Banque de Luxembourg News - all the latest news from Banque de Luxembourg: news from the markets, business areas, corporate news. Whats going on at Banque de Luxembourg https://www.banquedeluxembourg.com/en/bank/bl/rss Banque de Luxembourg News - all the latest news from Banque de Luxembourg: news from the markets, business areas, corporate news. Whats going on at Banque de Luxembourg en Copyright Banque de Luxembourg 2019 Banque de Luxembourg https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/my-talent-academy-c-est-la-rentre-1 Four Seasons Academy: helping young people take control of their lives https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/my-talent-academy-c-est-la-rentre-1 Wed, 14 Aug 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/four-seasons.jpg/0d5778cc-db94-48a2-bede-a412d091f187?t=1565015368693"/><br/> Inspired by the American science teacher Evren Gunduz, who established the principle of positive leadership, the "My Talent Academy" seminar is designed to help young people identify their talents and build their future through the Four Seasons Academy (4SA) programme. Banque de Luxembourg is supporting it for the fifth year running.<br/> <h2>A tailor-made programme for 15-19 year-olds</h2> <p>The Four Seasons Academy programme is for young people aged between 15 and 19, who are starting to look at the future and are interested in finding a project in harmony with their talents and motivation.&nbsp;Through monthly workshops, the aim is to stimulate their curiosity, encourage them to explore their possibilities, and show them that they can have a positive impact on the world. In a comfortable space where they can learn more about themselves, about others, and about their environment, participants will be able to reflect on how they can play an active role rather than just putting up with things.</p> <h2>A structured approach</h2> <p>From October to May, monthly meetings will deal with a wide range of themes including, to mention just a few: stress management, behaviour, self-confidence, motivation and communication. Each 3-hour session, in French, takes the form of a short conceptual presentation to the whole group followed by role-play situations and practical games and exercises in break-out groups, to enhance understanding and assimilation of the theory.</p> <p>At the end of the course, participants have the option of rounding off the experience at a summer camp in the United States. Fluent French and at least intermediate English (B1 minimum) are prerequisites.</p> <h2>A caring bank</h2> <p>Indebted to the country which provides the framework for its development, Banque de Luxembourg is committed to playing its part in society. Encouraging young people to face their future with greater confidence, in a constantly changing world, reflects the Bank's caring approach to the rising generation.</p> <p>In this context, in addition to this partnership, it offers dedicated support programmes for the rising generation who will eventually take their place in the family business.</p> <p>Further information on&nbsp;<a href="https://www.mytalentacademy.com/le-programme-2017-18">Four Seasons Academy</a>.</p> <p>&nbsp;</p> <form action="https://www.banquedeluxembourg.com/en/bank/bl/next-gen" method="get"><button class="btn style3 plus">Find out more about our Next Gen programmes</button></form> MASQUER:BE MASQUER:BE Enfants Enfants https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/en-ete-profitez-pour-aller-faire-un-tour-au-musee- Why not pay a visit to Museum Dhondt-Dhaenens this summer! https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/en-ete-profitez-pour-aller-faire-un-tour-au-musee- Tue, 30 Jul 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/Musee-DD.jpg/d18aa164-b136-4f8b-a886-f87d153d4e81?t=1562338582987"/><br/> Our long tradition of philanthropy and active role in the life of the city stem from our indebtedness to the local communities that provide the framework for our development. We show our gratitude through a strong focus on corporate responsibility and commitment to cultural development. This includes supporting cultural institutions in our home countries.<br/> <h2>Museum Dhondt-Dhaenens: our partners in promoting artistic creation</h2> <p>As part of this tradition, we support our friends and neighbours, Museum Dhondt-Dhaenens. A small, friendly museum that focuses on the study and presentation of 20th century modern art and plays a role as a contemporary art centre, this private foundation has become a cultural landmark in Flanders.</p> <p>Its <a href="https://www.museumdd.be/the-wunderkammar-residence">Wunderkammer Residence</a>, which houses the personal library of Jan Hoet, is also used as a residence by artists, curators, researchers and writers who have an (inter)national, non-European outlook. With its local roots, accessible size and image as a house of excellence, Museum Dhondt-Dhaenens clearly reflects the Bank’s values.</p> <p>As a key partner, the Bank also supports the museum’s flagship event, the Tuinfeest, which will take place this year on Saturday 31 August, marking the start of a new season for many Belgian collectors.</p> <h2>Summer holidays - an ideal time for a cultural visit</h2> <p>If you are travelling through the region this summer, it’s the perfect opportunity to visit Museum Dhondt-Dhaenens near the pretty village of Deurle on the banks of the Lys.</p> <p>See the Museum Dhondt-Dhaenens <a href="https://www.museumdd.be/">programme</a></p> <form action="https://www.banquedeluxembourg.com/en/bank/bl/notre-approche-responsable" method="get"><button class="btn style3 plus">Our Corporate Social Responsibility at Banque de Luxembourg</button></form> Engagement Engagement https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/bl-mobile-banking-gerer-vos-comptes-du-bout-des-doigts Your Bank on your mobile - complete freedom for your accounts https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/bl-mobile-banking-gerer-vos-comptes-du-bout-des-doigts Tue, 06 Aug 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/bl-mobile-banking-2.jpg/eb342442-734f-4cd5-a3dc-d8305850a568?t=1564734165487"/><br/> Get in touch whenever you want, whether you’re at home or on the move. With the BL Mobile Banking app, your Bank is available 24/7 for all your daily banking needs.<br/> <h2>Easy and intuitive</h2> <p>The BL Mobile Banking app complements your e-banking area, giving you secure banking services tailored for your smartphone.</p> <p><img alt="Your daily banking" class="mobile-app-content" src="/documents/19605/43117/Mobile-App-EN_01-Daily.png/b13859b1-c460-47c6-b86f-c2e2f55244ff?t=1565700559950" style="width: 24%;" />&nbsp;<img alt="Your assets" class="mobile-app-content" src="/documents/19605/43117/Mobile-App-EN_02-Private.png/56f17277-7b8d-4f19-bbbf-586deff08959?t=1565700560420" style="width: 24%;" />&nbsp;<img alt="Your adviser" class="mobile-app-content" src="/documents/19605/43117/Mobile-App-EN_03-Agent_Apple-store.png/420cc852-b54a-42b5-aa3c-2be67bc5eecb?t=1565700560997" style="width: 24%;" />&nbsp;<img alt="Payments" class="mobile-app-content" src="/documents/19605/43117/Mobile-App-EN_04-Virement.png/b94b59fe-e20b-4b63-bdf4-b862bc19f7ed?t=1565700561903" style="width: 24%;" /></p> <h2>BL Mobile Banking advantages</h2> <ul> <li>Manage your daily banking with a dedicated overview</li> <li>See all your assets at a glance</li> <li>Make payments easily</li> <li>Contact your adviser</li> <li>Connect securely and instantly using Touch ID</li> </ul> <h2>Would you like to access your accounts using the BL Mobile Banking App?</h2> <p>&nbsp;<a href="https://play.google.com/store/apps/details?id=com.bdl_prod.bdl&amp;hl=en" style="text-align: center;"><img alt="" src="/documents/205027/237053/play-store_en.png/0fff1163-1f4a-42a2-89a0-fff3203a306e?t=1546869381378" style="height: 57px; width: 202px;" /></a> <a href="https://itunes.apple.com/en/app/bl-mobile-banking/id537653662?mt=8" style="text-align: center;"><img alt="" src="/documents/205027/237053/Download_on_the_App_Store_Badge_US-UK_135x40.svg/d4b7d54e-66f7-475d-8e3d-863bfd62737f" style="height: 57px; width: 200px;" /></a></p> <p>The app is available in French, English, German and Dutch</p> <h2>If you don't have e-banking access yet</h2> <p>Speak to your adviser</p> <div class="linked-article"><a href="https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/carte-bancaire-quelles-assurances-pour"> <div class="linked-article-style1"> <div class="linked-article-wrapper"> <div class="linked-article-arrow">&nbsp;</div> <div class="linked-article-content"> <div class="linked-article-title">Carefree travel with your payment cards</div> <div class="linked-article-text">Travel with peace of mind. The extensive insurance provided with your payment cards gives you essential protection, no matter how or where you are spending your holidays.</div> </div> </div> <div class="linked-article-image square"><img src="/documents/19605/301498/vignette-cartes-credit-new.jpg" /></div> </div> </a></div> Luxembourg Luxembourg Belgique Belgique 2. Prioritaire ++ 2. Prioritaire ++ Services banking Services banking Blog blnews Blog blnews Blog privé Blog privé menu_prive menu_prive nl_bl_2018_08 nl_bl_2018_08 https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/bl-mobile-banking-gerer-vos-comptes-du-bout-des-doights BL Mobile Banking: your accounts at your fingertips https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/bl-mobile-banking-gerer-vos-comptes-du-bout-des-doights Tue, 25 Oct 2016 15:01:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/BL+mobile+banking.jpg/b539f484-bc4d-46e3-a97b-5a0b00dd4589?t=1546953094137"/><br/> Get in touch whenever you want, whether you’re at home or on the move. With the BL Mobile Banking app, your Bank is available 24/7 for all your daily banking needs.<br/> <h2>Easy and intuitive</h2> <p>The BL Mobile Banking app complements your e-banking area, giving you secure banking services tailored for your smartphone.</p> <p><img alt="Your daily banking" class="mobile-app-content" src="/documents/19605/43117/Mobile-App-EN_01-Daily.png/b13859b1-c460-47c6-b86f-c2e2f55244ff?t=1565700559950" style="width: 24%;" />&nbsp;<img alt="Your assets" class="mobile-app-content" src="/documents/19605/43117/Mobile-App-EN_02-Private.png/56f17277-7b8d-4f19-bbbf-586deff08959?t=1565700560420" style="width: 24%;" />&nbsp;<img alt="Your adviser" class="mobile-app-content" src="/documents/19605/43117/Mobile-App-EN_03-Agent_Apple-store.png/420cc852-b54a-42b5-aa3c-2be67bc5eecb?t=1565700560997" style="width: 24%;" />&nbsp;<img alt="Payments" class="mobile-app-content" src="/documents/19605/43117/Mobile-App-EN_04-Virement.png/b94b59fe-e20b-4b63-bdf4-b862bc19f7ed?t=1565700561903" style="width: 24%;" /></p> <h2>BL Mobile Banking advantages</h2> <ul> <li>Manage your daily banking with a dedicated overview</li> <li>See all your assets at a glance</li> <li>Make payments easily</li> <li>Contact your adviser</li> <li>Connect securely and instantly using Touch ID</li> </ul> <h2>Would you like to access your accounts using the BL Mobile Banking App?</h2> <p><a href="https://play.google.com/store/apps/details?id=com.bdl_prod.bdl&amp;hl=en" style="text-align: center;"><img alt="" src="/documents/205027/237053/play-store_en.png/0fff1163-1f4a-42a2-89a0-fff3203a306e?t=1546869381378" style="height: 57px; width: 202px;" /></a> <a href="https://itunes.apple.com/en/app/bl-mobile-banking/id537653662?mt=8" style="text-align: center;"><img alt="" src="/documents/205027/237053/Download_on_the_App_Store_Badge_US-UK_135x40.svg/d4b7d54e-66f7-475d-8e3d-863bfd62737f" style="height: 57px; width: 200px;" /></a></p> <p>The app is available in French, English, German and Dutch</p> <h2>If you don't have e-banking access yet</h2> <h4>Speak to your adviser</h4> Luxembourg Luxembourg Belgique Belgique Services banking Services banking Corporate Corporate Blog blnews Blog blnews Blog privé Blog privé https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/immobilier-transfrontalier-un-accompagnement-global-en-france-belgique-et-allemagne Cross-border property projects: comprehensive support in France, Belgium and Germany https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/immobilier-transfrontalier-un-accompagnement-global-en-france-belgique-et-allemagne Mon, 05 Aug 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/immobilier-2.jpg/d94990d8-4ff3-4014-9eb1-d9aa723fe723?t=1564734102133"/><br/> Are you a Luxembourg resident interested in purchasing a property abroad? Whether you are thinking of investing in a second home or a buy-to-let, Banque de Luxembourg offers comprehensive support at every stage of your project: from purchase to managing your investment and inheritance planning.<br/> <h2>Cross-border investments: key considerations</h2> <p>When you decide to invest in a property, especially if it is in another country, there are several questions to consider before determining the best financing approach:</p> <ul> <li>What is my budget? What stamp duty should I expect to pay in France, Belgium and Germany?</li> <li>What recurring fees will I need to pay in these countries?</li> <li>What are the tax and inheritance implications of owning a property in another country? How will it affect my tax situation in Luxembourg?</li> <li>In which country should I invest? How much collateral will I need in France, Belgium or Germany?</li> <li>Which tax system will apply - the system of the country where the property is located?</li> <li>Should I buy directly or through a company?</li> <li>What is the purpose of the investment: will it be used as a second residence or a rental property? If it is rented out, how will the rental income be taxed?</li> </ul> <p>The answers to these questions vary depending on the country in which the property is located and the purpose of the investment.</p> <h2>3 key takeaways for France</h2> <ol> <li>It is important to specify from the outset if the property will be rented out.</li> <li>There may be strong advantages in taking out a loan.</li> <li>To manage inheritance costs efficiently, think carefully about whether the property will be held directly or via a company.</li> </ol> <h2>3 key takeaways for Belgium</h2> <ol> <li>There are significant tax advantages in renting out a residential property.</li> <li>Holding a property through a Luxembourg property investment company (an SCI - <i>Société Civile Immobilière</i>) offers benefits when it comes to inheritance tax but it carries some income tax risks.</li> <li>As a rule, individuals are not taxed on capital gains unless the property is sold within five years of purchase.</li> </ol> <h2>3 key takeaways for Germany</h2> <ol> <li>The financing solution will be determined by the duration of ownership and whether the property is rented out.</li> <li>As a rule, individuals are not taxed on capital gains for a property that is sold more than ten years after purchase.</li> <li>A loan can reduce the taxable base of the rental income through deductible interest and also lower the inheritance tax base.</li> </ol> <h2>Tailor-made support</h2> <p>As everyone has different individual needs and situations, we always offer tailored solutions that consider every aspect of your project. Our advisers will assess all the tax, wealth, financial and personal components of your project with you, calling on the support of our tax specialists and Family Office if necessary, to guide you in your decisions.</p> <div class="video-container"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/qEjTjIX7aHU" width="560"></iframe></div> <p>&nbsp;</p> <form action="https://www.banquedeluxembourg.com/en/bank/bl/financement" method="get"><button class="btn style3 plus">Financing your property projects</button></form> <p><span class="bl-btn"><a href="https://www.banquedeluxembourg.com/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=62&amp;lang=en"><span>Contact an adviser</span></a></span></p> Luxembourg Luxembourg Financement Financement Blog blnews Blog blnews Blog privé Blog privé nl_bl_2018_10_une nl_bl_2018_10_une https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/la-dichotomie-entre-le-secteur-secondaire-et-tertiaire-se-traduit-par-un-ralentissement-conjoncturel The gulf between the secondary and tertiary sectors has led to economic slowdown https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/la-dichotomie-entre-le-secteur-secondaire-et-tertiaire-se-traduit-par-un-ralentissement-conjoncturel Thu, 08 Aug 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/guy-wagner-bureau.jpg/ccd4befe-30bf-4bac-a04a-c23af3a5ea8f?t=1562681096100"/><br/> The global economy continues to be characterised by the divergence between a weak manufacturing sector and resilient services activities. This is the view of Guy Wagner, Chief Investment Officer at BLI - Banque de Luxembourg Investments, and his team, in their monthly analysis, "Highlights".<br/> <p>The gulf between the secondary and tertiary sectors has led to economic slowdown in most countries, without resulting in negative growth rates. For example, in the United States, real GDP grew at an annualised rate of 2.1% in the second quarter compared to the first three months of the year, which represents a deceleration against its previous increase of 3.1%. “The main contributors to growth were consumer spending and public expenditure, while exports and business investment had no impact,” explains Guy Wagner, Chief Investment Officer and Managing Director of the asset management company BLI - Banque de Luxembourg Investments.</p> <h2>Economic growth was much more moderate in the eurozone, Japan and China</h2> <p>In the eurozone, economic growth was much more moderate, with gross domestic product up 0.2% in the second quarter compared to the January to March period.&nbsp;In Japan, the government has just revised downwards its estimate for GDP growth in fiscal 2019 due to weak exports. In China, GDP grew 6.2% year-on-year in the second quarter, “its slowest increase since quarterly data were first published in 1992,” states the Luxembourgish economist.</p> <h2>ECB: new wave of stimulus measures in sight</h2> <p>As expected, the US Federal Open Market Committee (FOMC) cut interest rates by a quarter of a percentage point at its July meeting, dropping the target range to 2.00% to 2.25%. “This was the first interest rate cut since the 2008 financial crisis.”&nbsp;However, the Fed Chairman, Jerome Powell, made it clear that the interest rate reduction should be viewed as a mid-cycle adjustment rather than the beginning of a long series of rate cuts. In Europe, ECB President Mario Draghi hinted at a new round of monetary expansion measures in the near future. Specifically, he confirmed at the July meeting that interest rates would remain at current levels, or even lower, at least until mid-2020. A whole series of expansionary measures is likely to be announced at the next meeting in September.</p> <h2>MSCI All Country World Index Net Total Return reached a new all-time high</h2> <p>The MSCI All Country World Index Net Total Return expressed in euros reached a new all-time high in July, after gaining 2.6% over the month. “The flagship index for global equities benefited from the favourable performance of the US equity market,” concludes Guy Wagner.</p> Marchés Marchés https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/summer-orchestra-luxembourg- Supporting young people's artistic creativity: the Summer Orchestra Luxembourg https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/summer-orchestra-luxembourg- Wed, 07 Aug 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/Summer-Orchestra-Grande-Image.jpg/90f090d2-b2cd-4504-b85c-ba771f949b35?t=1564583492147"/><br/> As a responsible bank, we have a duty to the Luxembourg community which provides the framework for our development. Accordingly, we have always engaged with life in Luxembourg City, especially in the musical arena with which our Bank maintains close links.<br/> <h2>Many longstanding relationships</h2> <p>For many years, Banque de Luxembourg subsidised the production of musical recordings for the Orchestre Philharmonique du Luxembourg, prior to making a commitment to accompany the Philharmonie in the launch of the ‘Youth Audience’ programmes, and it has also provided a platform for many classical and jazz performers – young and seasoned – in the Bank’s Auditorium. Now it is also supporting the Summer Orchestra Luxembourg.</p> <p><img alt="" src="/documents/19605/43117/Summer-Orchestra.jpg/a3872233-7918-4917-979c-8be148d2bc22?t=1564579437054" /><br /> <em>© Eric Engel</em></p> <h2>When young musicians volunteer their talents</h2> <p>The&nbsp;Summer Orchestra Luxembourg showcases the critical values of encouragement and promotion&nbsp;of talents and young people’s artistic creativity.&nbsp;Founded in 2014 by four music students, the aim of the SOL is to bring together young musicians from Luxembourg and European music schools by offering them a forum to meet and share, and above all, a place to create music together in an orchestral programme.</p> <p>Ambitious programmes, performed at the Mierscher Kulturhaus, are an opportunity for the musicians – all volunteers – to participate in an orchestra and gain precious experience. They are regularly joined by internationally-renowned professional soloists, whose expertise and experience is of real benefit to the young musicians.&nbsp;</p> <p>The resulting free-of-charge summer and winter concerts represent a challenge for the members of the orchestra and a place of discovery for the audience.</p> <p><a href="http://www.summerorchestra.lu">More about the Summer Orchestra Luxembourg</a></p> <p>&nbsp;</p> <form action="https://www.banquedeluxembourg.com/en/bank/bl/notre-approche-responsable" method="get"><button class="btn style3 plus">Our commitment to corporate social responsibility</button></form> MASQUER:BE MASQUER:BE Engagement Engagement https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/carte-bancaire-quelles-assurances-pour Carefree travel with your payment cards https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/carte-bancaire-quelles-assurances-pour Wed, 17 Jul 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/cartes-credit-new.jpg/041a2083-1f1e-4841-bb12-7e7aa35debdb?t=1562579138407"/><br/> Travel with peace of mind. The extensive insurance provided with your payment cards gives you essential protection, no matter how or where you are spending your holidays. Here are some tips to help you use your card smoothly and wisely.<br/> <h2>Set a new, temporary monthly credit limit</h2> <p>The monthly limit on your credit card is usually decided with your banking adviser when you first sign up for the card. However, it is possible to increase or decrease it on a temporary basis when you go on holiday. This can be done by contacting your banking adviser on (+352) 49 924 1 or via the BL Mobile Banking app.</p> <div class="linked-article"><a href="https://www.banquedeluxembourg.com/fr/bank/bl/blog/-/blogpost/bl-mobile-banking-gerer-vos-comptes-du-bout-des-doights"> <div class="linked-article-style1"> <div class="linked-article-wrapper"> <div class="linked-article-arrow">&nbsp;</div> <div class="linked-article-content"> <div class="linked-article-title">BL Mobile Banking</div> <div class="linked-article-text">Change your monthly card limit</div> </div> </div> <div class="linked-article-image square"><img src="/documents/19605/301498/vignette-BL+mobile+banking.jpg/48c7a843-4710-48c6-bed0-94a45f7c87a0?t=1546953093977" /></div> </div> </a></div> <h2>Find out about the insurance linked to your card</h2> <p>Most people are not fully aware of the insurance cover linked to their payment method. To ensure you are covered, you must use your card to pay for your holiday. Insurance, travel assistance and protection limits depend on the type of card you own. To avoid duplicate costs, before purchasing extra insurance from your travel agent, it is better to find out about the insurance linked to your card.