News - Monday, November 21st

COP Disappointment

France has expressed regret at the lack of ambition in the agreement reached at the COP27 climate summit in Egypt.

Energy minister Agnes Pannier-Runacher said in a statement that “no progress was made on making additional efforts to reduce greenhouse gas emissions and abandoning fossil fuels”

However, the French Government welcomed progress on providing funding for vulnerable countries. The UN climate summit agreed on the creation of a “loss and damage” fund to help vulnerable countries.

 

Bankruptcies on the rise

Nice Matin reports this morning on a worrying trend of bankruptcies in our region. Shops and businesses are closing at the fastest rate in history, especially in the last 3 months. According to the Cabinet Altharès 8950 businesses started bankruptcy proceedings in France between July 1st and September 30th, a rise of 69%, with local shops being the worst affected. The number of local supermarkets going bankrupt has doubled in the last year.  Hairdressers and beauty parlours have also been particularly affected, mainly due to rising energy costs and the burden of paying back loans taken out during lockdown.

In the Provence Cote d’Azur region 3950 businesses are said to have started legal reorganisations or liquidation proceedings since the start of the year. The director of Nice Etoile, Patriuck Nolier, points out that some big brand shops like Fossil, André and Wellington  have closed while others like Habitat are restructuring and moving away from Nice Etoile.

 

Protests Across France

At least 32000 protestors took to the streets across France this week-end to raise awareness about sexist violence and the rights of women. Traffic and public transport was disrupted in Nice as at least 1000 people marched through the city to denounce the dysfunctions of the justice system and to demand a "framework law" against the "impunity" of the aggressors.

 

Monaco National Day celebrations

Celebrations took place over the weekend to mark Monaco’s National Day. Following a spectacular drone show on Friday, a mass was held at the cathedral on in Saturday the presence of their Serene Highnesses Prince Albert and Princess Charlene, who showed a united family with their their children Prince Jacques and Princess Gabriella. HRH Princess Caroline and HSH Princess Stephanie were also present during the celebrations.

 

NRJ Music Awards

Several International music stars were spotted in Cannes over the week-end including David Guetta, Ava Max, Lizzo and Yungblud. Three and a half million viewers watched the Music Awards that took place at the Palais des Festivals on Friday (most of them under the age of 34). Among the big winners were French stars Bigflo & Oli who won 3 awards, including 2 for their hit “Coup de Vieux” collaborating with Julien Doré. In what may be an indication of what’s to come in the big end of year awards ceremony Ed Sheeran won best international male singer, Lady Gaga won best female singer and Harry Styles won song of the year and video of the year for As It Was. The Best International Group of the Year went to Imagine Dragons.

 

#ILoveNice Threatened

The “#I Love Nice” sign on the Quai des Etats Unis is being threatened after the city of Nice was taken to court by L’Observatoire des libertés, an association for the defence of the French language. The association is demanding that the municipality removes this so called “anglicism” from the public landscape, or, at least, that it be replaced by a #J'AimeNice

The ILoveNice sign is a popular spots for selfies with the stunning view of the Baie des Anges, although some locals consider it to be a blot on the landscape. What do you think?

St Tropez is also being accused of linguistic crimes. The municipality and two of its museums are being  taken to court for non-compliance with the Toubon law. The Nicois Jacques Toubon is a former culture minister in France who oversaw a law that still exists stating that “"any text in a public area intended to inform the public should be formulated in French".

 

Ski Season Preparations

The local ski resorts are preparing for the launch of the ski season, although there is concern about the rising energy costs and the lack of snow. Each square metre of artificial snow consumes 3 to 4 KW of electricity an hour, and each hectar  of artificial snow consumes between 3000 and 4000 square metres of water, equivalent to the size of an Olympic swimming pool for just 3 snow canons. Isola and Auron will be opening on the weekend of December 3rd, with some of the smaller resorts opening later in the month.

