Day: 13 February 2018

In the spotlight at a Monaco Economic Board conference held with the support of Bank Julius Baer, Russia sparked the enthusiasm of nearly 100 Monegasque economic players who were curious about the potential of developing business in the country. The event took place in the presence of HE Mireille Pettiti, Ambassador of Monaco to Russia at the Metropole Hotel.

Igor Yurgens, Monaco’s Consul in Moscow and Vice-President of the Russian Union of Industrialists and Entrepreneurs (RSPP), gave a comprehensive overview of the economic environment in Russia. He was followed by Evgeny Potapov, who presented Business Russia, an organisation of which he is a member and which aims to promote the development of a business-friendly environment.

According to Igor Yurgens Russia is at a decisive stage in its economic development. A modest recovery has been taking place since the end of 2016 due to the positive influence of the rise in oil prices on confidence and domestic demand.

But the real challenge today is to develop Russia’s growth rate. In this context, an increase in productivity and structural reforms are needed. Russia must continue to improve the business and investment climate and promote competition, he said. The medium and long-term prospects aroused interest and many questions from attendees, including professionals in finance, international trade, real estate and the environment.

In her opening speech Mireille Pettiti recalled the development of exchanges between Monaco and Russia and, in particular, the initiative carried out by the Monaco Embassy since its inception in 2015.

In addition, Michel Dotta, MEB President, pointed out in his speech that “Russia is the country with which the MEB has organised the most initiatives since 2013, the year Prince Albert made his first official visit”.

Mr Dotta also recalled the signing of cooperation agreements in 2015 between the MEB and Russian counterparts RSPP, Business Russia and CCI of Russia, three major economic organisations, concluding that “Monaco now has all the necessary contacts on site to develop long-term economic exchanges with Russia.”

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AS Monaco majority owner Dimitri Rybolovlev has been drawn into the world’s media spotlight again, although this time it’s not because of his protracted feud with art dealer Yves Bouvier, but due to his purchase ten years ago of the Florida mansion that once belonged to Donald Trump.

A senior Democratic senator, Ron Wyden, has asked the US Treasury Department to make public documents relating to the sale of the six-acre estate in Palm Beach to Mr Rybolovlev for €77 million ($95 million) at the height of the global economic crisis in 2008. The price was one of the highest-ever paid for a single property.

The current US President had bought the property for less than half the price, just €33 million ($41 million), four years previously. Mr Rybolovlev later demolished the building amid reports of rising damp, and sold off the land in lots.

Senator Wyden, who is on the powerful Senate Intelligence Committee, wrote in a letter to Treasury Secretary Steve Mnuchin: “It is imperative that Congress follow the money and conduct a thorough investigation into any potential money laundering or other illicit financial dealings between the president, his associates, and Russia.”

Bloomberg News reported last July that Robert Mueller, the special counsel investigating possible Russian meddling in the 2016 presidential elections, was also looking into Russian purchases of Trump real estate properties.

A spokesperson for Mr Rybolovlev issued a statement last week: “When the Rybolovlev family trust acquired the property in Palm Beach in 2008, it was made very clear that the purchase was an investment. The transaction was publicly announced and widely covered by the US media. There was no suggestion whatsoever of any impropriety about the purchase.

“What is more, the investment today remains on track to deliver a significant return to the trust.  The first two lots of the property have sold for $71.3 million and the final lot has been listed for $42 million.”

In 2016, then candidate Trump told ABC News that the sale of the mansion was one of the few times he had ever done business directly with a Russian national. The now-gone seven-bedroom home had a garage that could accommodate 80 cars, while the house itself had marble floors, bulletproof windows, and a full-sized ballroom.

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After the last major exhibition devoted to the works of Hercule Florence, Villa Paloma has reopened to present a retrospective of Alfredo Volpi, with the support of the Instituto Alfredo Volpi de Arte Moderna and curated by Cristiano Raimondi.

Alfredo Volpi was born in Lucca, Italy in 1896, and died in Sao Paulo, Brazil, in 1988. He was a major Brazilian artist who NMNM is proud to present, for the first time in Europe, in a retrospective of 70 works: starting with oils on canvas, country folk or urban landscapes in the 30s and 40s, to the works of the 50s, 60s and 70s with their new colours and painting techniques, the public will discover a fascinating artist.

Despite the success achieved in the last three decades of his life, the story of Volpi is that of a simple and reserved man who dedicated his entire life to his work without ever forgetting where he came from. A man who, every day of his life, until the age of 88, built his own frames on which he himself stretched the canvas to apply himself the meticulously prepared pigments and create the magic of colour.

Like Morandi for the Italians, Volpi the colourist has become a hero and a true legend in Brazil.

“Alfredo Volpi, the poetry of colour” runs until May 20 at Villa Paloma, 56 blvd du Jardin Exotique. Open daily 10 am to 6 pm, admission is €6 but free on Sunday.

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