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UK investment funds in line for
huge tax rebate as ECJ rules against France
dofonline.co.uk 10 May 12
The European Court of Justice (ECJ) has ruled that
foreign investment funds that invest in French companies
should not be liable to pay a discriminatory withholding
tax on dividends. Prior to today’s judgment, under
French corporate tax law, France levied a withholding
tax of 15%, or in some cases 25%, on foreign investment
funds investing in French companies while French
investment funds were exempt. After today, UK pension
funds and other investment funds that invest in French
companies will no longer be discriminated against
compared to French investment funds. PwC estimates that
this case will result in tax refunds to UK investment
funds of up to €5bn.
Gary Howes.
SNCM and CMN ferries resume Corsica service after strike
ends
fairplay.co.uk 09 May 12
SNCM workers voted Wed to suspend a strike that had
halted most of the sailings to Corsica during the past
eight days. The 150 strikers were protesting what they
called unfair competition from rival operator Corsica
Ferries, but they voted to halt the strike after being
promised a meeting on 15 May 12 with one of new French
President-elect François Holland’s team. SNCM claimed
that the company was being held to ransom by a minority
of strikers and said after the vote: “Reason has won
out.” Corsica Ferries operates under the Italian flag
with multinational crews. SNCM said the strike has cost
it €2M in lost revenues and affected 20,000 passengers.
Adams & Adams close La Pomme Rouge
to focus on core catering business
RLTV 08 May 12
La Pomme Rouge deli restaurant in Valbonne has closed 8
months after its launch and is already missed by its
loyal clients. Opened by bespoke caterers Kate & Andrew
Adams in Oct 11, Kate told RLTV that they want to
focus on their core
Adams & Adams business
of high class catering for events such as the Cannes
Film Festival, Monaco Grand Prix, corporate and private
parties. "We have to maintain very high standards and
cannot spread ourselves too thinly and with an
exceptionally busy season ahead, something had to give."
MD.
Pic: Kate (2nd left) and Andrew Adams (right) with
RLTV reporter Susan Hickey & photographer Pat Denton.
Louis Vuitton enters perfume
business with Grasse nose and chateau
20minutes.fr 04 May 12
Luxury French accessories brand Louis Vuitton (LVMH),
will begin their first perfume operation in Grasse in
September. The famous "nose" from Grasse, Jacques
Cavallier-Belletrud (pic) has already been recruited to
create the first branded Louis Vuitton perfume. He
previously designed "L'Eau d'Issey" by Issey Miyake, "Opium
for Men" by Yves Saint Laurent and "Poem" by Lancôme.
Louis Vuitton have acquired an 18th century chateau from
Grasse municipality with 5,700m2 of land and two
adjacent plots for €1 million. They plan to restore the
derelict Chateau to its former glory. Work begins this
September and production of the first scent is planned
for 2013. AFP.
BNP Paribas accused of selling a
product promoting tax evasion
challenges.fr 04 May 12
The daily Liberation accuses the bank BNP Paribas of
marketing a product promoting tax evasion, by playing on
European legislation. The Trust, named Luxumbrella, has
been sold since 2005 to an upscale clientele in
Switzerland and Monaco. Since 2005, all financial
products distributed in a country with bank secrecy,
must be subject to a withholding tax for the benefit of
national tax authorities. BNP Paribas circumvented the
law by offering its customers in Europe to sign an
agreement with Heritage discretionary management. Under
the regulations, it is not the customer who has invested
in Luxumbrella, but the banker. BNP Paribas noted that
the size of Luxumbrella did not exceed €902 million, or
0.3% of assets under management of its private banking
activities. AFP.
Featured Video
Clean Equity Monaco 2012 - New Companies & Speakers announced
CleanEquity Monaco
29 - 30 Mar 12,
the world forum for emerging cleantech
companies, announce the collaboration of the Hinduja Foundation,
chaired by Ms. Shanu SP Hinduja. The Foundation has focused on
promoting and improving healthcare, education, the environment,
social welfare, arts and culture. CleanEquity Monaco also
welcomes Clark Langdon Partners and Andrew Gilbert, Executive
Vice President of European Innovation Development at Qualcomm
Inc. Gustaf Nobel, great-grandson of Ludvig Nobel, brother of
Alfred Nobel, founded, together with 5 other Nobel descendants
the Nobel Sustainability Trust. George Frampton, senior counsel
at Covington & Burling LLP, a leading law firm. He served as
Chairman of the White House Council on Environmental Quality (CEQ)
from 1998 to 2001 and most recently as Co-Chairman of the Obama
transition team for CEQ.
For millennia, fresh olive oil has been one of
life's necessities-not just as food but also as medicine, a
beauty aid, and a vital element of religious ritual. But what if
this symbol of purity has become deeply corrupt?
Tom Mueller
has become the world's expert on olive oil and olive oil fraud.
Extra Virginity
is an inspiring account of the artisanal producers, chefs, and
food activists who are defending the extraordinary oils that
truly deserve the name "extra-virgin."