</p> <form action="https://www.banquedeluxembourg.com/fr/bank/bl/cartes-de-paiement" method="get"><button class="btn style3 plus">More information and assistance with your payment cards</button></form> <h2>VISA Infinite: for optimal coverage</h2> <p>The most exclusive credit card in Banque de Luxembourg’s range, the prestigious VISA Infinite card gives you Lounge Key access to private lounges in airports. Wait for your flight in the quiet and comfort of one of 800 VIP lounges, available in over 450 cities around the world. Enjoy peace of mind while travelling, knowing that you have comprehensive insurance cover for yourself and your family, including late or lost luggage, delayed flight, interruption or cancellation of your trip, death or invalidity benefit and medical assistance.</p> <h2>What should I do if my card is lost or stolen?</h2> <p>Contact Six Payment Solutions immediately on (+352) 49 10 10 (available 24/7) to block your card. Then contact your banking adviser directly or by calling (+352) 49 924 1 (available Monday to Friday, 8 am to 6 pm) to order a new card if you need one. Loss or theft must be reported to the local police.</p> MASQUER:BE MASQUER:BE Cartes de paiement Cartes de paiement Blog blnews Blog blnews Blog privé Blog privé menu_prive menu_prive https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/-des-rendements-peu-eleves-idee-recue-n-2-sur-la-gestion-sous-mandat “Returns are low”: preconceived idea no. 2 about discretionary management https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/-des-rendements-peu-eleves-idee-recue-n-2-sur-la-gestion-sous-mandat Tue, 16 Jul 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/chiffre+clefsBLHeaderLUX+%281%29.jpg/a3382802-c9a2-41ac-8ea9-642b41780613?t=1563981349337"/><br/> Find out how our experts manage your investments with the objective of generating performance over the long term.<br/> <p>Watch the video to see what Private Banking Adviser Peggy Damgé has to say about the subject.</p> <div class="video-container"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/5FC6MjO_X1A" width="560"></iframe></div> <form action="https://www.banquedeluxembourg.com/en/bank/bl/solutions-investissement" method="get"><button class="btn style3 plus">Find out more about discretionary management</button></form> <h2>I offer you personalised guidance</h2> <div class="contact"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/205027/339728/Peggy+DamgeBL_Portait.jpg-vignette/238a26f4-c831-4e30-8e9f-099e522f6f6b?t=1553766982177" /></div> </div> <div class="contact_person"> <div class="contact_person_name">Peggy Damgé</div> <div class="contact_person_title">Private Banking Adviser</div> <div class="contact_person_tel"><a href="tel:+352499243726">(+352) 49 924 3726</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=304&amp;lang=en">Contact me</a></div> </div> </div> </div> MASQUER:BE MASQUER:BE Investir Investir https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/idee-recue-n-1-sur-la-gestion-sous-mandat-je-gere-tres-bien-tout-seul- "I can manage fine on my own": preconceived idea no. 1 about discretionary management https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/idee-recue-n-1-sur-la-gestion-sous-mandat-je-gere-tres-bien-tout-seul- Fri, 21 Jun 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/ambiance-adrienD.jpg/8353a828-7f40-461e-bbe6-3c5e32a68782?t=1561013289567"/><br/> Find out what our wealth management experts will do for you every day when they take on the management of your portfolio.<br/> <p>In this video, Yves Georges, Private Banking Adviser, explains.</p> <div class="video-container"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/watch?v=99uxQEHnFIU" width="560"></iframe></div> <form action="https://www.banquedeluxembourg.com/en/bank/bl/solutions-investissement" method="get"><button class="btn style3 plus">Find out more about discretionary management</button></form> <h2>Let's discuss how I can help you</h2> <div class="contact"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/205027/339728/Y+GoergesBLLportrait.jpg-vignette/27d1ce81-f2b5-4b80-b6df-25fc04291f49?version=1.0&amp;t=1548169712477" /></div> </div> <div class="contact_person"> <div class="contact_person_name">Yves Georges</div> <div class="contact_person_title">Private Banking Adviser</div> <div class="contact_person_tel"><a href="tel:(+352) 49 924 3501">(+352) 49 924 3501</a></div> </div> <div class="contact_button"><a class="btn style2" href="/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=304&amp;lang=en">Contact me</a></div> </div> </div> </div> MASQUER:BE MASQUER:BE Investir Investir https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/investir-sur-les-marches-emergents-preferer-une-position-dominante-locale-plutot-qu-une-presence-mondiale Investing in Emerging Markets - Prefer local dominance to global presence https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/investir-sur-les-marches-emergents-preferer-une-position-dominante-locale-plutot-qu-une-presence-mondiale Mon, 05 Aug 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/Blog+Marc+July.jpg/f94cc0a6-0131-426d-83da-7bab7d815860?t=1564477330213"/><br/> Applying our business-like investment approach to emerging markets often results in identifying locally-dominant companies. In fact, whereas the number of global dominators is limited, emerging markets tend to have many dominant local companies that are highly profitable. These companies have been present for decades in their home countries and enjoy sustainable competitive advantages. While catering to local preferences, they have been building economies of scale, growing brand equity and perfecting their distribution networks.<br/> <h2>The rising middle class</h2> <p>Growing populations and rising incomes are two of the key factors that will continue to drive up consumer spending in emerging markets.</p> <p><em>China, Urban Family Annual Disposable Income, Per Capita Nominal Growth</em></p> <p><img alt="" src="/documents/19625/794676/Graph+1+-+China+disp+income+gross-+graph+change+cut.jpg/4c24e26c-a2e3-4b1b-925c-a87c582d1c39?t=1563280240350" style="width: 800px;" /></p> <p><em><span style="font-size: 9pt;">Source: China National Bureau of Statistics</span></em></p> <p>As an example, in <strong>China</strong>, the nominal growth rate of urban household’s <strong>disposable income</strong> has been close to 7.5% over recent years.</p> <p>More importantly, consumption is becoming the crucial growth driver within the country’s GDP. Since the global financial crisis, there has been a clear shift away from an export-led economy towards a more domestic-oriented growth model. Since 2008, exports have been gradually declining whereas domestic consumption has gone up.&nbsp;</p> <p><em>Household consumption and exports as part of China GDP</em></p> <p><img alt="" src="/documents/19625/799807/Graphique+02_UNTAD+Gross+Domestic+Product+.png/7b57b958-e594-447b-9b18-0402da73aee7?t=1563799433897" style="border-width: 0px; border-style: solid; width: 800px;" /></p> <p><em><span style="font-size: 9pt;">Source: United Nations Conference on Trade &amp; Development</span></em></p> <p>However, consumption growth is not linear but follows an <strong>S-curve</strong> pattern. There is a tipping point where the consumption habits of a country’s citizens drastically change. Beyond a certain disposable income level (take-off point), the increase in consumption becomes exponential.</p> <p><em>S-curve</em></p> <p><img alt="" src="/documents/19625/794676/Graphique+03_Disposable+income+per+capita.jpg/f6dab256-a79d-4f17-975c-b7762abfec5b?t=1563454963937" style="width: 600px; height: 394px;" /></p> <p>A company’s business strategy will evolve along the S-curve. During the first and second phase of <strong>consumption growth</strong>, the company’s focus will be on getting the distribution network right. Ensuring consumers can find its products in their nearby stores, often in rural areas, is crucial.</p> <p>The second phase is characterised by a strong consumption increase, when more and more customers have access to a product or service and are expected to consume it more frequently. This is the phase when a company might experience fast volume growth and will have to invest heavily in fixed assets to support this growth.</p> <p>In the third phase of the consumption curve, volume growth slows. The company’s focus will be less on topline growth, and more on margins and profitability. In more advanced economies, the penetration of basic consumption goods is already high, so companies enter into the <strong>premiumisation</strong> game <span style="font-family: trebuchet ms,sans-serif;">—</span> the process of a company making a brand or product appeal to consumers by emphasising its superior quality and exclusivity.&nbsp;&nbsp;</p> <p>This is where, in addition to a vast distribution network, the power of the brand comes in. During this phase, when topline growth is more limited, companies will try to create happiness and pleasure through ever more unique and individual future expressions of the brand. According to Maslow’s hierarchy of needs, it is a fundamental human trait for consumers to aspire to purchase products that are perceived to be functionally superior or where consumption is conspicuous to others. This phase is marked by higher advertising spending rather than capital investments.</p> <p><strong>Urbanisation</strong> and especially the associated <strong>aspirational lifestyles </strong>will be the drivers for premiumisation. People in emerging market countries, as in developed countries, keep moving from rural to urban areas to seek better jobs, social services and a better quality of life overall.</p> <p>Premiumisation will be the next earnings growth driver for companies in emerging markets. The focus will be less on revenue growth and more on the product mix and hence the margins. But most emerging market countries have not yet reached the saturation point in consumption. In other words, volume growth is still an important factor in a company’s earnings growth.</p> <h2>Trade conflicts and protectionism</h2> <p>In order to participate in the consumption theme of emerging markets, an investor has basically two options. The first option is to invest directly in local companies that sell their products and services to local consumers. The second is to invest in global companies that are located in developed countries and have significant exposure to emerging market consumers.</p> <p>However, with the trade conflicts between the US and several emerging market countries like China, Mexico and Turkey (just to name the most prominent), the second option might become riskier. Higher tariffs and an increasing sense of protectionism will favour domestic companies and local brands.</p> <p>In addition, within emerging markets, companies that rely heavily on developed markets, like suppliers for Apple or Nike for example, might get hurt the most. Going forward, the whole “America First” concept of bringing production back to the US will call into question the business models of many suppliers located in emerging markets. In a world where the globalisation trend appears to be slowing or even reversing, global companies will face headwinds. The beneficiaries of this polarisation might be the local and regional players. &nbsp;</p> Marchés Marchés https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/en-ete-profitez-pour-aller-faire-un-tour-aux-musees- Why not plan some museum visits this summer? https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/en-ete-profitez-pour-aller-faire-un-tour-aux-musees- Thu, 18 Jul 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/MUDAM.jpg/0c950e8b-27de-49fd-9da0-c9ffe6857f03?t=1562682331760"/><br/> We are indebted to the local community that provides the environment for our growth. In return, we play an active role in the life of the city and have established a tradition of social engagement and support. We take our role as a responsible company very seriously and our commitment to the cultural arena reflects this. This includes supporting cultural institutions in our home countries.<br/> <h2>A tradition of cultural sponsorship</h2> <p>A partner of the Mudam modern art museum since its inception, Banque de Luxembourg has always been committed to bringing culture to as many people as possible. We work closely with the Amis des Musées Luxembourg association, which aims to promote Luxembourg's art and history museums in the Grand Duchy and internationally. Six museums in Luxembourg benefit from this partnership: Mudam, Casino Luxembourg - Forum d’art contemporain, Lëtzebuerg City Museum, Musée Dräi Eechelen, National Museum of History and Art (MNHA) and Villa Vauban.</p> <p>In addition to this, programmes like “Petits Amis des Musées” and “Young Friends of Museums” offer activities tailored for specific age groups, allowing them to (re)discover art in a different, original and informal way.</p> <h2>A partner of Amis des Musées</h2> <p>Banque de Luxembourg marked the 40th anniversary of Amis des Musées Luxembourg by strengthening its partnership with the cultural non-for-profit association, whose mission is to help promote Luxembourg's art and history museums in the Grand Duchy and abroad.</p> <div class="video-container"><iframe frameborder="0" height="405" src="https://player.vimeo.com/video/232648546" width="720"></iframe></div> <p>&nbsp;</p> <p>See the <a href="https://www.amisdesmusees.lu/les-musees-des-amis">programme</a> of museums supported by the Amis, as well as activities offered by the association.</p> <form action="https://www.banquedeluxembourg.com/en/bank/bl/notre-approche-responsable" method="get"><button class="btn style3 plus">Our Corporate Social Responsibility at Banque de Luxembourg</button></form> MASQUER:BE MASQUER:BE Engagement Engagement https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/our-perspectives-for-the-third-quarter-of-2019 Our perspectives for the third quarter of 2019 https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/our-perspectives-for-the-third-quarter-of-2019 Mon, 29 Jul 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/Perspectives+3%C3%A8me+trimestre+2018/008570d4-7219-4562-8258-6956cf2bfc16?t=1546952926047"/><br/> Every quarter, our specialists interpret trends in the global economy and financial markets. Read their views on the third quarter of 2019.<br/> <h2>Macroeconomic environment</h2> <ul> <li>The significant weakness of the manufacturing sector worldwide is partially offset by robust service-sector activities.</li> <li>Economic deceleration could intensify in the event of business failures in the corporate sector, where the level of debt has increased sharply in recent years..</li> <li>As a result of the economic slowdown, the central banks are paving the way for a new round of monetary easing measures.</li> </ul> <h2>Financial markets</h2> <ul> <li>The Federal Reserve’s about-turn has led to strong returns for most of the major assets in the first half.</li> <li>The returns offered by the main asset classes in the coming years could be extremely low.</li> <li>In an environment of negative interest rates, the price of gold should continue to rise.</li> </ul> <h4><a href="https://www.banquedeluxembourg.com/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=45&amp;lang=en">Order the publication Perspectives</a></h4> <iframe allow="fullscreen" allowfullscreen="" src="//e.issuu.com/embed.html?d=perspectives_160_-_en&amp;hideIssuuLogo=true&amp;showOtherPublicationsAsSuggestions=true&amp;u=banquedeluxembourg" style="border: currentColor; border-image: none; width: 100%; height: 660px;"></iframe> Marchés Marchés https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/entretien-avec-angela-murell-conseillere-banque-privee We use revolutionary technology to advise you. A sympathetic ear. https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/entretien-avec-angela-murell-conseillere-banque-privee Thu, 11 Jul 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/Artboard_2000x1000_Oreille.jpg/62c1d52b-03a7-4ce3-b506-56120e079c3a?t=1562337193953"/><br/> Listening - actively, sympathetically, holistically and completely - is our most important means of paying attention to one another. In the area of wealth management, it is fundamental to long-term support.<br/> <p class="only-lu only-de only-europe only-autres">Angela Murrell, Private Banking Adviser at Banque de Luxembourg, shares her view. Why has a sympathetic ear become critical in wealth management? Surely it is an obvious prerequisite.</p> <p class="only-be">Amélie Schreiber, Senior Private Banker at Banque de Luxembourg, shares her view. Why has a sympathetic ear become critical in wealth management? Surely it is an obvious prerequisite.</p> <blockquote class="citation style1 only-lu only-de only-autres only-europe">New clients sometimes tell us that they felt they lost the attention of their previous banking partner. Wealth management is about advising clients in line with their ambitions and needs.<span class="source"> Angela Murrell, Private Banking Adviser</span></blockquote> <blockquote class="citation style1 only-be">New clients sometimes tell us that they felt they lost the attention of their previous banking partner. Wealth management is about advising clients in line with their ambitions and needs.<span class="source"> Amélie Schreiber, Senior Private Banker</span></blockquote> <h2>What does it mean to have a sympathetic ear in an advisory context?</h2> <p>Firstly, the relationship becomes much more personal. When you listen carefully, a bond of trust is created which only strengthens over time. Next, of course, continuous attention and being there for the client. And ultimately, the stability of the relationship over time is crucial in encouraging openness. This is relevant to long-established internal teams as well as to the dedicated support given to an investor.</p> <h2>Can listening skills be learned?</h2> <p>It is only through accurate, up-to-date knowledge of each investor, including their goals and potential challenges, that we can converse naturally and convince them that we understand their needs. This takes patience and requires excellent analytical skills.</p> <h2>How is this applied in your profession?</h2> <p>At Banque de Luxembourg, every client has a dedicated contact who guides them through all of their projects. This person takes the time to get to know them, their personality, history, values, skills, life projects and family background.</p> <p class="only-lu only-de only-europe only-autres">Our clients receive long-term support from staff who have been with us for an average of 13 years. For us, each client is first and foremost a unique individual. Some of the clients I have been supporting for many years say that they feel they can talk to me as they would to a friend. This makes my work much easier and enriches our day-to-day conversations.</p> <p class="only-be">For us, each client is first and foremost a unique individual. Some of the clients I have been supporting for many years say that they feel they can talk to me as they would to a friend. This makes my work much easier and enriches our day-to-day conversations.</p> <p>&nbsp;</p> <div class="video-container only-lu only-de only-europe only-autres"><a href="https://www.banquedeluxembourg.com/en/bank/bl/campagne-ecoute"> <video autoplay="" data-autoplay="" id="mainVideo" loop="" muted="" playsinline="" poster="#" webkit-playsinline="" width="100%"><source src="/documents/205027/757731/_BDL_EN_2000x1000+LUEN.mp4/a4f0d394-8db5-4f24-a495-077a7411d07c" /></video> </a></div> <div class="video-container only-be"><a href="https://www.banquedeluxembourg.com/en/bank/bl/campagne-ecoute"> <video autoplay="" data-autoplay="" id="mainVideo" loop="" muted="" playsinline="" poster="#" webkit-playsinline="" width="100%"><source src="/documents/205027/757731/_BDL_EN_2000x1000+BEEN.mp4/6555538c-f968-4035-aaca-19c3e051b496" /></video> </a></div> <form action="https://www.banquedeluxembourg.com/fr/bank/bl/campagne-ecoute" method="get"><button class="btn style3 arrow">We’re waiting with a sympathetic ear</button></form> <p>&nbsp;</p> <h2>For more information, contact</h2> <div class="contact only-lu only-de only-europe only-autres"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/10184/357465/A+MurrellBLLportrait.jpg-vignette/387f8505-34a8-4fb7-9fd7-93e290ac783f?t=1548169718267" /></div> </div> <div class="contact_person"> <div class="contact_person_name">Angela Murrell</div> <div class="contact_person_title">Private Banking Adviser</div> <div class="contact_person_tel"><a href="tel:(+352) 49 924 3752">(+352) 49 924 3752</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="https://www.banquedeluxembourg.com/event/campagne-ear-contact-1">Contact me</a></div> </div> </div> </div> <div class="contact only-be"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/10184/357415/Calque+9BLBEportrait.jpg-vignette/d8ae4894-b0c4-4ba4-a7f6-df9c03ca94ca?t=1548169953790" /></div> </div> <div class="contact_person"> <div class="contact_person_name">Amélie Schreiber</div> <div class="contact_person_title">Senior Private Banker</div> <div class="contact_person_tel"><a href="tel:(+32) 0 2 663 45 54">+32 (0)2 663 45 54</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="https://www.banquedeluxembourg.com/eventbe/campagne-be-ear-contact-1">Contact me</a></div> </div> </div> </div> https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/private-equity-une-opportunite-d-investissement-dans-une-classe-d-actifs-alternatifs Private equity and why it is popular with investors seeking new investment opportunities https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/private-equity-une-opportunite-d-investissement-dans-une-classe-d-actifs-alternatifs Mon, 22 Jul 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/private+equity/873c7b61-c4f5-4da7-a77b-d06f29405f09?t=1562570038007"/><br/> A “private equity” investment is an investment in equities issued by companies that are not listed on a stock exchange. But how does this work exactly? Who is this type of investment aimed at? And what are the objectives?<br/> <h2>How does it work?</h2> <p>Investing in private equity allows you to participate in the capital of companies with high growth potential. Private equity funds acquire shares in the capital of an unlisted company and participate in financing and supporting the development of the company, as well as providing operational improvements with the ultimate aim of enhancing the company’s value.</p> <h2>What are the most common strategies?</h2> <ul> <li><strong>Venture capital</strong> (or risk capital) strategies, which invest in young companies with high potential for growth in the long term.</li> <li><strong>Growth capital</strong> strategies, which target more mature companies, helping them to expand and develop.</li> <li><strong>Buyout </strong>strategies, which focus on established companies with continuous, predictable cash&nbsp;flows that perform more reliably for their investors, financing their expansion through targeted acquisitions to supplement organic growth.</li> </ul> <h2>Who is this type of investment aimed at?</h2> <p>In the past, private equity was primarily aimed at institutional investors. Now, however, private equity is becoming increasingly accessible to well-informed retail investors willing to commit sums of at least EUR&nbsp;250,000 for investment horizons of 10 years or more.</p> <h2>What are the returns and how is value added?</h2> <p>Private equity is an alternative asset class that seeks to provide higher returns than traditional asset classes. These higher expected returns reward investors for choosing a riskier, illiquid investment with a longer investment horizon.</p> <p>Here are a few of the ways in which value is added for the target company and therefore the investor:</p> <ul> <li>Revenue growth for the target company (increased sales volumes, higher prices, etc.)</li> <li>Operational improvements (reduced costs, organisational restructuring, etc.)