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Month: September 2022

Technical failure derails Rosberg X Racing title charge

by: Luke Entwistle
26/09/2022

Rosberg X Racing (RXR) had the chance to wrap up the Extreme E title on Sunday, but a technical failure prevented the team from making the grid in Chile. 

RXR could have wrapped up consecutive titles in the Antofagasta Minerals Copper X Prix on Sunday, and the early signs looked positive. The team registered wins in qualifying and in the semi-finals. Should they have re-created their form in Sunday’s race, a second title beckoned.

However, Nico Rosberg’s team were unable to start the car for the main race, giving their competitors a chance for the title. The largest benefactors of RXR’s misfortune was Lewis Hamilton’s X44 Vida Carbon Racing, who claimed their first win of the season in the Chilean desert.

World-renowned rally driver Sébastien Loeb gave X44 the early lead, whilst Tanner Foust in the NEOM McLaren muscled his way up to second. The two cars were almost inseparable for the entire race, with Foust overtaking Loeb just before the change of drivers.

Following the switch-over, Cristina Gutiérrez re-took the lead for X44, making smart use of the Hyperdrive. It was apparent that no one could challenge McLaren and X44 as they constructed a significant gap to the cars behind.

Emma Gilmour in the McLaren then came back at Gutiérrez and made the pass down the inside of the X44. Aware that they had a penalty, the McLaren then pushed to build a gap to second, but it wasn’t enough.

Further penalties dropped McLaren to last, as X44 took the victory to close the gap on RXR to 17 points with just one final race remaining. They finished ahead of ACCIONA | SAINZ XE, who are a further six points back in the championship.

The second season of Extreme E, an environmentally-conscious rally series, concludes in Punta del Este in Uruguay at the end of November, with the title race still very much alive.

 

Photo by Extreme E

 

 

 

UPAINT street art available online

by: Cassandra Tanti
26/09/2022

UPAINT, the one-of-a-kind street art festival hosted in the Principality of Monaco – has launched an open sale of the art that was crafted live in June, with all proceeds going to the Prince Albert II of Monaco Foundation.

UPAINT, formerly known as UPAW, is a unique art event to Monaco in which street artists showcase their talents for the general public over a number of days, creating a fun opportunity for them to witness the artists in action. At the end of the live performances, the art pieces are sold during a live auction curated by Artcurial. The net proceeds go to the Prince Albert II of Monaco Foundation to support projects that preserve our planet for a better future.

This year, UPAINT has renewed its partnership with invaluable.com to offer the option of acquiring the artworks from this year’s live show, which took place from 17th to 20th June. The sale will be open until 15th October 2022 and is a timed auction.

The public will be able to bid on 18 pieces created by the artists Futura, Bordalo II, Pez, Buff Monster, Dan Kitchener, The London Police, Bond Truluv, Spok Brillor, Alice Pasquini (Alicè), Dario Vella, Aura Aerosole and Oldhaus.

Proceeds from this sale will go to the Foundation’s Human – Wildlife Initiative, which aims to protect wildlife in rural and mountain areas neighbouring the South of France.

For information, contact info@upawart.com.

 

Artwork above: ‘Wild Side’ by Alice Pasquini

 

 

 

 

 

Loyd fires Roca Team to victory on debut

by: Luke Entwistle
25/09/2022

AS Monaco Basketball began the new season with a hard-fought comeback victory against Nanterre on Saturday (75-78), with debutant Jordan Loyd playing a starring role.

A new-look side had to show resilience and experience in the opening gameweek. In Adrien Moerman (14), their captain for the season, they have that. The Frenchman, a Euroleague veteran making his return to his domestic division, was pivotal in the dying seconds of the fourth-quarter, and allowed Monaco to get over the line.

But Monaco didn’t have it all their own way. Nanterre, with home court advantage on the opening week, started brightly and took an early lead (26-18). Sasa Obradovic’s men showed more energy and desire in the second-quarter to claw their way back and take a narrow lead going into half-time.

