Sofamo Biotherm back to work

The Monaco workforce of l'Oreal's Sofamo Biotherm factory returned to work this morning after two weeks of demonstrations and strikes. On Monday, in frustration at the stalemate in negotiations with local management, 100 employees made the decision to take their grievances to the organ grinders in Paris. Five directors met the delegation and gave assurances that worthwhile redundancy and relocation packages would be arranged. Workers have been persuaded to return to the Principality and to go back to work.

Venturi's new electric sports car

The Venturi Volage new electric sports car was unveiled last week at the Paris Motor Show.

Qatari Diar steps down

Earlier this month Qatari Diar pulled the offer to increase its shareholding of Monte Carlo SBM.

What does Monte-Carlo SBM mean to you?

2008 promises to be an exciting year for the Societe des Bains de Mer et du Cercle des Etrangers, commonly and confusingly referred to here in Monaco as SBM. Confusingly, because there's another company based in the Principality called Single Buoy Moorings, also referred to as SBM. Perhaps this was one of the reasons for the recent branding exercise carried out by the company, resulting in their new name Monte-Carlo SBM.

Monaco's interest in Northern Rock

The largest shareholder of British bank Northern Rock is a Monaco based hedge fund called SRM Global. With shares of just over 9%, SRM is supporting a proposal by Olivant, a rival to Richard Branson's Virgin Money consortium, whose bid has been favourably viewed in the UK. SRM feels that the struggling bank has been undervalued by Virgin, which wants 55% equity in return for paying back 10 million GB pounds to the Bank of England immediately.

International satellite company opens in Monaco

One of the leading Canadian satellite technology companies has opened an office in Monaco. Norsat International say in their press release that they hope to use the base to enter markets in Southern Europe, the Middle East and North Africa.

French luxury goes to Russia

If you haven't already picked up the press reports, you may be interested to know that the French luxury food company Hediard, has been bought by a Russian businessman. The company was sold by our very own Monegasque Michel Pastor, and becomes part of the Luxadvor group. Will we start to see more caviar for sale in the stores?

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