AGP Executive Report

EU Antitrust: The EU’s top court in Luxembourg has upheld the record €4.125bn fine against Google over Android practices that block rivals, ending Google’s final appeal and signalling a tougher stance on Big Tech. Luxembourg Business & Regulation: Paytm Europe Payments SA has received a Luxembourg payment institution licence from the CSSF, effective 2 July, expanding its regulated payments and acquiring services across Europe. Funds & Capital Markets: The 10th Annual European Fund Finance Symposium in London highlighted continued momentum in private credit, with managers focusing on platforms, workout capabilities and liquidity tools as pricing pressure narrows. Logistics & M&A: Ceva Logistics is set to acquire Paack’s France, Spain and Portugal operations and fold them into Colis Privé, extending last-mile reach including Luxembourg and Belgium. Local Economy & Policy: Luxembourg’s “Droit de l’établissement” reform would raise debt thresholds for entrepreneurs after bankruptcy (from a 1% cap) and ease some licensing and establishment requirements to give more “second chances.” Wealth Snapshot: UBS reports Luxembourg ranks among the wealthiest in average wealth per adult, while also noting wealth growth is accelerating globally but unevenly. Aviation Connectivity: Parliament ratified bilateral air services agreements with Ghana’s partners including Luxembourg, aiming to boost trade, tourism and cargo via better connectivity.

EU Antitrust: The EU’s top court in Luxembourg has dismissed Google and Alphabet’s appeal and upheld the record €4.1bn fine over Android practices that restricted rivals, ending an eight-year legal fight and likely feeding into tougher Big Tech scrutiny under the Digital Markets Act. Luxembourg Business Law: Luxembourg is set to loosen its “Droit de l’établissement” licensing rules, raising the debt threshold for entrepreneurs after bankruptcy (from 1% to up to 25% or 15%) and easing some licensing requirements, including removing the need for managers to be physically based in Luxembourg. Aviation & Trade: Parliament ratified bilateral air services agreements between Ghana and six countries including Luxembourg, aiming to boost connectivity for passengers and cargo. Digital Assets (MiCA): Standard Chartered says its Luxembourg entity has secured a MiCA licence, positioning Luxembourg as its European digital-asset hub for regulated custody and related services. Data Centres: DATA4 published a case study on its “Smart Data Center” model, highlighting portal-based customer access, redundancy, and lower environmental impact. Local Courts: A Luxembourg City court sentenced the main sculptor in the 2019 ice-sculpture death case to a suspended prison term and a €5,000 fine, while acquitting other defendants. Corporate Moves: H&M France appointed Thomas Estrany as managing director, replacing Pär Lindback. Business & Innovation Awards: RSS-Hydro won a Benelux Enterprise Award for geospatial AI and disaster-risk decision support.

EU Antitrust: The EU’s top court will rule on whether to uphold the record €4.1bn Google Android fine, the bloc’s biggest ever, in a second attempt by the tech giant to overturn the 2018 penalty. Luxembourg Real Estate & Sustainability: State Street Services Luxembourg has taken full ownership of the Cloche d’Or office tower “Stairs” after Grossfeld’s sale, with the building delivering Luxembourg’s first BREEAM Outstanding certification (plus WELL Gold and an A+ energy rating). Tax Policy: The European Commission has published a DAC Recast and an Omnibus on Taxation aimed at simplifying and reshaping EU direct tax rules for multinationals and funds, while keeping anti-abuse safeguards. Digital Finance & Crypto: Crédit Agricole launched the MiCA-compliant euro stablecoin EURXT on Ethereum via CACEIS, and used it to settle a tokenized Luxembourg UCITS money market fund subscription—positioning Luxembourg as a hub for regulated tokenized settlement. Luxembourg Economy & Jobs: The Housing Fund targets 200+ affordable homes in 2026 as demand keeps rising, while a new ADEM reform opens paid professional training placements to all unemployed people. Enforcement & Fraud: EPPO searches in Germany over alleged AMIF migrant-integration subsidy fraud, and separate Italian actions seized €23.5m in a fuel VAT fraud probe. Business Climate: Luxembourg’s Chamber of Commerce reports business confidence dipping to its lowest level since 2019. Industrial Restructuring: Indorama Ventures will permanently close its Steinfort site, putting around 100 jobs at risk. Aviation & Connectivity: Parliament ratified bilateral air service agreements involving Luxembourg, and Azerbaijan Airlines announced a Baku–Brussels route from May 2027. Regulation Watch: The English Court of Appeal confirmed that ratifying the New York Convention does not waive state immunity under the UK State Immunity Act.

