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FAMILY LIFE
Monegasque society based on centuries-old traditions. Immediate/ Extended family= basic social units. Marriage = important family event and divorce rate is low. Excellent maternity and infant care, several months of maternity leave/ high quality, low cost day care centers. High quality low cost education High standard of living have helped avoid many of the child social problems that face larger countries Grandparents help in caring for young children, particularly when both parents work. Education is compulsory from ages of six to sixteen.
FAVORITE SPORTS
The Monaco Grand Prix. This Formula 1 car race is held in Monte Carlo.
RECREATION
Famous for attracting wealth and titled tourists since its gambling casino was established at Monte Carlo in 1856. However, gambling now accounts for only about 3.3% of state revenue. Excellent facilities in Boating, Beach, Sports(Tennis, Soccer), Auto Racing and History; Exotic Garden (Garden), Exotic Garden and Observatory Cave (Garden) Japanese Garden (Garden) Marlborough Gallery (Art Gallery.Monaco Art et Auction (Art Gallery) Musee National de Monaco (Museum)Museum of Napoleonic (Museum) Sotheby's Monaco (Art Gallery)Zoological Terraces (Garden)
ECONOMY
Tourism and related businesses are the main components of the Monegasque economy. Tourist industry began when famous casino was opened in Monte Carlo. Banking and financial activities = 2nd most important part of the economy/ Investment in real estate and business services/ Foreign companies receive special investment incentives; NO income tax on its residents and has attracted corporate and individual investment = significant financial services industry
MEDIA ENTERTAINMENT
Influence of Monaco's broadcast media extends far beyond the borders of the tiny state. In 1960s Radio Monte-Carlo used powerful transmitters= listeners across much of France/ 1970s broadcasts to Italy began. Radio Monte-Carlo = extensive FM networks in both countries. No daily newspapers are published in Monaco, but French papers cover news from the principality.
The press Journal de Monaco - government weekly Television TV Monte-Carlo (TMC) Radio Radio Monte-Carlo (RMC) - French-language news and talk network
PUNCTUALITY
Punctuality is highly regarded as a sign of respect in Monaco. If a businessperson will be late for any reason, proper etiquette suggests calling as soon as possible with an explanation.
INDIVIDUALIST SOCIETY
Monaco's high average income and individual wealth, as well as its very small size, make it a country with minimal class distinctions. The principality's status as a tax haven make it an attractive place to establish residence for wealthy people from all over the world. A significant number of residents are from a variety of nationalities, and several are celebrities, helping to make Monaco synonymous with wealth, power and prestige the world over.
POLITICAL ASPECTS
The Principality has a constitutional, hereditary monarchy. The Prince, currently HSH Albert II, wields overall executive power. Prince Albert II, who succeeded his father Prince Rainier III in 2005, represents Monaco in its relations with foreign powers. He alone can sign and ratify treaties. Monaco is not a member of the European Union but because of the large number of French laws which apply there (and because of its full customs and monetary union with France) a number of European directives which apply in France indirectly apply in Monaco.
RELIGIOUS ASPECTS
Religious Beliefs. Roman Catholicism is the state religion, although freedom of worship is guaranteed by Article 23 of the Constitution. However, 95 percent of the population claims to be Roman Catholic. Rituals and Holy Places. There are several traditional festivals and rituals in Monaco. Saint Devote, the patron saint of Monaco, is venerated in a ritual held on 27 January every year. A torchlight procession, a religious ceremony and blessing mark the day that Saint Dvoe is believed to have arrived in Monaco. Other religious rituals and ceremonies are held during Holy Week before Easter, and on the feast days of Saint Roman, 9 August, Saint John, 23 June and Saint Blaise.
LANGUAGE
The official language of Monaco is French, but they are several language spoken, such as Italian, English and the national language of the Monegasque people. Monegasque, a language derived from both French and Italian, is spoken by native residents of Monaco, although only about 22 percent of the population claims direct Monegasque descent.
POPULATION MAKE-UP
Monaco has a total population of 32, 543. The major ethnic groups that make up Monaco people includes Italian, Monegasque, French. The French form 47% of Monaco population, Monegasque comprise 16% while Italians also make up 16% of the population. The life and culture of the Monaco People is largely influenced by the French and the Italian way of life.
WELL-KNOWN CITIZENS
The principality's mild climate, splendid scenery, and gambling facilities have made Monaco worldfamous as a tourist and recreation center for the rich and famous. Monaco is a handy place where you can meet economic exiles such as David and Simon Reuben, the aluminum traders, Michael Tabor, the racehorse owner, and the Barclay brothers, Sir David,Sir Frederick and of course Prince Albert II.
KEY CUSTOMS AND COURTESIES NECESSARY FOR SOCIAL AND BUSINESS INTERACTION
A degree of formality is expected when conducting business in Monaco. Customs and ceremonies preserved in everyday social interactions in the country. French business behavior emphasizes courtesy and a degree of formality. Mutual trust and respect is required to get things done. Trust is earned through proper behavior.. Creating a wide network of close personal business alliances is very important. . If you do not speak French, an apology for not knowing their language may aid in developing a relationship.
GREETINGS
The handshake is a common form of greeting. Friends may greet each other by lightly kissing on the cheeks, once on the left cheek and once on the right cheek. First names are reserved for family and close friends. You have to wait until invited before using someone's first name. You are expected to say 'bonjour' or 'bonsoir' (good morning and good evening) with the honorific title Monsieur or Madame when entering a shop and 'au revoir' (good-bye) when leaving.
Business dress is understated and stylish. Men should wear dark-coloured, conservative business suits for the initial meeting. How you dress later is largely dependent upon the personality of the company with which you are conducting business. Women should wear either business suits or elegant dresses in soft colours. The French like the finer things in life, so wear good quality accessories.
Monaco is well known for its activity in business where man and woman work together. The Oceanographic Museum, formerly directed by Jacques Cousteau, is the most famous institution devoted to marine science in the world. The Prince Pierre Foundation annually awards the International Prize for Art, established in 1965, to recognize outstanding achievement in the visual arts.