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Monaco’s budget surplus quadruples to reach €32.2 million in 2022

by: Stephanie Horsman
10/05/2023

The latest public finance report by IMSEE shows that Monaco recorded a budget surplus of over €32 million in 2022, four times the previous year, thanks largely to the government’s real estate portfolio and a boost in VAT. 

Created using the state budget and the Constitutional Reserve Fund (CRF), IMSEE’s report shows that Monaco’s 2022 budgetary revenues and expenditures had both risen on the previous year.

Outgoings saw an 8.3% rise, hitting €81.5 million, but the incomings were the big news, showing a €24.2 million increase to reach €32.2 million, equalling four times the 2021 amount.

STATE INCOME AND COSTS

This increase in state revenues is due primarily due to tax revenues, which were up 16.3% to €200.2 million, and more specifically to commercial transactions, commonly called VAT, which saw a 14.5% leap of €126.3 million. The only category which saw a downturn was the finance sector, down a massive 72.6%, though the report attributes this to exceptionally high revenues in 2019 and 2021.

Expenditures reached just over €2 billion last year, a 15.8% increase compared to 2021. IMSEE says this is the result of investment and equipment expenses, which are nearly €1 billion of the total. Public intervention outgoings sat at €399.5 million, a moderate uptick of 5.1%, or €19.4 million, and operating costs went up by 10.4% to €62.1 million, with public services taking up the lion’s share of this with an increase of 31.9% in 2022.

CONSTITUTIONAL RESERVE FUND (CRF)

The CRF had a healthy €6.5 billion in assets at the end of last year, and includes €2.2 billion in liquid assets stemming from financial investment and bank deposits, a “non-liquid” portion coming in at €3.9 billion composed mainly of properties and the government’s holdings in companies, and a gold reserve of €312 million.

The vast majority of properties held by the CRF generate rental income. As for the companies, these include shares in SBM, SMEG, SMEAUX, the Grimaldi Forum, Monaco’s Ports and the like, which bring in roughly €1.4 billion.

Monaco’s state budget had a surplus of €8 million in 2021, a deficit of €103.2 million in 2020, and a budget surplus of €3.8 million in 2019. The significant rise of 24.2 million in revenue in 2022 still falls short of 2018’s budget surplus of €38.4 million.

Some of the biggest influences on Monaco’s budget surplus/deficit over recent years have included the Covid-19 global pandemic, major construction projects such as One Monte-Carlo and the Hôtel de Paris renovation, and new housing for Monegasques.

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Photo by Monaco Life

 

More low-impact shipping lanes and new MPAs in Canada thanks to FPA2 funding boost

by: Cassandra Tanti
03/05/2023

Canada’s largest shipbuilder and home to the National Icebreaker Centre, Chantier Davie Canada Inc. (Davie), has announced funding of the Prince Albert II of Monaco Foundation – Canada for the expansion of the Arctic Corridors and Northern Voices program.

The Arctic Corridors and Northern Voices program, a recipient of the Governor General’s Innovation Award, trains Inuit communities in advanced technologies to map culturally sensitive areas in order to inform policy and planning for Arctic marine use and oceans governance.

“Combining western technologies and training with Inuit knowledge has proven to be a highly successful formula in supporting national and international ocean policy,” said Dr. Jackie Dawson, lead researcher and associate professor and Canada Research Chair in Environment, Society and Policy at the University of Ottawa. “Davie and the National Icebreaker Centre’s role in building a new fleet of icebreakers for the Canadian Coast Guard is of paramount importance to conservation programs and Indigenous communities in the Arctic.”

Davie’s initial funding of $150,000 (€135,000) will allow the program to be extended to other Indigenous communities whose regions have not yet been included in the program and who have requested to take part.

“It is by listening to the voices of Indigenous peoples, as well as those of scientists, that we will be able to better know and understand these vulnerable environments in order to better protect them. In this regard, the collective approach of the Arctic Corridors project, alongside Canadian Arctic communities, academics and ship operators, is to be applauded, as they work to identify low-impact shipping lanes and the creation of new marine protected areas,” said Prince Albert II of Monaco.

