Dr. Christine Ferrier-Pagès, Research Director of the Monaco Scientific Centre, has been appointed to the Women in Ocean Science program, where she will be responsible for helping to advance the careers of a number of female ocean science scholars across the globe. The aim of the programme is to buck the current trend and reduce the enormous gender imbalance in this field of science.
Dr. Christine Ferrier-Pagès is head of the Coral Ecophysiology team in Monaco, where she has worked for the past 26 years. But it appears that Dr. Ferrier-Pagès is one of the lucky ones. While only 15% of women who achieve a higher diploma in Oceanography actually manage to advance to teaching or research positions, she is part of a female-strong team in Monaco.
“The laboratory in Monaco is rather well balanced, as all the heads of different sections are in fact women,” Dr. Christine Ferrier-Pagès explained to Monaco Life. “But overall in Europe, the United States, Australia, and the like, there are many women in science, but not in high positions. There is always one woman for every 10 men.”
Despite her unique position, Dr. Christine Ferrier-Pagès is committed to helping further the careers of other female ocean scientists, recently accepting a position with the Women in Ocean Science (WIOS) programme. The initiative was launched by the Central Caribbean Marine Institute (CCMI) to recognise outstanding early-career and mid-career scholars who can advance the frontiers of marine science, and then become world-leading professionals.
Dr. Ferrier-Pagès will be responsible for selecting six scholars to take part in the program.
“The female scholars I select will receive support to participate in international meetings, funding to travel to laboratories abroad, and help in delivering field projects of significance,” says Dr. Ferrier-Pagès. “I think we will receive plenty of applications, and our job will be to select six women who have the potential to reach senior faculty positions in the future – the next rising stars in marine biology, you could say.”
The WIOS programme will establish a strong network of professionals who are committed to increasing diversity at the highest level of science. WIOS participants will have access to an influential network of men and women, who are exemplary international leaders of major research institutions, proficient in philanthropy, social science, science communications and media, and grant writing.
“Through this network of professionals, we can help these women in science, for example I can host some of the selected scholars in my lab to teach them techniques, conduct some experiments or research on corals, or just advise them on their professional career,” explains Dr. Ferrier-Pagès.
Marine scientists are entering an unprecedented era with regards to climate change and its impact on the oceans. According to Dr. Christine Ferrier-Pagès, one of the biggest challenges the planet will face this decade is the sheer level of plastic pollution.
“Plastic pollution is a big problem, as well as all kinds of pollution, they has a very dramatic impact on coral reefs. Combined with thermal increases with the heating of the earth, corals are being destroyed. The future is dependent on whether or not we can preserve nature.”
Another prediction that this marine scientist gives for the 2020 decade involves access to drinkable water and the melting of the polar regions.
“Rising sea levels will result in the loss of many small islands, prompting an enormous increase in climate migrants. Also, if continents like Africa or Australia continue to burn as we are witnessing now, their populations will also rush to countries where they can still have access to water and food. I think these will be some of the biggest challenges of the decade ahead.”
Top photo: Dr. Christine Ferrier-Pagès at the Scientific Centre of Monaco Other photos: Pixabay
Hervé Ordioni is the CEO of Edmond de Rothschild Monaco. For the past seven years, he has been instrumental in positioning the bank as a front runner in the Principality.
The avid rally driver and father of five spoke to Monaco Life about the growing success of Edmond de Rothschild Monaco and how the marketplace has changed since Prince Albert II took the throne.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Monaco Life: Can you tell us a bit about yourself?
Hervé Ordioni: I graduated from Dauphine University Paris and completed a masters in international wealth management. I have been with the Rothschild family since 1992. I began my career as a broker, and then became a financial analyst in the Netherlands, before returning to Paris to work within private banking. I started as a tax planner, specialising in life insurance solutions, structuring wealth for entrepreneurs selling their companies. I am privileged to have been the CEO of Edmond de Rothschild Monaco since 2013. What brought you to Monaco?
Coincidence and a Corsican surname. In 1995 a job opened up at Edmond de Rothschild Monaco and whilst passing by my office in Paris, management noticed my surname on the door, delighted in the fact that I was of Latin heritage and decided I was a perfect fit for Monaco. Luckily my wife, who was born in the south of France, agreed to this exciting move and the rest, they say, is history. What did this branch look like when you took over?
