Current affairs
Economic Freedom Index
LUXEMBOURG THIRD IN THE EU
3 questions
UTOPIA's RENOVATION
Jacky Beck, Country manager Luxembourg and France, Utopia S.A.
DR: Why has the utopia been renovated now? JB: It was high time. We are a young team at Utopia S.A. and the Utopia cinema has always been the company’s pet, it was always treated differently. We want it to retain its identity, just as the Utopolis on the Kirchberg should have its own identity. But if we could no longer identify with the old design, if we thought it was no longer cosy, then we guessed audiences couldn’t either. DR: What exactly has changed apart from the décor? JB: Nico Simon, the group’s CEO, actually gave us carte blanche. We changed the bar and the ticket offices and have created a lounge space. We wanted to offer customers something different, a new range of specialist coffees and a bar serving alcohol and finger food. The Tom Notebaert architecture bureau designed the interior and Belgian artists Nic & Balboa created the new neon sign. DR: HOW HAVE THE LONGSTANDING REGULAR AUDIENCE REACTED? JB: Well we were a bit worried that it might be a culture shock. Without patronising the regular audience, we wanted to make sure it was still “their” Utopia. The Utopia programme is very different, but we have also attracted new audiences with our Live from the Met and National Theatre live programmes.
22 - delano - February 2011
The Grand Duchy is the third freest economy in the EU, fourth freest in Europe and 13th freest in the world, according to a study published this month by The Heritage Foundation and The Wall Street Journal. Luxembourg earned 76.2 out of 100 points in the Index of Economic Freedom--published jointly by the conservative US think tank and America’s largest daily newspaper--up 0.8 points from last year. The study finds the country performs well in “entrepreneurial activity” but “performs weakly in such areas as fiscal freedom, government spending, and labour freedom.” Luxembourg ranks first in the world in investment freedom, earning a score of 95 out of 100, outpacing Denmark, Hong Kong and Ireland (90 each), as well as Singapore and the United States (75). T he report’s authors note: “Bureaucratic procedures, including those for licenses and permits, are streamlined and transparent, and there is far less red tape than in larger European countries.” In financial freedom, Luxembourg ranks behind Denmark (90), ties with Switzerland (80), and leads Belgium, France and Ireland (70). “As a global financial hub, Luxembourg’s sophisticated banking sector is well capitalised and competitive,” the study says. “Regulations are transparent and effective.” The researchers say Luxembourg (44.1) fairs poorly in labour freedom, scoring lower than Denmark (92.1), Switzerland (87.8), Ireland (77.5), Belgium
ONT
Olivier Minaire
The Grand Duchy is one of most economically free countries in the world, a new US report finds. In which measures does it lag neighbours?
Heritage Foundation: Luxembourg ranks first in the world in investment freedom
(71.0), and even France (51.4). The Grand Duchy does, however, manage to scrape past Germany (40.6). “Luxembourg’s labour regulations are burdensome. Unemployment benefits are almost twice as high as those in neighbouring countries. The minimum wage is one of the highest in the OECD and labour union membership stands at over 50 percent of all wage earners.” The authors explain that “higher levels of economic freedom” are “associated with higher per capita incomes,” and “strongly correlates to overall well-being, which takes into account factors such as health, education, security and personal freedom.” AG The study is available online at www.heritage.org/Index/