</li> <li>Leverage (via financing)</li> <li>Multiple expansion(s)</li> <li>etc.</li> </ul> <h2>Private equity&nbsp;at Banque de Luxembourg&nbsp;</h2> <p>The Bank’s clients have access to an exclusive range of private equity investments. This means that well-informed retail investors have the privilege of accessing a sought-after asset class they can use to expand their investment opportunities.</p> <h2>Would you like to know more?</h2> <div class="contact only-lu only-de only-europe only-autres"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/205027/339728/D+GoedertBLLportrait.jpg-vignette/3d28f275-ecb5-4735-9189-04f8b08bb94a?t=1548169652567" /></div> </div> <div class="contact_person"> <div class="contact_person_name">Danielle Goedert</div> <div class="contact_person_title">Head of Private Banking Luxembourg</div> <div class="contact_person_tel"><a href="tel:+352481414">(+352)&nbsp;481414</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=304&amp;lang=fr">Contact me</a></div> </div> </div> </div> <div class="contact only-be"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/205027/339709/D+SchmidtBLBEportrait.jpg-vignette/9a0fa6fd-f054-4c96-922f-2e9127021763?t=1548169916353" /></div> </div> <div class="contact_person"> <div class="contact_person_name">David Schmidt</div> <div class="contact_person_title">Manager of the Belgian branch</div> <div class="contact_person_tel"><a href="tel:+32 (0) 2 663 45 59">+32&nbsp;(0)&nbsp;2&nbsp;663&nbsp;45&nbsp;59</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=304&amp;lang=fr">Contact me</a></div> </div> </div> </div> Investir Investir https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/la-faiblesse-generalisee-du-secteur-manufacturier-continue-a-peser-sur-la-croissance Manufacturing sector weakness continues to weigh on global economic growth https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/la-faiblesse-generalisee-du-secteur-manufacturier-continue-a-peser-sur-la-croissance Tue, 09 Jul 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/Faiblesse-du-secteur.jpg/81ed4112-22be-4cd7-b814-cb3140dbb6fe?t=1562682297833"/><br/> In the United States, the deterioration of the purchasing managers’ indices has extended to services activities, while services activities remain astonishingly robust in Europe. This is the view of Guy Wagner, Chief Investment Officer at BLI - Banque de Luxembourg Investments, and his team, in their monthly analysis, ‘Highlights’.<br/> <p>“Although the indicators are still above the critical 50-point threshold separating expansion from contraction, both for industry and services”, explains Guy Wagner, Chief Investment Officer and managing director of the asset management company BLI - Banque de Luxembourg Investments. “For the second quarter, most analysts are expecting US GDP growth of 2% maximum, which would represent a marked economic slowdown, although the threat of recession remains contained.”</p> <h2>Services activities remain astonishingly robust in Europe</h2> <p>In Europe, services activities remain astonishingly robust despite the persistent weakness of the industrial sector, thereby staving off a deterioration in the job market for the time being. In China, growth seems to be stabilising, with the less dynamic industrial activity being offset by the continuing vigour of retail sales. In Japan, the economy’s heavy dependence on exports limits the potential for growth. “Unless the trade tensions between the United States and China ease significantly, the manufacturing sector will find it difficult to recover.”</p> <h2>Federal Reserve: cut in the federal funds rate seems highly likely</h2> <p>As expected, the US Federal Reserve’s monetary policy committee, the FOMC, left its key interest rate unchanged in June, keeping the upper limit of the federal funds rate at 2.5%. Nevertheless, during the press conference, Fed Chair Jerome Powell eschewed the word ‘patience’ with regard to the next interest rate adjustment, emphasising greater economic uncertainty due to trade tensions and the global economic slowdown. “In light of these words, a cut in the federal funds rate at the FOMC’s next meeting at the end of July seems highly likely”, says the Luxembourgish economist. At the ECB's annual forum, its President Mario Draghi suggested further expansion of monetary policy due to a more sombre economic outlook and the declining trend of inflation. “Another interest rate cut and renewal of the quantitative easing programme before the end of Mario Draghi’s term at the helm of the ECB at the end of October cannot now be ruled out.”</p> <h2>S&amp;P 500 has recorded its best first half since 1997</h2> <p>After the correction in May, equity markets resumed their bullish trend in June. The likelihood of monetary easing on both sides of the Atlantic provided a considerable boost to equity prices. The main indices all went up. The flagship US index, the S&amp;P 500, reached a new all-time high during the month, and ended the first half of the year 17.4% higher, recording its best first-half since 1997.</p> Marchés Marchés https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/divergences-entre-marches-actions-et-marche-obligataire Divergences between the equity and bond markets https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/divergences-entre-marches-actions-et-marche-obligataire Fri, 12 Jul 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/damien-petit.jpg/92a972ef-3a32-4240-abe9-a8ad9c9ec4b4?t=1558709535940"/><br/> Equity markets have continued to rally in recent weeks, led once again by the US market. The optimism of the equity markets comes in sharp contrast to the general decline in bond yields. Damien Petit, Head of Private Banking Investments at Banque de Luxembourg offers some explanations.<br/> <p>During the first six months of the year, the US market posted a rise of some 18% in dollars, its best first-half performance since 1997! The European, Japanese and emerging markets also performed strongly over the period, albeit to a lesser degree.</p> <p>Equity market investors were reassured by the more dovish tone emanating from the monetary authorities, particularly in the United States, and they seem to have shrugged off the fears of a slowdown which prevailed in the last three months of 2018. Is this just a temporary phase?</p> <h2>Bond yields slump</h2> <p>The optimism of the equity markets comes in sharp contrast to the general decline in bond yields. The equity and bond markets seem to be anticipating very divergent economic prospects. The negative-yielding bond universe has been steadily expanding and now stands at nearly USD 13 trillion. For example, German sovereign debt is posting a negative yield on maturities up to 20 years. On the Swiss debt market, investors have to buy bonds with maturities of at least 45 years to get the slightest positive return. Against this backdrop, the US Treasury bond market, which offers positive 10- and 30-year yields of approx 2% and 2.5% respectively, continues to be relatively attractive to investors, despite the sharp decline in recent months.&nbsp;The slump in bond yields is due to the markets anticipating interventions by the central banks, whose threshold of tolerance for any form of economic and/or financial stress appears to be shrinking.</p> <h2>Three interest rate cuts likely by end-2019</h2> <p>In the United States, the lack of a swift resolution to the US-China trade spat is worrying the Federal Reserve, which is likely to respond by cutting its interest rates. The market is now factoring in three 25-basis point cuts before the end of 2019, an aggressive scenario given the current dynamism of the US economy. A preventive measure of this scale would quickly wipe out the Fed's capacity to react in the event of a much sharper economic downturn in the future.</p> <h2>Interest rate cuts and new asset-purchase programme cannot be ruled out</h2> <p>In the eurozone, despite very little room for manoeuvre – interest rates are at record lows and the ECB's balance sheet has swelled to EUR 4.7 trillion – Mario Draghi recently indicated he would not rule out further interest rate cuts or a return to the asset-purchase programme in the face of very weak inflation projections. Crucially, these measures offer very little certainty of success on growth and inflation but have potentially negative consequences, especially on the banking sector. The markets are now waiting to see whether Christine Lagarde, due to be confirmed as the new President of the ECB in October 2019, will follow in her predecessor’s footsteps.</p> <h2>Cautious view on equities</h2> <p>In a context of growing divergence between rising equity prices and worsening economic fundamentals, we are maintaining a cautious view on equities. This is reflected by slightly underweighting the asset class in our discretionary portfolios in favour of cash. We do not consider valuations are sufficiently attractive to give equities a higher weighting. Within the equity portfolio, we continue to focus on high-quality companies – avoiding the financial sector in particular – which are capable of generating sustainable dividends. That is a valuable attribute in a structurally low interest rate environment.&nbsp;</p> Marchés Marchés https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/family-business-day-das-forum-fur-familienunternehmer Family Business Day, the dedicated forum for family entrepreneurs https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/family-business-day-das-forum-fur-familienunternehmer Thu, 11 Jul 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/Family+Business+Day+2019.jpg/cef44036-2424-4542-8e51-6e560e3ae0d9?t=1562570554633"/><br/> When it comes to family businesses, there are a whole host of issues to be considered. Often the focus is on company succession or the challenges within the family itself. But there is one important component that contributes significantly to the success of a company that is often overlooked: the most valuable people – the employees!<br/> <p>The theme of this year's annual Family Business Day forum was “My most valuable people – the role of employees in family businesses going forward”. On 27 and 28&nbsp;June&nbsp;2019, over 150 German-speaking family entrepreneurs met at Banque de Luxembourg to exchange ideas and discuss issues.</p> <p>More than 16 family entrepreneurs and experts shared their visions and experiences regarding the role of employees within the company. The event closed with discussions on family and how external support can facilitate structural changes within the family.</p> <p>The event in pictures:</p> <p><img alt="" src="/documents/19605/43117/FBD2019-Photo1.jpg/09daf199-8213-4e02-b426-f1896c0faa42?t=1562224483650" /></p> <p><img alt="" src="/documents/19605/43117/FBD2019-Photo2.jpg/167539ef-d08f-4a39-8228-ea838975865a?t=1562224488111" /></p> <p><img alt="" src="/documents/19605/43117/FBD2019-Photo3.jpg/ca7203e9-e665-41af-8c1e-66c8048b2391?t=1562224491940" /></p> <p><img alt="" src="/documents/19605/43117/FBD2019-Photo4.jpg/f7ed2a13-d3a4-46c0-a883-c90e669f256d?t=1562224495745" /></p> <h2>For more information, please contact:</h2> <div class="contact"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/10184/390892/T+BeckerDE_portrait_.jpg-vignette/7071bbf5-dc13-48da-a15a-a0fa990ffd01?t=1548666939303" /></div> </div> <div class="contact_person"> <div class="contact_person_name">Tobias Becker</div> <!--<div class="contact_person_title">Head of Public Relations&nbsp;</div>--> <div class="contact_person_tel"><a href="tel:(+352) 49 924 4651">(+352)&nbsp;49&nbsp;924&nbsp;4651</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="mailto:tobias.becker@bdl.lu">Contact me</a></div> </div> </div> </div> MASQUER:BE MASQUER:BE Entrepreneurs Entrepreneurs https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/la-banque-de-luxembourg-partenaire-des-amis-des-musees Banque de Luxembourg: a partner of Amis des Musées https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/la-banque-de-luxembourg-partenaire-des-amis-des-musees Mon, 18 Sep 2017 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/Amis-musees-40ans-1420x511.jpg/c61388c7-ea6e-49d8-9e62-a0e91a7ea307?t=1546953064037"/><br/> As Amis des Musées Luxembourg celebrates its 40th anniversary, Banque de Luxembourg is strengthening its partnership with the cultural non-for-profit association, whose mission is to help promote Luxembourg's art and history museums in the Grand Duchy as well as abroad.<br/> <p>In addition to offering the association financial support, the Bank has provided pro bono support, in particular with the production of a major reference book and a series of promotional films. It is another demonstration of the Bank's determination to play an active role in its home city.</p> <h2>A tradition of corporate sponsorship</h2> <p>As a partner of the Mudam modern art museum since its inception and an active supporter of the Philharmonie and its Foundation, EME-Ecouter Pour Mieux s’Entendre (Listen so as to understand each other better), Banque de Luxembourg has long worked alongside organisations that help bring culture to as many people as possible. In addition, the Bank focuses its sponsorship efforts on systemic initiatives, especially those that help create a more favourable environment for philanthropic engagement. Being ambassadors of not just one but six museums, the “Amis” have a leverage effect across the entire Luxembourg museum scene and are therefore a natural partner for the Bank.</p> <h2>40 years of passion</h2> <p>For 40 years, the “Amis” have been helping to promote Luxembourg museums both at home and abroad, enriching their collections and contributing to the vibrancy of the cultural scene in general. The association’s almost 2000 members enjoy free VIP access to museums and related events, including exhibition openings, exclusive guided tours by museum directors, curators and artists, and trips abroad. But the “Amis” are also philanthropists in their own right. For instance, they have made more than 200 donations to Luxembourg museums, enhancing their collections.</p> <h2>Continuing the momentum</h2> <p>The 40th anniversary of the “Amis”, celebrated on Saturday 19&nbsp;September at an evening event held at Luxembourg’s modern art museum, the Casino Forum d’Art Contemporain, was the opportunity for association leaders to talk about their mission and the association's future. The anniversary was also marked by the launch of a number of new communication and programming initiatives and a new “Young Friends of Museums” group which will be working closely with the “Amis” to further promote the association to the general public living in or hailing from the Greater Luxembourg Region. As a key partner of the “Amis”, the Bank has contributed to these efforts by helping to produce a book entitled “Histoires d’une Passion” (Tales of a Passion), a collection of testimonials from museum directors, curators, collectors and experts who each unveil their own special relationship to art. The Bank has also produced a film promoting the association’s activities.</p> <div class="video-container"> <iframe frameborder="0" height="405" src="https://player.vimeo.com/video/232648546" width="720"></iframe> </div> Luxembourg Luxembourg Engagement Engagement Blog blnews Blog blnews Blog privé Blog privé https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/mieux-comprendre-qu-est-ce-que-le-private-equity- Mieux comprendre : qu'est-ce que le Private Equity ? https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/mieux-comprendre-qu-est-ce-que-le-private-equity- Wed, 13 Jan 2016 14:36:00 +0100 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/privateequitygrand.jpg/f6d574e1-a501-4e48-92ab-d6c53e4c25b1?t=1546953245637"/><br/> D’une manière générale, le « private equity » désigne les investissements en actions émises par des sociétés qui ne sont pas cotées en bourse. Explications avec Isabelle de Laminne, économiste, auteure, chroniqueuse à la Libre Belgique et responsable du blog www.moneystore.be.<br/> <h3>Le venture capital</h3> <p>Il investit dans des entreprises encore jeunes, parfois même des start-ups. Les fonds de venture capital se spécialisent souvent dans une activité spécifique (comme la biotechnologie, le software,…) dans laquelle ils développent une connaissance industrielle et commerciale leur permettant d’avoir une valeur ajoutée importante au niveau stratégique et opérationnel.</p> <h3>Les fonds de growth capital</h3> <p>Ils interviennent auprès d’entreprises non cotées plus mûres, à un moment où elles envisagent une opération stratégique de grande ampleur : acquisition, projet d’investissement massif, lancement d’un nouveau produit ou service,… Lorsque les actionnaires d’une société privée ne disposent pas des moyens nécessaires pour financer les projets de développement de l’entreprise, ils peuvent décider d’ouvrir le capital à des fonds de private equity : ceux-ci acceptent d’investir dans des actions peu liquides puisque non cotées en bourse. En contrepartie, ils exigeront un rendement supérieur à celui procuré par une société comparable mais cotée.</p> <h3>Les fonds de buy-out</h3> <p>Ils choisissent d’acheter la totalité des actions d’une société. Le plus souvent, ces fonds empruntent de l’argent pour réaliser l’acquisition, de sorte que l’on parle de «&nbsp;<b>leverage buy-out</b>&nbsp;». Lorsque la reprise s’effectue avec l’aide des cadres de l’entreprise, on parle de «&nbsp;<b>management buy-out</b>&nbsp;». Les sociétés visées sont généralement des sociétés mûres disposant de cash-flows stables permettant à l’acquéreur de rembourser les dettes provoquées par l’acquisition.</p> <h3>Les autres stratégies d'investissement en private equity</h3> <p>Il existe de nombreuses autres stratégies d’investissement en private equity: immobilier, infrastructure, énergie, situations spéciales (« distress funds » qui investissent dans des sociétés en difficulté), etc… jusqu’aux fonds de fonds qui investissent dans d’autres fonds à des fins de diversification et pour profiter de l’expertise développée par d’autres. Il convient toutefois de distinguer les interventions des sociétés de private equity de celles des business angels et, plus récemment, des participants au crowdfunding. Ces divers investisseurs ont des objectifs très différents, disposent de moyens très variables et peuvent intervenir dans la gestion de l’entreprise investie de manière très diverse.&nbsp;</p> <p>Les business angels soutiennent des jeunes sociétés dans lesquelles ils tentent d’apporter non seulement de l’argent mais aussi leur expérience professionnelle et leurs contacts relationnels.</p> <p>Le crowdfunding permet à chacun d’investir de très petits montants afin de soutenir un projet à valeur sociétale, économique, culturelle ou autre. Le plus souvent, la rentabilité attendue du projet n’est pas la motivation première des investisseurs. Même si ces deux formes d’investissement s’adressent à des sociétés non cotées en bourse, on ne les inclura pas dans la notion de private equity au sens propre.</p> <p>En savoir plus sur nos&nbsp;<a href="http://www.banquedeluxembourg.com/fr/bank/corporate/placements-alternatifs" style="color: rgb(179, 105, 170);">placements alternatifs</a>.</p> Luxembourg Luxembourg Belgique Belgique Marchés Marchés Financement Financement Blog blnews Blog blnews Blog privé Blog privé https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/un-award-pour-l-etude-zooms-sur-les-conjoints-de-dirigeants Award for 'Zooms sur les Conjoints de Dirigeants' https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/un-award-pour-l-etude-zooms-sur-les-conjoints-de-dirigeants Wed, 26 Jun 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/ichec-conjoints.jpg/7a4dfff1-938c-4200-b93f-f1f62c59a6d5?t=1560755101757"/><br/> The study entitled "Zooms sur les Conjoints de Dirigeants" (spotlight on the spouses of family business leaders), conducted over a three-year period by the ICHEC Brussels Management School 'Families in Business' Chair, in conjunction with Banque de Luxembourg, a founder member of the Chair, has won the Award for the "Best Project Related To Transgenerational Entrepreneurship"<br/> <p>Valérie Denis, Director of the ICHEC Brussels Management School ‘Families in Business’ Chair, and Miruna Radu-Lefevre, Holder of the ‘Family Entrepreneurship and Society Chair’ at Audencia Business School, have won the Award for the Best Project Related To&nbsp;Transgenerational Entrepreneurship&nbsp;at the FERC 2019 (Family Enterprise Research Conference) at Burlington, Vermont, USA.</p> <p>This award is for the best project on transgenerational entrepreneurship based on quantitative or qualitative data.&nbsp; The panel of judges, composed of Professors and International Research Directors, praised the project's unique approach, its interest for families in business and its rigorous methodology.&nbsp;</p> <p>Entitled&nbsp;“A social exchange approach of spousal influence on intergenerational succession”, the winning project is based on the study conducted by Valérie Denis and her team at the ICHEC Brussels Management School ‘Families in Business’ Chair. The study's results are presented in the book “<i>Zooms sur les Conjoints de Dirigeants</i>”.</p> <img alt="" src="/documents/19605/43117/Photo+Val%C3%A9rie+et+Josh.jpg/8d18f466-09d6-414f-8ca5-cf6c2f9c4133?t=1559742918503" /><br /> <br /> <span style="font-size: 16px;"><em>Valérie Denis, Director of the ICHEC Brussels Management School ‘Families in Business’ Chair, and Joshua J. Daspit, Professor of Management at Texas State University and a member of the FERC Advisory Board</em></span> <h2>The first major study devoted to the spouses of family business leaders</h2> <p>This book is the fruit of the views of 52 spouses of family business leaders, 168 CEOs, 169 children of business leaders, and the members of a multi-disciplinary research committee, made up of management consultants and specialists in governance, communication, corporate culture, psychology and anthropology.</p> <p>All these vignettes of the spouse at the intersection of the family, the business, the assets and succession, have been brought together in a three-year study conducted by Valérie Denis, Director of the ‘Families in Business’ Chair at the ICHEC Brussels Management School. Sitting on the Chair’s Multi-disciplinary and Collaborative Committee, Philippe Depoorter, Member of the Executive Committee of Banque de Luxembourg, actively contributed to this work.</p> <h2>Support for families in business at Banque de Luxembourg</h2> <p>Banque de Luxembourg supports families in business in growing, managing and passing on their family and business wealth. In the course of our work, we have developed specific expertise in preparing for the handover stages of family businesses and educating the ‘Next Gen’.</p> <p>We always look at the specific dynamics at play in family businesses because belonging to a family in business means living in an environment where the life of the family and that of the business are intricately interwoven.</p> <p>This raises particular questions, especially concerning everyone’s individual role. Having put the spotlight on the Next Gen in a previous study conducted by the ICHEC ‘Families in Business’ Chair, in 2015, the Bank wanted to know more about – and give voice to – the views of the spouses of family business leaders, and gain a greater appreciation of their role in the success of the businesses that they provide support to every day.</p> <p>&nbsp;</p> <p>“<i>Zooms sur les Conjoints de Dirigeants</i>” Description of the book and ordering details available on <a href="http://www.zoomssurlesconjoints.be">www.zoomssurlesconjoints.be</a></p> Entrepreneurs Entrepreneurs https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/carte-bancaire-quelles-limites-et-assurances-pour-vos-vacances- Bank card: what are the credit limits and insurance when you're on holiday? https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/carte-bancaire-quelles-limites-et-assurances-pour-vos-vacances- Tue, 11 Jul 2017 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/carte-voyage-1420x511.jpg/9e34a641-7147-4d01-9351-5b4fb38bc09c?t=1546953088407"/><br/> With summer holidays fast approaching, it&apos;s time to make travel preparations. What is the monthly credit limit for your card? Can it be temporarily changed? What travel insurance does your payment card provide, including trip cancellation and delayed or lost luggage? What should you do if it is lost or stolen?