Edmond de Rothschild’s presence in Monaco dates back to 1986, and I joined in 1996 when there was a small office with just 22 people. We have since grown substantially from being a portfolio management company only to today, where we have close to 200 colleagues offering wealth management services including discretionary and advisory portfolio management service, credit facilities, life insurance brokerage and wealth solution capabilities. I am proud of all we have achieved, but in particular I am proud of our Edmond de Rothschild Gestion department that manages investments for our clients and for Monegasque funds. Our investment performance is first class, consistently ranked 1st or 2nd in the Principality, and I believe we have the highest penetration of discretionary mandates of any Monaco bank – a true sign of the trust our clients place in us. Today, with over €10 billion assets under management and €1.5 billion credit facilities, we have the size but still the nimbleness to deliver to our clients. Advisory Department at Edmond de Rothschild (Monaco) How have you managed to stand up against the very large, well established Monegasque institutions?
‘Rothschild’ is a magic brand – it is known all over the world, and not only for financing. There are four pillars of the Rothschild brand: Financing; Heritage – including hotels, restaurants, wines and farming; Foundations; and ‘Gitana’, our record-breaking yacht and its team. The architect of the boat is Guillaume Verdier, who is famous for designing foils. The Monaco Yacht Club has bought two previous Gitana boats – Malizia I and Malizia II. So, we are very well known as specialists in that area. By the way, Gitana 17 was the winner of the latest Brest Atlantiques race. You are also the President of the Commission for the Promotion of the Monaco Financial Centre. What does that involve?
The committee is part of the Monaco Association for Financial Activities (AMAF) and has two main missions. Firstly, we take care of the Monaco for Finance website, trying to provide as many news articles and interviews as possible so that people around the world have information about the market place. Or at least have an incentive to call and get more information.
Secondly, my role is to explain the legal framework of the marketplace for those considering setting-up a finance-related business and make it attractive for people considering relocating to Monaco. People who relocate here must bring part of their financial assets, so we want to make sure they are comfortable with the marketplace, that they know they can find experts who will provide world-class services and products, etc.
People come to Monaco for the sun, the location, the security, and more. But at the end of the day, if you are wealthy you must be able to set up your family office here, to have people working close to you and provide the administrative and financial services you are seeking, so you can fully enjoy your life in the Principality of Monaco. I help spread this message internationally and I have been in this role since 2016. Who else makes up AMAF?
We are one of five standing committees that make up the AMAF. The entity was established 50 years ago to act as the professional body for authorised institutions conducting banking or financial activities in the Principality; to represent the Monegasque banking industry, particularly in relations with public authorities; and to promote the sound development of Monaco’s banking sector. All the members are volunteers, and each commission is chaired by a professional of the marketplace. We work very closely with the Monaco Economic Board and Guillaume Rose’s team. How has the marketplace in Monaco changed over the years?
It is impressive to see the expertise that has been developed here over the past 15 years, since HSH Prince Albert II of Monaco took the throne and demanded that the financial marketplace in Monaco take an ethical and moral approach. At that time, with offshore businesses migrating to become onshore businesses, we had to significantly shift our business model and of course we lost some clients. But because the Principality is a very attractive place for families to live, we also gained clients, and they were exactly the kind of clients that Monaco was transforming for.
In the meantime, the AMAF has been working hard towards the education and qualification of finance professionals together with the University of Monaco. We set up a mandatory programme for front officers so we make sure we have highly qualified people in front of clients. We also put in place an ethical certification last year. So, the AMAF is very active considering all the topics we are faced with: education, qualification, knowhow, and confidentiality. I am very impressed by the commitment of my colleagues and the job that is done by AMAF President Etienne Franzi. What marketplace trends are you seeing now?
Assets under management in Monaco continue to increase, testament to the continuing evolution of Monaco into a safe, exciting and rewarding place for wealthy families, entrepreneurs, and finance professionals. The banking industry continues to consolidate, however we see the stronger brands increasing their footprint here, whilst at the same time weaker ones leave or struggle to adapt to the high bar that Monaco now sets.
