The European Central Bank announced on Thursday its intention to raise interest rates in the Eurozone for the first time in 11 years as a tool to fight soaring inflation.
Come July, expect to pay a bit more on loans in the European Union. The European Central Bank (ECB) has said it will raise interest rates by 0.25% next month, with additional increases planned later in the year, as a way to combat the massive inflationary rise currently being experienced in the Eurozone. The bank also announced it will be ending its bond-buying stimulus programme on 1st July.
Latest estimates show inflation sitting at 8.1%, markedly above the ECB targets, spurring the hike, the first in more than a decade. The reason cited is a sharp rise in energy and food prices, adding that inflationary pressures had “broadened and intensified, with prices for many goods and services increasing strongly.”
“High inflation is a major challenge for all of us. The (ECB) governing council will make sure that inflation returns to its 2% target over the medium term,” the ECB went on to say.
“It is not just a step, it is a journey,” ECB President Christine Lagarde added.
The ECB’s main interest rate is currently at -0.50% and it could be back at zero or above by the end of September, the bank said. The last time it raised interest rates in the eurozone was in 2011.
As a result, the bank has upped its estimate for annual inflation this year to 6.8%, before showing a decrease to 3.5% in 2023 and 2.1% in 2024. They also cut their growth forecast for the Eurozone from 3.7% to 2.8% for 2022, and from 2.8% to 2.1% for 2023.
Several other central banks have already raised interest rates as they try to slow inflation. In the US, for example, the Federal Reserve raised rates twice this year, and the Bank of England has raised UK rates to the highest in 13 years at 1%.
Energy prices are up 40% over last year and food has gone up 7.5%. This has been blamed mainly on the fallout from the war in Ukraine.
The dreary picture is expected to continue at least into next year with worse coming.
“The strangling hold of desperately high living costs means that euro area growth will slow through the second half of this year, with recession increasingly likely – particularly now with sharp policy tightening in the near-term horizon,” Seema Shah, chief strategist at Principal Global Investors, told the BBC.
The Blue Climate Summit, co-convened by Prince Albert, last month set out to advance ocean-related solutions to climate change through concrete, actionable projects. The outcomes are in.
More than 200 scientists, business and political leaders, youth advocates and environmentalists gathered together from 14th to 20th May in French Polynesia for the Blue Climate Summit, organised by the Blue Climate Initiative.
A few themes took precedence at the conference, first and foremost, the need to strike a better balance between the oceans and man. It was hit home that without a strong marine environment, mankind will suffer.
“The living ocean, all of it, is inextricably connected to Earth’s climate and to the existence of life, humans very much included,” said Dr Sylvia Earle, an American marine biologist, oceanographer, explorer, author, and lecturer.
Next up was the importance of ocean health on human health. Threats are being made to the marine world in unimaginable ways. One such threat is deep sea mining. An obscure Jamaican entity called The International Seabed Authority is planning to issue deep sea mining licenses without knowing what this kind of disruptive project will do to the fragile ecosystems of the sea floors.
It is thought that large pieces of pristine ocean beds will be destroyed, whilst releasing massive plumes of debris, which will certainly affect life above. Participants at the Summit called for more scientific research to be made to learn what the impact and consequences of such explorative mining will cause.
President Édouard Fritch, whose country hosted the event, made clear his determination to create a better situation for the seas, saying, “With the largest managed marine area in the world and its 19,000 km2 Biosphere Reserve, our people of the largest ocean continent carry a message to offer to the world. On the occasion of the Blue Climate Summit, I invite the world to come to French Polynesia, to listen to us and, above all, to hear us.”
The Blue Climate Summit was regarded as not an event, but as a launchpad to important initiatives, though the plans will mean nothing unless they are followed up by action. To this end, the next several months will be critical to advancing, implementing and scaling the initiatives agreed upon.
