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Month: October 2024

Small businesses fuel EU economy, making up 99% of companies

by: Cassandra Tanti
31/10/2024

Micro and small businesses dominate the EU’s economic landscape, representing a remarkable 99% of all companies within the bloc, according to the latest Eurostat data. 

Despite their size, these enterprises – defined as employing fewer than 50 people – play a critical role in Europe’s economy, collectively generating nearly one-third of the EU’s total turnover, approximately €11.9 trillion out of €38.3 trillion.

EU sees net growth in new businesses despite closures

According to the Eurostat data, in 2022, the EU experienced a net increase in companies as more businesses opened than closed. With 3.4 million new companies registered and 2.8 million closing, the bloc’s business ecosystem clearly experienced resilience in the face of economic challenges. 

Lithuania, Portugal, and Estonia led in relative business growth, with impressive rates of 18.3%, 16.7%, and 16.6%, respectively. Meanwhile, Austria, Denmark, and Italy reported the lowest new business rates, likely due to mature market conditions or regulatory factors.

Estonia, Bulgaria, and Ireland report highest business closure rates

While business creation outpaced closures, some countries faced notable economic pressures. Estonia saw a high closure rate at 25.1%, with Bulgaria (20.6%) and Ireland (15.6%) following closely. These figures highlight the challenges of sustaining businesses in certain markets, where economic conditions or competitive pressures may impact stability.

Key sectors: industry leads in turnover, services in employment

The EU’s industrial sector, while comprising only 8% of all enterprises, led with the highest turnover generation, contributing €13.6 trillion or 35% of total turnover. Meanwhile, the trade and services sectors employed the most people, with services alone accounting for 51% of the EU’s workforce, showing the sector’s crucial role in supporting employment across the continent. In contrast, the construction sector, representing 12% of EU enterprises, contributed a modest 6% to the total turnover.

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Main photo credit: Shangyou Shi, Unsplash

Tom Brady’s team claims victory in inaugural E1 World Championship

by: Cassandra Tanti
31/10/2024

NFL icon Tom Brady’s Team Brady has emerged as the first-ever champions of the E1 World Championship, a groundbreaking all-electric raceboat series. Team Brady clinched the title after intense competition across five major cities, including Monaco, overcoming eight other international teams to secure the top position.

The new E1 series, designed to showcase innovative electric-powered watercraft, saw prominent team owners such as Rafael Nadal, Will Smith, and Didier Drogba. Brady’s team showed superior performance, with pilots Sam Coleman of Wales and Emma Kimiläinen of Finland skilfully navigating the cutting-edge RaceBird hydrofoil boats.

Their combined efforts brought home three race wins, including from Monaco, culminating in an impressive 11-point lead. “I’m so proud of everyone on the team,” said Brady. “Their chemistry and camaraderie were on full display.”

The victory marks a significant milestone in E1’s mission to promote sustainable marine mobility under the Electric 360 partnership, a PIF-backed initiative linking E1, Formula E, and Extreme E in the pursuit of eco-friendly motorsport. “Team Brady have written their name into the history books,” said E1 CEO Rodi Basso, “setting the stage for a thrilling season two.”

Looking ahead, the E1 Championship is set to expand, with new teams, race locations, and additional star owners joining the competition in the upcoming season.

See also: 

E1 Monaco: Team Brady back on top

Monaco Life is produced by real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on Threads,  Facebook,  Instagram,  LinkedIn and Tik Tok.  

Photo: Team Brady pilots Emma Kimiläinen of Finland and Sam Coleman of Wales, credit: Spacesuit Media

France to introduce advanced radar system next year

by: Cassandra Tanti
30/10/2024

The French government will roll out an enhanced radar system in 2025, aiming to target a broader range of infractions like handheld phone use while driving. 

Although the number of radar units will increase slightly from 4,000 to 4,160, the primary focus will be on upgrading existing equipment to detect violations beyond speeding. According to Capital, the new radar technology will monitor drivers for three additional infractions: improper following distance, failure to wear a seatbelt, and handheld phone use while driving.

