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Month: February 2020

Students shown merits of a career in sustainability

by: Stephanie Horsman
17/02/2020

Monaco is helping to shape its workers of tomorrow, encouraging students to pursue a career in sustainability at the 10th annual Graduate Integration Commission.
The Graduate Integration Commission met last week at the Oceanographic Museum for its panel, this year titled ‘Energy Transition and Sustainable Development’. Entrepreneurs, professionals in various fields of the energy industry including innovation and technologies, and those involved with Monaco’s current energy transition programme spoke to over 150 secondary school pupils in the Principality.
Amongst the 18 speakers were Alexis Lanari from Thoody Consulting, Marion Soler of Actis, Monte Carlo Bay’s Marcel Ravin, and Annabelle Jaeger-Seydoux who represented the Principality’s Mission for the Energy Transition.
The primary goal of these panels is to introduce students to inspiring and inspired professionals who have made projects pertaining to sustainable development and responsible energy creation and usage their life’s work, and be encouraged them to follow in their footsteps.
“The commission informs our young people about the professions of the future in order to meet the future needs of the Principality and ensure that our businesses can find in them the skills they will need tomorrow,” said Minister of Social Affairs and Health Didier Gamerdinger.
The Integration Committee also presented its activity report from 2019 and decided on several courses of action to be taken in 2020. The day was closed with a cocktail to celebrate the organisation’s 10th anniversary with several esteemed local personages in attendance along with the students.
Since its inception in 2010, an initiative created by then- Minister of Social Affairs and Health Stéphane Valeri, the Graduate Integration Commission has been responsible for facilitating access to working life for young Monegasque graduates or those with ties to the Principality. It develops links with businesses in Monaco and works to inform young people about job-creating sectors in the Principality, supporting them in their professional integration path.
Nearly 200 partner companies work alongside the commission to ensure the integration of young people. To date, more than 1,300 students have been involved.
 
Photo: Ten years of the Commission d’Insertion des Diplômés ©Direction de la Communication/ Michael Alesi
 
 

Markets weekly

by:
17/02/2020

This week’s key macroeconomic data for the main developed economies start on Tuesday with the UK’s December unemployment figures. The number of vacancies rose for the first time in seven months in November, with those in employment climbing at its strongest pace in over 50 years at 208,000. That said, December’s election may make it difficult to get a true gauge of the resilience of the jobs market.
UK inflation and retail sales data for January follow on Wednesday and Thursday respectively. Inflation fell to a three-year low in December, hitting 1.3%. January’s data is unlikely to show much of a pick-up, with the rate of price increases remaining significantly below the central bank’s target.
Retail sales ended 2019 poorly and survey data is not suggesting spending bounced back in the new year. Also on Thursday, January US housing starts is out. In December, housing starts rose to a 13-year high of 1.61m and consensus expects 1.39m this time.
The week closes with February’s flash purchasing managers’ index readings for the UK, eurozone and the US. January showed signs in the UK of a “Boris bounce”, with manufacturing at the 50 mark (implying output is neither expanding or contracting) and services moving into expansion.
The eurozone has also showed signs of improvement of late, though manufacturing is still contracting, while services has been weakening, but still expanding. The US remains the only region out of the three still in expansionary territory for both manufacturing and services. That said, a sustained rebound will be contingent on progress on the trade front and the coronavirus epidemic.

The low inflation, low unemployment paradigm

The traditional inverse relationship between unemployment and inflation seems, at face value, intuitive. As companies hire more workers, the pool of employable people begins to fall, resulting in companies having to pay higher salaries to lure workers or those that are inactive. In turn, higher salaries and the need for companies to preserve their margins means prices of final goods and services increase. That’s the theory.
We have seen the unemployment rate in the eurozone, UK and the US touch a 12, 44 and 50-year low, respectively, over the past few months. However, inflation has remained noticeably below the central banks’ targets across all respective regions.
Partially explaining the breakdown in the relationship between unemployment and inflation is how consumers have used their earnings. Since the financial crisis, consumers for the most part have had to juggle paying down debt and spending combined. Consequently, businesses have struggled to increase prices of final products due to the fear of deterring consumption further.
Simultaneously, costs of production have increased through tariffs, in particular with regards to the US, and in the case of all three regions, uncertainty leading to the delay/postponement of investment decisions.
While firms have substituted labour for capital (explaining the high employment level), the participation ratio in the US has continued to increase, with the ratio at 63.4% in January, a seven-year high. This remains however well below the participation ratio observed pre-2008.
 