<br/> <h2>Temporarily changing the monthly credit limit</h2> <p>The monthly limit for your credit card is usually decided with your client relationship manager when you sign up for the card. However, it can be temporarily changed up or down, which may be useful when you go on holiday. This can be done by contacting your client relationship manager on (+352) 49 924 1.</p> <h2>What insurance does your card provide?</h2> <p>Most people don't know all the details of the cover offered by their payment card. To benefit from them, you must inform your card provider in advance of your trip. Your travel insurance cover, assistance and reimbursement amounts depend on the type of card you have. To avoid duplication with the insurance offered by travel operators, it is wise to find out what insurance is provided by your card.</p> <h2>Visa Infinite: for optimal cover</h2> <p>The VISA Infinite card is a top of the range credit card and the most exclusive of the cards offered by Banque de Luxembourg. It gives you access to Lounge Key's private lounges at airports. While you wait for your flight, you can enjoy the calm and comfort of 800 VIP lounges at over 450 airports around the world.</p> <p>Go on holiday with complete peace of mind knowing that you have comprehensive travel insurance for yourself and your family, including cover for lost or delayed luggage, flight delays, trip interruption or cancellation, death-disability insurance and medical insurance.</p> <h2>What should you do if your card is lost or stolen?</h2> <p>Immediately contact <a href="https://www.six-payment-services.com/home.html">Six Payment Solutions</a> on (+352) 49 10 10 (24/7) to block your card, then notify your client relationship manager on their direct phone line or via the Bank's switchboard (+352) 49 924 1 (Monday to Friday, 8am to 6pm) to order a new one if required. Loss or theft must be reported to the local police.</p> MASQUER:BE MASQUER:BE Luxembourg Luxembourg Services banking Services banking Cartes de paiement Cartes de paiement Blog blnews Blog blnews Blog privé Blog privé https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/la-chaire-en-entreprise-familiales-mise-l-honneur-dans-trends-tendances Chair in Family Enterprises praised in Trends Tendances https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/la-chaire-en-entreprise-familiales-mise-l-honneur-dans-trends-tendances Wed, 26 Jun 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/HEC+Liege.png/d3b27fdd-1714-48a8-804c-fba7d5ae730f?t=1559059043607"/><br/> In its 6 June edition, the Belgian magazine Trends Tendances acclaimed our new Chair in Family Enterprises, created in partnership with HEC Liiège.<br/> <h2>A three-year partnership on a subject of mutual interest</h2> <p>Banque de Luxembourg supports families in business in the management of their family and business wealth – in tangible as well as intangible aspects – especially at times of change. Change may be brought on by investment projects, alterations to the shareholding structure, the sale of assets and, of course, preparing for succession. “We have long supported family businesses in Luxembourg and Belgium, as we believe in this unique model, which is inspirational as much due to its values, complex as they are, as to the close interweave between the life of the family and that of the business,” says Philippe Depoorter, Member of the Executive Committee of Banque de Luxembourg.</p> <p>At HEC Liège, the Management School of the University of Liège, interest in family enterprises is not new: over the last ten years, Professor Nathalie Crutzen has carried out a series of studies on the subject, in collaboration with the Belgian Institut de l'Entreprise Familiale, while a course specifically focusing on issues facing family businesses has been offered to Masters students since 2017.</p> <h2>Beneficial coverage in Trends Tendances</h2> <p>Trends Tendances discussed at length the ‘natural’ partnership between the Liège business school and Banque de Luxembourg, the aim of the partnership being to investigate in depth the often-rightly-praised family business model, and probe its limits.</p> <h2>Read the article (in French)</h2> <div class="issuuembed" data-configid="1106681/70633636" style="width: 100%; height: 347px;">&nbsp;</div> <script type="text/javascript" src="//e.issuu.com/embed.js" async="true"></script> <h2>For more information, please contact</h2> <div class="contact only-lu only-de only-europe only-autres"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/205027/339728/S+RodinBLLportrait.jpg-vignette/2e93d05b-b55d-495e-a163-5c16324ffe9a?t=1548169702650" /></div> </div> <div class="contact_person"> <div class="contact_person_name">Stéphanie Rodin</div> <div class="contact_person_title">Head of Public Relations&nbsp;</div> <div class="contact_person_tel"><a href="tel:(+352) 49 924 3967">(+352) 49 924 3967</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=306&amp;lang=en">Contact me</a></div> </div> </div> </div> <div class="contact only-be"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/205027/339709/D+SchmidtBLBEportrait.jpg-vignette/9a0fa6fd-f054-4c96-922f-2e9127021763?t=1548169916353" /></div> </div> <div class="contact_person"> <div class="contact_person_name">David Schmidt</div> <div class="contact_person_title">Head of Belgian Branch</div> <div class="contact_person_tel"><a href="tel:(+32) 0 2 663 45 59">+32&nbsp;(0) 2 663 45 59</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=306&amp;lang=en">Contact me</a></div> </div> </div> </div> Entrepreneurs Entrepreneurs https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/family-business-day-le-forum-des-entrepreneurs-familiaux- Family Business Days - a conference for family business leaders https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/family-business-day-le-forum-des-entrepreneurs-familiaux- Wed, 13 Jun 2018 10:45:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/Family+Business+Day+2018.jpg/2f9384f6-cde2-4c41-b1e9-9ff8c737e177?t=1546952963937"/><br/> Handing over the company can be a tricky process. It is the end of an era, and the beginning of a new one. When deciding to sell, the business leader must make plans and think about what happens “afterwards”.<br/> <p>Many paths are possible after leaving the company: getting involved in philanthropy, sharing experience and/or capital with other entrepreneurs by becoming a business angel, setting off on a world tour, indulging a passion, spending more time with family or launching a new business project.</p> <p>More than 180 German-speaking family business leaders gathered to explore this topic at a Family Business Days conference on the theme of “afterwards”, held at Banque de Luxembourg.</p> <p>The photos below reflect two days of intense discussion, during which 20 speakers - all family business leaders - took to the stage to share their experiences of “afterwards”.</p> <p><img alt="" src="/documents/64647/0/Family+Business+Day+2018+%285+of+5%29.jpg/0c5955a8-af65-4d09-afb5-58f3d3f2d661?t=1528896478822" /></p> <p>Plenary session in the auditorium</p> <p><img alt="" src="/documents/64647/0/Family+Business+Day+2018+%28661+of+926%29.jpg/5b5b0269-e5e1-4adb-bf12-519754829756?t=1528896484996" /></p> <p><img alt="" src="/documents/64647/0/Family+Business+Day+2018+%28818+of+926%29.jpg/1e4e1edf-2fd7-435a-8b92-dd661327cf57?t=1528896491653" /></p> <p>Workshop</p> <p><strong>TO FIND OUT MORE, CONTACT</strong><br /> Tobias Becker<br /> <a href="mailto:tobias.becker@bdl.lu">tobias.becker@bdl.lu</a><br /> Tel. : (+352) 49 924 4651</p> Luxembourg Luxembourg Belgique Belgique Blog blnews Blog blnews Blog privé Blog privé nl_bl_2018_08 nl_bl_2018_08 https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/family-business-day-6eme-edition Sixth edition of Family Business Day https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/family-business-day-6eme-edition Thu, 22 Jun 2017 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/family.jpg/febe9742-e965-4506-bcfd-96991c786269?t=1546953090890"/><br/> More than 150 German-speaking family business leaders took part in the Family Business Day conference, which was held recently at Banque de Luxembourg.<br/> <p>This year's Family Business Day took a detailed look at the subject of couples in business. More than 12 speakers offered personal insights into how they manage their business alone or with their partner, and how responsibilities are shared in the family and the business.</p> <p><img alt="" src="/documents/64647/0/FBD2.jpg/729c87f3-f7e8-4d70-89a1-fe99fccfa19f?t=1497877596222" /></p> <p><strong>A diverse group with a common interest in a family business-related topic</strong></p> <p>The event's participants came from many different sectors, including winemaking, brewing, catering, leisure, industry, retail, chemicals and IT. They shared their personal experiences with peers in a plenary session, workshops and informal conversations.</p> <p><img alt="" src="/documents/64647/0/FBD3.jpg/8233cbde-a63c-4d0e-9c21-29c041a367a9?t=1497877603415" /></p> <p><img alt="" src="/documents/64647/0/FBD.jpg/179766c7-a1bf-4b0c-9dd2-ded60d5275ad?t=1497877584592" /></p> <p>&nbsp;</p> <p><span class="bl-btn grey"><a href="https://www.banquedeluxembourg.com/bank/corporate/accompagnement-familles"><span class="ico-plus">&nbsp;</span><span>Find out more about our services for businesses</span></a></span></p> Luxembourg Luxembourg Belgique Belgique Blog blnews Blog blnews Blog privé Blog privé https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/dans-le-top-10-des-entreprises-les-plus-attractives In the Top 10 of most attractive companies https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/dans-le-top-10-des-entreprises-les-plus-attractives Wed, 26 Jun 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/RH/84c1adb8-3177-4246-a694-50e386e91506?t=1560957221563"/><br/> According to the 'Randstad Employer Brand Research' survey for 2019, Banque de Luxembourg is the seventh most attractive company in Luxembourg.<br/> <p>Attracting and retaining talented employees is a real challenge for employers. Studies show that companies with a positive image receive twice as many job applications.</p> <p>According to the Randstad survey, candidates’ priorities are salary (65%), job security (61%) and work/life balance (52%), while 11% of employees are prepared to sacrifice more than 10% of their salary for greater job security! On the other hand, unsatisfactory remuneration (43%), insufficient challenges (36%), work/life balance issues (31%) and limited career advancement (29%) are the main reasons prompting employees to seek their future elsewhere.</p> <p>The sector considered most attractive in the Grand Duchy is transport as the main employers in this sector are public companies, which are seen as offering good job security. In the financial sector, which is second-placed, Banque de Luxembourg came in just behind Banque et Caisse d'Épargne de l'État.&nbsp;</p> <h2>Best employers rankings</h2> <p>Survey conducted by Randstad among 1,217 people in Luxembourg</p> <table class="table-style1"> <thead> <tr> <th style="text-align: left;">&nbsp;</th> <th style="text-align: left;">2019</th> <th style="text-align: left;">2018</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Groupe CFL</td> <td>Banque et Caisse d'Épargne de l'État (BCEE)</td> </tr> <tr> <td>2</td> <td>Banque et Caisse d'Épargne de l'État (BCEE)</td> <td>Luxair</td> </tr> <tr> <td>3</td> <td>Luxair</td> <td>Groupe CFL</td> </tr> <tr> <td>4</td> <td>Groupe Post Luxembourg</td> <td>RTL Group</td> </tr> <tr> <td>5</td> <td>Cargolux Airlines International</td> <td>Groupe Post Luxembourg</td> </tr> <tr> <td>6</td> <td>Centre Hospitalier Emile Mayrisch</td> <td>Banque de Luxembourg</td> </tr> <tr> <td>7</td> <td>Banque de Luxembourg</td> <td>Cargolux Airlines International</td> </tr> <tr> <td>8</td> <td>Groupe Foyer</td> <td>Raiffeisen</td> </tr> <tr> <td>9</td> <td>Groupe Cactus</td> <td>Groupe Cactus</td> </tr> <tr> <td>10</td> <td>Centre Hospitalier Neuro-Psychiatrique</td> <td>Home pour personnes âgées</td> </tr> </tbody> </table> <h2>A trusted bank</h2> <p>At Banque de Luxembourg, we take a people-based approach to management based on the principle that everyone counts. We give personalised support to our employees at every stage of their career, to offer the best conditions for their professional development and dynamic career management.</p> <p><span style="font-size: 11px;">Source: ‘Randstad Employer Brand Research’ 2019<br /> <a href="http://www.randstad.lu">www.randstad.lu</a></span></p> <form action="https://www.banquedeluxembourg.com/en/bank/bl/carrieres-une-gestion-humaine-des-ressources" method="get"><button class="btn style3 plus">Find out more about our people-based approach to managing our employee resources.</button></form> MASQUER:BE MASQUER:BE Ressources Humaines Ressources Humaines https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/highlights-juin-2019 Economic outlook darkens https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/highlights-juin-2019 Tue, 25 Jun 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/investirBL_Actu.jpg/d23a5eee-ae41-4880-97ac-6a8c16658e9e?t=1551446070367"/><br/> Signs of the global economy stabilising, that were seen at the start of the second quarter, have dissipated again. In the United States, the May purchasing managers’ indices suggest that the weakness in the manufacturing sector is extending to services. This is the view of Guy Wagner, Chief Investment Officer at BLI - Banque de Luxembourg Investments, and his team, in their monthly analysis, ‘Highlights’.<br/> <p>In Europe, the purchasing managers’ indices are not deteriorating further, but nor are they showing signs of improvement. In Japan, first-quarter GDP growth was astonishingly strong at 0.5% quarter-on-quarter. However, the most favourable surprise was the significant decrease in imports, even though consumer spending and corporate investment fell by comparison with the previous quarter. In China, economic improvement remains moderate in spite of the monetary and fiscal stimulus measures taken since the start of the year.</p> <h2>Lukewarm inflation in the United States and Europe</h2> <p>Despite a slight increase in US and European inflation rates in April, inflationary pressures remain weak overall. In the United States, headline inflation rose from 1.9% to 2.0%. Excluding energy and food, the inflation rate was also up by 0.1%, from 2.0% to 2.1%. The Federal Reserve’s preferred inflation indicator, the PCE (personal consumption expenditures) deflator excluding energy and food, remained unchanged at 1.6%. In the eurozone, headline inflation in April came in slightly above expectations, up from 1.4% to 1.7%. Excluding energy and food, inflation also climbed faster than expected, from 0.8% to 1.2%. In the coming months, we expect most inflation indicators to decline due to the slowdown of the global economy.</p> <h2>Interest rate policy pending on both continents</h2> <p>In the United States, the minutes of the FOMC meeting at the beginning of May suggest that the monetary policy committee is currently in wait-and-see mode regarding its interest rate policy until clearer signals can be discerned from the economic data. Given the weakness of inflation and fragility of the global economy, the next movement of the Federal funds rate is likely to be downwards. In the eurozone, the monetary authorities did not comment on their future intentions in May.</p> <h2>Trade tensions and easing government bond yields</h2> <p>In May, the resurgence of trade tensions between the United States and China drove government bond yields down further. In the United States, the yield on the 10-year Treasury note fell from 2.50% to 2.12%, causing inversion of the yield curve. In the eurozone, government bond yields continued to decline, despite a growing number of issues with negative yields to maturity. The 10-year government bond yield declined from 0.01% to -0.20% in Germany, from 0.37% to 0.21% in France, and from 1.00% to 0.71% in Spain. Italian bond yields were alone in bucking the trend, rising slightly from 2.55% to 2.67%, following the Northern League’s victory in the European elections.</p> <h2>Slight correction on the equity markets</h2> <p>After their strong rally in the first four months of the year, equity markets fell back in May. The Trump administration’s new round of protectionist measures, like the introduction of further customs tariffs on Chinese imports, the executive order barring American companies from supplying electronic components to the Chinese telecoms giant Huawei, and the threat of customs tariffs on imports from Mexico, put a damper on the equity markets. The MSCI All Country World Index Net Total Return expressed in euros gave up 5.4% over the month. The S&amp;P 500 in the United States, the Stoxx 600 in Europe, the Topix in Japan and the MSCI Emerging Markets were all down, shedding 6.6% (in USD), 5.7% (in EUR), 6.5% (in JPY) and 7.5% (in USD) respectively. In terms of sectors, so-called defensive stocks like utilities, healthcare and non-cyclical consumer goods held up relatively well, while tech stocks saw the biggest correction.</p> <p>The euro/dollar exchange rate was virtually unchanged in May at 1.12. The trade tensions between the United States and China boosted the Japanese yen, which appreciated by 3% against the euro during the month.</p> Marchés Marchés https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/les-signes-d-un-ralentissement-synchronise-de-l-economie-mondiale-se-multiplient Increasing signs of a synchronised global slowdown https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/les-signes-d-un-ralentissement-synchronise-de-l-economie-mondiale-se-multiplient Mon, 14 Jan 2019 11:06:00 +0100 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/Guy-Wagner-1420x511.jpg/f938f63c-1f5b-41f8-9ec5-3e7196f55762?t=1546953284013"/><br/> At the end of 2018, global economic growth continued to slow. In the United States, the orders of capital goods ceased increasing in the fourth quarter. This is pointed out by Guy Wagner, and his team, in their monthly analysis, ‘Highlights’.<br/> <p>The progressive dissipation of the impact of the fiscal stimulus measures is likely to weigh on the growth dynamic of the world’s largest economy in 2019. “In the eurozone, the manufacturing sector’s activity index in December stood just above the 50-point threshold that separates expansion from contraction, far from the levels synonymous with robust growth seen at the start of 2018.”</p> <h2>Federal Reserve’s monetary policy tightening cycle could be entering its final phase</h2> <p>As expected, the US Federal Reserve continued to tighten its monetary policy at its last meeting in 2018, raising the target range for the federal funds rate by 25 basis points.</p> <p>Although the monetary policy committee maintained its assessment of the US economy's good health, with solid job gains and strong consumer spending, its members downwardly revised their forecasts for the number of interest rate hikes in 2019 from three to two, “suggesting that the monetary policy tightening cycle that the Federal Reserve embarked on in December 2015 could be entering its final phase”, thinks the Luxembourgish economist. In Europe, the Governing Council of the European Central Bank kept its monetary policy unchanged at its last meeting in December.</p> <h2>Government bond yields ease further</h2> <p>The drop in oil prices, signs of a slowdown in the global economy and falling equity markets led to government bond yields easing further in December. The yield on the US 10-year Treasury note dropped.</p> <p>“Given the prospect of economic slowdown, government bond yields could continue to decline in the United States.” In the eurozone, the budget agreement reached between Italy and the European Commission drove Italian bond yields lower, with Italy’s 10-year yield falling. In Germany and in Spain, government bond yields also fell, despite already being very low. Only in France, it rose slightly. “Given their current low level, there would seem to be limited potential for eurozone bond yields to reduce further.”</p> <h2>S&amp;P 500 posts its worst December since 1931</h2> <p>Although December generally tends to be a fairly favourable period for equity markets, they corrected sharply at the end of the year. In the United States, the flagship S&amp;P 500 posted its worst December since 1931. European and emerging equity markets also suffered significant falls, albeit less than that of the US market.</p> <p><span class="bl-btn grey"><a href="https://www.banquedeluxembourg.com/en/bank/corporate/investment-approach"><span class="ico-plus">&nbsp;</span><span>Learn more about our investment approach</span></a></span></p> Luxembourg Luxembourg Belgique Belgique Marchés Marchés Blog blnews Blog blnews Blog privé Blog privé nl_bl_2019_01_une nl_bl_2019_01_une https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/faibles-marges-de-man-uvre-pour-la-bce Little leeway for the ECB https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/faibles-marges-de-man-uvre-pour-la-bce Mon, 24 Jun 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/BCE+2000x1000/58d0c67d-f596-4260-9c51-66a467ad743e?t=1560851893100"/><br/> The ECB's capacity to boost growth appears limited. Jean-François Gillardin, Head of Discretionary Portfolio Management at Banque de Luxembourg, offers some explanations.<br/> <p>The slightly more accommodative tone adopted by the Governing Council seems justified in the current context. However, the Frankfurt-based central bank's leeway to stimulate growth, if the situation were to deteriorate, appears limited.</p> <p>The ECB adopted a slightly more accommodative tone last week at its monetary policy meeting in Vilnius, once again pushing back on the indicative start date for raising interest rates. The Governing Council is now expecting to keep interest rates on hold at least until the first half of 2020. Previously, it was thinking of introducing its first interest rate rise in the second half of this year. The market is even more pessimistic since no interest rate rise is currently expected in 2020 or 2021.</p> <p>The details of the latest TLTRO (targeted longer-term refinancing operations) were also revealed. Through these operations, the ECB provides banks with cash at particularly attractive interest rates – which can even be negative under certain conditions – in the hope that the banks will then lend on this money to companies and consumers. The aim of these operations is clearly to boost lending activity, particularly loans to small and medium enterprises which do not have the same access to finance as their bigger counterparts.</p> <h2>ECB ready to do more if the situation deteriorates</h2> <p>The ECB has already said it stands ready to do more if the economic situation deteriorates in the coming quarters. In addition to the current slowdown in global growth, the trade dispute between China and the United States and difficult negotiations over Brexit are likely to have a relatively significant impact on the economy. With this in mind, the macroeconomic forecasts for 2020 and 2021 have been slightly revised down to 1.4% in both cases.