Social entrepreneurship is the way to young philanthropists’ hearts, and finance, according to a report published by BNP Paribas Wealth Management together with the Economist Intelligence Unit. Moreover, millennial donors are more interested in projects that are replicable, global, immediate, connected and collaborative than traditional donors, who have long sustained projects focused on long-term, non-profit, regionally based programmes.
Worldwide philanthropy is growing, and millennial preferences are shaping the way it is defined, lending the strength of family legacies through new tools, technologies and strategies, say the authors. Monitoring and accounability are also key fundamentals.
Better travelled and more connected to worlds far away than their parents, millennials’ interest in global causes is an extension of their experience and exposure. They also believe that supporting entrepreneurship is a more sustainable means for achieving their philanthropic ambitions, and particular beneficiaries of this appear to the FinTech, EdTech, renewable energy and food and agriculture sectors.
They're also extremely well-funded, or will be. According to the report's authors, around €30 trillion will be passed down to American millenials over the next 30 years.
The world is a smaller place to millenials, and instead of focusing on a single region, the research showed that millennial want to replicate successes across many places, rather than localising on just one region.
A further reflection of their own culture, millennials are more likely to use social media not only to promote their causes, but also to find grantees, donors, talents and to educate themselves. They also collaborate to find co-investments, co-funding, new ideas, peers and practices.
"Over the past few years, we’ve seen our clients increasingly seek positive impact on society," explained Sofia Merlo, Co-CEO of BNP Paribas Wealth Management. “Millennials especially are pushing the boundaries of traditional philanthropy with a stronger collaborative spirit and a greater use of Impact Investing or Social Entrepreneurship and co-funding opportunities."
Millennials do not feel that they have to be necessarily tied to their family legacy. They strike a balance between the seemingly opposing forces of this legacy and of innovation. While some prefer to do it on their own, by setting up independent structures and looking for performance indicators, others stay aligned with their family and parents’ goals but inject modern practices.
In pursuit of impact, millennials adopt a specific approach to their investments. They don’t hesitate to break away from previous generations, using Impact Investing, impact evaluation or hybrid solutions. Millennials blur the lines between their investment initiatives and philanthropic activities, contrary to their elders.
"When I joined the foundation, 40% of the portfolio was in Impact Investment. But I began to question why all our investments weren't Impact Investments," said Stéphanie Cordes, 27 years old, vice-chair of Cordes Foundation in the USA.
Being a result-driven cohort, young philanthropists use digital technologies to capture and monitor key performance indicators that measure impact. Some examples of these technologies are highlighted in the report, including the European Foundation Center Data Map providing key data on how to run a foundation in 80 different countries, or the IRIS Metrics, designed to measure the social, environmental and financial performance of an investment.
“We’ve changed our organisational structure to ensure a more professional management of the foundation, and we measure our performance. We attach great importance to providing clear and transparent information about our strategic goals and performance to our most important stakeholders and the public at large,” said Lavinia Jacobs, 36 years old, chair of the board of trustees for the Jacobs Foundation in Switzerland.
Image: Stéphanie Cordes of the Cordes Foundation, and Lavinia Jacobs of Jacobs Foundation
The April Crafts and Small Business Fair is coming up on the last Sunday of the month at Brasserie Benelux in Strassen, offering unique, high-quality products, with tapas and refreshments created by Brasserie Benelux.
Organised by weorganise.lu, the Fair runs from 11:30 to 16:30 and is free to all.
Luxembourg's bathing season begins again on 1 May and Lake Weiswampach, the Remerschen ponds, and the Haute-Sûre lake will be open for swimmers.
During the season, microbiological quality is monitored at the bathing areas, with the last three years showing excellent quality across the board.
Image: Remerschen Ponds (www.visitluxembourg.com). © Fabrizio Maltese
Cactus has expanded its network of service station outlets to 22 with the opening of a Shoppi in Junglinster, near the main Echternach road.
With 2,500 brands geared towards daily living, Cactus says the focus is on quality products, resisting the “industrial to-go” trend they say is increasingly invading service stations.
