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The rise of the digital sector in Monaco: a breakdown of figures

by: Stephanie Horsman
08/09/2022

A new report shows that there were a record number of digital-sector businesses last year in Monaco, generating close to a billion euros in revenue and showing that the State’s digital transition is well on track.

Monaco’s digital economy is defined by four activity groups, namely Advertising and Communication, Information and Communications Technology (ICT), Content and Media, and Other.

And it is certainly an industry on the rise.

IMSEE’s latest Focus report on the digital economy in Monaco shows that there were 915 active companies working under one of these four digital categories in 2021, up by 49 establishments over 2020, and beating out pre-pandemic 2019 by 84.

This steady rise shows important development in the digital sector, which now accounts for 9% of all active companies in the Principality. Broken down, Advertising and Communication are the biggest with 48.7% of the total number of entities, followed by ICT at 38.9%, Content and Media at 12.1%, and Other with 0.2%.

Digital generated €858.8 million in revenue last year, a yearly increase of 18.4%, with ITC notably accounting for 61.6% of that amount.

Content and Media took in nearly a quarter of the revenue at 24.1%, while Advertising and Communication accounted for 14.1%. It marks a significant growth of 32.6% for this category in just 12 months.

Overall, the fast-growing digital sector made up 6.1% of the Principality’s revenue in 2021.

Digital boosts employment opportunities

It is a sector that employs 1,810 people in Monaco, 83 more than in 2020, with the lion’s share, 1,300, working in ICT. More than 70% of those working in digital jobs are men, broken down into 1,275 male versus 534 female workers. This is roughly 10 points higher than in other private sector employees, however women are represented differently depending on the job. In ICT, only one in four workers are women whereas in Content and Media, it is equally split.

Most of these workers, 88.9%, live in France in either the neighbouring towns or in the Alpes-Maritimes. Italy is underrepresented for the average, with only 2% of employees hailing from there.

The average age of the digital worker in Monaco is 41.4 years old, slightly younger than the overall average of 42.5.

 

 

 

Photo credit: Christopher Gower on Unsplash

 

 

 

 

Video: European Commission lays out response to energy crisis

by: Stephanie Horsman
08/09/2022

As Europe grapples with a worsening energy situation, European Commission President Ursula von der Leyen has given a statement about the EU’s current and future plans to lessen dependence on Russia.

The war in Ukraine has been a disaster for Europe on many levels, but it has made one thing crystal clear: The European Union was a bit naive to rely on Russia for so much of their energy supplies.

This hard lesson is coming into sharp focus now that the Russia has declared that it will not reopen to the Nord Stream pipeline, the single biggest to Europe, until sanctions against the country have been lifted.

Now that energy supplies are being used as a weapon against the EU, the bloc has no choice but to look at ways of lessening dependence on Moscow and this was laid out in a speech by European Commission (EC) President Ursula von der Leyen on Wednesday.

A series of measures had already been put in place, such as asking people to reduce gas usage to create reserves, which has been a success. The goal was to reach 80% in joint storage by the end of October, and there is currently a supply of 82%.

The EU also has been moving away from reliance on Russian fossil fuels, with coal no longer being imported at all and oil imports “winding down”. Countries such as Norway, the United States, Algeria and Azerbaijan have stepped in to fill the gap with Norway now delivering more gas to the EU than Russia.

Additionally, and perhaps the most important measure, has been the investment in renewable energy supplies. Von der Leyen said the EU “will deploy renewables this year that are an equivalent to around about eight billion cubic metres. So, the renewables are really our energy insurance for the future.”

Amid sky-rocketing electricity prices, the drought lessening hydro-electric output, and more than half of France’s nuclear reactors out of action, the EC president outlined more immediate plans. First is reducing electricity usage during peak hours via a mandatory target. This will be coupled with a revenue cap on energy companies with low costs.

