourg Times)

Just three years after it first opened, truffle specialist Signorini Tartufi has closed its doors, with SJJ Tartufi, the limited liability company that runs ...

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The main roadworks planned in Luxembourg in 2024 (Luxembourg Times)

A new bridge is to be built over Bettembourg station, on the N13. Work has already started on this project, which is due to be completed by the end of the ...

Luxembourg's new Restructuring Law: what about the financial ... (Lexology)

As mentioned above, the security interests under the Financial Collateral Law remain fully enforceable, despite the opening of the reorganisation proceedings ...

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Luxembourg annual inflation jumps sharply in December (Luxembourg Times)

Soaring cost of plane tickets during peak holiday season sees inflation rise to 3.5%, up from 3%, according to Statec.

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Luxembourg far off EU's wishes on collective work agreement ... (Delano.lu)

The European Union is asking its member states to present an action plan--this year--to ensure that at least eight employees in ten are covered by a ...

Luxembourg Tax Agency Posts Synthesized Text of DTA, Protocol ... (Bloomberg Tax)

The Luxembourgish Inland Revenue Jan. 4 posted online a synthesized text, in English, of the 2009 DTA and protocol with Armenia and the Multilateral ...

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90% of Luxembourg's financial sector turns to outsourcing: PWC (Delano.lu)

A key trend in the outsourcing practices of the Luxembourg financial center, where 90% of activities are outsourced, was revealed in the latest edition of ...

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Luxembourg has destroyed more than a million Covid-19 vaccine ... (Luxembourg Times)

Expired vials worth over €23 million have been binned since vaccine was launched in 2021.

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Luxembourg households end 2023 with increased optimism over ... (Luxembourg Times)

Consumer confidence in Luxembourg rose at the end of 2023, with a rosier outlook expressed both for personal finances and the wider economic situation ...

Local produce exhausted: Luxembourg marks 2024 'fruit overshoot ... (RTL Today)

Luxembourg reached its 2024 'fruit overshoot day' on January 9, signaling the point at which the country has exhausted its yearly capacity for locally grown ...

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The Luxembourg startups that raised the most cash in 2023 (Delano.lu)

Groceries. In the moment.” Jokr is the Luxembourg-based startup that raised the most money in 2023, with over €50m--and yet Luxembourg's official state data ...

Past three months: Thousands of Covid-19 vaccine doses destroyed ... (RTL Today)

The primary reason behind the significant vaccine wastage lies in Luxembourg's commitment to a collective procurement approach within the European Union. This ...

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Consumer confidence inches up in December 2023 (Delano.lu)

The data released by the Luxembourg Central Bank (BCL) indicated a slight increase in consumer confidence among Luxembourg households in December 2023, ...

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Amazon lawyers appeal €750m Luxembourg data protection fine (Luxembourg Times)

First hearing in appeal against largest penalty ever imposed by country's CNPD watchdog.

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Amazon Attacks EU Privacy Watchdog It Claims Was Out to Get It (Bloomberg)

Amazon.com Inc. hit back at regulators who slapped it with a then-record European Union privacy fine of €746 million ($814 million), claiming their aim was ...

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Luxembourg would have run out of fruit already if it had to feed itself (Luxembourg Times)

Local fruit growers say red tape hinders growth and makes farming unsustainable financially © Photo credit: Marc Wilwert. Cordula SchnuerEditor-in-chief.

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Royal household's foreign travel spending surged as pandemic eased (Luxembourg Times)

Taxpayers billed €117000 for journey to state funeral in UAE, as well as regular private jet trips to and from Grand Duke Henri's summer residence in ...

Luxembourg City: Tram line extension project progresses in both ... (RTL Today)

The proposed expansion in Kirchberg will see the route diverging at Pont Rouge and following Boulevard Konrad Adenauer to serve the future Laangfur and ...

Luxembourg Tax Agency Posts Synthesized Text of DTA, Protocol ... (Bloomberg Tax)

The Luxembourgish Inland Revenue Jan. 4 posted online a synthesized text, in English, of the 2009 DTA and protocol with Armenia and the Multilateral ...

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Image courtesy of "BNN"

Amazon attacks EU privacy watchdog it claims was out to get it ... (BNN)

Amazon.com Inc. hit back at regulators who slapped it with a then-record European Union privacy fine of US$814 million, claiming their aim was punishment ...

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