The Summit was co-hosted by the Government of French Polynesia alongside other public and private institutions. Co-conveners included Prince Albert II of Monaco, President Edouard Fritch of French Polynesia, master navigator Nainoa Thompson from the Polynesian Voyaging Society, world-renowned oceanographer Dr. Sylvia Earle, international environmental advocate Laura Turner, Richard Bailey, CEO of Pacific Beachcomber in Tahiti, Andrew Forrest, co-founder of the Minderoo Foundation, and Marc Benioff, co-founder and co-CEO of SalesForce.
Photo of the Hōkūleʻa ceremony at Taputapuātea, the UNESCO World Heritage site, on Raʻiatea, supplied.
“I am inspired by professional working women everywhere”
Donata Davidoff was born in Lithuania to a creative family who encouraged her to pursue her passions. Although, during her early years, Lithuania didn’t have a luxury fashion industry, Donata enjoyed exploring the incredible artisanship of her home country: garment workers (mostly women) who had impeccable tailoring techniques passed down through generations.
It was this interest in craftmanship and detail that led Donata, aged 18, to win a place to study on the prestigious Central St. Martin’s design course – the very first Lithuanian to ever do so.
Having since travelled extensively around the world accruing knowledge of art, architecture, design and the lifestyle of creative, entrepreneurial women, Donata wanted to create a fashion house that mirrored her life and experiences.
In 2017 in Chelsea, London, Donata Davidoff – an independent demi-couture atelier – was launched. The design ethos has never changed: to create timeless wardrobe staples to couture standards for contemporary, stylish women.
Monaco Life: How did you get into the world of fashion design?
Donata Davidoff: When I was growing up in Lithuania in the 1980s, fashion was non-existent, but I was exposed to artisans as my mother was a seamstress, and my grandmother was a poet and a painter.
When I moved to London to study fashion and design at Central St. Martin’s, I was overwhelmed by the different trends and street styles and that is when I started experimenting with my own personal style.
After finishing my studies at Central St. Martins, I worked for a fashion design agency advising on trends and forecasts for other fashion companies, and soon after started my own beach line MillyMoy. With experience, my style has evolved and so has my appreciation for timeless pieces, which led me to start a new line Donata Davidoff.
When did you produce your first collection and what inspired you?
I launched my second line Donata Davidoff in 2018. Having lived in five different countries and travelled extensively around the world, I have accrued the knowledge of art, architecture and design. I wanted to create a fashion house that mirrored my life and experiences. The idea was born to create timeless wardrobe staples to couture quality for contemporary, stylish women.
I am inspired by professional working women everywhere. I aim to provide the perfect capsule wardrobe that is season-less and timeless, yet modern and aspirational. The label reflects our clients and it is very personal. I try to meet all our clients and respond to their needs and wants. I want to celebrate and empower women, embrace their strengths and potential through clothes. What we wear says so much about us and what we want to say to the world. Dressing up gives us confidence, an innate elegance. This lies at the heart of everything I do.’
Tell us about your latest collection and the inspiration behind it?
My latest collection was inspired by my muse Lauren Hutton. She represents to me true timeless elegance. I wanted to create a collection that is understated but still chic, using luxury fabrics; polished looks with some sustainable vegan leather pieces, and flowy silk dresses that can be worn to a pool party or dressed up with heals and turned into a ball gown; impeccable tailoring of masculine suits crafted from the most luxurious Loro Piana fabrics, which turned out to be our best sellers. We also added sustainable linen dresses that have understated details such a fabric covered buttons, French lace trimmings.
Donata Davidoff
Which are your favourite stand-out pieces from the current collection?
My favourite stand-out pieces would be the green open back maxi dress and beige Loro Piana wool suit.
How do you incorporate sustainability into your collections?
When I launched my brand, I knew that sustainability and fair-trade clothing were not just trends, but a cause we can all become a part of to secure the future of the upcoming generations. Therefore, a commitment to sustainability is a commitment to balancing the short and long-term supply and demand of resources.
