It has allowed the charity organization behind Only Watch, the Association Monégasque contre les Myopathies, to raise near CHF/EUR 100 million and fund very significant scientific and medical progress. Since then, thanks to the increasingly formidable mobilization of the watch industry and the support of an entire ecosystem, this initiative has become a very awaited biennial rendezvous in the horology calendar for both brands and collectors. The consequences this genetic condition are a progressive weakening of all muscles, including the heart, the loss of the ability to walk and global autonomy. DMD is a genetic disease that affects 1 in 3,500 boys – amongst which Luc’s and Monique’s son Paul, whose diagnosis was the genesis of the project. Prince Albert II of Monaco’s high patronage with one intent: raise funds for research on Duchenne Muscular Dystrophy (DMD) by auctioning one-off timepieces. Only Watch was created in 2005 by Luc Pettavino and under H.S.H. That’s despite the jobless rate rising to 4%, when economists had anticipated an unchanged reading of 3.8%.Held every two years, the Only Watch charity auction of exclusively unique pieces has grown into THE most anticipated watch auction worldwide and features some of the most creative and innovative horology on the planet. By making borrowing more expensive, the bank is trying to keep a lid on spending, which should get inflation down.īut with unemployment low, workers have been able to demand higher pay as inflation erodes their spending power, threatening to further fuel price spikes. The bank lifted its main interest rate by half a percentage point to a 15-year high of 5% last month and warned of further increases if inflation fails to show signs of falling back toward its target of 2%. The central bank has been raising rates since late 2021 to get a grip on rising prices, which were first stoked by supply chain problems caused by the coronavirus pandemic and then Russia’s invasion of Ukraine, which sent energy and food prices surging. The private sector was the main driver behind the increase.įor months, workers have been seeking pay that keeps pace with high inflation, which is running at 8.7% despite declines in energy prices and a series of interest rate hikes from the Bank of England. The Office for National Statistics said wages, excluding bonuses, rose by 7.3% in the three months to May, matching the highest rate since records began in 2001. are rising at a record high rate amid stubbornly high inflation, official figures showed Tuesday, bolstering expectations that interest rates will increase again - to the worry of homeowners who are seeing their mortgage payments spike to levels not seen since the global financial crisis 15 years ago.
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