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Month: March 2021

After digital, Monaco is “banking” on sustainable finance

by: Cassandra Tanti
22/03/2021

Monaco is looking to capitalise on a global movement towards sustainable investment and secure its future position as a financial heavyweight in Europe while helping to save the environment.
Alongside Switzerland and Luxembourg, the Principality of Monaco is one of the main European centres for private banking activity.
Two years ago, a working group was formed to explore the future of banking in the Principality and the first order of business was innovations in digital finance. This resulted in a very ground breaking Security Token Offering (STO) bill, which the National Council voted into law in October 2020 and which positions Monaco at the forefront of digital investment opportunities that are rubber stamped by the government.
Now, a new joint working group has been formed comprising members of the government and the Monaco Association for Financial Activities (AMAF), to tackle a new initiative called ‘Monaco Sustainable Finance’.
It aligns Monaco’s unique financial position with Prince Albert’s decades-long commitment to sustainable development.

Related stories: Monaco advances its digital finance strategy

Across the globe, Environment, Social and Governance (ESG) and Socially Responsible Investment (SRI) factors are being integrated into the financial analysis and investments of bankers, fund managers, family offices and institutions who understand that their implementation constitutes a major factor in international competitiveness.
According to the latest Wealth Report, more than 40% of ultra high net worth individuals (UHNWIs) are more interested in ESG-focused investments than 12 months ago, and 22% are excited by opportunities arising from the ESG agenda.
Meanwhile, new research by Barclays Private Bank shows that two thirds of family offices now want to widen risk assessments to incorporate more ESG factors.

Related stories: “If Covid was a systemic wave, climate is a systemic tsunami”

“All these actors have become aware of their share of responsibility in solving global challenges and in implementing the changes essential to the fight against global warming,” said the government in announcing the launch of the initiative. “Taking sustainable development into account in management processes therefore contributes to achieving financial objectives on the one hand, and on the other hand the major objectives targeted by the Paris Agreement on Climate and/or United Nations Sustainable Development Goals (SDGs).”
 
Photo by Stéphane Danna, Government Communication Department
 
 

Big win for Red and Whites

by: Stephanie Horsman
22/03/2021

AS Monaco had a huge 4 to 0 win over Saint-Etienne Friday night at Stade Geoffroy Guichard, putting them only one point behind Lyon in the standings, well within touching distance of the top three.
Coach Niko Kovac returned to a solid 4-4-2 line up with Aleksandr Golovin, Sofiane Diop, Kevin Volland and Stevan Jovetić all amongst the starters. Saint-Etienne was a bit behind the eight ball with three key players, Jessy Moulin, Adil Aouchiche and Arnaud Nordin, all out with injuries.
In the first quarter hour, it looked a bit like the Jovetić show, with the Montenegrin having three attempts on goal. The first two were unsuccessful, but he was third time lucky and after a pass from Aurélien Tchouameni, he landed the ball in the bottom corner to open up scoring at 13 minutes in.
The rest of the first half was rather uneventful so the score remained stable as the men headed back into the locker room.
After the break, the Red and Whites came out energised. At the 55 minute mark, Tchouameni put a powerful one between the posts, bringing the score up to 2 to 0 for Monaco.
Ten minutes later, it was Diop who broke through and landed another glorious shot in the net and then yet another ten minutes later, Krépin Diatta scored the fourth and final goal after his very first touch of the ball that game.
The game ended in an exhilarating four to nil win for Monaco, giving them 18 wins on the season so far and putting them firmly in fourth place in Ligue 1.
“It was a very good performance indeed,” said Coach Kovac. “The result speaks for itself. We had an excellent second half. We were focused throughout the game and played with high pressure.”
The international break will mean no games until Saturday 3rd April, when the Red and Whites face off against Metz at home at Stade Louis II.
 

Roca team take 11th straight win

by: Stephanie Horsman
22/03/2021

AS Monaco Basketball have continued their winning streak in the Jeep Elite with a victory over Cholet Basket 87 to 76 on Saturday.

The Roca team had their work cut out for them Saturday night when they faced off against Cholet Basket on their home turf. The game did not start out so well for the red and whites, despite Matthias Lessort scoring the first points. Monaco trailed the entire first quarter and it wasn’t until early in the second quarter that Damien Inglis made the shot that finally put them in lead.

From here Monaco went off like a roman candle. The second quarter saw the Roca boys take the lead and they never let it go from there. There were moments where the score tightened up but Monaco had total control and kept up the pressure.

“Overall, we can talk about a good game, even if Cholet lacked rhythm,” said Coach Mitrovic after the game. “We showed good defensive streaks and rebound control. The players were serious, although we probably missed a little too many open shots. It is important to remain leaders and to keep a good pace in view of the deadlines that lie ahead.”

AS Monaco made 30 out of 68 shots, with nine from three-point range out of 28. They picked up a huge 41 rebounds, nine from Lessort. The team made eight steals, 14 stray ball pick-ups and 19 assists, of which Dee Bost and Branden Frazier had five apiece.

High scorers on the night were Captain Dee Bost, again tied with Frazier at 13 points each. Marcos Knight and Matthias Lessort were just off that mark with 12 apiece. Will Yeguette and JJ O’Brien each scored 10 points. This fairly even spread showed what a team effort the night truly was.

