News - Wednesday, November 23rd

World Cup

France kicked off their World Cup campaign last night with a convincing win over Australia, despite a nervous start. There’ll be more details in our World Cup report in the sports section below

 

Macron hosts European CEOs to counter us move temptation

French President Emmanuel Macron yesterday hosted a number of European chief executives to persuade them to stay in France rather than move production to the United States, where lower energy prices and the Inflation Reduction Act is proving a lure.

At the Elysee palace, the president sought to convince executives from companies such as BMW, AstraZenica, Orange and Ericcson  to stay in Europe and choose France for their future investments.

Macron has previously called on the European Union to launch its own ‘European Buy Act’ to subsidise European production, but has encountered resistance from the more anti-protectionist members of the bloc.

 

French magistrates go on strike over work conditions that encourage 'cheap justice'

Unions representing magistrates, lawyers and clerks have called for demonstrations and strikes across France yesterday to protest against deteriorating work conditions which, they say, are creating a system of "cheap justice".

Rallies took place throughout the day to express frustration over the "titanic workload".

The Unions acknowledge that recruitment of magistrates and registry officials have been planned for 2023, but they argue that these are largely insufficient and no clear action plan has been defined”

 

Ciotti under investigation

Eric Ciotti has spoken out following the opening of an investigation into conflict of interest and embezzlement around the jobs of his ex-wife. According to allegations published in Le Canard Enchainé, Caroline Magne, has for several years accumulated numerous generously paid jobs of a political nature during the various mandates of the member of Parliament. M. Ciotti claims that all employment was fully legitimate and totally transparent. Éric Ciotti  has represented the Alpes-Maritimes in the National Assembly since 2007

 

Avalanche risk

Hikers have been warned to be vigilant in the region’s mountains due to a serious risk of avalanches particularly in the Hautes Alpes. Due to recent snowfalls, the department of has been placed on a yellow alert and the prefecture is recommending that any planned outing in the high mountains should be postponed until conditions improve.

The authorities are advising hikers “to take note of the weather forecast before leaving; to be in possession of the necessary equipment with regard to the weather and the terrain; to inform relatives of their itinerary, and the times of departure and arrival; and to never overestimate their capabilities!

 

The mayor of Auribeau is appealing her conviction as a private citizen

The mayor of Auribeau Sur Siagne, Michèle Paganin, has been given a 6 month suspended prison serntence for not having appropriately declared her real estate transactions in the early 2010’s.

The mayor, who is also vice-president of the agglomeration community of the Pays de Grasse and departmental councillor, was sentenced along with her ex-husband Marc Paganin. The offence could have been punished by a 5 year prison sentence but the couple have denied any wrongdoing and have requested a retrial.

 

Monaco auctioning of repossessed vehicles

Monaco is currently holding an auction to sell off repossessed vehicles.

This year, it’s a golden opportunity to pick nine cars on offer at bargain prices. These include a Jaguar X6, a BMW M4 and other more common vehicles such as Volkswagen Polos, Renault Lagunas and Scénics.

The minimum bid for cars is €50. Only residents of Monaco and the Alpes-Maritimes can take part in the sale. The auction started will end on Friday 2 December at 12 noon.

Before you bid, you can check out the cars any day until Friday beyween noon and 3pm at the administrative pound located at 3, rue des Guelfes.

 

What next for the Iconic?

What future for the new Iconic building in Nice? The futuristic building was expected to host the third room of Nice’s national theatre before yesterday’s announcement that focus for the theatre would now be  on the Arenes de Cimiez. Talks have also stalled with the Nice council  but the developers Phalsbourg still believe there  is a need for a 485 seater venue in Nice. 

 

Handicapped shoplifter in Cap 3000

An individual in a wheelchair and his accomplice have tried to steal 1,000 euros worth of clothes from a store in Cap 3000

One of the two men tried to hide his loot in aluminium lined bags, attached to his accomplice's wheelchair. However, the deception did not work, and the security agents called the police. The goods were subsequently returned.

