Day: 16 January 2017

J. Safra Sarasin Group has announced the successful completion of the acquisition of Credit Suisse (Monaco) SAM as of January 13, 2017.

This transaction strengthens J. Safra Sarasin Group’s presence in Monaco, where the Group has been operating since 2006 and is determined to further strengthen its position, as it believes in the Principality as an important financial centre, the Group said.

Jacob J. Safra, Vice-Chairman of J. Safra Sarasin Holding AG, said: “We are determined to continue playing a leading role in the consolidation of the private banking market. We are proud to have completed another transaction and to welcome the clients and colleagues of Credit Suisse (Monaco) S.A.M. to the J. Safra Sarasin Group.”

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The Principality and the Republic of Tajikistan have established diplomatic relations. A joint communiqué to that effect was signed by HE Mr Claude Cottalorda, Ambassador of Monaco in France, and by HE Mr Homidjon Nazarov, Ambassador of Tajikistan to France, both mandated by their respective governments.

The ceremony, on Friday, January 13, was attended by diplomats from both embassies and was held at the Chancellerie Monégasque in Paris.

The two Ambassadors welcomed the opening of diplomatic relations and hoped that they would continue existing economic, cultural, sporting and environmental development.

They spoke of their experiences on topics of common interest, including water resources management and tourism, which could be developed through bilateral cooperation.

The Republic of Tajikistan is the 133rd state to establish diplomatic relations with the Principality of Monaco.

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The head of France’s SNCF has told his colleagues that the national train service operator can “do better” in 2017. His comment came in a video in which he wished his fellow railwaymen the best for 2017.

There were more delays on French railways in 2016 than in 2015, Guillaume Pepy said, due to a mixture of causes including strikes, work on the network, suspicious packages, floods and dead leaves.

From December 1, 2016, passengers whose trains are more than 30 minutes late can claim compensation, but the offer applies only to TGV and intercity services and not to the regional TER trains that serve Monaco Monte-Carlo.

The biggest disruption to rail travel during last year was the series of strikes during the summer against the government’s proposed changes to labour laws.

According to SNCF, 90.8 percent of TER trains were punctual during 2016, compared to 91.6 percent in 2015. A TER train is considered to be late-running if it is five or more minutes behind schedule.

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The number of cigarettes sold in France in 2016 fell by 1.2 percent to 44.92 billion. In value, the drop was 1.1 percent to €15.17 billion, according to figures from Logista France.

With a price rise looming in 2017, a further reduction is expected. A price-fixing order setting the new price for cigarettes is expected be published in France’s Official Journal within the next few days.

The only sector to record an increase is rolling tobacco, which recorded an increase of 0.43 percent in volume, to 9.28 billion units, in 2015. Rolling tobacco “is on the increase because it represents a legal alternative for smokers who can no longer afford to buy cigarettes, which have become too expensive,” a source in the sector who wished to remain anonymous told AFP.

Most of the cost of cigarettes is taken up by taxes, at 80 percent, while less than nine percent goes to the tobacconist and the balance to the manufacturer.

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