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TOUTING BUSINESS IN MONACO
(FORTUNE Magazine) – Monaco's Prince Albert -- in the U.S. with the rest of his family for an annual benefit for a foundation named for the late Princess Grace, his mother -- says he'd like to see more foreign companies, American ones among them, globalize via his country. Albert, 32 and an Amherst grad, makes it clear that he's not looking for corporate fly-by-nights. Companies that have already set up operations there ''are not simply brass nameplates on locked doors,'' he says. ''They are active businesses with permanent full-time employees that take advantage of our favorable tax structure. The players we welcome most heartily are serious corporate executives and entrepreneurs.'' Among those that have set up operations there: eye-drop maker Allergan, a spinoff of SmithKline Beecham, the pharmaceuticals company. Tourism is still Monaco's biggest industry, largely because of the casinos. Albert, like other citizens of the principality, is barred from such establishments. But the shy heir to the throne and bobsledding enthusiast has checked out the gambling scene in Atlantic City. Of the Trump Castle and its ilk, he'll say only: ''They work much more on volume. It's a different concept.'' |
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