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Day: 17 February 2022

New cycle path linking Nice to Monaco gets funding

by: Stephanie Horsman
17/02/2022
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Cyclists will be able to travel between Nice and Monaco easily on a new cycling path, which is due for completion in 2023. It forms part of an overall plan to add 160km of new cycling routes to the region by 2028.  

Last April, Nice Mayor Christian Estrosi presented his 2021-2026 Cycling Plan for the greater Nice-Côte d’Azur area. His ambitious plan included the aim of seeing 10% of local travel being done by bicycle, adding 160 additional kilometres of bike paths, with 75km in Nice alone, and increasing the number of parking spaces on both roadways and in parking garages for cyclists.

Now, his plan is becoming a reality as €100,000 has been allocated to renovate and expand, with a promise that this sum will be renewed every year.

Amongst the projects is a new link between the Principality and Nice. The planned route will use the most possible number of kilometres so that cycling buffs can get their exercise whilst making their way to work.

The proposed links are not simply determined in a willy-nilly fashion. Since October 2019, automatic counters have been clocking bike traffic. There are 13 in Nice, three in Saint-Laurent-du Var, two in Cagnes-sur-Mer and one each in Carros, Gattieres and Broc.

Not surprisingly, the Promenade des Anglais is the busiest crossing point, noting more than 4,000 daily crossings per day since May 2020. The is notable in that this number is more than double what it was a mere two months prior in March.

Cycling is growing in popularity as a clean, alternative form of transportation in Monaco. The success of electric bike company MonaBike is indicative of this shift in priorities for the modern commuter.

Almost 300 MonaBike electric bikes are available in the Principality from 35 stations. At the knock-down price of €6 per month with a year-long commitment, commuters can access unlimited 30-minute trips during the month. Casual users can cruise around on a MonaBike for €1 per use.

 

 

 

Government praises success of Operation Carlo

by: Stephanie Horsman
17/02/2022

Carlo, a locally-produced app that encourages people to purchase within the Principality, has directed €9 million to the local economy, says the government, largely thanks to its support of the project.

Monaco’s civil servants, municipal employees, retired public workers and non-medical staff at Princess Grace Hospital Centre received a hefty Christmas bonus in 2021.

The government, in its efforts to support the recovery of the local economy after two years of pandemic, offered digital vouchers in amounts varying from €350 to €650 to be spent via the Carlo app.

Since then, 14 private companies have also done the same for their own staff, adding even more value to the economy.

The bonuses have been a huge success, and a boon to shopkeepers. From a total of €6.5 million in bonuses paid out by the government, €4.3 million has been redeemed at the 395 partner businesses in a “virtuous circle” for the economy.

Furthermore, since the launch of the operation on 1st December, the number of daily transactions made on Carlo has doubled compared to the previous year. 96,000 transactions have now been recorded representing a cash influx of €9 million into the Monegasque economy.

Consumers win as well. With every purchase made on Carlo, they receive 5% cash back for future purchases. Since the inception of the app, €630,000 in cash back has been generated.

“These results confirm the success of the economic recovery strategy via local consumption,” said the government in a statement. “This virtuous circle desired by the Government is now an integral part of the purchasing habits of customers in the Principality.”

Though many have taken advantage of their bonuses, there are still more people who have yet to get out and shop. The bonuses have a shelf life and are set to expire on 31st March.

 

 

Photo by Monaco Life

 

 

 

Goldman Sachs set to return to the Principality

by: Stephanie Horsman
17/02/2022
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New York-based multinational investment firm Goldman Sachs is setting up shop again in Monaco, expanding operations for HNWIs as part of its European strategy. 

The American financial services company reportedly received approval last month and will re-establish a private wealth unit branch here, six years after it closed a former location.

Two Barclay’s veterans, Arnaud Caussin and Thibaut Lambert, will be in charge of the new office, and wealth advisor Serge Olive will also be joining them from the British bank.

The move is a shrewd one considering that a full third of Monaco’s 39,000 residents are millionaires.

Goldman’s private wealth unit has added a considerable number of advisers across Europe, Africa and the Middle East in the past few years as part of the company’s strategy. Chief Executive Officer David Solomon’s plan is to make Goldman less reliant on trading.

“The opening of our presence in Monaco is critical to delivering on our regionalisation strategy and overall growth plan,” said Chris French, co-head of private wealth management for EMEA, in a statement. “Monaco represents a significant jurisdiction for our private wealth business in Europe.”

The return of Goldman Sachs to Monaco puts them in good company, joining other global institutions such as UBS Group and Citigroup.

In February 2020, Swiss private bank Pictet opened a banking branch in Monaco in response to rising demand from the region’s private clients.

According to Bloomberg, Goldman’s wealth management and consumer unit revenue grew 25% in 2021 to $7.5 billion (€6.6 billion) over the previous year. At the end of last year, they had roughly $751 billion (€661 billion) in assets under their supervision.