For more information contact Barclays Private Bank in Monaco by clicking here or on +377 93 15 35 35
 
 

Win 2 Metabolic Balance programmes

by: Cassandra Tanti
17/02/2020

Our Premium Rewards partner Metabolic Balance is giving away TWO nutrition programs, valued at over 900€ each!
The start of the year is the perfect time to set goals and get healthy. The team at Metabolic Balance is available to help make this healthy lifestyle choice even easier. So reset your metabolism and make sure your body is performing at its optimum!
The reviews speak for the themselves. Just ask Monaco personality Mark Thomas.
To enter the competition all you need to do send an email to info@monacolife.net with the subject ‘Metabolic Balance’.
Monaco Life will only be in touch if you are the winner. Good luck!

 
 

Monaco: One of the ‘Capstone’ capitals of the world

by: Cassandra Tanti
17/02/2020

In a new regular feature for Monaco Life, Simon Pavitt, pioneer in ‘Capstones’, will talk to Principality residents about how they are finding meaning and fulfilment beyond their day to day business, focussing more on their passions and ‘non-financial’ motivations. But firstly, Simon Pavitt explains for us exactly what a Capstone is.
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Monaco Life: You believe that Monaco is one of the top places in the world for people to work out their ‘what’s next in life’ projects. Why is that? 
Simon Pavitt: I have spent over 20 years assisting the world’s elite with their passion projects. Originally it was activating global sponsorships for major brands, most of which were called ‘Chairman’s Choice’ activities. For example, the top decision-maker in a corporation loves Formula One and so the company would sponsor an F1 team. The same for sailing, golf, tennis, art and other passions. More recently, I’ve been focused on individual’s personal projects, driven by potentially the same personal motivations as before but now kept deliberately separate from the business they’ve built or own. Clients started to call me a ‘Wingman’ and so that led to the idea of my business: an accountability partner that helps individuals work through what they should do next and illuminate the more personal reasons as to why they are feeling unfulfilled and want to create more positive impact in certain aspects of their life. We take the visions of great people and make them into reality. Rather than just advising, we roll our sleeves up and do the doing.
What is a ‘Capstone’?
There are typically three phases to the arc of a person’s career/ life development. The ‘Cornerstone’ – when you lay down the foundations of your future and you are set off on a certain path. The ‘Keystone’ – the main bulk of your career, where you make your mark, reach the top of your game, make your billion dollars, sell your company, reach the pinnacle of your sport, win an Oscar. Then suddenly you have this moment: “What next? Am I happy? Do I feel fulfilled? What have I sacrificed along the way? Do I have real meaning in life?” That’s when you start to think about your ‘Capstone’ – the icing on the cake but more around personal fulfilment; a crowning achievement. It’s often not about winning (but it’s very important to not lose) and it is beyond pure profit. The Capstone is the project they do next, progressing a passion for enrichment.
What are the different types of Capstones?
Our work in this sector has revealed 10 architypes/ territories in which Capstone projects tend to occupy: Sports, Philanthropy, Arts and Culture, Food and Drink, Media and Events, Venture, Adventure, Wellness and Longevity, Education and finally Luxury. They are activities that often define the high achiever’s legacy. They are everywhere – we are just the first ones to articulate such projects as Capstones.
The ones we admire and/or are the most celebrated in the mainstream include the Bill and Melinda Gates Foundation, Roman Abramovich with the Chelsea Football Club, Richard Branson with Necker Island, Larry Ellison with Team Oracle in sailing, and in history, the Pulitzer Prizes and the first Olympic Games were individual’s Capstones.
Why do people undertake ‘Capstones’?