When it comes to fashion, sustainability has many meanings – sustainable fashion, ethical fashion, fair trade fashion and slow fashion being the most common. Although they have different meanings as you will see below, they are part of the same movement: fast fashion.
There are many production processes, such as fabric dyeing, which are very toxic to the environment. The textile industry is one of the top three water-wasting industries, in fact the second most polluting industry in the world, right after oil. The only way that fast fashion can be so affordable is through cheap labour, which can be detrimental to the workers themselves and their communities.
My designs are made from long-lasting, ethical fabrics. I design with an intention to offer timeless designs that don’t go out of fashion, have an outstanding couture level quality, and should stay in your closet for many years.
I work with the best European fabrics manufacturer who invested in the new technologies to create environmentally-friendly fabrics, such as sustainably grown fibre crops or recycled materials. I always ask for EU certifications showing that there are no harmful chemicals used.
My production is done in a very small Lithuanian factory run by women only. They all have been paid good wages and are proud of their job. I plan production quantities very carefully not to over produce, so I don’t end up with stock at the end of the season. I often take pre-orders from clients. We also have been in discussions to partner up with a clothing-rental company who would be taking some of our older stock to rent/resell for the high-end market.
What challenges do you face making your brand sustainable?
It is still hard to find good suppliers for fabrics and trimmings. Very often, I have an idea of what I want to make but can’t find suitable sustainable fabrics. I am hoping that soon industry will have a huge reform and change ways of manufacturing.
What do you think needs to change globally to make the fashion industry more sustainable and environmentally friendly long term?
You need to ask yourself: “Do I want to support a brand that does not care about doing their best to make a change?”
We discard so many clothes every year. From an environmental point of view, fast fashion which encourages a throwaway mentality, is very unsustainable. We all need to shop less and invest in well made, timeless, sustainable basics with few new pieces and accessories. I already see a big shift especially in the younger generation; they are much more aware of the tragic situation with the planet’s pollution.
Alex Riviere wedding dress Gia. Photo by Luis Monteiro
With online shopping surging to new heights since the pandemic, ss there still a big demand for traditional retail shopping?
I think there is still a demand for traditional shopping, but with a twist. It has to be more than just opening a shop and hoping the customers will come. There is huge competition and new brands popping up every day.
Customers want more personalised service. I find it so annoying in those rare moments when I walk into an actual store and the sales assistant tells me they don’t have my size so I end up looking online to find that item. Stores must be inspirational; a real experience of what the brand is about with exceptional customer service.
We are offering our London-based customers a ‘try before you buy’ service, where our driver delivers part of the collection and waits for customers to try the clothing on.
What are your brand goals and objectives for the future?
My goal is to build brand awareness internationally. We already have a great list of loyal customers in London, Monaco, New York, Miami, and Atlanta. My next project is to show in Dallas, Miami, Palm Beach, and Paris. We want to grow organically and build loyal customers who appreciate our philosophy.
You’re currently based in London but used to reside in Monaco. Tell us about your time in Monaco and what you love about the Principality?
I spent five years in Monaco. It was a special time for me as both of my kids were born there. The expat community was so big and I saw a great potential to create a high-end children’s club, which did not exist at the time. Sort of a Soho house for kids. It was an instant success. We had 400 members within one year. Some of the most important families such as Prince Albert, Formula 1 driver Lewis Hamilton, Novak Djokovic and many more trusted their children into our care. We had an incredible sense of community.
Once again, I had to put myself into the “customer’s shoes” – children – to imagine what they would love to experience. For instance, Roger Moore’s grandchildren were members so we thought it would be a fun idea to have him come read stories for little members of the club. It was such a great success and a beautiful memory.
The city was so easy to raise children. It is a safe place, where you can walk pretty much anywhere, and the sunny climate is a huge bonus. I am missing the simplicity of life there, but at some point, I felt I needed to get back into the big city buzz.
Monaco Life quick fire round
Describe your personal style: My style is feminine. I am not a “fashion victim”, I don’t like loud clothing. I prefer to dress understated, elegant and sleek. During the day I wear blazers, trousers, and silk shirts, and in the evening elegant dresses or jumpsuits.