 

Train Tragedy at Puget Sur Argens

A soldier has died after being hit by a train on a railway track in Puget-sur-Argens.

The group of soldiers was carrying out an exercise as part of professional training aimed at reaching the rank of corporal.

Two others were injured, and a third soldier was evacuated in a state of shock.

The Ministry of the Armed Forces indicated in a press release that an investigation, entrusted to the Saint-Tropez research brigade, has been opened to shed light on this tragedy.

 

Carrefour Strike

Employees at Carrefour Monaco employees will be going on strike for 24 hours today to defend their demands and increase their purchasing power.

The 24-hour strike is susceptible to be renewed until the end of December, unless demands are heard meaning potential disruptions for the holiday season

The union representatives are demanding, among other things, a 5% increase in wages and a bonus of 500 euros to cope with the rise in the cost of essentials.

 

Nice Redevelopment Plans

The mayor of Nice Christian Estrosi had announced a redevelopment of the pedestrian zone on Rue de la Liberté. Works were put on hold to allow development work on the Park Hotel to be completed.

 

Monaco No Finish Line

The MonacoNo Finish Line event finished this weekend with over 14000 participants taking part over the week.

One of the big success stories comes from MonEau, our local water enrichment company, who  are proud partners of No Finish Line. Throughout the week, they  have distributed over 40000 litres of pure and enriched water in over 25000 eco friendly cups.

As well as providing valuable support to the participants, they have also saved on countless numbers of plastics bottles from going into the environment. A big thank you and well done to everyone who helped to make No Finish line 2022 such a success.

 

Abandoned dogs looking for a new family

The Roquebrune-sur -Argens refuge has launched an appeal for families willing to adopt dogs in search of a new home. The refuge welcomes stray dogs from twenty-eight municipalities in the East-Var, but has noted a significant drop in adoptions.

You can find information on the adoption procedures, and a photo gallery of dogs waiting for a new family on the refuge’s website.

 

Wildlife Sightings

Last weekend we reported on pink flamingos taking up residency in St Laurent du Var. This weekend, a bird known as the "little penguin" was spotted in Nice, Antibes, Villefranche-sur-Mer, and Saint-Laurent-du-Var. The Alca Torda, is usually found in the English Channel or the North Atlantic but migrates south at this time of year.

Elsewhere in France a walrus was spotted along the Normandy coast near Dieppe. It is very rare” that walruses are seen so far from the Arctic Circle. The closest populations tend to be seen in Svalbard and Greenland, as far as 3,500km from Dieppe.

 

SPORT

 

WORLD CUP REPORT

After all the talk and controversies, the 2022 Football World Cup is finally underway in Qatar. The glitzy striking opening ceremony at the Al-Bayt stadium featured camels, fireworks and Morgan Freeman who featured in the festivities alongside Qatari YouTuber Ghanim Al-Muftah. South Korean pop star Jung Kook sang Dreamers, the tournament song, alongside Qatari singer Fahad Al Kubaisi 

The country’s ruler, Emir Sheikh Tamim bin Hamad Al Thani delivered the opening speech in Arabic telling the crowd that "People of different races, nationalities, creeds and orientations will gather here in Qatar and around screens on all continents to share the same exciting moments," 

 

So now we can finally start talking about the football, as FIFA boss Gianni Infantino expects 5 billions viewers to tune in worldwide to watch the tournament.

In the first match, hosts Qatar were beaten 2-0 by Ecudor thanks to a first half double by veteran striker Enner Valencia, who also had another goal ruled out for offside in the opening minutes of the match. Senegal play the Netherlands in the group's other game today starting 5pm.

England also have their first match today. They play Iran with kick-off at 2pm this afternoon

While Wales take on the United States at 8pm this evening. It's Wales first match in a World Cup Finals for 64 years.

