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Volvo Ships Cars to Belgium via Revived “Silk Road”

VOLVO

BRUSSELS: Volvo becomes the world’s first automaker to export Chinese-built cars to Europe by train using China’s new “Silk Road.” The first S90 premium sedans, constructed at Volvo’s Daqing plant, arrive this week at a distribution center in Zeebrugge, Belgium. Cars have been transported to Belgium via the recently opened China-Europe railway link which reduces vehicle transit times to Europe ... Read More »

Belgian federal government will not implement the BNB’s recommendations for mortgage loans

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BRUSSELS: The Federal Government will not implement the recommendations of the National Bank (NBB) on mortgage loans, local media reported. The latter recommended that banks should strengthen their own funds when granting mortgages for more than 80% of the value of properties. The idea has aroused a lot of political emotion in recent weeks, the Walloon government fearing a decision ... Read More »

Belgium stocks continue to slip; BEL 20 down 0.07%

low growth rate

BRUSSELS: Belgium stocks were lower after the close on Tuesday, as losses in the Telecoms, Consumer Goods and Financials sectors led shares lower. At the close in Brussels, the BEL 20 fell 0.07%. The best performers of the session on the BEL 20 were UCB (BR:UCB), which rose 2.39% or 1.47 points to trade at 63.06 at the close. Meanwhile, ... Read More »

Belgium stocks lower at close of trade; BEL 20 down 0.19%

belgium

BRUSSELS: Belgium stocks were lower after the close on Monday, as losses in the Telecoms, Consumer Goods and Financials sectors led shares lower. At the close in Brussels, the BEL 20 lost 0.19%. The best performers of the session on the BEL 20 were Ageas (BR:AGES), which rose 2.03% or 0.720 points to trade at 36.275 at the close. Meanwhile, ... Read More »

Belgian customs seizes 90 million cigarettes in the port of Antwerp

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BRUSSELS: Belgian customs officers seized nearly 90 million cigarettes in the port of Antwerp last week – one of the largest ever in the port. The shipment came from the Egyptian port of Said and was destined for a company in the Netherlands, local media reports. Belgian Minister of Finance Johan van Overtveldt congratulated all involved in this record bust. ... Read More »

Belgium stocks lower at close of trade; BEL 20 down 0.31%

stock exchange lower at closing

BRUSSELS: Belgium stocks were lower after the close on Wednesday, as losses in the Healthcare, Utilities and Basic Materials sectors led shares lower. At the close in Brussels, the BEL 20 lost 0.31%. The best performers of the session on the BEL 20 were Aperam SA (AS:APAM), which rose 2.17% or 0.94 points to trade at 43.99 at the close. ... Read More »

Belgium to return to a growth rate of 2 to 2.5%: Governor BNB

growth in exports

BRUSSELS: The Governor of the National Bank of Belgium (the “BNB”), Jan Smets, considers that the Belgian economy is now on the right road. The Governor considers, “Belgium’s recovery partly reflects the recovery with the eurozone. Certainly, this is not spectacular,” being around 1.5%. He does, however, think that a return to growth levels of 2 to 2.5%, “levels which ... Read More »

Belgium fairness tax system violates EU law, court rules

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BRUSSELS: Belgium’s fairness tax system is incompatible with EU freedom of establishment concepts and the parent-subsidiary directive, the Court of Justice of the European Union (ECJ) ruled in a 17 May decision (Case C-68/15). Belgium’s fairness tax legislation provides a separate assessment from the corporation tax and the non-residents’ tax. The tax applies where, for the same tax period, dividends ... Read More »

Fines imposed by Belgian Authority for infrabel public contract

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BRUSSELS: On 3 May 2017, the Investigation and Prosecution Service of the Belgian Competition Authority imposed a total fine of 1.8 million euros for a cartel between five companies relating to a public procurement organized by Infrabel. The five companies are ABB, Siemens, AEG, Sécheron and Schneider. The investigation was launched in 2013 following a leniency application lodged by ABB. ... Read More »

Belgian finance minister warns EU to change or die

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BRUSSELS: Brexit has “shattered” the principle of ever closer union in the EU, according to the Belgian finance minister, who warned that the bloc had to transform itself to survive. Johan Van Overtveldt said there was “clearly a problem” with the European Union, as he called for a quick, comprehensive trade deal with the UK and warned that punishing Britain ... Read More »

