PHOTO: RED BULL X-ALPS 2017 PRESS CONFERENCE – http://www.redbullxalps.com
The Red Bull X-Alps started out from Salzburg on July 2 and will end in Monaco after several gruelling days. Described as the world’s toughest adventure race, the biannual event is now in its eighth edition as athletes hike and paraglide across seven countries.
Slovenia has been added to the route, joining Austria, Germany, Switzerland, Italy and France, meaning that participants will have to traverse four times between the northern and southern fringes of Europe’s largest mountain range. The route involves seven turn points through the seven countries, the total race distance is 1,138 kilometres and participants will reach heights of 2,864 metres above sea level.
A total of 32 athletes are taking part, hiking up to 100 kilometres a day in mountainous terrain carrying paragliders. Athletes only have three months to study the route and those who put in the preparation will come out on top.
According to the organisers, getting the nutrition right is vital for endurance. Athletes have to consume an immense number of calories – the equivalent of 1.5kg of pasta a day and thletes can lose huge amounts of weight. During his first Red Bull X-Alps in 2007, Tom de Dorlodot lost 10kg in the first 11 days.
The 2015 edition saw 19 of the 32 athletes make the goal – a record number since the first race in 2003. Incredibly, 12 rookies crossed the finish line in Monaco, including athletes from Korea, New Zealand and elsewhere for the first time in history.
Swiss athlete Christian Maurer won the Red Bull X-Alps 2015 race in a time of eight days, four hours and 37 minutes. It was his fourth successive win and a new record.
Christie’s to auction unique timepieces for Monaco-based charity
Christie’s will be the auctioneer for ONLY WATCH 2017, organised by L’Association Monégasque contre les Myopathies, and will offer 49 unique timepieces during the November 11 auction at the Four Seasons – Hôtel des Bergues, Geneva.
Brands taking part include: Andersen Genève, Armin Strom, Arnold & Son, Audemars Piguet, Barbier Mueller, Bell & Ross, Blancpain, Boucheron, Bovet Fleurier, Breguet, Carl F.Bucherer, Chanel, Chopard, Christophe Claret, Chronoswiss, De Bethune, Dewitt, F.P. Journe, Fabergé, Frédérique Constant, Girard Perregaux, H.Moser & Cie, Harry Winston, Hautlence, Hermès, Hublot, Jacob & Co, Konstantin Chaykin, Laurent Ferrier, Jaquet Droz, Louis Moinet, Louis Vuitton, Maurice Lacroix, MF&F, MCT, Montblanc, Moritz Grossmann, Patek Philippe, Piaget, Rebellion, Ressence, Speake Marin, Tag Heuer, Tudor, Ulysse Nardin, Urwerk, Voutilainen, Zenith. Special Projects: (Agenhor X Head/Haute Ecole d’Art et de Design – Genève), Wostep (Ecole Horlogère – Neuchâtel).
ONLY WATCH will once again bring together many of the best-known luxury houses as well as independent watchmakers, donating unique variations of exceptional timepieces to raise money for research.
At the initiative of Luc Pettavino, President of L’Association Monégasque contre les Myopathies, and under the patronage of HSH Prince Albert, ONLY WATCH is the world’s foremost charity entirely devoted to research into Duchenne muscular dystrophy. Starting in 2005, more than 25 million euros have been raised to finance vital research into a disease that affects one boy in 5,000 at birth. Average life expectance for those suffering from Duchenne muscular dystrophy is 26.
“ONLY WATCH 2017 is a time for all parts of the watch world to come together and celebrate all that is good about the modern watch industry: innovation, technical know-how, creativity, and most importantly the desire to give back to the global community in this exceptional charity event. Christie’s is honoured to be a partner in this monumental auction and looks forward to providing a global stage to exhibit and present ONLY WATCH 2017”, said John Reardon, International Head of Christie’s Watch department.
As has been the case in previous years, prior to the auction in November, the 49 pieces will be exhibited at several venues across the world. All the proceeds of ONLY WATCH 2017 will go entirely to medical research into neuromuscular diseases, in particular Duchenne muscular dystrophy.