MiCA & Digital Finance: Crédit Agricole launched EURXT, a euro-pegged stablecoin on Ethereum issued via CACEIS, and used it to settle a Luxembourg UCITS money-market fund subscription—an EU-first for on-chain settlement. MiCA Licensing Push: Standard Chartered secured MiCA and EMI authorisations, with Luxembourg set as the hub for its EU digital-asset custody rollout; Binance also reassured EU users that withdrawals and transfers remain available during MiCA service changes. Regulatory & Competition: Uzbekistan’s competition authority declared VFS Global and Vizametric dominant in outbound visa services, while Luxembourg’s Chamber of Commerce survey found business confidence at its lowest since 2019. Enforcement in Europe: EPPO raids targeted a former far-right European Parliament group over alleged EU-funds misuse, with Luxembourg-based prosecutors involved. Logistics & Trade: Cargolux was fined €1.15m for influence peddling linked to Gabon; Maersk raised intermodal fuel surcharges in Benelux from 6–20 July. Local Business & Services: POST Luxembourg will limit banking services over the weekend for maintenance; a lawsuit by Kindy Fritsch seeks €130m from Esch-sur-Alzette over a stalled real-estate project. Aviation Connectivity: Parliament ratified air services agreements including Luxembourg; AZAL announced direct Baku–Brussels flights from May 2027. Macro: Euro area inflation eased to 2.8% in June as energy pressures cooled.

Luxembourg energy & renewables: The ILR says 26% of Luxembourg’s electricity consumption is now covered by national renewable production (up from 16% in 2020), with photovoltaics overtaking wind in 2025 and self-consumption rising as prices climb. EU energy storage push: The first-ever EU tripartite agreement on energy storage was signed, with 22 member states committing to pledges; Luxembourg is cited via geothermal storage examples. Local infrastructure trial: Differdange laid biochar-enriched asphalt on Rue de l’Hôpital in a pilot aimed at cutting the town’s carbon footprint to zero by 2030. Aviation finance: Stellantis Financial Services Italia completed a €1.2bn STS securitisation backed by Italian auto loans, with notes listed on the Luxembourg Stock Exchange. Wealth spotlight: UBS’ Global Wealth Report shows global wealth up 10.8% in 2025 and highlights Luxembourg among the world’s wealthiest markets, alongside record new millionaires. Banking tech investment (regional signal): Eurobank unveiled a €1bn “Banking Forward” digital transformation plan focused on AI, mobile banking and redesigned customer journeys. Last-mile logistics deal: Colis Privé is moving toward an acquisition of Paack Iberia and Paack France to expand in Spain and Portugal. Aviation operations pressure: Findel CEO warns runway sensitivity and congestion are rising, with major expansion planned as passenger numbers are set to reach 5.7m this year.