The planned modernisation is supported by a €46.3 million budget allocation in the 2025 financial law, directed at maintaining and enhancing France’s current automated radar systems, especially in areas with frequent vandalism. Capital reports that the project will leverage advanced AI and video technology to increase enforcement accuracy for these new infractions, each of which will carry a €135 fine and a three-point license penalty.

Florence Guillaume, France’s Interministerial Delegate for Road Safety, indicated that integrating AI will enable the radar systems to detect subtle driving behaviours, such as vehicle spacing. By targeting these violations, France plans to address multiple aspects of road safety as part of its broader mission to reduce accidents and enhance driver accountability.

Monaco Life is produced by real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on Threads,  Facebook,  Instagram,  LinkedIn and Tik Tok.

Photo credit: Toine G, Unsplash

‘Un Prince et des Légendes’: New book honours the Barbagiuans’ legacy

by: Niki Borisova
30/10/2024

The Barbagiuans of Monaco have launched Un Prince et des Légendes, a new book honouring the team’s legacy with insights from legendary players. Proceeds from the book’s sales will benefit the Fight Aids Monaco association.

On Sunday 27th October, the Barbagiuans of Monaco unveiled their book, Un Prince et des Légendes, at the Sportel Awards. The launch was accompanied by a meet-and-greet and autograph session with the legendary players who have shaped the team’s history since its founding by Prince Albert II of Monaco in the 1980s.

Un Prince et des Légendes explores the origins of the Barbagiuans, originally known as Munegu Autu—”Monaco Autumn” in the local dialect. It pays tribute to the team’s sporting and cultural history, detailing significant moments from the club’s more than 40 years of existence, and highlights the evolution of the team, showcasing its growth with the inclusion of iconic international players such as Delio Onnis, Arsène Wenger and Youri Djorkaeff, among others.

Today, the team is headed by Louis Ducruet, the nephew of Monaco’s sovereign, Prince Albert, and the son of Princess Stéphanie. Ducruet was present at the event, alongside several of the Barbagiuans most celebrated former players.

Ducruet noted, “The availability of certain legendary footballers for so many years honours us; they contribute greatly to our group’s renown, and it was important for the passionate public to discover through this book their deep attachment to the Barbagiuans of Monaco… Even if the group’s status has changed, this spirit of conviviality must remain the spearhead of our current organisations. It’s part of the heritage that has been handed down to me, and one that I’m proud to represent today.”

The book also features contributions from sports journalist François Verdenet, who captures major milestones in the team’s development, including previously unpublished testimonials from Prince Albert II, who reflects on his experiences as a player and his interactions with notable figures from AS Monaco.

In addition to its historical narrative, the book discusses the Barbagiuans’ participation in prestigious charity events, such as the Fight Aids Cup, an annual sporting event that unites figures from around the world for charity.

Proceeds from book sales will partly benefit the Fight Aids Monaco association, chaired by Princess Stéphanie.

Read related:

Photos: Prince Albert and Princess Charlene watch on as Barbagiuans battle Cirque FC for Fights AIDS Cup

 

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Photo credit: Sportel Monaco

Pelagos and RAMOGE unite for landmark event at Sciences Po campus in Menton

by: Stephanie Horsman
30/10/2024

Following the signing of an important agreement between RAMOGE and the Pelagos Sanctuary in March, the two organisations have come together to host their first collaborative event on marine protections and projects at Sciences Po’s Middle East and Mediterranean campus in Menton.

On 15th October, the Communauté d’Agglomération de la Riviera Française (CARF) welcomed delegations from the RAMOGE Agreement and the Pelagos Sanctuary to the Sciences Po Middle East and Mediterranean campus in Menton.

RAMOGE was established in 1976 and seeks to promote tri-national cooperation between France, Italy, and Monaco regarding the protection of the nations’ coasts and marine environments. Pelagos, meanwhile, was founded in 2002 and focuses on the creation and management of marine protected areas (MPAs) in the Mediterranean, particularly aimed at conserving marine mammals within a designated sanctuary shared by France, Italy, and Monaco.

