As the impact of the pandemic on Monaco recedes, the government has set a date for an end to its financial support for employers and workers as well as remote working.
As the health situation in the Principality no longer requires harsh measures, the government announced on Friday 25th March that it will end the Reinforced Temporary Total Unemployment as well as the Partial Exoneration of Employer Charges schemes, which were temporarily implemented during the crisis, on 31st March. Carlo recipients get a reprieve until 30th June.
These temporary emergency measures were important and essential stopgaps for many workers and employers who were forced to stop work during the pandemic, but with the lifting of restrictions, the economy will be free again to get back to work on its own.
Those who receive government support through the Carlo programme will still be able to take advantage of the scheme until 30th June. The platform, which gives cash back to consumers on purchases made at local participating establishments, will thus continue as is for now with operating costs being covered by the State.
In other work-related areas, telecommuting will continue for employees of Monaco who live in France until 31st May. From 1st June, employers can decide whether to carry on with remote work schedules or revert back to in-office work. If they prefer the remote option, they must do so formally and the Department of Labour has made clear they are available to help companies make the formal steps needed to implement the scheme.
Workers residing in Italy, conversely, will continue with telecommuting for the foreseeable future.
During Monaco Ocean Week, the players of RAMOGE, an agreement between Monaco, France and Italy, released an awareness video highlighting the impact of marine pollution, called Thrill in the Abyss.
It’s only just over four minutes long, but Thrill in the Abyss (Frisson dans les abysses) packs a big punch.
The short French film covers exploration campaigns undertaken by scientists from the three nations that make up RAMOGE, where they found in underwater canyons, along with beauty, an alarming amount of waste accumulation at depths of over 2,000 metres, roughly 30 kilometres off the coast.
The staggering amount of waste was captured on film from wire-guided underwater vehicles in September 2018, which can reach depths of 6,000 metres below sea level. It shows the extremity of the situation, with piles of rubbish sitting on the seabed that had been carried from the land and rivers to these resting places.
The jarring impact of seeing a veritable junk yard where there should be grasses and creatures puts a fine point on the problem facing the seas with regard to ocean pollution. These undersea garbage dumps are filled with plastic cups, old cans, tennis balls and a variety pack of unidentifiable detritus.
There was even a pot of yogurt from the brand Chambourcy, a French company that shut down in 1996.
“It looks light and fragile, but it has been here, in this deep area of ecological interest, for several decades. Seeing is believing. And that’s only the visible part, there are also microplastics,” Anne Vissio, Executive Secretary of the RAMOGE Agreement, told Monaco Matin. “We realised that the canyons are areas of accumulation of waste. All this waste comes from the earth, has been abandoned in nature, then carried by waterways and currents.”
Screenshot from Frisson dans les abysses
“Removing them is very complicated technically and would cost a fortune,” she said. The purpose of this video, which we hope will be relayed massively, is to say ‘Stop, let’s not add more!’ Individually, we can act and stop the use of plastic. On a global scale, we must stop the production of plastic packaging.”
The footage also showed the marvels of the seas, such as fish, tiny sea crustaceans, coral and other such incredible sea flora and fauna, but these beautiful images don’t hold a candle to the mess found in their habitat.
Beyond the horror of how terrible it looks, it is also possible they are dangerous to health. As the plastics slowly break down, they release microplastics which are typically passed through the body without harm. The danger comes from the microplastics on the surface of the ocean that attach to plastic and travel long distances. The plastic actually serves as a carrier. Certain micro-organisms attached to it can be pathogenic for marine organisms, toxic or invasive.
RAMOGE is made up of delegates from France, Monaco and Italy and was formed in 1991 after an oil tanker sank off the coast, threatening the coastlines and the sea life. They work to fight against accidents such as these and establish cooperative agreements in the event of any such occurrence. Additionally, the representatives work to protect the biodiversity of the Mediterranean, which hosts between 25% and 30% of the endemic species and 10% of the marine species known to man, despite only covering 1% of the world’s ocean surface.
Renowned local jewellers Repossi has created a Barbere Chromatic Ocean ring that it will sell and give the profits to the Prince Albert II of Monaco Foundation, in turn aiding ocean conservation efforts.
The ring, in pink gold and aqua blue lacquer, has a sale price of €3,000, and will be available to order until 31st December from the Repossi Monaco Flagship in Square Beaumarchais.
