Top Finance News in Luxembourg (April 2023 update)

• Luxembourg presents 2023 Stability and Growth Programme. On Tuesday 25 April 2023, Luxembourg's Minister of Finance, Yuriko Backes, presented the Stability and Growth Programme (SGP) for 2023. The SGP is a macroeconomic framework that outlines the government's economic and fiscal policy objectives for the coming year. The 2023 SGP projects economic growth of 2.5%, inflation of 2.2%, and a budget deficit of 0.5% of GDP.
• Cargolux reports record revenues of $5.1bn. On Wednesday 26 April 2023, Luxembourg-based cargo airline Cargolux reported record revenues of $5.1bn for the 2022 financial year. The company's results were boosted by strong demand for air freight, which has been driven by the global economic recovery and the ongoing supply chain disruptions. Cargolux also benefited from a fleet renewal program that has seen it take delivery of new, more fuel-efficient aircraft.
• Fortis Bank Luxembourg launches new sustainable investment fund. On Thursday 27 April 2023, Fortis Bank Luxembourg launched a new sustainable investment fund called the Fortis Global Sustainable Equity Fund. The fund invests in companies that meet high environmental, social, and governance (ESG) standards. Fortis Bank Luxembourg is the first Luxembourg-based bank to launch a sustainable investment fund that is fully aligned with the EU's Sustainable Finance Disclosure Regulation (SFDR).
• Luxembourg Stock Exchange welcomes new listing. On Friday 28 April 2023, the Luxembourg Stock Exchange welcomed a new listing, the first since the start of the year. The new listing is a Luxembourg-domiciled closed-ended fund called the BNY Mellon Luxembourg (Lux) Equity Fund. The fund invests in a diversified portfolio of global equities.
• Luxembourg's financial sector remains resilient in the face of global challenges. Despite the ongoing global economic and geopolitical challenges, Luxembourg's financial sector remains resilient. The sector continues to grow and attract new investment, and it is well-positioned to continue to play a leading role in the global economy.

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