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Associated Press
30-06-2025
- Business
- Associated Press
Codere Online Reports Favorable AGM Results and Changes to its Compliance Committee
Luxembourg, Grand Duchy of Luxembourg, June 30, 2025 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the 'Company'), a leading online gaming operator in Spain and Latin America, today announced the favorable resolution of all 24 agenda items at the Annual General Meeting ('AGM') held today at the registered office of the Company, including the confirmation and renewal of all currently serving Board members, thereby maintaining the existing composition of the Board. For detailed biographies of the members of our Board of Directors please visit our website. Appointment of A.G. Burnett as Chairman of the Compliance Committee In the Board of Directors meeting held earlier this month ahead of the AGM, A.G. Burnett was appointed as Chairman of the Compliance Committee, effective July 1, 2025. Rafael Catalá and Yaiza Rodríguez will continue to serve as members. Mr. Burnett brings over 20 years of experience in gaming regulation and law, including his service as Chairman and Executive Director of the Nevada Gaming Control Board ('GCB') from 2012 to 2017. Prior to that, he served as a Board Member and Deputy Chief of the GCB's Corporate Securities Division, as well as Senior Deputy Attorney General representing the GCB and the Nevada Gaming Commission. Mr. Burnett is a recognized professional in gaming law, regulatory compliance, enforcement, legislative affairs, AML, and sports betting law and regulation. He currently serves as a Partner at McDonald Carano, where he advises gaming clients on a wide range of regulatory and compliance matters. A graduate of Gonzaga University School of Law, Mr. Burnett holds leadership and advisory roles with several industry groups, including the International Association of Gaming Advisors, the International Masters of Gaming Law, and the UNLV's Boyd School of Law Gaming Law Advisory Board. Mr. Burnett succeeds Mark Dunn as chairman of the Compliance Committee. We extend our sincere thanks to Mr. Dunn for his outstanding contribution as member and Chair of the Compliance Committee. From his appointment as member of the Compliance Committee in 2022, his dedication and integrity have been instrumental in shaping a strong compliance culture across the Company, and we are very grateful for his service. About Codere Online Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina. Codere Online's online business is complemented by Codere Group's physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence. About Codere Group Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay). Forward-Looking Statements Certain statements in this document may constitute 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, 'Codere Online') or Codere Online's or its management team's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intends,' 'may,' 'might,' 'plan,' 'possible,' 'potential,' 'predict,' 'project,' 'should,' 'would' and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online's financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online's strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans. These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online's or its management team's views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, Codere Online's actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers' heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online's services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, and (xii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online's filings with the U.S. Securities and Exchange Commission (the 'SEC'). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Trademarks This document may contain trademarks, service marks, trade names and copyrights of Codere Online or other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this document may be listed without the TM, SM, © or ® symbols, but Codere Online will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. Contacts: Investors and Media Guillermo Lancha Director, Investor Relations and Communications [email protected] (+34) 628 928 152
Forbes
26-06-2025
- Business
- Forbes
The World's Cheapest And Most Expensive Cities: Deutsche Bank Report