 

Police officers are offered drugs 

Two individuals were arrested in the Moulins district of Nice after offering drugs to patrolling police dressed as civilians.

The dealers were found to be In possession of cocaine, cannabis, and 300 euros in cash. They were arrested on the spot and have since been placed in police custody.

 

Fined for  paying too much

A man in Cagnes Sur Mer was fined for paying too much to park his car. The driver was parked in an orange zone in the Parking de La Villette in the town centre, but paid the  price for a red zone which is more expensive.  Even though he was back well before the end of his allotted time, traffic wardens had already booked him for not paying the correct amount! He has been ordered  to pay the fine by the town council, but he intends to appeal.

 

Asian hornets are consuming our bees

An amateur beekeeper from Coursegoules has warned of the presence of the Asian hornet in Alpes Maritimes, claiming they have eaten 60000 bees in a month.

He’s called on the Bee Health Defense Group union to elaborate on their national plan to trap Asian hornets in the spring, and to apply it more specifically to encourage the town councils and prefectures to participate in solving the problem.

 

Angler lands one of world’s largest goldfish in French lake

The world’s largest goldfish has been caught in a French lake. The elesive fish was caught by angler Andy Hackett and weighed more than 30kg. The fish, named Carrot after it’s orange colour was put in Bluewater Lakes in the Champagne region 20 years ago, but, up until this wee, it had never been caught. The British angler was proud of his catch but, after a few photos, the fish was immediately released back into the water

 

WORLD CUP REPORT

The biggest shock ever

There was a huge shock in yesterday’s round of matches as Saudi Arabia came from behind to beat one of the tournament favourites, Argentina.

Lionel Messi put Argentina ahead after just 10 minutes from the penalty spot, and Argentina had 3 first half goals disallowed before 2 quick goals at the start of the second half gave the green falcons a lead that they were able to hang on to.

It’s been described as one of the biggest shocks in World Cup history and it ends a 36 match unbeaten streak for Argentina, one short of Italy’s all-time record!

Following their incredible victory, Saudi Arabia has declared a national holiday today.

 

Convincing start for France

World Cup holders France delivered a powerful statement of intent by outclassing Australia as Olivier Giroud equalled Thierry Henry's all-time scoring record for the national team.

France lost a host of players in the build-up to the tournament, including key striker Karim Benzema, but made light of those setbacks with a thrilling attacking display despite going behind  early on.

Craig Goodwin gave the Socceroos a shock early lead when he powered home a far-post finish after nine minutes but they then fell victim to France's firepower with 3 goals from Giroud and 1 each from Kylian Mbappe and Adrien Rabiot. 

 

The other 2 matches yesterday between Denmark & Tunisia and Mexico and Poland both ended goalless. Poland’s star striker Robert Lewandowski had a tame penalty saved in the second half.

 

Today’s matches

Morocco – Croatia (11pm) finalists in the last WC

Germany – Japan (2pm)

Spain – Costa Rica (5pm)

Belgium - Canada

 

Qatar is said to have spent $220 billion to organize the World Cup, that’s more than the budget of all the previous world cups ever combined.

 

SPORT

 

Portugal forward Cristiano Ronaldo is to leave Manchester United with immediate effect.

The decision follows a controversial interview in which the 37-year-old criticised the club and said he had "no respect" for manager Erik ten Hag.

Both parties stated that Ronaldo's exit was "mutually agreed".

He had has just over seven months remaining on his £500,000-a-week contract with United and his departure leaves him free to sign for another club when the transfer window opens in January.

 

Meanwhile, Manchester United's owners the Glazer family say they are considering selling the club as they "explore strategic alternatives".

More details in the business news below

 

Cricket

Travis Head and David Warner both hit centuries as Australia consigned England to their heaviest one-day international defeat in terms of runs in Melbourne.

The openers combined for the highest-ever ODI stand at the MCG (269) to help the hosts to 355-5, their largest ODI total against England, in an innings shortened to 48 overs due to rain.

Set 364 to win, England never threatened to get close and were bowled out for 142 with Australia securing a 3-0 series sweep in comprehensive manner.