“No-one knows better than the Indigenous communities”

As the marine and other industries seek to benefit from the opening of Arctic sea routes, the Arctic Corridors and Northern Voices program is training Indigenous communities and providing technology to map areas which are then used to identify and develop management strategies for low-impact shipping corridors.

“Dr. Dawson’s and her team’s work is both impressive and effective. No one knows the Arctic better than the Indigenous communities who have lived there for thousands of years. It’s about training and equipping those Indigenous communities with the tools they need to provide policymakers and the industry with information to ensure that responsible shipping can continue while mitigating the potential for devastating consequences to the local population, the environment and marine life,” said Alex Vicefield, Chairman and CEO of Inocea, Davie’s parent group. “In what is one of the world’s most ecologically and culturally sensitive oceanic basins and with a sharply increasing level of Arctic shipping, creating these Arctic corridors is absolutely critical.”

Mr. Vicefield added, “We are proud to work with the Prince Albert II of Monaco Foundation – Canada, which is leading the way in Arctic conservation. This initiative is strongly linked to our work in building the Canadian government’s future icebreaker fleet which, amongst other things, will be critical for the protection of the Arctic and its Indigenous communities.”

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Monaco Life with press release. Photo provided. 

 

Elsa at Monte-Carlo Beach reopens with even more emphasis on local produce

by: Cassandra Tanti
29/04/2023

The sun-filled terraces of the Monte-Carlo Beach Hotel are once again open for the delectable restaurant Elsa, headed by chef Mélanie Serre, who has this year cast her local produce net even further.

Chef Mélanie Serre made her mark on the gastronomic scene of Monaco in 2022. Backed by years of experience at some of France and Monaco’s most awarded restaurants, she took over the kitchen of seasonal restaurant Elsa, and with it the responsibility of upholding an organic menu.

As she explained to Monaco Life in 2022, it was a challenge to source all of the specialty ingredients for her menu. So, it is not surprising to learn that this year the 37-year-old chef from Ardèche, southeast France, has widened her scope to reach even more local, organic flavours.

Chef Melanie Serre, photo source: Monte-Carlo SBM

Mélanie Serre, winner of the 2023 Ethical Environmental Responsibility Prize, and her team are now working with a wider range of producers in the surrounding region for fruits, vegetables, olive oils, fish, meats, and wines.

Domaine d’Agerbol in the heights of Roquebrune-Cap-Martin, for example, provides fresh, organic vegetables, less than a kilometre from farm to plate. The Jardin des Antipodes in Menton has sun-kissed herbs and fruits, while Domaine Oléicole Lessatini, a family business of four generations in the hills of Nice, supplies local wines.

Monegasque fisherman Eric Rinaldi and the Verinni fishery ensure that the day’s catch is as fresh as possible thanks to the hardworking fishermen off the coast of Imperia.

It is a sustainable approach that not only benefits clients, but supports the local ecosystem, creates jobs and energises the social fabric.

 

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Delicious, healthy, seasonal cuisine

This April, guests will find amongst the menu langoustine tartare served with Osciètre caviar, fresh cucumber juice and Granny Smith apple; pan-fried foie gras escalope, confit beef cheek ravioli, mushrooms and clarified broth with fresh herbs; roasted saddle of lamb, harissa tomato sauce, young spring vegetables and panisses with black olives; and pickled cucumber, honey and lemon mousse, served over roasted rice.

The daily specials are dependent on the products available, ensuring the ingredients are eaten at their prime.

Elsa is open now from Wednesday to Sunday for lunch and dinner. The Market menu for weekday lunch is 72€, and 92€ on weekends and public holidays. A Degustation menu for dinner is 142€. In July and August, the restaurant is only open for dinner.

Monte-Carlo Beach – Restaurant La Vigie, photo courtesy Monte-Carlo SBM

A luxury resort nestled in nature

Monte-Carlo Beach is an oasis on the edge of a bustling, busy Principality of Monaco. Set against a pine forest bird reserve and in a totally private peninsula, it offers guests a chic and intimate setting, as close as possible to nature in this part of the world, with peaceful views of the Mediterranean Sea and an exclusive private beach.

