Brought to you by: Monaco Life
More than 100 stakeholders in the Principality’s economy attended the Country Risk conference to hear forecasts from COFACE, world leader in credit insurance.
The Monaco Economic Board (MEB), Banque Populaire Méditerranée and Gramaglia Assurances hosted the annual conference, which considers risk and opportunities for businesses, on 12 February at the Café de Paris.
COFACE Chief Economist Julien Marcilly was in the Principality for the fifth consecutive year to outline major global economic trends.
According to COFACE, this year’s European elections highlight political uncertainties hanging over Europe: scepticism, Brexit and pessimism.
For example, Julien Marcilly showed that Spaniards think their country is 80th in the GDP world rankings, when in fact it is in 14th place.
Julien Marcilly also unveiled a map of social risks in Africa where tensions are mounting as more and more people gain access to information.
Despite uncertainties in the markets, the insurer only reduced the rating of one country while increasing the rating of nine others.
The Monegasque government is encouraging owners and tenants to give their homes a make-over by offering a “renovation bonus” as part of the State’s plan for economic recovery.
Women in Tunisia are set to benefit from a four-year job creation agreement signed this week between Monaco, the United Nations and the Union for the Mediterranean.
The Oceanographic Institute is trailblazing by becoming the first official member of the European Commission’s environmentally-minded global coalition, United for Biodiversity.
A new music project in Monaco, Voice in Progress, will be holding its first concert this October featuring 20 of the region’s brightest stars.
Two Italian gamblers who have been banned from visiting casinos in their native country ran out of luck in Monaco when they tried to cheat at the English roulette tables last weekend.
Diego and Rocco were found to be cheating, thanks to cameras and inspectors at the Casino of Monte-Carlo, Monaco’s Criminal Court was told on Tuesday. A sleight of hand, a slight flick of the fingers, moving chips from a clear position on the cloth to straddle the number given by the ball, failed to work for the pair, both in their sixties.
Attorney General Jacque Doremieux said that the defendants, “who are no longer young and banned from casinos, have already been convicted of gambling offences in Italy. Even if they have no criminal record in France and Monaco, a sentence of fifteen days imprisonment is called for.”
For the defence, Maitre Arnaud Cheynut believes said that the offence was not sufficiently grave for a custodial sentence, and for the two men “the game is a way to escape a dull life”. He added that they had been willing to repay any loss to the Casino. He said that one of the men was a businessman “who did not need to win at the casino for a living. It’s an addiction.”
The court took a tougher line and doubled the penalty sought by the prosecution.