Luxembourg Economy & Finance: STOKR, the Luxembourg-based crypto platform, secured CSSF authorisation for both MiCAR Crypto-Asset Service Provider and Payment Institution licences, just ahead of the 1 July deadline—allowing it to custody/transfer crypto and run stablecoin payment flows across the EU. Capital Markets: OTP Bank marked the launch of a €7bn EMTN programme on the Hong Kong Stock Exchange, after CSSF approval in Luxembourg, with an inaugural €1bn Tier 2 note priced on 16 June. Energy & Climate: Luxembourg’s renewable push continues: 26% of electricity consumption was covered by national renewables in 2025, up from 16% in 2020, with photovoltaics now outpacing wind; meanwhile, Differdange trialled biochar-enriched asphalt to cut carbon footprints. Business Expansion: Colis Privé (CEVA) signed exclusive talks to acquire Paack Iberia and Paack France to expand last-mile delivery into Spain and Portugal. Wealth & Markets: UBS says nearly one million people became US dollar millionaires in 2025; in Luxembourg, UBS also ranks the country among the wealthiest by average wealth per adult. Transport & Infrastructure: Findel airport warned capacity will need expansion as passenger numbers keep climbing, with major terminal modernisation planned. Crypto Payments: Coinbase partnered with Spiko Finance to enable instant stablecoin entry/exit for European UCITS funds under MiCA. Corporate Governance: ArcelorMittal completed the first tranche of its 2025-2030 share buyback and started the second tranche. EU Trade: EU leaders discussed tougher measures over the China trade deficit and rare-earth dependence.

MiCA Deadline Crunch: With July 1 looming, only 244 EU crypto-asset service providers have MiCA authorizations so far, and 83% of previously registered firms still lack the required CASP licence—raising the risk that many will have to stop serving EU/EEA clients. Transatlantic Data Privacy: Microsoft has backed the EU Commission in the Latombe v Commission case at the EU Court of Justice, arguing the EU-U.S. Data Privacy Framework is vital for stable business data transfers under GDPR. EU Enforcement on VAT Fraud: EPPO actions in Germany and Poland targeted a diesel “Water into Wine” scheme linked to about €240m in tax losses, while a separate EPPO probe in France focused on a €13m VAT carousel allegedly involving 26 companies and around €160m moved through shell networks. Energy Storage Push: The European Commission signed a tripartite energy storage deal with 22 member states aiming for 30–35 GW in two years, as the EU targets far higher storage capacity to integrate renewables. Luxembourg in the Spotlight: Luxembourg is named among countries contributing experts to the EU’s Venezuela earthquake response, and it also appears in the media-pluralism risk ranking where journalist working conditions remain a concern. Legal/Corporate Moves: IQ-EQ rebranded Gordian Capital across Asia-Pacific, keeping Luxembourg as part of its regulated platform footprint.

Humanitarian Response to Venezuela Quakes: The EU is sending €5m and a humanitarian air bridge with 50 tonnes of shelter and medical supplies after the June 24 earthquakes, with Luxembourg among the member states providing experts and support. Meta Privacy Case Paused in Germany: A German court has suspended a consumer group lawsuit against Meta, pending an EU Court of Justice ruling on whether the representative action is admissible. VAT Carousel Probe Reaches France: The EPPO led searches in the Paris region tied to a suspected €13m VAT carousel fraud, money laundering and a criminal organisation involving 26 companies, with Luxembourg-linked cooperation noted in the wider response. Luxembourg Research Fund Gets New Role: The National Research Fund says it now receives more excellent proposals than its €360m four-year budget can cover, as a new legal framework expands its responsibilities and eligible beneficiaries. Energy Storage Push in Luxembourg: An EU tripartite agreement signed alongside the Energy Council in Luxembourg targets 30–35GW of storage capacity by 2028, aiming to cut system costs and boost renewables integration. Crypto Regulation Momentum: MiCA licensing remains uneven, with Germany leading approvals, while Luxembourg’s CSSF has issued Ripple a preliminary “green light” for MiCA-compliant operations ahead of the July 1 deadline. Cross-Border Waste Crackdown: Luxembourg and France carried out joint inspections, stopping 203 vehicles, issuing fines, immobilising some loads, and turning back waste shipments lacking proper documents. AI and Jobs in Europe: OpenAI’s chief economist warns there’s no one-size-fits-all approach, with Luxembourg among countries where AI-linked job growth may matter most. Business Deal: H.I.G. Capital completed its acquisition of Premier Forge Group, a mission-critical aerospace and defence component maker.

