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Day: 1 June 2020

2.7% test positive for Covid-19

by: Cassandra Tanti
01/06/2020

Almost half of all Monaco residents have taken part in the government’s free Covid-19 screening campaign, and of those only 2.7% have tested positive for the virus antibodies.
A little less than two weeks ago, the Prince’s government, in coordination with the National Council, initiated its vast testing campaign for all residents in Monaco. The free serological tests involve the rapid analysis of a drop of blood. Within minutes, people were able to know if they had been in contact with the Covid-19 virus.
As the first phase of the residents-focused campaign ends, the government has been able to reveal that 16,200 people were screened at the two test sites – Grimaldi Forum and Espace Léo Ferré – totalling 43% of the population.
This doesn’t take into account the tests carried out on members of the police force, firefighters, the Carabinieri, and the National Education Directorate, who were tested elsewhere and are not yet counted in the statistics for those who live in Monaco.
It was also revealed that only 2.7% of serological tests were positive. These people were offered an additional blood test, and if that also proved positive, they were invited to undergo a PCR test.
“Being positive for the serological test means that they have developed antibodies on the date of the test and that the person can potentially be immunised, but that does not mean that he/she is no longer contagious,” said the government in a statement. “Anyway, whether the person is positive or negative, it is imperative to maintain social distancing.”
On Tuesday 2nd June, the Prince’s Government will start screening people who work in the Principality – employees, civil servants and state agents, and self-employed workers, a population of around 50,000.
The free tests will take place between 7:30am and 6:00pm at the Grimaldi Forum only. Screening is voluntary and confidential – the results are only communicated to the person tested.
Once again, organisation is based on alphabetical order, so people with family names starting with letters A and B are invited to the testing site on Tuesday – which equates to approximately 6,000 people.
Monegasque and resident children under the age of five will be able to access the Covid-19 tests on Wednesday 3rd June from 1:30pm to 6pm.
The Prince’s government is encouraging as many people as possible to be tested, pointing out that residents who have not been able to be tested and who wish to do so, can go freely to the Grimaldi Forum during opening hours on Tuesday.
For more information, visit the government’s website: www.covid19.mc
 
Photo: National Council of Monaco
 
 

Construction worth €2 billion to Monaco

by: Stephanie Horsman
01/06/2020

The Large Construction Sector (GSA) generated 13.1% of Monaco’s revenue last year, making it the third largest sector in terms of turnover and the fourth largest employer.

According to the latest report by statistics group IMSEE, as of the 31st December 2019, the Principality counted 484 active establishments in the construction sector that employed 5,211 workers. The breakdown saw 35.7% of these 173 companies falling under the category of “other specialised construction works” followed by plumbers, electricians and other installers who accounted for 129 businesses and 26.7% of the employees. Only 2.3% fell under the auspices of residential and non-residential construction workers.

The average age of the companies in these fields is quite high, sitting at 16.6 years, as opposed to the Monegasque average of 12.8 years in other sectors. Six of these companies have been in existence since before 1950, and the oldest was founded in 1941.

Nearly half of these companies are SARL’s and the rest fall under SAM’s or self-employed.

With nearly €2 billion in revenue in 2019, the construction sector is the third biggest contributor in terms of turnover, dropping from the second place spot in 2018 behind Wholesalers and Scientific and Technical Activities, Services, Administration and Support.

The sector as a whole generated 13.1% of the Principality’s total revenue and has undergone a more significant evolution than that of the Principality in general, at 6.9% over 1.5%.

Not every category falling under the Construction sector expanded, though. Notably, there was a 19.7% reduction in revenue from those involved in finishing work.

Globally, there were four less enterprises engaged in this sector than the previous year. Most of these companies are small to medium in size. 37% have less than five employees, 58.1% have between five and 49. Only 4.5% have more than 50 people on the job for them. The vast majority of the employees are men. Only 8.8% of those working in these fields are women, compared to 40% in Monaco’s total workforce. Just over half of the employees are French (51.3%) but are proportionally less than in the private sector where 62.9% hold that nationality. Most also live in France, though 16.2% reside in Italy and 5.2% in Monaco. The average age of workers in this field is 43.1 years of age, just a hair over the Monaco average of 42.

 
Photo: Construction site in Monaco, all rights reserved Monaco Life
 
 

‘Quiet Sea’ mission used lockdown to advantage

by: Stephanie Horsman
01/06/2020

The world health crisis shut down much of the normal traffic flow of the Med giving the Sphyrna Odyssey, a research vessel sponsored by several organisations including the Prince Albert II of Monaco Foundation, a chance to study the sea in a low-noise pollution environment.

As the world ground to a halt during the coronavirus epidemic, the team behind the Sphyrna Odyssey geared up. Between 23rd April and 10th May, the research vessel took to the seas carrying out what they termed the ‘Quiet Sea’ mission.

