The Prince’s Government has consolidated its strategic relationship with the United Nations Environment Program in the fight against plastic pollution.
An awarding ceremony by the European Commission to the United Nations Environment Program (P.N.U.E.) campaign ‘Aquariums of the world against plastics’ was held on Tuesday 3rd March at the Oceanographic Museum of Monaco.
In the presence of H.S.H Prince Albert, Monaco’s Minister for External Relations and Cooperation Laurent Anselmi signed a framework cooperation agreement with Inger Andersen, Executive Director of the P.N.U.E.
Given the importance of the environment in the Principality’s foreign relations policy, the Prince’s Government wanted to strengthen institutional dialogue and strategic collaboration with this program, which is authoritative on the international scene in environmental matters.
The agreement also aims to consolidate the various financial contributions paid by the Principality to the P.N.U.E., in particular in favour of its activities to combat marine plastic pollution and sustainable management of coral reefs.
Entrepreneurs in Monaco have heard that, while the current coronavirus epidemic is having immediate consequences, there are many other factors to consider when planning for the future.
Coface’s chief economist Julien Marcilly recently gave a conference for the 7th consecutive year to MEB members, organised in partnership with the Banque Populaire Méditerranée and Gramaglia. The event took place in front of more than 100 entrepreneurs eager for economic information in these times of uncertainty, in particular for companies linked to international markets. MEB members at the conference
Julien Marcilly outlined the various challenges facing global economic exchanges, starting with the coronavirus – although, as he said, “two months ago we did not think that a health crisis would be the main risk today”.
The upheavals, he said, are very real: a supply shock due to the cessation of Chinese production, as well as a demand shock caused by the spread of the virus. These have repercussions which affects the whole economy, provoking a general shock of confidence. As a result, global growth forecasts by Coface are revised downward by half a point, provided that the peak of the coronavirus is in the second quarter.
Another subject that was addressed by Marcilly was the somewhat eclipsed but nonetheless impactful rise of protectionism. The most obvious is the current trade war between the Americans and the Chinese, but there are others. In fact, the measures taken by the two giants represent only a quarter of the total worldwide. This is a fundamental trend, says Marcilly, which has repercussions on trade. But the effects are not always those imagined: regarding the American trade deficit, the decline of China as a supplier was mainly offset by an increase in imports from Mexico and Vietnam. Regis Etienne, Director Monaco – Banque Populaire Méditerranée, Laetitia Nahum, Financial Risk Manager – Gramaglia, Julien Marcilly, Chief Economist – Coface, Michel Dotta, President – MEB.
Meanwhile, Marcilly pointed to an atypical cycle where unemployment remains generally low however rates are not going up – favourable real estate and construction conditions where the liquidity risk which led to the 2008 crisis is not a priori to be feared. However, the repercussions of this situation he says would really benefit only the wealthiest households, as the weakest do not necessarily have access to property.
Still, according to the economist, services and players linked to tourism are suffering a dead loss in this period of uncertainty and sectors such as the automobile, metallurgy and textiles are facing longer-term challenges and will have to adapt to new data.
Top photo: Julien Marcilly, Chief Economist at Coface
Monaco real estate confirmed as most expensive in world
A new report by real estate brokerage firms Douglas Elliman and Frank Knight reveals that Monaco is still the world’s most expensive city, where US$1 million (€895,455) gets buyers only 162 square feet (15m2) of property.
The report, based on ‘prime real estate’ sold in 2019, looked at the top 5% of property market value in cities around the globe. This means that, while buyers can get less expensive properties in the Principality and elsewhere, buyers must expect pay top prices to get a hold of the most desirable ones.
After Monaco, there were no big surprises. Hong Kong ranks second where the same US$1 million fetches 226 square feet (21m2), London comes in third getting purchasers 323 square feet (30m2), followed by New York City where it gets buyers 344 square feet (32m2).
At the other end of the spectrum, the least expensive cities for the luxury market are São Paulo, Brazil, where US$1 million procures a healthy 2,174 square feet (202m2) and Cape Town, South Africa, where a cool million buys 1,800 square feet (167m2).
When it comes to the most favoured cities of the rich and famous, there are conflicting reports. New York City and London are neck and neck. The same report saw New York as the best city for both residential and commercial investment, ensuring its place as a hub of wealth, but London is tops in the overall wealth ranking. This is due to the number of high-net worth individuals, those with a net worth of US$30 million and above, living there and the lifestyle – which refers to a city’s affordability and security.