</p> <p>Inflation forecasts have been revised down by 0.1% for 2020 and remain unchanged for 2021, coming out at 1.4% and 1.6% respectively, well below the 2% target. Over the last five years, inflation only exceeded this target between July and October 2018 due to a spike in the oil price. This illustrates the ECB's current difficulties in reaching its objective despite a very accommodative monetary policy. The situation is even more worrying for underlying inflation, which measures the general increase in prices excluding the most volatile components of energy and food. Underlying inflation has not exceeded 2% since 2002.</p> <p>The ECB’s leeway to boost growth seems relatively limited. It could cut the interest rate on deposits again – currently minus 0.4% – at the risk of further denting the profitability of the banking sector. A further extension in forward guidance – indicating future interest rate movements – could also be used, although, here again, the impact on growth would be very limited.</p> <h2>ECB tempted to relaunch asset purchase programme</h2> <p>The ECB could also be tempted to relaunch the asset purchase programme it terminated in December 2018. Unlike the Federal Reserve, the size of the ECB’s balance sheet is not being reduced each month. The proceeds of assets reaching maturity – mainly government bonds – are entirely reinvested at present.</p> <p>This mechanism has helped cut the financing costs of eurozone countries and simultaneously reduced their budget deficit. For example, the interest burden in Italy as a percentage of GDP has declined from 4.5% in 2011 to 3.5% today. The measure has also been beneficial to core eurozone countries, with Germany’s interest expenditure falling from 2% to 0.6% of GDP over the same period.</p> <p>On the other hand, some think that this ‘gift’ does not encourage the periphery countries to undertake all the reforms necessary to improve their longer-term growth potential. Although progress has been made in terms of the periphery countries’ competitiveness since the sovereign debt crisis, they are still lagging behind the core eurozone countries, as can be seen in the World Economic Forum rankings.</p> <p>The ECB's caution seems justified in the present context. However, its leeway is very restricted for any hope of sustainably boosting European growth if geopolitical tensions continue to escalate, As things stand, there is no generally agreed solution.</p> <div class="mini-cv"> <div class="mini-cv_container"> <div class="mini-cv_image"><img src="/documents/19605/71957/Jean-fran%C3%A7ois+Gillardin/79b143a8-fe6d-4bbe-a423-c99b576f581f?t=1557327631784" /></div> <div class="mini-cv_text"> <div class="mini-cv_nom">Jean-François Gillardin</div> <div class="mini-cv_titre">Head of Discretionary Portfolio Management</div> <div class="mini-cv_linkedin"><a href="https://www.linkedin.com/in/jean-fran%C3%A7ois-gillardin/">Follow me on</a></div> </div> </div> </div> MASQUER:BE MASQUER:BE https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/histoires-de-familles The family histories of ten entrepreneurs paint a unique picture of Luxembourg https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/histoires-de-familles Mon, 28 May 2018 15:19:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/Histoire+de+famille/ca02cbfd-81f7-47c6-89e4-3ab43a57bc9b?t=1546952967843"/><br/> Banque de Luxembourg and the publishing house Maison Moderne have produced a book tracing the history of ten Luxembourg business families. While there are already many books about Luxembourg's history, none have so far painted a contemporary picture through the history of its entrepreneurs' families.<br/> <p>'Histoires de Familles’ traces the history of ten eminent Luxembourg families – Clasen (Bernard-Massard), Lentz (Brasserie Nationale), Grosbusch (Grosbusch), Ehlinger (Groupe Schuler), Krombach-Meyer (Heintz Van Landewyck), Hentgen (Lalux), Ernster (Librairie Ernster), Muller (Moulins de Kleinbettingen), Weber-Heinisch (Voyages Emile Weber) and Giorgetti (Giorgetti) – with personal accounts of significant events in their lives within the historic and social context of Luxembourg during the last century through to the present day.</p> <div class="video-container"><iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/0C9fzkVXIPI" width="560"></iframe></div> <p>&nbsp;</p> <div class="video-container"><iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/qPNJxbS4gT8" width="560"></iframe></div> <h5>Interview with Philippe Depoorter, Member of the Management Committee and Head of Services for Businesses and Entrepreneurs. In this book you plunge the reader into the heart of the grand history and the personal stories of these family businesses to paint a unique picture of Luxembourg.&nbsp;Can you tell us what prompted this book?</h5> <p>This collection of the histories of Luxembourg business families stems from several overlapping ideas. First there is the younger generation’s fascination to know more about the people who preceded them: their quest for knowledge and understanding is a prelude to an entrepreneurial adventure in which they are often aware that they are (or will be) a link in the chain. It will also appeal to people who are preparing for a new chapter or are interested in chronicling how these businesses evolved. Rather than simply assessing achievements, it puts a perspective on a slice of life within a continuum of heritage and succession. I've always been struck by the way people’s faces light up when they start telling their story. This is what we wanted to share through this book.</p> <h5>In these case histories, the people running the business talk about significant events in the life of their business and their family against the backdrop of Luxembourg’s own narrative. What light do their lives shine on Luxembourg's development?</h5> <p>Beyond the often close relationships I’ve been privileged to forge with business families in the course of the support provided by the Bank, this book is also intended to shine a light on another facet in the history of our country. We started from the premise that the sum of the histories of the businesses that have contributed a cornerstone to the country’s development has been an integral part in writing Luxembourg’s “glorious history”. Reading the ten histories shows how much – in a mutual interplay – the history of the country has influenced the course of these businesses, and how they, in their turn and in their own field at least, have shaped the life and evolution of the Grand Duchy.</p> <p><em>A video portrait of each of the businesses featured in the book will be posted on this blog.<br /> ‘Histoires de Familles’, published by Maison Moderne in collaboration with Banque de Luxembourg.<br /> 172 pages, 49 euros.</p> <h3>For more information, contact</h3> <strong><img alt="" src="/documents/19605/71957/Giallombardo+Laura/a791394a-ec4f-436c-bb2e-f42a4cfefd0c?t=1531150822417" style="height: 100px; width: 100px; float: left; margin-left: 10px; margin-right: 10px;" />Laura Giallombardo</strong><br /> Next Gen Adviser<br /> <a href="mailto:laura.giallombardo@bdl.lu">laura.giallombardo@bdl.lu</a><br /> Tel: (+352) 499 24 3974 Luxembourg Luxembourg Belgique Belgique Familles Familles Blog blnews Blog blnews Blog privé Blog privé nl_bl_2018_06 nl_bl_2018_06 https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/histoires-de-familles-histoires-d-entreprises-histoires-du-pays Telling stories of families, businesses and Luxembourg https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/histoires-de-familles-histoires-d-entreprises-histoires-du-pays Tue, 05 Jun 2018 10:31:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/histoires+de+familles_Paperjam.jpg/577029a7-161c-4b77-9fbf-8382996b0a3d?t=1546952966313"/><br/> Banque de Luxembourg is collaborating with Maison Moderne to publish a book that tells the story of ten families with one thing in common: they are all pioneers in a saga of entrepreneurship. By Thierry Raizer - Paperjam June 2018<br/> <p>It takes many short stories to build a saga. That’s the main message of a work dedicated to ten family businesses that have deep roots in Luxembourg’s economic landscape and in the country’s wider growth. Over several generations, Histoires de Familles traces the epic stories of business leaders whose family and professional lives are closely intertwined. According to Philippe Depoorter, a member of Banque de Luxembourg’s management committee, “For them, there is a deep connection between the family and the business. The family model is applied to the business.” This is the second time this subject has been addressed in a collaboration between the Bank and doctor of anthropology and comparative sociology Abdu Gnaba. This time, they focus on the testimonies of current business leaders who have agreed to share their stories and talk about their experiences, family values and company milestones. The work looks beyond material property to consider company spirit. “We wanted to give concrete form to an intangible factor: the company spirit. This spirit encompasses the company’s values and vision, its way of working and its original intention,” says Abdu Gnaba.</p> <h3>Luxembourgish pragmatism</h3> <p>Many of these companies have existed since the beginning of the last century, and some even date back to the 1800s. They represent different sectors, ranging from finance to food, services and transport. “I see a connection between this celebration of their stories and the work we have been doing for the last ten years on business handovers - an activity which deals with the past, the present and the future,” says Depoorter. “The main link between them is heritage, in this case their intangible heritage.” Although each story is different, they all share a “Luxembourgish” pragmatism in creating, growing and passing on their legacy. As Depoorter sees it, “The Luxembourg approach revealed in these stories is neither to simply undergo the process nor to anticipate it. It is to adapt and add value as each new situation arises, and thus keep moving forward.” Change may sometimes be forced by tragic events like wars or by market requirements.</p> <h3>The example of Ulysses</h3> <p>“In Europe’s highly regulated environment, these leaders stand out as courageous people. From an anthropological point of view, they face a fundamental fear in our civilisation: the unexpected,” says Gnaba, “And yet they leap in without having full control in advance, because they can accept that they might make mistakes. They seek the right way forward, guided by their own common sense and intuition. There is no doubt that their actions are driven by a deep and unshakeable self-confidence.” The anthropologist compares them to an adventurer, like Ulysses, “who doesn’t strive to win but simply to reach his destination. This means looking outside themselves to discover their own identity.” As well as showing how these businesses have sustained their growth while contending with repeated technological developments, the book reveals a drive that is not always obvious in our culture. “We must stop seeing Luxembourg as just a small country with insignificant tales to tell,” says Depoorter, “There are great stories in this country, which is built on its past and on the DNA of its residents.” Gnaba adds, “The culture may be seen as very rural and rather conservative, but there is a real dynamic force that is understated and often unseen.” Although the business founder remains an important and respected figure, the book’s creators warn younger generations against nostalgia. “They must exercise their right to be innovative, to reclaim the story and develop a solid basis in invention and reinvention,” insists Depoorter. In other words, they are invited to continue these stories by adding new chapters while retaining and building on the family’s achievements.</p> <p><strong>SOURCE: Paperjam June 2018 - by Thierry Raizer</strong></p> MASQUER:BE MASQUER:BE Luxembourg Luxembourg Familles Familles Entrepreneurs Entrepreneurs Blog blnews Blog blnews Blog privé Blog privé https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/histoires-de-familles-famille-ernster Business family stories: the Ernster family https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/histoires-de-familles-famille-ernster Fri, 08 Jun 2018 11:48:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/Portrait+Ernster/5f7af83c-34ee-43f9-ad5a-609e987f60ca?t=1546952964377"/><br/> Banque de Luxembourg and Maison Moderne have published a book telling the stories of ten family businesses in Luxembourg.<br/> <p>The stories show how the country’s history has influenced the development of the businesses, as well as illustrating how these companies, and many others, have left their mark on the life and evolution of the Grand Duchy. Each one of these families has contributed its own page to the story of Luxembourg. Click below to discover their video profiles.</p> <h3>The Ernster family</h3> <div class="video-container"><iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/videoseries?list=PL6kWjOArsJjmBYqGhKqK5Ugn6gzQYLX4D&amp;index=2&amp;hl=en_EN&amp;rel=0" width="560"></iframe></div> &nbsp; <p><em>“Rue du Fossé. The address hasn’t changed since we opened, more than 125 years ago. Although you may not pay it much attention, the first thing you see when you open the door is the central staircase that connects the five floors of the city-centre bookshop. It has witnessed team meetings at its foot. It has heard many conversations: happy, heated, frivolous and strategic. Two generations of Ernsters have raced up its steps, two at a time."</em></p> <h3>Histoire de familles</h3> <p>A joint publication by Banque de Luxembourg and Maison Moderne.<br /> Available in bookshops and online at <a href="https://eshop.maisonmoderne.lu/">https://eshop.maisonmoderne.lu/</a></p> <p>172 pages, 49 euros</p> <h3>Find out more</h3> <p><a href="https://www.banquedeluxembourgnews.com/fr/bank/blnews/-/histoires-de-familles">https://www.banquedeluxembourgnews.com/en/bank/blnews/-/histoires-de-familles</a><br /> &nbsp;</p> <strong><img alt="" src="/documents/19605/71957/Giallombardo+Laura/a791394a-ec4f-436c-bb2e-f42a4cfefd0c?t=1531150822417" style="width: 100px; height: 100px; margin-right: 10px; margin-left: 10px; float: left;" />Laura Giallombardo</strong><br /> Next Gen Adviser<br /> <a href="mailto:laura.giallombardo@bdl.lu">laura.giallombardo@bdl.lu</a><br /> Tel: (+352) 499 24 3974 MASQUER:BE MASQUER:BE Luxembourg Luxembourg Familles Familles Blog blnews Blog blnews Blog privé Blog privé nl_bl_2018_07 nl_bl_2018_07 https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/entreprises-familiales-des-racines-au-luxembourg-un-pied-dans-le-monde Family businesses: roots in Luxembourg, a footing in the world https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/entreprises-familiales-des-racines-au-luxembourg-un-pied-dans-le-monde Wed, 19 Jun 2019 08:30:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/Histoire+de+famille/ca02cbfd-81f7-47c6-89e4-3ab43a57bc9b?t=1546952967843"/><br/> More than anywhere else, people in Luxembourg are defined by their homeland. Whether it's Vianden or Marnach, Walferdange or Remich, Esch or Dudelange, attachment to your home territory suggests a grounding in a traditional way of life and makes defending one's 'native land' a top priority.<br/> <h2>Culture, literally and figuratively</h2> <p>Knowing that the fruits of the earth can be reaped by whoever cultivates it, literally and figuratively. economic development and adapting the landscape go hand in hand. At the end of the 1960s, Luxembourg underwent significant development and prepared to expand by acquiring several buildings around Boulevard Royal, then in Rue Aldringen, where work to construct a new building began in 1968.</p> <h2>Symbolic importance of new and refurbished buildings</h2> <p>Notable landmarks include Ernster’s city-centre bookshops, the Grosbusch depots in Ellange, and the Bernard-Massard building adorned with Luxembourg flags, which has taken pride of place in the centre of Grevenmacher for nearly 100 years. One of the most spectacular interactions between entrepreneurs and the environment is undoubtedly the rehabilitation of the Grund under the stewardship of Georges Lentz since the mid-1970s. Although the brewery is no longer sited on the banks of the Alzette, the family house is still there and the entrepreneur has worked hard to transform a neglected area into a site of exceptional note, acclaimed by tourists and residents alike.</p> <h2>Geographic roots and respect for the surroundings</h2> <p>In that Luxembourg is the centre of economic activity expanding well beyond its borders, respect for the land is a pillar of the country’s identity. The ground on which these economic activities are based is also historic. It is striking to see the extent to which the country is invested – not just with memories but especially with intentions, ambitions, hopes and affection. Voyages Emile Weber, for example, was set up in 2009 on the very site where the family’s ancestors cultivated their orchard. They have turned it into an economic activity which respects the surroundings, the landscape and its identity. The building sits comfortably in the natural surroundings, with ecologically-sourced materials inoffensively providing the backdrop for its development.</p> <h2>Companies taking Luxembourg into the international arena</h2> <p>Awareness of the limitations of the national market has driven some companies to gradually extend their sphere of activity beyond the borders of the Grand Duchy. Bofferding is drunk in the Grande Région, while Grosbusch fruits and vegetables have found a new market in the Sarre. Bernard-Massard wines are sold not only in Belgium, France and Germany, but also in Canada and Finland. As Charles Krombach from the company Heintz van Landewyck says: “Our entire history is conditioned by the politics of the country and Europe. Given the rigours of the country’s geography and the limited potential of our domestic market, we have had to look further afield.” This expansionist movement has naturally evolved in tandem with the interests of rising generations. As they travel the world, the ‘next gen’ increasingly see their future looking outwards from Luxembourg.</p> <h2>Histoires de Familles</h2> <p>Banque de Luxembourg and the publishing house <i>Maison Moderne</i> have produced a book tracing the history of ten Luxembourg business families, Reading these stories shows how much the history of the country has influenced the course of these businesses, and how they, in their turn and along with many others, have shaped the life and evolution of the Grand Duchy.<br /> Available from bookshops and online from <a href="http://eshop.maisonmoderne.lu">eshop.maisonmoderne.lu</a></p> <div class="video-container"><iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/videoseries?list=PL6kWjOArsJjmBYqGhKqK5Ugn6gzQYLX4D&amp;index=0&amp;hl=en_US&amp;rel=0" width="560"></iframe></div> <h2>For more information, contact</h2> <div class="contact"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/205027/339728/C+SunnenBLLportrait.jpg-vignette/0deee9a7-5f3b-42e2-917a-bda1266bddc6?t=1548169731057" /></div> </div> <div class="contact_person"> <div class="contact_person_name">Charles Sunnen</div> <div class="contact_person_title">Business &amp; Next Gen Adviser</div> <div class="contact_person_tel"><a href="tel:+352499243061">(+352) 49 924 3061</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=304&amp;lang=en">Contact me</a></div> </div> </div> </div> MASQUER:BE MASQUER:BE Blog blnews Blog blnews https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/nouveautes-fiscales-belges-quels-impacts-pour-votre-declaration-fiscale- Déclaration fiscale belge : exonération partielle du précompte mobilier sur dividendes https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/nouveautes-fiscales-belges-quels-impacts-pour-votre-declaration-fiscale- Tue, 04 Jun 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/taxes-BE-precompte-mobilier+%282%29.jpg/820129ab-7ee1-4906-bc46-38eea226852f?t=1561038430529"/><br/> Le législateur belge a instauré l'exonération d'une première tranche de 640 euros sur certains dividendes. Quels dividendes sont concernés par cette exonération ? Qui peut bénéficier de cette exonération et comment obtenir l'avantage fiscal ? Et quelles autres nouveautés fiscales impactent votre déclaration fiscale 2019 (taxes sur les comptes-titres, etc.) ?<br/> <h2>Récupération du précompte mobilier afférent à la première tranche de 640 euros de dividendes ordinaires d'actions ou parts</h2> <p>La loi-programme du 25 décembre 2017 intègre toute une série de mesures destinées à soutenir l'économie réelle, notamment en stimulant les investissements directs en actions. À cet effet, le législateur belge a instauré l'exonération d'une première tranche de 640 euros sur les dividendes ordinaires versés par des sociétés belges ou étrangères.</p> <h2>Quels sont contribuables pouvant bénéficier de cette exonération&nbsp;?</h2> <p>Tout contribuable assujetti à l'impôt des personnes physiques en Belgique est éligible.</p> <h2>Quels sont les dividendes concernés&nbsp;?</h2> <p><strong>Sont inclus</strong></p> <p>L'exonération ne porte que sur les dividendes ordinaires provenant d'actions de sociétés belges ou étrangères, en incluant les dividendes versés par les sociétés immobilières réglementées (SIR).</p> <p><strong>Sont exclus</strong></p> <ul> <li>Les remboursements du capital social, de la prime d'émission, de certificats d'actions ou de parts bénéficiaires ainsi que les boni de liquidation ou de rachat, qui, d'un point de vue fiscal, sont assimilés à des dividendes, ne sont pas considérés comme des dividendes ordinaires et ne peuvent pas bénéficier de cette exonération.</li> <li>Les dividendes versés par les organismes de placement collectif telle une SICAV ou encore les dividendes par l'intermédiaire d'un fonds commun de placement sont également exclus du bénéfice de l'avantage fiscal.</li> <li>Les dividendes versés par ou perçus par l'intermédiaire d'une construction juridique (et donc imposable par transparence dans le chef de l'investisseur en application de la taxe caïman) ne rentre pas non plus dans le champ d'application de cette exemption.</li> </ul> <h2>Quel est le montant de l'avantage fiscal&nbsp;?</h2> <p>Pour les revenus de l'année 2018 (exercice d'imposition 2019), la tranche exemptée d'impôt est limitée à 640 euros par contribuable et par an. Si on tient compte qu'un dividende est normalement assujetti à un précompte mobilier calculé au taux de 30 %, cela correspond à un gain fiscal effectif de <strong>192 euros par an et par contribuable</strong>.</p> <p>Le montant de l'avantage fiscal vaut pour chaque contribuable. Dans le chef d'un couple détenant ensemble des investissements directs en actions, chaque partenaire sera éligible à une exonération sur la première tranche de 640 euros de dividendes ordinaires, représentant donc ainsi une économie fiscale de <strong>384 euros au niveau du couple</strong>.&nbsp;</p> <p>Pour l'année 2019 (exercice d'imposition 2020), la tranche exonérée sera portée à 800 euros, ce qui représente un avantage fiscal de 240 euros par an et par contribuable.</p> <h2>Comment récupérer cette taxe&nbsp;? Quelles autres nouveautés fiscales impactent votre déclaration fiscale belge 2019&nbsp;?