Didier Gamerdinger (fourth from left), guest speaker at the JCE Monaco networking breakfast. Photo: DC
Didier Gamerdinger, Minister of Health and Social Affairs, was the guest on Friday, October 6, at a breakfast debate organised by the Junior Chamber of Commerce on the role of the State in the fight against undeclared work.
He said that the Principality is vigilant on the issue and is working towards one of the lowest rates in Europe.
Mr Gamerdinger said that undeclared work hurts all involved: “Everyone is a loser: the wage-earners, the employers who play the game, the social funds, and the State. The message of the Government is clear and firm: undeclared work has no place in the Principality.”
Nearly 1,400 workers were checked during the summer, mainly in the building and catering sectors. These operations were carried out by the Labour Inspectorate in collaboration with the Directorate of Public Safety.
If necessary, checks may also carried out by the Division of Food Safety and Security. A new tool simplifies State controls in the construction sector, with a professional index for each building.
Any infringement results in immediate exclusion from the site and information is sent to the Public Prosecutor’s Office. The penalty – which is applied to the employer, never to the employee – can amount to a fine of up to €9,000 in the event of a repeat offence.
The Minister pointed out that the undeclared worker, without any social security or accident insurance, finds himself in a position of extreme precariousness. Before replying to questions from the audience, he said: “The Government is carrying out major, significant and methodical actions and intends to continue its checks.”
The Principality has 56,000 employees in the private sector while the resident population is just over 38,000.
Airlines serving Nice and other airports in France have been asked to reduce the number of flights by 30 percent on Tuesday, October 10, due to a strike by air traffic controllers and other state workers. Disruption is likely to start late on Monday and extend into Wednesday.
The airports affected are Paris-Charles de Gaulle, Paris-Orly, Beauvais, Lyon, Nice, Marseille, Toulouse, Bordeaux and Nantes.
“Disruptions are expected across the country,” a spokeswoman of France’s Directorate General of Civil Aviation said.
A number of unions have come together for the day of “inter-professional action” in protest against “attacks on the status of civil servants, the suppression of 120,000 public jobs, threats to the 35-hour week, and attacks on our pensions”, according to a joint statement.
About 200 beneficiaries of the Social Action Service of the Town Hall gathered at Espace Léo Ferré on Thursday, October 5, for the traditional autumn tasting.
Welcomed by Mayor Georges Marsan and several members of the Communal Council – 1st Deputy Deputy of the Social Action Service-Home Support Section Camille Svara, André J. Campana, Henri Doria, Chloe Boscagli-Leclercq and Claude Bollati – joined in the applause for the Orchestra of the Prince’s Guards, who graciously offered the musical entertainment for the afternoon.
In thanks, the Social Action Service had prepared a surprise, a superb cake bearing the effigy of the Prince’s Carabinieri on the occasion of the celebration of their bicentenary in 2017.
On their arrival, the elected representatives took pleasure in greeting all the guests from table to table, offering a rose to each. These biannual meetings, organised in the spring and autumn by the City Council, offer conviviality for the beneficiaries who appreciate the warm and festive atmosphere.
Strawberry cake, sweets and petits-four, as well as hot and cold drinks and cider, accompanied the musical afternoon.
At the official table, the Mayor and the elected representatives were joined by Véronique Segui-Charlot and Nathalie Vaccarezza, Director and Deputy Director of Action and Social Welfare of the Prince’s Government, as well as Commander Maxime Yvrard of the Sappers Corps-Firemasters of Monaco.
Romain Bugnicourt, Head of Section at SICCFIN, member of the evaluation team of the Fifth cycle of Andorra. Photo: SICCFIN
The Mutual Evaluation Report of the Fifth Cycle of Andorra was adopted at the 54th Plenary Assembly of Moneyval, which took place from September 26 to 28 at the Council of Europe in Strasbourg.
The Principality, represented by Romain Bugnicourt of SICCFIN (Financial Circuits Information and Control Department), Monaco’s financial compliance chief, was part of the evaluation team, alongside representatives of France, Romania and the Isle of Man.
Moneyval, a regional body of the Financial Action Task Force (FATF), assesses its member countries’ compliance with international anti-money laundering and counter-terrorist financing according to AML/CFT standards.
For the fifth cycle, the evaluation focuses on the effectiveness of each country’s system.
The Andorra assessment involved a technical analysis of regulations, followed by a fifteen-day on-site visit where all the public and private players of the AML/CFT system were met – banks, law firms and lawyers, management companies, supervisors, prosecutors, judges, police officers, and others – and several meetings were held in Strasbourg.
Antonio Cecere, founder and Vice-President of Monaco Diamond Exchange, speaking in St Petersburg at the WealthPro Russia 2017
Antonio Cecere, Founder and Vice-President of Monaco Diamond Exchange, spoke recently in St Petersburg at the WealthPro Russia 2017 to an audience of 300 delegates from the leading regions of the Russian Federation and other countries of CIS, EU, Middle East and Asia.
Introduced by moderator Maxim Simonov, Mr Cecere discussed on September 26 the state of the diamond industry today and set out to demonstrate how, due to macroeconomics, decreasing limited supply, increasing demand and the evolution of the sector, diamonds are a mid- to long-term investment with a positive outlook.
The principal of Cecere Monaco described diamonds as alternative investment and stated: “Diamonds’ ability as an investment is traditionally that to retain, relocate and pass on wealth; this is facilitated by taxation, the high concentration of value per gram, their role as consumer products and advantage as untraceable physical asset.”