 

In other World Cup news, there’s a huge blow for the holders France. Star striker Karim Benzema has been ruled out of the tournament following a thigh injury picked up in training. Benzema is considered to be one of the best players in Europe and won this year’s prestigious Ballon d’Or after helping Real Madrid win the Champions League and La Liga. The 2018 World Cup winners have lost several key players through injury, including Paul Pogba and N’Golo Kante. Their first match is against Australia tomorrow at 8pm

 

Stay tuned to Riviera Radio, we’ll be bringing you regular reports throughout the tournament  in association with Polygone Riviera

 

Motorsports

The Formula 1 Grand Prix season reached its conclusion yesterday in Abu Dhabi with a victory for the 2 times world champion Max Verstappen. Ferrari's Charles Leclerc held off the Dutchman's team-mate Sergio Perez to secure second in the championship.

It was the last race in an illustrious career for Sebastien Vettel who won 53 races and 4 World Championships. Fittingly, he secured a precious point in 10th place after Lewis Hamilton's Mercedes retired from fourth place with three laps to go

Hamilton's result means he has finished a season without a win for the first time in his career - ending a record only he held.

Verstappen's win was his 15th of 2022, extending the new record he has set this year for wins in a single season.

 

Tennis

Novak Djokovic has beat Casper Ruud to win a record-equalling sixth ATP Finals title.

The 35-year-old Serbian overcame his Norwegian opponent 7-5 6-3 in Turin yesterday to earn the biggest pay cheque in tennis worth over €4M for going through the tournament unbeaten.

Djokovic last won an ATP Finals title in 2015 and has now equalled Roger Federer's record of 6 ATP Finals victories.

 

 

Rugby

France extended their unbeaten streak to 13 games following a victory yesterday against Japan by 35 points to 17.

England secured a dramatic 25-25 draw against New Zealand after a stunning comeback. England were trailing 25-6 with just 10 minutes remaining before 2 tries from replacement Will Stuart and one frol Freddie Steward ensured the hosts snatched a draw.

Scotland scored 8 tries in a chaotic win against Argentina by 52 points to 19, while Wales were stunned by a shock home defeat by Georgia (12-13)

 

The World Rugby Awards took place last night at the Salle des Etoiles in Monaco. Held under the High Patronage of Princess Charlene, the awards will celebrate the “on-field achievements of the calendar year and recognise those who made an outstanding contribution to the sport”.

 

Cricket

Steve Smith made a high-class 94 as Australia beat England by 72 runs in the second one-day international to secure a series win with a game to spare.

While, Suryakumar Yadav hit an unbeaten 111 of 51 balls as India hammer New Zealand to take a 1-0 lead in the three match 20-20 series.

 

Golf

Rory McIlroy ended the year as European number one despite Spain's Jon Rahm claiming a third DP World Tour Championship title in Dubai on Sunday.

Rahm hit a five-under 67 on the final day to finish on 20 under, two ahead of England's Tyrrell Hatton and Alex Noren of Sweden.

World number one McIlroy was a shot back in fourth after a four-under 68. 

 

Snooker

Ding Junhui leads 6-2 against Mark Allen in the UK Championship Final in York.

 

Basketball

AS Monaco basketball had a mixed weekend. First, they got back to winning ways after a narrow victory against Baskonia on Friday by 79 points to 74. The Roca team had lost their 2 previous matches having only been beaten once in the opening 13 matches of the season. However, yesterday, they were beaten by Limoges by 84 points to 80.

The Roca team are currently second in the national league and third in the Euro League.Their next match is at home to leaders Fenerbace on Tuesday.

 

BUSINESS

 

Highest Paid World Cup Stars

As the World Cup gets underway in Qatar, Forbes has revealed the highest paid players of the tournament. French superstar Kylian Mbappé is the highest paid soccer player on the planet. Forbesestimates he will earn $128 million for the 2022-23 season before taxes and agents’ fees. 

Thanks to a three-year contract extension with Paris Saint-Germain, he’ll be paid $110 million between his salary and a share of his signing bonus this season, according to industry experts. That is on top of an estimated $18 million that Mbappé earns annually from endorsements, including deals with Nike, Dior, Hublot, Oakley, Panini, EA Sports and Sorare.