It is a little piece of paradise that Monte-Carlo SBM is this year making even more alluring.

In addition to Elsa restaurant, the hotel features the Pointe de la Vigie where, from 2nd June, a private club will come alive from midday to 8pm, reviving a vision from the past. It has been the best-kept secret of Monte-Carlo Beach since 1952, with bungalows nestled in the pine forest, renamed this year as “Love Nests” for more intimate moments with lovers or friends. Access is possible by boat and a shuttle will make it easy to reach the new Maona Monte-Carlo to continue the evening under the stars.

Maona is set to open in July, image courtesy Monte-Carlo SBM

Maona is currently under construction at the same site it existed in the 1960s and 1970s. When it opens in July, guests will be able to enjoy a cabaret under the stars, invoking the glamour of the times: the original created by Greek shipping magnate Aristotle Onassis and his long-time mistress Maria Callas, its name a coming together of the two famous residents of Monaco.

Vintage-inspired cocktails will flow from 7pm to 2am with a pianist, DJ and diva taking turns to amuse guests.

Soon, there will be little reason to leave this secluded wonderland at any hour of the day.

 

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Feature photo: Chef Mélanie Serre, courtesy Monte-Carlo SBM

 

 

Michael Flatley: “Cancer battle is tough, but I don’t give in easily!”

by: Elsa Carpenter
20/04/2023

Riverdance star and Monaco resident Michael Flatley has made a brave statement about his fight against cancer and his dreams for the future.  

20 years after first facing cancer, 64-year-old Michael Flatley, who was the recent recipient of an award at the Golden Gloves boxing competition, has another fight on his hands.  

“It’s not been an easy battle, to be honest with you,” the world-renowned dancer told his fans via social media. “It’s been a tough fight, but I don’t give in easily and I’ve visualised myself already on the other side of that wall.” 

While he has not specified which form of cancer he is battling, the Lord of the Dance and Riverdance star is in the care of a team of doctors and has undergone surgery to treat the disease.  

“I know that it’s going to be a tough task and it’s going to be a long fight, but that’s OK. I’m ready for it, and I thank God every day for the things that I do have,” he told The Sunday Times. “I’m confident in the end that I’ll be successful in getting past this. You’ve just got to keep on going, that’s the most important thing.” 

A new freestyle competition to work towards

Flately recently travelled to Montreal in Canada for the World Irish Dancing Championships. While there, he launched a new freestyle competition for upwards of 2,500 Irish dancers. He himself was the first American to win the event at the age of 17 in 1975.  

“The young dancers are really so fabulous, and they work so hard to get where they are,” he said after the event.  

He has since been inundated with applications for keen dancers desperate to take part in his new competition: “It was fantastic, I’m over the moon with the response… “The competition was fierce and it was nice to see Irish dancing moving to a new level. We’ve changed Irish dancing forever, again. It’s just a wonderful feeling to see the young people interpreting music in a different way, being able to use their upper body movement, their arms, their acting skills, and dancing to a storyline.” 

2024 will mark the 30th anniversary of his first and now iconic Riverdance performance.  

“Who would have thought all those years ago… that we’d still be going and that dancers would be still working on it [Riverdance]? And Lord of the Dance is right behind it,” he said. “Spreading Irish culture around the world, trying to give employment to hundreds of young dancers after their competitive dance career is over, that was always my dream — to give them something to do after they worked all these years to perfect their art form.” 

It is a philosophy that goes right to his core: “I’m one of those people that I just go after my goals and I just keep on going. It’s trying to help somebody every day somehow in some way. It’s worth living for, it’s worth moving on for.” 

 

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SEE ALSO:

Interview: Michael Flatley

 

Photo of Prince Albert and Michael Flatley, taken when Flatley hosted the Prince at his home in Ireland for St. Patrick’s Day 2023. Credit: Frank Morgan Studios

 

Lego and street art amongst fun new workshops for kids at A Fàbrica

by: Stephanie Horsman
10/04/2023

The A Fàbrica centre at the Princess Antoinette Park is hosting several new children’s workshops starting in April, giving kids a chance to hone fresh skills and learn something new.