Who is your style icon and why: As I mentioned above, Lauren Hutton alongside Jackie Kennedy, Grace Kelly, and Kate Middleton all represent true elegance and are not “ordinary” women. I like strong women with a great personality.
The last item of clothing you added to your wardrobe: That’s a little hard to define as I keep most of my new collection pieces for myself and try to buy as little as possible from other brands. I recently went to NYC and got a new pair of jeans from the brand I love and can’t find in London.
The grooming staple you’re never without: Tinted SPF moisturiser and a good hand cream.
In your fridge you’ll always find: Avocados, berries, oat milk and smoked salmon.
Your guiltiest pleasure: Red wine and cheese.
Your wellbeing gurus are: Jay Shetty and Tiffany Cruikshank
Your favourite website: Luisa Via Roma
The trip that You’re looking forward to next: Japan, a food trip I have been planning for some years now.
The best book you’ve read in the past year: The Art of Living by Thich Nhat Hanh
Your greatest fear: That one of my children would get seriously ill.
What makes you unhappy: When I am crazy busy and don’t have time for my family and calm moments with yoga and meditation.
What would your superpower be? A smile.
What keeps you awake at night? I often find myself trying to solve problems when I am in bed. I have had insomnia for years, but am dealing much better with it now. Meditation and regular yoga helped me a lot.
Your most treasured possession? Our pet labrador named Blue, and family photos, along with my grandmother’s engagement ruby ring.
What happens when we die? People have believed in the afterlife for thousands of years, so it would be strange for me to say that they are wrong. But the concept of an afterlife for me is pure comfort. There is no evidence for belief in an afterlife or something else entirely as of today. It’s a matter of faith.
Jayne Blight has established an enviable reputation as a style guru. A freelance fashion stylist who has worked in the luxury fashion industry for 20 years, she is an online luxury fashion Influencer, a devotee of detoxing, and is passionate about combining fitness and healthy good looks with a stylish wardrobe.
EY returns to Monaco for Entrepreneur of the Year Awards
Gaston Taratuta, Founder and CEO of Aleph Group, has been named EY World Entrepreneur Of The Year at an award ceremony in Monaco’s Salle des Etoiles, while Stella McCartney received the EY Social Entrepreneurship Award 2022 for Sustainability.
Gaston was selected from among over 350 program participants that included the 50 country winners from 41 global jurisdictions vying for the title. He is the second winner from South America in the award’s 22-year history.
The event celebrating entrepreneurship, which was able to return to Monaco on Thursday 9th June for the first time since 2019, featured a diverse set of voices and perspectives including special guest, lead singer of U2 Bono. The artist and activist joined EY Global Chairman and CEO Carmine Di Sibio on stage to talk about the people, places and possibilities that have shaped his life and the importance of collaboration in his work.
“After two years away, I am very excited that we have been able to return to Monaco for an in-person celebration with so many incredible entrepreneurs,” said Carmine Di Sibio.
Gaston Taratuta, 49, first founded his company Internet Media Services (IMS) in 2005 with an ambition to deepen the digital ecosystem in his native Argentina and help grow the global technology industry across the region. He went on to combine IMS with strategically acquired businesses to form Aleph Group, Inc., a distinguished global advertising holding company with a presence in 90 markets across four continents. As of last year, Aleph Group generated a net operating revenue amounting to US$131m with a net income of US$26m while employing more than 1,000 people.
“Being an entrepreneur is more than just building a successful business, it’s about creating and seizing opportunities where ones don’t readily exist or aren’t easily attainable,” said Gaston Taratuta. “Few industries have experienced more evolutions over the past two decades than digital advertising and that’s exactly why I’m so passionate about forging its future. I approach each day as a chance to tap into the next big idea that will galvanize the space and reimagine what’s possible.”