However, Nanterre fought back. A Justin Bibbins three-pointer gave the home side a seven-point lead (56-49). Mike James (15), the star from last season, and Moerman helped Monaco decrease the deficit, whilst Loyd (17), on debut was a constant source of points for the Roca Team.

It was Moerman who dealt the decisive blow in the dying stages to give Monaco a three-point lead (75-78) with just 11 seconds on the clock. Monaco needed to show defensive resilience to prevent over-time, and Alpha Diallo, who is Obradovic’s go-to man in defence, came up with the goods to smother their final attack and hand Monaco the victory.

It was an ideal start for the Roca Team, who are strong favourites to reach the end-of-season play-offs once again. However, the difficulty for Monaco in the past has been taking that final step to becoming champions. Although it is much too early to debate whether this could be Monaco’s year, their summer recruits do look to have brought a vivacity and a level of experience previously lacking in Obradovic’s roster.

Roca Team fans still have a week to wait to see their new-look side in action at the Salle Gaston Médecin. Before their return to the Principality, they will face Nancy on Tuesday.

 

Photo by AS Monaco Basket

 

 

 

 

Jean-Luc Biamonti: “I will leave SBM in good shape, and with a warm heart”

by: Cassandra Tanti
24/09/2022

Jean-Luc Biamonti has told Monaco Life that he will leave his role as deputy chairman of SBM in six months’ time with a strong feeling of accomplishment, handing over a very different company than what he inherited.

The press had gathered on Friday 23rd September at the Monte-Carlo Bay Hotel and Resort to hear Jean-Luc Biamonti discuss the latest General Assembly with shareholders and the encouraging financial figures generated from a busy summer season.

And it was with great pride that the Société des Bains de Mer (SBM) deputy chairman recalled the €530.5 million profit for the 2021/2022 financial year, a 57% increase on the previous year, that had been revealed in March, adding that a bumper summer season could potentially lead the company to its most successful financial year yet.

But it was also revealed that this will in fact be Biamonti’s last few months as head of the company. Earlier in the day, SBM shareholders had been informed that he will be stepping down from the top job on 31st March 2023.

Jean-Luc Biamonti has a long history with the Société des Bains de Mer. In 1985, he became director of the company, before rising to Chairman of the Board of Directors in 1995. By 2013, he was entrusted with the operational reins of the group with the title of deputy chairman.

“When the Prince called me, the company was not doing very well,” Jean-Luc Biamonti told Monaco Life. “It was 2013 and SBM was losing money, for example the share price was €30. It is now somewhere between €90 and €100.”

It is certainly a very different looking SBM to what Biamonti inherited. Under his tenure, a number of very large and bold projects were realised.

“One-Monte Carlo was perhaps the biggest game changer for Monte-Carlo SBM because it has increased the revenue tremendously,” said Biamonti. “It made Monaco and Monte-Carlo more attractive, and the stores are delighted with their performance. There was also the renovation of the Hôtel de Paris, and now the expansion and renovation of the Café de Paris.”

He also oversaw one of SBM’s biggest gambles, an investment in the online gambling company Betclic, which this year paid off dividends after some tumultuous years in the red.

“Ultimately the industry turned around, and we sold it at a huge profit – €820 million, which has injected cash in SBM, well half cash, half shares, but the shares we can sell progressively.”

It is no doubt the end of an important era for the Société des Bains de Mer, Jean-Luc Biamonti and Monaco in general. Biamonti will be succeeded in April 2023 by Stéphane Valéri, who will step down as National Council President in a matter of days to become Chairman of the Board of Directors of SBM.

“I think I have turned the company around,” concluded Jean-Luc Biamonti. “I leave it in very good shape, and with a warm heart.”

