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Month: October 2021

New EU rules to strengthen banks' resilience

by: Cassandra Tanti
28/10/2021

The European Commission on Wednesday adopted a review of EU banking rules, marking the final step in the implementation of the Basel III agreement. It’s designed to make banks more resilient to future economic shocks, while contributing to Europe’s recovery from the Covid-19 pandemic and the transition to climate neutrality.
In the aftermath of the 2008 financial crisis, regulators from 28 jurisdictions across the globe, within the Basel Committee on Banking Supervision (BCBS), agreed on a new international standard for strengthening banks, known as Basel III. The EU has already implemented the vast majority of these rules, which is why EU banks remained resilient during the Covid-19 crisis and continued lending.
Wednesday’s reforms complete the post-financial crisis agenda with a view to substantially boosting the competitiveness and sustainability of the EU’s banking sector.
“Banks have an essential role to play in the recovery and it is in all our interests that EU banks are resilient going forward,” said Mairead McGuinness, EU Commissioner responsible for Financial Services, Financial Stability and Capital Markets Union. “Today’s package makes sure that the EU banking sector is fit for the future, and can continue to be a reliable and sustainable source of finance for the EU economy. By incorporating ESG risk assessments, banks will be better prepared and protected to weather future challenges such as climate risks.”
The proposal aims to ensure that “internal models” used by banks to calculate their capital requirements do not underestimate risks, thereby ensuring that the capital required to cover those risks is sufficient. It limits the overall impact on capital requirements to what is necessary, which is expected to maintain the competitiveness of the EU banking sector.
Wednesday’s proposal will also require banks to systematically identify, disclose and manage ESG risks as part of their risk management, including regular climate stress testing by both supervisors and banks. All banks will have to disclose the degree to which they are exposed to ESG risks.
In addition, the package establishes a set of rules for supervisors to assess whether senior staff have the requisite skills and knowledge for managing a bank. As a response to the WireCard scandal, for example, supervisors will be equipped with better tools to oversee fintech groups, including bank subsidiaries.
“Harmonised rules were necessary to assess whether board members and key function holders are suitable for their duties,” said Didier Reynders, Commissioner for Justice. “Today’s adopted rules will clarify the respective obligations of credit institutions and competent authorities. They will then ensure consistency at EU level and will ultimately contribute to the increased robustness of banks.”
The legislative package will now be discussed by the European Parliament and Council.
 
 
Photo by Guillaume Périgois on Unsplash
 
 
 

No Finish Line returns with new format

by: Stephanie Horsman
28/10/2021

Runners and walkers participating in this year’s No Finish Line race can choose between circuits as they try to cross the 400,000-kilometre barrier, getting fit as they raise money for a good cause.

The 22nd edition of No Finish Line is ramping up to be one of the most exciting ever. A new, more flexible format is allowing participants from all over the world to take part, whilst those closer to Monaco can choose to take on the challenge of the 1,140 metre course set up in Fontvieille.

An incredible 12,000 participants are expected to take part, ranging from world-class athletes such as the Roca team’s recent returnee Yakuba Ouattara, to the occasional walker, all of whom will be doing their bit to raise money for Children & Future who aid in projects geared toward helping disadvantaged and sick children.

The race will take place from 13th to 21st November and will feature an added event, The Nocturne No Finish Line 21 Special, which is a mini-race within the race from 9pm on the 18th to 9am on the 19th. A limit of 100 participants can join in with the goal of covering 10,000 kilometres overnight, boosting the numbers in the last hours of the race.

The idea behind No Finish Line is the same as in year’s past. For every kilometre run or walked, €1 is raised for the association. The circuit runs 24/7 for eight straight days and nights and can be done as a group, through a company, or even as an individual.

Since 1999, the year of the first No Finish Line, the objectives, both in terms of the number of participants and the number of kilometres covered, have continued to grow, positioning this race as one of the most important charitable events in the Principality. In total, there have been 147,867 participants who have covered 4,010,835 kilometres raising €4,337,652.

Registration for the race is open and can be made on the website, www.childrenandfuture.com from now until 10th November. Sign-ups can also be done in person by visiting the Chapiteau Fontvieille from 13thNovember at 2pm. The cost is €13 for adults, and €6 for kids under 10. There is also a refundable €10 deposit for the chip used to record the number of kilometres raced during the event.

For off-site participants, the Nofinishline app can be downloaded from the Apple Store to obtain the chip. It is also available for android users.

To keep all racers safe, a health pass and valid identification, such as a passport or identity card, are required. Masks are not compulsory whilst taking part in the event.

 
 
Photo credit: Palomba
 
 
 

Monaco joins TV5 Monde family

by: Stephanie Horsman
28/10/2021

Monaco’s application to join the French-language TV5 Monde television network has been approved by the Swiss, paving the way for the public broadcasting service.
The Swiss Federal Council gave the green light to Monaco’s application to become part of the TV5 Monde family on Wednesday along with fellow partners France, Belgium and Canada.
The Federal Council has asked the Swiss Federal Department of the Environment, Transport, Energy and Communications to sign the updated TV5 Monde charter on the country’s behalf, as well as to sign an agreement on the terms and conditions to integrate the Principality into the French-language TV network’s family.
This puts Monaco one step closer to officially having a public broadcasting service, and confirmation will be complete once all the member states sign the new charter and agreement.
TV5 Monde was created on 2nd January 1984 by former French Minister of Foreign Affairs Claude Cheysson and TV5 President Serge Adda from for public television channels: TF1, Antennae 2 and FR3 from France, the Swiss Television Suisse Romande and Belgium’s RTBF. The “5” channels are the basis for the name TV5.
Though TV5 Monde is primarily francophone, there is a certain amount of English subtitled programming, and eight feeds are transmitted in total. There are the core country feeds, with additional ones being transmitted to the rest of Europe, Africa, Maghreb in the Middle East, Oceania and the Asian Pacific, the United States, Latin America and the Caribbean, and Quebec in Canada.
It is anticipated that Monaco’s channel, called Monte-Carlo Riviera, will be ready to contribute from the second half of 2022.
TV5 Monde is transmitted to 353 million households worldwide.
 
