The Monaco Monitor

The former advisor to the Monaco government on economic affairs, Franck Biancheri, has been elected President of the Chambre de Dévéloppement Économique (CDE) at an annual general meeting on October 15th. Mr. Biancheri takes over from Michel Pastor, the man at the head of Monaco’s best known construction company, who held the post for eight years. In March this year, Mr. Biancheri’s sound reputation received a knock when he was suspected of profiting from a property business transaction involving land belonging to the CAR (Caisse Autonome des Retraites - pension fund). An investigation cleared him and others of any wrong doing (the land was deemed to have been sold at market value), but the government reshuffle in August 2006 which removed Mr. Biancheri from his government post was not unexpected. He brings a wealth of experience to his new job which is to promote the Principality and encourage more investors. He told the meeting that he also plans to get closer to the 380 CDE members to find out what difficulties they face and to find ways to facilitate exporting.

The Sovereign Prince of Monaco is right behind the latest initiative to attract investment into the Principality. ‘Do It In Monaco,’ set to take place from October 27-28, has been instigated by the Jeune Chambre Économique (JCE) and is ambitious in its aims and scope. (more…)

The Government’s traditional monthly press conference was held on Monday 9th October 2006, in the presence of H.E. Jean-Paul Proust, Minister of State and members of the government. The meeting focused on presenting an outline of the Principality’s draft budget for 2007, and “re-echoes the priorities and orientations of H.S.H. Prince Albert II since his accession” stated J.P. Proust. The provisional budget for the Principality of Monaco meets four priorities: improving the living conditions of the community (housing, health, action to aid the elderly and the disabled, public transport), economic growth, international influence (cultural and sports), and sustainable development, the environment and living environment. Globally for 2007, the Government is budgeting expenditure of 881 million (i.e. an approximate 6 % increase compared to the initial 2006 budget) and 726 million euros of anticipated revenue (+4 %), in other words, a provisional deficit of 155 million euros. This will be the last time we have a deficit of such a significant amount», the Minister of State said. The National Council is currently examining a reappropriation plan. The adoption of such a plan will enable non utilised credit to be carried over from one financial year to the next and to “therefore give a more trustworthy image of the State”. Taking into account this reformation, Jean-Paul Proust estimates that the Monegasque State’s true deficit amounts to between 80 and 90 million euros for 2007, « this sum should be covered by the financial revenue of the constitutional fund” he assured. However, the hospital deficit, which reached 9.6 million euros in 2006, should once again weigh heavy (17.6 million euros anticipated for 2007) in the State expenditure. According to the Minister of State, “Health has a price and it is normal that the State participates in these costs, just as it is normal that the government controls such costs”, while the famous ”T2A”(activity rating), should start to be implemented in the Princess Grace Hospital from 1st July 2007 at the earliest, or even 1st January 2008.