 

Photo by Cassandra Tanti, Monaco Life 

 

 

 

Weekend Ski Report: 18th – 20th February

by: Luke Entwistle
17/02/2022
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The wait for the first snowfall of 2022 finally came to an end for many resorts in the region this week. The fresh snow, coupled with some great events, gives ample reason to take to the slopes this weekend.

Isola 2000 – There are currently 29 ski slopes and 17 ski lifts open at Isola. The resort finally experienced its first snowfall of the year earlier this week, and visitors can expect there to be between 95 and 80 cm of snow. The forecast is for sunny spells, with more clouds expected on Saturday. There will be highs of 12°C and lows of -2°C. The col de la Bonette and la Lombarde roads are closed until the end of the winter season. On Saturday, Isola will be celebrating its 50th birthday with a whole range of events including a firework display and a film to commemorate the date.

Auron – There are currently 30 ski slopes and 16 ski lifts open at the resort, with between 80-90 cm of standing snow following the region-wide snowfall earlier in the week. It will be largely cloudy over the weekend, though visitors can expect clear skies on Friday. It will also be considerably milder than last week with highs of 10°C and lows of -1°C. In terms of access, Route de la Tinée, Route de la Bonette, Piste de la Moustière, Piste de Demandols all remain closed. The resort will be hosting an open-air gallery starting on Friday night and lasting the entire weekend.

Les Deux Alpes – There is a large choice of runs at the resort with 48 ski slopes and 28 ski lifts currently open. There is 65cm of soft standing snow. It will be a largely cloudy weekend at the resort with sunny intervals, as well as the chance for some fog on Saturday. There will be lows of -5°C and highs of 11°C.

La Colmiane – There are 16 ski slopes and seven ski lifts open at the resort, with between 75 and 50 cm of standing snow thanks to fresh snow falling on Monday. It is expected to be slightly windy on Friday with winds of 21 km/h, and, as is the case throughout the region, skiers can expect sunny intervals. It will be milder compared to last week, with highs of 11°C and lows of -1°C. On Friday, there will be a torch-lot ski descent at the resort followed by a firework Sunday. The resort also hosts a market on Saturdays, and will continue to do so until the end of March.

Greolieres les Neiges – There are three ski lifts open, as well as 30km of open runs. There is 40 cm of powdery standing snow at the resort, with 30 cm at lower levels thanks to snowfall on Monday and Tuesday. Relative to neighbouring resorts, Greolieres will be sunnier and much milder with highs of 13°C and lows of 6°C. The resort isn’t reporting any road closures.

Limone Piemonte – The Italian resort is reporting 16 open runs and 11 ski-lifts, while snow levels vary from 35 cm to 70 cm. The resort experienced heavy snowfall last week, but no more is expected over the weekend. Instead, it will be largely cloudy with sunny intervals with lows of 1°C, highs of 13°C. Passage through the Roya valley currently isn’t possible due to the collapsed bridge at Tende. Drivers must instead pass through Ventimiglia and the journey from Monaco is currently approximately three hours.

Valberg – There are 29 ski slopes and 14 ski lifts open. The resort currently has between 80 and 60 cm of standing snow, following the snowfall on Valentine’s Day. Conditions will be good throughout the weekend with sunny intervals expected each day, with winds of up to 40km/h on Saturday. It is expected to be very mild with highs of 13°C and lows of 2°C.

Note: Snow tyres must be worn on the roads up to the ski resorts.

 

Photo taken from Limone webcam

 

 

 

 

Roca Team sail into quarter-final 

by: Luke Entwistle
17/02/2022
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A routine victory against Le Mans in the French Basketball Cup (92-76) on Wednesday saw AS Monaco Basketball progress to the quarters, whilst arresting their recent slide in form.

Following defeats to Zalgiris in the Euroleague and Lyon-Villeurbanne in the Betclic Elite, Sasa Obradovic rang the changes. Key players such as Mike James and Donatas Motiejunas failed to even make the squad.

In their absence it was Donta Hall who stepped up with the match-winning performance. His contribution to both the offensive and defensive phases (15 points and 16 rebounds) was pivotal to Monaco’s progression. Brock Motum, meanwhile, finished as the top scorer (18), his 67% accuracy from outside the key from six attempts the main source of the Australian’s points.

Following a tight first-quarter (17-17), the Roca Team were too strong for Le Mans in the second. An exhibition of attacking fluidity yielded 34 points, dealing a fatal blow to the away side’s chances of qualifying for the next round.

Monaco only needed to maintain the gap in the second-half, and a solid defensive performance ensured that Le Mans weren’t handed a route back into the tie, Paris Lee particularly aggressive in his defending.

Post-match, Obradovic was complimentary of his side’s overall performance, whilst singling out the MVP for praise. “In terms of energy, everyone turned up today. Donta Hall is one of our key players and it’s good to see him at this level.”

The Serbian coach also expressed his gratitude towards the home fans. “There was a good atmosphere in the court, and all of our players were encouraged right until the end.”

Monaco next face a trip to Gravelines-Dunkerque on Saturday, before welcoming Russian side Unics to the Salle Gaston Medecin on Tuesday

 

 

Photo source: AS Monaco Basketball