The Republic of Cape Verde has become the 135th state to establish diplomatic relations with the Principality of Monaco.
HE Jose Luis Fiahlo Rocha, and HE Isabelle Picco, Permanent Representatives to the United Nations, signed a joint communiqué on Thursday, August 10, by which the two states, members of the International Organisation of French-speaking Nations and the Community of Portuguese-Speaking Countries, will further develop their bonds of friendship and cooperation.
An archipelagic African tropical state in the centre of the Atlantic, the Republic of Cabo Verde as it is officially called, has an exclusive economic zone of 800,561 km2 for a territory of 4072 km2 and a continental shelf of more than 5000 km2.
By establishing these diplomatic relations, Monaco is strengthening its collaboration with an island state whose economy, mainly based on tourism, is particularly impacted by climate change.
An example of democracy, success and stability in West Africa, Cape Verde, known for its Creole Portuguese-African culture, began very early in the fight against drugs and strengthened its ability to respond to the challenges of its security while developing its infrastructure, agriculture, and ensuring access to water and sanitation, employment and social services.
Cape Verde will be the second port of call of Yersin, of Monaco Explorations, which will carry out scientific research there in September.
Monaco striker Radamel Falcao has slipped from the grasp of AC Milan after a €30 million bid was rejected, according to a number of press reports.
However, the resurgent Colombian player is too important for Monaco to loose, especially if Kylian Mbappe does jump ship to PSG or another top-rank European club. The consensus is that it’s too late for Falcao to leave, as the French Ligue has already begun and it would be difficult to replace him.
The 31-year-old striker scored an impressive 30 goals across all competitions for Monaco last season, following a disastrous loan spell to two UK clubs.
Six young women of Bosnian origin have been arrested at an apartment in Carros and placed in pre-trial detention following a lengthy crime spree along the coast. Two among them, minors, were admitted to children’s homes.
The young thieves specialised in handbags, according to the police, who discovered scores of luxury bags and banknotes in several currencies, including Saudi riyals, US, Australian and Hong Kong dollars, and Chinese yuan.
The targeted victims were mainly tourists from Asia. Apparently these holidaymakers have a reputation for paying in cash, and carrying large sums of money on them. The thieves remitted their cash gains to Bosnia using money orders.
A summer-long investigation by special officers reportedly identified a total of 60 thieves.
The number of British citizens who have requested French nationality rocketed by 254 percent last year in the wake of the Brexit vote, according to Interior Ministry figures.
The numbers remains relatively small out of the total of Britons living in France, estimated to be up to 400,000, but the increase has accelerated since January, suggesting the figures for 2017 could be far higher. In Picardy, some 27 requests have been sent in this year, compared to zero in 2016.
“These are Britons who have been settled in France for a long time, often married to French nationals,” said the Oise prefecture. The vast majority are older expatriates.
“In interviews, they have said that Brexit prompted them to ask for French nationality, as they had serious concerns about the possibility of being able to live in France after the negotiations.”
It takes about 18 months for an application to be processed, and, as can be imagined, the paperwork is extensive. The application process requires legalised birth and marriage certificates, criminal records (all translated into French by a recognised translator) as well as a French “integration language” test for the under-60s.
In an follow-up interview, applicants must demonstrate their ability to speak in French correctly and “sufficient knowledge of the history and culture of French society”.
The total number of application for French citizenship jumped from 385 in 2015 to 1,363 last year, a record number. However, the increase in the number of applications in France falls far short of neighbouring Germany, where the numbers increased by 361 per cent last year to 2,865.
Axel Sategna is one of thirteen students to complete the first year of the International University of Monaco’s “Monaco Banking and Financial Services” Bachelor Program.
IUM’s Bachelor of Finance is an apprenticeship program whereby students work Monday to Wednesday, in one of a dozen banks in Monaco, which include BNP Paribas, CMB, Société General, Union Bancaire Privé, CFM Indosuez, BNP Wealth Management and Barclays, for which they are paid, and the rest of the week they attend classes specialising in Monaco’s financial sector.
Mr Sategna was born in Monaco and began his apprenticeship training in Nice. In 2016, his third year, he decided to go to IUM for the Bachelor of Finance program. “It has a good business reputation,” the 22-year-old explained. “The courses are taught in English, and it’s also a work-study program, which meant I could continue my apprenticeship at Barclays that I started two and half years ago with another school while finishing my education.”