With a view to consolidating its position as the world’s leading deluxe tourism brand, and as part of its strategic five-year plan, the Monaco Tourism and Conference Department has announced the launch of its new campaign for 2006, entitled: Larger than life Monaco. This series of promotional, advertising and publicity activities has the twofold aim of building awareness among new individual international clients where top of the range leisure stays in the Principality are concerned, and also to significantly expand tourism related to conferences, congresses, exhibitions and incentive trips. This initiative is designed in response to the major challenges and opportunities facing the Principality: An increase of 34% in its hotel capacity including the recent opening of a new resort which considerably boosts the Principality’s traditional range of tourism opportunities. The renovation of most of the existing hotels. The opening of new health and fitness centers further adding to the existing facilities available at the Thermes Marins de Monte Carlo (Monte Carlo spa). The creation of a number of new restaurant, bar and evening entertainment concepts. Improvements to the Grimaldi Forum Monaco international conference centre, to mark its fifth anniversary. The recent opening of the new semi-floating seawall and its accompanying harbor station. Thanks to its originality and dynamism, this new campaign also offers an effective response to a number of factors including major changes in consumption patterns, the fast pace of change in commercial distribution channels, the slowdown in economic growth seen in the Eurozone, the fragile international geopolitical climate and the recent threat posed by the bird flu pandemic. The campaign also coincides with a number of major cultural events including the reopening of the Opéra Garnier, the 150th anniversary of the Monte Carlo Philharmonic Orchestra, the 20th anniversary of the Monte Carlo ballets and the 30th anniversary of the International Circus Festival. The Principality of Monaco’s head of tourism Michel Bouquier explained that “the short-term aim of the ‘Monaco Larger Than Life’ campaign is to significantly increase both the overall number of hotel stays and the average length of each stay. In the medium and long-term, the objective is to consolidate Monaco’s position as the world’s leading luxury tourism brand”. Mr Bouquier also added that following an excellent year in 2005, the year 2006 should see the Principality achieving results comparable to those witnessed in 2000, which was Monaco’s best ever year for tourism with a total of 300,000 arrivals and 900,000 overnight stays. “The recent opening of the Monte Carlo Bay Hotel & Resort has given Monaco a whole new dimension, propelling the Principality forward into the 21st century. Thanks to this new tourism complex, we can now complete with the most sophisticated international destinations, and satisfy the requirements of even the most demanding clients. Both Monaco as a tourism destination and all of its tourism professionals can today take advantage of the benefits offered by an excellent additional sales and communication team. Where the competitive value for money aspect is concerned, “the world’s leading luxury tourism brand” can now make the most of the major modifications and improvements to its range of tourism facilities, benefiting both leisure tourists and business tourism clients alike”. The campaign is focusing on 4 target segments: Individual leisure, tourism, Business tourism, Cruises and Transit tourism. Leisure tourism: leisure tourism accounts for 70% of the Principality’s hotel guests. For this major market segment, the new “Monaco Larger than Life” campaign has two main objectives: - Gaining new top of the range international clients and extending the average length of hotel stays, thanks to: The range of cultural and events-related activities, the diversity and quality of which make Monaco a genuine world capital able to compete with even the largest international cities. The excellent range of facilities available at several health and spa establishments including the “Spa des Cinq Mondes” at the Monte Carlo Bay Hotel & Resort, the “Monte-Carlo ESPA” at the Métropole Monte Carlo hotel, the one at the Port Palace hotel and of course the SBM’s well-known “Thermes Marins de Monte Carlo” (Monte-Carlo spa). The outstanding range of “discovery” activities

In order to minimize the damaging effects of Carbon Dioxide waste following a Fair the size of the Monaco Yacht Show, its’ organizers, in association with Camper & Nicholson International, have agreed to finance compensatory projects, destined to save equivalent levels of Carbon dioxide: It is the eco-tax. In association with Camper & Nicholson, one of the world leaders in yacht brokering, the Monaco Yacht Show has undertaken to pay this eco-tax, used against a particular volume of reforestation, thus aiming to compensate for the high levels of carbon dioxide emitted during the Show. During the Yacht Show, which this year lasted from 21st to 24th October (inclusive), a total of 540 exhibitors were present, compared to only 273, five years ago. Throughout the duration of the Show, The Carbon Neutral Company recorded:  Electricity and waste of 540 exhibitors (the stands covering an area of 8000m2), of whom were of more than 38 different nationalities; Electricity and waste of a total of 95 yachts, measuring from 20 to 80 meters; 25 annexes of between 6 to 14 meters. The Carbon Neutral Company (TCNC) is managing an international programme which aims to stabilize and reduce the concentrations of green-house gases in the atmosphere, so that serious and irreversible damage is not inflicted on our planet. The system is a very simple one: the waste output measured engenders an eco-tax, this tax is then immediately injected into the funding of a reforestation project. This compensatory project proposed to the Monaco yacht Show in 2005 concerns Nairnside Wood in Scotland, a new wooded area of willow trees, alders, junipers, silver birch and many more, and will not only help save Caledonian pine trees, but at the same time also offer a precious habitat to many species of birds. A total of 10,000 trees will be planted. Local Projects Now Under Consideration. For future editions of the Show, Luc Pettavino, organizer of the Monaco Yacht Show, has asked TCNC/Future Forest to determine the possibilities of reforestation around Monaco, particularly those areas devastated by forest fires in recent years. H.S.H. Prince Albert II Encourages This Move. Supportive of this responsible step taken by the Monaco Yacht Show, H.S.H. Prince Albert II commented during a lunch aboard Camper & Nicolsons International Motor Yacht True Blue at this years’ Show: “I am sure that all participants of this Show will understand and ultimately follow this initiative by controlling their level of waste pollution as much as possible. It is undeniable that it is up to our generation, as well as future ones, to do everything possible to combat the negative effects atmospheric pollution is having on our health, and the devastating impact of green-house gases on the climate of our planet.” Worth Knowing: - Lighting left on in an office over-night, consumes the same quantity of energy used to boil hot water for 1000 coffee cups. - A computer left switched on consumes 51kWh per year, which is the equivalent to the energy used to boil water in 500 kettles. - Switching off 2 photocopiers and 3 printers reduces the amount of carbon dioxide emission in one year, by 5000 tons. - High-quality white paper is the best for recycling, and yet it represents 70% of all office waste. - Thanks to the Future Forest project from Carbon Neutral, it is possible to compensate for the pollution emitted throughout a year from an average-sized car, by the plantation of 5 trees.

