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Month: November 2020

Low-cost giant reporting huge losses

by: Stephanie Horsman
18/11/2020

EasyJet, the French Riviera’s largest domestic flyer, has announced that it is looking at its first annual loss in its 25-year history.
Despite taking stringent cost-cutting measures, EasyJet has said it will be operating at a before tax loss of £835 million this year. This is due in large part to the disruption in travel brought about by the coronavirus pandemic, which saw EasyJet’s passenger numbers nearly halve from over 96 million in 2019 to just 48.1 million in the year ending 30th September 2020.
Despite the huge losses, the company’s trading statement does not indicate it will be asking for more government assistance, though they are not ruling anything out. They have already accepted a £600 million loan, as well as cut 4,500 jobs and sold 608 million in aircraft to keep their heads above water.
Nonetheless, Johan Lundgren, EasyJet’s Chief Executive Officer, has expressed optimism for the company’s future in spite of the setbacks of this unprecedented year.
“I am immensely proud of the performance of the EasyJet team in facing the challenges of 2020. We responded robustly and decisively, minimising losses, reducing cash burn and launching the largest Cost Out and restructuring programme in our history – all while raising more than £3.1 billion in liquidity to date,” he said in a company announcement.
Lundgren went on to say that, “While we expect to fly no more than 20% of planned capacity for Q1 2021, maintaining our disciplined approach to cash generative flying over the winter, we retain the flexibility to rapidly ramp up when demand returns.”
Despite the brave face, the airline industry in general is suffering badly, and EasyJet has not escaped the fallout. Hopes of a recovery were dashed as autumn brought a fresh round of lockdowns and quarantine measures, limiting flights to and from Nice Côte d’Azur airport, which is only running at 22% of capacity.
According to published reports, based on current travel restrictions, EasyJet can expect to fly no more than 20% of planned capacity in the first fiscal quarter of 2021 as well, taking a chunk out of next year’s profits before the year has even begun. The company is quick to point out, though, that “given the continued level of short-term uncertainty, it would not be appropriate to provide any further financial guidance for the 2021 financial year.”
 
 

Elderly patient third Covid fatality

by: Stephanie Horsman
18/11/2020

The passing of a person aged in their 80s has marked the third resident death linked with Covid-19 in the Principality.
According to the government, the octogenarian was being treated at the Princess Grace Hospital Centre and died on the night of Monday 16th November.
“The Prince’s Government wishes to show the family and loved ones of this person all its support in these moments of great sadness,” said the government in a statement.
As of Wednesday afternoon, there are currently 17 patients in hospital being treated for Covid. Of these, six are residents. In addition, three residents are in intensive care, with three non-residents also in the same position.
The total number of coronavirus cases since the start of the health crisis was recorded at 557 as of Wednesday morning, with five new cases being offset by five new recoveries.
This means there has been a steady decline and relative stabilisation of new cases for a week. 11th November saw 22 new cases registered and the numbers since have dropped dramatically, giving hope that the situation is again under control.
Monaco’s worse one day total was seen on 7th November when 29 new cases were recorded in a single day.
On a positive note, there are 467 Monaco residents who have now fully recovered from Covid.
The Principality has 51 people being followed by the Home Monitoring Centre which supports those with mild symptoms by offering support remotely whilst the patients convalesce at home.
 
 

National Day quiz

by: Cassandra Tanti
18/11/2020

On Thursday 19th November, the entire Principality proudly celebrates its National Day. So how much do you actually know about Monaco?
First and foremost, the event – otherwise known as ‘Sovereign’s Day’ – is an opportunity for the Monegasque people to pay tribute to their princes. Traditionally, the calendar date changed according to the first name of the reigning prince. When Prince Rainier III ascended the throne, for example, the date was fixed at 19th November – Saint Rainier d’Arezzoday. But Prince Albert II departed from this tradition and maintained the 19th in tribute to his father, rather than taking 15th November – Saint Albert’s day – as the National Day.
But that part you probably already knew.
For a bit of fun this National Day, we put together a quick quiz to see how much more you know about Monaco. Write down your answers then scroll to the bottom of the page to check them and find out some more interesting facts!
Viva Múnegu!

The Prince’s Palace, photo by Monaco Life

Let’s start with some history…

1.The Grimaldi family has ruled Monaco since…

  • 729
  • 1215
  • 1050

2. Why does the Prince’s Family coat of arms feature two monks holding a sword?

  • Because Catholicism is the official church of Monaco
  • Because the fortress of Monaco was captured by men disguised as Franciscan monks
  • To represent monarchical sovereignty

3. After taking final possession of Monaco in 1419, the Grimaldi Family did not assume the title of Prince of Monaco until 1659.