Belgian health cluster BioWin received $25.8m for innovation in 2016

biowin

BRUSSELS: BioWin, a health cluster based in Wallonia, Belgium, has released data saying 2016 was a record year for investment in R&D projects, with €24.3 million ($25.8M) funding for eight projects, including €7 million ($7.4M) in private investment. The total budget allocation for these projects is the highest since the cluster was founded in 2006. These projects fall within the ... Read More »

New Swiss company tax reform plan well received in Brussels

Swiss Federal Council Approves WHT Reforms

BERN/BRUSSELS: The Swiss government’s company tax reform plans have been reborn after the last plan met with defeat in a popular vote on 12 February 2017. The new plan, dubbed “Tax proposal 17”, aims to avoid issues that bedeviled the last project. Last time many were concerned by the potential financial impact of lower company tax rates, and the proposal ... Read More »

Belgium stocks higher at close of trade; BEL 20 up 0.03%

stocks higher

BRUSSELS: Belgium stocks were higher after the close on Wednesday, as gains in the Healthcare, Consumer Services and Basic Materials sectors led shares higher. At the close in Brussels, the BEL 20 gained 0.03% to hit a new 52-week high. The best performers of the session on the BEL 20 were UCB (BR:UCB), which rose 2.79% or 1.98 points to ... Read More »

Belgium Telecom Company BICS to Buy TeleSign for $230m

Belgium Telecom Company BICS

BRUSSELS: TeleSign Corp. of Marina del Rey, a developer of user authentication software, announced on Tuesday that it had agreed to be acquired for $230 million in cash by telecommunications company BICS of Belgium. The deal is expected to close in the third quarter of this year after regulatory review. TeleSign will continue to operate independently under its own name ... Read More »

Belgium’s UCB sees Q1 sales up 15%

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BRUSSELS: Belgium’s largest pharma company UCB (Euronext Brussels: UCB) this morning reported that revenue for the first three months of 2017 increased to 1.12 billion euros ($1.22 billion, a rise of 15% at actual and 14% at constant exchange rates (CER). This was supported by the one-time other revenue of 56 million euros recognized in February 2017 for out-licensing of ... Read More »

KBC inaugurates its new trading room in Brussels

KBC Brussels - Belgium

BRUSSELS: KBC inaugurated its new trading room, located on Avenue du Port in Brussels, at the beginning of the month. There are currently 164 “dealer desks” where markets from all over the world are continuously monitored. Surprisingly, Skype telephony replaces virtually all phones. “Previously, the trading room was much noisier”, explains Luc Gijsens, CEO of the International Markets Division of ... Read More »

Belgium stocks higher at close of trade; BEL 20 up 0.65%

stocks higher

BRUSSELS: Belgium stocks were higher after the close on Wednesday, as gains in the Financials, Consumer Services and Industrials sectors led shares higher. At the close in Brussels, the BEL 20 gained 0.65%. The best performers of the session on the BEL 20 were ING Groep NV (AS:INGA), which rose 3.77% or 0.515 points to trade at 14.170 at the ... Read More »

Elia to build offshore grid in Belgian North Sea

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BRUSSELS: Grid operator Elia will build a modular offshore grid (MOG) in the Belgian North Sea with an investment of €400m. The investment will be used for all the construction works carried out by the Belgian company, Elia along with the acquisition of part of some assets built by Rentel. The MOG, which will act like an electricity plug, will ... Read More »

Belgium’s WABCO wins $1.2b in new business in past four Qs

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BRUSSELS: WABCO Holdings Inc., a leading global supplier of technologies and services that improve the safety, efficiency and connectivity of commercial vehicles, today disclosed that – from Q2 2016 to Q1 2017 – it has entered into contracts in local currencies with customers worldwide that total $1.2 billion of expected cumulative incremental business. These awards include $746 million in new ... Read More »

Brussels Airlines carried 686,299 passengers in March

Brussels airlines

BRUSSELS: This is a growth of 51.4% on March 2016, which was marked by the March 22nd attacks with sustained flight disruption for the company. Amongst March 2017’s passengers, 572,905 chose to take an intra-European flight and 113,394 flew to Africa, North America, Israel and India. The company stresses in a communiqué, “The March figures are difficult to compare with ... Read More »