As many shipping lanes were virtually empty, yachting, fishing and cruise ships were non-existent and ports were shut all over the Mediterranean region, the Sphyrna Odyssey was able to use this moment in time to see what a marine world without human intervention was like.

Under the scientific direction of Professor Hervé Glotin from the University of Toulon, the mission set out to measure the density and behaviour of several cetacean species during confinement, including Risso and blue-white dolphins and sperm whales. The research was conducted in the Pelagos Sanctuary, a diamond shaped stretch of sea along the coastline from roughly Toulon to Fosso Chiarone in Italy and down to the top of Sardinia.  

The findings, though dramatic, are not entirely surprising. During the 17 days of recordings taken by the Odyssey, the team concluded that noise pollution caused by human activities has caused animals to flee the coastal regions. The lessening of traffic saw a huge return of these animals to their previous habitats. As humans return to these areas, they will drive the animals out again, but it was interesting to note the swift return without the interference of people. 

It was also observed how noise pollution affects many aspects of these animals’ lives. Not only does it disturb their communications systems, it has a direct effect on their hunting grounds, social interactions and reproductive efforts. 

Another not-so-unexpected by-product of the lockdown was that the pollution levels in the sea were diminished. Pollution in the form of oil and organic matter was lessened considerably, especially in tourist areas. For example, a 50% drop in this type of pollution occurred between Monaco and Cassis.  

The research gathered during this period will be used to help scientists better help the marine mammals of the Mediterranean, as well as to help people make adjustments to protect them.

 
 

More lockdown restrictions removed

by: Stephanie Horsman
01/06/2020

Tuesday marks the next phase in the easing of restrictions in France, offering people a glimmer of hope for summer.

French Prime Minister Edouard Philippe has officially stated that phase two of de-escalation begins Tuesday 2nd June. Some of the old measures will remain in place, but many things will make life more “business as usual”, triggering a much needed return to normalcy after a long, difficult spring.

Some significant changes to the prior lockdown scenario include the lifting of the travel limit ban. As of Tuesday, the 100km rule will no longer be in effect, though the borders are due to remain closed until 15th June.

School will be reopened at an accelerated pace. This does not mean that children are required to return to school, if parents choose to keep them home, but it does mean the schools are gearing back up to resume regular academic activities.

Restaurants and cafés will now be open all over the country, but nightclubs still have to wait a bit. A one metre gap between tables is required, wait staff must wear masks at all times, customers must wear masks if moving about but aren’t required to keep them on whilst seated, and groups will be limited to 10 people… small prices to pay to not have to cook or tidy up for many families who have been confined to small spaces for months.

Beaches and lakes in France will be also open, though parks and gardens are still closed until the weekend. Police reserve the right to impose mask-wearing, so be prepared and carry one if the plan is to head to the beach or a park. 

Gyms and public pools can reopen in green zones, such as Alpes-Maritimes, but will stay shuttered in the orange zones until the 22nd. Monuments, sporting arenas, concert halls and museums will also be reopened in green zones, though cinemas won’t be ready for the public until the 22nd and masks must be worn at all of these venues. 

Working from home is still recommended for those whose jobs allow it. Those who do return to a workplace will be required to wear masks and follow the health and safety regulations put forth by the government.

 
 

World Entrepreneur of the Year Award

by: Cassandra Tanti
01/06/2020

Monaco Life speaks to EY Global Growth Markets Leader Ryan Burke about this week’s virtual World Entrepreneur of the Year Award.
 
What is the World Entrepreneur of the Year Award and why was it created?
We recognise entrepreneurs through regional and national programs in more than 145 cities and more than 60 countries. The World Entrepreneur of the Year (WEOY) is the culmination of the over 60 individual country winners (46 this year due to Covid) competing for the coveted overall WEOY winner. While EOY has been around for over 30 years, our WEOY program started 20 years ago in Monaco. It was created to recognise the important impact entrepreneurs have in their communities, businesses and our local and global economies.
Last year’s event was the first main conference to take place at the newly inaugurated One Monte Carlo. What was that like? 
One Monte Carlo is a beautiful venue – we were literally the first “patrons” at the venue as the finishing touches were being completed days and just hours before our event(s). As everything in Monaco is really spectacular – One Monte Carlo is a tribute to that excellence. It gave us much needed options as we are constantly moving hundreds of guests at a time many times a day during the week.
Can you tell us about this year’s virtual event?
This is our first ever virtual EY World Entrepreneur Of The Year Event to be held on 4th June 2:00 EST/8:00 pm EST where we’ll honour unstoppable entrepreneurs from around the globe. We have partnered with CNBC Catalyst who will be live streaming our program around the world across not just their platform but many social media platforms (Twitter, LinkedIn, Facebook, Instagram, etc). We will be joined live by all of our country winners and will announce our winner on air at the conclusion of our one hour program. We will also highlight some great stories of our current year winners being unstoppable in their adaptation to the current Covid-19 crisis.
How are the nominees for World Entrepreneur of the Year chosen?
The country winners are chosen first by independent (ie not EY) judges who are primarily past winners, entrepreneurs and key members of the entrepreneurial ecosystem. The global winners are selected by an elite panel of independent judges including former world winners and high-profile entrepreneurs from around the world. This panel encompasses diversity from every angle.
What advice has EY been providing amid the Covid-19 health crisis?
Our teams around the world have been focused on assisting our clients around their enterprise resiliency on nine key topics below. It has shifted at first from employee safety and well-being and into topics on returning safely to their work place. Capital and liquidity issues – from a business standpoint – is top of mind for most companies. Our clients, as you can imagine, are quite diverse. Some are in very different places during this crisis pending their size, location, sector and capital structure.

