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Day: 9 December 2019

Monaco posts budget surplus for 9th year running

by: Stephanie Horsman
09/12/2019

Monaco has been running an extremely tight economic ship for nearly a decade now, with new figures showing that the Principality has recorded its ninth consecutive year in the black. 

Last Friday, Minister of State Serge Telle and Minister of Finance and Economy Jean Castellini held a breakfast press conference at the Ministry of State to announce the initial budget plans for 2020.

The Minister of State was proudly able to explain that the government has been running at a surplus, saying that Monaco’s government is the “protector and stimulator (of the economy) where in other countries, the State is erased in the face of globalisation.”  He went on to say, “For the 9th consecutive year we have a budget surplus. It is the result of a policy of a government that works on attractiveness and on economic development.”

One of the key areas this surplus will be used in is housing. The new budget is allocating an unprecedented €174 million to new housing projects, which translates to roughly 200 more homes by October of next year. The goal is to deliver 900 in total by the end of 2023.

He also addressed the Jardins d’ Apolline fiasco, and how the government was able to rectify the problems promptly and efficiently due to the strong health of Monaco’s finances.

Other important issues touched on were mobility, quality of life and the digital transition programme, and how the economy’s strength is allowing these changes to occur, but also to point out that the policies enacted are creating savings in the long run. For example, digital transition will save 3.4 tonnes of paper each year, which clearly translates into monetary as well as environmental savings.

Mr. Castellini reminded those present that it is not all dollars and cents, stating, “In the economy, there is the human and the social. We create jobs…1,600 in one year. Job creation in 2019 is well above the average of the last 10 years. This testifies to the attractiveness of the Principality.”

Mr. Telle wrapped up the meeting with a vow to augment commitments to the citizenry in terms of the aforementioned housing, digital transition and mobility plans as well as to remind everyone of the achievements already being made.

 

Top photo: Communication Department / Charly Gallo

 

Princess in Dubai cheering on Impi’s rugby team

by: Stephanie Horsman
09/12/2019

Princess Charlene, true to her own athletic roots, has been making the rounds in support of Monaco sports, first in Abu Dhabi at the Grand Prix and then in Dubai for the Rugby Sevens.

The Princess has been on the road the last couple of weeks in support of her adopted country’s athletes.

She was present at the last race of the Grand Prix season in Abu Dhabi to urge on hometown favourite Charles Leclerc, whom she saw on the podium after coming in a strong third place.

A few days later, she made her way to Dubai, home of the Rugby Sevens tournament, where a team dubbed the Impi’s, comprised of Monegasque and international players, took on teams from around the world.  

Mathew Drew Turner, HSH Princes Charlene and Gareth Wittstock, General Secretary of the Princess Charlene of Monaco Foundation © Eric Mathon Palais Princier

Impi’s, the Zulu word for warriors, is led by South African Mathew Turner, making this team doubly interesting for the Princess, who of course is a native of South Africa. 

The Impi’s played well in the first day of competition, winning first against the Northam Rhinos in a 31-10 victory, followed by a strong 22-5 win over the X-Men, and finally ending the day with a crushing 43-5 performance against the Wyvern Harlequins.

The following day, the Impi’s dominated the Krasnodar Region in the quarterfinals with a 47-0 win, but sadly were unable to beat Speranza 22 in the semi-finals, though the match was an extremely close 12-15.

The finals saw South Africa’s Blitzboks outmanoeuvre the All Blacks Sevens from New Zealand in a 15-0 rout, the first time in 19 years the Kiwis failed to score in a final.

 

Top photo: HSH Princess Charlene and Gareth Wittstock, General Secretary of the Princess Charlene of Monaco Foundation with the Impi’s Rugby Team and its coaching staff. © Eric Mathon / Palais Princier

 

 

Monaco Sportsboat Winter Series results

by: Staff Writer
09/12/2019

The Mediterranean winter lived up to its reputation with sunshine, blue skies and a steady breeze of 13 knots filling in for the 230-plus sailors to enjoy four back-to-back races on a flat sea in ideal conditions. A fleet of 38 J/70s and eight Melges 20s were out on the water representing 13 nationalities.

In the flagship J/70 fleet, Italy’s Federico Leproux (Alice) was the most consistent to win the second act of this five-act series, beating YCM member Ludovico Fassitelli (Junda – Banca del Sempione) into 2nd followed by the Cypriots led by Sergei Dobrovolskii (Amaiz) in 3rd. Despite getting off to an excellent start with 1st place in the first race, Act 1’s victorious team led by Britain’s Charles Thompson (Brutus) dropped to 4th overall, but topped the ranking in the Corinthian category.

For the Melges 20s, Alexander Novoselov’s Victor pipped Alexander Mikhaylik’s Alex Team to the post with two race wins, although both were tied on 13 points, with Leonid Altukhov’s team (Leonid Altukhov) completing the podium. The two Monaco-flagged boats were 4th (Oleg Reps) and 7th (Path).

It was the Melges 20 class which started the Monaco Sportsboat Winter Series back in 2013, instigated by Valentin Zavadnikov, and is always a close contest with only 10 points separating the eight-strong fleet.

