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Month: February 2022

Monaco businesses strengthen ties with Dubai through MEB

by: Cassandra Tanti
03/02/2022
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Local businessman Chris Clavel was among a 30-strong delegation to Dubai for a trade mission to strengthen ties between the regions, that also included the signing of a MOU with world trade hub DMCC.

It has been a good start to the year for the Monaco Economic Board (MEB), which just returned from a multi-day trade mission to Dubai that ran from 25th to 29th January.

Dubai has long been associated with growth, ambition and innovation, and is widely known to be the Middle East’s premiere trading hub. The MEB has leapt at the opportunity to explore this vast and fast-growing market via this recent trip.

Previous visits to the city, which included a Monaco National Day trip on 13th November 2021 and meetings at the Dubai World Expo, were followed up by the 30-plus member delegation that included figures from the worlds of technology, real estate, finance and industry.

A highlight was the formalisation of ties between the MEB and the Dubai Multi-Commodities Centre (DMCC) through the signing of a Memorandum of Understanding, designed to create more business opportunities between the two regions.

Executive Chairman and CEO of DMCC Ahmed Bin Sulayem and MEB Chairman Michel Dotta sign a Memorandum of Understanding in Dubai, source MEB

The DMCC was established in 2002 to promote commerce in the United Arab Emirates (UAE) and is now one of the biggest free trade zones in the world. It boasts a membership exceeding 20,000 companies and a business community of 100,000 people.

“The UAE offers great opportunities to Monaco’s business community, with DMCC being a key strategic partner for their international expansion,” said MEB Chairman Michel Dotta in a speech during the meeting. “The agreement will consolidate our efforts and will stimulate growth, providing our respective business communities with access to new and fast-growing markets. We look forward to working closely with DMCC to facilitate trade, increase economic activity, and support the businesses of Monaco in navigating Dubai’s vibrant business environment.”

It was Chris Clavel’s (left) 16th trade mission with the MEB

One of the Monegasque entrepreneurs to benefit from this relationship is Chris Clavel, Director of the digital technology company Baccana Group.

“Between the B2B meetings organised by the MEB at the Dubai Multi Commodities Centre (DMCC) and the networking sessions at the Monaco Pavilion at the Dubai Expo, I managed to make 20 valuable contacts,” Chris Clavel told Monaco Life. “One is gently leading to a contract soon with a Dubai-based tourism marketplace needing our online marketing and SEO expertise for the European market. I have some follow up to do with the chambers of commerce of the UAE, Saudi Arabia, Sultanate of Oman and Kuwait. I am also in discussion with the Tourism and Investment board of the Emirate of Sharjah, as well as with the Abu Dhabi University of Artificial Intelligence.

“All of this within three days. So, one can say that the MEB’s trade mission in Dubai was a success for my part, but I know that it was also the case for many other members of the delegation.”

Clavel says he will join the MEB delegation when they return to Dubai from 5th to 10th March for the Dubai International Boat Show.

Other MEB missions are being planned to St. Petersburg in June and Madrid in October.

 

By Cassandra Tanti and Stephanie Horsman. Photos by Chris Clavel unless otherwise specified

 

 

 

 

MAC reveals exciting schedule for 2022

by: Cassandra Tanti
03/02/2022
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The Monaco Ambassador’s Club gathered this week at Cantinetta Antinori for the launch of the 2022 season, and put out a call for new members to join an exciting year of events. 

It was a packed house on Monday 31st January as Riccardo Giraudi, Board Member of the Monaco Ambassador Club (MAC), welcomed around 50 members to his restaurant for the evening, including French Ambassador Laurent Stefanini.

It was the first opportunity of the year for members to come together and socialise, while hearing of the plans that the club has for the year ahead.

After two years heavily impacted by the Covid-19 pandemic, the club was happy to announce that a number of events are on schedule to go ahead this year. They include the General Assembly at Mozza, an exclusive pre-launch to SBM’s new and upcoming Michelin star restaurants, the Goodwill Ambassador’s Award Gala, the Summer Party at La Vigie, Evening Cocktail at the Wine Palace, a MAC Variety Surprise entertainment evening, Thanksgiving at Michelangelo, and the Christmas Gala.

In announcing the social calendar, MAC President Christian Moore also highlighted the club’s mission.

“Emphasis will be placed on the Club’s mission to promote the Principality through support for health, the environment, the economy, business, art, culture, and trade,” he said. “Therefore, it will be an opportunity to express oneself more widely and benefit from a cooperative exchange. Your ideas for any action are welcome.”

The Monaco Ambassador’s Club was established in 1973 at the encouragement of Princess Grace and its Honorary President is the Sovereign, Prince Albert II. For nearly five decades, the club has brought together people who wish to actively promote the Principality of Monaco’s international reputation.

