The Monaco Monitor

Lloyds TSB International Monaco sponsors dinner debate. The banking sector in Monaco is flourishing, but there are challenges ahead to ensure growth into the next decade. This was the message at a dinner organized by the Jeune Chambre Économique (JCE - Young Chamber of Commerce), in partnership with Association Monégasque de Banques (AMB) and sponsored by Lloyds TSB International Private Banking, Monaco. 

In his talk, Pierre de Pellegars, AMB’s Vice-President of banking regulation and market development, emphasised the key elements for the future which are: to ensure security and confidentiality; to continue the battle against money laundering; and to nurture young talent. Among those present was Henri Fissore, advisor to the government on Exterior Affairs. Bassem Kamar, Economics Professor Fond Monétaire International, SEM Jean Castellini, advisor to the Prince’s Cabinet, and Dominic Voisin, Director of Lloyds TSB International Private Banking Monaco. Bank sector statistics AMB has 71 members, of which 41 are banks and 30 asset management companies. In total they employ around 2,700 people. Assets under management in the Principality amount to some 69.7 billion euros.

In addition to “ISO” standards certifying company quality procedures, the “Blue Label” is being introduced as an award to construction sites for their efforts as far as quality, safety and the environment are concerned. A blue flag was hoisted on Wednesday 31st January by Robert Calcagno, Government Counsellor for Facilities, the Environment and Urban Planning and Martial Desruelles President of GFC Construction (a subsidiary of Bouygues Construction for South-East France), on the T33 work site located at the bottom of the Exotic Garden of Monaco, close to the uphill tunnel. (more…)

On the initiative of the Department of Judicial Services, a conference on the links between money laundering and organized crime took place on Friday 2nd February at the Law Courts, before an audience of jurists and financial professionals. It was led by Gilles Duteil, PhD in Management Science, a member of the European research group on financial crime and organized crime and a legal expert at the Court of Appeal in Aix-en-Provence. (more…)

Chantier Bleu good practice award for tunnel works.A section of the construction project which is taking shape where the old railway line through Monaco used to be has achieved Chantier Bleu status. Not unlike the Blue Flag awards for beaches, the symbol rewards good practice such as high standards of safety, security and attention to the environment. For example, GFC Construction (affiliated to Bouygues Construction) is using solar panels to preheat water, and a photovoltaic system to make the most of Monaco’s sunshine to generate electricity.  Robert Calcagno, advisor to the government on urban matters, was present for the unveiling of the flag, which was awarded to GFC Construction and Richelmi Monaco.  The section concerned relates to a tunnel of 140m that goes from the area behind the Tulip Hotel, under the road leading to the ascending tunnel at the western entrance to Monaco, and continues under the new Villa Pasteur (“Porsche” building) to the border.

Sixth edition is rescued from budget shortfall and will go ahead. The sixth edition of Monaco’s Forum Cinéma & Littérature will now go ahead from 12th to 14th April this year, as help is at hand from a member of the Prince’s cabinet. The “raison d’être” of the forum is to unite filmmakers and producers with writers and editors to debate the latest trends and do business. Last month, organisers Claire Breuvart and Hans-Stephan Kreidel announced that there was a budget short-fall and the event, which is normally held in the Grimaldi Forum, would have to be cancelled. A concerted effort is now underway to find more corporate sponsors. It’s cancellation would have been a great loss to the Principality, as the forum has over the years attracted some big names - Tim Roth, Sydney Pollack, Mary Higgins Clark to name but a few. Last year Brazilian author Paulo Coelho of “The Alchemist” fame was a special guest. Although essentially a trade event the public are welcome to attend the book readings, workshop, round tables and film showings, most of which are in French.

A few days ago, we discovered the latest team of the Young Economical Chamber of Monaco, directed by Mrs. Ana Wiscour-Conter. 11 persons will support the President and the next important date scheduled is on February 7, 2007 at 7.30 pm at the Monte-Carlo  Bay Hotel. The conference will be in English and will turn on the theme (more…)

Imagina, the digital image Festival, opens its doors on Wednesday 31st January in the Grimaldi Forum Monaco. David Tomatis, Executive Vice-President of Monaco Mediax, reviews the event. According to David Tomatis, Imagina is aimed exclusively at professionals such as producers, directors, creators of special effects and managers of architectural firms, as well as technical managers of local authorities. (more…)

The Junior Chamber International of Monaco recently unveiled its new team presided over by Ana Wiscour-Conter. To help carry projects for 2007 through to a successful conclusion, the President will be assisted by Iñigo Lopez de la Osa, Vice-president for “Development”, Emilie Mazza, “International” Vice-president, Florence Farhang, Vice-president for “Training”, Kevin Hin, Vice-president for the “Programme”, Béatrice Boisson, Vice-president for the “Interior”, Virginie Soutzo, President for “Local Organization Monte-Carlo”, Alexandre Tomasini, Director “National Business Network”, Laurence Pedroni, Secretary General, Sihem Jarrar, treasurer, Pascal Granero, President 2006 and Marina Mazza, head of communications.

Monaco is the most expensive location to buy a super-luxury apartment in Europe, followed by Prime Central London, Paris and Amsterdam, say the experts from Global Property Guide, who maintain the world’s single biggest collection of house price indices. 

Sofia is at the bottom of the ranking with prices averaging EUR 1, 042 per sq. m. Other less expensive locations are Slovakia’s Bratislava (EUR 1,292 per sq. m.); Warsaw, Poland (EUR 1,175 per sq. m.); Skopje in Macedonia (EUR 1,125 per sq. m.) and Chisinau in Moldova (EUR 917 per sq. m.). Luxury apartments pricing levels average EUR 24, 900 per sq. m. in the top scorer Monaco. Closely on its tail is Prime Central London, where 120 sq. m. super-luxury apartments can cost EUR 1,742,656 or EUR 14,522 per sq. m. Paris and Amsterdam follow London. A 120 sq. m. apartment in either of these cities has an average purchase price of EUR 800,000 (EUR 6,667 per sq. m.). Moscow is Europe’s sixth most expensive capital for buyers of residential property. Dublin makes an appearance among Europe’s most expensive cities in 10th place, with a high end 120 sq. m. apartment on average costing around EUR 600,000. Sofia is among the four Eastern European capitals, which earn above 10% rental returns on owning apartments: Chisinau, Moldova (14.13%); Warsaw, Poland (13.28%); Sofia, Bulgaria (10.56%); and Bratislava, Slovakia (10.06%).

The “Monaco SPA Event” will take place this week end, that’s is to say from January 20 to 22, 2007. This event dedicated to professionals but also to all  visitors interested to discover the latest technical trends regarding various products and equipments. A conference will take place as well and  (more…)