It all starts again in the new year with Act 3 of the Monaco Sportsboat Winter Series from 16th to 19th January 2020, followed by Act 4 which is part of the Mediterranean season-opener the Primo Cup – Trophée Credit Suisse from 6th to 9th February, and Act 5 closing the series on 5th to 8th March 2020.

 

Source and photo: Yacht Club of Monaco

Submersible experiences: a guide by Ofer Ketter

by: Ofer Ketter
09/12/2019

While the undiscovered nooks and crannies of the earth become fewer and far between, our oceans remain a largely unknown entity, with more than 95% still unexplored. Over a career spent in the oceans, I’ve only scratched the surface, or just a little bit of what’s below the surface, to be more accurate.

I was lucky on my path into what I do now. I’m from Costa Rica, and the jungled and uninhabited nature reserve of Cocos Island is an overnight boat ride away. I worked as a dive instructor on the island (which was the unofficial inspiration behind Jurassic Park) and the company I was working for also conducted underwater filming and production. They invested in a submersible and I was chosen to be one of the first pilots to operate it. With superyachts visiting the island from time to time, their guests loved to go below the waves, so it eventually became a full-time job for me.

Ofer Ketter in a submersible

Since then I’ve had some extraordinary experiences. Alongside marine experts, we’ve discovered new species of deep-water shark, giant jellyfish and other incredible marine life. Cocos Island remains close to my heart, but another dive that came close was near an island off the coast of Baja California. We found great white sharks at a depth of 200 metres, which had never been documented before.

What’s incredible about submersible vessels is that it allows us to engage in a marine environment in a new way. While historically clunky and uncomfortable, the latest submersibles offer climate control, bluetooth speakers and almost 360° visibility from large, rotating seats. Larger vessels can now accommodate a small family, who needn’t know how to scuba dive. All that’s required is a sense of adventure.

A submersible big enough for the whole family to explore - Cookson Adventures
A submersible big enough for the whole family to explore

I’m now working with Cookson Adventures, which is among the leading companies in underwater exploration. We have delivered an expedition to the Antarctic Peninsula in early 2019, which had three yachts working together for a single group of guests, utilising two helicopters, a submersible and a vastly skilled team of experts. It involved detailed planning and comprehensive logistics to seamlessly bring together an adventure that none had done before.

But even some of the seemingly ‘better’ explored territories can throw out surprises. For example, we’ve recently returned from a trip to Italy where we undertook several dives with a guest in the Bay of Naples and the Tyrrhenian Sea. The beauty of the world under the waves is that almost every sub dive is a ‘world first’. The discoveries we made were astonishing, from finding endangered black coral, red coral that was believed to be extinct from the region and unprecedented algae growth due to rising seas temperatures, to unearthing Roman shipwrecks.

Cierva Cove

What’s more, Cookson has an incredible network of experts around the world – such as conservationists and marine biologists that it partners with, who can accompany dives to heighten the experience. It means guests can learn more about the marine ecosystem and the conservation associated with it. This stimulates Cookson’s guests to engage with major environmental issues, and it also means we can use submersibles for the benefit of the scientific community. Regions below 60 metres in depth are poorly researched and we are able to give researchers access to marine communities they wouldn’t ordinarily be able to see, whilst invigorating our guests with the wonders beneath the waves.

Submersible give freedom to any explorer to plunge far beneath the waves
Exploring with a submersible in Norway

So, for a new take on adventure, a submersible is an enriching addition to the superyacht experience, with unprecedented exploration opportunities in some of the world’s most incredible destinations. My next expedition with Cookson Adventures will see me piloting a submersible around remote and often uninhabited islands in the Pacific. Who knows what we’ll discover!

 

For more information on Cookson Adventures or to enquire about expedition possibilities, visit: https://cooksonadventures.com.

Monaco receives four new ambassadors

by: Stephanie Horsman
09/12/2019

Monaco now has four new Ambassadors from Belarus, Malayia, Mali and the European Union. The diplomats were formally received at a luncheon at the Hermitage Hotel by the General Director of the Department of External Relations and Cooperation, Isabelle Rosabrunetto.

The ambassadors presented their Letters of Credence to HSH Prince Albert II last Friday before the luncheon, as is custom, and met with his approval.

They are HE Igor Fissenko, Ambassador Extraordinary and Plenipotentiary of the Republic of Belarus; HE Dr. Azfar Mohamad Mustafar, Ambassador Extraordinary and Plenipotentiary of Malaysia; HE Toumani Djimé Diallo, Ambassador Extraordinary and Plenipotentiary of the Republic of Mali and HE Didier Lenoir, Ambassador of the European Union accredited to the Principality of Monaco.

Mr Fissenko joined the Ministry of Foreign Affairs (MFA) in Belarus in 1994. He rose through the ranks and was appointed Deputy Head of the Directorate of Law and Treaties in 1995, then went on to become Minister-Counsellor of the Embassy of the Republic of Belarus to the Kingdom of Belgium in 2001. He has held the Ambassadorships for his country in Egypt, Sudan, Oman and Algeria from 2008 to 2013, and finally became head of the Directorate General and Consular MAE.

