Economy

Caisses Sociales of Monaco pledge to energy transition plan

The Caisses Sociales of Monaco (CSM) has officially joined the National Pact for Energy Transition, adding to the long list of Monegasque businesses who have signed up to the promise of sustainability. The CSM’s Director, Jean-Jacques Campana, met Wednesday 9th October with Annabelle Jaeger-Seydoux, Director of the Mission for the Energy Transition, along with their respective teams. CSM’s commitment is two tiered, as they are owners of buildings that house the Principality’s pension funds (Caisse Autonome des Retraites) and as a business of the tertiary sector. The Caisses Sociales and their 240 employees already adhere to several environmentally friendly practices, such as eliminating plastic bottles and cups from the worksite, purchas...

Cybersecurity experts meet in Monaco

An estimated 3,000 experts in the world of cybersecurity have come together at the Grimaldi Forum for the 19th edition of the Assises de la Sécurité (Security Inquest), and Monaco has laid out its mission to be at the cutting edge of the industry. Minister of the Interior Patrice Cellario opened the conference yesterday morning, followed with a speech by Guillaume Poupard, Director General of the French National Agency for Security Information Systems (ANSSI). Amongst topics that will be discussed are issues pertaining to the sovereignty and veracity of the cloud and Cyber Threat Intelligence (CTI). CTI is termed as information an organisation uses to understand the threats that have, will, or are currently targeting an organisation. This...

Vroom wows investors and crowds

Some of the most exciting disruptive start-ups in Europe were brought together in one place on Friday to present their innovative concepts to local and international investors. The Vroom Summit has risen beyond expectations once again, presenting everything from a solar powered car and Formula 1 simulator to a new biometric fingerprint for the art world. Monaco Life spoke to Penelope Hope, Head of Luxury and Innovation Partnerships, about the value of Vroom and how this year’s outstanding selection was chosen. What is the concept behind the Vroom Summit? Penelope Hope: Vroom Summit is designed to bring the best-of-the-best from the start up world to the top members of our investor syndicate across Europe. The concept is that we have a v...

Market Perspectives: monthly investment strategy update from Barclays Private Bank

With increasing geopolitical tensions and recession worries, volatility is back at levels rarely seen this year. A systemic volatility strategy may be one solution in such conditions. The strategy usually performs best when volatility is high, aiding portfolio diversification as risk assets underperform. Heightened political uncertainty, trade tensions and a late-cycle growth slowdown cloud sentiment towards Europe. For now, we remain cautious. However, there are investment opportunities. If policymakers can get their act together, the outlook for Europe could be very promising. Financial markets increasingly priced in a no-deal Brexit in August. The political drama is likely to further hit economic confidence and sentiment in UK markets,...

Interview: Xavier Rugeroni, General Manager of Fairmont Monte Carlo

The Fairmont Monte Carlo is one of the most recognisable architectural achievements in the Principality of Monaco. Cradling the Mediterranean coastline, this enormous contemporary hotel and its 600-strong staff form a unique little village, serving as a platform for some of the region’s largest congresses and accommodating hundreds of international guests every night. At the helm is Xavier Rugeroni who, over recent years, has transformed the Fairmont from a tired, outdated hotel to one of the most important business-generating venues in the Principality, with a world-renowned restaurant and a unique rooftop “beach”. Now, the Fairmont is set to enter another interesting phase of its existence: it will be a neighbour to Monaco’s ambitious n...

Donald Trump tweets fake pic of gold tower in Greenland amid plans to buy island

S President Donald Trump has tweeted a Photoshopped picture of a huge Trump tower in Greenland. Trump posted the tweet after it emerged he spoke to senior US officials about the possibility of buying the island from Denmark. Trump's tongue-in-cheek tweet was captioned 'I promise not the do this to Greenland!', seemingly referring to the outrage expressed by politicians over his plot to purchase the Arctic nation. Danish Prime Minister Mette Frederiksen described the idea of selling the territory to the US as 'absurd'. She told the Danish broadcaster DR: "It's an absurd discussion, and Kim Kielsen (Greenland's premier) has of course made it clear that Greenland is not for sale. That's where the conversation ends." The Wall Str...

