Defending champion Ott Tanak suffered a huge crash after he lost control of his Hyundai i20, the car cartwheeling before rolling several metres down an embankment. Tanak and co-driver Martin Jarveoja emerged unscathed from the shunt.
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Photo: Automobile Club of Monaco
More than 350 economic players came together for the first MEB Members Meeting of the year, during which a full calendar of events for 2020 was unveiled.
MEB members gathered under the gilding of the Salle des Arts, a faithful reproduction of the ceremonial hall of the former Sporting d’Hiver, and in the ultra-contemporary spaces adjoining it.
The event was an opportunity for MEB Executive Director General Guillaume Rose to launch a major survey of the 540 member companies under the slogan ‘The Monaco Economic Board, at your service’. Featuring both multiple choice questions and more open questions, the survey aims to give members an opportunity to raise improvement points on the proposed actions, garner expectations (new types of operations, new destinations, etc.) and validate the objectives of the association. The results of this survey will be announced at the general assembly on 19th March.
Mr Rose then presented the 2020 agenda, which includes an impressive number of overseas operations.
During the first semester, economic missions will be organised in Novosibirsk, the third largest city in Russia, with the Ballets de Monte-Carlo from 19th to 21st February, then in Versailles on 30th and 31st March for a performance by Cecilia Bartoli and the Musiciens du Prince – Monaco at the Opéra du château.
The MEB will then be in Rome and Florence on 26th and 27th May, followed by Montenegro, Saint Petersburg, Antibes and Budapest. At the end of the year, Toronto, Montreal, Milan, Tokyo and Amsterdam are on the program. As for the Monegasque pavilion at the Dubai International Expo, the MEB plans to make several targeted trips.
In terms of economic promotion, and in collaboration with AMAF, the MEB considers the United Kingdom, Benelux and Switzerland as preferred destinations, while the world of luxury yachting will be further explored in Singapore and Dubai. An operation will also be organised in Washington in collaboration with Monaco Private Label.
The MEB will continue to be very active in the Principality with economic conferences planned with leading speakers, including Chief Economist of Coface Julien Marcilly on 3rd March, in welcoming delegations, such as Austria on 26th March, and organising training and events with its partners.
“More than ever, driven by the will of the Prince’s Government, the Monaco Economic Board wishes to be in tune with the expectations and aspirations of the Principality’s economic forces,” said Mr Rose. “The constant development of its networks, the strengthening of its partnerships and the dedication of its team are all assets to succeed in its missions.”
Photos: Courtesy MEB
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Interview: Justin Highman on the success of the China expo
Fans of AS Monaco basketball got what they paid for on Saturday night with a solid win against Pau-Orthez on their home turf at Gaston Médecin.
AS Monaco Basketball celebrated their 26th straight home win of Jeep Elite action over the weekend with an 89-76 win over tough Élan-Béarnais Pau-Lacq-Orthez.
The game started out less than auspiciously, as is often the case with two evenly matched teams, with only two points made by either side in the first five minutes of play. Then things exploded with Captain Dee Bost putting away two three-pointers and Eric Buckner everywhere. By the 12th minute, Roca Team had nearly double the points of their opponents, but Élan-Béarnais wasn’t going down without a fight.
After a series of spectacular shots, they came back just minutes later to even up the score. The entire first half played out this way, with Monaco taking the lead only to have Pau claw their way back. By the halftime buzzer, Monaco held onto a slim eight point lead, going into the locker rooms with a 44-36 score.
When play resumed, the Roca Team were decidedly on fire. Three-pointers by Yak Outtara and Dee Bost out of the gate set the tone, and aggressive offense kept the momentum going with big shots made by Norris Cole and another three-pointer by Kim Tillie and an end-of-game ringer by Vincent Vermillac.
Coach Obradovic gave his usual subdued credit where it was due, saying, “After a big victory in Russia and a long trip, the guys had the right attitude. It was a good job.”
Team Captain Dee Bost was a bit more effusive in his praise. “The ball was circulating well in our team. At home, the fans give us strength. We are ready for the big trip to Vilnius”, he said after the game.
Roca Team’s next two games are away. The first is on 22nd January against Vilnius in the Euro Cup and the next is on the 25th for a Jeep Elite match against the Boulogne-Levallois Metropolitans.
The Scientific Centre of Monaco is backing a fun new awareness campaign in the US which is using NFL players and a catchy tune to help protect and preserve coral reefs.
The MSC Foundation launched the #SuperCoralPlay campaign on Monday 20th January, in partnership between MSC Cruises, the Miami Super Bowl Host Committee (MSBHC), and 54 NFL players and influencers.
The campaign kicked off with an official music video featuring the ambassadors singing about the issues facing coral and the steps individuals and businesses can take to help.
Via a social media campaign, each participant will make a Super Coral Play – a simple action or pledge to help reduce negative impacts on the environment and their personal carbon footprint to help coral and to encourage others to make their own contribution.
Once individuals or businesses have chosen their “play”, participants are encouraged to share it on social media with a video or use the official campaign filter, tagging #SuperCoralPlay and challenging two others.
Coral reefs are among the most diverse ecosystems in the world and home to more than 25% of marine species. They serve as a food resource for half a billion people and protect coastal communities from storms and erosion. According to the UN’s Intergovernmental Panel on Climate Change, scientists predict that 70% to 90% of coral reefs are in danger of dying out within the next two decades (2030-2050).
The MSC Foundation, working in collaboration with a team of scientists and environmental experts, are identifying hardy species of coral, colloquially termed “Super Coral 3”, that have survived recent extreme ocean heat events and other impacts in the waters near the Bahamas. By conducting research and studying and propagating these types of coral species, it is considered possible to restore reefs while enhancing their tolerance to future environmental change. This can provide a life-line for coral reefs and ensure their future survival.
“Over the years, at the newly-established marine protected reserve at Ocean Cay, more than half of the coral has already died,” said Matthew McKinnon, Chair of the Advisory Board of MSC Foundation. “Similarly, the ecological reef treasures of Florida – the coral state of the US – have been decimated, damaging marine life and leaving greater Miami exposed. If we act now, we still have a chance to help the reefs and the marine life and the benefits they offer to communities. We need to contain ocean warming with more done to reduce emissions and we need to experiment and invest in research and the development of Super Coral as well as advanced applied science to help regenerate resilient reefs, which is work MSC Foundation is developing in coordination with key international and local partners at Ocean Cay.”
This special scientific project will see some of the world’s leading experts in marine biology and coral conservation collaborating together, including the University of Miami Rosenstiel School of Marine and Atmospheric Science (UM), Nova Southeastern University (NSU), the Perry Institute for Marine Science, the International Union for Conservation of Nature (IUCN) and The Scientific Centre of Monaco (CSM), among other partners.
Joining MSC Foundation, MSC Cruises and MSBHC are 54 current and retired NFL players and influencers, coinciding with this year’s LIV (54th) Super Bowl. This includes Larry Fitzgerald, wide receiver for the Arizona Cardinals, Jarvis Landry, wide receiver for the Cleveland Browns, and Mark Sanchez, broadcaster and retired NFL quarterback.
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Monaco scientist backs programme to boost women in ocean science
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
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Monaco jeweller helps shed light on importance of coral
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.
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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.
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
Photos: Monaco Life / Pixabay
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