Thus, a wide selection of organic and fresh products such as "Cactus hausgemaacht" and "De Schnékert Traiteur", slowfood baguettes by Pains & Tradition, or fresh fruit and vegetables is among the range of offerings.
The station also features a postal point, carwash, and Lux’mBurger Foodtruck, and will be open from 06:00 to 22:00 seven days a week.
Image: The Junglinster team with manager, Pietro Genco.
During his working visit to Japan between 19 and 21 April, Deputy Prime Minister Étienne Schneider met with the Japanese minister of education, culture, sports, science and technology, Toshiei Mizuochi and Japan’s space minister, Yosuke Tsuruho, to discuss potential cooperation between Japan and Luxembourg as part of the SpaceResources.lu initiative.
During the meetings, Etienne Schneider called for a multilateral agreement on the exploration and use of space resources.
"Technological progress will give access to sources of energy and raw materials outside the earth's atmosphere, in particular the resources available on millions of asteroids that gravitate around the solar system. In order to avoid in the future any colonisation of space by one or the other world power, the "Outer Space Treaty", the UN space treaty signed in 1967, will have to be adapted to realities by explicitly regulating the exploration and peaceful exploitation of space resources, as well as responsibility for space debris,” said Minister Schneider.
He added that with a view to advancing a review at the UN level, he wants to see an international consensus through the realisation of a multilateral agreement by all the countries sharing the same point of view on the subject.
“The convergence of interests and technological synergies between the different countries will make the development of this new economic branch progress in a sustainable and equitable way,” said the deputy prime minister.
In order to identify opportunities for cooperation between the two countries in the exploration and use of space resources, in particular through synergies in the field of research, Minister Schneider met with the president of the Japanese Space Agency (JAXA), Dr. Naoki Okumura, who invited Luxembourg to participate in the second International Space Exploration Forum (ISEF2), to be held in Tokyo in March 2018.
Image: Etienne Schneider, with Technology Minister Toshiei Mizuochi.
Project Managers International Luxembourg Chapter and Project Managers Without Borders are hosting a special workshop and brainstorming session on 25 April dedicated to resolving flooding in the Ghanian capital of Accra that have caused chaos and casualties in the city. Part of a global initiative among PMI chapters, the organisers hope that through bringing minds and experience together, a real and lasting solution can be found.
The Accra Flooding Initiative will be led by seasoned facilitators, with briefings and introductions provided at the start of each session, and calls on anyone with knowledge in the area of flooding, surface water handling, experience of working in sub-Saharan Africa, in a government environment or just straight-forward project management skills to participate.
Presented and organised by PMI Lux and PMWB, and represented by Kris Troukens, Director at Large with PMWB, the Initiative brings together workshops and initiatives around the globe with a team of virtual volunteers.
Kris has been involved with PMI for more than fifteen years in various positions around Europe.
The number of participants is limited to 40 people. It is free of charge for PMI Luxembourg Chapter members, though other participants are requested to pay a €20 fee (cash) at registration. Online preregistration is required, before 15:00 on 24 April. Participants are asked to print their tickets so their identity can be validated.
18:00 - Registration
18:30 - Introduction by PMI Chapter Luxembourg
18:40 - Introduction to the Accra Flooding Initiative
18:45 - Workshop / Brainstorming session
20:10 - Wrap-up / Questions
20:30 - Networking / Drinks
21:00 - End of event
The PMIL/PMWB Accra Flooding Initiative will be at the Chambre des Métiers on 25 April, from 18:00 to 21:00. PDUs are offered to PMI members, both Chapter members and non-Chapter members.
Global HR, payroll, tax and legal services company, SD Worx, has posted its annual results for 2016 showing a strong performance with near 40% turnover growth, primarily attributed to two major acquisitions made during the year consolidating the firm’s position as number two in Europe’s payroll market said the company.
Turnover jumped from €284 million to €397 million last year following the acquisition of German firm Fidelis in March and Ceridian UK and Ceridian Ireland in July.
The acquisitions added €90 million to SD Worx’ turnover, with the remaining €23 million showing an organic growth of 8% over the year before.
