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Day: 25 September 2019

MYS series: Opulence’s growing conscious

by: Staff Writer
25/09/2019

Hydroponic gardens, tennis courts and luxury dog homes are all features that superyacht designer, Dickie Bannenberg, has been asked to incorporate into his designs.

“It’s a crowded market. Middle-of-the-road design is not going to shine,” Bannenberg says.

But along with jacuzzis and recording studios, today’s designers are now also being tasked with developing laboratories, specialist equipment for underwater research and cabins for a travelling team of scientists.

One example of these ‘exploration yachts’ is on show at the Monaco Yacht Show for the first time this year. The Octopus is owned by the late co-founder of Microsoft, Paul Allen, and is packed with helipads and two helicopter hangar spaces, a glass-bottomed observation lounge, a cinema, basketball court, beach club and recording studio where Mick Jagger recorded tracks for his new band Superheavy.

Just over 30 new models are in build and three more have already launched this year.

Octopus has often been loaned for exploration, scientific research and rescue missions, including a search for crew from a missing plane and a scientific study of a ‘living fossil’ previously thought to be extinct.

“Exploration yachts are a trend we have seen for the last two years,” says Johan Pizzardini, Communications and Media Manager for the Monaco Yacht Show. “People don’t want to charter the most expensive yacht – they want a yacht with unique experiences.”

“This is particularly true for younger customers,” he continues. “If they’re cruising in the Antarctic, they’ll often invite scientists for a research project. It’s not just about sunning yourself in the Bahamas.”

Billionaire Ernesto Bertarelli has donated his 96-metre explorer superyacht, Vava II, to be used for several scientific expeditions. It has been loaned to the Zoological Society of London (ZSL) and other research universities from around the world.

Mark Duncan, Fraser Yachts Business Development Director, says: “I can think of four or five yachts currently under construction which are being built to an owner’s spec that include research facilities.”

One example is the 183-metre Rev Ocean, due to launch in 2020, accommodating a permanent team of up to 60 scientists. It’s being designed to research CO2 emissions’ impact on the oceans, plastic pollution, and unsustainable fishing.

The bigger, the better?

Perhaps this is one of the drivers for the growing trend for larger yachts reported by The State of Yachting 2019 report and the Yacht Show’s Pizzardini.

A number of yacht builders recently produced their first vessels of over 40 metres, according to the report. This could be because many well-known yacht builders now have full order books, it suggests.

Customers who want to upsize, without waiting for years for a bespoke model, will gradually get more ready-made new-builds to choose from.

However, Will Christie, Head of Sales at Y.Co, disagrees, saying: “Records will always be broken but we are actually starting to see some owners of very large 120-metre plus yachts wanting to scale back to smaller boats.

“Once you go above 100 metres, cruising can become rather restrictive, operational costs are clearly high and while the comfort is amazing, it’s not always as intimate an experience for the guests as being on board a slightly smaller boat,” he explains.

(Not) a liquid asset

Whether it has research facilities or Mike Jagger’s recording studios onboard, it’s no surprise that the industry estimate for superyacht expenditure is 10% of the build cost per year. This means a yacht should generally be viewed as a lifestyle purchase rather than a source of future revenue.

Bannenburg says: “There was a period before the financial crisis when there was an element of market speculation – people were buying shipyard building slots in order to sell them on quickly for profit,” says superyacht designer Dickie Bannenberg. “It only affirmed that a financial crisis was due. No one needs a yacht. It’s by and large the passion that drives them to do it.”

Financing your passion

It is this passion that is driving Norwegian businessman Kjell Inge Røkke to fund the construction and three years of operational costs of REV Ocean, a research yacht designed to advance understanding and conservation of the ocean, thought to cost about €452m.

For anyone looking to follow similar pursuits, there can be many options for financing such explorations.

For example, if you plan to spend your days cruising around the Med, buying a new build in the EU by finance can reduce VAT payments. Alternatively, securities-backed lending offers a responsive and flexible solution for clients to manage both their lifestyle and investment needs.

Securities-backed lending offers a credit solution that can be secured against investment assets held with Barclays. Clients can use the facility as liquidity for one-off purchases, such as a yacht, without disrupting their long-term investment goals.

 

By Victoria Beckett, writer for Barclays Private Bank

Foreign residents reminded to exchange driver’s licenses

by: Stephanie Horsman
25/09/2019

New residents of the Principality have one year to change over old driving licenses to local ones. If they fail do to so, their licenses will be considered invalid and they lose all legal rights to drive in Monaco.

The government has released a statement reminding the public that, as of 31st July 2019, a valid Monegasque driver’s license must be obtained within one year of being granted residency in order to drive in Monaco. 

The exchange process is streamlined for those who hold foreign permits recognised by the government, a list of which can be found on the Journal de Monaco, and is extremely extensive, including more than 120 countries worldwide. Application forms can be obtained from the Service des Titres de Circulation or online at the Monaco government website (www.gouv.mc).  

A few new procedures have been enacted to facilitate the process and even those who neglect to change their licenses in the required time period will have a chance to obtain their new permit without having to retake all of the theoretical and practical tests. They merely need to ask for the replacement after it has been confirmed by the Driving License and Traffic Safety Inspectors from the Service des Titres de Circulation.

The verification process involves submitting an application to a recognised driving school in the Principality and at least three hours of driving lessons must be undertaken for each category of permit the driver wishes to have. Then a 45-minute aptitude check will be given before the new license is issued.

For foreign nationals whose licenses are not recognised, the state requires registration to a local driving school to complete all tests necessary as if the driver had never held a license previously.

 

 

AS Monaco score first win of the season

by: Stephanie Horsman
25/09/2019

AS Monaco have finally broken the spell by winning a decisive 3-1 victory at home over OGC Nice.