Mbappé’s team mates Lionel Messi and Neymar are also among the top 5 highest earning footballers along with Christiano Ronaldo and Poland’s Robert Lewandowski.

In total, the five highest-paid players at the World Cup are expected to earn a total of $452 million this season, including $173 million of sponsorship deals.  

 

COP27 Historic Deal

A historic deal has been struck at the UN's COP27 summit that will see rich nations pay poorer countries for the damage and economic losses caused by climate change.

It ends almost 30 years of waiting by nations facing huge climate impacts.

This year's talks in Sharm el-Sheikh, Egypt, came close to collapse, and overran by two days. It is, though, considered a huge symbolic and political statement from developed nations that long resisted a fund that covers climate impacts like flooding and drought.

 

Disruption at UK ports and airports over Christmas

Major ports and airports in the UK are set to be disrupted by strikes over the Christmas period. The PCS union members in the Border Force are due to take action as part of a dispute over pay, jobs and pensions. Thousands of workers are expected to take part which is expected to seriously disrupt immigration and customs controls.

The action will start in mid-December and continue for a month, with some workers out for the entire month.

 

FTX Debts

Cryptocurrency exchange FTX owes its 50 largest creditors almost $3.1bn, according to a court filing. The embattled firm, which filed for bankruptcy in the US last week, has already admitted to owing about $1.45bn to its top 10 creditors, but has not named any.

The collapse of the world's second largest crypto exchange shook confidence in the already troubled cryptocurrency market. It also led to exchange boss Sam Bankman-Fried to step down. FTX's previous bankruptcy filings revealed more than one million people and businesses could be owed money following its collapse.

On Saturday, FTX said it had launched a review of its global assets and was preparing for the sale or reorganisation of some businesses. 

 

Trump Allowed Back On Twitter

Twitter's new owner Elon Musk has said Donald Trump's account has been reinstated after running a poll in which users narrowly backed the move. "The people have spoken," tweeted Mr Musk, saying that 51.8% of more than 15 million Twitter users voted for the ban to be lifted.

However the former US president may not return to the platform, earlier saying: "I don't see any reason for it". His account was suspended in 2021 due to the risk of incitement of violence.

 

Monaco on track to establish new investment bank

Prince Albert has confirmed that a new bank is being planned in Monaco that has been bubbed the « Prince’s Bank ». Rumours have been rife for several weeks although full details are still to be released.

According to the Prince,  it would not be a national bank, but of a bank in which the State would be a shareholder and which could play the role of Caisse des Dépôts. He stressed that the state would not be the only shareholder,”

It is hoped that this project could support the Principality in its economic development, in the financing of structural projects and in sustainable development.

 

FOREIGN EXCHANGES

€1 = £0,87 $1,03 SF 0,98

£1 = €1,15 $1,19 SF1,13

$1 = €97 cents, £84 pence, 95 Swiss centimes

BITCOIN $16160

ETHEREUM up to $1130

 

COMMODITIES

An ounce of gold is $1764

Barrel of Brent Crude oil is down 2%$87.74

 

MARKETS

FTSE 100 stable 7385

CAC 40 up to 6644

DOW JONES stable at 33745

NASDAQ 11146

NIKKEI stable 27894

 

WEATHER

 

Some sun this morning but increasingly cloudy this afternoon with light rain expected later in the afternoon and heavier showers this evening.

The rain is back today as the weather becoming increasingly unstable around Monaco. This afternoon will be cloudy with light rain towards the end of the afternoon.

Winds are light to moderate and temperatures will peak at 15°C in Alpes Maritimes.

Similar conditions in the Var with temperatures peaking at 15° around St Tropez.

The rain will get heavier overnight as temperatures drop to 7°

Tomorrow will be cloudy and wet in the morning but rain should stop in the afternoon.

 

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