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Top executives at the European Investment Bank will have to wait twice as long before they can start new jobs with ties to their role at the EU bank, after European parliamentarians pressured the lender to tighten its rules to cut back on suspicions of conflicts of interest.
A Luxembourg Times investigation earlier this year found a string of the bank's highest managers had moved into jobs at private companies they provided loans for almost immediately after they left the EIB, including three in the past year and a half. The managers made these changes despite a cooling-off period between the jobs of one year that was mandatory at the time.
Luxembourg’s high living costs are putting off tech geeks from taking jobs in the country, with recruiters struggling to find to fill vacancies that crucial sectors of the economy such as banking and tech rely on to keep going.
The Grand Duchy pays it workers some of the highest wages in Europe, with the highest minimum wage, and an average gross annual salary of €64,930 according to Luxembourg’s statistics office Statec. But the considerable cost of living, high rents and inflated house prices are putting people off from coming to the country, posing a particular problem for the red-hot ICT sector
Luxembourg is backing EU efforts gaining steam in Brussels that could punish big digital companies like Google for anti-competitive online practices, the country's government said.
"The proper functioning of the internal market is extremely important, especially for a small country like Luxembourg, so that our businesses can easily and without obstacles operate across borders and so that consumers have access to services and products from companies abroad," Economy Minister Franz Fayot said on Wednesday in response to a question from parliamentarians.
Former Luxembourg spy Frank Schneider may leave prison to await a decision about his extradition to the US under house arrest in France, the Court of Appeal said on Friday, in a case that is related to the Onecoin cryptocurrency scam.
"Mr Schneider has been released without bail with a strict stay at home order under electronic surveillance", Maud Parmentier, spokeswoman for the Court of Appeal in Nancy said on Friday.
EU Justice Commissioner Didier Reynders called out the government in a session in parliament on Monday for dragging its feet on strengthening transparency measures that tackle revolving doors and lobbying, while he also slammed journalists' restricted access to information.
The code of ethics, which states that ministers must refrain from using information they acquired in public office in a private sector job, is "difficult to apply", said the rule of law report that Reynders' office released in July and he presented to Luxembourg lawmakers on Monday.