 

Motorsports

China's return to the Formula 1 schedule will be cancelled next year as a result of the country's Covid policies. 

Formula 1 has not visited China since 2019, but was due to return for the fourth race in 2023 on 16 April.

China's zero-Covid policy has led F1 to conclude the race cannot go ahead.

The key sticking point is that F1 staff would not be given exemptions from quarantine requirements in the event of suffering a Covid-19 infection.

 

Local Basketball

AS Monaco came close to beating Euro league leaders, Fenerbace yesterday. They fought back strongly but ended up losing by 96 points to 93.

The Roca Team’s next match is against Bayern Munich on Friday at 7pm

 

BUSINESS

 

Paris Olympics

The operating budget for the 2024 Paris Olympics is expected to go up by 10%, due to high inflation and additional expenses.

The organizing committee, known as COJO, had an original operating budget of around 4 billion euros but will present a revised figure at a board meeting next month that is expected to reach 4.4 billion euros.

Organizers said half the extra money is needed to cover the impact of inflation, while some will go toward additional expenses for the opening ceremony on the Seine river and costs such as human resources and cybersecurity.

The overall budget for the Paris Olympics, including the cost of building and renovating venues, is about 8 billion euros which has already gone up from its original estimate.

By means of comparison, Qatar is said to have spent $220 billion to organize the World Cup, that’s more than the budget of all the previous world cups ever combined.

 

United Up For Sale

Manchester United's owners the Glazer family say they are considering selling the club as they "explore strategic alternatives".

The Americans bought the Old Trafford outfit for £790m ($1.34bn) in 2005.

It comes after years of protest from fans against their ownership.

A statement from the club said the board will "consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the company".

It added that the process "will include an assessment of several initiatives to strengthen the club, including stadium and infrastructure redevelopment, and expansion of the club's commercial operations on a global scale" to enhance "the long-term success of the club's men's, women's and academy teams, and bringing benefits to fans and other stakeholders".

 

FTX Mismanagement

Troubled crypto firm FTX collapsed after being "run as a personal fiefdom of Sam Bankman-Fried", a US bankruptcy court has heard.

The former FTX boss led the firm once valued at $32bn (£27bn), but lacked basic money controls, a lawyer leading the bankruptcy proceedings said.

The true state of FTX's finances was only now being understood, he said.

He also claimed Mr Bankman-Fried's team spent roughly $300m on holiday homes and property for senior staff.

Only now do we realise that "the emperor had no clothes," attorney James Bromley said, describing the situation as "one of most abrupt and difficult collapses in the history of corporate America." 

FTX was a cryptocurrency exchange allowing people to buy Bitcoin and other cryptocoins in exchange for traditional money. Many customers used their FTX digital wallets like bank accounts, expecting their funds to be safe.

 

UK Downturn

The UK faces worst downturn of any advanced economy – thats according to international body the Organisation for Economic Cooperation and Development

The UK will contract by more than any other nation in the G7 group next year, it said.

Growth in the US and the eurozone will be weak, but Germany is the only other major economy expected to shrink.

The OECD forecasts a "significant growth slowdown" globally in 2023 due to the global energy crisis, although thanks to the strength of emerging economies, the world economy is predicted to grow by 2.2% next year

 

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 down $15822

ETHEREUM down to $1100

 

COMMODITIES

An ounce of gold is $1747

Barrel of Brent Crude oil $88,33

 

MARKETS

https://www.bbc.com/news/business/market-data

https://www.marketwatch.com/investing/future/brn00?countrycode=uk

FTSE 100 up 1% 7453

CAC 40 stable 6657

DOW JONES up 1% 34098

NASDAQ 11174

NIKKEI up slightly 28115

 

WEATHER

Some clouds this morning, but no rain is expected and skies will clear up later. This afternoon will be sunny

Light winds and temperatures will rise to 14° around Monaco

In the Var strong winds in the morning with cloudy spells but clearing later. Temperatures peaking around 15°

Clear skies tonight with light winds and lows of 7°

Tomorrow will be mostly sunny with some cloudy spells later on

World Cup

France kicked off their World Cup campaign last night with a convincing win over Australia, despite a nervous start. There’ll be more details in our World Cup report in the sports section below

 

Macron hosts European CEOs to counter us move temptation

French President Emmanuel Macron yesterday hosted a number of European chief executives to persuade them to stay in France rather than move production to the United States, where lower energy prices and the Inflation Reduction Act is proving a lure.