Autonomous Driving Regulation: China co-led the UN’s first global technical rules for autonomous driving systems (ADS GTR), aiming to replace today’s patchwork of national standards and speed up market access for robotaxi and smart-driving firms. Crypto Regulation in Luxembourg: Ripple received a preliminary “Green Light Letter” from the CSSF for a MiCA CASP licence, but it’s still conditional and requires proof that its Luxembourg entity can run the requested services ahead of the July 1 deadline. Defence Finance Push: Germany’s defence industry association urged Berlin to join the proposed NATO Defence, Security and Resilience Bank, with Canada as HQ and Luxembourg hosting the European headquarters. Offshore Wind Bids: Canada and Nova Scotia prequalified bidders for the first offshore wind seabed licences, including Luxembourg-based Jan De Nul, ahead of formal bidding later this year. Local Business & Infrastructure: Luxembourg’s Grouft tunnel ventilation fan replacements are underway after fatigue cracks were found, with major overhaul work on motors and bearings. Cybersecurity: A spear-phishing attack hit Luxembourg state services during National Day; authorities say no major user impact has been reported so far. Sustainability Policy: Germany, France and the Netherlands pushed for tougher EU action against ultra-fast fashion at an environment council meeting in Luxembourg. Humanitarian Response: The EU mobilised rescue teams and emergency assistance for Venezuela after major earthquakes, with Luxembourg among participating member states. Labour & Mobility: A new Luxembourg Red Cross volunteer portal targets more flexible, short-term and remote volunteering demand.

Defence Finance: Germany’s defence industry is urging Berlin to join the proposed NATO “Defence, Security and Resilience Bank”, with Canada as HQ and Luxembourg set to host the European headquarters—aimed at easing financing for the defence supply chain ahead of a July NATO summit. Cybersecurity: Luxembourg state services were hit by a spear-phishing attempt during National Day; authorities say preventive steps were taken and no major user impact has been reported, with CSSF and national protection bodies among those involved. Crypto Regulation (MiCA): Ripple received preliminary Luxembourg CSSF approval for a CASP licence via a “Green Light Letter”, positioning it to prepare MiCA-compliant XRP and RLUSD operations across the EEA (still subject to final conditions). MiCA Shock for Users: Binance will stop serving EU customers from July 1 after missing the MiCA authorisation deadline, disabling new spot orders, deposits and registrations for EU residents. Labour Policy: A new EU directive on “adequate minimum wages” is moving into national implementation focus, with the aim of strengthening trade unions’ bargaining power across member states. Transport & Infrastructure: Grouft tunnel ventilation fan repairs are underway after fatigue cracks were found; custom fan blades have been delivered and refurbishment work will continue in pairs. Humanitarian Response: The EU is mobilising rescue teams and emergency assistance for Venezuela after double earthquakes, with Luxembourg among participating member states. Local Economy & Society: Luxembourg’s Red Cross has launched a revamped volunteer portal to match modern preferences for flexible, short-term and remote volunteering.

Ultra-fast fashion crackdown: Germany, France and the Netherlands pushed for tougher EU action on short-lived, low-quality clothing at an Environment Council in Luxembourg, urging higher sustainability standards under the Ecodesign framework. Crypto regulation in Luxembourg: Luxembourg’s CSSF issued Ripple a preliminary “green light” for a CASP licence, positioning the firm to prepare MiCA-compliant XRP and RLUSD operations across the EEA (still subject to final conditions). MiCA pressure on exchanges: Binance says it will stop new spot orders, deposits, registrations and yield products for EU customers from July 1 after missing the MiCA authorisation deadline, though withdrawals are expected to work normally. Cybersecurity: A spear-phishing attempt hit Luxembourg state services during National Day, affecting the government information system; authorities say no major user impact has been reported so far. Energy infrastructure push: EU energy ministers agreed a negotiating position for faster permits and stronger cross-border rules to modernise Europe’s grids, with the deal reached in Luxembourg. Venezuela earthquake response: The EU mobilised rescue teams and equipment, including Luxembourg support, after deadly double quakes; Copernicus mapping was activated to aid operations. Heatwave and health: Luxembourg’s heatwave risks were discussed with experts, focusing on dehydration, heatstroke signs and the need for more urban cooling measures.