Despite Monaco’s position as most expensive, it was not in the top 20 list of the cities where the rich choose to live.
While the government has not ordered the cancellation of major events in the Principality, some large gatherings are being rescheduled amid fears over the spread of the coronavirus. Others are going ahead as planned.
Now that the coronavirus has hit our region, the government and event organisers are taking steps to ensure the spread of the virus is contained and that those coming from restricted regions are not penalised. As a result, the Principality is seeing the cancellations of certain upcoming events in the name of fairness and public safety.
This week, Prince Albert II assured the public the that Principality is prepared to handle whatever comes, but his government has cautioned people to avoid large gatherings and to refrain from travelling to high-risk areas. The same goes for those wanting to come from high-risk zones.
As a result, MAGIC – which was scheduled for 7th March – has been postponed until 26th and 27th February 2021. “Our event is international, and we welcome mainly guests from risk areas,” said organiser Shibuya Productions in a statement. “Following the recommendations of the Government that we want to respect, we can not organise the event on Saturday.”
The company says many personalities have already confirmed to appear at February’s event.
The Aesthetic and Anti-Aging Medicine World Congress (AMWC), initially scheduled from 2nd to 4th April at the Grimaldi Forum, has also been postponed to November 2020.
UPDATE: The screening of the latest James Bond film ‘No Time To Die’ which was due to take place on 7th April at the Grimaldi Forum has been postponed to a date to be confirmed. This is due to the fact the producers of the 007 film decided to delay its release until November. As a result, a 007-themed party organised by the Princess Grace Foundation USA in April has also been postponed.
Meanwhile, the Monaco Sportsboat Winter Series regattas scheduled for this weekend have been postponed. The fifth and final races were meant to take place along with the awards ceremonies, but as several competitors would possibly undergo transportation constraints, the planners deemed it only fair to put it off until the start of next season, when the races and award giving would be able to take place in less stressful times.
But not all events have been put on the backburner. Both the Tango Fire show (6th-7th March) and The Misanthrope stage play (8th March) are going ahead at the Grimaldi Forum as planned. Monaco Life will keep readers updated on events as word comes in. Top image: By Shibuya Productions
The Vincenzo Bellini opera Il Pirata makes its way to the Auditorium Rainier III, Salle Yakov Kreizberg for two spectacular shows this week.
Touted as one of the key operatic pieces in the emergence of Italian lyrical opera in the early 19th century, Il Pirata is thought to be a sort of prequel to the Gaetano Donizetti hit, Lucia di Lammermoor.
The female lead, Imogene, is thought in some circles to be Lucia’s elder sister, though that fact is not confirmed. In any case, the opera in two acts is thrilling and tragic, as all good opera was meant to be.
Imogene is forced into marrying Ernesto, the Duke of Caldara, who has threatened to kill her father. Gualtiero, exiled Count of Montaldo, has turned to a life of piracy to survive, and is being tracked by Ernesto. When Gualtiero’s boat is shipwrecked near Imogen and Ernesto’s castle, Imogene takes Gualtiero in and they declare their mutual love.
Imogene cannot be convinced to leave her husband and child, despite her passions, so Ernesto returns home and breaks the news to his wife that his heart lies elsewhere. A duel ensues and Gualtiero kills Ernesto, who is then sentenced to death. Imogene, faced with life without her love, goes mad.
Il Pirata was Bellini’s undisputed first major success. The demanding crowd of La Scala praised his work and it was a smash hit of its time. But for reasons unknown, the opera disappeared and for over a century no one even thought of it. In the mid twentieth century, Tullio Serafin, then Maria Callas revived the opera, but it was difficult for modern singers to wrap their heads around as the style was vastly different than what they had been schooled in.
In the past half century, the rebirth of the bel canto repertoire and the advent of new performers trained in this manner, has allowed operas. Such as Il Pirata to be performed again as they were in days gone by.
Spanish tenor Celso Albelo will be performing as Gualtiero. Mr Albelo is currently one of the best singers in the international scene, and has been acclaimed in Monte Carlo for singing operas such as Rigoletto, GuillaumeTell or I Puritani.
The opera will take place on 5th and 8th March.
Top photo: Celso Albelo, copyright Javier del Real
Prince backs international call to protect biodiversity