Growing up in Monaco, Mr Sategna shared that as a young boy he dreamt of maybe being a policeman but discovered the world of finance when he was eight or so. “My father’s friend worked in the finance and banking. I was attracted by what he did and it became a project.”
IUM’s 80 nationalities is a reflection of Monaco itself
He said that while studying in Nice his degree was quite broad, pertaining to managing a commercial entity. “I have learned so much about the banking sector since I joined Barclays Monaco. I also discovered the areas I needed to improve, such as my English, which is really important because Monaco is so international.”
Citing that IUM has some 80 different nationalities, which “is a reflection of Monaco itself”, Mr Sategna added, “The ability to work with other cultures is another skill I have to develop. I realise that I need to continue my studies in finance to a Master’s level to get the expertise to deal with the specific needs of clients in Monaco – and I’d like to do an option in hedge funds and private equity.”
Describing both work, and especially customer service, and the intensity of IUM courses as tiring, Mr Sategna still believes that doing a Master’s rather than trying for a full-time work contract with a bank is the right move. “I need the level of a Master’s degree to show potential employers that I have not just financial but also a broad range of skills. For example, as part of IUM’s Master’s program, I have the possibility to go to London – “The London Track” as they call it – as well as to do a 6-month internship anywhere in the world. Ideally though, I’d like to do this internship somewhere outside Monaco for both personal and professional reasons, to see other cultures, other systems, other mentalities.”
However, while Mr Sategna thinks the US or London could be interesting from these perspectives, he feels many employees come from London, and the idea is to present a different profile. “Singapore, or a major financial centre like that, would be very enriching.”
Mr Sategna, at ease in his suit and tie, has a maturity that might escape other Monaco residents the same age. “We all change, but the speed of this change is different. During my time at Barclays my point of view has certainly expanded.”
Finance is not the Wolf of Wall Street
“Like other people, I used to think that finance is like the Wolf of Wall Street, for example. But, in reality, there is governance to guide us: there are regulations.
Mr Sategna was only 19 when he started at Barclays and recalled he felt nervous and lost on his first day. “Everything was new. My colleagues were from different countries, had different mentalities, were different ages, and I didn’t know a thing about finance or banking. I tried to understand what my co-workers were doing in front of their computer screens. Since then, I have gained confidence and have better communication, and I interact more with people, we use the same language.”
He added there’s a good atmosphere at Barclays Monaco. “We are unified. We work together well, with a good cohesion between the back, middle and front offices.”
Mr Sategna, who said his strongest asset is his determination – “I never give up” – recommends IUM’s Bachelor of Finance program to those even who may not have the right background, “It’s a great program but intense, so you have to be motivated.”
A “Made in Monaco” program The course, which is taught in English, is divided into three core areas tailored to a “Made in Monaco” theme: the technical side of the industry such as markets, products and the banking system; the culture of the industry and very high-end customer service; and regulation and etiquette.
“I am interested in all the main subjects, from accounting through finance markets to macro economics, because it’s all linked to politics, and everything has an impact.”
Mr Sategna appreciated the teachers’ experience, which he described as “high level” allowing the students to apply theory to real life scenarios.
Stating that since he began working at Barclays his goals have changed, Mr Sategna now sees the added value in travel, although he would be happy to build his career in Monaco.
“Given my little experience and from what I have learned from my courses, my dream job would either be to create a fund, in Monaco, or outside, or work as an asset manager.”
He specified, “I like the communication aspect and the psychological aspect of understanding a client’s needs linked with the finance and economy aspects.”
A French lawyer who stalled his car in the middle of the road at Port Hercules while over the drink-drive limit has been fined €800 by Monaco’s criminal court. The thirty-two-year-old jurist had faced a penalty of between €1,000 and €1,500.
The incident took place on May 3, at about 1 am, not far from police headquarters, as the lawyer was driving towards Nice after a night out in Monaco. Although the lawyer managed to restart his vehicle, the police quickly arrived on the scene to breath-test him having observed the driver’s erratic conduct on CCTV.
Axel Sategna is one of thirteen students to complete the first year of the International University of Monaco’s “Monaco Banking and Financial Services” Bachelor Program.
Finance is not the Wolf of Wall Street
