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Day: 13 February 2020

Prince Albert completes historic dive to the ‘Midnight Zone’

by: Cassandra Tanti
13/02/2020

Prince Albert is now one of only two people to have reached the bottom of the Mediterranean Sea, joining explorer Victor Vescovo for an extreme deep-sea dive in Greece this week.
Prince Albert is truly a head of state like none other. His passion for the ocean and for protecting the planet took him to Greece on Sunday 9th February, where he joined the Caladan Oceanic expedition team led by explorer Victor Vescovo. The scientific team made headlines last year for successfully completing the Five Deeps expedition, diving to the deepest point in each of the world’s five oceans.
“Following up on the success of our mission last year to dive to the bottom of all five of the world’s oceans, we look forward to diving two seas and two oceans in the recently enhanced Limiting Factor on a new series of ‘first’ manned dives,” Vescovo said from Toulon, France, where he had just completed the first phase of the voyage.

At Kalamata, the Prince boarded a first of its kind two-person research submersible and, together with Vescovo, slowly descended into the Calypso Deep, the deepest point in the Mediterranean Sea located southwest of the Peloponnese peninsula. According to research conducted by the Caladan team, no submarine has ever visited the actual bottom of the Mediterranean Sea, making it the “first descent” of this particular deep.
The vessel, the Deep Submergence Vehicle (DSV) Limiting Factor, is the first commercially certified full-ocean-depth submersible. It is being deployed into the ocean depths by the Deep Submergence Support Vessel (DSSV) Pressure Drop, a former US Navy ship specially retrofitted for the expedition. This particular dive was conducting in conjunction with the government of Greece and the scientific organisation Explorations de Monaco.

Prince Albert’s dive started at 8.50am and, just over two hours later at 11.12am, he reached a depth of -5,117 metres – the lowest point of the Mediterranean Sea. By 2pm, Monaco’s head of state and explorer Victor Vescovo returned to the surface.
The ‘Midnight Zone’ has always attracted the interest of both scientists and the general public because it is a part of the world that manages to sustain life, despite being in complete darkness. Using sampling, sensor and mapping technology, scientists expect to identify new species and towering seamounts, and observe manmade impacts, such as climate change and plastic pollution.
There are five phases of the mission. The first, ‘La Minerve’, took place off the coast of Toulon, France, where the team dived to the wreck of French submarine Minerve, which sank in 1968 with all hands.
https://www.instagram.com/p/B8O-rIVnh9n/?utm_source=ig_web_copy_link
‘Calypso Deep’ was the second phase, and to follow will be ‘The Red Sea’, ‘The Indian Ocean’ and ‘The Ring of Fire’, a common name given to the geologically active area that borders the roughly circular Pacific tectonic plate.
The Limiting Factor will then return to the deepest point in the ocean, the Challenger Deep in the Mariana Trench, for up to eight scientific and survey dives to all three “pools” that constitute the deep. The team hopes they will be able to execute the first dive by a woman to the bottom of the ocean, with US astronaut Dr. Kathy Sullivan.
 
Photos: Prince’s Palace of Monaco
 
 

Ferrari launches a new F1 powerhouse

by: Stephanie Horsman
13/02/2020

Monegasque champion Charles Leclerc has unveiled Ferrari’s new weapon for the 2020 Formula One season, and it’s called the SF1000. 

At the Municipal Valli Theatre in Reggio d’Emilie amidst serious fanfare, Formula One drivers Charles Leclerc and Sebastian Vettel theatrically revealed the SF1000, the Scuderia Ferrari Formula One team’s newest race car.

Visually, this car isn’t much different than last year’s model, but looks can be deceiving. The new car is thinner, making it more aerodynamic and solving a problem from the team’s cars last season. Moreover, they have updated the chassis, monohull, gearbox and propulsion units to create a better, stronger, faster version of last year’s racers.

The new engine, which employs a novel piston technology and a reworked combustion chamber, can do double duty in that it maintains a power advantage whilst adhering to the new regulations that require two fuel flow sensors. The car has a hefty V6 and 1600cc total displacement, with a maximum RPM of 15,000 revs.