After working in the Office of the Prime Minister as Deputy Director of the National Security Division, Dr. Mustafar was appointed to the same post at the Ministry of Foreign Affairs in Malaysia in 2001. Subsequently, he was promoted to Deputy Director for Research, Treaties and International Law, before becoming Director General to the Directorate of Maritime Affairs in 2015.

After leaving a post as Professor of Agriculture and Rural Economy in France, Mr. Diallo managed a pineapple plantation in Côte d’Ivoire from 1978. He returned to Mali in 1985, where he managed a group that exported mangoes to Europe. After a stint in the private sector, he held the positions of Director of the Cabinet of the President of the National Assembly and the President of the Republic. As Ambassador, he has represented his country in Morocco, Germany, Austria and several Nordic countries.

Mr Lenoir began his career in the French Navy in 1984. Seconded to France’s permanent representation in NATO from 1998 to 2001, he then joined the European institutions in Brussels where he has held several positions, mainly in the field of crisis management. In 2015, he was promoted to Ambassador, Head of the Delegation of the European Union to international organizations in Vienna. Appointed to the same position in Paris, he is in charge of promoting the positions and interests of the EU.

In a statement, the government said it “welcomes all of Monaco’s new diplomats and wishes them luck in their endeavours.”

Top photo from left to right: HE Dato Dr. Azfar Mohamad Mustafar, Ambassador of Malaysia; Anne-Marie Boisbouvier, Counselor at the Prince’s Cabinet; HE Mr. Didier Lenoir, Authorized Ambassador of the European Union to the Principality of Monaco; Isabelle Rosabrunetto, Director General of the Department of External Relations and Cooperation; HE Mr. Toumani Djimé Diallo, Ambassador of the Republic of Mali; Marie-Catherine Caruso, Director of Diplomatic and Consular Relations and HE Mr. Igor Fissenko, Ambassador of the Republic of Belarus © Directorate of Communication / Charly Gallo

 

Markets weekly

by:
09/12/2019

The outcome of Thursday’s UK general election will be a key talking point for markets near the end of the week, with a Conservative Party majority largely priced in financial markets.

On the data front, UK October gross domestic product is out on Tuesday. After avoiding a “technical recession” in the three months to September (Q3), but seeing the weakest year-on-year growth rate since 2010, the data will give the first insight into whether activity firmed in the early stages of Q4 or continue to remain vulnerable as a result of entrenched uncertainty. If leading indicators are to be believed, the latter is likely to be the case.

The US Federal Reserve’s (Fed) meeting on Wednesday should indicate whether a “mid-cycle adjustment” has now occurred. The minutes of the Fed’s October meeting appear to suggest that after three rate cuts this year, the rate-setting Federal Open Market Committee believes that the US economy is in a “good shape”. The day after is Christine Lagarde’s first meeting as the European Central Bank president. While further monetary stimulus may be on the cards in 2020, the market is not pricing in a change in the deposit rate.

Wednesday also sees eurozone industrial production data for October published. With market optimism over a “bottoming-out” of weak economic activity, this should indicate whether Europe’s lacklustre manufacturing and industrial production is starting to see a change in fortunes.

Ending the week in the US is November retail sales data. According to web analytics tool Adobe Analytics, US online shoppers spent $7.4bn on 29 November, Black Friday, up by 19.6% from last year. This would likely aid the monthly retail sales reading, after a prior month-on-month reading of 0.3%.

OPEC+’s dilemma

Looking into next year, markets will undoubtedly be focused on whether the Organisation of the Petroleum Exporting Countries and allied producers (known as OPEC+) decide to extend cuts in oil production targets or not.

OPEC makes up a significant share of total production. Total daily production of oil, as of 4th September, was 82.5 million barrels per day (mbpd), with OPEC members producing 31.8mbpd and Russia 10.9mbpd.

OPEC+ lowered output by 1.2 mbpd earlier in 2019, with the agreement due to end in March 2020. Combined with geopolitical instability in Venezuela and Libya, tensions in the Middle East and US sanctions on Iran, the production cuts have reduced the supply of oil and been positive for the price of the commodity.

However, the upward pressure on oil prices has been offset by weakening global demand as the US-China trade dispute hits global growth prospects and non-OPEC supply of the commodity rises.

The US has significantly increased oil production over the past decade, becoming one of the largest producers globally and a net exporter, as opposed to net importer, of oil. Relative to the 82.5mbpd produced globally, the US accounted for 12.4mbpd of this.

Besides the US, supply growth from Brazil and Canada further increased aggregate supply in the non-OPEC+ world, which is now anticipated to be 1.7mbpd in 2020.

The fundamentals for oil suggests an imbalance in the market through 2020. Not only have non-OPEC+ countries (particularly the US) increased supply, but elevated trade tensions are doing little to provide upside support to oil prices.

OPEC+ members face a difficult decision in terms of making production cuts past March or not. While a continuation of the 1.2mbpd cut evidenced in 2019 seems likely, there is a possibility that further production is lowered in an effort to counter the downside pressures oil prices are facing. Such a move could increase the potential for an imbalance.

 

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