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Month: February 2022

Third of Blue Fund still available

by: Cassandra Tanti
24/02/2022

It’s been revealed that there is €7 million left in the government’s Blue Fund, which means that there is plenty of scope for local businesses to make a digital upgrade and have around half the cost covered by the State.

In an interview with Monaco Matin, the Minister of Finance and the Economy Jean Castellini revealed that €13 million of a €20 million fund designed to revitalise the local economy had been allocated since 2020, with an average of €28,000 per project.

That leaves €7 million still available, which is great news for Monegasque companies who want to create a new digital landscape, or upgrade their current one, and have up to 51% subsidised by the government.

According to Frederic Genta, the Interministerial Delegate for the Digital Transition, 90% of the projects to date have been carried out by 150 Monegasque companies, 15 of which have been created since the implementation of the Blue Fund, injecting at least €26 million into the local digital economy.

“The Principality’s key sectors (real estate, finance, commerce) have been transformed,” said Genta to Monaco Matin, “and companies tell us almost 300 jobs have been created in digital: marketing, engineers, developers, jobs that we want to attract to Monaco because they are talents and vital forces.”

The Blue Fund is one of four pillars created by the government as part of the Principality’s recovery plan from the Covid pandemic. It also includes the Green Fund for the energy transition, the White Fund for the building and construction industry, and the Red and White Fund for the revival of the economy through trade and consumption including initiatives like the Carlo app.

The finance minister suggested the Blue Fund could be refinanced in 2022 and 2023 “in the best interest of all”.

 

SEE ALSO:

What is the Blue Fund?

Government praises success of Operation Carlo

 

 

Photo source: Unsplash

 

 

 

Russian invasion: stocks take a hit and oil prices break $100 a barrel

by: Stephanie Horsman
24/02/2022

Oil prices have topped $100 a barrel and stock markets took a tumble in the wake of the Russian invasion of Ukraine, with the rouble hitting an all-time low, falling to 86.98 to the dollar, whilst “safe haven” currencies saw a rise.

The world stock markets saw predictable movements in the wake of Russia’s war-provoking attacks on Ukraine on Thursday. European markets opened 2.5% to 4% lower than normal, whilst government bonds, the US dollar, the Japanese yen, the Swiss franc and gold all rallied as investors looked for a safe place to store their assets.

Germany’s DAX was one of the hardest hit, falling 3.7%, mostly due to German reliance on Russian energy and the amounts its companies sell to Russia. The FTSE 100, the UK stock market, was down 2.3%, with losses believed to be limited by the jump in oil prices which have surpassed the $100 a barrel line, the first time this has happened since September 2014.

The Pan-Asian indexes and Europe’s STOXX 600 index for the equities market have both fallen, 2.6% and 2.7 % respectively, with the STOXX hitting its lowest point since May 2021 and a full 10% below January’s record high.

US markets are predicted to follow roughly the same patterns as their European counterparts.

Russia’s currency, the rouble, has weakened by nearly 7%, falling to 86.96 to the dollar. The Russian and Ukraine markets both have gone into freefall, with the Russian market dropping more than 10% after opening was initially suspended.

Much of Europe is reliant on Russian gas, and if the Russian President Vladimir Putin decides to cut the lines, Europe will see natural gas prices go through the roof, adding to the already steep 10% rise experienced this winter.

 

 

Russia invades Ukraine as defiant Putin warns NATO, US

by: Cassandra Tanti
24/02/2022

Russian troops launched a wide-ranging attack on Ukraine on Thursday, as President Vladimir Putin cast aside international condemnation and sanctions and warned other countries that any attempt to interfere would lead to “consequences you have never seen.”

Big explosions were heard before dawn in Kyiv, Kharkiv and Odesa as world leaders decried the start of an invasion that could cause massive casualties, topple Ukraine’s democratically elected government and threaten the post-Cold War balance on the continent.

Ukrainians started fleeing some cities, and the Russian military claimed to have incapacitated all of Ukraine’s air defenses and air bases within hours.