Those interested in joining the club can contact  info@mac.mc or visit the MAC website.

 

 

Weekend Ski Report: 4th – 6th February

by: Luke Entwistle
03/02/2022

After a January without snowfall in the region’s resorts, the first weekend of February will follow a similar trend with sunny, mild conditions expected, whilst Isola 2000 will host a freestyle ski contest.

Isola 2000 – There are currently 18 ski slopes and 13 ski lifts open at Isola with around 70cm of hard snow. There’s no fresh snowfall expected over the weekend and, given the fact no snow has fallen at the resort since Christmas Day, the snow cannons continue to be the sole source of snow. The forecast is for sunny skies, with a little more cloud expected on Friday and Sunday. There will be highs of 8°C and lows of -2°C. The col de la Bonette and la Lombarde roads are closed until the end of the winter season. On Saturday, there will be a freestyle ski contest, accompanied by a live DJ set.

Auron – There are currently 22 ski slopes and 17 ski lifts open at the resort, with around 50cm of standing snow. It is expected to be partially sunny over the weekend with highs of 8°C and lows of -1°C. There will also be winds of up to 21 km/h on Saturday. In terms of access, Route de la Tinée, Route de la Bonette, Piste de la Moustière, Piste de Demandols all remain closed.

Les Deux Alpes – There is a large choice of runs at the resort with 69 ski slopes and 33 ski lifts currently open. There is 50cm of hard standing snow. It is expected to be largely sunny throughout the weekend, with slightly cooler temperatures compared to last weekend with lows of -4°C and highs of 6°C.

La Colmiane – There are 10 ski slopes and five ski lifts open at the resort, together with between 40 and 30cm of standing snow. As it is throughout the region, conditions are expected to be largely sunny over the weekend, though slightly more cloud is expected on Sunday. There will be highs of 8°C and lows of 0°C. The resort hosts a market on Saturdays, and will continue to do so until the end of March.

Greolieres les Neiges – There are four ski lifts open, as well as 30km of open runs. There is 40cm of hard standing snow at the resort, with 20cm at lower levels. It will be sunny and mild throughout the weekend with highs of 12°C and lows of 3°C. The resort isn’t reporting any road closures.

Limone Piemonte – The Italian resort is reporting 16 open runs and 11 ski-lifts, while snow levels vary from 10cm to 45cm. Visibility will be optimal throughout the weekend, with sunny skies and lows of -3°C, highs of 10°C. Passage through the Roya valley currently isn’t possible due to the collapsed bridge at Tende. Drivers must instead pass through Ventimiglia and the journey from Monaco is currently approximately three hours. On Saturday and Sunday, there will be a ‘Youth Grand Prix’, a skiing competition for children between the ages of 9 and 12. It will be followed by a parade, and there will be a variety of entertainment and music events.

Valberg – There are 18 ski slopes and 11 ski lifts open. The resort currently has 40cm of standing snow, but – like the rest of the resorts – there has been no snowfall since Christmas. Conditions will be great throughout the weekend, as the resort will be largely sunny, although there will be a little more cloud on Sunday. Consistent with many of the resorts in the region, it is expected to be mild with highs of 9°C and lows of 2°C. On Sunday, the resort is hosting a unique event, where attendees will join a ski patroller on his daily routine, learning the ins and outs of the jobs.

Note: Snow tyres must be worn on the roads up to the ski resorts.

 

Photo source: Isola 2000 webcam

 

 

Belgian brothers win Historic Monte-Carlo Rally

by: Luke Entwistle
02/02/2022
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Following a two-year absence, the Historic Monte-Carlo Rally returned last week, crowning brothers Philippe and Antoine Cornet De Ways Ruart champions in the 24th edition of the race at Port Hercule on Wednesday.

The Historic rally is a nostalgic treat for motorsport fans, who get to see classic Porsches, Renaults, Volkswagens, Mini Coopers and more race across some breathtaking landscapes. It is also a truly pan-European event. Not only does it attract drivers from all over the continent, it also begins at a variety of different start points.

Thursday night saw departures from Bad Homburg in Germany, Milan in Italy, and Reims in France. The three diffuse locations share one commonality, the end destination – Monaco. The unique format, Christian Tornatone, General Commissioner of the Automobile Club of Monaco, says, must be kept. “I think everyone likes it, and we have to stay with this traditional, historic format.” Although 256 competitors would begin the rally, not all would end it, and some wouldn’t even make it to the competitive stages, which would begin upon arrival in the Principality.

The competitors gradually arrived on Friday, having completed their respective long-distance journeys, passing through check-points on the way. The competitive racing, however, began on Saturday, with 17 picturesque but challenging stages to complete.