Indeed, I am very confident about the state of the marketplace. The Principality is very well managed – it is debtless, always in surplus, and there is a constant drive for improvement across all sectors. Monaco has now at least drawn level with most of its international competitors and in many areas we are now excelling and setting the standards. We may be small but we are increasingly impactful. Is Monaco set to benefit from Brexit?
Brexit is just another example of political, social and economic unrest. As geopolitics take centre stage, tax regimes change, and personal security is challenged, it is almost a given that Monaco will see a continued increase in applications for residency from some of the most wealthiest and powerful business families in the world. We have around 800 years of political stability, sound management of the economy and a protective environment for families. Add to that now a world class finance sector as well as other industry leading capabilities, and Monaco will continue to shine.
KEY FIGURES FOR MONACO’S MARKETPLACE:
Number of banking institutions 30
Number of asset management companies 58
Total of assets managed by the Monegasque Banking and Finance Centre €127 billion
As we enter the 2020’s, Antonio Cecere, President of Geneva Diamond Exchange and Founder of Monaco Diamond Exchange, explains the diamond industry of the past decade and what expectations look like for the 10 years ahead.
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Monaco Life: Ethical sourcing underwent great scrutiny in the recent past. How much does consumer confidence affect the jewellery sector in regards to synthetic and conflict diamonds?
Antonio Cecere: According to a recent poll by Rapaport, consumers lately have grown more concerned to the extent that they are willing to pay more for diamonds that are proven to be natural and ethically sourced. As a result, the Diamond Standards Organisation (DSO) filled the gap between polished diamonds and the Kimberley Process (KPCS), the rough diamond compliance scheme, by implementing a certification system for polished diamonds designed to inform and reassure consumers on the conformity of their purchases. What were last decade’s expectations and have they been met by the market?
The expectations started very high with China driving demand for the first 18 months and the prices of polished diamonds soaring rapidly. After an excellent start, the market slowed down after 2011 and the prices stagnated until the end of the decade. This is due to macroeconomics and the general state of the economy across jurisdictions; more recently the trade war between US and China also impacted the trade. Overall, the jewellery demand from 2010 to 2018 increased by 16% according to De Beers. What were the reasons for setting high the expectations and what were the major causes for the slowdown?
China and India were rapidly growing new-markets and their overall size commanded high projections in terms of volumetric consumption. In addition, the knowledge that there will be a widening gap between diamond supply and demand in the following decade also created excitement around this asset class. However, the financial crisis that started in 2008 eventually caught up with the diamond market because consumers’ purchasing power came to suffer and the diminishing bank credit affected cutters and polishers alike. Is this performance analysis valid for all types of diamonds?
We tend to generalise, but no, this is not valid for all diamonds. Smaller diamonds, less than one carat, are the ones that most suffered whilst on the opposite side of the spectrum fancy colour diamonds had a rather positive 10-year performance across all colours. Typically, pinks and blues outperformed yellows which are slightly more common; reds and greens remained the most sought after although the price tag reflects their rarity. What can we expect in the next decade?
The world of diamonds has technologically evolved in the last couple of years and so have the purchasing patterns. On-line sales have grown exponentially in the last decade redesigning the supply chain order and, after a reassessment period, diamond prices will continue their historical growth. Quite indicative of this transformation are the results of auction houses that had a decade of jewellery record sales supported by on-line bidders. Sotheby’s, for instance, achieved its biggest 10 jewellery sales ever in the last decade, selling almost 700 items valued at over a million US dollars and 41 items at over 10 million US dollars. Undoubtedly, this trend will continue in the new decade. What will be the catalysers to the diamonds’ performance in the next decade?
In regards to the ethical concerns, Diamond Standards Organisation is set to reassure consumers on the validity of their purchases therefore re-establishing confidence and connecting Kimberley Process to polished diamonds. Lab-grown diamonds production will be led by De Beers and Swarovski who have the magnitude and the ability to guide the market, set the prices and add transparency to the process. Surely, the closure of important mines like Argyle in 2021 followed by Ekati and Diavik is going to impact the market and limit the global yearly output which will result in the current stockpile to be fully absorbed. Concurrently, the consolidation of the mining sector due to taxation and extraction costs will further benefit overall pricing. Finally, technology will better support the diamond sector both with blockchain innovation and with alternative financing methods like tokenization.