The reasons people undertake a Capstone are very personal and bespoke. The metrics by which success is judged are not always what people would expect. We have, however, identified nine general motives that drive Capstones – the likes of re-connecting with family and friends, giving back, nostalgia, super-fandom and legacy, etc.
Why Monaco?
Whilst a Capstone isn’t exclusive to billionaires and ultra-high-net-worth-individuals (we believe everyone should plan and undertake their own Capstones irrespective of wealth or success) our focus has been on this elite demographic as their projects are often more ambitious, patient, inspiring and impactful.
Monaco is ‘high density’ in achievers and millionaires, many of whom move to the Principality after stepping back from the day to day running or selling of their business. It’s the time when you take stock and look for something more fulfilling with your time and resources. Monaco has the highest life expectancy (89.5 years on average) which also means residents have longer to make their mark in the third phase of their career. Monaco residents are very active with charitable foundations, venture projects, in sports investments, etc. This is personified by the projects and activities undertaken by the Monarch of the Principality, Prince Albert, and his family. The Prince Albert II of Monaco Foundation is the just tip of the iceberg. The family truly live their Capstones. This sets the tone for everyone living in and enjoying Monaco.
Personally, I love the buzz, accessibility and support available. I’ve spent countless years in Monte Carlo running very lavish F1 hospitality programmes and marketing campaigns around the Grand Prix. I was the Marketing Director of an F1 team so I love and understand all things racing in Monaco. I’ve also come year after year to the Monaco Yacht Show choosing the right boats for charters. I prefer being in Monaco over Cannes for the annual Lions Festival and often take clients out for cycling rides up Col d’Èze to clear their heads and find a new perspective together. It means I have been fully immersed ‘in’ this super-rich world rather than ‘of’ that world, but I’m a key person in making the billionaire’s passions come to life, and hopefully a success.
What can we expect?
To be wowed and inspired. We are so lucky to spend our days involved with incredible people wanting to do extraordinary things because they can. We will be shining a light on some of the iconic Capstones from Monaco – the reasons why they were started, the personalities and driving forces behind them and the learnings (trip falls as well as best practice, we might add) for others to potentially consider what their Capstone might be in the future. Our aim is to bring attention to individual and shared benefits of Capstone projects, outlining some of the blueprint of how to make such projects as successful as they can possibly be. Success for us will be readers of Monaco Life thinking ‘What should my Capstone be?
What qualifies you to work in this domain?
I launched Wingman in early 2017 as I saw the opportunity to help others achieve great impact and fulfilment from their passion projects. I believe we are the world’s first specialist firm solely focused on embodying the personal visions of great people/ UHNWI’s Capstones. I have a psychology background that I think helps me to listen and understand people who demand the best from themselves. We have been trusted by elite sportsmen and women, UHNWI’s, business disruptors, CEOs as well as high (and some low) profile families. The difference has always been that whilst being in these dynamic environments, we have been successfully programming and deploying fast-paced pioneering projects. You hopefully get a good reputation for your ability to deliver. At Wingman, we’ve been exposed to amazing opportunities from building a Formula One team to launching philanthropic foundations. It helps build a blueprint, drawing on lots of different projects and learnings. Lastly, it helps to be part of advisory boards of technology, lifestyle, wealth management and philanthropic companies. But I like the ‘doing’, for example I am the Chief Operating Officer of the London Technology Club, a client’s venture Capstone which is a very hands on role.
For more information visit www.wingmanthinks.com or to get in touch email enquiries@wingmanthinks.com
 