The 25th Economic Morning of the Nice Côte d’Azur Metropolitan area was held at the Grimaldi Forum on Friday morning, July 8, on the theme: “Nice Côte d’Azur & Monaco: smart business, cross-border reality?”
The monthly Economic Mornings of the Métropole Nice Côte d’Azur give a voice to start-ups, SMEs and large groups in the region and serve as a forum for interactive exchanges between experts, opinion leaders, business leaders, start-ups, economists and investors.
This first cross-border event was opened by the Minister of State, Serge Telle, who said: “Smart business is one of the topics on which Monaco is working today, and the Principality is pleased to discuss this subject with the Metropolis, the Department and the region “.
Philippe Monloubou, CEO of SMEG, Thomas Battaglione, Founder and General Manager of Bouygues Construction, Philippe Bonnave and Monaco Telecom’s Chief Executive Officer, Martin Peronnet, took part in the meeting.
Minister of State HE Mr Serge Telle and Mrs. Marie-Pierre Gramaglia, Government Counselor-Minister of Equipment, Environment and Town Planning, visited the Vaulabelle and Testimonio springs on Friday, July 8.
They were accompanied by a delegation composed, among others, of Mr. Olivier Grunberg, Deputy Managing Director in charge of the General Secretariat of Veolia Eau France and Chairman of the Monaco water company, Monégasque Des Eaux (SMEaux), Mr. Manuel Nardi, General Manager of SMEaux , Mr. Jean-Luc Puyo, Director of Urban Development, members of the Public Works Department and representatives of the Marzocco Group, the operator of the Testimonio project.
The delegation visited the Vaulabelle spring, then moved to the Testimonio II site for a visit to the tunnel under construction that will ultimately capture the water for Testimonio.
This visit marked the importance for the Government of the preservation of the Testimonio spring, which is the largest local drinking water resource in the Principality.
For the record, the six natural water sources for the Principality – Ingram, Testimonio, Marie, Vaulabelle, North Well, and Alice – provide between 30 and 50 percent of annual consumption.
The water, stored in the seven reservoirs of the Principality, feeds the distribution network that serves the entire territory, carrying five million cubic metres per year.
SMEaux ensures local supplies after processing at its Larvotto plant, as well as storage and transport of water to consumers. It also manages the wastewater treatment plant to which the wastewater from the Principality and Beausoleil passes. Forty employees ensure the continuity of essential public services, 24 hours a day, 365 days a year.
Trainer’s background: Loïc Branda, former French Open Water World Champion, several times Champion of France and 5th at the World Championships. “I can offer my experience and knowledge to athletes who want to improve their swimming in a natural environment for a specific event, like a 5k swim, a triathlon, a swimrun or just for fun.”
Type of workout: Technical training exclusively swimming in open water, in the sea, with waves, and using all four swim strokes – freestyle, backstroke, breaststroke and butterfly.
Who’s the workout for: “I train all types of swimmers, from those who want to learn to perfect the crawl to those who want to cross Channel.”
Preparation for endurance sports, general public who wish to improve their swimming, triathletes, swimrunners, swimmers in swimming pool who want to try in the open water. Non-swimmers preparing for a crossing
What equipment do you need: Depending on the time of year, a wetsuit (combi, in French) or bathing suit, goggles, swim cap. An inflatable safety device, the RESTUBE, is provided to each swimmer, which can also act as a life preserver.
Cost: Private lessons at €50/hour. Five-day course €650 and €310 for a three-day technical session (prices do not include travel or accommodation).
Getting ready to swim in Villefranche with Valerie and Loïc
During the weekend of the Riviera Water Bike Challenge (RWBC) in June, in support of the Princess Charlene Foundation, I was, thanks to a gift from my husband, participating in a three-day open water technical swim course in Villefranche.