The goal of the revamp is of course to win races. Ferrari has had many wins, but no title since 2008, and they are looking to turn that around this season. Hopes are pinned not only to the new car but to their two stars, Monaco’s Charles Leclerc, who has admitted to being extremely excited to drive the new SF1000, and his teammate Sebastian Vettel, who is seeking his fifth world title and his first with Ferrari.

Charles Leclerc shared the unveiling on his official Instagram page, writing “New season, new car, new overall but same colour.”

View this post on Instagram

New season, new car, new overall but same colour ❤️ ?: @mcampelli @calloalbanese

A post shared by CHARLES LECLERC (@charles_leclerc) on

The SF1000 begins six days of testing at the Barcelona Circuit on 19th February. 

 
 

Moët Hennessy goes ‘green’

by: Stephanie Horsman
13/02/2020

As if there weren’t already a million reasons to drink champagne, Moët Hennessy has just announced they will be shifting to organic and sustainable practices, going so far as creating a ‘University of Living Soils’.
During an opening speech at its forum on Living Soils, the champagne and spirit maker’s Chief Executive President Philippe Schaus announced that the company is set to switch to herbicide-free vineyards starting this year. Additionally, they will provide support to their winegrowing partners to assist them in attaining the same goals.
“Through Living Soils, Moët Hennessy aims to unite its communities across the world and develop a global social responsibility program,” said Mr Schaus.

Philippe Schaus, Chief Executive President of Moët Hennessy

In addition to going pesticide-free, the company is investing €20 million in a Champagne Region research centre devoted to scientific study and sustainable viticulture and is creating a ‘University of Living Soils’ in order to share knowledge and best practices with other wine makers.
Moët Hennessy’s vision is to be leaders for future generations so that employees, customers and wine makers can continue to enjoy and discover their products in a way that respects the environment.
 
 

Wellness Festival returns for second year

by: Stephanie Horsman
13/02/2020

The In Your Element Wellness Festival is back in April for its second edition with classes and workshops at two locations in the Principality.

After the success of 2019’s event, the In Your Element Wellness Festival is returning for another exciting and informative experience on 4th April at Stars n’ Bars and The Digue.

The day-long event features workshops and classes for people of all fitness levels and includes such novelties as Power Games led by Boost Monaco and Chiara Lewis, Yoga for Tennis Players, A Walk Active Workshop with sport scientist Joanna Hall, and How to Exercise for Better Health, Fitness and Function with Bodi Studios.

Additionally, there will be less strenuous endeavours such as learning how to walk correctly, using breath to reduce stress, help in cleaning up beauty routines with Julia Edgeley and cooking up healthy chocolate treats with Naomi Buff.

The days end with a relaxing sound journey by musicians Maria and Frederic Hoffman, combining different meditative instruments, crystal and Tibetan bowls.

A day pass costs €75 and includes access to all classes, as well as a healthy and beauty take-away bag.

Click here to purchase tickets.
 
Follow Monaco Life on Instagram for your chance to win tickets, coming soon!
 
Top photo: Chiara Lewis
 
 

Interview: Giuseppe Ambrosio

by: Cassandra Tanti
13/02/2020

Giuseppe Ambrosio, President of the Monaco Single and Multi-Family Office International Association and Honorary SVG Consul in Monaco, speaks to Monaco Life about the main issues facing family offices today. 
 