The two organisations signed a landmark Memorandum of Understanding during Monaco Ocean Week 2024 in March, which laid the foundations for increased collaboration between RAMOGE and Pelagos going forward. The recent event is a direct result of this agreement and highlighted the efforts of RAMOGE and Pelagos to reduce pollution and enhance marine protections in the region.

Among those who attended the event were representatives from municipalities aligned with the Pelagos Partnership Charter, managers from Marine Protected Areas and National Parks within the Pelagos Sanctuary, Pelagos Ambassadors, and high-level officials from RAMOGE.

During the day-long event, the secretariats of both organisations shared updates on their initiatives designed to reduce pollution and enhance marine protections in the region, followed by two roundtable discussions: one on local government actions and Marine Protected Areas, and the other on fostering relationships with sailors through the Pelagos Ambassadors programme. These sessions generated valuable insights, which will be refined and presented to decision-making bodies in the coming months.

The day concluded with the unveiling of a mural commissioned from Monegasque artist Anthony Alberti, better known as Mr One Teas. This mural was created in collaboration with Sciences Po students and other participants and symbolises a united front for the preservation of the Mediterranean.

Organisers are hopeful that this event will catalyse expanded joint actions, positioning the Pelagos and RAMOGE Agreements as pivotal players in future Mediterranean environmental efforts.

Read related:

Monaco’s Oceanographic Institute champions biodiversity credits at COP16

 

Monaco Life is produced by real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on Threads,  Facebook,  Instagram,  LinkedIn and Tik Tok. 

 

Photo credit: Adrien Poquet

Monaco’s Oceanographic Institute champions biodiversity credits at COP16

by: Cassandra Tanti
30/10/2024

The Oceanographic Institute, led by CEO Robert Calcagno, is advocating for high-integrity biodiversity credits as an essential tool for global conservation efforts. At COP16 in Cali, Colombia, the Institute has thrown its support behind a new framework from the International Advisory Panel on Biodiversity Credits (IAPB), which aims to build a credible, regulated market for these innovative financial instruments. 

“By creating innovative tools like biodiversity credits, we can generate the necessary funding to conserve and restore nature, while recognising the Earth’s limited resources,” said Robert Calcagno, a co-author of a recent op-ed in Nature Magazine.

The Oceanographic Institute’s commitment reflects its vision for a financial system that values environmental preservation. As co-chair of the IAPB’s ‘Knowledge Partners’ team, Calcagno noted the need for an evolution in economic thinking: “The profound reform of our society will not come from a brutal transformation but from a progressive evolution, where the logic of limitless growth must give way to a regulated approach aimed at preserving our planet and its biodiversity.” In collaboration with the World Economic Forum and the Biodiversity Credit Alliance, the IAPB’s framework aims to prevent pitfalls seen in other environmental markets, notably carbon credits, which Calcagno acknowledged may create “concerns” but insists that biodiversity credits are a “blank page” on which to create a positive impact.

The framework presented at COP16 is the result of an extensive international collaboration involving over 120 experts from more than 25 countries. These credits, as defined by the Biodiversity Credit Alliance, represent “a measured and evidence-based unit of positive biodiversity outcome that is durable and additional to what would have otherwise occurred.” Launched in 2023 by the UK and French governments, the IAPB seeks to guide biodiversity credit markets through credible, actionable standards, encouraging global governments and financial institutions to incorporate these credits into a conservation-driven economy.

Addressing the risks and concerns associated with biodiversity credits, Calcagno stressed the IAPB’s focus on creating well-structured and transparent rules to ensure the market operates with integrity: “It’s essential we take lessons from other markets. That’s precisely the purpose of this international working group.” By applying rigorous standards, the IAPB seeks to avoid the misuse seen in other environmental credit markets, ensuring that biodiversity credits achieve their intended impact.

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Photo credit: S N Pattenden, Unsplash