 
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Third win in a row

by: Staff Writer
15/02/2020

Islam Slimani managed the only goal of the game as AS Monaco came out victorious over Montpellier Hérault SC 1-0 at the Stade Louis II on Friday, replacing their visitors in fifth with the win.
Monaco welcomed Montpellier to the Principality without suspended midfield pair Adrien Silva and Aurélien Tchouameni, and their defence looked particularly exposed when Florent Mollet found space in the box early on but his shot hit Benjamin Lecomte’s legs (6′). Monaco soon settled into their stride, though, and Slimani came close to breaking the deadlock at the other end after a nice one-two with Wissam Ben Yedder, only to see his effort was comfortably collected by Dimitry Bertaud – standing in for the suspended Geronimo Rulli – in the Montpellier goal (17′). Robert Moreno’s side should have carried at least a 1-0 lead into the interval. Aleksandr Golovin missed a gilt-edged chance from close range (27′) before Slimani headed past the far post (35′). Stevan Jovetic the span a wonderful attempt from the edge of the box narrowly wide (37′) before Ben Yedder found the outside side-netting (39′) and referee Ruddy Buquet’s whistle went with the scores, somehow, at 0-0.
The second half was less than 10 minutes old when Slimani made amends for his first-half profligacy, though. Golovin swung a corner into the visitors’ box and Slimani met it ahead of Hilton to head home his ninth goal of the Ligue 1 Conforama campaign (52′). Tiemoué Bakayoko – making his own timely return from suspension at just the right time with Silva and Tchouameni sitting out – then came close to doubling Monaco’s lead when he met a Ben Yedder cutback but his effort crashed back off the woodwork (70′). Ben Yedder and Slimani combined again late on, but this time Slimani failed to get his feet sorted out in time and the chance went begging (83′). Monaco nonetheless looked comfortable in closing out the 1-0 win which lifts them into a provisional fifth.
Slimani has had to fight for his place since Moreno succeeded Leonardo Jardim as coach in December, but having scored goals as a substitute against Paris Saint-Germain and Amiens SC since the turn of the year, he started in attack alongside Ben Yedder and Jovetic and was once again the stand-out player. Slimani is also a maker – only Angel Di Maria has laid on more than the Algerian’s eight this term – and Monaco would do well to at least extend his loan from Leicester City beyond the end of the season.
 
Source: Ligue1
Photo: AS Monaco
 

Hôtel de Paris earns 5th star

by: Stephanie Horsman
15/02/2020

The Hôtel de Paris Monte-Carlo has received a 5th star, the highest level, in the international rankings of the esteemed Forbes Travel Guide 2020.
The rankings are carried out each year by the prestigious American publication who selects the best of the best hotels, restaurants, spas and resorts around the globe, based on a select criteria of excellence.
The additional star recognises the extraordinary work done by the Hôtel de Paris Monte-Carlo’s teams since their reopening last year and celebrates the successful reincarnation of the iconic establishment. This award sets the hotel apart as being the sole property on the French Riviera to be presented with the five-star distinction.
The ongoing history of high standards, thoroughness and exceptional service that sets the Hôtel de Paris apart and that has been the impetus for the award, uses more than 900 indicators based on criteria such as customer service and satisfaction, use of a broad choice of luxury products, general comfort and top shelf amenities. Fifty roving inspectors travel the world anonymously examining establishments and select only those who meet their strict high-quality standards.

“We are proud to receive this Five Star award issued by Forbes Travel Guide 2020,” said Ivan Artolli, Managing Director of the Hôtel de Paris. “This award recognises the skills and know-how of the teams at the Hôtel de Paris Monte-Carlo who work to satisfy demanding international customers.”
Inspectors who visited the hotel particularly noted the stunning architecture, which has recently been enhanced from its original Belle Époque facade by architects Gabriel Viora and Richard Martinet. Rooms have been meticulously upgraded, including two ‘Diamond Suites’, the Princess Grace Suite and the Prince Rainier III Suite. The hotel was also noted for its fantastic wine cellar, which carries over 350,000 bottles.

A total of 1,898 establishments have been granted a place in the listings, including only 432 five star establishments.
“If the list of the best rooms in the world, selected by the Forbes Travel Guide includes the most beautiful accommodation, the interest goes beyond the appearance of the room,” said Filip Boye, CEO of Forbes Travel Guide. “Each hotel on this list has been thoroughly tested and found to be extremely comfortable, quiet, and offering superior services and technological amenities. Travellers who go there will bathe in luxury, to their delight.”
 
Photos courtesy: SBM Monte Carlo