At the Elysee palace, the president sought to convince executives from companies such as BMW, AstraZenica, Orange and Ericcson  to stay in Europe and choose France for their future investments.

Macron has previously called on the European Union to launch its own ‘European Buy Act’ to subsidise European production, but has encountered resistance from the more anti-protectionist members of the bloc.

 

French magistrates go on strike over work conditions that encourage 'cheap justice'

Unions representing magistrates, lawyers and clerks have called for demonstrations and strikes across France yesterday to protest against deteriorating work conditions which, they say, are creating a system of "cheap justice".

Rallies took place throughout the day to express frustration over the "titanic workload".

The Unions acknowledge that recruitment of magistrates and registry officials have been planned for 2023, but they argue that these are largely insufficient and no clear action plan has been defined”

 

Ciotti under investigation

Eric Ciotti has spoken out following the opening of an investigation into conflict of interest and embezzlement around the jobs of his ex-wife. According to allegations published in Le Canard Enchainé, Caroline Magne, has for several years accumulated numerous generously paid jobs of a political nature during the various mandates of the member of Parliament. M. Ciotti claims that all employment was fully legitimate and totally transparent. Éric Ciotti  has represented the Alpes-Maritimes in the National Assembly since 2007

 

Avalanche risk

Hikers have been warned to be vigilant in the region’s mountains due to a serious risk of avalanches particularly in the Hautes Alpes. Due to recent snowfalls, the department of has been placed on a yellow alert and the prefecture is recommending that any planned outing in the high mountains should be postponed until conditions improve.

The authorities are advising hikers “to take note of the weather forecast before leaving; to be in possession of the necessary equipment with regard to the weather and the terrain; to inform relatives of their itinerary, and the times of departure and arrival; and to never overestimate their capabilities!

 

The mayor of Auribeau is appealing her conviction as a private citizen

The mayor of Auribeau Sur Siagne, Michèle Paganin, has been given a 6 month suspended prison serntence for not having appropriately declared her real estate transactions in the early 2010’s.

The mayor, who is also vice-president of the agglomeration community of the Pays de Grasse and departmental councillor, was sentenced along with her ex-husband Marc Paganin. The offence could have been punished by a 5 year prison sentence but the couple have denied any wrongdoing and have requested a retrial.

 

Monaco auctioning of repossessed vehicles

Monaco is currently holding an auction to sell off repossessed vehicles.

This year, it’s a golden opportunity to pick nine cars on offer at bargain prices. These include a Jaguar X6, a BMW M4 and other more common vehicles such as Volkswagen Polos, Renault Lagunas and Scénics.

The minimum bid for cars is €50. Only residents of Monaco and the Alpes-Maritimes can take part in the sale. The auction started will end on Friday 2 December at 12 noon.

Before you bid, you can check out the cars any day until Friday beyween noon and 3pm at the administrative pound located at 3, rue des Guelfes.

 

What next for the Iconic?

What future for the new Iconic building in Nice? The futuristic building was expected to host the third room of Nice’s national theatre before yesterday’s announcement that focus for the theatre would now be  on the Arenes de Cimiez. Talks have also stalled with the Nice council  but the developers Phalsbourg still believe there  is a need for a 485 seater venue in Nice. 

 

Handicapped shoplifter in Cap 3000

An individual in a wheelchair and his accomplice have tried to steal 1,000 euros worth of clothes from a store in Cap 3000

One of the two men tried to hide his loot in aluminium lined bags, attached to his accomplice's wheelchair. However, the deception did not work, and the security agents called the police. The goods were subsequently returned.

 

Police officers are offered drugs 

Two individuals were arrested in the Moulins district of Nice after offering drugs to patrolling police dressed as civilians.

