Word: monaco
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...like China, Russia and the Middle East. In the last few days, companies ranging from motor manufacturer Deutz to Koenig & Bauer, which makes printing machines, have cut sales projections and warned about weak orders. "It's a double whammy," says Dino Sola, a finance professor at the University of Monaco. "First the credit crunch gets out of control and then, when we get our act together, we realize that we are in the midst of a recession that is potentially deep and long-lasting...
...Peter Munk, 80, the Hungarian-born Canadian who heads the mining giant Barrick Gold, that potential makes Montenegro a prime candidate for development. Relaxing in shorts and bare feet on his chartered 162-ft. (49 m) yacht on the deep blue waters near Tivat, Munk says Monaco was also a relatively backward town before it transformed itself - and swaths of the French Riviera with it - into the playground it is today. Tivat, or Porto Montenegro as the marina area is being renamed, will have a similar effect, Munk declares: "The whole Adriatic is going to be lifted up by this...
...Munk recalls his first meeting with Djukanovic in 2004 when Montenegro was still joined to Serbia. "He said to me: 'I am going to get independence and I want to raise the standard of living of my people. The way I can do this is turn this into another Monaco.' I told him, 'If you mean what you say, then you've got one of the only men in the world who can make it happen...
...idea for the development, says Munk, came to him while on holiday. For the past 20 years his family has chartered a yacht on the Mediterranean. In that time, he couldn't help noticing how the old marinas at Monaco, St. Tropez, Antibes and elsewhere had no easy way to expand even as more and more huge yachts came off the production lines. As a result, berth rental prices shot up. At Antibes, for example, they've risen nearly 30% in five years...