15 ° C
Profile

Day: 22 March 2021

The force of the pandemic, in numbers

by: Cassandra Tanti
22/03/2021

The full impact of Covid-19 on the Monegasque economy has been laid out by the Principality’s statistics body IMSEE. Some of the biggest blows were delivered to the accommodation and catering sector, which effectively had its turnover halved by the pandemic.
Sophie Vincent, Director of the Monegasque Institute of Statistics and Studies (IMSEE), presented the final results for the year 2020 during a press conference on Monday, alongside Minister of Finance and the Economy Jean Castellini and Health Minister Didier Gamerdinger.
Unsurprisingly, the figures confirm that 2020 was an exceptionally bad year for the Monegasque economy.
While activity picked up during the summer and end of year celebrations, annual figures show a sharp decline in the economy, impacted heavily by the second trimester.
The overall volume of foreign trade excluding France fell by 38% compared to 2019, returning to its 2016 level.
Turnover excluding financial and insurance activities amounted to 13.9 billion euros, 1.18 billion less than 2019, or a contraction of 7.8%. The Accommodation/Catering sector was impacted most with losses as high as 48% while the wholesale trade sector saw the largest deficit of 579 million euros.
However, the construction sector experienced growth of almost 4%, or +71 million euros.
With regards to employment, the private sector experienced a decrease of 2.7% compared to December 2019, and there were 80 million hours worked in 2020, 14 million less than the previous year.
Figures show that the Principality recorded a marked decrease in business start-ups, with 728 new business creations in 2020 compared to 882 in 2019.
Hotel occupancy was at 28.5% compared to 65.9% the previous year, and the real estate market declined both in terms of sales and resales, with half the amount of sales last year. There was also a 32% drop in the value of sales and 34 fewer transactions than in 2019.
 
Photo by Hani Agha
 
 

MEB has “encouraging” e-mission to India

by: Stephanie Horsman
22/03/2021

The Monaco Economic Board went on a virtual visit to India recently where the two countries made significant contacts and formed bonds that showed strong business potential.

The mission was organised by the Embassy of Monaco in India in partnership with the Embassy of India in France and Monaco and was held on Tuesday 16th March. Additionally, the MEB worked in close collaboration with the France-India Chamber of Commerce and Industry (IFCCI) and also received support from the Promotion Office of the Principality of Monaco in India.

The event was a follow up to a trip made back in 2019 to New Delhi in the wake of Prince Albert II’s official state visit. The outcome of the first meeting produced several partnership agreements giving the Monaco entrepreneurs who were on site several promising new contacts.

This second Monaco-India mission took place in two stages. The first began with opening speeches followed by bilateral economic presentations from both sides that highlighted the potential opportunities for each country. Business leaders were able to speak about the possible complementary exchanges, highlighting the strengths of each.

India’s Ambassador Jawed Ashraf and other highly placed businesspeople gave their Monegasque counterparts a focus on the most promising sectors. These include finance, innovation, trade and renewable energy.

A macroeconomic prospectus, as well as the legal and regulatory frameworks, were presented to explain how to enter into agreements with Indian companies by an analyst from Crédit Agricole in New Delhi, a partner with the bank in Monaco.

The second part of the forum involved 13 Monegasque companies and organisations represented by 19 managers who were able to take advantage of targeted personal meetings. About 50 interviews were held as a result using support from technical moderators and translators where necessary.

An information lunch was held prior to the event at the Yacht Club of Monaco and attended by Patrick Médecin, Monaco’s Ambassador to India, followed by a debriefing session afterwards.

The end result showed a positive outcome overall. According to data from a satisfaction survey handed out to those involved, 90% of the contacts were rated as satisfactory or very satisfactory. Over half of these contacts were said to show strong potential for new business.

“The success of this e-mission went beyond our expectations,” said Guillaume Rose, Executive Director General of the MEB. “This success confirms in us the idea that we must continue this type of operation, even after the pandemic crisis, in addition to the on-site travel which remains irreplaceable.”

This is the second e-mission conducted by the MEB. The organisation held a similar event last November with Russia that proved to be equally productive.

 
 

After digital, Monaco is “banking” on sustainable finance

by: Cassandra Tanti
22/03/2021

Monaco is looking to capitalise on a global movement towards sustainable investment and secure its future position as a financial heavyweight in Europe while helping to save the environment.
Alongside Switzerland and Luxembourg, the Principality of Monaco is one of the main European centres for private banking activity.
Two years ago, a working group was formed to explore the future of banking in the Principality and the first order of business was innovations in digital finance. This resulted in a very ground breaking Security Token Offering (STO) bill, which the National Council voted into law in October 2020 and which positions Monaco at the forefront of digital investment opportunities that are rubber stamped by the government.
Now, a new joint working group has been formed comprising members of the government and the Monaco Association for Financial Activities (AMAF), to tackle a new initiative called ‘Monaco Sustainable Finance’.
It aligns Monaco’s unique financial position with Prince Albert’s decades-long commitment to sustainable development.