It seemed appropriate, as the Princess Charlene of Monaco Foundation was set up to address “one of the greatest silent killers on our planet” by teaching children essential water safety skills and how to swim. According to the Foundation, drowning “claims a life every 85 seconds”. The World Health Organisation states “drowning is the third leading cause of unintentional injury death worldwide, accounting for 7 percent of all injury-related deaths.”
While I consider myself a strong open water swimmer (currently I swim 25-35 kilometres a week in the Med), the other six in my group were of varied levels and ages. Francis was preparing for the Monte-Cristo 5km in Marseille; Jean-Luc, had signed up for the Alps Man Triathlon XXL in Annecy; Valerie, a member of the Nice swim club who, like Nathalie, wanted to gain confidence in open water; and Cecile, who, traumatised by a childhood incident, was so afraid of the water that until five years ago she couldn’t even walk along the seashore.
“After thirty years, I finally put a foot in 5 centimetres of water thanks to the team at ‘Foot in the Water’, who specialise in helping those with fear IN the water.”
There is a distinction, as Cécile points out, between fear IN the water and, more commonly, fear OF water.
Fear of water – or aquaphobia – has more to do with getting wet or splashed. For example, people who may not feel threatened by the sea or a bathtub but cannot put their head under a shower. Whereas, fear IN water is an imminent feeling that one will die immediately in the water.
By February 2015, Cécile, still with Foot in the Water, started to discover swimming in the sea using fins, a mask and snorkel, and by August of that year, she did her first course with Swim the Riviera in Monaco. “I could never have done it without the safe and caring attitude of Loïc,” Cécile explained.
“I had to push myself to swim in the sea without the specialised framework of Foot in the Water and I’d get back in the boat as soon as I’d had enough swimming. I discovered though that I could feel at one with nature and became addicted to open water swimming.
In September 2016: Cécile completed her first open water event the 2km Prom’Swim, and will this September attempt the 5 km distance. She wants to become a master swimmer and now co-animates the Foot in the Water program.
Run by former French Open Water World Champion Loïc Branda, Swim the Riviera offers a 5-day discovery course (which includes Monaco, Cap Martin, Cap d’Ail, Cap Ferrat, and Cap d’Antibes) in addition to technical 3-day sessions in Villefranche and Monaco.
Our three-day Swim the Riviera course was divided in two morning and afternoon sessions, with a long lunch at a nearby restaurant included. We wear wetsuits, but in July and August, you wouldn’t need to.
The first two days, we used Plage de l’Ange Gardien, at the far end of the Marinières parking lot, as our base, and working individually or in groups of two, there were lots of unique exercises and personalised observations. The views of Villefranche from the water are stunning.
The second day, participants are filmed swimming so they can see their technique, strengths and weaknesses. And there’s a mini-talk about nutrition, followed by more practice. By the third day, the group have become bosom swim buddies for life. From the Plage de la Darse, with its easily marked buoys, it’s a morning to put into practice all of Loïc’s advice.
Regardless of your level, you will finish Swim the Riviera a better, more confident swimmer. I went on to do the ÖTILLÖ Isles of Scilly Swimrun, which included 8 km of open water swimming in the Atlantic, with two long swim segments of 2km and 2.5 km in 12°C water. Loïc’s words echoed in my head when fatigue kicked in and I needed to stay focussed.
Like Cécile, I would encourage any of you who have never ventured beyond a swimming pool to give open water swimming a try. “Loïc knows how to adjust his technical advice and progression of swimming distances in total safety,” Cécile shared. “And if I felt safe, everyone should be able to feel safe!”
As for me, Swim the Rivera was the most thoughtful and practical birthday gift ever.
Global Head of Foreign Exchange and Precious Metals Advisory Indosuez Wealth Management, Davis Hall
As Global Head of Foreign Exchange and Precious Metals Advisory Indosuez Wealth Management, Davis Hall, leads a global team of 28 – including three in Monaco – strategically placed Forex specialists who speak directly to the Group’s largest customers who are multi-currency exposed.