</h2> <p>Plus de détails dans la brochure explicative ci-jointe&nbsp; :</p> <div class="ligneSeparation only-lu only-de only-autres only-europe"> <div> <div class="linkto pdf"><a class="download-document" href="/BLPortlets-portlet/bankServlet/GedGetFileServiceSvt/pdf/Notice%20sur%20la%20récupération%20du%20précompte%20mobilier%20belge%20-%20FR%20-%2004.06.2019.pdf?docname=Notice+sur+la+récupération+du+précompte+mobilier+belge&amp;lang=FR&amp;typeRequest=getFileFast&amp;documentId=305858381115A164122B771B5112292199348604F899B243426569A69B0380248CB5C8B1CE6866CAFB31234B8D72CDC7C6CD1FB3E939166B37E0FC8B22549F33C1755B849FE7B80B81284E9A5DC25264&amp;wmDocName=&amp;format=pdf" target="_blank"> <div class="linkto_container"> <div class="linkto_title">Notice sur la récupération du précompte mobilier belge</div> </div> </a></div> </div> </div> <div class="ligneSeparation only-be"> <div>&nbsp;&nbsp; <div class="linkto pdf"><a class="download-document" href="/BLPortlets-portlet/bankServlet/GedGetFileServiceSvt/pdf/Notice%20sur%20la%20récupération%20du%20précompte%20mobilier%20belge%20-%20FR%20-%2017.06.2019.pdf?docname=Notice+sur+la+récupération+du+précompte+mobilier+belge&amp;lang=FR&amp;typeRequest=getFileFast&amp;documentId=1D3824A0441FB1CB2869FDCF30ADFFE006F1AE00BB13D5E11C33D5CAC133C83D57CC5AF9672AB215E173D5F72B92C3D917B245A2B24E4BD7DDDD0CDEACB4A3740DA2FE26F186A166E4B95181BBCF332E&amp;wmDocName=&amp;format=pdf" target="_blank"> <div class="linkto_container"> <div class="linkto_title">Notice sur la récupération du précompte mobilier belge</div> </div> </a></div> </div> </div> <p>Nos conseillers, entourés de nos experts en ingénierie patrimoniale, sont à vos côtés pour évaluer et aborder les impacts des nouveautés fiscales sur votre situation personnelle.</p> <p><strong>Contactez votre conseiller de banque privée.</strong></p> Transmission Transmission Blog blnews Blog blnews Blog privé Blog privé https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/obligations-des-pays-emergents-un-choix-risque-par-nature-ou-un-moyen-de-diversifier-son-portefeuille- Emerging market bonds: an inherently risky choice? Or a means of portfolio diversification? Gina Kogelschatz Gina Kogelschatz https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/obligations-des-pays-emergents-un-choix-risque-par-nature-ou-un-moyen-de-diversifier-son-portefeuille- Fri, 07 Jun 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/Emerging-Markets.jpg/5e6c2917-c222-4f06-8d9b-b3567c9aa4e5?t=1558946268403"/><br/> There is a widely held belief that emerging market corporate bonds necessarily imply higher risk for investors. Many investors indeed feel more comfortable investing in their country of residence or close to their home country, as Warren Buffett mentioned in an interview in the Financial Times [1].<br/> <h2>Developed countries versus emerging markets</h2> <p>Admittedly, the developed bond markets in North America, Western Europe and Japan offer a more stable infrastructure: rule of law and a well-implemented set of regulations including competition law, company insolvency law and financial conduct supervision. It is only natural that investors have doubts on the trustworthiness of corporate issuers operating in the emerging economies (encompassing Latin America, Middle East &amp; Africa, Central &amp; Eastern Europe and Asia excluding Japan).</p> <h2>A less unstable equation than might be expected</h2> <p>The capacity of EM companies to honour their debt often proves to be higher than expected. In the last two years, the corporate default rate in emerging economies has been lower than in the United States: the high-yield issuer default rate was at 1.87% in the US in year-end 2018, whereas it remained at 1.6% in overall emerging countries in the same period [2]. In the Middle East and Africa, the figure even fell below average, at under 0.1%. This trend continued into the first quarter of 2019, with an extremely low default rate of 0.5% for EM speculative grade corporate bond issuers [3]. In contrast, the biggest corporate defaults by volume have happened in the United States.</p> <p>To mention only a few: Toys ‘R’ Us, iHeartCommunications and Sears Holding have filed for Chapter 11 bankruptcy protection. This phenomenon is due to the fact that 64.6% of all global corporate debt consists of bonds and leveraged loans issued by US companies [4]. In fact, more than 45% of US GDP comprises corporate debt issued by non-financial sector companies [5]. According to a report published by BCA Research [6], the growth rate of corporate debt was highest in the United States in 2018, which could pose serious risks for the economy. The deteriorating indicators of corporate fundamentals and financial risk-taking even point to late-cycle dynamics, failing to engage in long-term capital spending [7].</p> <h2>Emerging market companies’ fundamentals prove their credit quality</h2> <p>Corporate bonds issued by emerging market companies are not intrinsically riskier than those issued by sector peers in the developed part of the world. Nevertheless, the close relationship between sovereign credit rating and the credit rating of a company based in that specific country raises a question: why do the credit ratings of emerging market corporates diverge to a higher extent than their developed-market peers? The explanation is simple. They move in synchronization with the sovereign credit rating of the country of domiciliation.</p> <p>The sovereign credit rating even determines the scale of ratings upgrades or downgrades. For instance, more than five Turkish corporate issuers saw their ratings downgraded to BB- in the aftermath of the ratings downgrade on the Turkish sovereign. On the other hand, some corporate issuers have received higher ratings than those of their domicile. Such is the case for Emirates Telecommunications Group, rated AA- by S&amp;P [8] (Aa3 by Moody's), above the sovereign rating of the United Arab Emirates.</p> <p>The positive credit assessment is mostly based on the excellence of its financial metrics, especially the low leverage ratio, the ample interest coverage and significant cash on the balance sheet. The group also offers the competitive advantage of generating cash flow in several countries where it operates outside its home country, such as Morocco, Egypt, Pakistan and the Central Africa region.</p> <p>This demonstrates that a company operating in emerging markets can post financial health that is as solid as its competitors in developed markets.</p> <h2>Higher spreads – drawback of emerging market bonds</h2> <p>Even so, every rose has its thorn. Investors have to accept higher credit spreads when buying bonds issued by companies whose parent group is located in an emerging market. Credit spreads represent the difference between the yield on a low-risk bond and the yield on a corporate bond. A big difference (or high spread) means a greater credit risk but also a higher return for the bond in question.</p> <p>According to a report published by the J.P. Morgan credit research department [9], A-rated corporate bonds from EM issuers tend to have spreads 29 to 50 basis points above equivalent bonds issued in the United States, all other things being equal (‘<i>pari passu</i>’). This observation could be due to the fact that financial markets factor in the liquidity issue for emerging markets in their pricing. In addition, the higher the credit rating, the narrower the spreads to sector peers in the same ratings basket. This explains the significant level of spreads on high-yield debt issued by emerging market companies.</p> <p>The ultimate parent company’s country of domiciliation also plays a role: for instance, Russian corporates with the lowest investment grade, BBB-, display wider spreads ranging from 95 to 106 basis points to the US issuers in the same sector. This takes into account geopolitical risks on top of the counterparty credit risks, such as the impact of US sanctions on the Russian economy. Lastly, in some sectors, such as banking and financial services, EM issuers post higher spreads (over 100 basis points) than their US counterparts with the same credit rating.</p> <p>In conclusion, it is of little practical value to believe that EM corporate bonds do not comprise a safe asset class. An exhaustive credit assessment of emerging market credit can enhance the degree of diversification in an investment portfolio.</p> <p class="footnote">&nbsp;<br /> [1] The Financial Times, Weekend Long Reads, 25/04/2019<br /> <a href="https://www.ft.com/content/40b9b356-661e-11e9-a79d-04f350474d62">https://www.ft.com</a><br /> <br /> [2] J.P. Morgan Credit Research, EM Corporate Default Monitor, 04/04/2019 <a href="https://markets.jpmorgan.com/#research.publication_page&amp;publicationId=9001430">https://markets.jpmorgan.com</a><br /> <br /> [3] S&amp;P Capital IQ, S&amp;P Global Ratings, Credit Trends Report, 15/04/2019<br /> <a href="https://www.capitaliq.com/CIQDotNet/CreditResearch/SPResearch.aspx?&amp;DocumentId=41385845&amp;From=SNP">https://www.capitaliq.com</a><br /> <br /> [4] J.P. Morgan Credit Research, Default Monitor, 02/01/2019<br /> <br /> [5] BCA Research, Special Report on the risk from U.S. Corporate Debt : Theory and Evidence by Ryan Swift, 23/04/2019<br /> <br /> [6] idem.<br /> <br /> [7] The Financial Times, Corporate America is failing to invest, Gillian Tett, 11/04/2019<br /> <a href="https://www.ft.com/content/960ec8ec-5c36-11e9-9dde-7aedca0a081a">https://www.ft.com</a><br /> <br /> [8] S&amp;P credit rating report, Emirates Telecommunications Group Company, 11/06/2018<br /> <br /> [9] EM vs. US HG Relative Value Report, 22/04/19, by Eric Beinstein &amp; Yang-Myung Hong <a href="https://markets.jpmorgan.com/#research.article_page&amp;action=latest&amp;publicationId=9000908">https://markets.jpmorgan.com</a></p> https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/gerer-son-patrimoine-les-10-regles-d-or Managing your wealth: the 10 golden rules https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/gerer-son-patrimoine-les-10-regles-d-or Wed, 22 May 2019 10:09:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/regel-or.jpg/abcaebee-30a8-4dea-a5d3-55e7d6ee4c24?t=1558705691243"/><br/> There are certain key principles to respect if you wish to ensure the efficient management of your assets over the long term. In this article we review the 10 golden rules you should follow to help you navigate the financial markets.<br/> <h3>1 / Define your investor profile</h3> <p>To define the profile, you need to distinguish between your capacity to take risk and your willingness to take risk.<br /> Your willingness will be down to your individual perception, a function of your own degree of aversion to risk, whereas your capacity to take risks will depend on three criteria linked to your situation: your investment horizon (the time factor), the extent of your wealth, and future spending related to your plans.</p> <h3>2/ Construct a diversified portfolio tailored to your risk profile</h3> <p>Diversifying your portfolio will enable you to reduce the risk borne by the portfolio overall. Diversification can be geographic or by asset class (equities, bonds etc.). A well-diversified portfolio is better equipped to withstand crisis periods than one invested in a single asset class.</p> <h3>3/ Adjust your portfolio for each major stage in your life</h3> <p>You have to adjust the composition of your assets to your life and situation. For example, it is better not to invest the money you will need to finance the purchase of your home in the next year in equities. On the other hand, significant exposure to equities is appropriate if you have your life before you.</p> <h3>4/ Invest for the long term</h3> <p>Investing for the long term helps smooth out market ups and downs and limit the impacts of the inevitable crises along the way.</p> <h3>5/ Stay invested rather than try to anticipate the market</h3> <p>Anticipating the market can be very chancy. Selling off positions when you expect a market downturn also entails the risk of losing the profit when prices go up in the future or missing the best time to get back into the market. Staying invested also means you can continue to derive the benefit of reinvesting dividends.</p> <h3>6/ Invest regularly</h3> <p>This is the only way to build up wealth over the long term: you can average out the purchase price if you invest during both and up and down phases on the markets.</p> <h3>7/ Control your emotions</h3> <p>Emotions are the worst enemy of investors, making them feel they have to act in uncomfortable or unexpected situations.</p> <h3>8/ Keep reasonable expectations for yield</h3> <p>The expectations for yield must be measured, bearing in mind that years of above-average yield may be followed by negative years.</p> <h3>9/ Be wary of fashionable trends and successful stocks</h3> <p>Following fashionable trends and investing in successful stocks is a sure way of being exposed to the risk of a definitive capital loss.</p> <h3>10/ Understand your investments</h3> <p>It is vital to invest in solutions that you understand and to avoid over-complex products. You must choose quality stocks as, even though they can suffer a temporary loss, they will not fail in the long run. Furthermore, you must not pay too much for them as the price paid determines the future return of any investment.<br /> &nbsp;</p> <form action="/en/bank/bl/approche-d-investissement" method="get"><button class="btn style3 plus">Find out more about our investment approach</button></form> <!-- CONTACT LANGUE ANGLAISE --> <h2>Let’s discuss how we can help you</h2> <div class="contact only-lu"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/205027/339728/L+CaloBLLportrait.jpg-vignette/da021eca-1ff2-4bdd-a60f-77ab899bdf43?t=1548169674723" /></div> </div> <div class="contact_person"> <div class="contact_person_name">Loraine Calo</div> <div class="contact_person_title">Private Banking adviser</div> <div class="contact_person_tel"><a href="tel:(+352)499242201">(+352) 49 924 2201</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=304&amp;lang=en">Contact me</a></div> </div> </div> </div> <div class="contact only-be"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/205027/339709/S+DehenainBLBEportrait.jpg-vignette/a207ee46-ec4b-455d-ba14-4c97301cfef3?t=1548169931837" /></div> </div> <div class="contact_person"> <div class="contact_person_name">Stéphane DEHENAIN</div> <div class="contact_person_title">Senior Private Banker</div> <div class="contact_person_tel"><a href="tel:+32(0)26634568">+32 (0) 2 663 45 68</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=304&amp;lang=en">Contact me</a></div> </div> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/205027/339709/Calque+9BLBEportrait.jpg-vignette/d8ae4894-b0c4-4ba4-a7f6-df9c03ca94ca?t=1548169953790" /></div> </div> <div class="contact_person"> <div class="contact_person_name">Amélie Schreiber</div> <div class="contact_person_title">Senior Private Banker</div> <div class="contact_person_tel"><a href="tel:+32(0)26634554">+32 (0) 2 663 45 54</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=304&amp;lang=en">Contact me</a></div> </div> </div> </div> <div class="contact only-de"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/205027/388945/P+HebeischDE_portrait_.jpg-vignette/5cf26a50-62f9-4c84-bdab-0406bb1d1327?t=1548666937640" /></div> </div> <div class="contact_person"> <div class="contact_person_name">Patricia HEBISCH</div> <div class="contact_person_title">Private Banking adviser</div> <div class="contact_person_tel"><a href="tel:+(352)499243744">(+352) 49 924 3744</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=304&amp;lang=en">Contact me</a></div> </div> </div> </div> <div class="contact only-europe"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/205027/339728/A+da+Silva+BarbosaBLLportrait.jpg-vignette/0016de49-99d4-4018-98be-a0cacb275223?t=1548169716057" /></div> </div> <div class="contact_person"> <div class="contact_person_name">Abel Da Silva&nbsp;</div> <div class="contact_person_title">Private Banking adviser</div> <div class="contact_person_tel"><a href="tel:+352499243970">(+352) 49 924 3970</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=304&amp;lang=en">Contact me</a></div> </div> </div> </div> <div class="contact only-autres"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/205027/339728/M+da+Silva+OliveiraBLLportrait.jpg-vignette/a3dc09be-b63b-43f3-861b-8b66b8017619?t=1548169681380" /></div> </div> <div class="contact_person"> <div class="contact_person_name">Marco oliveira</div> <div class="contact_person_title">Private Banking Adviser</div> <div class="contact_person_tel"><a href="tel:+352499243386">(+352) 49 924 3386</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=304&amp;lang=en">Contact me</a></div> </div> </div> </div> Investir Investir Blog blnews Blog blnews Blog privé Blog privé https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/impot-sur-la-fortune-immobiliere-ifi-quels-impacts-fiscaux-pour-les-residents-luxembourgeois- Real estate assets in France: what are the implications of the new France-Luxembourg tax treaty? https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/impot-sur-la-fortune-immobiliere-ifi-quels-impacts-fiscaux-pour-les-residents-luxembourgeois- Tue, 18 Jun 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/IFI_1/d330d699-815e-4dba-b724-dc13c73b0619?t=1558423742073"/><br/> You are a Luxembourg resident and have real estate assets in France (second home, rental investments, land, etc.). How will the introduction of the real estate wealth tax (since 1 January 2018) and the new France-Luxembourg treaty (due to enter into force on 1 January 2020) affect you?<br/> <h2>Taxation in the country where the real estate is located</h2> <p>Even if the new France-Luxembourg treaty has not yet been ratified by Luxembourg (as at May 2019) it will in all likelihood enter into force on 1&nbsp;January 2020.</p> <p>Article&nbsp;21 of the treaty provides that real estate assets are taxable in the State where they are located.</p> <ul> <li>Real estate assets held in France by a Luxembourg tax resident are therefore taxable in France.</li> <li>The other components of an individual’s personal wealth are taxable in that person’s country of residence. A securities portfolio composed of French securities held by a Luxembourg resident&nbsp;will therefore be taxable in Luxembourg where individuals are no longer subject to wealth tax.</li> </ul> <div class="linked-article"><a href="/en/bank/bl/blog/-/blogpost/impot-sur-la-fortune-immobiliere-ifi-quelles-sont-les-principales-regles-qui-regissent-cet-impot-"> <div class="linked-article-style1"> <div class="linked-article-wrapper"> <div class="linked-article-arrow">&nbsp;</div> <div class="linked-article-content"> <div class="linked-article-title">Real estate wealth tax (IFI)</div> <div class="linked-article-text">What are the main rules that govern this tax?</div> </div> </div> <div class="linked-article-image square"><img src="/documents/19605/301498/vignette-IFI_2/ce37ff55-1758-442c-87ad-71253325e62a?t=1558424945983" /></div> </div> </a></div> <h2>Taxation of company shares, in particular shares in an SCI (real estate investment company)</h2> <p>The France-Luxembourg treaty does not specifically address the case of “company shares”, meaning that various interpretations are possible. We will be discussing real estate investment companies (SCI). The other types of companies may also be&nbsp;analysed in the same way (SA (public limited company), SARL (private limited company), etc.).</p> <ol style="margin-top: 15px;"> <li>A first interpretation consists in considering that <strong>SCI shares are movable assets</strong> and not immovable assets. SCI shares are not in themselves immovable assets since they represent only the proportion of the real estate assets and rights held by the SCI that is taxed.</li> <li>A second interpretation takes account of <strong>the company’s tax regime</strong>: <strong>fiscally transparent</strong><sup>1 </sup> (meaning that such an SCI does not have a tax personality separate from that of its shareholders) or <strong>fiscally opaque</strong> (meaning that such an SCI, although not subject to corporate tax, does not meet the conditions of fiscal transparency). In the case of a <strong>transparent company</strong>: the tax treatment would be based&nbsp;on the real estate: The Luxembourg resident <strong>would therefore</strong> be taxed on the French real estate held via the SCI. With an opaque <strong>SCI</strong>, the tax treatment would be based on the shares: France would therefore <strong>not have a right of taxation</strong>.</li> <li>A final interpretation consists in treating <strong>SCI shares as real estate for tax purposes</strong> (for the proportion of the representative value of the real estate held), in which case they are taxable in the State where said real estate is located. On that basis, a <strong>Luxembourg resident</strong> would be <strong>liable for the IFI</strong> on his or her&nbsp;real estate assets<sup>2&nbsp; </sup>held in France&nbsp;via an SCI. This point of view reflects in particular the reservation made by France in the 2017 OECD model convention, which has been used as the basis for the new France-Luxembourg treaty. France thus indicated that it wanted shares in companies investing predominantly in real estate not to be considered as another component of personal wealth (and therefore, by extension, that they should be treated as real estate). It is not easy to establish the scope of this reservation because, in particular, the concept of “investing predominantly” (where more than 50% of the company’s assets are real estate) is irrelevant for the real estate wealth tax&nbsp;<sup>2 </sup>(where the real estate component is taken into account regardless of its proportion).</li> </ol> <h2>How can you best assess the impact of these new tax measures on your personal situation?</h2> <p>Which of these three interpretations of the France-Luxembourg treaty should be followed? There are two possible options and approaches:</p> <ul> <li>Ask the tax authorities for an advance ruling in order to ascertain how they interpret the application of the rules in relation to your personal situation. It is possible that the tax authorities may opt for the last interpretation.</li> <li>Circumvent the issue (i.e. less than EUR&nbsp;1.3 million of net real estate assets) by taking advantage of the provisions of French domestic law.</li> </ul> <p><em>Article co-signed by Anne-Lise Grandjean, Luxembourg tax specialist, and Romain Biron, French tax specialist.</em></p> <p>&nbsp;</p> <h3>For more information, please contact our advisers who can also put you in touch with our financial engineering and wealth planning experts to assess the implications for your personal situation.</h3> <p>&nbsp;</p> <div class="contact" style="margin: 0px !important;"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/10184/357465/Peggy+DamgeBL_Portait.jpg-vignette/238a26f4-c831-4e30-8e9f-099e522f6f6b?t=1553766982177" /></div> </div> <div class="contact_person"> <div class="contact_person_name">PEGGY DAMGÉ</div> <div class="contact_person_title" data-lorem="3-4w">Private banking Adviser</div> <div class="contact_person_tel"><a href="tel:+352499243726">(+352) 49 924 3726</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=304&amp;lang=en">Contact me</a></div> </div> <!--item end--></div> </div> <p><span style="font-size: 14px;"><sup>1 </sup> Article&nbsp;1655&nbsp;ter of the French General Tax Code<br /> <sup>2 </sup> The Real Estate Wealth Tax (“IFI”) applies to French residents having real estate assets in excess of EUR&nbsp;1.3 million net and French non-residents having real estate assets “in France” in excess of EUR&nbsp;1.3 million net (subject to double taxation conventions).</span></p> MASQUER:BE MASQUER:BE Immobilier Immobilier Blog blnews Blog blnews Blog privé Blog privé https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/impot-sur-la-fortune-immobiliere-ifi-quelles-sont-les-principales-regles-qui-regissent-cet-impot- Real estate wealth tax (IFI): what are the main rules governing this tax? https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/impot-sur-la-fortune-immobiliere-ifi-quelles-sont-les-principales-regles-qui-regissent-cet-impot- Tue, 18 Jun 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/IFI_2/ad24eb81-331f-4877-8806-bbddd6d61735?t=1558424944390"/><br/> In France, since 1 January 2018, the real estate wealth tax (IFI) has replaced the solidarity tax on wealth (ISF). Who is subject to this tax? What assets are taken into account? What types of debt are deductible? Let us look at the main rules governing this tax.