The dealers were found to be In possession of cocaine, cannabis, and 300 euros in cash. They were arrested on the spot and have since been placed in police custody.

 

Fined for  paying too much

A man in Cagnes Sur Mer was fined for paying too much to park his car. The driver was parked in an orange zone in the Parking de La Villette in the town centre, but paid the  price for a red zone which is more expensive.  Even though he was back well before the end of his allotted time, traffic wardens had already booked him for not paying the correct amount! He has been ordered  to pay the fine by the town council, but he intends to appeal.

 

Asian hornets are consuming our bees

An amateur beekeeper from Coursegoules has warned of the presence of the Asian hornet in Alpes Maritimes, claiming they have eaten 60000 bees in a month.

He’s called on the Bee Health Defense Group union to elaborate on their national plan to trap Asian hornets in the spring, and to apply it more specifically to encourage the town councils and prefectures to participate in solving the problem.

 

Angler lands one of world’s largest goldfish in French lake

The world’s largest goldfish has been caught in a French lake. The elesive fish was caught by angler Andy Hackett and weighed more than 30kg. The fish, named Carrot after it’s orange colour was put in Bluewater Lakes in the Champagne region 20 years ago, but, up until this wee, it had never been caught. The British angler was proud of his catch but, after a few photos, the fish was immediately released back into the water

 

WORLD CUP REPORT

The biggest shock ever

There was a huge shock in yesterday’s round of matches as Saudi Arabia came from behind to beat one of the tournament favourites, Argentina.

Lionel Messi put Argentina ahead after just 10 minutes from the penalty spot, and Argentina had 3 first half goals disallowed before 2 quick goals at the start of the second half gave the green falcons a lead that they were able to hang on to.

It’s been described as one of the biggest shocks in World Cup history and it ends a 36 match unbeaten streak for Argentina, one short of Italy’s all-time record!

Following their incredible victory, Saudi Arabia has declared a national holiday today.

 

Convincing start for France

World Cup holders France delivered a powerful statement of intent by outclassing Australia as Olivier Giroud equalled Thierry Henry's all-time scoring record for the national team.

France lost a host of players in the build-up to the tournament, including key striker Karim Benzema, but made light of those setbacks with a thrilling attacking display despite going behind  early on.

Craig Goodwin gave the Socceroos a shock early lead when he powered home a far-post finish after nine minutes but they then fell victim to France's firepower with 3 goals from Giroud and 1 each from Kylian Mbappe and Adrien Rabiot. 

 

The other 2 matches yesterday between Denmark & Tunisia and Mexico and Poland both ended goalless. Poland’s star striker Robert Lewandowski had a tame penalty saved in the second half.

 

Today’s matches

Morocco – Croatia (11pm) finalists in the last WC

Germany – Japan (2pm)

Spain – Costa Rica (5pm)

Belgium - Canada

 

Qatar is said to have spent $220 billion to organize the World Cup, that’s more than the budget of all the previous world cups ever combined.

 

SPORT

 

Portugal forward Cristiano Ronaldo is to leave Manchester United with immediate effect.

The decision follows a controversial interview in which the 37-year-old criticised the club and said he had "no respect" for manager Erik ten Hag.

Both parties stated that Ronaldo's exit was "mutually agreed".

He had has just over seven months remaining on his £500,000-a-week contract with United and his departure leaves him free to sign for another club when the transfer window opens in January.

 

Meanwhile, Manchester United's owners the Glazer family say they are considering selling the club as they "explore strategic alternatives".

More details in the business news below

 

Cricket

Travis Head and David Warner both hit centuries as Australia consigned England to their heaviest one-day international defeat in terms of runs in Melbourne.

The openers combined for the highest-ever ODI stand at the MCG (269) to help the hosts to 355-5, their largest ODI total against England, in an innings shortened to 48 overs due to rain.

Set 364 to win, England never threatened to get close and were bowled out for 142 with Australia securing a 3-0 series sweep in comprehensive manner.

