Dear Amcham members and friends,
Welcome to the 27 May edition of your AMCHAM Newsletter! We are happy to be here supporting you as we all make progress recovering from this terrible pandemic and its economic consequences.
Among the hardest hit areas of economic activity here in Luxembourg have been the hospitality and the related tourism sectors. While some restaurants have mitigated some measure of the damage by focusing on take out and home delivery business, other such as hotels have been especially hard hit with many room cancelations and very limited bookings. Since the Luxembourg government had prior to Covid targeted tourism as a growth sector, it is disappointing to see this sector in its present difficult circumstances. Considering that the economy will not fully recover so long as we all have not regained strength, we have decided this week to undertake an interview with Gregory Tugendhat, the founder and CEO of RegiÔtels, a relatively newly established digital reservation booking and promotion business with a broad base of client hotels both in Luxembourg and globally. We think you will find it interesting and informative to have an in-depth dive into the challenges and solutions faced by this sector. Enjoy reading!
You will (hopefully!) notice that this week we have three company logos prominently displayed in our Newsletter announcing them as sponsoring organizations! Considering the very good reception we have had with our Newsletter, we are honored to have these three prominent companies joining us as Newsletter sponsoring Patrons: Deloitte, PWC and Inowai. We most sincerely thank each of them for linking their brands with ours and giving us their patronage and support to allow us to be able to publish this informative weekly communication! For other companies interested to join us as sponsoring supporters, we have agreed to allow a total of 6 Newsletter Sponsoring Patrons. If you are interested to discuss the terms and conditions associated with this opportunity, please contact Daniel@amcham.lu.
We are very pleased that last week we launched a financial sector project we have been working on all year: an eight hour comprehensive overview of the Luxembourg Financial Sector. The first session features presentations by our Minster of Finance , Pierre Gramegna, followed by a background and current status briefing by Luxembourg Finance. This is followed by 5 one hour presentations covering such topics as: Private, corporate and retail banking, the functioning of the Funds industry and Clearing and settlement. The final session is dedicated to an in-depth interview with Claude Marx, the Director General of the CSSF, who discusses the why and how of regulatory compliance management of the Financial sector. In truth, this is the only presentation currently available in Luxembourg at this level of detail and professionalism. We have 500 employees in the financial sector being currently trained via this program and, in the Fall, we will offer this program to holders of AMCHAM Member Discount Program cards of affiliation. This is part of our now launched long range plan to create a library of useful digital content for our members and their employees and make it available on a cost effective basis for the professional development of their current staff and other interested potential employees within the financial sector and other areas of economic activity. We are excited to develop this project, thank our members who have contributed so much to make this work and look forward to sharing this information within our family of AMCHAM members! Watch this space for more related news in the coming months!
As we are all told we should eat more fish to stay healthy, Jane has arranged a really nice hot Tuna recipe for your enjoyment! I have not tried it yet, but I admit it looks really good!
Our most sincere thanks to our members and friends for their support, partnership and for letting us serve them! Please let us know if there are topics you want us to explore and work on. Please let us know if you have articles of your own you want us to consider to publish. And please contact us if you are not yet a member but are interested to know the terms and conditions (along with our good reasons!) for you to join AMCHAM and become part of our family!
With respect and our very best wishes,
Paul Michael Schonenberg
Chairman and CEO