SEE ALSO: 

SBM APPOINTS STÉPHANE VALERI AS DEPUTY CHAIRMAN, EFFECTIVE 2023

SBM COMPLETES ONLINE GAMBLING TRANSFER FOR HEFTY PROFIT

 

Photo of Jean-Luc Biamonti during Friday’s press conference, source: SBM 

 

 

 

 

 

SBM appoints Stéphane Valeri as chairman, effective 2023

by: Cassandra Tanti
23/09/2022

National Council President Stéphane Valeri is stepping down in a matter of days to succeed Jean-Luc Biamonti in running Monaco’s largest employer, Monte-Carlo Société des Bains de Mer (SBM).

After weeks of speculation, the news was confirmed on Friday 23rd September during SBM’s General Assembly: there will be a change of guard in 2023.

National Council President Stéphane Valeri has accepted a proposal to join the Board of Directors of SBM and will leave his post as an elected official on 3rd October.

From 3rd April 2023, Valéri will step into the role of chairman of SBM, taking over from Jean-Luc Biamonti who has been at the helm of Monaco’s most important company for a decade.

SBM owns and runs Monaco’s most iconic institutions including the Hôtel de Paris, the Casino de Monte-Carlo, and the Hôtel Hermitage. It is majority owned by the State.

In a statement released by the National Council, Stéphane Valeri said that he has been “fully invested” since assuming the presidency of the National Council in February 2018.

“As I promised with my fellow National Councilors, we have restored the National Council to its just place within the institutions of our country,” he said. “Most of our commitments have been kept, in particular on housing for Monegasques, social issues, and even the positioning of the Assembly vis-à-vis the European Union.”

Valéri also pointed to his council’s work with the government on the Covid-19 Joint Monitoring Committee which “has worked in unity with institutions and unions to formulate proposals to protect the population, to support the economic actors and wage earners, and to prepare for the recovery.”

“It is therefore with the feeling of duty accomplished and the will to serve other interests of the Principality that I shall cease my duties…” he said.

Valéri added that he was looking forward “joining this great company to which my family and I have been very attached for several generations.”

 

 

 

Photo of Stephane Valeri by the National Council of Monaco

 

 

 

 

 

Monaco boosts blue economy with huge multi-million euro donation

by: Stephanie Horsman
23/09/2022

The Constitutional Reserve Fund of Monaco has donated €10 million to London-based Ocean 14 Capital, an impact fund that focuses on the blue economy.

According to the World Bank, the “blue economy” is defined as the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem”.

This eco-friendly approach to ocean usage is meant to encourage a multitude of positive results, such as helping to tackle climate change using resource-efficient, low-carbon shipping, fishing, and marine tourism practices as well as advocating marine renewable energy industries.

Monaco has long been actively campaigning for blue economy practices and has now found a partner in Ocean 14 Capital. Ocean 14 Capital, based in London, has just received a generous €10 million to support its end goal of financing sustainable solutions that improve the health of the seas.

Minister of Finance and Economy, Jean Castellini, says, “I believe this investment will enable Ocean 14 Capital to deliver the innovation needed to meet our climate and sustainability goals.

“The sustainable blue economy is now a key focus for us, and this is a rallying cry for start-up and scale-up marine innovators globally to come forward and help avert the crisis in our oceans and return them to a healthy, thriving state.”

The Monaco funds will assist in allowing Ocean 14 to invest in eight companies this year, with the idea to grow their portfolio to 20 to 25 in the next three years. The focus will be on growth-stage business opportunities, with a full two-thirds going to European companies and the rest doled out to companies in other places around the globe.

 “Oceans are the critical life-support system for life on earth,” says Chris Gorell Barnes, the Founding Partner of Ocean 14 Capital. “If we are to save the planet, there is clear evidence that if we don’t have a healthy & functioning ocean, we have zero chance. The ocean provides half the oxygen we breathe, absorbs half the carbon, feeds the world, and employs hundreds of millions of people. It will be game over for humanity if it’s not functioning.”

Ocean 14’s investments to date include a shrimp breeding technology specialist company called SyAqua and plastic management platform, AION.

The blue economic sector is expected to be worth $3 trillion by 2030.

 

 

Photo source: SyAqua