Stasia Mitchell, EY Global Entrepreneurship Leader, added:”Gaston’s journey has been forged by an innovative mindset and a willingness to take on big challenges with bigger ideas. Through Aleph Group, he has transformed the future of digital advertising, paving the way for the next generation through training programs and building connection points between talent and brands. Gaston is a perfect example of the unstoppable ambition that each of this year’s class of entrepreneurs possess and I’m excited to watch how all of them will continue to drive disruptions that build a better future.”
Stella McCartney receives Award for Sustainability
During the two-day celebration, EY also named British fashion designer Stella McCartney CBE as the winner of the EY Social Entrepreneurship Award 2022 for Sustainability. The honour recognises her career-long commitment to sustainability and innovation in fashion design, and her non-profit Stella McCartney Cares. The charitable platform is aimed at creating positive change in the fashion industry and the world at large by inspiring others to embrace sustainable practices.
“I’m also privileged to be able to put a spotlight on the important work being done by entrepreneurial leaders around sustainability,” said Carmine Di Sibio. “In continuing the tradition of the EY Social Entrepreneurship Award for Sustainability, this year’s winner, Stella McCartney, truly has an unsurpassed commitment to forging the next generation toward creating a more sustainable future. Congratulations to both on this evening’s honours.”
Photo of Gaston Taratuta from Argentina, named EY World Entrepreneur Of The Year™ 2022, source: EY.
Monaco victory sets up heavyweight final clash against Lyon
AS Monaco Basketball scraped past Pau-Lacq-Orthez (83-85) on Thursday to reach the final of the French championship, where they will meet their old nemesis Lyon-Villeurbanne in a five-game series.
Monaco have already faced Lyon four times this season, twice in the domestic division and twice in the Euroleague. Currently they are tied on two wins apiece, whilst, apart from a sizeable victory for the Roca Team back in January, fine margins have decided matters.
Monaco also have previous for meeting them in the play-offs. Asvel defeated them in the quarter-finals in 2016/17, in the semi-finals in 2015/16 and in the finals in 2018/19. Since then, however, Monaco have made huge strides, they are now a European force, and Lyon can therefore expect a greater challenge.
After two straightforward ties at the Salle Gaston Médecin in Monaco, the Roca Team haven’t had things all their way over in Pau. Having lost the first tie earlier in the week, Sasa Obradovic’s men were given a scare once again on Thursday night as they had to hold on to secure their progression.
Pau, with the support of the home crowd, got off to a solid start and grew a small advantage in the first-quarter. Wary of falling into the same trap as they did in the third tie of the series, Monaco fought back as they took the reins of the match and dictated the tempo.
After imposing themselves in a dominant second and third quarter, the victory looked to be sealed as they went into the final 10 with a 13-point gap to their opponent (55-68). However, Brandon Jefferson, who has been a thorn in Monaco’s side throughout the series, came to the fore, shooting three-pointers with pinpoint accuracy as he accumulated a monstrous 34 points on the night.
But it wasn’t enough. Monaco clung on to avoid a fifth-leg decider at the Salle Gaston Médecin, and progress to the Betclic Elite final.
Post-match, Obradovic reflected on the victory: “We knew it wasn’t going to be easy. The way they played, with a big temperament was proof of that. We have worked all year to get to the final, and now we’re in a very good position to go and get what we want.”
In the hunt to end their spectacular season with silverware, Monaco must first travel to Lyon for the first two legs of the final, beginning on Wednesday, whilst basketball returns to the Principality on Monday 20th June.
Photo source: AS Monaco Basket
The ASM rumour mill: Danilo, Onana, Belotti, Pellegri
Whilst the Aurélien Tchouaméni transfer saga is reaching its dénouement, the rumour mill keeps on turning and a shortlist of replacements for the Frenchman is already being drawn up.