To mark Monaco Ocean Week, whilst consolidating their commitment to ocean preservation, an engraving reading, “Together for a healthy ocean” will highlight that message.
All benefits from the limited edition, ocean coloured ring will go towards the Prince Albert II of Monaco Foundation, whose eco, sustainable agenda prioritises actions that seek to protect our planet’s waters.
Repossi has a long history in Monaco, where they opened their first boutique in 1978. The legacy of Repossi brand has passed through three generations, and is now entrusted to Gaia, the current artistic director.
She has a history of creating rings in support of causes that she is passionate about. For example, Repossi released a ring following the Beirut explosion in 2020, whilst the Chromatic Sapphire collection was released in collaboration with the Moyo Gems Organisation to serve women’s visibility in the gemstone industry.
This time, Repossi is supporting a cause dear to both Gaia and to Prince Albert, in giving visibility to, and raising funds for the fight to save the oceans.
Finest takes over Monaco Esports in $10 million deal
Israeli sports organisation Finest has acquired Monaco Esports for $10 million, ending all Monaco Esports branding and operations after the upcoming Sim Racing event, as the bigger venture will absorb the Monaco-based company.
The merger between Finest and Monaco Esports was announced on 14th March and is part of Finest’s plans for international expansion.
“I am really glad to welcome the Finest group in Monaco, their experience and knowledge of the esports world will help the Principality of Monaco and the Federation to improve and put Monaco in the front of the esports scene,” said Louis Ducruet, President of Monaco Esports Federation.
Finest was founded in 2019 by Rubik Milkis but is now being run by former CEO of the Israeli Football Association Rotem Kamer. Milkis still retains an active role as the company’s Chief Gaming Officer (CGO).
“It is a new era of esports we will witness in Monaco. For years we have been working to build the foundation of what would become a highly global structure. Monaco Esports merging with Finest gives that worldwide reach we’ve been expecting. We are now looking forward to the extraordinary results we are going to achieve within this new family,” said Boris Fedoroff, President and Founder of Monaco Esports.
Finest was recently taken over by media giant RadarZero when CEO Mark Klein took over the majority stake in the business in late 2020. This makes it part of a larger portfolio of gaming operations owned by Radar, such as GameSquare, Enthusiast Gaming and FaZe Clan.
In July 2021, Klein met Louis Ducruet and Boris Fedoroff and began talking about a merger, which made sense for both sides. Monaco Esports would get a money injection and a higher profile, and Finest would get access to Monaco’s market, reputation and enthusiasm.
“The Principality wants to make Monaco a gaming hub in Europe,” Klein explained to gaming site dextero.com. “They would like to see events every two months. Events made for the fans, for the pro teams, for the industry, to create best practices and bring financiers and investors in gaming companies and technology to Monaco.
“They 100 percent want to support those initiatives. They also want to subsidize the fanbase through afterschool programs for kids, for example. Their support is something that, unfortunately, I cannot say that we have here in Israel [from a government perspective].”
Finest also wants to encourage more girls to be part of this world, and already support the Valorant Girls Team. It should be noted that metrics are showing the split between boys and girls in esports is coming close to equal, so the women’s market is becoming hugely important as an untapped resource.
A new report by IMSEE, the Monaco government’s official statisticians, shows that the number of active private sector employees rose by over 2,000 in 2021 compared with the previous year, marking a return to pre-pandemic levels.
According to the report, the total number of private sector employees in Monaco in 2021 sat at 53,079. This includes all active employees who worked at least one hour during the year and exceeds the 2020 statistics by 2,072 people, only 10 less than in 2019.
Though the number of employees in the private sector bounced back to pre-pandemic levels, it is not the same in all activity sectors. Accommodation and food service paid the biggest price during the pandemic and were still down compared to 2019 levels, for example. This was offset somewhat by a rally in other service sectors that saw gains, some significant, in 2021.
By the end of last year, Monaco had 6,308 private sector employers, 182 more than the previous year, showing a +3% gain. Employers with less than five staff members remained predominant at about 37.1% of all employers. If those who retain domestic staff are included, that figure rises to 76.1%.
Men account for 60.7% of private sector employees, roughly the same as in 2020, and the average age of these employees is 42.7 years of age. Women are slightly younger, with the average being 42.2 years old. The majority of private sector jobs are held by the 35-to-54-year age group, covering 53.7% of the total jobs.