Last Saturday, 7th October, Monaco’s Prince Albert II awarded the 2nd Princess Grace Humanitarian prize to the Duchess of Abercorn at the Ireland fund of Monaco Gala dinner at the Hotel Hermitage. The Duchess, Alexandra “Sacha” Hamilton, wife of the current Duke of Abercorn and 630th in line to the British throne, was awarded for her dedication to children’s’ education in Ireland. The award was presented to her witnessed by 250 people invited to Monte-Carlo. This prize ceremony takes place every two years to pay tribute to a winner of Irish nationality or involved in humanitarian acts in Ireland and a donation of 25,000 euros is given to their charity of choice. Princess Grace herself had strong connections with Ireland via her ancestry and the Irish remember her with great respect and affection. The Duchess of Abercorn is a direct descendant of the Russian Poet, Alexander Pushkin, and is founder of the Pushkin Prize, an arts charity that organizes creative writing workshops for Irish, Scottish and Russian school pupils to share ideas and collaborate. She has established a writing programme to help Irish children compose poems and prose, bringing together the Catholic and Protestant faiths, and was considered the ideal recipient this year. The Duchess is also the Honorary Secretary of the Northern Ireland Centre for Trauma & Transformation in Omagh, County Tyrone, to commemorate the 29 people that died after the 1999 bombing. This Monaco-based charity is part of the Ireland Funds, a worldwide organization that contributes to the development of modern Ireland and is dedicated to furthering education, culture, charitable entities and, above all, peace.

Lulworth, the world’s largest gaff-rig cutter, took top prize for the 2006 La Belle Classe, awarded by the Yacht Club de Monaco at a gala dinner held during the “Les Voiles de Saint Tropez” classic yacht regatta at the weekend. Lulworth, 1920, is owned by Johan Van Den Bruele and has recently undergone a 15 million euro restoration at La Spezia in Italy. It took five years and was only begun after two years of research. She had been absent from the seas for 70 years and yet restorers managed to keep nearly 50 per cent of her structure as original. “La Belle Classe” was created last year on the initiative of Prince Albert II, President of the Yacht Club de Monaco which owns the 21m gaff-rig “Tuiga”. The purpose is to celebrate the world’s maritime heritage and to encourage and reward classic yacht owners in their endeavors to preserve that heritage. . By the way, there are seven new owners in La Belle Classe Club. The evening was also a chance to bring on board seven owners of classic yachts to “La Belle Classe” which now has around 50 in the club. The owners welcomed were: Dennis Conner, four-times winner of the America’s Cup, and owner of the Q Class Cotton Blossom II (1924); Spaniard Mariano Garcia Montes with  Ivanhoe (1938); the Scotsman Dennis Multon with the motor-yacht Romola (1903); American Kimberley Meredith with Rowdy (1916);  Englishman Peter Saxby with the Mediterranean’s oldest racing gaff-rig cutter, Partridge (1885); Eric Night for Keep Trust (1947); and Johan Van Den Bruele of Lulworth (1920).

Residents and visitors to Monaco have the chance to see Russia’s Bolshoi Ballet Theatre company this weekend at the Grimaldi Forum in Monaco. Romance, melodrama and technical perfection are promised from the company which is performing “La Bayadère” by Marius Petipa. 

Residents and visitors to Monaco have the chance to see Russia’s Bolshoi Ballet Theatre company this weekend at the Grimaldi Forum in Monaco. Romance, melodrama and technical perfection are promised from the company which is performing “La Bayadère” by Marius Petipa.

The traditional monthly press conference of the princely Government proceeded Monday October 9, 2006, in the presence of S.E. Mr. Jean-Paul Proust, Minister for State and the members of his government. (more…)