View of Luxembourg City's Old Town Luxembourg has been listed as the world's most liveable city in the annual Mapping the World's Prices – 2025 report ranking the cheapest and most expensive cities by the Deutsche Bank Research Institute assessing global cost and quality-of-life indicators. The newly-released report, now in its ninth edition, tracks cost-of-living from rental prices to many goods and services including phones, coffee, beer, taxis, cinema tickets, denim and more in 69 cities relevant to financial markets, ranging from Abu Dhabi to Zurich. 'We have a surprise #1 in the quality-of-life stakes,' the report teases. 'A clue would be that this country is 90 spots lower in the FIFA football rankings.' With its mix of high incomes, free public transport and overall quality of life – the capital of the Grand Duchy of Luxembourg has surpassed wealthier cities like Zurich and Geneva. 'The breakdown of the quality-of-life index shows Luxembourg scoring strongly in purchasing power (6th), commute times (5th), and pollution levels (4th),' RTL Today reports. 'Utilities are not listed among the most expensive globally, suggesting that monthly costs for essentials like energy and water remain comparatively moderate.' Although, according to the report, mortgage payments in Luxembourg are relatively low as a percentage of household income, placing it alongside more affordable cities like Brussels and Chicago, 'that may come as a surprise to many residents," the publication explains. "Earlier this month, the June edition of the Politmonitor confirmed that housing remains the top concern among Luxembourg voters." The Five Top For Life Quality Scenic view of Copenhagen's Nyhavn harbor Following Luxembourg, the five top cities for best quality of life are Copenhagen, Amsterdam, Vienna and Helsinki. Because their cost of living is now the highest in the world, Zurich and Geneva have slipped out of the top five. With Geneva, Zurich, San Francisco and Boston, Luxembourg also ranks the highest for salaries after taxes, at $6,156, marking a 39% increase over the past five years and is the best performer in terms of quality of life next to Copenhagen and Amsterdam. Luxembourg's purchasing power has risen significantly since 2000, climbing 14 places globally, and its average inflation rate of 3.4% since 1971 is among the lowest worldwide. Other financial hubs such as Tokyo in 26th place, Paris 44th, Hong Kong 48th, London and New York tied at 50th, all scored lower on quality of life, hampered by expensive housing, long commutes and high levels of pollution. Some Ranking Surprises People and cars speed through Times Square in New York Another 'surprise' in the study is this: U.S. cities that 'rarely cracked the global top 10 for prices or pay are now jostling with Geneva and Zurich for the top in many of the charts.' New York is the priciest place to live in the city's center, with rent for a three-bedroom apartment costing an average $8,500 a month in 2025. The other American cities that appear among the 11 top ranking for high rents and groceries are Boston, San Francisco, Chicago and Los Angeles. A strong dollar, Wall Street strength and a tech sector that has gone global and remains American-led are among the reasons mentioned in the report that also advises that the trend may be reaching its peak 'at least in pricing terms.' A third 'surprise' in the report is how cheap fast-growing India remains versus its international peers, and predicts that 'it will largely be the third-largest economy in the world by the end of the decade.' Some Lighter Indicators The Mapping the World Prices report also includes lighter touches as it spotlights the cost of some daily indulgences as indicators – for example, the price of a cappucino being most expensive in Zurich, while the most expensive glass of wine is in Singapore. The least expensive location to buy a new iPhone? Seoul, Korea. The best place for a cheap date? Bangalore, India. Luxembourg, however, doesn't shine regarding one of the indicators: It's the third-most expensive place in the world for a five-kilometer taxi ride, behind only Zurich and Paris. Long Term Shifts By Country Looking at longer-term shifts in relative prices levels across countries' economies, the report notes that in 2000 the U.S. was second to Japan in terms of purchasing power parity (PPP). Since then, Japan has dropped 23 places, paying the price for excesses that peaked in the 1990s. Meanwhile, New Zealand rose 20 places, Luxembourg 14 places, Australia 14, Saudi Arabia 12, Czech Republic 11 and the UAE 11, moving up notably in the ranking. The U.S. declined 16 places between 2000 and 2010 to bounce back to #3 behind Switzerland and Israel by the start of 2025. The complete Deutsche Bank Research Institute report Mapping The World's Prices with commentaries and charts of the Cheapest and Most Expensive Cities can be found here. MORE FROM FORBES
Irish Times
10-06-2025
- Sport
- Irish Times
No shortage of effort, but Ireland fail to find the net against Luxembourg
Luxembourg 0 Ireland 0 Progress report. Stephen Kenny predicted that the fast-tracking of the Republic of Ireland under-21s from 2019 would lead to an established team of 20-somethings with 30-plus caps come the 2026 World Cup. In November 2021, Ireland appeared to be ahead of schedule after a 3-0 win at Stade de Luxembourg to conclude their dismal Qatar 2022 qualification campaign on a high. That result stretched their unbeaten run under Kenny to six matches since the disastrous 1-0 loss to Luxembourg the previous March. Gerson Rodrigues's winner at an empty Aviva Stadium was the start of an alarming concession of long-range goals on Kenny's watch. READ MORE Only two players in the current squad, Adam Idah and Matt Doherty, started in Luxembourg four years ago. Caoimhín Kelleher and Nathan