Although there is yet to be any confirmation from either club, Tchouaméni’s transfer to Real Madrid is all but sealed. Naturally, many names are already being linked with replacing the Spain-bound French midfielder. The sale has also gifted Monaco an enormous transfer budget, which, according to L’Équipe, could surpass that of PSG, as they look to recruit between three to five players. After the club’s late season revival, it is more a matter of evolution rather than revolution at the club.
Danilo – Linked by L’Équipe to AS Monaco. Palmeiras midfielder Danilo is reportedly on Paul Mitchell’s shortlist to replace Tchouaméni. Monaco technical director Laurence Stewart went to Brazil last month to scout the player, who has racked up over 100 appearances for the Brazilian side. Stewart also met with the player’s representatives. Monaco are eager to tap back into the Brazilian market after Vanderson’s success at the Principality club since his January arrival from Gremio.
However, finding an agreement with the club may prove difficult. Palmeiras are seemingly unwilling to part with the player before the January transfer window. The price for the player is already high. Since he just received his first call-up to the Brazilian national team, his price tag of €20m is set to rise further. Marseille, who could have a certain financial might this summer having qualified for the Champions League, are also interested, which could further increase an already sizable transfer fee.
Amadou Onana –Linked by L’Équipe to AS Monaco. Onana is not new to this list. Philippe Clement is a known admirer of the player, and even tried to sign him whilst he was at Club Brugge before he ultimately moved to Lille.
However, any move for the player could be complicated by other departures at current club Lille. Renato Sanches is reportedly on the brink of a move to Italian champions AC Milan, whilst Xeka has also left the club having run down his contract. Consequently, there is a lack of midfield options at the club, and they could therefore opt to retain Onana. Regardless, Monaco remain interested in the player.
Andrea Belotti – Linked by Gianluca Di Marzio to AS Monaco. Torino striker Belotti is set to become a free agent at the end of the month. The Italian international striker could therefore be a cheap option to reinforce Monaco’s attacking options, adding to their current arsenal of Wissam Ben Yedder, Kevin Volland and Myron Boadu. 28-year-old Belotti scored eight goals in 16 Serie A appearances last season.
Sékou Mara – Linked by Foot Mercato to AS Monaco. Another striker linked with the Principality club is Bordeaux’s Mara, who could need to be sold after the club were consigned to relegation to Ligue 2. Bordeaux, finding themselves in worrying financial difficulty, could sell between 16 and 18 players this summer, and although they hope to keep their promising France U20 international, there is the possibility that they will have to cash in.
Mara scored six goals last season in Ligue 1, including five in their final seven fixtures. Monaco are reportedly “seduced” by his profile, whilst Ligue 1 rivals Marseille and Montpellier as well as German sides Freiburg and Werder Bremen are also interested.
Pietro Pellegri – Linked by Gianluca Di Marzio to Torino. Pellegri has been on loan at the Serie A side since January, having spent the first half of the season at eventual champions AC Milan. In his time in Turin, he has played nine matches, scoring once. During the loan negotiations, a €6m purchase fee was agreed upon, but whilst Torino are now set to trigger that buy option, the sum is thought to be lower than the aforementioned fee. The Italian striker has struggled for form and fitness since arriving in the Principality from Genoa in 2018, and with just one year left on his contract, they are seemingly willing to let him go.
Benoît Badiashile – Linked by L’Équipe to Newcastle, Manchester United and Chelsea. Whilst one transfer saga has ended, another may be about to begin. Badiashile has previously been linked with Newcastle, Manchester United, West Ham United and Atletico Madrid, but there is a new interested party. Emboldened by their recent purchase by Todd Boehly, Chelsea are the latest name to be linked with Monaco’s French centre-back.
It is also reported that an unnamed Spanish side is “closely following” Badiashile’s situation. The Monaco academy product was the subject of interest from Newcastle United in January, and it was widely reported that the Tyneside club launched a bid thought to be in the region of €40m. Given the high levels of interest in the player, a bidding war could ensue, and Monaco could once again fetch a fair sum. However, with the departure of Tchouaméni, they could equally be looking to retain the defender, who is part of the essential spine of the side.
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