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Day: 10 November 2021

MEB presents Monaco labour market’s strong points

by: Stephanie Horsman
10/11/2021

Monaco has seen a 60% growth in its tech sector over the past decade, it was revealed at a recent event hosted by the MEB where the Principality’s employment opportunities were laid out to the international market.
Career development, density of the ecosystem, teleworking, interconnection between local and international decision-makers, the variety of business sectors… These are all topics hit upon at the last Club de l’Eco meeting on 3rd November where the strengths of the Monegasque labour market were discussed.
Under the theme ‘The dynamism of employment in Monaco: career opportunities in an international marketplace’, members met to talk about the local job scene and debuted their new meeting format, punctuated by video testimonials produced specifically for the evening.
The event, organised by the Monaco Economic Board (MEB) and the Nice-Matin Group, offered members a chance to interact with experts in their fields.
“Monaco is a real magnet for over 55,000 employees working in various sectors,” said Guillaume Rose, Executive Director of MEB. “It is an economic hub open to the world offering numerous career opportunities.”
Speakers Christian Huault, Editor-in-Chief of Nice-Matin, Corinne Pirinoli from Monaco Telecom, Emmanuelle Cellario-Florio from the Employment Service, SBM Monte-Carlo’s Emmanuel Van Peteghem and Ariel Barugel from CFM Indosuez laid out the beneficial aspects of the Monegasque job market.
Monaco currently boasts 56,000 employees, of which 51,008 are private sector coming from 6,012 companies. Their nationality make-up spans the globe, with 140 nations represented, though the largest percentage by far are the French who represent 63% of that number, followed by the Italians, who are 15.5%.
There are eight primary sectors where recruiting is strongest, those being medical, legal, hotel and restaurant, banking, construction, digital, personal assistance, accounting and auditing, but “the scientific and technical activities and administrative services sector is the leading employer in the Principality,” said Emmanuelle Cellario, head of employment services.
She went on to explain how Monaco’s administration, laws on telecommuting, and work study programmes are also attractive features giving myriad options and opportunities to candidates looking for solid employers.
For Corinne Pirinoli, HR Director at Monaco Telecom, one of the many strong points of the local job market is that “there is also a wide diversity of companies: from start-ups to large groups. And Monaco is able to bring these companies together. This creates an ecosystem that is full of opportunities for career development. For example, 70% of employees who leave Monaco Telecom find a job in Monaco afterwards.”
The General Secretary of the Société des Bains de Mer (SBM), Emmanuel Van Peteghem, hit upon the high points of his industry, saying, “In the tourism sector, we attract quite a bit of talent. Monaco is an international place for luxury hotels and restaurants.” SBM, which has 130 different professions under its umbrella, stressed the importance of “encouraging internal mobility. We have a real training policy to enable our talent to stay and develop.”
The financial sector also has specific advantages. “There are many subsidiaries in Monaco with headquarters abroad,” said Ariel Barugel, HR Director at CFM Indosuez. In the last decade alone, there has been a 30% increase in the number of professionals in the financial sector, totalling 4,000 employees.
During this Eco Club meeting, the speakers also noted that the tech sector is making a major push in Monaco. In 10 years, it has grown by more than 60% and now has 861 companies and 1,727 employees.
The next meeting of Club de l’Eco will take place at the Grimaldi Forum on 30th November, where they will be celebrating the 10th edition of the Eco Trophies.
 
 
Photo left to right: Christian Huault (Groupe Nice-Matin), Corinne Pirinoli (Monaco Telecom) Guillaume Rose and Michel Dotta (Monaco Economic Board), Emmanuelle Cellario-Florio (Employment Service), Emmanuel Van Peteghem (SBM Monte-Carlo) and Ariel Barugel (CFM Indosuez). Source: MEB
 
 
 
 
 