Collins were unused subs. Now, in 2025, the Brentford duo are the leaders. Troy Parrott and Jason Knight both came off the bench in 2021. It was Knight's ninth cap. The 24-year-old made his 38th appearance last night, while Parrott and Idah have compiled 60 caps and 10 goals between them since the last trip to the Grand Duchy. There is still plenty of room for Ireland to improve against Hungary in the opening World Cup qualifier on September 6th, mainly by reintegrating Josh Cullen, Finn Azaz, Sammie Szmodics and Chiedozie Ogbene into the team. Cullen and Azaz were rested for this international window while Szmodics and Ogbene are inching back from surgeries. The problem with being rested or injured is it has invited Knight, Will Smallbone, Kasey McAteer and the rangy Killian Phillips to play their way into contention. McAteer has earned his place wide on the right, unless Ogbene or Festy Ebosele can hit form for their clubs in August. Daniel Sinani could not handle the Leicester City winger's pace, swallowing a yellow card from referee Stefan Ebner. The benefit of this low-key summer camp is Ireland manager Heimir Hallgrímsson has unearthed alternative options. Jake O'Brien or Matt Doherty at right back? Power or panache? Take your pick. More importantly, everyone clearly understands the Icelander's fluid system. The 4-4-2 defensive shape springs into 3-2-3-1 as soon as Ireland win the ball back. Hallgrímsson is not afraid to tinker with his personnel. On 30 minutes, he instructed Will Smallbone to drop into midfield and release Phillips to the inside left slot, which encouraged Ryan Manning to overlap down the wing. Manning started warming up in the 18th minute after Robbie Brady's calf tightened. Brady was gone three minutes later. Opportunity knocked. Manning built on his performance in last Friday's 1-1 draw with Senegal. At 28, the versatile Southampton player has made more progress than anyone on Hallgrímsson's watch. Max O'Leary, another 28-year-old who has bided his time, was given his debut ahead of Caoimhín Kelleher and Tottenham Hotspur's young goalkeeper Josh Keeley. 'I am really pleased for Max,' said Hallgrímsson before kick-off. 'He has travelled with the team since 2019, that was his first time with us, always supporting, always positive, always keeping up the standard for all this time without having a cap – he is getting his chance to show himself and shine for our fans.' O'Leary picked off a dangerous cross from Tomas Moreira in the early going and when Sinai unleashed the first shot from distance, the Bristol City 'keeper pushed the ball for a corner. The expected red card protest happened in the 18th minute after several banners were unfurled: 'Rout kaart eir gewalt geint fraen' (Red card for violence against women), 'fussball ass politesch' (football is political) and 'brissons le silence' (let's break the silence) – the latter being the name of a campaign to raise awareness about violence against women in Luxembourg. Ireland's Kasey McAteer has a shot at the Luxembourg goal early in the second half. Photograph: Ryan Byrne/Inpho Unlike Friday's 1-0 defeat to Slovenia at Stade de Luxembourg, the stewards did not remove the banners or the people who brought them. The aim was to bring attention to the Luxembourg football federation's determination to continue selecting Rodrigues, after the country's record goal scorer lost an appeal in April of an 18-month suspended sentence for three violent offences, including the assault of his former girlfriend, the 2020 Miss Luxembourg, Emilie Boland. Rodrigues was roundly booed by the 365 Irish fans behind the goal. At least another 100 travelling supporters were seated among the home crowd. In total, there were 6,312 inside this postmodern stadium on the edge of town. The loudest cheer of the first half came when Rodrigues spun and shot wide of O'Leary's far post. Soon after, the protesters and Irish visitors produced large red cards. This lasted about two minutes before everyone's focus returned to the game. Ireland looked comfortable in possession, but they lacked urgency until a Nathan Collins header hit the post before the break. Parrott put the ball in Tiago Pereira's net on 66 minutes, but the linesman was quick to flag for offside. That seemed to spark something in Ireland as Evan Ferguson and McAteer went unrewarded for lung-busting runs into the Luxembourg box. The urgency came from the alternative options – Festy Ebosele and Idah energised the Irish attack in the final minutes of a very long season, although the gift of a goal to celebrate Hallgrímsson's 58th birthday never happened. It was not for a lack of effort as Jack Taylor's piledriver belted the crossbar with three minutes to play. Luxembourg: Pereira; Dzogovic, Jans (Thill 62), Korac, Carlson (Gerson 89), Bohnert (Pinto 62); Moreira, Barreiro, Sinani; Dardari (Curci 76), Rodrigues (Veiga 82). Ireland: O'Leary; O'Brien, Collins, O'Shea, Brady (Manning 21); McAteer (Doherty 76), Phillips (Ebosele 57), Knight (Patrick 90), Smallbone (Taylor 67); Ferguson (Idah 76); Parrott. Referee: Stefan Ebner (Austria).
