The land extension project is moving full steam ahead this month and will see a number of giant leaps towards making the dream a reality.
After a Spring plagued with work stoppages due to the coronavirus pandemic, things are humming along once again on Monaco’s land extension construction site.
The operations will be switching from a maritime based set-up to a land based one. This is in conjunction with the near-completion of the soil treatment operations which have been taking place.
A method called vibrocompaction, where 50-metre-long needles were inserted into the ground and made to vibrate, stabilised nearly all of the embankment at the end of May. Only a small portion is left to be done, a site in front of the Grimaldi Forum, which will be taken care of in August.
Another technique being implemented in July is called jet-grouting, injecting a cement and soil mixture into the ground to further stabilise it.
Additionally, the connection between the last caisson and the coast is being completed on the Larvotto side, taking the project one step closer to completion, though the builders on site are reminding people that the water level is lower in this zone, so there will be a temporary and normal gap in this area.
The area will eventually be filled with five-by-four metre quay blocks with a total volume of 90 cubic meters. 48 of the blocks were manufactured at a location in Marseille, and another 14 were poured in Monaco on site.
From this week, the barge will be installing the last riprap in a process that will take until the end of August. Soon after, roughly 2,500 ten to fifteen tonne blocks will be place underneath the site.
Photo: Design plan of the land extension, Bouygues Construction
The upcoming transfer window will see faces come and go at AS Monaco in efforts to build up the squad and make them real contenders for the upcoming 2020-21 season.
Though nothing as yet is set in stone, the word on the street is that there will be some changes in the line-up for the Red and Whites. After last year’s eye-watering €200 million spend in the transfer season, key positions were still not solidified, despite the team being a huge 76 strong.
It has been said the Executive Vice President Oleg Petrov, who inherited this situation, is eager to clean house and streamline the bloated team, perhaps adding players who will plug the holes in the semi-leaky ship. To do this, head Coach Robert Moreno will no doubt be on call 24/7 and on Petrov’s speed dial.
Loaners Islam Slimani, Tiemoué Bakayoko and Adrien Silva will most likely leave after 30th June. Ditto for those at the end of contract, such as Danijel Subasic, Diego Benaglio, Seydou Sy and Moussa Sylla. Additionally, Romain Faivre has departed for Brest and Kevin N’Doram is said to be heading to Metz, but these departures hardly put a dent in the numbers.
AS Monaco is also facing a start of season without Gelson Martins. In a ruling by the French Football Federation Executive Committee, the winger will not be able to resume time on the field until end of November. This stems from the six month ban placed on him after he infamously shoved referee Mickeal Lesage last March in a fit of pique.
The Federation has stated that the time starting from 13th March to 30th June will not count for players who have suspensions marked out for specific time periods.
Whilst Monaco agrees that the behaviour was uncalled for, the team has protested against this call saying it is unfair, and has started proceedings with the highest sports authority in France, CNOSF.
Money makes the world go around. But what happens if the money dries up and the world stops turning? As we teeter on the edge of a global recession, many of us are stressed over our finances.
According to research conducted by the investment management company Blackrock, money is our number one source of stress. Most of us worry more about money than health, family and work. Money is a big deal.
Add a pandemic to the mix and it’s not difficult to see why so many of us are not sleeping well at night. Not only are we worried about staying alive, we are also worried about having the resources to do so. Why is money anxiety challenging?
The two emotions associated with money are fear and shame. We fear it might run out and we experience shame for having the feeling. It’s a double bind.
Money is a scarce resource and the fear that it might run out is primal. It ties in with our survival instinct. That is why the anxiety is heightened. It’s an existential fear.
To make matters worse, money is a taboo. We are less likely to share our money problems and more likely to talk about our sex lives. Money beliefs and financial stress
How might money anxiety affect those of us living and working in Monaco? Financial anxiety has little to do with wealth. The size of our bank account does not inoculate us from financial stress. It has more to do with what we think and believe about money. It is those thoughts and beliefs which can leave us feeling trapped.
The psychologists Brad and Ted Klontz are pioneers in the field of financial wellbeing. They contend that we all have “money scripts”. These are our thoughts, attitudes and beliefs about money. They are largely unconscious and stem from our childhood.
