Luxembourg Wants to be "Bridge to EU" for U.K. Banks; Third Wave of Cyberattack Linked to Outage
QUEST: Earlier we were talking about little Wallonia in Belgium and how that is having a major impact on a treaty. Every country large and small is working out the implications of Brexit. And even if we take little Luxembourg, the economy minister says if Brexit means U.K. banks loose pass-porting rights, well then welcome in. Come to Luxembourg. Pass-porting allows the banks to do business anywhere across the Union. Many European countries are rolling out the red carpet. Think about Frankfurt, think about Paris, think about Amsterdam, I asked Etienne Schneider if a planned trip to the U.K. was more than just a fishing expedition to reel in a bank?</s>ETIENNE SCHNEIDER, LUXEMBOURG ECONOMY MINISTER: I was not happy about the Brexit decision, but we have to accept it. Secondly we're not going to Great Britain to do fishing and to convince companies to settle down in Luxembourg. We want to offer them Luxembourg as their European hub, and to be a partner and to be the bridge from the United Kingdom to the European Union. Especially in financial services but also in other businesses.</s>QUEST: But if you accept the Paris, Frankfurt, Amsterdam, will all be fighting over the spoils, assuming pass-porting fails and a hard Brexit is the way forward, you want to be in that?</s>SCHNEIDER: Absolutely, I think we have good arguments to be partners of British companies or banks or financial institutions which are settled down in London. Not all of them will use Luxembourg as their bridge to the European Union. They will look at different kinds of business they do. So, for instance, if you look at the fund industry, the Luxembourg industry that is the most successful, in Europe and the second biggest in the world, of course maybe they will try to find funds in other places.</s>QUEST: Doesn't this create a conflict in a way? As the Brexit negotiations get underway, you have no interest in London maintaining their pass-porting rights?</s>SCHNEIDER: No, that's right, many leaders of the European Union say that. It will not be possible that there will be cherry picking. That --</s>QUEST: No, I'm not talking about whether or not it is possible or not. I'm saying you have no interest in it happening because if pass-porting fails, you'll gain.</s>SCHNEIDER: Yes, but you should not see it that way. We are interested in a strong partner and a strong United Kingdom even though they will not a member of the European Union any more. What we want is to be a partner of these companies in the United Kingdom which in the future will have problems because they don't have direct access to the European Union single market. We want to be the bridge and the partner for these companies. That is exactly what we want to do. So, we are not like the -- the French who said they would roll out the red carpet.</s>QUEST: Oh, you would, you would roll out the red carpet --</s>SCHNEIDER: If we would do so, we would just do it. The French is more difficult. They're always on strike. It would be more difficult from a technical point of view.</s>QUEST: That is certainly a diplomatic answer from the economy minister which I am sure will go down very well with his French counterparts. News I must bring you, we have an update on the cyber-attack that I told you about earlier, Samuel Burke is now back with us, you were talking about what happened with this DDOS, this cyber denial of service? But I believe it is happening again?</s>SAMUEL BURKE, CNN MONEY CORRESPONDENT: Richard, Dyn, which is company, a kind of middleman facing these attacks confirmed there is a third wave of attacks under way right now. Each time this becomes more and more serious as we see this. Again, Dyn is this middleman company. Think of it like a telephone operator, you might have to call the operator to connect to your mom, well, this is the middleman between you and twitter. And what is happening the DDOS you described -- somebody is just bombarded by so much traffic from the hacker that it actually causes their system to go down and that's what we're seeing for a third time.</s>QUEST: The size and scale is pretty of the same ilk. Samuel, thank you very much, indeed. Come back when there is more to report on that. They will be finding exactly where they want to go. Coming up on QUEST MEANS BUSINESS.</s>DONALD TRUMP, U.S. REPUBLICAN PRESIDENTIAL CANDIDATE: Here she is tonight. In public, pretending not to hate Catholics.</s>QUEST: The lead balloon of public speaking. Jokes turning to insults, laughter becomes boos. Donald Trump and Hillary Clinton. We have advice how they could have done last night's dinner. First, we need to make, create, innovate.