<br/> <h2>Real estate assets</h2> <p>The real estate wealth tax (IFI) applies to French residents having real estate assets of more than EUR&nbsp;1.3 million net, limiting the annual taxation of wealth solely to real estate assets. Under certain conditions, Luxembourg residents may also be subject to the IFI on real estate assets held by them in France. The IFI also applies to French non-residents having real estate assets in France in excess of EUR 1.3 million net. This is not really ground-breaking since, under the previous ISF regime, Luxembourg residents were already potentially liable for an annual tax payment based solely on their real estate assets in France.</p> <div class="linked-article"><a href="/en/bank/bl/blog/-/blogpost/impot-sur-la-fortune-immobiliere-ifi-quels-impacts-fiscaux-pour-les-residents-luxembourgeois-"> <div class="linked-article-style1"> <div class="linked-article-wrapper"> <div class="linked-article-arrow">&nbsp;</div> <div class="linked-article-content"> <div class="linked-article-title">Real estate assets in France</div> <div class="linked-article-text">What are the implications of the new France-Luxembourg tax treaty?</div> </div> </div> <div class="linked-article-image square"><img src="/documents/19605/301498/vignette-IFI_1/602c509c-2a6c-4cb8-bc28-722ac84fc929?t=1558423743807" /></div> </div> </a></div> <h2>Tax household taken into account</h2> <p>The France-Luxembourg treaty designates the State having the right of taxation. The taxation rules are those of domestic law.</p> <p>The IFI is based on the tax household: this means the assets of the couple (including simple cohabitees) and their children must be added together. For Luxembourg residents, only assets located in France are taken into account.</p> <h2>Types of assets&nbsp;taxable</h2> <p>The tax liability trigger level is EUR&nbsp;1.&nbsp;3 million of net real estate assets at 1&nbsp;January.</p> <p>The following assets are taken into account in the basis of calculation&nbsp;:</p> <ul> <li>Real estate assets (apartments, buildings, houses, land, etc.);</li> <li>Some real estate rights (in the case of usufruct, the usufructuary has sole IFI liability for the full ownership value of the asset);</li> <li>Company shares (including those held via a life insurance policy) for the real estate portion thereof (with a few exceptions, such as real estate allocated to an operational activity or participating interests of less than 10% in investment funds having less than 20% of their assets invested in real estate).</li> </ul> <h2>IFI rates</h2> <p>The real estate wealth tax (IFI) is calculated by applying a progressive scale to the taxable net real estate assets.</p> <table class="table-style1"> <thead> <tr> <th style="text-align: left;">Taxable net value</th> <th style="text-align: left;">Applicable rate</th> </tr> </thead> <tbody> <tr> <td>Up to EUR&nbsp;800,000</td> <td>0%</td> </tr> <tr> <td>EUR&nbsp;0.8 million to 1.3 million, inclusive</td> <td>0.50%</td> </tr> <tr> <td>EUR&nbsp;1.3 million to 2.57 million, inclusive</td> <td>0.70%</td> </tr> <tr> <td>EUR&nbsp;2.57 million to 5 million, inclusive</td> <td>1%</td> </tr> <tr> <td>EUR&nbsp;5 million to 10 million, inclusive</td> <td>1.25%</td> </tr> <tr> <td>Above EUR 10 million</td> <td>1.50%</td> </tr> </tbody> </table> <h2>Calculation of the real estate’s net value and possible deductions</h2> <p>The real estate’s net value is obtained by subtracting debt existing on assets taxable under the IFI from the real estate’s gross value (i.e. the asset’s estimated market value). However, the deductibility of debt is subject to some rules:&nbsp;</p> <ul> <li>The tax deductibility of bullet loans depends on their maturity, with a limit of 20 years (this limits also applies to loans with no maturity date). Only half of a 10-year bullet loan will be deductible after five years.</li> <li>In the case of loans financing taxable assets in excess of EUR&nbsp;5 million only 50% of the portion that exceeds 60% of the asset’s value is deductible. A loan of EUR&nbsp;8 million financing a real estate asset with a value of EUR&nbsp;10 million is fully deductible up to EUR&nbsp;6 million&nbsp;(60% of the asset’s value).</li> </ul> <h2>Restrictions on the deduction of some types of debt</h2> <ul> <li>Family loans are only deductible if they are made under normal lending conditions (date, term, interest rate, etc.);</li> <li>Loans taken out by companies for the acquisition of an asset belonging to a shareholder are not deductible unless their objective is not based mainly on tax considerations;</li> <li>Shareholder loans provided after 2018 (these were not deductible for non-residents under the ISF regime) unless their objective is not based mainly on tax considerations;</li> <li>Loans provided by a company controlled by the shareholder of an entity unless their objective is not based mainly on tax considerations;</li> <li>Loans provided by a member of the family of an entity’s shareholder unless they are made under normal lending conditions (date, term, interest rate, etc.);</li> </ul> <p><em>Article co-signed by Anne-Lise Grandjean, Luxembourg tax specialist, and Romain Biron, French tax specialist.</em></p> <p>&nbsp;</p> <h3>For more information, please contact our advisers who can also put you in touch with our financial engineering and wealth planning experts to assess the implications for your personal situation.</h3> <p>&nbsp;</p> <div class="contact" style="margin: 0px !important;"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/10184/357465/Peggy+DamgeBL_Portait.jpg-vignette/238a26f4-c831-4e30-8e9f-099e522f6f6b?t=1553766982177" /></div> </div> <div class="contact_person"> <div class="contact_person_name">PEGGY DAMGÉ</div> <div class="contact_person_title" data-lorem="3-4w">Private banking Adviser</div> <div class="contact_person_tel"><a href="tel:+352499243726">(+352) 49 924 3726</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=304&amp;lang=en">Contact me</a></div> </div> <!--item end--></div> </div> MASQUER:BE MASQUER:BE Immobilier Immobilier https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/tordre-le-cou-aux-idees-recues-sur-la-gestion- Discretionary portfolio management: tackling preconceived ideas https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/tordre-le-cou-aux-idees-recues-sur-la-gestion- Fri, 14 Dec 2018 16:21:00 +0100 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/Idees+recues+question.png/84a2b3e0-5a3d-4b80-87fd-60806f924948?t=1547216372593"/><br/> While a growing number of clients have entrusted us with the management of their portfolios, others still believe that discretionary management is opaque, complex, not efficient enough, or too expensive.<br/> <p>Find out what our advisers have to say in these videos.</p> <div class="video-container"><iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" scrolling="no" src="https://www.youtube.com/embed/99uxQEHnFIU" width="560"></iframe></div> <p>&nbsp;</p> <div class="video-container"><iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" scrolling="no" src="https://www.youtube.com/embed/5FC6MjO_X1A" width="560"></iframe></div> <p>&nbsp;</p> <div class="video-container"><iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" scrolling="no" src="https://www.youtube.com/embed/7v6FbMlVfBs" width="560"></iframe></div> <p>&nbsp;</p> <div class="video-container"><iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" scrolling="no" src="https://www.youtube.com/embed/oVvdSlTLA-0" width="560"></iframe></div> <p>&nbsp;</p> <div class="video-container"><iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" scrolling="no" src="https://www.youtube.com/embed/G-_jAwGIe_g" width="560"></iframe></div> <p>&nbsp;</p> <div class="video-container"><iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" scrolling="no" src="https://www.youtube.com/embed/brUMpSd5jUI" width="560"></iframe></div> <p>&nbsp;</p> <div class="video-container"><iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" scrolling="no" src="https://www.youtube.com/embed/oDKNikAswBk" width="560"></iframe></div> <p>&nbsp;</p> <div class="video-container"><iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" scrolling="no" src="https://www.youtube.com/embed/nlyzSppsB50" width="560"></iframe></div> <p>&nbsp;</p> <p>Entrusting us with the management of your assets frees you from the constraints of managing your portfolio on a daily basis. You'll also benefit from a responsible and proven investment strategy.&nbsp;This approach lets you pursue your projects with total peace of mind.</p> <p>&nbsp;</p> <p><b>To find out more about discretionary management at Banque de&nbsp;Luxembourg, take a look at our interview with Damien Petit, Head of Private Banking Investments.</b></p> <div class="video-container"><iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" scrolling="no" src="https://www.youtube.com/embed/gqIoC_9Kwjc" width="560"></iframe></div> <form action="https://www.banquedeluxembourg.com/en/bank/corporate/investment-solutions" method="get"><button class="btn style3 plus">Find out more about discretionary management</button></form> <form action="https://www.banquedeluxembourg.com/event/campagne-idees-contact-lu" method="get"><button class="btn style1">Talk to an adviser</button></form> Luxembourg Luxembourg Belgique Belgique Corporate Corporate Blog blnews Blog blnews nl_bl_2018_12 nl_bl_2018_12 https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/academie-d-ete-2018-les-inscriptions-sont-ouvertes- The Summer Academy 2019 - open for registration! https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/academie-d-ete-2018-les-inscriptions-sont-ouvertes- Wed, 05 Jun 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/FBJEP+retour/93274c49-2083-45ae-b41c-206be06032db?t=1546953140700"/><br/> The family business: to join or not to join? That is generally the key question for participants in the Summer Academy. The programme - for young people with family - is organised by Banque de Luxembourg and will take place from 27 to 30 August 2019. It is now open for registration.<br/> <div style="padding:56.25% 0 0 0;position:relative;"><iframe allow="autoplay; fullscreen" allowfullscreen="" frameborder="0" src="https://player.vimeo.com/video/200837242?title=0&amp;byline=0&amp;portrait=0" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></div> <script src="https://player.vimeo.com/api/player.js"></script> <h2>Who is the academy for?</h2> <p>For the sons and daughters of Luxembourg, Belgian and French family business owners, aged 18 to 30, who, as they leave school or higher education, are wondering whether or not they want to join the family business one day (and what role they could play in it).</p> <h2>Its objective?</h2> <p>To help them find out more about themselves, the business, and what working in the family means; to understand why it can sometimes be difficult to broach the subject of succession... and at the same time share their concerns and experiences with other young people facing similar questions.</p> <h2>When and where?</h2> <p>From from 27 to 30 August 2019 at Château de la Poste, near Namur (Belgium).</p> <h2>How to sign up</h2> <p>For more information about the program and to register, contact Charles Sunnen, Business &amp; Next Gen Adviser.</p> <div class="contact"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/205027/339728/C+SunnenBLLportrait.jpg-vignette/0deee9a7-5f3b-42e2-917a-bda1266bddc6?t=1548169731057" /></div> </div> <div class="contact_person"> <div class="contact_person_name">Charles Sunnen</div> <div class="contact_person_title">Business &amp; Next Gen Adviser</div> <div class="contact_person_tel"><a href="tel:+352499243061">(+352) 49 924 3061</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=304&amp;lang=en">Contact me</a></div> </div> </div> </div> <form action="http://www.bdl.lu/youngpeople" class="only-lu only-de only-europe only-autres" method="get"><button class="btn style3 arrow">www.bdl.lu/youngpeople</button></form> Luxembourg Luxembourg Belgique Belgique Blog blnews Blog blnews Blog privé Blog privé https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/nos-perspectives-des-marches-financiers-pour-le-2eme-trimestre-2019 Our perspectives for the second quarter 2019 https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/nos-perspectives-des-marches-financiers-pour-le-2eme-trimestre-2019 Thu, 23 May 2019 17:32:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/perspectives+2-2019.jpg/7c0543a7-f8fa-4af1-ad4c-52103fa158e6?t=1559723141376"/><br/> Every quarter, our specialists interpret trends in the global economy and financial markets. Read their views on the second quarter of 2019.<br/> <h2>Macroeconomic environment</h2> <ul> <li>Weaker international trade is affecting the global economy.</li> <li>The US Federal Reserve’s next move will be a cut in interest rates.</li> <li>The fundamentally socialist nature of the demands emanating from a middle class which feels sidelined by the authorities represents a potential source of instability on both sides of the Atlantic.</li> </ul> <h2>Financial markets</h2> <ul> <li>The main event driving the equity market rally in the first quarter was the US Federal Reserve's U-turn.</li> <li>The current divergence between rising share prices and the downward revision of forecast earnings is particularly marked.</li> <li>The Chinese market should continue to attract foreign capital.</li> </ul> <p><a href="https://www.banquedeluxembourg.com/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=45&amp;lang=en">Order the publication Perspectives</a></p> <div id="blockIssuu"> <div class="issuuembed" data-configid="1106681/70102006">&nbsp;</div> <script type="text/javascript" src="https://e.issuu.com/embed.js" async="true"></script></div> https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/analyse-des-marches-financiers- With the slight correction on the equity markets, how are discretionary portfolios positioned? https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/analyse-des-marches-financiers- Wed, 29 May 2019 08:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/damien-petit.jpg/92a972ef-3a32-4240-abe9-a8ad9c9ec4b4?t=1558709535940"/><br/> Equity markets worldwide have lost just over 3% since their peak at the end of April. Damien Petit, Head of Private Banking Investments at Banque de Luxembourg, analyses the situation and explains the management decisions that have been taken recently.<br/> <h2>Slight correction on the equity markets</h2> <p>This – slight – correction is due to fears of an escalation in the US-China trade war. No agreement has yet been reached between the two countries, which has prompted the Trump administration to announce a hike in customs tariffs from 10% to 25% on $200 billion worth of Chinese goods. China retorted swiftly with the announcement of retaliatory measures raising customs tariffs to 25% on $60 billion worth of US goods from June.</p> <p>Fears of the damaging consequences of this conflict on the global economy have led specifically to:</p> <ul> <li>A further decline in top-quality sovereign bond yields;</li> <li>A downturn in risk assets.</li> </ul> <p>The slight fall in risk assets is hardly surprising given the markets’ sharp rebound over the last four months, largely attributable to investor complacency over the trade war. Investors are convinced that the American central bank will provide implicit support in the event of a bout of economic weakness. Expectations of an interest rate hike have also completely evaporated.</p> <h2>Cautious positioning for discretionary portfolios</h2> <p>The equity markets’ strong rally over the last four months – coupled with a strong increase in share valuations – encouraged us to reduce the equity exposure of our discretionary portfolios on three occasions during this period. The most recent reduction was in mid-May.</p> <p>We intend to maintain a cautious positioning in terms of asset allocation, hence we are slightly underweighted in the equity portfolio where we no longer find valuations are sufficiently attractive. Separately, while it is likely that an agreement will ultimately be reached between China and the United States, President Trump will want to maintain a favourable economic environment in the run-up to the 2020 elections. However, we cannot rule out the negative impacts of this conflict on an ever-fragile global economy. In the event of a surge in volatility, the portfolio's cash could be rapidly redeployed.</p> <h2>Ten golden rules for wealth management</h2> <p>Wealth management calls for personalised solutions, adapted to each individual’s life plans. But we should never lose sight of intangible investment principles like the fact of adopting a long-term approach and staying invested. In this article, we review the ten key principles for successful long-term wealth management.</p> <div class="linked-article"><a href="/en/bank/bl/blog/-/blogpost/gerer-son-patrimoine-les-10-regles-d-or"> <div class="linked-article-style1"> <div class="linked-article-wrapper"> <div class="linked-article-arrow">&nbsp;</div> <div class="linked-article-content"> <div class="linked-article-title">Managing your wealth</div> <div class="linked-article-text">The 10 golden rules</div> </div> </div> <div class="linked-article-image square"><img src="/documents/19605/301498/vignette-regel-or.jpg/652032a4-4729-469a-9f2d-706079793ea8?t=1558705693917" /></div> </div> </a></div> <p><strong>For more information, contact an adviser.</strong></p> https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/la-princesse-esmeralda-de-belgique-et-yann-arthus-bertrand-s-engagent-aupres-de-friendship-belgium HRH Princess Esmeralda of Belgium and Yann Arthus-Bertrand get involved in Friendship Belgium https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/la-princesse-esmeralda-de-belgique-et-yann-arthus-bertrand-s-engagent-aupres-de-friendship-belgium Thu, 30 May 2019 09:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/friendship-BE-launch.jpg/cb15850b-2af0-409f-82f5-5f2a25de212e?t=1547216387073"/><br/> Founded by Runa Khan in Bangladesh in 2002, the Friendship foundation works in several sectors, including healthcare, education, climate change adaptation, sustainable economic development and promotion of basic human rights. Banque de Luxembourg has supported the foundation for many years.<br/> <p>Soon after starting up Friendship in Bangladesh – and the launch of the country's first hospital ship – Runa Khan realised that, if she wanted to continue focusing her actions on the priorities that she identified locally, on the ground, she would need to have closer relationships with her donors and partners.</p> <p>Seventeen years after the launch in Bangladesh, Runa set up a platform in Europe, establishing entities in Luxembourg and, more recently, Belgium. The aim is to avoid long chains of intermediaries which all too easily dilute relationships and the resulting projects. The launch of Friendship in Belgium took place in the presence of HRH Princess Esmeralda of Belgium and Yann Arthus-Bertrand, two personalities whose commitment is widely known.</p> <h2>Find out more about Runa Khan and the values of the Friendship foundation in this interview.</h2> <div class="video-container"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/gbm_sm8A5gA" width="560"></iframe></div> <p>HRH Princess Esmeralda of Belgium is a writer, feminist journalist and environmentalist who often speaks out on environmental and humanitarian issues. She first met Runa Kahn two years ago through Yann Arthus-Bertrand, whose 2015 film “Human” she greatly admired. She was already a Member of the Board of Friendship UK, and naturally agreed to become Chair of the foundation’s Belgian branch.</p> <h2>Learn about HRH Princess Esmeralda ‘s commitment to Friendship.</h2> <div class="video-container"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/SpDmhvTjvGY" width="560"></iframe></div> <p>Yann Arthus-Bertrand has had a close connection with Friendship for more than ten years. His involvement led to the film “Climate Change in Bangladesh”, which he produced to coincide with COP21, and which was shown again at the Friendship Belgium launch event. Yann Arthus-Bertrand has taken his commitment a step further, making films on subjects close to his heart, especially through the GoodPlanet foundation which was set up in 2005.</p> <h2>Find out about Yann Arthus-Bertrand’s world view in this interview.</h2> <div class="video-container"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/1G2Tg5Hl8Pw" width="560"></iframe></div> <p>Banque de Luxembourg has supported Friendship since 2008. In addition to financial aid, it provides significant support through its employees' skills in a wide variety of fields, including microfinance, organisation, IT, information management and communication.</p> <form action="https://friendship.ngo/belgium/" method="get"><button class="btn style3 arrow">Find out more about Friendship’s activities</button></form> https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/une-chaire-consacree-aux-entreprises-familiales-a-hec-liege University Chair in Family Enterprises at HEC Liège https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/une-chaire-consacree-aux-entreprises-familiales-a-hec-liege Mon, 27 May 2019 16:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/HEC+Liege.png/d3b27fdd-1714-48a8-804c-fba7d5ae730f?t=1559059043607"/><br/> A Chair in Family Enterprises has been created at HEC Liège in partnership with Banque de Luxembourg. Its three-year academic research programme is aimed at understanding the family business model and identifying to what extent it plays a meaningful role.<br/> <h2>Although the family business model is often held up as an example, few studies have been made of it</h2> <p>Family businesses account for well over half the world's companies. In the French Community of Belgium, the figure is even as high as 75%. The family business model is often held up as an example – with good reason – for the contribution family businesses make to the creation of wealth and jobs, for their continuity and common sense, for their capacity to adapt, and for their social role in the countries and regions in which they are established.</p> <p>Family businesses have often been less closely researched, partly because they have fewer reporting obligations and have historically been more discreet, or even secretive. However, the family business comes in many forms and should not necessarily be seen as representing a definitive model. Banque de Luxembourg and HEC Liège are interested in investigating the bounds of this model, for the business and for the family, and the Chair in Family Enterprises has been established in this context.</p> <h2>A three-year partnership on a subject of mutual interest</h2> <p>Banque de Luxembourg supports families in business in the management of their family and business wealth – in tangible as well as intangible aspects – especially at times of change. Change may be brought on by investment projects, alterations to the shareholding structure, the sale of assets and, of course, preparing for succession. “We have long supported family businesses in Luxembourg and Belgium, as we believe in this unique model, which is inspirational as much due to its values, complex as they are, as to the close interweave between the life of the family and that of the business,” says Philippe Depoorter, Member of the Executive Committee of Banque de Luxembourg.</p> <p>At HEC Liège, the Management School of the University of Liège, interest in family enterprises is not new: over the last ten years, Professor Nathalie Crutzen has carried out a series of studies on the subject, in collaboration with the Belgian Institut de l'Entreprise Familiale, while a course specifically focusing on issues facing family businesses has been offered to Masters students since 2017.</p> <p>In contributing to financing the Chair, Banque de Luxembourg sees an opportunity to further scientific knowledge of a subject which is of great interest to the Bank and enhance its close understanding of the experience of family entrepreneurs.