Monaco still top of the prop

29/12/2016

The latest Knight Frank Prime Global Cities Index has reconfirmed Monaco as having the most expensive real estate worldwide.

The top-end agency reports that $1 million (€954,000) buys only 17 square metres in the Principality, less than in any other city. While prices continue to increase each year, with a 10 percent jump in 2015, Knight Frank says that high demand and a limited supply have caused property prices to rise by 27.8 percent over the past five years.

Largely due to a surge of buyers from Asia, Vancouver had the fastest house price growth of any city during the 12 months to September 2016, with an average increase of 32 percent. Later in the year, demand was somewhat dampened when British Columbia introduced a 15 percent transaction tax for foreign buyers. (Feature image: Photo: Tobi 87)

Bank accounts become more expensive

by: Cassandra Tanti

29/12/2016

Two more German banks are to introduce negative interest rates for clients with large deposits. From April 1, Stadtsparkasse of Munich will introduce a negative rate of 0.4 percent for customers with balances of €100,000 and more and Volksbank of Hamburg is introducing a negative rate of 0.2 percent on balances of more than €500,000.

Deutsche Skatbank introduced negative rates in 2014, followed by Raiffeisenbank Gmund last August. The European Central Bank is currently holding hundreds of billions of euros for banks, and lowered its deposit rate to -0.4 percent from March 2016 to encourage banks to keep their money invested in the real economy.

In France, the law currently does not allow for negative interest rates, but many banks are hiking their charges and charging commissions and account-holding fees for those with large balances to find a way around the rules. However, customers with more modest accounts can also expect to be caught up in higher bank charges.

Russian in a hurry pays smaller fine

by: Cassandra Tanti

29/12/2016

A Russian shopper said she was in too much of a hurry to pay for a tank top after she was apprehended on suspicion of shoplifting in the Louis Vuitton Pavilion in Monte-Carlo.

The woman, in her forties, was not present in court to hear that on the day in question, August 10 this year, staff became suspicious when she offered to pay for a sweater but not the tank top, which she was wearing underneath.

She had money enough in her purse to pay for the item, and in her defence she said she was in a hurry to leave because she was due to collect new boots in the nearby Christian Louboutin store, which she feared might close.

The public prosecutor was not convinced by the defendant’s excuse, and asked for a fine of €5,000. The court took into account the lack of any criminal record and the restitution of the tank top, and cut the penalty in half.

Flu strikes early, eight deaths in France

by: Cassandra Tanti

29/12/2016

flu (1) The seasonal influenza epidemic has caused eight deaths in France since the start of November, compared to just four in the same period of 2015. According to the health authorities, this year’s outbreak arrived particularly early, posing problems for the elderly, especially those who had not been vaccinated.

In the local French region, PACA, two deaths have been attributed to “flu”. Over Christmas week, 2.6 percent of visits to accident and emergency services of local hospitals were “flu-related”. Of the total of 761 visits, 169 resulted in hospital admissions.

One of several types of distinct viruses, H3N2, is particularly dangerous for the over 65s, according to one local health official.

Paris takes steps against pollution

by: Cassandra Tanti

29/12/2016

Such is the problem of air pollution generated by vehicles that the city of Paris is introducing air quality certificates, mandatory from January 16. On Wednesday, December 28, the Ministry of the Environment registered 950,000 applications, 700,000 from private individuals and from 250,000 companies.

These so-called “Crit’Air” certificates will be displayed as vignettes, signifying by colour the level of pollution generated by each vehicle, according to six categories. The cities of Grenoble and Lyon have already introduced the system, which enable the authorities to limit the use of certain vehicles when CO2 emissions are deemed to be too high.

Although pollution from vehicles is recognised as a problem on the Côte d’Azur, there are as yet no plans to introduce the vignettes locally.

Day: 29 December 2016

Monaco still top of the prop

Bank accounts become more expensive

Russian in a hurry pays smaller fine

Flu strikes early, eight deaths in France

Paris takes steps against pollution

Event: Palermo-Montecarlo

Event: 17th Monaco Classic Week, La Belle Classe – a voyage in time

Monaco still top of the prop

Bank accounts become more expensive

Russian in a hurry pays smaller fine

Flu strikes early, eight deaths in France

Paris takes steps against pollution

All the headlines and highlights from Monaco, direct to you every morning