Related stories: Monaco advances its digital finance strategy

Across the globe, Environment, Social and Governance (ESG) and Socially Responsible Investment (SRI) factors are being integrated into the financial analysis and investments of bankers, fund managers, family offices and institutions who understand that their implementation constitutes a major factor in international competitiveness.
According to the latest Wealth Report, more than 40% of ultra high net worth individuals (UHNWIs) are more interested in ESG-focused investments than 12 months ago, and 22% are excited by opportunities arising from the ESG agenda.
Meanwhile, new research by Barclays Private Bank shows that two thirds of family offices now want to widen risk assessments to incorporate more ESG factors.

Related stories: “If Covid was a systemic wave, climate is a systemic tsunami”

“All these actors have become aware of their share of responsibility in solving global challenges and in implementing the changes essential to the fight against global warming,” said the government in announcing the launch of the initiative. “Taking sustainable development into account in management processes therefore contributes to achieving financial objectives on the one hand, and on the other hand the major objectives targeted by the Paris Agreement on Climate and/or United Nations Sustainable Development Goals (SDGs).”
 
Photo by Stéphane Danna, Government Communication Department
 
 

Big win for Red and Whites

by: Stephanie Horsman
22/03/2021

AS Monaco had a huge 4 to 0 win over Saint-Etienne Friday night at Stade Geoffroy Guichard, putting them only one point behind Lyon in the standings, well within touching distance of the top three.
Coach Niko Kovac returned to a solid 4-4-2 line up with Aleksandr Golovin, Sofiane Diop, Kevin Volland and Stevan Jovetić all amongst the starters. Saint-Etienne was a bit behind the eight ball with three key players, Jessy Moulin, Adil Aouchiche and Arnaud Nordin, all out with injuries.
In the first quarter hour, it looked a bit like the Jovetić show, with the Montenegrin having three attempts on goal. The first two were unsuccessful, but he was third time lucky and after a pass from Aurélien Tchouameni, he landed the ball in the bottom corner to open up scoring at 13 minutes in.
The rest of the first half was rather uneventful so the score remained stable as the men headed back into the locker room.
After the break, the Red and Whites came out energised. At the 55 minute mark, Tchouameni put a powerful one between the posts, bringing the score up to 2 to 0 for Monaco.
Ten minutes later, it was Diop who broke through and landed another glorious shot in the net and then yet another ten minutes later, Krépin Diatta scored the fourth and final goal after his very first touch of the ball that game.
The game ended in an exhilarating four to nil win for Monaco, giving them 18 wins on the season so far and putting them firmly in fourth place in Ligue 1.
“It was a very good performance indeed,” said Coach Kovac. “The result speaks for itself. We had an excellent second half. We were focused throughout the game and played with high pressure.”
The international break will mean no games until Saturday 3rd April, when the Red and Whites face off against Metz at home at Stade Louis II.
 

Roca team take 11th straight win

by: Stephanie Horsman
22/03/2021

AS Monaco Basketball have continued their winning streak in the Jeep Elite with a victory over Cholet Basket 87 to 76 on Saturday.

The Roca team had their work cut out for them Saturday night when they faced off against Cholet Basket on their home turf. The game did not start out so well for the red and whites, despite Matthias Lessort scoring the first points. Monaco trailed the entire first quarter and it wasn’t until early in the second quarter that Damien Inglis made the shot that finally put them in lead.

From here Monaco went off like a roman candle. The second quarter saw the Roca boys take the lead and they never let it go from there. There were moments where the score tightened up but Monaco had total control and kept up the pressure.

“Overall, we can talk about a good game, even if Cholet lacked rhythm,” said Coach Mitrovic after the game. “We showed good defensive streaks and rebound control. The players were serious, although we probably missed a little too many open shots. It is important to remain leaders and to keep a good pace in view of the deadlines that lie ahead.”

AS Monaco made 30 out of 68 shots, with nine from three-point range out of 28. They picked up a huge 41 rebounds, nine from Lessort. The team made eight steals, 14 stray ball pick-ups and 19 assists, of which Dee Bost and Branden Frazier had five apiece.

High scorers on the night were Captain Dee Bost, again tied with Frazier at 13 points each. Marcos Knight and Matthias Lessort were just off that mark with 12 apiece. Will Yeguette and JJ O’Brien each scored 10 points. This fairly even spread showed what a team effort the night truly was.

The Roca team return on Tuesday for a big quarter-finals match against Buducnost Podgorica in the Euro Cup 7 finals where they have home court advantage. 

 
 
Monaco Life with AS Monaco Basketball press release, photo by AS Monaco basketball