CFM Indosuez donates €50,000 for students in need

by: Cassandra Tanti
10/11/2021

CFM Indosuez Wealth Management has renewed its support for children’s charity AMADE with a donation that will support two projects designed to advance the education opportunities of young people from modest backgrounds.
The donation is a continuation of the support that CFM Indosuez has been giving vulnerable children and young people since 2015.
Its latest donation supports the project ‘Advanced tutoring for talented middle school students from modest backgrounds’, which aims to support students enrolled in the 3 REP+ (priority education network) middle schools in Nice through a mentoring system of excellence. The bank’s support enabled 60 young people to join in August 2021 for the entire school year in progress.
It also supported the project ‘Connected success – Preventing school drop-out and reducing the digital divide’, which aims to combat the digital divide and prevent school drop-out among children enrolled in Social Assistance for Children (ASE) in the Alpes-Maritime. CFM Indosuez’s support, initiated in 2020 during the first lockdown, benefited 169 young people from the PACA region. It has been extended to 37 new ASE young people who will be provided with laptops and an internet connection and will benefit from student support as part of a mentoring program.
“When we contacted CFM Indosuez in the midst of the pandemic about our new projects for young people at risk of school dropout, they immediately responded,” said Jerome Froissart, AMADE Secretary General. “Having a partner that supports us both in urgent situations and in the long term is very valuable for our action.”
Founded in 1963, AMADE’s commitment to children is based on its vision for a world where all children of any social, religious or cultural background can live with dignity and safety and are accorded their fundamental human rights; a world where every child has the opportunity to fulfil his or her potential.
“Taking action every day in the interest of our clients and society is the very purpose of CFM Indosuez and our entire group,” added Mathieu Ferragut, CEO of CFM Indosuez Wealth Management. “Our solidarity actions focus on two areas: the protection of vulnerable children and young people, and the protection of the environment, particularly the oceans. AMADE has been a trusted partner for us since 2015. Thanks to their expertise, we are confident that our financial support has a concrete impact on the children and young people who need it.”
 
 
Photo of Jerome Froissart, AMADE Secretary General, and Mathieu Ferragut, CEO of CFM Indosuez, by Valeria Maselli
 
 
 

GDP per employee was €106,719 in 2020

by: Stephanie Horsman
10/11/2021

Monaco’s GDP fell by a significant 11.8% last year as Covid took its grip on the Principality, according to a new report by statistics group IMSEE.

Monaco’s gross domestic product (GDP) saw a backslide in 2020 after two years of strong growth in 2018 and 2019. GDP rose by +6% and +6.9% in each of those years respectively. But in 2020, the GDP came to €5.97 billion, compared to €6.6 billion in 2019. This amounts to a -11.8% drop adjusted for inflation.

According to the latest report by IMSEE, since the year 2011, this is only the second time the total number of employees, both public and private, has fallen. The regression amounted to -3.4% in 2020, whilst the other time was a tiny -0.5% back in 2015.

The wage bill fell by 5.5% last year as well. However, over the decade, employee compensation increased by an average of +2.7% per year. This represents nearly half, 44.3% to be exact, of the wealth created in the Principality, excluding subsidies.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) saw a dramatic drop by -7.0%. In spite of this fall, its annual growth rate is +4.9% over the decade as a whole. EDITDA represents 41.7% of GDP excluding subsidies. 

Taxes increased quite sharply by +8%. They contribute 14.0% to the wealth produced in Monaco. It is mainly higher VAT, notably real estate VAT, that explains this increase. 

GDP per employee was down -8.7% in volume to €106,719.

Subsidies stemming from the government’s support policies have had a +100.4% leap, doubling over the previous year.

The per capita GDP in the Principality is a substantial €69,380. Although this is a -10.4% fall in volume, it is far above the mean personal per capita in Europe which is €37,468. Only Luxembourg, Ireland and Norway have higher.

Three sectors are responsible for 50.1% of Monaco’s wealth. They are scientific and technical activities, administrative and support services which make up 20.3%; financial and insurance activities making up 18.3%; and construction, coming in at 11.4%, which stays on the podium since real estate activities were weaker than normal.