In other words, many of our financial decisions are driven less by our rational beliefs and life circumstances and more by unconscious drives. So, if you think you made that decision to invest in a particular stock based on all the facts, think again. It was also emotionally driven.
I worked with a wealthy client in therapy some years ago. Let’s call him Fred. He grew up in a wealthy family and his father, who was largely absent from his life, was a high-profile entrepreneur. Fred observed that money and power were correlated, and his unconscious narrative was that “One can never have enough. Money is power”. His self-worth was tied to his net worth. After a very bad financial investment, Fred lost about a third of his wealth.
Fred came to see me after experiencing a major breakdown which partly led to the breakup of his family. The cruel irony is that Fred never needed to work again notwithstanding his financial loss. However, it was how he interpreted his situation which caused him the distress rather than the situation itself. Much of our work was in dissecting his early core beliefs about money which were keeping him feeling trapped. He didn’t recover his marriage but he did start to evaluate his life through a healthier lens.
Alternatively, Fred might have concluded that money is bad. His father was a workaholic and there wasn’t much family time. If he had concluded that “money is evil”, as many people do, he might have spent his life avoiding wealth accumulation. He might have self-sabotaged opportunities for promotion or unconsciously lived a more frugal existence so as to avoid money’s evil curse.
Our early experiences of money and what we learned about money is forever playing out in the background of our lives. Money and relationships
Recently it has been hard for couples to avoid money issues. Most of us have been affected by the pandemic in one way or another. When couples argue about money, it is rarely about the money itself. It is what money represents. Money can represent security and safety to one person and fun and adventure to another. It is usually a clash over these philosophies that underpin a couple’s argument over money.
What makes money in relationships so emotionally charged is that opposites usually attract. Savers tend to marry spenders. I worked with a couple who had inherited some money a few years into their marriage. The wife saw the money as an opportunity to secure a college fund for the kids and pay off their debts. The husband viewed the money opportunity to buy a sports car and upgrade the house’s electronics. They both came into the therapy room adamant that their approach was the sensible one and looked to me for vindication.
Growing up, they had each had a very different relationship with money. The wife had seen her father lose his job and suffer depression as a result. The husband had grown up in an environment where his parents spent what they earned. They were each coming to the table with different money beliefs based on what money symbolised.
Maybe it takes a pandemic to work all this out. During the early stages of our romantic relationships, we look for shared meaning. We bask in the symbiosis of love. We tend not to discuss our plans for retirement or our philosophies and fears around money. My advice to newlyweds is never mind mastering the Kama Sutra positions, sort out your money positions first! Conquering our money anxiety
High debt levels, fickle stock markets, losing a job (or even the prospect) and low savings rates cause financial anxiety. All of that is in the air these days. You are not alone. The key is to determine what’s real and what’s the baggage brought into the relationship. As I often say to my clients, “If it’s hysterical, it’s historical”.
If you are stressed about money as a result of the pandemic, I recommend you consider the extent to which your money beliefs are filtering your interpretation of the facts.
Stay with what’s real and current. We often get caught in catastrophising the future and we allow our fears to overcome us. A short-term action plan is often what is needed.
If you are in a relationship, you need to spend time looking calmly at the situation and reaching any decisions about money together.
It is worth remembering that for many of us, we will survive the financial impact of the pandemic. There might be a change in our financial circumstances (which will trigger those early money beliefs) but we will most likely emerge with a roof over our head and the capacity to work again. (I do not want to minimise in any way the reality for people who may have lost jobs or whose circumstances have dramatically changed). Financial wellbeing
I believe that financial wellbeing should not be considered in isolation. When we are satisfied in our key relationships and careers and feel physically healthy and spiritually connected, we feel financially secure. We spend less time comparing ourselves to others. When we appreciate our financial wellbeing is only partly connected to our income level, it’s surprising how we suddenly feel more affluent and a lot more blessed.
Gavin Sharpe is a UK qualified psychotherapist, relationship/psychosexual therapist and executive coach. The thoughts and opinions expressed in this article are his own, and not necessarily those of Monaco Life. Gavin Sharpe can be reached at www.rivierawellbeing.com. Gavin will be running a free zoom webinar on Financial Stress & Anxiety on Thursday 4th June at 11:30 (CET). Register here.
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
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
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