Cecere explained how the global demand of rough-diamond in the next 15 years is forecasted to grow at an average annual rate of about 3 percent to 4 percent, and the supply is projected to decline by 1 percent to 2 percent, causing the gap between supply and demand to widen starting in 2019. He said: “We expect demand for rough diamonds to recover from the recent downturn and return to its long-term growth trajectory relying on strong fundamentals in the US and the continued growth of the middle class in India and China.”
Mr Cecere proceeded to discuss the merits of fancy colour diamonds and said: “Fancy Colour Diamonds are a hard asset that can hedge against inflation and the devaluation of paper money with low correlation to other asset classes and almost zero correlation to equities. Prices have had an uninterrupted upward trajectory and continuous appreciation for over five decades – historical CAGR across colours/size over 70 years is approximately 12 percent.”
He explained that fancy colour diamonds are identified as stable and high growth alternative asset class against a backdrop of global market volatility. Fancy colour diamonds, across pinks, yellows and blues, have increased in value by 167 percent on average since January 2005, outperforming other leading asset indices in a similar period, for example, the Dow Jones Industrial Average has increased 58 percent, and Standard & Poor’s 500 has increased 63 percent and London house prices have increased 82.1 percent.
Also presenting at the seminar was Dr Alexander Lins, professor of Law at University of Liechtenstein and advisor to the Liechtenstein Government, who was recently involved in the Tax Treaty with Austria and discussed at the conference the merit of Liechtensteins as an International Financial Centre.
WealthPro Russia 2017 is the first of a number of talks held this autumn in the region on the topic of wealth management and it will be followed by the InvestPro Kazakhstan to be held in Almaty on October 25-26.
ML: How did you end up in Monaco? DB: I grew up in Berlin, back when the Wall served as the horizon. It was there that I met my husband Thierry Boutsen and we moved to Monaco together.
ML: When did you start Boutsen Design? DB: Ever since I was little, I’ve always loved design and exquisite objects. During art school I discovered a passion for fine tableware during an apprenticeship at the renowned porcelain manufacturer KPM in my native Berlin. Later in life I joined my husband’s company Boutsen Aviation, which specialises in selling business jets, and when a client commissioned me to outfit the entire interior of his aircraft, Bousten Design came to be in 2012. I knew this is where I could put my love of design to good use.
Thierry and I don’t work together; we are in the same industry and obviously collaborate, but our offices and teams are apart.
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ML: How do you define luxury? DB: Luxury is a question of point of view. Sometime it’s working with beautiful handcrafted pieces and prestigious projects and sometimes it is just about spending time with family.
ML: Can you talk about your clientele and recent projects? DB: We have a varied clientele with highly sophisticated tastes. As far as recent projects, I’m very happy to talk about the exiting collaborations I have coming up for the Monaco Yacht Show, such as bringing together under one roof the president of Boeing Business Aviation, Gregory Laxton, and Linda Pinto of Alberto Pinto Design to showcase our House of Excellence.
We are highlighting our achievements in the Aviation Industry that has naturally also extended into Yachting and Residential projects. In this way, we can advise our clients on their different projects with one seamless experience.
ML: Is designing an aircraft similar to designing a yacht? DB: We specialise in the decorating process that compliments the interior design. Doing an aircraft is the master category because of the diligence of respecting technical issues and it requires a high knowledge about air safety regulations and also about dealing with extremely small spaces. Yachts are easier, but we still have to consider the placement aspect and sea fastenings. Residences are a breeze!
ML: What is the 4D concept? DB: This refers to the pillars by which we can seamlessly manage and execute our bespoke services: Discover, Develop, Design, and Deliver.
ML: What are some of the current design trends you see? DB: Lately I must say people are going for more traditional and classic styles, back to pieces and brands that have royal and empire style with history and lots of craftsmanship and details.
That’s why I am very exited to bring ODIOT to present at the Monaco Yacht Show this year. They are the perfect example of a brand with history; it’s exiting and an honour to work with brands that had commissions by Napoleon and the courts of Europe.
ML: Can someone develop an eye for design, or is it natural instinct? DB: I think it can be both. But, for sure, there has to be a natural instinct to be able to do it well. One can learn what the famous or trendy brands are, but to bring it together there has to be a natural affinity.
ML: You host a breakfast during the Monaco Yacht Show. Do you do this every year? DB: Indeed, it’s becoming a tradition! We do a breakfast everyday in our showroom as we find it is a great opportunity to host our clientele during these important days in the Yachting world and for them to discover the exclusive collaborations we have. Key representatives from such brands as Atelier Swarovski come to present their most important pieces. It provides an opportunity to see design pieces only available to a VIP clientele.
ML: How did you become involved with the Gustavia Yacht Club in St Barts? DB: First let me say that the recent natural disaster that caused so much devastation in the area was completely disheartening. I am joining Stelios’ efforts for St Barts and will have collection boxes at Boutsen Design events during the Monaco Yacht Show. All the donations will go towards helping people in the area. They will need it.
I love St Barts, I am a big fan. It came naturally as Sir Stelios Haji-Ioannou is the commodore at Gustavia and when I was asked to become a member I jumped at the opportunity because of the connection I feel between Monaco and St Barts.
ML: What’s the hardest part of running your own business? DB: It’s a question of being very well organised to run a good company and have a family life. It’s not hard because I love it.
ML: What is this advantage and disadvantage of being a woman in business? DB: I strongly believe that we should no longer make a distinction; there are challenges in any business both for women and men.
ML: What is the one app you cannot live without? DB: My iCloud family calendar with my husband Thierry. It keeps us on the same page.
ML: You work in the world of luxury. What is luxury to you? DB: Time with my family at home.
Q&A with Daniela Boutsen, founder Boutsen Design