CNA
23-05-2025
- Business
- CNA
Luxembourg bank fined over Malaysian 1MDB fund scandal
LUXEMBOURG: A Luxembourg court on Thursday (May 22) fined Edmond de Rothschild bank €25 million (US$28 million) for its role in a money-laundering scandal in which a Malaysian wealth fund lost billions of dollars. "This is the first time that a Luxembourg banking establishment has been convicted in a money laundering case," the Grand Duchy's judicial authorities noted following the punishment in the so-called 1MDB affair, which involved the misappropriation of money from 1Malaysia Development Berhad. The fund, created in 2009 as then Prime Minister Najib Razak set out to modernise Malaysia, soon found itself embroiled in corruption allegations, leading to a swathe of investigations notably in Switzerland, Singapore and the United States. "A very large portion of the funds raised by 1MDB was siphoned off ... particularly between 2009 and 2013, by the prime minister, Malaysian officials, and others," the court stated. In Luxembourg, which hosts the European subsidiary of Switzerland's Edmond de Rothschild bank, dozens of accounts opened at the establishment by an Emirati national in the name of a slew of different companies were used to divert money away from the fund. The investigation, which opened in the Grand Duchy in 2016, "established that through complex international financial flows, funds from 1MDB were ultimately credited to the bank accounts of several of these entities". Before arriving in the accounts, the cash moved through a number of different financial jurisdictions, including Caribbean tax havens, the court said. The bank stressed in a statement that the events had taken place "15 years ago" and had led to the "implementation of a comprehensive remediation plan ... completed in 2019". "The employees involved are no longer part of the organisation," the statement read. Najib, 71, who served as prime minister until 2018, was found guilty two years later of abuse of power and misappropriation of funds - a case that essentially cost him the 2018 elections. He was initially sentenced to 12 years' imprisonment in 2020 but the sentence was halved by a pardons board in February last year. The former prime minister is currently seeking to have his jail term converted to house arrest. Thursday's judgment closes the case regarding criminal liability of the bank.