&nbsp; For HEC Liège, this new Chair opens up an academic field that has not been high on the agenda of other universities, and will be of value to current and future entrepreneurs who are studying at HEC Liège.</p> <h2>A tailored programme for family entrepreneurs</h2> <p>Over the next three years, the general theme of the Chair’s research will be to study the family business model. The issues addressed by the Chair will include the following:</p> <ul> <li>How do the demands of growth and time impact the effectiveness of the family model?</li> <li>To what extent can the cost of the family model be sustained in the development of the business?</li> <li>When precisely does the model reach its limit? Are there any warning signs? Invariables?</li> <li>What is the capacity – and/or the resistance – of the business and the family to opening up or evolving, especially to avoid the effects of a form of inbreeding? At what point does it become necessary?</li> <li>When does the family become a burden to the business? Inversely, when does the business threaten to destroy the family?</li> </ul> <p>The ‘remedies’ and best practices identified by the Chair will be very concrete so that tangible solutions can be offered to family entrepreneurs:</p> <ul> <li>Management Buy-Outs (MBOs) and Leveraged Buy-Outs (LBOs)</li> <li>Passive or active investors like private equity funds</li> <li>Cross-ownerships, partnerships</li> <li>Shareholder foundations</li> <li>Minority IPOs</li> <li>Other options</li> </ul> <p>To lead these projects, a new PhD student, Raphaëlle Mattart, has been appointed at HEC Liège. She will work under the academic supervision of Nathalie Crutzen, the Chair’s Director. Banque de Luxembourg will be represented on the Steering Committee by Philippe Depoorter. This Committee is responsible for defining the research themes and overseeing the PhD. Awareness-raising events for family entrepreneurs will be organised.</p> <p>&nbsp;</p> <p><em>Left to right: Raphaëlle Mattart - HEC Liège, Philippe Depoorter - Banque de Luxembourg, Nathalie Crutzen - HEC Liège, Wilfried Nissen - HEC Liège, David Schmidt - Banque de Luxembourg Belgium</em></p> <h2>If you would like more information:</h2> <div class="contact only-lu only-de only-europe only-autres"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/205027/339728/S+RodinBLLportrait.jpg-vignette/2e93d05b-b55d-495e-a163-5c16324ffe9a?t=1548169702650" /></div> </div> <div class="contact_person"> <div class="contact_person_name">Stéphanie Rodin</div> <div class="contact_person_title">Head of Public Relations&nbsp;</div> <div class="contact_person_tel"><a href="tel:(+352) 49 924 3967">(+352) 49 924 3967</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=306&amp;lang=en">Contact me</a></div> </div> </div> </div> <div class="contact only-be"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/205027/339709/D+SchmidtBLBEportrait.jpg-vignette/9a0fa6fd-f054-4c96-922f-2e9127021763?t=1548169916353" /></div> </div> <div class="contact_person"> <div class="contact_person_name">David Schmidt</div> <div class="contact_person_title">Head of Belgian Branch</div> <div class="contact_person_tel"><a href="tel:(+32) 0 2 663 45 59">+32&nbsp;(0) 2 663 45 59</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=306&amp;lang=en">Contact me</a></div> </div> </div> </div> https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/l-essentiel-de-la-banque-de-luxembourg-en-2018 Banque de Luxembourg: key figures for 2018 https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/l-essentiel-de-la-banque-de-luxembourg-en-2018 Fri, 03 May 2019 14:25:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/overview2.jpg/25652bce-723a-4e6f-98dd-14c4eb254b02?t=1556886572167"/><br/> Learn more about our 2018 financial results in the online version of Overview, our traditional report that presents key facts and figures about the Bank.<br/> <h2>Strong net profit in a general context that remains complex</h2> <p>The Bank closed its 2018 financial year with net profit of EUR 62 million, reflecting strong performance from our business activities in an environment still characterised by historically low interest rates. We also strengthened our teams to better serve our clients, advance the Bank’s digital ambitions and ensure that we remain compliant with regulations.</p> <h2>Solvency ratio confirms our solidity</h2> <p>At 31 December 2018, our equity capital was EUR 1 billion. The Common Equity Tier 1 solvency ratio of 25.5% also reflects the Bank’s strong position.</p> <h2 class="only-lu only-de only-europe only-autres">Good results for our five business areas</h2> <h2 class="only-be">Good results for Private Banking</h2> <div class="only-lu only-de only-europe only-autres"> <p>All five of our business areas experienced strong commercial growth in 2018.</p> <h2>PRIVATE BANKING</h2> <p>The Private Banking division registered an increase in net income from banking operations under the combined effect of adjustments to its offer to meet MiFID II regulations and an increase in assets under management. Despite lower equity markets in the last quarter of 2018, assets under management remained unchanged at EUR 21.5 billion.</p> <h2>ASSET MANAGEMENT</h2> <p>At 31 December 2018, BLI – Banque de Luxembourg Investments was managing and distributing a range of more than 30 investment funds, with assets totalling EUR 10.5 billion. Nevertheless, 2018 was a difficult year for the equity markets, which underwent a sharp correction at year-end. The decline in equity markets coupled with concerns about the extent of global growth also weighed on the bond market. Most of our investment funds were able to withstand this complicated stock market environment, turning in a healthy performance.</p> <h2>BUSINESSES AND ENTREPRENEURS</h2> <p>At end-2018, the Businesses and Entrepreneurs team was providing advisory services to almost a thousand client groups, with assets under management exceeding EUR 2.4 billion. The department is stepping up its presence on the credit market and aims to become a key player for family businesses in Luxembourg and the Greater Region of Luxembourg.</p> <h2>LOANS AND CREDITS</h2> <p>In 2018 we continued to support our clients in both the private and professional domains with their personal projects. Loans to clients stood at EUR 3.1 billion, representing annual growth of 13.4%.</p> <h2>PROFESSIONAL BANKING</h2> <p>Assets administered by our Professional Banking department rose to EUR 56.7 billion at end-2018. The department, which provides support to corporate clients in the asset management sector, saw steady growth in its business, both in terms of investment fund services and services to independent asset managers and life insurance companies. These results are a further indication that the market sees the Bank as a major player and specialist in professional banking services.&nbsp;</p> </div> <div class="only-be"> <p>The Private Banking division registered an increase in net income from banking operations under the combined effect of adjustments to its offer to meet MiFID II regulations and an increase in assets under management. Despite lower equity markets in the last quarter of 2018, assets under management remained unchanged at EUR 21.5 billion.</p> </div> <br /> <button class="btn style1 center" onclick="window.location.href = 'https://readymag.com/banquedeluxembourg/overview2019-en/'">Find out more in the online version of Overview</button> <p>&nbsp;</p> https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/solidaires-a-travers-le-sport-edition-2019-du-solirunbike Solidarity through sport: 2019 edition of the Solirunbike charity race https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/solidaires-a-travers-le-sport-edition-2019-du-solirunbike Tue, 28 May 2019 08:55:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/solidrunbike/f4a76d6c-f860-4c4f-bc1b-481d602f7be8?t=1546952965500"/><br/> More than 60 teams took part in the second edition of the Solirunbike race, held in Kockelscheuer, Luxembourg, to show solidarity with child victims of Noma disease in Burkina Faso.<br/> <p>Often called ‘the face of poverty’, Noma is caused by malnutrition and poor hygiene. It is particularly prevalent among young children in Central Africa. The second Solirunbike charity race was held in Kockelscheuer on Thursday 23 May to raise money for victims of the disease. It was organised by the non-profit organisation Handicaps Solidaires Luxembourg, a private initiative by several representatives of Luxembourg’s business community.</p> <h3>Team spirit and solidarity</h3> <p>More than 60 teams participated in the cycle-run event, each made up of one able-bodied member and one person with reduced mobility. The race was organised in close collaboration with Luxembourg’s Back to Sport association, which promotes sports activities for people who have a disability or are in rehabilitation. All the money raised was donated to the Hymne aux Enfants foundation in Burkina Faso.</p> <p><img alt="" src="/documents/19605/43117/bandeau+solirunbike.jpg/dd78a8e4-ed7b-4a8d-abff-413049e123cf?t=1558960266622" /></p> <p>The Bank was represented by five teams whose enthusiasm was much appreciated. Well done to all participants for helping to make this event such a success! Huge thanks, too, to all the volunteers who handled the logistics and made sure everything ran smoothly.</p> <p>Enthusiasts, take note: the third edition of Solirunbike will take place this time next year.</p> <h3>For more information</h3> <p><a href="https://www.solirunbike.lu" target="_blank">www.solirunbike.lu</a></p> MASQUER:BE MASQUER:BE https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/pourquoi-confier-la-gestion-de-ses-avoirs- Peace of mind in a complex world https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/pourquoi-confier-la-gestion-de-ses-avoirs- Mon, 06 May 2019 15:30:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/BdL128.jpg/8c6cff79-0572-4d94-a602-1336e4a9926f?t=1556891419300"/><br/> Discretionary management involves entrusting the management of your assets to the bank. It is a trusted solution in complex markets, and puts you in the right place at the right time as regards market opportunities.<br/> <p class="only-lu only-de only-europe only-autres">Thierry Feis, Private Banking Adviser at Banque de Luxembourg, describes the advantages of discretionary management.</p> <p class="only-be">Amélie Schreiber, Private Banking Adviser at Banque de Luxembourg, Belgian branch, describes the advantages of discretionary management.</p> <h2>To start with, why delegate? Isn't it usually the case that if you want something done properly, you’d better do it yourself?</h2> <p>Portfolio management is probably the exception to this! In practical terms, discretionary management frees investors completely from the hassle of monitoring their portfolio day-by-day. Finding time to manage and monitor their portfolio effectively can be a real problem. In our increasingly complex world, the challenge is also to bring them peace of mind.</p> <h2>Is this really the right time for investors to delegate the management of their assets?</h2> <p>Absolutely! Market volatility is such a source of stress that managing a portfolio these days needs great rigour. That's another reason to choose support and advice from experienced professionals.</p> <p>But how can investors be confident that their assets will be managed responsibly?<br /> Investors get access to experienced professional management, which focuses on preserving and enhancing their capital over time.&nbsp; With discretionary management, they can depend on responsible investment strategies and value-creating solutions, so they can get on with their life and projects with peace of mind.</p> <h2>How can individual investors be sure that these strategies will genuinely correspond with their own unique requirements?</h2> <p>It's very simple. The idea is that you work with your adviser to define the level of risk most appropriate for you, from the most prudent to the most dynamic. This ensures that your portfolio will be perfectly tailored to your own investor profile.</p> <h2>Doesn't discretionary management sometimes lack transparency?</h2> <p>This obviously depends on which partner you choose. At Banque de Luxembourg, we provide you with a quarterly management report and a detailed statement of your assets. You can also check the performance of your portfolio at any time on our e-banking site. It's a simple, reassuring and transparent solution.</p> <div class="only-lu only-de only-europe only-autres"> <form action="https://www.banquedeluxembourg.com/en/bank/bl/campagne-crashtest-lu-en" method="get"><button class="btn style2">FOR MORE INFORMATION</button></form> <hr /></div> <h2 class="only-lu only-de only-europe only-autres">Let’s discuss how we can help you</h2> <div class="contact only-lu "> <div class="contact_container"> <div class="contact_item "> <div class="contact_photo"> <div class="contact_img"><img src="/documents/205027/339728/T+FeisBLLportrait.jpg-vignette/f497ec1e-dcf7-4b72-9e69-9cf77e7b1699?t=1548169704667" /></div> </div> <div class="contact_person"> <div class="contact_person_name">Thierry FEIS</div> <div class="contact_person_title">Private Banking adviser</div> <div class="contact_person_tel"><a href="tel:(+352)499243710">(+352) 49 924 3710</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=304&amp;lang=en">Contact me</a></div> </div> </div> </div> <div class="only-be"> <form action="https://www.banquedeluxembourg.com/en/bank/bl/campagne-crashtest-be-en" method="get"><button class="btn style2">FOR MORE INFORMATION</button></form> <hr /></div> <div class="contact only-be"> <div class="contact_container"> <div class="contact_item"> <div class="contact_photo"> <div class="contact_img"><img src="/documents/10184/357415/Calque+9BLBEportrait.jpg-vignette/d8ae4894-b0c4-4ba4-a7f6-df9c03ca94ca?t=1548169953790" /></div> </div> <div class="contact_person"> <div class="contact_person_name">Amélie Schreiber</div> <div class="contact_person_title">Private Banking adviser</div> <div class="contact_person_tel"><a href="tel:+32 (0) 2 663 45 54">+32 (0) 2 663 45 54</a></div> </div> <div class="contact_button"><a class="btn style2" data-featherlight="iframe" href="/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=304&amp;lang=en">Contact me</a></div> </div> </div> </div> https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/croissance-robuste-aux-etats-unis Robust growth in the United States https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/croissance-robuste-aux-etats-unis Fri, 17 May 2019 16:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/JF-Gillardin-1420x511.jpg/4400d40b-4270-4508-b265-e4a014cf12ac?t=1546952966953"/><br/> The rebound in growth over the first three months of the year was driven by inventories and international trade. The slowdown of the most cyclical components should not be of excessive concern to analysts. Jean-François Gillardin, Head of Discretionary Portfolio Management, offers some explanations.<br/> <p>First-quarter US growth figures exceeded consensus expectations. According to the initial estimate, gross domestic product (GDP) increased at an annual rate of 3.2% in the first quarter of 2019, compared to an expected 2.3%. This announcement nevertheless prompted a slight fall in sovereign bond yields on investor concerns about the composition of this growth.</p> <p>The rebound in activity over the first three months of the year was driven by inventories and international trade. For the third consecutive month, inventories contributed positively to GDP – with companies deciding to increase their inventories because of the uncertainties relating to the trade war – prompting analysts to fear negative effects for subsequent quarters.</p> <p>The same explanation applies to international trade. In the second half of 2018, fearing an escalation in trade tensions, American companies decided to import the goods they needed early, which had a negative impact on the US trade balance. Rumours suggesting positive progress in the negotiations had the reverse effect in the first quarter.</p> <p>To gain a deeper understanding of the quality of the growth, it is better to focus on domestic demand (which measures growth without inventories and international trade) and look specifically at consumption and investment. In this respect, consumer spending particularly disappointed the markets with a rise of just 1.2%. More worrying, the consumption of durable goods – goods with a lifespan of more than three years – contracted sharply in the quarter.</p> <p>The increase in investment spending (1.5%) was hardly much stronger. Here too, the most cyclical components were below par, both for residential and non-residential investment. In non-residential investment, business equipment expenditure (0.2%) barely moved, having been one of the main supports to investment in recent years. At the residential level, weak activity is nothing new: the real estate sector’s contribution to growth has been negative since the first quarter of 2018.</p> <h2>Proceed with caution</h2> <p>For the time being, the slowdown of these data is not yet overly worrying. Consumer spending has probably been negatively impacted by the forced shutdown of non-essential government services and by unfavourable weather conditions. In any case, the deceleration scenario is not an isolated event. A similar phenomenon had already occurred in the first quarter of 2018 with an even more limited rise in consumer spending (0.5%) as well as a contraction in the consumption of durable goods. Yet this did not prevent consumption from growing at a sustained pace for the rest of the year.</p> <p>The decline in business leaders’ sentiment following the strong stock market correction in the fourth quarter of 2018 probably had a negative influence on corporate investment expenditure as did uncertainty over the trade war situation. The markets’ rebound and progress in the negotiations gradually reversed the trend.</p> <p>Ultimately, the increase in American growth could be considered impressive in view of specific events in the first quarter (shutdown of non-essential government services and weather conditions). However, its composition invites caution. Although the deceleration of the most cyclical components of consumption and investment appears temporary at the moment, it needs to be closely monitored.</p> <p>These latest data are not likely to influence the thinking of the Federal Reserve, which has become more dovish. In all likelihood, the Fed will maintain its monetary policy unchanged for the rest of the year. At this stage, it therefore seems to us still premature to anticipate a recession in the United States in the near term.</p> <div class="mini-cv"> <div class="mini-cv_container"> <div class="mini-cv_image"><img src="/documents/19605/71957/Jean-fran%C3%A7ois+Gillardin/79b143a8-fe6d-4bbe-a423-c99b576f581f?t=1557327631784" /></div> <div class="mini-cv_text"> <div class="mini-cv_nom">Jean-François Gillardin</div> <div class="mini-cv_titre">Head of Discretionary Portfolio Management</div> <div class="mini-cv_linkedin"><a href="https://www.linkedin.com/in/jean-fran%C3%A7ois-gillardin/">Follow me on</a></div> </div> </div> </div> https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/l-essentiel-de-la-banque-de-luxembourg-en-2016-en-version-digitale Banque de Luxembourg: key figures for 2016 https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/l-essentiel-de-la-banque-de-luxembourg-en-2016-en-version-digitale Fri, 07 Apr 2017 07:51:00 +0200 <img src="https://www.banquedeluxembourg.com"/><br/> A review of the Bank’s activities in 2016 with key figures, images and highlights.<br/> <ul> <li>Introduction by Pierre Ahlborn, Administrateur délégué</li> <li>Listening to our clients</li> <li>The digital challenge</li> <li>Banque de Luxembourg and family businesses</li> <li>BL-European Family Businesses Fund</li> <li>Five areas of expertise</li> <li>Key figures in 2016</li> <li>Governance</li> <li>A socially responsible bank</li> </ul> <p><a href="https://readymag.com/banquedeluxembourg/overview2016-en/" target="_blank"><img alt="" src="/documents/19605/43117/Overview-EN.jpg/da59395c-b274-499e-83cc-d119154313fc?t=1493288154546" /></a></p> <p><em style="color: inherit; font-family: inherit; font-size: 17.5px; font-weight: bold;">"In a complex and changing world, we want to remain a beacon of stability, and serve our clients with consistent high standards and unwavering commitment."</em></p> <h3 style="text-align: center; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif;">All about the Bank on your tablet and smartphone.</h3> <h3 style="text-align: center;"><a href="https://www.banquedeluxembourg.com/bank/corporate/restez-connecte-avec-la-banque">Explore, follow, share</a>!</h3> MASQUER:BE MASQUER:BE Luxembourg Luxembourg Belgique Belgique Corporate Corporate Blog blnews Blog blnews Blog privé Blog privé menu_prive menu_prive https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/immobilier-les-prix-continuent-leur-ascension-au-luxembourg Property prices are still on the rise in Luxembourg https://www.banquedeluxembourg.com/en/bank/bl/blog/-/blogpost/immobilier-les-prix-continuent-leur-ascension-au-luxembourg Thu, 19 Apr 2018 08:00:00 +0200 <img src="https://www.banquedeluxembourg.com/documents/19605/301498/immo_taux+fixe+et+variable/ae91ab9a-a72c-4643-be76-781add01ade8?t=1546953066127"/><br/> Real estate remains an attractive investment in Luxembourg as prices continue to climb. What is the average rental price for an apartment or a house? What is the purchase price per square metre? The right support is crucial to ensure the success of a property investment.<br/> <h3location h3=""> <p>According to monthly surveys released by Luxembourg’s atHome real estate portal, demand for property outstrips the supply in the Grand Duchy. Prices continue to increase as a result:</p> <ul> <li>1,385 euros to rent an apartment</li> <li>2,498 euros to rent a house</li> </ul> <h3>How are prices evolving for different property types?</h3> <p><strong>1. Growth in rental prices (March 2017 to March 2018)&nbsp;</strong></p> <ul> <li>Apartments: up 1%&nbsp;</li> <li>Houses: up 6%</li> </ul> <p><strong>2. Growth in prices for small properties</strong></p> <ul> <li>Studios and one-bedroom apartments: up 5%&nbsp;</li> <li>Two-bedroom houses: up 9%</li> </ul> <h3>Purchase prices exceed 5,000 euros per sq. m</h3> <p>Please note that these prices are heavily dependent on the geographical zone and can vary by as much as 100% between Luxembourg North and Luxembourg Centre.</p> <p><strong>1. Average purchase prices</strong></p> <ul> <li>Apartments: 434,701 euros</li> <li>Period houses: 729,516 euros</li> </ul> <p>Up 3% and 5% respectively in a year.</p> <p><strong>2. Prices per square metre</strong></p> <ul> <li>Period apartments in Luxembourg: 5,137 € / sq. m</li> <li>Existing houses: 4,099 € / sq. m</li> <li>New apartments: 6,307 € / sq. m, up 4% in a year</li> </ul> <p>In our previous <a href="https://www.banquedeluxembourgnews.com/bank/blnews/-/une-hausse-de-5-des-prix-de-l-immobilier-a-luxembourg">article on rising property prices in Luxembourg</a>, which appeared last February following the publication of figures by Statec, Luxembourg’s statistics office, we highlighted an increase of almost 5% in the third quarter of 2017 compared to the same period in 2016.</p> <h3>How best to finance your property projects?</h3> <p>We offer financing solutions as a natural extension of the overall wealth management strategy we develop for our clients. As everyone has different individual needs and situations, we always offer tailored solutions that consider every aspect of your project.</p> <p><span class="bl-btn"><a href="https://www.banquedeluxembourg.com/BLPortlets-portlet/webform/webform.xhtml?idFormulaire=62&amp;lang=en"><span>Contact an adviser</span></a></span></p> </h3location> MASQUER:BE MASQUER:BE Luxembourg Luxembourg Immobilier Immobilier Blog blnews Blog blnews Blog privé Blog privé nl_bl_2018_04 nl_bl_2018_04