Before joining Indosuez Wealth Management in Switzerland in 1992 as a manager, Mr Hall, who was in Monaco last week to address clients of CFM Indosuez Wealth Management, started his banking career six years prior with Chase Manhattan Bank in Geneva as a trainee in the capital markets division. He then joined Cargill’s financial markets division, where he became head of the FX Proprietary Trading team.
“When I joined Indosuez Wealth Management 25 years ago, I was hired to assist the set up of a fully fledged advisory foreign exchange service as a complement to the wealth managers. I still believe that currencies are a stand-alone asset class, more than ever before, with $5 trillion daily turnover. It’s the most liquid market in the world and it never sleeps,” said Mr Hall, adding that’s what makes it the “perfect discounting machine where investors can immediately reflect their convictions through the deep liquidity of the markets.”
Mr Hall, who holds a BA in Languages and Fine Arts from Bowdoin College in Maine, relayed that currencies have never before been so immediate in their responses to geopolitical events, and while he believes there’s an end in sight to this period of massive political uncertainty, still every week we see something new. He used Donald Trump’s unpredictability as an example, pointing towards last week’s action in Syria, which he said adds to market hesitation as fear levels and risk aversion increase.
“Even our long-standing customers are starting to have a shorter and shorter investment time frame, as we have a market that is driven by such unpredictability.”
And no one knows what the end game will be, including Mr Hall and his department, who view the preservation of clients’ wealth as “how to best preserve investors’ fortunes given this very short-term focus and desperate search for yield and return”.
“Bonds, which are at record price levels, have been going up for 75 years if you look at long-term charts. We have interest rates and yields that have never been this low. We have accommodative monetary policy that has never been tested before, so this is a new unorthodox experiment. This is where currencies are so fascinating,” Mr Hall, who received an international baccalaureate from the International School of Geneva, enthused.
“Things are going to become very exciting in the next couple of weeks with the focus on France and the outcome of the elections, which could be asymmetrical for the euro.”
Euro: can the markets adjust?
Commenting that these days you need to be more of a psychologist than an economist as the fundamentals have been trumped by politics, Mr Hall explained the euro in a very binary way. “The euro has been falling for eight and a half years. At the moment, the market on the euro is still 1.07, essentially the same as last year and the year before that. But the Fed is raising rates, and the dollar is no longer responding by going up against the euro, which indicates that the euro is being held down largely because of politics, whereas in reality the fundamentals in Europe are getting better and very much on the mend.
“For the first time since 2008, the 4th Quarter growth in the EU was better than US growth. You no longer have a noticeable delta of inferior growth, which was previously a driver for currencies. We know the euro is cheap and far below its equilibrium purchasing parity level, which is estimated at 1.23. However, it can’t go up until Europe stops inflating its balance sheet with an accommodative monetary policy and buying all the bonds it can to keep yields down while maintaining negative short-term interest rates.
“Germany doesn’t require the monetary policy that’s being set primarily for the weaker nations. Europe won’t be able to normalise its monetary policy before the third quarter of this year. We have still to get through the German elections, so on balance I believe the euro will bend but ultimately not break. To make money at this juncture you need to be somewhat counterintuitive. I believe it is dangerous to sell euros at below 1.05.”
Stating that many of Indosuez Wealth Management’s customers are euro based, the euro-dollar is always a reflection point on both sides of the Atlantic. “The US equity market rallied up 15% since Donald Trump was elected, and with things being so politically uncertain in Europe, one would assume it’s a one-way bet and the dollar should just go up. Yet Janet Yellen, Chair of the US Federal Reserve, raised interest rates and the dollar went down. Gold, however, started to go up.
“The view we share with customers is that when things become this unpredictable, you have to tweak your portfolio accordingly. Given that everyone is looking for yield to extract revenue from their hard earned savings, you still have to take a relatively high degree of risk but you also have to include a couple of shock absorbers in the portfolio. We have been suggesting gold for a while now as a viable hedge. After all, nothing clears the mind more than the absence of alternatives. It’s very cheap insurance and as we believe that inflation is returning, slowly but surely, and that accommodative monetary policy will be gradually taken away, markets are going to have to adjust.”