 

Motorsports

China's return to the Formula 1 schedule will be cancelled next year as a result of the country's Covid policies. 

Formula 1 has not visited China since 2019, but was due to return for the fourth race in 2023 on 16 April.

China's zero-Covid policy has led F1 to conclude the race cannot go ahead.

The key sticking point is that F1 staff would not be given exemptions from quarantine requirements in the event of suffering a Covid-19 infection.

 

Local Basketball

AS Monaco came close to beating Euro league leaders, Fenerbace yesterday. They fought back strongly but ended up losing by 96 points to 93.

The Roca Team’s next match is against Bayern Munich on Friday at 7pm

 

BUSINESS

 

Paris Olympics

The operating budget for the 2024 Paris Olympics is expected to go up by 10%, due to high inflation and additional expenses.

The organizing committee, known as COJO, had an original operating budget of around 4 billion euros but will present a revised figure at a board meeting next month that is expected to reach 4.4 billion euros.

Organizers said half the extra money is needed to cover the impact of inflation, while some will go toward additional expenses for the opening ceremony on the Seine river and costs such as human resources and cybersecurity.

The overall budget for the Paris Olympics, including the cost of building and renovating venues, is about 8 billion euros which has already gone up from its original estimate.

By means of comparison, Qatar is said to have spent $220 billion to organize the World Cup, that’s more than the budget of all the previous world cups ever combined.

 

United Up For Sale

Manchester United's owners the Glazer family say they are considering selling the club as they "explore strategic alternatives".

The Americans bought the Old Trafford outfit for £790m ($1.34bn) in 2005.

It comes after years of protest from fans against their ownership.

A statement from the club said the board will "consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the company".

It added that the process "will include an assessment of several initiatives to strengthen the club, including stadium and infrastructure redevelopment, and expansion of the club's commercial operations on a global scale" to enhance "the long-term success of the club's men's, women's and academy teams, and bringing benefits to fans and other stakeholders".

 

FTX Mismanagement

Troubled crypto firm FTX collapsed after being "run as a personal fiefdom of Sam Bankman-Fried", a US bankruptcy court has heard.

The former FTX boss led the firm once valued at $32bn (£27bn), but lacked basic money controls, a lawyer leading the bankruptcy proceedings said.

The true state of FTX's finances was only now being understood, he said.

He also claimed Mr Bankman-Fried's team spent roughly $300m on holiday homes and property for senior staff.

Only now do we realise that "the emperor had no clothes," attorney James Bromley said, describing the situation as "one of most abrupt and difficult collapses in the history of corporate America." 

FTX was a cryptocurrency exchange allowing people to buy Bitcoin and other cryptocoins in exchange for traditional money. Many customers used their FTX digital wallets like bank accounts, expecting their funds to be safe.

 

UK Downturn

The UK faces worst downturn of any advanced economy – thats according to international body the Organisation for Economic Cooperation and Development

The UK will contract by more than any other nation in the G7 group next year, it said.

Growth in the US and the eurozone will be weak, but Germany is the only other major economy expected to shrink.

The OECD forecasts a "significant growth slowdown" globally in 2023 due to the global energy crisis, although thanks to the strength of emerging economies, the world economy is predicted to grow by 2.2% next year

 

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 down $15822

ETHEREUM down to $1100

 

COMMODITIES

An ounce of gold is $1747

Barrel of Brent Crude oil $88,33

 

MARKETS

https://www.bbc.com/news/business/market-data

https://www.marketwatch.com/investing/future/brn00?countrycode=uk

FTSE 100 up 1% 7453

CAC 40 stable 6657

DOW JONES up 1% 34098

NASDAQ 11174

NIKKEI up slightly 28115

 

WEATHER

Some clouds this morning, but no rain is expected and skies will clear up later. This afternoon will be sunny

Light winds and temperatures will rise to 14° around Monaco

In the Var strong winds in the morning with cloudy spells but clearing later. Temperatures peaking around 15°

Clear skies tonight with light winds and lows of 7°

Tomorrow will be mostly sunny with some cloudy spells later on

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