The
plethora of smart communication devices on the market
and in our pockets today represent a seismic shift in
the way information is consumed.
The critical component in Marketing is about more than
creating compelling content but also about distributing
it through a variety of online channels. Content
marketers and business owners should be looking at all
available channels to engage with customers – in print,
in-person, and online (including mobile.) Cathy Gubin
reports on App guru Mike Hardaker's recent presentation at a
Riviera Business Club business seminar.
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Agreement signed between Compagnie Monégasque de Banque and Monaco’s
New National Museum
monacomatin.com 02 Apr 12
The Compagnie Monégasque de Banque (CMB) has signed a partnership
agreement with the New National Museum of Monaco. The
financial agreement will allow Monaco’s National Museum to
revive its policy of acquiring works of art. The amount
of the arrangement has not been revealed. The CMB is already an
active financial partner of cultural events in the
Principality as a sponsor of the summer exhibitions at
the Grimaldi Forum, the Philharmonic Orchestra of
Monte Carlo and the Oceanographic Museum.
Prince Andrew opens Monaco branch
of Banque Havilland
RLTV 29 Apr 12
The Sunday Mirror reports that Prince Andrew Duke of
York privately flew to Monaco to open a new branch of
David Rowland’s (pic) Banque Havilland. Andrew was guest
of honour and it is understood Mr Rowland organised a
private jet to take him there. The event was not an
official visit. Andrew is a long-term friend of Mr
Rowland, a multi-millionaire banker and former Tory
Party treasurer. David Rowland and his son Jonathan
acquired Banque Havilland from the defunct Luxembourg
branch of the Icelandic bank Kaupthing. The Monaco
branch of
Banque Havilland was established
in August 2011 after the Rowlands acquired
Dexia Private Bank Monaco S.A.M. from Dexia Banque
Internationale Luxembourg.
France strips Berezovsky
of millions
rt.com 28 Apr 12
France has frozen €13 million worth assets of
exiled Russian tycoon Boris Berezovsky. The
measure follows a request from Russian
prosecutors, and was taken alongside other
seizures throughout Europe. Switzerland, Monaco,
France and Ukraine have seized property and bank
accounts of several individuals charged in
high-profile cases in Russia, the country's
Prosecutor General announced Saturday. The total
amount of assets seized is estimated at €300
million. The office did not specify what of
Berezovsky's property was seized, but said the
Prosecutor General would report the details of
the operation to the government at the end of
May. Meanwhile, Berezovsky himself says he is
not aware of any seizures or arrests. “I don't
know anything about my property being seized. [Prosecutors]
were talking about my yacht being seized, but
then it turned out the yacht was not mine,” he
told Interfax.
$1 million frozen in Monaco on
account of Volgatanker case
RLTV 29 Apr 12
As part of a swoop on alleged illegal assets across
Europe, at the behest of the Russian government, $1
million in a Monaco account has been frozen. The money
is allegedly connected to Volgatanker, the former
shipping company linked to the Yukos oil company.
Volgotanker, like Yukos before it, was crushed by a
bankruptcy process based on tax claims,
which defendents claim were
invented. Top managers of Volgatanker have
been accused of fraud and money laundering by Russian
authorities.
Metropole's Messant new VP of
Monaco hotel association
monacomatin.com 28 Apr 12
Jean-Claude Messant, general manager of the Hotel
Metropole Monte-Carlo, has been elected vice-president
of the Monegasque Association of the hotel industry.
Messasnt succeeds Loïc Brasseur who had held the
position since 2008. Chaired by Alberte Escande, the
AIHM unites professionals in the hotel and catering
sectors and provides representation in collective
organisations and socio-economic institutions of the
Principality. Messant joined the Metropole team in 2004
before moving to the Hôtel de Crillon in Paris in 2008.
He rejoined the Metrople as general manager in January
2010.
Qataris pull out of Monaco hotel joint venture
monacomatin.mc 26 Apr 12
Monaco QD, the limited company formed as a joint venture
between the Qatar state owned company Qatari Diar (80%)
and the Monaco state (20%), has been liquidated. The aim
of the company was to research and acquire hotel groups.
"No project has been identified in a competitive market
despite intense work,” said Marco Piccinini, Monaco’s
Government Counsellor for Finance and Economy. In this
context, the Qataris told Monaco that they proposed a
liquidation of the company. The Monaco government
indicated to Qatari Diar that they remain interested in
a collaboration if a specific project was identified.
Unemployment in PACA region up 6.4% in one year
francesoir.fr 26 Apr 12
Unemployment is on the increase throughout France and
the Provence-Alpes-Cote d’azur (PACA) region is no
exception. The number of unemployed registered in March
2012 was up 6.4% year on year with 375,000 registered
job seekers. Youth unemployment (under 25 years old) in
the PACA region increased 4.7% with 47,800 youths
registered. They constitute 12.7% of job seekers in the
region.