 
Photo of Monaco by Monaco Life
 
 
 

New businesses to liven Larvotto district

by: Cassandra Tanti
27/10/2021

The new commerce selected for the Larvotto complex have been revealed, and they include an Italian restaurant, a decoration store and a gym.
Despite its inauguration in July, the new Larvotto complex still had vacant spaces and the government put out a call for interested parties.
On Tuesday, Domaine Administrator Elodie Kheng revealed the names of some of the selected companies due to set up residence in the new beach complex to government channel Monaco Info.
Big Mamma, a French restaurant franchise selling Italian food, Sexy Tacos, a Mexican restaurant native to Monaco, and a “healthy option” eatery will offer new catering options to beach goers and residents.
Other selected businesses include a decoration shop, a Costa bakery and a beauty institute/gym.
The new traders are due to start work on their spaces by the end of the year for an opening in spring or summer of 2022.
“This very diversified offer will likely get people used to coming to Larvotto, not only for the beach but also for shopping, going to the gym, to the crèche … This is the challenge and what we all want: to make Larvotto a place of life all year round,” said Elodie Kheng.
Full renovation of the site will be completed by 2022 with further public spaces designed by architect Renzo Piano, including pergolas on the upper promenade.
 
 
 

Monaco tames the red star

by: Cassandra Tanti
27/10/2021

Faced with a strong Serbian team, the Roca boys had to wait until the end of the match to regain the taste of victory in the Euroleague, balancing the books ahead of their game against Moscow on Friday.
AS Monaco donned their dark blue kit for the home game against KK Crvena Zvezda Tuesday night, snatching the victory 70to 62.
After three consecutive defeats, the Roca team stumbled for a long time on the Serbian defense, one of the best in Euroleague.
Mike James missed a few shots, but the American scorer ignited pleenty of sparks. His first basket, a nine-meter shot just in front of the club logo, broke the energised Serbian dynamic after returning from the locker room, while his second three pointer gave the Monegasques the leg-up.
Struggling offensively after their good first quarter, the Roca boys returned the favor to the Serbian defense, forcing 19 losses. Aggressive and focused, Alpha Diallo led this collective effort by signing his best match so far.
The young American winger finished with 19 points, seven rebounds and three interceptions. Diallo also punished the Serbians by snatching two decisive offensive rebounds in the money-time.
“It was not a good game, it was a 40-minute fight but we expected it. It’s not like against Barcelona (81-85) when we had played very well, but we take another victory in the Euroleague and it’s very good for us,” said Monaco coach Zvezdan Mitrovic after the game.
Monaco has an even score card with three wins and three defeats. The Roca team have the opportunity to bring down another great European on Friday, CSKA Moscow.
 
 
Photo source: AS Monaco Basketball
 
 
 

Last days to get tickets for National Day events

by: Stephanie Horsman
27/10/2021

As National Day fast approaches, Monaco City Hall has released its line-up of free family shows for the celebrations as well as information on how and where to get tickets.

Residents of the Principality and Monegasques are in for big treat this year, as National Day is once again being celebrated in full force after a year’s delay caused by the pandemic.

First up is a show aimed toward Monaco’s younger inhabitants. Called Gainsbourg for Kids, the musical trio Wanted Joe Dassin will perform songs by Serge Gainsbourg in their own indomitable style, bringing the legend’s music to life for a whole new generation. The show is on 10th November at the Espace Léo Ferré at 3pm. This show is for kids six years and older and an adult must accompany them.

For the slightly older crowd there will be two musical comedy shows performed on the 18th November at 9pm and on 19th at 3pm also at the Espace Léo Ferré. Ten professional artists are being brought together to put on a live musical spectacle. The interactive show allows the audience huge participatory rights, including the choice of title and location of the action. The actors then take the ball and run, using the title and location as a theme to create a new story on the fly. Theatre, music, song, dance and visual arts come together in a unique show that will delight lovers of musical comedy and improv. This event is geared for those aged 10 and older.

The events are free of charge to all residents and Monegasque nationals, but space is limited so tickets are required. Monegasques, their spouses and children can collect their invitations from the Espace Léo Ferré on Wednesday 27th October from 9am to 4pm. Residents and any nationals who were unable to come the previous day are welcome on Thursday 28th October at the same place and times. Proof of residency is essential, so bring along a passport, residency card or a Livret de Famille for any children.

Health measures will be in place for all events. Free parking will be offered at the Fontvieille and Papalins Shopping Centre for ticket pick-ups. 

A bus service will also be set up free of charge on Thursday 18th November at the end of the show, departing from the Fontvieille Shopping Centre. The shuttle will serve the various stops in the Principality according to demand.

 

 
Photo of The Improvised Musical by Eric Bongrand