LTIO-San Francisco News November 2016 |
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LTIO-San Francisco

Hello Friends of Luxembourg


Space mining has received another boost from the Luxembourg government, with a new space law that guarantees private companies the right to resources harvested in outer space in accordance with international law.

At the same time, the government is investing €25 million in space tech firm Planetary Resources to develop its first commercial asteroid prospecting mission by 2020.

This newsletter also looks at strong post-Brexit interest in Luxembourg by US and other non-EU financial companies and blockchain innovation at the Luxembourg Stock Exchange.

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Pierre Franck
Consul General
Executive Director LTIO - SF

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Government unveils draft space resources legislation

The government has adopted draft legislation providing companies with legal certainty over the ownership of resources extracted from asteroids or other near-earth objects. Jean-Louis Schiltz of the University of Luxembourg, who advised the government on the legal framework, says the legislation - strongly embedded in international law principles - is the country's latest demonstration that pioneering legal measures can drive technological innovation. The law is expected to take effect early next year.

Luxembourg government



Government invests €25m in Planetary Resources co-operation

The government is investing €25m and taking a minority equity stake in US-based space technology firm Planetary Resources. The funding will help the company speed up technological developments with the target of launching its first commercial asteroid prospecting mission by 2020.

Planetary Resources



Schneider joins WEF space technology council

The World Economic Forum has appointed Luxembourg's economy minister Etienne Schneider as a member of its Global Future Council on Space Technologies, which aims to encourage innovation in space development. Schneider's appointment follows the launch this year of the initiative positioning the grand duchy as a European hub for the exploration, extraction and use of space resources.




Fitch affirms Luxembourg AAA sovereign ratings, citing above-par growth

Fitch has affirmed Luxembourg's triple-A rating with a stable outlook, citing its high per capita income, strong governance, high growth potential and solid public finances. The agency expects economic growth to exceed the EU and eurozone averages over the coming years.




US institutions look at shifting operations to Luxembourg post-Brexit

Luxembourg for Finance CEO Nicolas Mackel says financial firms from the US and other non-EU countries are considering moving operations and staff from London to the grand duchy in order to keep access to EU markets. He expects Luxembourg to be among the main beneficiaries from the departure of around 30,000 financial sector employees from the UK.

The Independent



Stock exchange embraces blockchain technology for filings

The Luxembourg Stock Exchange has introduced Ethereum blockchain technology into the notarisation function for filing of regulatory disclosures. The exchange says the blockchain system provides a digital signature to ensure authenticity and proof of existence of all documents filed.

Luxembourg Stock Exchange



Luxembourg firm APATEQ acclaimed in Texas for water treatment innovation

Luxembourg-based cleantech firm APATEQ has been honoured as Water Management Company of the Year at the 2016 Texas Oil & Gas Awards. APATEQ, which has a subsidiary in Houston, won the award for its innovative OilPaq high-efficiency produced water treatment system.




SES to create digital platform for migrant emergency relief body

Luxembourg satellite operator SES has been selected by the International Organization for Migration to create a digital platform for the emergency manual of its crisis response operations. SES was selected due to its success in delivering similar platforms for crisis response and humanitarian operations with its solution., such as a recent project for UN refugee agency UNHCR.




Regtech innovator gears up for global expansion

Regtech start-up 2Gears, whose solution helps the investment fund industry comply with regulatory requirements, has raised €2 million from private investors. CEO and co-founder Bert Boerman says the funding is earmarked for international expansion following interest from potential clients in Europe, Asia and the US.




9-10 May 2017
9-10 May 2017

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ICT Spring Europe
Luxembourg Space Forum




Surfing the Digital Waves

Luxinnovation showcases Luxembourg's progress toward becoming a digital nation in the latest issue of its magazine FOCUS - Research and Innovation in Luxembourg, which highlights the country's dynamic economy, sophisticated IT infrastructure and well-developed start-up support system for creative entrepreneurs and innovative companies.



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Our offices in New York and San Francisco help companies seeking to expand their business to Luxembourg and to enter European markets. Our offices also facilitate trade between Luxembourg and US or Canadian companies and assist Luxembourg-based start-ups in setting up and expanding their business in the US.


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