2016 produced an increased net profit of €47.7 million, up €9.4 million on the year before, and BTEBIT profits of €35.2 million, up €10 million.
Last year, SD Worx also acquired the residual shares of Belgian company Protime and SD Worx Netherlands, both of which are now 100% owned by the SD Worx Group. The company thus now has offices in ten countries: Belgium, Germany, Austria, France, Ireland, Luxembourg, Mauritius, the Netherlands, the United Kingdom and Switzerland. Through the Payroll Services Alliance, SD Worx provides services to companies around the world.
"For SD Worx, the past year has clearly been that of internationalisation. We still see strong potential for growth in this international market. Our customers are also constantly becoming international. We are responding to this trend by expanding our services. As we combine our international expertise with our knowledge of local companies and markets, we follow our clients in their international growth while remaining very close to them. This combination of local and international presence is an important asset,” said Steven Van Hoorebeke, CEO of SD Worx Group.
International language school network, Berlitz, will be running its customary kids language camps this summer and autumn offering the chance to combine language learning with activities including kayaking, football, volleyball, basketball and trips out, as well as weeks dedicated to swimming, mountain biking and climbing and three newly created camps for horse-riding, creativity and the arts, and one for Halloween.
According to the Berlitz website, the dates for this year’s camps are as follows:
09.04.17 – 15.04.17: French Camp (Vianden)
09.04.17 – 15.04.17: English Camp (Echternach)
16.07.17 – 22.07.17: French Camp, Horse Riding (Luxembourg City)
23.07.17 – 29.07.17: French Camp, Creativity: Theatre, Circus, Magic, Photography (Lultzhausen)
30.07.17 – 05.08.17: French Camp (Lultzhausen)
06.08.17 – 12.08.17: French Camp (Lultzhausen)
30.07.17 – 05.08.17: English Camp (Echternach)
06.08.17 – 12.08.17: English Camp (Echternach)
13.08.17 – 19.08.17: French Camp (Echternach)
20.08.17 – 26.08.17: German Camp (Schengen)
29.10.17 – 04.11.17: French Camp, Halloween (Echternach)
During the working visit to Canada, Prime Minister Xavier Bettel and Minister of Finance Pierre Gramegna met with Finance Minister Bill Morneau for an interview in Toronto for discussions focused on international political, economic and financial news as well as bilateral relations.
"Cooperation between Luxembourg and Canada is exemplary in financial matters," Xavier Bettel said at the end of the interview with Bill Morneau. "Several Canadian financial institutes are present in Luxembourg and have become fully integrated into the Luxembourg financial community."
With Bill Morneau we discussed the Canada-EU Comprehensive Economic and Trade Agreement (CETA), as well as the Brexit and its potential impact on global economic and financial exchanges.
"The good health of the Canadian financial sector and the attractiveness of Luxembourg's financial marketplace, especially in the context of the Brexit, are opening up new opportunities between our two countries for both Canadian banks and fintech players," said Minister Gramegna.
The prime minister also had an interview with Ontario Lieutenant Governor Elizabeth Dowdeswell, Her Majesty the Queen's representative, for discussions focused on bilateral relations and shared values and traits shared by Canada and Luxembourg, such as openness or multilingualism.
During their visit, Xavier Bettel and Pierre Gramegna also visited several companies in the field of innovation, research and finance.
Image: Xavier Bettel, Bill Morneau, finance minister for Canada, Pierre Gramegna.
The Pavement Administration will carry out underground wiring work on the Kirchberg A1 interchange from 19:00 on Friday 21 April until 06:00 Monday 24 April.
The following blocks and deviations will be in place:
Closure of the access ramp of the Kirchberg interchange from the A7 motorway;
Closure of the Kirchberg interchange ramp from Trier on the A1 motorway;
Closure of the by-pass roundabout "Richard-Serra" from the A1 and A7 motorways and towards the circuit of the International Fair.
Traffic from Trier to the A1 motorway and the A7 motorway and to the Kirchberg is diverted via the Hamm interchange to the Kirchberg interchange.