Business survey shows strong growth for Principality

The latest retail traders survey shows that the business climate continues to flourish in Monaco. The car industry remains the strongest of all retail trades, experiencing significant growth over the past years. According to the latest statistics by IMSEE, there were 801 retail establishments in operation in 2017, representing 8.6% of the total in the Principality. More than 29% of those were created between 2013 and 2017 and half are less than 10 years old. The average age of these institutions is 14.4 years, compared to an average of 13 across all sectors. With a total turnover of 1.4 billion euros in 2017, retail trade is the fourth largest contributor to the local economy, excluding sales and insurance. It’s positioned just behind who...

SOHN Monaco Investment Conference started today!

The 3rd SOHN Monaco Investment Conference started today on June 6, 2019 under the High Patronage of H.S.H. Prince Albert II of Monaco. The SOHN Conference Foundation is dedicated to the treatment and cure of pediatric cancer. The SOHN Conference Foundation supports cutting-edge medical research, state-of-the-art research equipment, and innovative programs to ensure that children with cancer survive and thrive. It raises its funds through premier investment conferences around the world, including the renowned annual Sohn Investment Conference in New York. The SOHN Investment Conference honors the memory of Ira Sohn, a Wall Street Professional who lost his battle with cancer at age 29. His friends and family founded The SOHN Investment Confe...

The Monaco Economic Board in the first Small States Business Forum in Becici

The event was attended by HSH Prince Albert II and organised on the sidelines of the 18th Small States of Europe games held in Montenegro. Prince Albert highlighted synergies between the different states and their respective economies. For Montenegro, its Economy Minister Dragica Sekulić took the opportunity to outline her country’s advantages. Each country then had the chance to present their strengths and business opportunities. As well as Monaco and Montenegro, representatives from Andorra, Liechtenstein and San Marino took the floor before the forum ended on a constructive round table discussion. MEB's Executive Director General Guillaume Rose, and Monaco Invest Director Justin Highman, spoke about the economy and the MonacoTech centre ...

Civil aviation in Monaco enters the digital era

On 3 June, the Civil Aviation Authority and Air Space Drone presented a preview of the FlySafe programme in Monaco. This unmanned traffic management (UTM) system will make it possible, from 17 June, to identify and monitor all flights of drones authorised to fly in the Principality, and to take civil aviation in Monaco into the digital era. In the presence of Samy Touati, Secretary-General of the Ministry of Public Works, the Environment and Urban Development, representing Minister Marie-Pierre Gramaglia, and Frédéric Genta, Country Chief Digital Officer, as well as representatives from the International Civil Aviation Organization, the French Civil Aviation Authority (DGAC), the European Aviation Safety Agency and Eurocontrol, members of t...

Monaco is perfect location in which to start up business

Are you searching for the perfect location in which to start up your new business venture? If so, you should look no further than Monaco. The Principality offers one of the world’s most amenable environments for businesses from a legislative perspective and business in Monaco is conducted against the stunning backdrop of the French Riviera. Many start-ups in Monaco, such as data protection and encryption company Defcom and cryptocurrency developer Monoeci have already found success, and your company could be next. Here’s why… Business in Monaco Alongside the glitz, glamour, yachting and motorsport, business is something that people immediately associate with Monaco. This is no accident – Monaco has a deeply embedded culture of helping fledg...

Monaco supplies IT equipment for Lebanese Ministry of Public Health

An official handover of IT equipment for the Primary Health Care Department and the 185 primary health care centres around the country was organised at the Lebanese Ministry of Public Health. The aim of this initiative is to help improve universal health coverage. The Principality was represented at the handover by Mr Bechara El Khoury, the Monegasque Consul in Lebanon, who expressed the Prince’s Government’s satisfaction at being able to support the Lebanese Ministry of Public Health through this project. He also noted that public health was the priority for Monaco’s Official Development Assistance in Lebanon, with particular attention paid to maternal and child health in vulnerable areas. Dr Raghed Assi, the United Nations Development P...