  • True
  • False

4. In the early 14th century, the Grimaldi’s also received possession of the ancient city of…

  • Antibes
  • Villeneuve-Loubet
  • Vence

5. The Constitution of Monaco was created by Albert I in:

  • 1897
  • 1911
  • 1923

6. Who was the longest serving prince of Monaco?

  • Albert I
  • Rainier III
  • Prince Honore III

7. The Hôtel de Paris Monte-Carlo was opened in the year…

  • 1784
  • 1801
  • 1863
Central Park in New York, source Pixabay

Now some fun facts…

8. Monaco is smaller than Central Park in New York City.

  • True
  • False

9. Monaco has one police officer for every…

  • 10 residents
  • 50 residents
  • 100 residents

10. What is the capital of Monaco?

  • Monaco-Ville
  • Monaco
  • Monte-Carlo

11. Who is Monaco’s Minister of State?

  • Pierre Dartout
  • Stéphane Valeri
  • Prince Albert II

12. Monaco is a member of the European Union.

  • True
  • False

13. Monaco is a member of the United Nations.

  • True
  • False

14. Prince Albert graduated in 1981 with a Bachelor of Arts degree in…

  • Political Science
  • Economics
  • Sociology

15. All license plates in Monaco starting with 000 belong to…

  • Members of the Prince’s family
  • Members of the government
  • Members of the police force

16. Which Marvel Comic film features scenes from Monaco?

  • Doctor Strange
  • Guardians of the Galaxy 2
  • Iron Man 2

 
 
Answers:
1) 1215. 2) Because the fortress of Monaco was captured by mendisguised as Franciscan monks in 1297. One of them was François Grimaldi who became the first ruler of the House of Grimaldi. 3) Antibes, as collateral to a loan made to a pope. 4) True, they were previously called Lords of Monaco. 5) 1911 after the Monégasque Revolution. It is the shortest constitution in the world. 6) Rainier III – the prince’s 56-year rule not only made him Monaco’s longest-serving monarch, but also Europe’s – at that time. 7) 1863. 8) True, Central Park is about 840 acres in size, making Monaco roughly 60% of the size of the world-famous park. 9) 100 residents, Monaco is largely recognised as one of the safest countries in the world. 10) Monaco – as a city-state, Monaco is its own capital. 11) Pierre Dartout became Monaco’s new Minister of State in September 2020. 12) False, Monaco is not formally a part of theEuropean Union but it participates in certain EU policies. 13) True, Monaco actively participates in the United Nations, which it joined in 1993. 14) Political Science, awarded from the Amherst College in Massachusetts. 15) Members of the Prince’s family. 16) Iron Man 2 – watch scenes from the movie here:
 

 
 
 
 
 
 

Road resurfacing planned

by: Cassandra Tanti
17/11/2020

Several main roads in Monaco will be recoated next week, leading to traffic disruptions throughout areas of the Principality.
Between Monday 23rd and Friday 27th November, the Urban Planning Department will repair the coating on several roads. These are regular road renovation projects that generally occur on part of the Grand Prix circuit.
The roads affected are Avenue Princesse Alice and Boulevard des Moulins; Quartier des Fleurs, Rue des Roses and Rue des Géraniums; Avenue Albert II; Avenue des Papalins; and Boulevard des Moulins towards the west exit of Monaco.
The works will take place from 8pm to 6am.
Further information can be found here.
 
Photo © Government Communication Department  / Michael Alesi
 
 

Special Order of Grimaldi honours

by: Cassandra Tanti
17/11/2020

As part of National Day celebrations, Prince Albert II this year wanted to honour all the men and women who have been at the forefront of the fight against Covid-19 in Monaco.
National Day in Monaco is as much about celebrating the people who contribute to its way of life as it is to honouring the Sovereign Prince and his family.
Therefore, this year, at the request of Prince Albert, the various members of the Monegasque community who have assisted in the months-long battle to protect citizens from the coronavirus were recognised and rewarded.

 
 
 
 
 
 
 
 
On Monday morning, the Sovereign Prince presented Director of the Princess Grace Hospital Centre, Beno îte de Sevelinges, the ′Covid-19 Promotion’ Order of Grimaldi for all hospital staff.
In the afternoon, in the Court of Honour of the Palace, the Prince, in the presence of Princess Charlene and members of the Princely Family, awarded the ’Covid-19 Promotion’ decorations in the Order of Grimaldi and Medals of Honour for Volunteers to over 80 people.
 
 
© Photos: Eric Mathon / Prince’s Palace, Manu Vitali / Government Communication Department
 

MEB’s e-mission to Russia

by: Stephanie Horsman
17/11/2020

The Monaco Economic Board hosted its first ever economic e-mission with Russian entrepreneurs this month, securing 100 meetings and paving the way for future business opportunities with the country.

The health crisis has forced the Monaco Economic Board (MEB) to change the way it finds new outside opportunities for the businesses of the Principality. As a result, they test-ran a virtual e-mission with a selection of Russian businesspeople on 11th and 12th of November.

The groundwork had been set in previous years through physical meetings with chambers of commerce and business associations in four key cities: Moscow, St Petersburg, Rostov-on-Don and Novosibirsk. The bonds forged and trust already established made it possible for the MEB to host two days of “virtual economic missions” with each city individually, all simultaneously translated for the best possible experience.

The agenda started with an opening briefing session, followed by an opening speech given by Mireille Pettiti, the Ambassador of Monaco to Russia, who recalled her 2015 appointment to the post and remembered that even then, there was a desire by the Principality to strengthen ties between the two countries. Representatives from the chambers of commerce then presented short presentations before giving way to more intimate meetings held in virtual chat rooms.

Monaco had 18 entities participating and were able to secure 100 meetings using this new format. The businesses included wholesale trade, pharmaceuticals, banking, finance and information and communication technology and opened up many new development possibilities.

After the e-meetings, there was a review session, asking participants for feedback so that the MEB can improve on the format for future exchanges in other destinations.

 

Photo: Moscow, source Pixabay