President Volodymyr Zelenskyy declared martial law, saying Russia has targeted Ukraine’s military infrastructure. Ukrainians who had long braced for the prospect of an assault, while never knowing precisely when it would come, were urged to stay home and not to panic even as the country’s border guard agency reported an artillery barrage by Russian troops from neighboring Belarus.

Putin justified it all in a televised address, asserting that the attack was needed to protect civilians in eastern Ukraine. He accused the western alliance of ignoring Russia’s demands to prevent Ukraine from joining NATO and for security guarantees. He also claimed that Russia does not intend to occupy Ukraine but will move to “demilitarise” it and bring those who committed crimes to justice.

European Commission President Ursula von der Leyen and European Council President Charles Michel on Thursday denounced Russia’s attack on Ukraine and pledged to hold Moscow “to account”.

“We strongly condemn Russia’s unprovoked attack on Ukraine. In these dark times, our thoughts are with Ukraine and the innocent women, men and children who face this unprovoked attack and fear for their lives,” said von der Leyen.

French President Emmanuel Macron has spoken with his Ukrainian counterpart Volodymyr Zelensky and reiterated France’s support to him “in economic and financial matters and in terms of defensive equipment,” said the Elysee in a press release.

“France strongly condemns Russia’s decision to wage war on Ukraine,” Emmanuel Macron said on Twitter. “Russia must immediately end its military operations. France stands in solidarity with Ukraine. It stands with the Ukrainians and works with its partners and allies to end the war.”

Leaders of European countries are due to meet for a summit on Thursday at 8pm in Brussels to discuss”massive” sanctions against Moscow. The first EU sanctions came into force on Wednesday evening in response to Monday’s recognition of the independence of separatist territories in eastern Ukraine.

Meanwhile, U.S. President Joe Biden pledged new sanctions to punish Russia for the aggression that the international community had expected for weeks but could not prevent through diplomacy.

Biden in a written statement condemned the “unprovoked and unjustified attack,” and he promised that the U.S. and its allies would “hold Russia accountable.” The president said he planned to speak to Americans on Thursday after a meeting of the Group of Seven leaders. More sanctions against Russia were expected to be announced Thursday.

Ukraine’s Foreign Minister Dmytro Kuleba described the assault as a “full-scale invasion” and said Ukraine will “defend itself and will win. The world can and must stop Putin. The time to act is now.”

 

 

 

Monaco Life with AP, AFP. Photo: Handout/Kremlin.ru/AFP

 

SEE ALSO: 

European Commission condemns Russian aggression

 

 

 

Monaco kicks into gear for Grand Prix season

by: Cassandra Tanti
24/02/2022

Preparations are now underway for the Principality to transform itself, or part of itself, into a Grand Prix race track, with major works set to begin in a week’s time and a callout for people to staff the events.

Monaco is one of a handful of F1 street circuits in the world, and getting the track ready normally takes around two months.

This year, like the last, three racing events are planned in order to catch up with the usual rhythm of alternating Historic Grand Prix following its cancellation in 2020.

Therefore, in addition to the traditional Formula 1 Grand Formula and its related events, both the Historic Grand Prix and the e-Prix will all be held again this year.

The track assembly has been brought forward several weeks to match the schedule. The e-Prix will be the first to kick off the trifecta on 30th April.

In addition to the annual asphalt operation, reported this week in Monaco Life, the preparatory work for the installation of the infrastructures necessary for safety, development, television recordings, reception of the public, advertising, access and public paths began on 22nd February with the removal of street objects and furniture.

The assembly work, and the related restrictions to traffic, will begin on 7th March in the port area and on 20th March in the Monte-Carlo district.

People can expect the usual traffic adjustments and parking bans depending on the area.

The MonaBike station at Place Sainte-Dévote will be moved to Promenade Honoré II by 21st March and that at Parking des Pêcheurs will not be accessible from 21st May.

Users of public car parks and bus services will be informed of the measures that will be applicable to each phase of the implementation of the structures.