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Monaco Life: What is the Monaco Single and Multi-Family Office International Association?
Giuseppe Ambrosio: The association involves 30 family offices in Monaco and we interact on certain subjects linked to the Monaco ecosystem, such as banking and investment opportunities. We could also bring some matters to the attention of the government and local institutions if it is a relevant problem for the community.
Why was it created?
It began when a few multi-family and single-family offices decided to come together because they have common needs in regards to banking and they wanted to create a safe place to meet. One of the main objectives was to have a conference or meeting once a year where they could talk to and meet other family offices that were not based in Monaco, and also give Monaco family offices special access to other foreign family offices during the best investment forums around the world.
What trends can you see in the decade to come?
A significant issue for family offices is going to be technology, because most heads of family offices come from another era – one that is not digital – and it will be a big challenge for them to adapt, because technology comes with great opportunity but also great risks.
There is the digitisation of processes, social media, artificial intelligence… so what can people do? They can undergo training, but the smartest thing, I suggest, is they accelerate the succession. The next generation is more used to dealing with technology. There will be cases when this doesn’t apply, but in general I think it does work because it creates opportunities for the family to work at another pace.
What are the challenges facing the issue of succession?
I think the most difficult thing is to have a patriarch who is willing to hand it over. Succession fails, firstly, because there is no plan. A plan involves timing, training and awareness. The key is to have a patriarch who is conscious of handing it over at the right time. This doesn’t necessarily have to happen when they die, indeed it should happen before that point and when other family members are ready. If families need to sell a company, it is better to do it when they have a plan, rather than giving the family another reason to become contemptuous. So, timing is very important, as well as training and consciousness.
What are the other challenges facing family offices?
Some family offices at a point in time will sell their company or part of their company and this creates a liquidation event; sometimes it is so major that it transforms the nature or purpose of the family office. For example, if a family office who is managing a few apartments sells its company and tangible assets, then the family office ends up with a huge amount of liquidity and becomes more of a financial family office, but not everyone is capable of dealing with that. Imagine you are a property manager then overnight you become a fund manager. How would you physically manage the investments and the portfolio risk? So, what happens is they have this big liquidation event that changes the nature of what they do and if they are not prepared, they can invest in the wrong asset. The challenge is to upgrade, train and recruit within the family office so that the structure is well equipped to manage this financial risk, otherwise you end up delegating your funds to your property manager, and it sounds ridiculous but this is exactly what can happen.
The 2016 EY Family Office Guide estimates at least 10,000 single family offices now exist worldwide, half of which have been established over the past 15 years. Why do you think there has been such an increase in family office activity?
The growing popularity of family offices is directly related to the situation with banks and the financial crisis. It is a new era.
Another issue is confidentiality. When you outsource significantly, you risk, for example, the wrong people getting hold of information. It is a way of controlling information.
Wealth is growing so it also makes more sense for a family to manage their wealth in-house, rather than outsourcing everything. A family office saves money, time, and protects confidentiality.
What are the main differences between a single family office and a multi-family office?
The single family office is not a business, and it has no clients. It is not liable for corporation income tax and normally is not VAT registered.
Multi-family offices can provide services for a family’s assets without them having to bear the costs, which makes economic sense for some families that have no intention of setting up a structure of their own. MFOs have more than one family as clients and they are considered a commercial entity, therefore they will pay corporation income tax and they will be registered for VAT purposes. In Monaco, provided they get the due additional authorisation from the CCAF (Commission de Contrôle des Activités Financières), the current law allows them to also provide financial advice and trade execution services, but these are an add-on to the normal MFO license.
What is the next interesting event under the patronage of the association?
Invest SVG, the equivalent of Monaco Invest, will be hosting an inward Foreign Direct Investment Forum titled ‘ST Vincent and the Grenadines Investment Forum (SVGGIF 2020)’ from 2nd to 5th May. The objective of the forum is to offer SVG friends and business partners a unique and exclusive opportunity within the region for foreign direct investment and to implement ESG guidelines in the respect of sustainable growth. Only members of the association will be invited and will be offered participation and catering.
 
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Ermanno Scervino to headline MCFW

by: Cassandra Tanti
13/02/2020

Italian designer Ermanno Scervino will be guest of honour at this year’s Monte-Carlo Fashion Week 2020, unveiling his latest resort collection during an exclusive fashion show at the Sporting Monte-Carlo. 
Now in its 8th year, Monte-Carlo Fashion Week will take place from 14th to 18th May under the High Patronage of H.S.H. Princess Charlene of Monaco.
MCFW features a rich program of fashion shows, events and a focus on environmental issues, and was created by Federica Nardoni Spinetta, President and Founder of the Chambre Monegasque de la Mode.
With a particular attention to ethical and sustainable fashion, one of CMM’s fundamental objectives, the aim is to raise public awareness of the importance of protecting our planet, following the guidelines and values of H.S.H. Prince Albert II of Monaco.
MCFW will support the Princess Charlene of Monaco Foundation for the fourth year in a row.
Ermanno Scervino is an Italian fashion house headquartered in Florence, Italy. Entrepreneur Toni Scervino and designer Ermanno Daelli founded the fashion label in 2000.