The Roca team return on Tuesday for a big quarter-finals match against Buducnost Podgorica in the Euro Cup 7 finals where they have home court advantage. 

 
 
Monaco Life with AS Monaco Basketball press release, photo by AS Monaco basketball 
 
 

Monaco speeds up vaccination programme

by: Cassandra Tanti
20/03/2021

With the arrival of extra vaccines, the government has managed to inoculate an additional 1,125 people in a week, compared to just 176 the previous week. Meanwhile, the country recorded no new cases of Covid-19 on Sunday. 
Health authorities revealed on Friday that a total of 9,750 people in Monaco had received the first of two Covid-19 vaccinations. That’s equivalent to 25.66% percent of the population.
Meanwhile, a total of 8,311 people have now received their booster shot, 496 of those occurred in the week ending Thursday 18th March inclusive. It means that 85.45% of all vaccinated people are now fully inoculated against coronavirus.
In all, 1,621 vaccinations were administered within the week.
The government has indicated previously that it is expecting thousands more vaccines to arrive by the end of March.
Meanwhile, in its daily Covid count on Sunday, health authorities reported no new positive cases in the Principality, something not seen since 13th December.
 
Photo by Mat Napo on Unsplash
 
 
 

France-Monaco meeting tightens cooperation

by: Stephanie Horsman
19/03/2021

Monaco has asked to be considered as part of any vaccine passport scheme that the European Union puts in place during the Covid pandemic, it was announced at the annual meeting of the Franco-Monegasque Cooperation Commission.
The annual Franco-Monegasque Cooperation Commission met on Thursday in Monaco by videoconference to discuss numerous topics concerning relations between the two countries as well as the possibility of an association agreement between Monaco and the European Union.
Amongst the many topics discussed was the issue of ongoing negotiations surrounding a possible association agreement between the European Union (EU) and Monaco.
Both France and Monaco agreed to take the specific needs of the Principality into consideration in any future draft in order to preserve Monaco’s “internal balances”. They also were clear that the EU agreement would not affect current Franco-Monegasque conventions already in play necessary for the special relationship the two nations share.
Monaco has had a permanent relationship with Brussels since 1999 when they accredited an Ambassador to the EU. They have been part of the customs territory since 1968, as it is part of the customs union with France, as well as being part of the European VAT system.
Since 18th March 2015, the Principality has been officially engaged in negotiations with the EU aimed at reaching a balanced agreement, which will allow Monaco to participate as fully as possible in the EU’s internal market, while ensuring respect for the Principality’s vital interests, taking into account its unique geographical, demographic and economic features.
The two countries agreed that France would share Covid vaccinations as part of a 2017 agreement on general inoculations, while the Principality asked to be considered as part of any vaccine passport scheme the EU puts in place.
The meeting also touched on matters of e-health, whereby Monaco’s doctors are granted French Health professional cards and that the two countries can access, without boundaries, patient medical files with the patient’s consent. Finally, it was agreed that medical interns would follow French curriculum and standards.
Two points were discussed with regard to labour. The first concerns French training systems for job seekers residing in Monaco. The second deals with the financing of temporary total unemployment measures allowing Monegasque companies to retain their staff and thus avoid dismissal in the event of temporary difficulties.
At the end of the meeting, two new agreements were signed, specifically to amend an agreement relating to the mutual recognition of artistic education courses that concerns the Monaco School of Plastic Arts, and an administrative arrangement for cooperation in diver’s training.
The next meeting will be held in 2022 in Paris.
 
Photo by Manuel Vitali / Government Communication Department
 

Princess Grace Irish Library celebrates St. Pat’s Day

by: Stephanie Horsman
19/03/2021

Commemorating the most Irish of days, the Princess Grace Irish Library has hosted an afternoon of music and drama with Prince Albert.

The Princess Grace Irish Library celebrated St. Patrick’s Day with an event-afternoon and the library’s Vice-President, Prince Albert II, was on hand to take part.

Pupils from the Académie de Musique Foundation Prince Rainier III de Monaco played under the direction of Jade Sapolin and actors from the Monaco-Ireland Arts Society provided dramatic entertainment.

Harpists Elia Eastwood and Anaïd Conquet were joined by harpsichordists Léo Curran and Marcello Formenti as they played traditional Irish melodies including Molly Malone by famed Irish composer Turlough O’Carolan.

Additionally, a short story, The Majesty of the Law, by Frank O’Connor was semi-dramatised with hilarious effect by the Monaco-Ireland Arts Society members Birgitt McDonagh, Andrew Riley and Nick O’Connor to an approving audience.

The afternoon was rounded out with a presentation of two home-made Irish apple tarts decorated with shamrocks by students from the Lycée Technique & Hôtelier de Monaco.

The Princess Grace Irish Library was established in 1984 by Prince Rainier III in memory of his late wife. It features collections of Irish literature as well the personal collections of books and music that belonged Princess Grace.

The library now features a collection of over 12,000 books and hosts public lectures and literary readings by Irish authors and notables.

 
Photo by the Princess Grace Irish Library