Commuters constitute the bulk of the workforce in Monaco, with 88.6% of private sector jobs held by people who do not live in the Principality. Workers from France are the lion’s share, at 79.8%, with 55.6% of those coming from the Alpes-Maritimes and 23.5% coming from the villages bordering Monaco. Monegasques make up 11.4% and Italians 8.7%.
Women are still the primary employees in public administration, education, health and social activities, representing 71.6% of the total. They are least visible in construction, where there are only 8.5% women. The numbers are fairly evenly split in retail trade, wholesale trade and financial and insurance activities.
Monaco Ocean Week is an event where ocean experts are discussing everything from innovation and scientific research, to ocean health and blue economy development. One participant, the MERI Foundation, highlighted the role that whales play in mitigating climate change and why their conservation should be a top priority.
“People may not know that the oceans are one of the main sources of nature-based solutions to mitigating climate change,” Patricia Morales, CEO of Cortés Solari Philanthropy tells Monaco Life. “In Chile, we are working around what we call ‘marine ecosystem services’, in particular from whales. Do you know that each whale captures around 33 tons of carbon, which is equivalent to 1,500 trees? It is much more efficient to protect whales instead of killing and selling them for food.”
Cortés Solari Philanthropy is part of the Melimoyu Ecosystem Research Institute (MERI) Foundation, a private, non-profit institution that seeks to highlight the importance of ocean conservation due to its valuable “ecosystem services” and its role in mitigating climate change.
During Monaco Ocean Week (MOW), the foundation teamed up with the Scientific Centre of Monaco for a series of panels which brought together scientists, business people, politicians and economists to look at the value of marine ecosystem services and innovation technologies for community environmental awareness raising.
One main area of MERI’s research has been the Melimoyu Elemental Reserve and the conservation of the blue whale, a species which has returned to the Corcovado Gulf after years of absence.
Within eight years, researchers were able to identify that this whale species is capable of capturing enormous amounts of carbon, 1,500 times more than a tree, making it a valuable nature-based solution for climate change mitigation and worthy of increased conservation efforts.
Together with the Chilean Ministry of Environment, the MERI Foundation is now leading the Blue Boat Initiative, which seeks to alert vessels of the presence of whales through early warning systems.
“We are trying to promote the conservation of whales through this initiative,” says Patricia Morales. “It is a national project where we install intelligent buoys on Chilean coasts in order to prevent a collision between ships and whales.”
Through an acoustic system, the buoys send out a signal to the ships alerting them to the presence of whales, thus reducing the risk of collisions with boats, one of the main causes of the dramatic decline of this species.
According to MERI, between 2007 and 2019, it is estimated that more than 1,200 whales died due to collisions with cargo ships or smaller vessels.
“This is why the Blue Boat Initiative seeks to address the problem, taking care of the species and guaranteeing the generation of blue carbon,” says Morales.
Blue carbon refers to C02 that is naturally stored in aquatic ecosystems. The habitat with the largest deposits is the ocean, which absorbs 25% of the atmosphere’s C02 annually. It plays a fundamental role, and therefore, whales play a key role.
Photo of Patricia Morales, CEO of Cortés Solari Philanthropy, by Monaco Life
Morales says the foundation is also economically evaluating the marine ecosystem services of these whales in order to attract investment to the project as well as similar conservation initiatives.
“We have been backed by philanthropy for many years now, but science is not rentable, and we are a bit invisible from the banking side,” says Morales, who is also an economist. “We aim to connect with those that really want to invest in a green solution. We aim to find as many natural solutions as possible, and try to monetise them, but first, we have to evaluate them. So, we identify a technology, a natural solution, then we try to understand it and see how much carbon are we capturing, and then we evaluate this carbon and certify it.”
The Foundation is now starting to work closely with the private banking industry and companies that would like to invest in the initiatives backed by MERI, of which there are about 50.
In October 2021, MERI participated in the Blue Economy Workshop, organised by the CSM and FPA2, which aimed to draft Monaco’s national proposal on nature-based solutions and marine ecosystem services, that was presented at the COP26 in Glasgow.
The next step?
“Each country has its own economic exclusion zone, but then the ocean is no man’s land. Even if you cannot kill whales, there is no marine traffic regulation. What we need is to work together with the International Whale Commission in order to promote traffic regulation, not only for whales but all the marine ecosystems, the main source of nature-based solutions in the mitigation of climate change.”
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