  1. Employee health and wellbeing
  2. Talent and workforce
  3. Supply chain and global trade
  4. Customer and brand
  5. Financial and investor
  6. Risk
  7. Government and public policy
  8. Technology and information security
  9. Insurance and legal disputes

How have you seen entrepreneurs react to the crisis?
Honestly, one of the greatest aspects of this program is finding amazing entrepreneurs – during a crisis – whose stories often become so much more meaningful and important. We have highlighted just a few of the hundreds we have seen, here.
Building a better world seems to be the underlying theme to many of the Entrepreneurs of the Year. Why in your opinion is this so important?
EY World Entrepreneur Of The Year honours the trail-blazing business leaders of the world: the unstoppable visionaries who stop at nothing to achieve their ambition to make a difference. They inspire innovation without limitation. They fuel growth and prosperity by building remarkable companies and services. Simply put, they are the entrepreneurs who are rising up to reinvent the future and helping to create global unity.
Where will next year’s awards be held?
We cannot wait to be live again in beautiful Monaco. We all are hoping for normal times to return to allow us to do so – which we are confident will happen. We also plan to celebrate our 20th anniversary, which is this current year, next year in a more formal way for our many country winners who very much look forward to the experience we provide in Monaco along with next year’s country winners.
Our partnership with the Principality for 20 years has been a real pillar of our success of this globally well-known program. We greatly value the relationships, people and friendships we have built over these past two decades with the Principality of Monaco.
 
 
 

Starting a business during the Covid-19 crisis

by: James Caan CBE
01/06/2020

Acclaimed entrepreneur James Caan CBE reveals the three questions you should ask yourself before you part with your cash to start a business in the current climate.
The coronavirus pandemic has been incredibly traumatic. People have lost their jobs, their livelihoods and some have even lost loved ones. Yet through difficulty comes strength, and I believe we will emerge from the darkness stronger as a society.
I’ve been inundated with questions about starting a business during the crisis, none more so than from colleagues in Monaco. The question on everyone’s mind at the moment is just how far reaching the consequences of the coronavirus will be for the business community and the wider economy. Should you start a business during this extraordinary time? I can’t directly answer this, but what I can do is give you the ingredients to find the answer you need. Here are three questions you should ask yourself before you part with your cash to start a business in the current climate.
Business idea or hobby?
I’ve constantly had to ask myself this throughout my 30+ years in business. Here in Monaco, we’re surrounded by those with a high level of disposable income, but that often means money is ploughed into a venture that is more like a pastime than a return on an investment. As a wealthy entrepreneur, you cannot have tunnel vision when solving problems.
Monaco is not representative of society as a whole. Not everyone has the tools to shield themselves economically from the pandemic. You may think your idea is revolutionary, but the general public have other priorities during this crisis. Ask yourself if you’re catering to a lockdown hobby or creating a scalable business. In my experience, every new situation creates new opportunities, but it is crucial that your idea caters to clients financially and ethically, not just now but for the post-coronavirus world as well.
Is it viable in the current climate?
Viability carries a completely different meaning now to just a few months ago. More than ever, you need to ensure that the numbers add up. Even if you’re fortunate enough to have the capital to fund your venture, it’s essential to assess how robust your investment is at present.
I tend to look at the following factors: the cost of goods, the cost of time, the cost of opportunity, the cost of acquiring customers, and potential profit. Externally, the current global challenge has raised the stakes of the equation. Internally, the costs have always been high in Monaco, which continues to rank as one of the world’s most expensive places to live.
Hard work is commendable, but if you can’t account for every factor I’ve outlined, the idea is void.
Is it desirable?
If the maths add up, you need to consider the desirability of your product or service at this challenging time. Different to the first consideration, this is not about how many but how much. Be weary, all of our typical assumptions have gone out of the window – you will be required to adapt.
Gauge public opinion with market research. Be frank in your conversations and use the current obstacles as an extra level of assessment.
Next steps
I’ll leave you with my best piece of advice: demonstrate practical examples of how you can execute your plans in the current environment. If your business is robust enough to survive the biggest shock to the economic system since the Second World War, you will be in a great position as the world moves out of the crisis. Tackle the challenges we currently face head on and you can reap the rewards of the recovery.
 
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Interview: James Caan