Crypto Regulation in Focus: Luxembourg’s CSSF granted Ripple preliminary CASP approval under MiCA, positioning the firm to expand regulated crypto payments across Europe as the July 1 deadline reshapes who can legally serve EU clients. EU Energy Infrastructure: Energy ministers in Luxembourg backed the Council’s negotiating position for the European grids package, aiming to speed permitting and expand cross-border electricity networks to match electrification demand. EU Storage Deal: The Commission signed the EU’s first tripartite energy storage agreement in Luxembourg to scale batteries and stabilise the grid. Cybersecurity: A spear-phishing attack hit Luxembourg state services during National Day, with authorities saying preventive steps were taken and investigations continue. Humanitarian Response: The EU mobilised rescue teams and equipment to Venezuela after a deadly double earthquake; Luxembourg is sending telecommunications, shelter and energy support. Local Economy & Energy Use: Luxembourg municipalities allowed school attendance to be non-compulsory during extreme heat, reflecting how climate pressure is affecting public services. Business & Investment: H.B. Fuller agreed to buy UK medical tech group AMS for about $827m, with regulatory approvals including Luxembourg. Sports & Talent: Brighton made a formal €34m bid for Atalanta defender Honest Ahanor, a Luxembourg-linked Italy call-up story.

Venezuela Disaster Response: The EU has mobilised rescue teams, medical staff and equipment after the 24 June double earthquake, with Luxembourg sending telecommunications, shelter and energy gear as more than 520 responders are deployed via the EU Civil Protection Mechanism and Copernicus mapping. EU Energy Grids & Permits: Energy ministers meeting in Luxembourg agreed the Council’s negotiating position for the European grids package, aiming to speed cross-border planning and permitting to unblock electrification and cut bottlenecks. Energy Storage Push: The Commission backed the first-ever EU tripartite energy storage agreement in Luxembourg, designed to scale storage faster to stabilise renewables and improve price security. Crypto Compliance in Luxembourg: Binance may face EU service restrictions after missing the MiCA licence deadline, while Coinbase is expanding its Luxembourg role as an EU MiCA crypto hub ahead of the July 1 deadline. Luxembourg Finance & Markets: China issued €5bn in euro sovereign bonds in Luxembourg, drawing heavy international demand; and LuxConnect added 300kWp of rooftop solar at its Bettembourg data centre. Labour & Heat Safety: Luxembourg’s construction sector is under pressure from near-40°C conditions, as unions push for mandatory heat protections and stronger use of bad-weather compensation. Business Deal: H.B. Fuller agreed to buy UK medical device maker AMS for about $827m, with regulatory approvals including Luxembourg.

Venezuela Earthquake Response: A rare double earthquake (7.2 and 7.5) struck Venezuela’s northern coast within 39 seconds, killing at least 589 and leaving nearly 50,000 missing; the EU is mobilising rescue teams and emergency mapping, with Luxembourg sending telecom, shelter and energy equipment. EU Accession Watch: Ukraine’s EU talks move forward as Luxembourg hosts the “Fundamentals” cluster, covering rule of law and economic criteria—now with clearer benchmarks and deadlines. Luxembourg Energy & Industry: LuxConnect installed 300kWp of rooftop solar at its DC1.3 Bettembourg data centre, while EU energy ministers in Luxembourg backed a grids package to speed electrification and permitting—alongside pushback from member states over Brussels’ role in cross-border planning. Crypto Regulation in Luxembourg: Binance says it will stop serving EU clients from next week after missing MiCA licensing deadlines, while Ripple’s preliminary MiCA CASP approval in Luxembourg keeps its payments push on track. Heatwave Pressure on Workers & Water: OGBL urges mandatory shade and water at building sites as Luxembourg’s heatwave intensifies, and the water authority calls for restraint as reserves and waterways come under strain. Markets & Finance: China issued €5bn in sovereign bonds in Luxembourg, drawing nearly five times demand from global investors. Packaging Rules: Retailers and wholesalers in Luxembourg-linked EU discussions want a 12-month grace period and clearer guidance as PPWR deadlines approach. ArcelorMittal Transparency: The steelmaker filed its 2025 payments-to-governments report under Luxembourg extractives reporting rules.