Meanwhile, the Automobile Club of Monaco is looking for staff to fill rolls in ticket control at entrances, providing spectator information, and ushers in the Security-Control department.

To submit an application, you must be aged between 18 and 60 years. Registrations can be made at the website www.acm.mc.

The 5th Monaco e-Prix, 13th Historic Monaco Grand Prix and 79th Monaco Grand Prix will take place respectively on Saturday 30th April, from Friday 13th May to Sunday 15th May, and from Thursday 26th May to Sunday 29th May.

 

 

Photo: Carlos Sainz races at the Monaco Grand Prix 2021, Scuderia Ferrari Media Centre

 

 

 

Less than 1% test positive in back-to-school campaign

by: Cassandra Tanti
23/02/2022
monaco-life-news-monte-carlo-child-medical-care

Close to 5,000 students, teachers and staff took advantage of free, voluntary Covid tests upon the return to school this week, and only 37 returned a positive result, better than the first campaign in January.

The Monaco government released the results of its school screening campaign on Wednesday, which had taken place on the 21st, 22nd and 23rd February.

Like the operation carried out at the start of the new school year in January, the objective was to allow students and school staff to test themselves on a voluntary basis after the school holidays and manage a possible spread throughout the Principality.

“The result of the operation is very satisfactory considering more than eight out of 10 people present at the school wanted to be screened,” said the government in a statement.

In total, 4,964 people took a Covid test, and 37 of them had a positive result for Covid-19. They included 35 students, 20 of whom were residents of the Principality, and two non-resident school staff.

The positivity rate equates to just 0.7% (0.9% among students and 0.2% among staff), compared to 1.9% in January 2022.

“While still present, this highlights a circulation of the virus that is significantly down compared to the return from the Christmas holidays,” said the government.

Positive self-tests were then confirmed with a PCR test.

Residents and employees who would like to benefit from a free PCR test, without medical prescription, at the National Screening Centre in the Rainier III Auditorium are invited to do so by contacting the Covid-19 Call Centre on 92.05.55.00.

 

 

 

Prince Albert II welcomes Serbian president to Monaco

by: Stephanie Horsman
23/02/2022

Serbian President Aleksandar Vucic has made an official visit to Monaco where the Sovereign Prince bestowed upon him the Grand Cross of the Order of Saint-Charles, the highest award given in the Principality.

In October 2020, Prince Albert was invited to Belgrade, a trip to be remembered as the Prince’s first official international outing since the pandemic and one where leaders of the two nations were able to discuss important issues, such as the start of stronger economic ties.

On Tuesday, almost a year and a half later, Monaco has returned the invitation, welcoming Serb President Aleksandar Vucic to the Prince’s Palace on Tuesday.

During the visit, the Prince decorated President Vucic with the Grand Cross of the Order of Saint-Charles, rewarding merit and recognising the services rendered to the State or to the Prince personally.

Prince Albert received the Serbian equivalent on his 2020 visit, being offered the Order of the Republic of Serbia.

Prince Albert gives Serbian President Aleksandar Vucic the Grand Cross of the Order of Saint-Charles

It has been 15 years since the countries began diplomatic relations, and on this occasion, the two signed a framework cooperation agreement that included themes important to both sides, including environmental concerns, the promotion of tourism, the preservation of the oceans, renewable energies, and the conservation of biodiversity. Of course, economic possibilities between the two countries were also on the agenda.

President Vucic was treated to a private trip to the Oceanographic Museum, followed by a performance of the lyrical opera Werther by Jules Massenet at the Opera de Monte-Carlo.  

The president was accompanied by an entourage that included his Minister of Foreign Affairs Nikola Selakovic and Ambassador of the Republic of Serbia to France Natasa Maric. Monaco resident and Serbian tennis superstar Novak Djokovic was not able to attend the meeting as he was playing in Dubai, but he was represented by his uncle, Goran Djokovic, honorary consul of the Republic of Serbia in Monaco.

 

 

Photos: Gaetan Luci, Axel Bastello, Eric Mathon / Prince’s Palace