In an exciting night for AS Monaco fans, the beleaguered team had a huge win over Nice in French league derby match on Tuesday night.

Russian midfielder Aleksandr Golovin was decidedly the game’s most valuable player scoring two goals and one assist. The first goal was taken in the 29th minute and the next in the 74th, both with skilful assistance from Cesc Fabregas. His assist to Wissam Ben Yedder six minutes later sealed the deal for the Red and Whites.  

A disappointing reversal for an Islam Slimani-led 4th goal occurred when it was reported Gelson Martins had been offside in the build-up, but this did nothing to stop the team from keeping up momentum.

Nice’s sole goal was made by Martinique-born fullback Patrick Burner early in the second half.  

The win takes some of the pressure off coach Leonardo Jardim, but it will take more than one win to get the Red and Whites back on track.

“Unfortunately, the season does not start tonight,” said Jardim in a press conference after the match. “But this victory is a promising start.”

 

 

Prince names two new government ministers

by: Stephanie Horsman
25/09/2019

Upon notice that long-time Government Counsellor-Minister of External Relations and Cooperation Gilles Tonelli will be retiring, HSH Prince Albert II has had the opportunity to make a few ministerial changes.

The position left open by Mr Tonelli will now be taken on by former Director of Judicial Services, Laurent Anselmi. Prince Albert praised the work done by Mr Anselmi and says he is happy to see him elevated to his new position. He also applauded the outgoing Mr Tonelli for all his years of service to the Prince’s government.

After careful deliberation, it has been decided that Mr Anselmi’s role will be taken over by current Procurer General of the Aix-en-Provence Court of Appeal, Mr Robert Gelli. Mr Gelli was a former president of the National Conference of Public Prosecutors and was public prosecutor of the Republic of Nîmes from 2002 until 2012, then of Nanterre from 2012 to 2014. He went on to serve as Director of Criminal Affairs at the Ministry of Justice from 2014 to 2017, before being appointed to Aix-en-Provence. 

The Sovereign Prince also took this opportunity to remind the people that, as justice is handed out in his name, his wish is that everyone gets fair and independent treatment under the law. In order to best achieve this, a third cabinet will soon be joining the judiciary that includes two additional judges, one of whom is a financial affairs expert.

The changes will take effect on 21st October 2019.

Landmark climate report warns of ‘unprecedented’ catastrophes

by: Cassandra Tanti
25/09/2019

Natural disasters that used to occur once per century will hit at least once a year by 2050, and sea levels will rise above one metre by the end of the century. These were just some of the many alarming messages to come out of Monaco on Wednesday with the release of the latest assessment of climate change on the world’s oceans and ice caps.

The Intergovernmental Panel on Climate Change (IPCC) released its report at the Oceanographic Museum on Wednesday, concluding its 51st session held in the Principality over previous days. More than 100 scientists from 36 countries worked on the report, titled the Special Report on the Ocean and Cryosphere in a Changing Climate. It is the last of three special reports from the IPCC following last October’s urgent report that showed the world may only have until 2030 to keep global warming below 1.5°C, and August’s report on climate impacts to the planet’s lands.

According to the report, if greenhouse gas emissions continue to increase strongly, sea levels could rise by over one metre by the end of the century, while underwater heatwaves will devastate marine ecosystems. It is just the latest scientific evidence showing that human-induced warming is rapidly taking the planet down an uncharted path.

“We are in a race between two factors. The first is the human eco-system’s capacity to adapt and the other is the speed of impact of climate change,” said IPCC chair Hoesung Lee during Wednesday’s press conference. “And this report, as well as our previous land report, indicate that we may be losing that race. We need to take immediate and drastic action to cut emissions right now, especially from next year if we want to achieve carbon neutrality by mid-century.”

The report reveals that glaciers, snow, ice and permafrost are declining and will continue to do so. This is projected to increase landslides, avalanches, rockfalls and floods. If greenhouse gasses remain high, tropical cyclones and rainfall will become more intense.

“Extreme sea level events that [occur] once per century in the recent past are projected to occur at least once per year at many locations by 2050 in all scenarios,” says the report.

The ocean is absorbing 90% of global warming, reducing the supply of oxygen and nutrients for marine life. Marine heatwaves that sear through the ocean like underwater wildfires have doubled in frequency since 1982 and are increasing in intensity. At this rate, coral reefs will suffer major losses and local extinctions.

Across the ocean, heat, acidification and lower oxygen is set to cut fisheries by a quarter and all marine life by 15% if emissions are not slashed.

Meanwhile, if greenhouse gas emissions continue to increase strongly, around 70% of near-surface permafrost could be lost. This is an alarming projection because permafrost, or frozen ground, hold large amounts of organic carbon, almost twice the carbon in the atmosphere, and have the potential to significantly increase the concentration of greenhouse gases in the atmosphere if they thaw.

“The message has been received, and society and policy makers have the choices in hand to take rapid action as needed to keep those changes under control,” said Hans-Otto Pörtner,  co-chair of IPPC WG2.

The IPCC Special Report is a key reference for world leaders gathering in forthcoming climate and environment negotiations, such as the UN Framework Convention on Climate Change Conference (COP25) in Chile in December.

“I find this report to be unprecedented in the fact that it paints a complete picture of changes to water on the planet, from the highest mountain glacier regions to the depths of the oceans,” said Ko Barrett, vice chair of the IPCC. “Water is the lifeblood of the planet and the changes that are highlighted in this report have an impact on everyone.”

The Prince Albert II of Monaco Foundation will be hosting its Monte-Carlo Gala for the Global Ocean on Thursday 26th September, during which millions of euros are expected to be raised for the foundation’s ocean initiatives.