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Economy

How Luxembourg Could Cash In On Brexit

The tiny European country has improved its position as a post-Brexit business destination by reforming its fiscal rules and digital environment.

For Luxembourg, Brexit could spell opportunity
For Luxembourg, Brexit could spell opportunity
Pascale Braun

LUXEMBOURG — Plenty of people have reason to bemoan Britain's retreat from the European Union. But for others, Brexit could spell opportunity. And perhaps nowhere is that truer than in Luxembourg, with its booming financial center focused on investment funds management services and financial technology, or FinTech, as it's sometimes called.

The Brexit effect may, in fact, have already begun for the tiny Grand Duchy. In January, Japan's Rakuten Europe Bank launched its trading activities in Luxembourg. Two Chinese banks — China Everbright Bank and the Shanghai Pudong Development Bank — also have plans to set up shop in this nerve center of asset management in the EU. And in October, Britain's M&G Investments applied with the CSSF, the financial sector supervisor, for permission to start a fund distribution firm there.

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Ukrainian protestors stand at Brandenburg Gate in Berlin to mark Vyshyvanka Day, an International day to celebrate Ukrainian heritage and traditions

Lisa Berdet, Lila Paulou and Bertrand Hauger.

👋 Guten Tag!*

Welcome to Friday, where Russia intensifies shelling in eastern Ukraine, Biden lands in South Korea, and a Mercedes becomes the most expensive car ever sold. Meanwhile, for German daily die Welt, Cosima Lutz explores the sizzling question of the skyrocketing price of cooking oils.

[*German]

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