A Fàbrica centre at Princess Antoinette Park has long been a favourite for parents in the know, offering cool monthly eco-fun workshops. Now, the Principality’s Community Entertainment Service is adding some events that are sure to draw both parents and kids alike.

Atelier Lecture: ‘Mon p’tit poulailler’

First up is a reading event in collaboration with the association La Valise à Histoires. These 45-minute sessions are perfect for children aged 18 months to six years, and consist of a facilitator run story-telling part, followed by a time where little ones can handle the books themselves, instilling the idea that books are special and need to be looked after with care as well as with amusement.

The sessions are organised by age group with events running at 3pm, 3:45pm and 4:30pm. The first meeting will take place on Wednesday 12th April with the reading of Mon p’tit poulailler. It’s a free event, but reservations are required and can be made on +377 93 15 29 33.

Atelier de Briques Lego

Next up is a Lego workshop in association with Bricks 4 Kidz. This reservation-only event focuses on using creativity to build and construct, and is based on an amusement park theme. It will be held on Tuesday 25thApril at 2pm and 3:30pm for kids aged six to 13. To book a free spot, ring +377 93 15 29 33.

Atelier Jardinage

Co-hosted by a speaker from the Monaco Media Library and a gardener from Princess Antoinette Park, a gardening workshop, Atelier Jardinage: Médiathèque Hors les Murs, will take place on Friday 28th April from 9:30am to 11:30am. Kids will be able to handle seedlings and be taught how to nurture plants, giving them the joy of watching them continue to grow. This free event requires a reservation to be made by calling +377 93 15 29 40.

Atelier Street Art

Finally, for the budding artists is the Atelier de Street Art, hosted by @jess9art. Kids aged seven to 10 can join on Saturday 13th May from 9:30am to 12:30pm for their shot at creating some awesome street art, followed by another session for kids aged 11 and up from 2:30pm to 5:30pm. Reservations are required also for this free event, and must be made at +377 93 15 29 33.

 

Do you have an event in Monaco or the French Riviera that you would like us to include in our What’s On section and events calendar? Please email editor@monacolife.net.

 

Photo source: Unsplash

Johnny Depp to open Cannes Film Festival, marking comeback after infamous defamation trial

by: Stephanie Horsman
09/04/2023

Historical film Jeanne du Barry starring actor Johnny Depp will open the Cannes Film Festival this year, his first time film since the end of his highly publicised defamation trial with ex-wife Amber Heard.

The Cannes Film Festival will set the scene for the dramatic return to the screen of Johnny Depp, who was mired in controversy over a defamation case between him and his ex-wife Amber Heard that had many wondering if the actor could recover from the ugliness of the trial.

The film, entitled Jeanne du Barry, is a biopic tale of the life of Louis XV’s working class, and working girl, lover who climbed her way up the social ladder against all odds to become King’s favourite, scandalising his court as his last official mistress.

The drama was directed by Maïwenn, who is a Cannes darling, having screened two of her other films, Mon Roi and Polisse, at the prestigious festival. She also plays the starring role against Depp’s Louis VX, who incidentally had to learn French for the film. He is also a co-producer under his company IN2 along with Why Not Productions.

The last time Depp was cast in a film role was in 2020’s Minamata, which premiered at the Berlin Film Festival. Depp was already embroiled in court cases at the time, losing a March 2021 libel suit against UK newspaper The Sun for calling him a wife-beater. This was followed up by a very public legal battle against his ex-wife who accused him of domestic abuse in an op-ed piece. He won the case, and the two parties settled, but the event left a bad taste in the mouths of many.

Jeanne du Barry will open in French cinemas the same day as the premiere and is expected to join Martin Scorsese’s Killers of the Flower Moon and Disney’s Indiana Jones and the Dial of Destiny when the official selction list is revealed on 13th April.

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