Louis Ducruet has given the world a unique glimpse of “the happiest day of his life”, posting a video of his marriage to Marie Chevallier on social media. The son of Princess Stephanie tied the knot with his long-time love in July, but it is clear the couple is still full of emotion five months in.
27-year old Louis Ducruet married 27-year-old Marie Chevallier on 27th July in a fittingly elaborate wedding in Monaco, surrounded by friends and family.
On Monday 30th December, Louis Ducruet published a short video on his Instagram featuring highlights of the day. It includes the couple’s arrival at the Cathedral of Our Lady Immaculate and Marie in her stunning white dress with enormously long train, the ceremony, and all the fun of the after party. They are surrounded by their loved ones: the family of the bride, their friends, and the family of the groom including Prince Albert II and Princess Charlene, Princess Stephanie and her former husband Daniel Ducruet… rare images of the parents of Louis and Pauline, who divorced in 1996.
https://www.instagram.com/p/B6tH6D7lOy5/?utm_source=ig_web_copy_link
“Remembering the best day of this 2019 year! Surrounded by family and friends ❤️ Excited to start this new year with the person I’m proud to call my wife ❤️ I love you”, Prince Albert’s nephew wrote in a caption on the video. The bride, who also shared the video, posted a similar message: “Before jumping into 2020, all I can think about is how amazing this year has been to us ❤️ I love you my soulmate.”
The happy couple also welcomed a new member to their family in 2019: Pancake, a gorgeous dog pictured in a matching Christmas jumper in the couple’s holiday post.
https://www.instagram.com/p/B6gdQ1HlxXb/?utm_source=ig_web_copy_link
Top photo: Screenshot of Louis and Marie Ducruet’s wedding video posted on Instagram
From 1st January 2020, a number of single use plastic products will be banned in Monaco, including cups and plates. It is the latest step in the government’s plan to have the Principality completely free of single-use plastics within a decade.
“The Principality is resolutely part of an approach to prohibit the use of all single-use plastics,” said Marie-Pierre Gramaglia, Minister for Equipment, the Environment and Town Planning. “This is obvious in view of the impact that plastics have and the danger the pose to the environment, in particular for marine fauna, knowing that the vast majority of plastic micro-waste is discharged into the sea.”
The following items will no longer be available in Monaco in 2020: cotton swabs, plastic cups, plastic cutlery and disposable plastic plates. The move follows the banning of single-use plastic bags in 2016 and plastic straws and plastic mixers in January 2019.
“Fighting single-use plastics also means reducing the greenhouse gases that are generated by their manufacture, transport and disposal,” added Ms Gramaglia. “These concerns, combining biodiversity protection, climate change and improving the quality of life, are at the heart of the action of the Department of Equipment, Environment and Town Planning.”
In a concerted effort to change plastic consumption in Monaco, the Government established a ‘Monaco Waste Prevention and Management Plan’ in 2016, with the aim of meeting its ‘Zero single-use plastic waste by 2030’ policy.
The ambitious objective is in line with European policies and, according to the government, “can be achieved by implementing regulatory provisions and an action plan to support the various players involved and ensure everyone is supported in the transition process.”
The biggest entities to feel the impact of these changes – traders and restaurateurs – will have specific support from the government, including assistance in finding substitutions for prohibited items.
They will also receive a ‘Committed Commerce’ label or a ‘Committed Restaurant’ label if they achieve three objectives: a reduction in plastic tableware use and disposable packaging; a reduction in food waste; and compliance with local and ethical standards.
The government will also distribute information to businesses early in the shedding light on the authorised materials and recommended practices. These sheets will also include single-use items for which there are no restrictions yet, such as plastic bottles and food containers.
Jazmin Grace Grimaldi has released a new song with her rocker boyfriend Ian Mellencamp.
Prince Albert’s daughter released the duet, titled Thankful, on Monday 16th December with her longtime beau.
The holiday song features the pair singing about how thankful they are for eachother’s love. “All I need is your love on this Christmas morning,” sings 27-year-old Jazmin in her sultry jazz style.
The artwork for the song is a black and white photograph of Jazmin and her 33-year-old boyfriend cuddling.
Ian Mellencamp is the nephew of famed singer songwriter John Mellencamp. The musician and former Calvin Klein model released a new album in November titled Romance in D.
Meanwhile, Jazmin released her first single titled Fearless in October.