EU Climate Diplomacy & Family Policy: Sweden’s climate minister Romina Pourmokhtari brought her three-month-old son to an EU Council meeting in Luxembourg, reportedly the first time a baby has joined EU ministers—spotlighting Sweden’s parental leave model where each parent gets 90 non-transferable days. Energy & Regulation: The US warned the EU that planned methane emissions rules could force American LNG to be diverted elsewhere unless Brussels eases the approach, raising stakes for Europe’s gas security. Luxembourg Courts & Sanctions Oversight: A French lawyer argues EU sanctions review is becoming “formal rather than effective,” with cases in Luxembourg courts often ending after measures are renewed. Heatwave Strain in Luxembourg: Luxembourg health authorities say emergency activity rose but no excess mortality was seen; hospitals reorganised shifts and expect busier weekends. EU Disaster Funding Scrutiny: EU auditors say rescEU’s €2.9bn allocation faced planning and sustainability weaknesses, calling for better alignment with real needs. Crypto Regulation in Luxembourg: Coinbase’s Luxembourg MiCA hub and Ripple’s preliminary CASP approvals underline how firms are racing to meet the July 1 MiCA deadline. Markets & Finance: Alchip completed a US$510m GDS offering listed on the Luxembourg Stock Exchange, while China signalled a major euro sovereign bond sale in Luxembourg. Aviation & Policy Debate: Luxembourg’s general aviation federation warns against treating it as secondary to commercial flying, pushing for balanced rules and broader use of Noertrange airfield. Sustainable Aviation Tech Patent: OXT secured a European Unitary Patent covering its mixed-alcohol pathway for sustainable aviation fuel across Luxembourg and key EU states. Agriculture: Farmers back Luxlait as EKABE plans to halt milk purchases from March 2027, seeking a new dairy partner in Luxembourg.

EU Disaster Response: The European Court of Auditors flags planning weaknesses in rescEU’s €2.9bn funding, warning capacity build-up and long-term sustainability aren’t always aligned with real needs. Crypto Regulation (Luxembourg): Coinbase opens a Luxembourg MiCA hub as the July 1 deadline nears, while Ripple’s preliminary MiCA CASP approval in Luxembourg boosts its RLUSD rollout across Europe and Japan. Market Rules & Packaging: EU retailers and wholesalers ask for a 12-month “grace period” on PPWR packaging rules, citing unclear technical details ahead of August implementation. Food & Consumer Policy: Lactalis takes Nutri-Score to the EU’s top court over algorithm changes that it says unfairly penalise dairy. Aviation & Local Economy: Luxembourg’s aeronautical federation argues general aviation at Luxembourg Airport shouldn’t be treated as secondary, calling for a balanced debate on the future of Noertrange airfield use. Energy & Climate Shock: A severe heat wave strains European power systems, with Luxembourg among countries under red heat warnings. Logistics: DSV expands its cargo network with a new weekly Luxembourg–Rockford freight service, strengthening Europe–US supply links. EU Court (Insurance): The EU Court of Justice says motor accident claims can be assigned to debt recovery companies under national rules. Fashion & Sustainability: Germany joins France and the Netherlands pushing tougher EU curbs on ultra-fast fashion, targeting recyclability, repairability and producer responsibility.