France approves tougher rules on Airbnb rentals - French lawmakers have backed a bill aimed at increasing the regulation of tourist accommodation such as Airbnb to combat the shortage of affordable housing. The National Assembly adopted the legislation by a large majority, with the far right voting against. The bill had been unanimously approved by the upper house Senate on Tuesday. The legislation has been in the works since last April. It aims to cut tax breaks for tourist properties in a bid to curb short-term rentals amid shortages of affordable housing. The aim is to regulate short-term rentals, an activity that the lawmakers behind the bill say is now spiralling out of control. They say the boom in Airbnb-type rentals has contributed to property speculation and has complicated access to conventional housing. The tax allowance for furnished tourist accommodation would fall to 50% from 71%, with a cap lowered to €77,700. The law would also give local mayors more tools to regulate short-term accommodation, for example, setting quotas on furnished tourist rentals.
Three firms on trial over workplace accident - The trial has got under way in Monaco over a workplace accident on a construction site in 2017 which left two workers seriously injured - one of whom has since died. The two men worked for a waterproofing company and were working to waterproof paving slabs in a garden. At the same time, two landscaping companies were busy planting palm trees on the same site. One of the trees fell to the ground, crushing the two men - leaving one of them with serious injuries and the other paralysed. Prosecutors accuse the three companies involved of not setting up sufficient safety perimeters and not following necessary procedures, arguing that the two jobs should not have taken place simultaneously. The verdict is due in December.
Children moved from unstable school building - 130 children at a nursery school in Draguignan have moved into pre-fab buildings after large cracks appeared in their old school building which was judged unsafe to occupy. 40 portable buildings have been set up and furnished in record time following the emergency evacuation of the Jean-Jaurès school. It's not yet clear what will happen to the old building. Structural studies have been carried out and the cost of repairs is estimated at up to €8 million.
Fire in Cap d'Ail - Four people were evacuated from their homes after a neighbouring building caught fire in Cap d'Ail on Wednesday evening. The property that went up in flames is a former car garage with accommodation above. It was empty as it was in the middle of being renovated. Firefighters from Monaco spent about an hour and a half bringing the fire under control and no one was injured.
Pizza contest in Menton - Pizza chefs from all over the world have come to Menton for the inaugural edition of the World Pizza Trophy. 50 chefs competed over two days to try to be crowned among the world's best pizza-makers. In total 180 pizzas were judged by a jury across 12 categories, from Neapolitan to calzones and dessert pizzas. There was also a category for acrobatic freestyle pizza for the chef who performed the most elaborate twirl with the dough.
Stelios funds scolarships - The Stelios Philanthropic Foundation has celebrated 20 years of Stelios Scholarships at a reunion in Monaco, raising £255,000 (including matching donations) to fund ten new scholarships at London School of Economics (LSE). Sir Stelios Haji-Ioannou and LSE President Professor Larry Kramer encouraged past scholars to contribute, fostering a culture of giving back. Over 60 alumni attended, sharing stories and supporting future scholarships.
Cat hotel opens in Beausoleil - What's been described as a five-star hotel for cats has opened on the outskirts of Monaco. Maison Ronron in Beausoleil follows similar cat hotel concepts in Nice and Cannes. One of its co-founders left her job at a Monegasque law firm to pursue the project. The 80-square-metre space on Avenue d'Alsace is made up of cosy individual cabins, a play area and a catnip minibar. A stay there costs €39 a night, food and cat litter included. A home transport service is due to launch soon. Cat-owners can also opt to receive photos or make video calls with their felines during their absence.
BUSINESS
Australia's government says it will introduce "world-leading" legislation to ban children under 16 from social media. Prime Minister Anthony Albanese said the proposed laws, to be tabled in parliament next week, were aimed at mitigating the "harm" social media was inflicting on Australian children. While many of the details are yet to be debated, the government said the ban would not apply to young people already on social media. There will be no exemptions on the age limit for children who have consent from their parents. The government says that the onus would be on social media platforms to show they are taking reasonable steps to prevent access.
Ukraine’s sovereign dollar bonds rallied for a second day yesterday, up over 2%, as investors wager that Donald Trump’s return to the White House could end the country’s war with Russia.
After losing ground on Wednesday, European stock markets rallied yesterday, despite the political crisis in Germany and worries of a looming trade war with America. Meanwhile, Goldman Sachs have cautioned that a trade war could threaten growth in the US stock market. In a research note on the US election, Goldman say they are sticking with their S&P 500 target of 6,300 points in 12 months time – a 9% gain.
The average price of a home in the UK is at a record high but demand could slow as a result of policies in Rachel Reeves’s budget, Britain’s biggest mortgage lender has said. Halifax’s monthly house price index found that the cost of the average home hit £293,999 in October, the highest ever recorded. The 0.2% rise in October is the fourth consecutive month of growth, and brought the annual growth rate to 3.9%.
SPORT
Formula One - Formula 1 drivers have urged the sport's governing body to treat them