Mr Hall, who developed strengths such as a sense of discipline as well as risk-taking during his four years at Cargill, said that those wishing to maintain exposure should probably look at some sort of portfolio alterations that will compensate in case volatility increases. “Volatility may only increase for the next couple of weeks if we can get beyond May 8th in France without an extreme left or right candidate victory, then we might be able to revert back to a focus on fundamentals, instead of politics.”
Europe has “been overly attentive to politics and Brexit”, Mr Hall commented, while pointing out that growth improvement, falling unemployment and the massive current account surplus that Europe – not just Germany – is running is not being talked about. “France is almost back to a balanced trade account. Spain has a current account surplus. These are not getting to the front page of the news, but they should once the euro no longer falls.”
Sterling: Impact of Brexit
The pound was at 1.50 and has fallen some 18 percent in 18 months, so it has already priced in all sorts of negatives. There’s a likely, albeit short-lived, recession coming; London will be less and less attractive. Sales forces of distribution and financial services could well be relocating away from the city of London, which means a lot of high earners could leave, and the UK could well be faced with a balance of payments problem longer term.
“The UK imports 50 percent of their food and energy in a currency that is 20-25 percent more expensive. They export 50 percent to the EU, but the EU only exports 9 percent to the UK. So the UK has so much more to lose with Prime Minister Theresa May in a tricky position.
Mr Hall believes that the pound will continue to underperform other currencies. The UK is likely to suffer from stagflation – “the worst enemy of any central banker” – and if interest rates are raised to combat “temporary inflation” due to transient oil prices, they’ll push the economy down. “I believe that the UK is going to face a difficult two-year negotiation phase with recessionary risks. One way to combat that is to keep the Brits at home with an undervalued currency. So, even though the pound may have priced in a lot of these negatives, it is not going to represent a saviour for the other currencies and that is precisely why gold has seen its resurgence.”
US dollar: Trump l’oeil
Explaining that markets had been giving President Trump the benefit of the doubt that he would deliver on simulative growth and jobs, US interest rates for 10-year government bonds have doubled. Yet now, all of a sudden, “we are starting to see a correction of this perception. All else being equal, the prime driver and catalyst for currencies remains interest rate differentials and the dollar index is tightly correlated.”
Mr Hall thinks that by September “we will be talking about tapering” in Europe. “If we get a combination of Trump who doesn’t deliver as expected, and the far left or right doesn’t win in France, Angela Merkel is returned to office in Germany, the euro might well move back up to where it should be whereby the fundamentals will start to matter again.”
Krone: Norwegian currency will lead
Mr Hall predicts the strongest currency in Europe over the next two years will be the Norwegian currency, the krone. “Norway, has the biggest sovereign wealth fund in the world, is AAA and has an enviable current account surplus – they put so much money away for future generations because they know they are going to run out of oil at some point, Norway may be the first European nation to raise interest rates and their currency is currently attractive following the recent swift fall in oil prices.
Bond prices have likely peaked. You are wise to assume currency diversification. Forex is a stand-alone asset class.
The choices you have today for yield enhancement are few and far between, whereas stock markets are close to record highs in the US, and European stock markets have also rallied handsomely. People say that bad news is always dollar positive, but this time it may be different. Our crystal ball is for a gradual reversion to euro-dollar mean valuation and hedging the potential weakness of the dollar against the resurging euro is something we want to start contemplating with our customers. The optimal moment to take profit on the dollar could well be within the next two to three weeks, following the French election news.
Mr Hall, offered some final advice: To keep it simple, we are pessimistic on Japan’s currency, we think people should borrow Yen, and invest elsewhere. Gold is a must-have for diversified portfolios. We prefer the Norwegian krone to the euro and the euro is almost too cheap to be sold against the US dollar. We believe the US dollar is in a peaking phase against most currencies except the Yen.
Article first published April 19, 2017.
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The 25th Economic Morning of the Nice Côte d’Azur Metropolitan area was held at the Grimaldi Forum 