 
 
Photo by Rishi Jhajharia on Unsplash
 
 

Over 65s in France will need booster to keep health pass

by: Stephanie Horsman
10/11/2021

French President Emmanuel Macron has announced that, starting in December, all French residents and nationals over the age of 65 must get a booster shot to retain their health passes.
Emmanuel Macron took to the airwaves Tuesday evening to drop another bombshell announcement on the people of France. In an effort to mobilise the over-65s to get booster jabs, he stipulated that failure to do so would result in their health passes not being renewed.
In the run up to the busy festive season, not having a health pass would be extremely inconvenient, as they are required to use long-distance public transport, to patronise bars, restaurants and cafes, as well as to attend cultural and sporting events, things people tend to do quite a bit of during the holidays.
The health passes have been part of French daily life since August, when they were originally met with protests, but the general population has since accepted their use. Now, the President is hoping that by enforcing boosters, he can keep numbers and fatalities down over the winter.
The announcement comes just a few days after the French Parliament approved the extension of the health pass for the general public until 31st July 2022 by a 118 to 89 vote. The same day, a new rule went into effect saying that all third country travellers entering France must obtain the French version of the health pass from designated pharmacies authorised by the state. The cost is €36 per pass.
“We have not finished with the pandemic,” Macron said Tuesday, adding that France was better off at the moment than Germany and the UK, but urged caution as infection rates had risen 40% since the previous week.
The president reminded people that studies have shown that, after six months, “immunity decreases and therefore the risk of developing a serious form (of Covid) increases” without boosters. “The solution to this decrease in immunity is an additional vaccine shot,” he said.
He also used the time to advocate the six million people in the country who have yet to be vaccinated to get out there and get it done, saying it was “an appeal to responsibility.”
With over 80% of intensive care patients in the 50+ age range, Macron announced that the government would extend the campaign in December for those aged 50 to 64 to receive boosters as well.
Though not entirely popular, as the summer protests showed, the policy appears to be part of Macron’s run up to the April elections where he hopes to be able to boast a successful fight against Covid as a key part of his platform. Despite not officially declaring his candidacy, it is widely thought he will run for re-election.
 
 
 

What you need to know before heading to a French ski resort

by: Stephanie Horsman
10/11/2021

The French government has laid out the health and safety rules that will be applied to France’s ski resorts this season, including the latest on mask-wearing and health passes. 

Ski bums and bunnies have been waiting to hit the slopes for months after the enforced closures of ski resorts that cut short or cut out the 2020 season. Whilst it is mostly full steam ahead for the resorts, there are some rules that will remind everyone that we’re not quite out of the woods Covid-wise, just yet.

When it comes to travel, France’s borders are open to “green” countries, including all EU and Schengen zone countries, Canada, Australia and New Zealand, with proof of vaccination or a recently obtained negative Covid test.

Only fully vaccinated visitors will be welcomed from those on the “orange” country list, such as the USA and the United Kingdom. Without proof of vaccination, people will be denied entry. For those who’ve been double jabbed, no test is required upon arrival.

Testing applies to all travellers over 12 years of age, though unvaccinated 12 to18 year-olds can travel with an adult who is fully vaccinated.

Once finally getting to the resorts, there are specific guidelines to be followed as laid out on Friday by Prime Minister Jean Castex. Masks are required in ski lift lines and in gondolas, but not on open chair lifts or other open-air places on the mountain when skiing.

At the moment, health passes are not mandatory to access ski lifts, but this will change, says the PM, if the country’s incidence rate climbs over 200. As of 7th November, France’s incidence rate sat at 70 cases per 100,000 inhabitants.

Businesses related to the resorts are eager to keep their doors open after the catastrophic last season, so they may also impose some limits such as extra cleaning protocols and kerbing group sizes in their establishments.

National rules still apply for areas like public transport and all indoor public spaces where it is compulsory to wear a mask. There are no exemptions to the mask rule and those who shirk it can expect to pay fines of €135.

Restaurants, bars and cafes do not, in general, require masks as these places require a health pass to gain entry, though owners of these establishments are free to impose whatever regulation they wish on this front, and can bar entry to anyone who refuses to comply. Hotels usually ask that masks be worn in communal areas.

 
 
Photo of the Rhone Alpes by Robert Bye on Unsplash