Making their way up to Valence, the competitors would race in some treacherous conditions through the beautiful Ardeche region. The cars, although accustomed to battling through the elements, found it difficult on Monday’s stage. Passing through the Col de L’Echarasson was made almost impossible by the heavy snowfall, forcing drivers to circle back on themselves as the stage was ultimately cancelled.

The competitive racing continued on Tuesday, the Cornet De Ways Ruart brothers successfully constructing a lead. The Belgian duo completed the final stage, arriving at Port Hercules in Monte-Carlo early Wednesday morning, where they were greeted with a bottle of champagne, an apt reward for their exploits over the course of the event.

Having secured the victory, Philippe expressed his delight at the accomplishment, saying, “It was a great honour and a fantastic event. We were very lucky, and at times it was intense.”

Motosport lovers, having missed out on experiencing the event last year due to the pandemic, were this year treated to a truly nostalgic, competitive exhibition of classic car racing, that is sure to live long in the memory of all those that experienced it.

 

 

Photo by Monaco Life

 

 

Unemployment in Eurozone hits all-time low

by: Stephanie Horsman
02/02/2022

Finally, there is some good news on the horizon. Eurostat, the official statistical agency, logged the seasonally adjusted unemployment rate in the region at 7% in December, the lowest level seen since data gathering began in April 1998.

The 27 members of the EU, which includes nations that do not use the euro as their currency, also saw the jobless rate fall to 6.4 %, another historic low.

“The Eurozone ended 2021 – the year after the worst recession since World War II – with its lowest ever unemployment rate, a testimony to the success of our collective response to this crisis,” said Paolo Gentiloni, the EU Economics Affairs Commissioner.

Before December 2021, the lowest unemployment rates in the 19 Eurozone countries, classified as those who use the euro as their currency, and the 27 EU nations, were 7.2% and 6.5 % respectively. This was back in March 2020, just before the spate of lockdowns and border closures brought about by the pandemic.

In human terms, the new findings equal 1.8 million more people who have jobs.

Officials cite the handling of the Eurozone debt crisis as the primary reason unemployment figures were kept down. Rather than choosing the austerity path, as was the case in 2010 to 2015, authorities jointly agreed on a huge spending push during the height of the crisis. The gamble paid off.

The strategy is also being touted as the explanation for Europe’s meteoric economic surge in 2021, which saw the Eurozone economy grow by 5.2%.

Despite the decidedly rosy picture, disparities do exist. For example, unemployment in Germany was at a super low 3.2%, whilst Spain’s sat at a distressing 13%. Some 13.6 million were jobless in the EU in December, 11.5 million in the Eurozone.

France’s joblessness has seen a steady drop to 7.4%, still above the average, but improving. Italy’s rate is at 9%.

The high employment concentration in certain countries is being explained by difficulty in finding workers for certain jobs. This could mean those countries will be seeing demands for higher wages in the coming months and these demands will go hand-in-hand with the current controversy surrounding the drastic rise in consumer prices, notably for energy, in Europe.

Christine Legarde, the European Central Bank (ECB) chief, says that high inflation is temporary and linked to the crisis, but the ECB will soon come under pressure to raise interest rates and cut back on stimulus packages if wages rise.

“There is very little the ECB can do against the current inflation drivers, but once inflation expectations start to move up and wage growth accelerates, a rate hike will no longer be far away,” said Carsten Brzeski of ING bank.

Interest rate hikes would be unwelcome news for the Eurozone’s biggest debt-holders, such as Spain, Italy, Greece and France, adding additional strain to already tight budgets.

 

Micallef maintains 100% record despite fractured hand

by: Luke Entwistle
02/02/2022

Monegasque boxer Hugo Micallef overcame a hand fracture in the first round of his bout against Gonzalo Omar Manriquez to win his second professional fight in Barcelona on Saturday.

Following up his win in Paris in September looked to be a tall-order in the opening stages. A fracture to Micallef’s right-hand, which was successfully masked from his opponent, forced him into using only his left-hand for the remainder of the fight.

Despite his disadvantage, welterweight boxer Micallef still won the unanimous vote of the judges over the six rounds, consigning his Argentinian opponent to a third defeat in professional boxing.

Post-fight, Micallef was happy with his performance. “I felt very quick and powerful,” he said to the assembled press. However, he added that he was disappointed not to be able to give a knock-out blow to his opponent. “My only frustration was the fact that it was impossible to bring an end to the fight before the bell, being unable to use my left-hand.”

The young Monegasque, who competed in over 100 amateur fights, has shown great promise in his early career, and having battled through adversity, he now seeks to maintain his 100% record.

But before that, he must recover. The injury sustained in his latest fight will keep him out of action for the next month.

 

Photo source: Hugo Micallef Instagram