Month: July 2017

Traders at Apolline Gardens have met Jean Castellini, Minister for Finance and Economy, and other officials, to express concerns about remedial work on the buildings that is scheduled to last for several months.

Extensive work on the development, which is mainly used to house Monegasques, is needed to rectify serious problems with the plumbing and water supply. Residents of the apartments are being offered temporary accommodation elsewhere while the work is underway.

Traders are worried that footfall will be affected and their businesses will suffer.

Mr Castellini, accompanied by Albert Croési, Head of Mission to the Minister of State for the Operation Apolline, Rémy Rolland, Administrator of Domains and Alain Laurent, Deputy Director of Public Works, met the traders on Tuesday, July 25, to discuss their concerns.

Jean Castellini said that he wanted to reassure them about the effects of the work, which he said will be limited in scope, and the solutions that will be implemented. “We will do our utmost to make the inconvenience least impacting for everyone and that each situation is dealt with case by case,” he said.

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On Tuesday, AS Monaco denied that a deal has been done to sell teenage sensation Kylian Mbappe to Real Madrid for €180 million.

The 18-year-old French international has been the centre of a bidding war with Arsenal, Paris-Saint Germain, and other top teams all joining in to try to sign the striker.

The deal, according to the Spanish press, is for Real Madrid to pay €160 million followed by a further €20 million depending on performance. Mbappe would join on a six-year contract worth seven million a year.

Real Madrid have realised €100 million in transfer fees, while Monaco has already garnered €300 million during the summer transfer window.

The Spanish club has reportedly wooed the teenager with promises of playing time, even if that involved side-lining and selling other players. Mbappe is a Real Madrid fan and his father has been talking to the club for several weeks.

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This summer, to mark its 70th anniversary, Fraser Yachts has partnered with the German sports car manufacturer Porsche to offer their clients in the South of France the “Porsche Ultimate” service.

Clients using the “Porsche Ultimate” drive will be able to benefit from access to a brand-new selection of exclusive Porsches, including the latest 911 GT3, which will be delivered at their chosen location to ensure a completely hassle-free experience.

For those seeking exhilaration while on dry land, Porsche also provides a number of “ultimate” experiences including driving on the 24 Hours of Le Mans racetrack or the adrenaline-inducing thrill of driving a Porsche 918 Spyder on the world-famous Circuit Paul Ricard with official Porsche race drivers.

Monaco is famed for its racing, and as the global headquarters for Fraser this partnership is a great addition to the world’s largest superyacht brokers exemplary offerings, the company says.

CEO of Fraser, Raphael Sauleau commented: “As we celebrate 70 years of industry success, we recognise the many values that Porsche shares with Fraser in terms of quality, attention to detail and exceptional service offerings to clients. A Porsche is more than just a vehicle, it is an expression of freedom and a unique attitude to life, and, like a yacht, is more than just a boat.”

Porsche will have a fleet of luxury vehicles available for Fraser clients during both the Monaco Yacht Show and Fort Lauderdale International Boat Show. Porsche and Fraser will also take the Porsche Ultimate Service to Miami from November.

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Anne Dufourmantelle, the philosopher and psychoanalyst, died tragically on July 21 at the age of 53 in Ramatuelle, Var. She drowned trying to rescue children in difficulty on the beach, fighting strong wind and waves, her family said.

“She was a great philosopher, psychoanalyst, she helped us to live, to think (about) the world today,” France’s Minister of Culture, Françoise Nyssen, said on Twitter.

In 2015, Ms Dufourmantelle told the newspaper Liberation: “When there really is a danger that must be faced … there is a strong incentive to action, dedication, and surpassing oneself.”

The author of the acclaimed La Puissance de la douceur (The Power of Gentleness) had strong links to Monaco, where she was a juror of the Prix des Rencontres philosophiques. Charlotte Casiraghi, President of the Philosophical Encounters of Monaco, spoke of how her kindness permeated the debates with tenderness.

“We were both passionate about Philosophy, psychoanalysis and horses. The luminous serenity, and the softness which emanated from her, was never affected but always seemed to be touched by fragility and extreme sensitivity to suffering.

“Secret and poetic, she created a space where words had the power and the incantatory texture of the dream, to capture the most minute variations of life. Her words, her intelligence, her gentleness will be missed, because they helped us to take the risk of opening up to the other, and to the world,” Ms Casiraghi said.

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The official inauguration of a work by Monaco artist Anthony Alberti – aka Mr OneTeas – took place at Princess Grace Hospital on Monday, July 24, as well as a historical photographic retrospective of the hospital.

In the presence of the Ministers of Public Works, the Environment and Urban Development, Marie-Pierre Gramaglia, and of Health and Social Affairs, Didier Gamerdinger, the Assistant Director of the institution, Benoite de Sevelinges, demonstrated the 31 photographs that succeed in showing a hospital that has not ceased to evolve over time, since the first foundations were started in 1898.

Monaco artist Anthony Alberti has also decorated the outside of the elevator shaft that connects avenue Pasteur to the hospital with 585 portraits of people linked to the current life of the hospital – staff, workers, and neighbours.

The Prince’s government wanted to create a unifying artistic work with a focus on those who “live” the project on a daily basis. The work is displayed on all three visible sides of the elevator.

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Monaco-based Scorpio Bulkers Inc, a leading provider of marine transportation of dry bulk commodities, on Monday, July 24, reported its results for the three and six months ended June 30, 2017, that show a considerable drop in its net trading loss.

For the second quarter of 2017, the company’s GAAP net loss was $13.4 million, or $0.19 loss per diluted share. For the same period in 2016 the company’s GAAP net loss was $24.7 million, or $0.48 loss per diluted share.

For the six months ended June 30, 2017, the company’s GAAP net loss was $48.0 million, or $0.67 loss per diluted share compared to a GAAP net loss of $83.0 million, or $2.05 loss per diluted share for the prior year period.

For the same period, the company’s adjusted net loss was $29.8 million, or $0.41 adjusted loss per diluted share, which excludes the impact of a write down of assets held for sale of $17.7 million and a write off of deferred financing costs on the credit facility related to those specific vessels of $0.5 million. For the six months ended June 30, 2016, the company’s adjusted net loss was $58.1 million, or $1.43 adjusted loss per diluted share, which excludes a loss/write off of vessels and assets held for sale of $12.4 million, the write off of deferred financing costs on credit facilities that will no longer be used of $2.5 million and a charterhire contract termination fee of $10.0 million.

As of July 21, 2017, the company had approximately $148.3 million in cash and cash equivalents.

During 2016, the company entered into agreements with certain lenders to, among other things, defer future principal repayments under certain loan agreements. In July 2017, the company reached agreements in principal with such lenders whereby principal repayments on the debt totalling $45.4 million that were previously deferred would be reinstated to their original form. Under these agreements in principal, the company will be required to make principal payments of approximately $7.3 million in the third quarter of 2017 and quarterly principal payments ranging from $1.0 million to $4.5 million per quarter from the fourth quarter of 2017 through the fourth quarter of 2020.

All restrictions on the payment of dividends that were put in place as part of prior loan amendments have been removed from all of its credit facilities.

Vessel operating costs were $21.1 million associated with 47 vessels owned, on average, during the period. Vessel operating costs for the prior year quarter were $15.6 million and related to 34 vessels owned, on average, during the period.

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