The Guardian
07-05-2025
- The Guardian
I travelled the length and breadth of Luxembourg by bus – and it didn't cost me a penny
I am not sure what surprises me most when I get off the train at Luxembourg's main station – the sheer friendliness of locals who seem to greet everyone as they pass by with a cheery Moien (hello), or the fact that from this point I will not be paying a penny to travel the length and breadth of the Grand Duchy. Five years ago, Luxembourg became the first country in the world to actively tackle its carbon footprint by making all public transport free for everyone, including tourists. So I have come to see how it works in practice, aiming to travel to the country's little known vineyards hugging the slopes along the Moselle River and then trek through the mysterious canyons and forests of the Mullerthal region. Map for Luxembourg piece Bus 412 departs from right outside the station. No one asks for a ticket, and we soon leave the city, and the corporate offices of the likes of Google and Amazon, behind. It takes just an hour to arrive at Remich, one of several rustic winemaking villages whose picturesque vineyards line a 26-mile (42km) stretch of the Moselle. Luxembourg has been producing wines in this minuscule region since Roman times, and today visitors can take their pick of 50 independent wineries, offering tastings of elegant rieslings, aromatic pinot gris, little-known local white grapes such as rivaner and elbling, as well as a dazzling selection of bubbly crémant. Vineyards along the Moselle river. Photograph:There are plenty of reasonably priced hotels and camping sites all along Luxembourg's wine route. I check in at Remich's smart Casa49 (doubles from €100), whose rooms offer fab views over the Moselle as giant barges chug past. The first stop is almost next door, at the historic Caves St Martin, whose excellent guided tours (from €9.50) are the perfect introduction to local wines. The tour takes us through a maze of underground galleries cut into the cliff side a century ago, where tens of thousands of bottles of crémant are aged, following the same complex methods as champagne. Luxembourg has been producing wines since Roman times, and today visitors can take their pick of 50 independent wineries It is tempting to hop on the scenic one-hour cruise of the Moselle that leaves from the quayside at Remich, but I have booked a tasting at Domaine Kox, one of Luxembourg's most innovative wineries. It is difficult to imagine a young winemaker more committed to eco-responsibility than fourth-generation Corinne Kox. She tells me the winery favours hybrid grapes because they are more resistant, so need far less treatment and therefore less use of the tractor, resulting in a lower carbon footprint. 'For the same reason, we limit exports to 20%, while for the grape harvest we use local families rather than bringing in transient foreign labour. And whenever we can, horses are used to work the land rather than petrol-guzzling tractors,' she says. The small 12-hectare (30 acre) vineyard produces a staggering 30 different wines, which visitors can sample in a blind tasting (five glasses for €20). A road through the Mullerthal, part of the network of Unesco global geoparks. Photograph: Irina Naoumova/Alamy Later that day, I take a sunset stroll along the waterside to the traditional An der Tourelle restaurant in the next village. The specialities here are wäinzoossiss , grilled sausages marinated in riesling, served with Luxembourg frites, and homemade kniddelen , dumplings served in a creamy sauce with crunchy bacon; this is totally delicious comfort food served in huge portions. skip past newsletter promotion Sign up to The Traveller Get travel inspiration, featured trips and local tips for your next break, as well as the latest deals from Guardian Holidays Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion The trail takes in sloping vineyards bordered by steep limestone cliffs, lush forests and wild orchid meadows The next day, the bus drives up to the ancient village of Ahn, where one of Luxembourg's numerous hiking routes begins. The Traumschleife Palmberg wine and nature trail is a 5.6 mile trek that takes in sloping vineyards bordered by steep limestone cliffs, lush forests and a nature reserve of ancient boxwood and wild orchid meadows. The path ends up following the valley of the Donwerbaach River, which you have to crisscross half a dozen times on slippery stepping-stone bridges. Three hours later and we are back in Ahn, just in time for a tasting at Schmit-Fohl, an independent winery now in its seventh generation of family ownership. A sandstone outcrop at Berdorf in the Mullerthal region. Photograph: Arterra/Universal Images Group It takes two hours, including a change of bus, to arrive in Berdorf, at the centre of the Mullerthal region, which locals proudly call Luxembourg's Little Switzerland. With 70 miles of nature trails, Mullerthal is a paradise for outdoor sports enthusiasts, many of whom use the brilliant Trail-Inn as their base. 'If you just take one trek it has to be B2 trail,' says our guide, Gian Marco Bartolini. The 2.5-mile hike, which starts on the edge of Berdorf, makes for an unforgettable adventure – we weave our way through a labyrinth of forests and gorges, and canyons and soaring cliffs, which splinter into high stone towers separated by narrow clefts that you can barely squeeze through. And to end on a perfect note, the super-efficient public transport planner gives the times for bus 211 from Berdorf, which has us back to Luxembourg station in under an hour, with plenty of time to make our connection on the high-speed TGV train back to Paris. The trip was organised by Visit Luxembourg
