Day: 11 December 2018

In July 2016, after several years of negotiations with the French authorities, the Principality of Monaco set itself the legal arsenal necessary for setting up teleworking, thus creating a clear, framed and protective mechanism for both employees and employers.

In a survey of the main companies using this new way of working, the Labour Department gathered feedback from several of the companies.

For Didier BEYNET, Director of the SINGLE BUOY MOORINGS Group:

“It is wrong to think that teleworking does not allow control. On the contrary, teleworkers are available and more responsive to their daily production. They are eager to show their responsiveness.”

Mrs. MAMOLA, EXPERIAN MONACO HR Director:

“Teleworking does not complicate meeting planning and does not require adapting work tools or adopting new tools. Teleworking does not interrupt the proper functioning. Moreover, we have easily gone from 1 day to 2 days of teleworking per week.”

For Mr. AUDRAN of SOCIETE GENERALE DE MONACO:

“The trip gain is reinvested in the work and if that does not suit, the employee can decide to stop teleworking and thus go back.”

The Labour Directorate emphasizes: “The best balance between private and family life, the benefits on the reduction of fatigue and stress, and the positive image given by the use of this device to potential recruits.”

This meeting is in line with the desire of the Labour Department to continue to manage this system, both as regards the support of employers during its implementation and at the end of this phase, in practice. even within companies, in order to continue to guarantee the success of this new form of work organization.

The Minister-Counselor Didier Gamerdinger, supports this mode of exercise of activity. He said “I believe in it a lot”. As an extension of the actions of his predecessor, who signed the agreements with France, he said “I asked the Italian authorities to think together about the possibility of opening to the transalpine the possibility of teleworking.”

Officially inaugurated by the Sovereign Prince, MonacoTech, the startup programme created by the Monegasque State, in partnership with Monaco Telecom and Xavier Niel, has become an integral part of the local economic landscape.

MonacoTech supports companies or projects of innovative companies with high growth potential to establish themselves in the Principality in the long term, so that they fully benefit from the Monegasque ecosystem while being in harmony with the vision and Monaco’s strategy.

The positioning chosen is based on several key principles: high selectivity, high standards, attractive, high-end and collaborative environments, tailor-made follow-up and constant challenge to entrepreneurs.

After a little over a year of existence, MonacoTech launched 3 calls for applications: June, September 2017 and April 2018, totaling more than 230 applications from some 30 countries. 24 startups were supported and 16 startups are still in the program.

The sectors represented are varied (cleantech, fintech, medtech, smart city, yachting, storage, space industry, events) and are all relevant for development in the Principality. Since the launch of MonacoTech, the jobs created in Monaco (excluding trainees) number 24.

For more information: monacotech.mc

Ravenscroft has opened an office in Monaco as part of its continuing plans for growth and expansion.

The company, which now has £6.5bn of assets under administration, has formed a partnership with Tavira, a specialist in global execution services for commodities, derivatives and equities, which already has an office in the principality as well as in London and Dubai. The joint venture, which is known as Tavira Ravenscroft, has had its application to operate approved by the CCAF (Commission de Controle des Activites Financieres) in Monaco.

‘This is incredibly exciting news for Ravenscroft. A core part of the company’s long term growth strategy is to offer our range of services in jurisdictions which share similar characteristics to the Channel Islands where we are very proud to have our headquarters,’ said Ravenscroft group managing director Mark Bousfield.

‘That growth will come organically, through acquisitions and through finding like-minded partners as we have with Tavira. Over the last decade, we have been building Ravenscroft, expanding our services and adding the right calibre of staff across all parts of the business to allow us to export the model, which has delivered the success we have enjoyed to date, to other jurisdictions. Tavira Ravenscroft will offer our key services such as execution only trading, advisory investment and discretionary investment management to Monaco’s residents.’

Eliot Goodfellow, founder and CEO of Tavira, said the joint partnership brought benefits to both companies.

‘We recognised there was a need for a different investment approach for Monaco residents and so we are delighted that we have found a partner in Ravenscroft which will allow us to expand our offering to not only our existing clients, but prospective ones as well.’

Following the approval from CCAF, Ravenscroft and Tavira put together a team to progress the plans and work closely with Monaco’s Department for Economic Expansion.

Ravenscroft’s head of trading and market making Dale Acton, who has been with the company since its inception in 2005, has moved to Monaco to head up the new business. He will be joined by his partner Debbie Wilson, who has worked for Ravenscroft’s investment management team since 2008.

‘This is an exciting opportunity with enormous potential and I am confident that Tavira Ravenscroft will be welcomed by those living in the Principality,’ said Mr Acton.

‘We are well-versed in providing a broad range of financial services in a professional, bespoke and friendly manner, and in operating in smaller locations where we can be a part of the community. I’m confident that investors will find a company with those credentials and attributes very appealing.’

Ravenscroft, whose chairman and major shareholder is Stephen Lansdown, CBE, founder of Hargreaves Lansdown, has offices in Guernsey, Jersey and the UK. It recently announced it had acquired Royal London Asset Management CI Limited and Royal London Custody Services CI Limited to expand its existing cash management offering. This followed the acquisition of precious metals specialist BullionRock in December 2017 and a 25% shareholding of MXC Capital (UK) Limited in August.

H.S.H. Prince Albert II visited the Emirate of Dubai on 27 and 28 November 2018.

On Tuesday 27 November, Prince Albert II of Monaco delivered the opening speech at the Conference co-organised by His Foundation and the American University of Dubai on the theme of Clean Mobility and Renewable Energy.

Several Monegasque personalities spoke at this round table, including HE Bernard Fautrier, Vice President and Managing Director of the Prince Albert II Foundation, Pierfranck Pelacchi, Marketing Manager of the Monegasque Electricity and Gas Company (SMEG), and Gildo Pallanca Pastor, Consul General of Monaco in New York and owner of Venturi Automobiles.

In His speech, HSH the Prince recalled His personal commitment to environmental issues for over 25 years, the actions He has undertaken through His Foundation for over 10 years and His Government’s commitment to implementing sustainable solutions to promote the Energy Transition, Sustainable Mobility and the promotion of Renewable Energy.

In the evening, the Sovereign Prince participated in a gala dinner presenting His Foundation’s actions all over the world.

To open the soiree, the Monaco Inter Expo (MIE) team, led by HE Mireille Pettiti, Chair of the MIE Board of Directors, and Albert Croesi, Managing Director of MIE and General Commissioner of the Monaco Pavilion, gave a private presentation of the Principality’s participation in the Dubai World Expo 2020. A video evoking the spirit of the ‘Monaco 360, a World of Opportunity’ Pavilion was screened.

During this visit, the Monaco Economic Board organised, from 26 to 29 November 2018, an economic mission with a delegation of businessmen and businesswomen to enable them to meet their local counterparts.

Thus, HSH Prince Albert participated on 28 November in the opening of the economic conference between the Dubai Chamber of Commerce and Industry and the Monaco Economic Board. He witnessed, alongside HE Majid Saif Al Ghurair, President of the Dubai Chamber, the signature of a Memorandum of Understanding between the two economic entities represented respectively by SE Hamad Buamim and Michel Dotta.

Later, the Sovereign Prince went to the International Humanitarian City, where was welcomed by Her Excellency Reem bint Ebrahim Al Hashimy, Minister of State for International Cooperation of the Emirate of Dubai, for a presentation of the organisation and infrastructure of this 127,000m² logistics centre dedicated to humanitarian aid.

This organisation founded in 2003 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Emir of Dubai, brings together 80 members, including 8 United Nations agencies, 20 commercial enterprises and non-profit organisations.