“The low-carbon energy sources are making in these times enormous revenues because they have low costs but they have high prices on the market,” said Von der Leyen. “Revenues they never calculated with; revenues they never dreamt of; and revenues they cannot reinvest to that extent. These revenues do not reflect their production costs. So, it is now time for the consumers to benefit from the low costs of low-carbon energy sources like, for example, the renewables.”

The same treatment will be applied to the oil and gas companies whose prices will be capped to deter profiteering.

She also spoke about energy companies’ current inability to cope with this volatile market. Her solution: look to more safe sources.

“Here, it is a problem of securing futures markets. And for that, liquidity is needed. These companies are currently being requested to provide unexpected large amounts of funds now, which threatens their capacity not only to trade, but also the stability of the futures markets. It is a liquidity problem. Therefore, we will help to facilitate the liquidity support by Member States for energy companies. We will update our temporary framework and enable thus state guarantees to be delivered rapidly.”

Her final point was a proposition to put a price cap on Russian gas and slowly strangle their economy into submission.

“We all know that our sanctions are deeply grinding into the Russian economy, with a heavy negative impact, she said. “But Putin is partially buffering through fossil fuel revenues. So here, the objective is: We must cut Russia’s revenues, which Putin uses to finance his atrocious war in Ukraine. And now our work of the last months really pays off. Because, at the beginning of the war, if you looked at the imported gas, 40% of it was Russian gas, since a long time. Today, we are down to 9% only.”

New-look Ferrari head into Italian GP with a familiar feeling

by: Luke Entwistle
08/09/2022

The tifosi will descend en masse on Monza this weekend to cheer on Charles Leclerc and Carlos Sainz during an Italian GP that will ultimately feel inconsequential to the title race.

The Italian GP has thrown up many surprises in recent years. Pierre Gasly got his first, and so far only, race win at the iconic circuit in 2020, whilst last year, McLaren secured a one-two with Daniel Ricciardo taking the chequered flag.

Few are expecting a surprise winner this weekend, but the major surprise is the way in which the title race is poised, or not, going into the race weekend itself. This was supposed to be a triumphant return for Ferrari, a pivotal race in the constructors and drivers’ titles. Such was the expectation pre-season and during the opening races, that it was almost unfathomable to think that by the beginning of September there would be a run-away championship leader, even more so if one was to say that the runaway leader wasn’t even at the wheel of a Ferrari single-seater.

But this is the reality for Ferrari. Although there will be the usual fanfare that accompanies the event, the on-track action is likely to feel utterly inconsequential. Red Bull’s Max Verstappen now has a lead of over four race wins with just eight races remaining. Only a collapse of epic and unprecedented proportions will deny the Dutch driver consecutive titles. Speaking after Verstappen’s fourth consecutive win in the Netherlands last weekend, Leclerc all but threw in the towel, admitting that the gap is “now really big”.

So, Ferrari head into the race in an all too familiar position in recent seasons. They may be able to race for the win, but they aren’t in the race for titles. Few would have thought that to be the case when Leclerc stormed to pole and took the race win at the opening race in Bahrain.

Ferrari have, however, been handed a boost. The Mercedes has looked resurgent in recent races, and whilst they still lack straight-line speed, they were nonetheless expecting to challenge the Ferrari for the “best-of-the-rest title”. However, Lewis Hamilton is set to start from the back of the grid after taking an engine penalty. They will therefore only have George Russell to contend with.

And whilst Ferrari come into their home race with the familiar feeling of being out of the championship race, they do so with unfamiliar livery. There will be a temporary sprinkling of yellow added to the car, whilst Sainz and Leclerc will be dressed in yellow and black to mark 75 years since Scuderia was founded, which, along with blue, is one of the colours of the Modena emblem.

Ferrari may not be in the front for the title, but they remain in the hunt for race wins, and regardless of the larger context, a win at Monza will do a lot to lift the mood of the tifosi, who are dreaming of a repeat of 2019.

 

 

Photo source: Scuderia Ferrari Press Centre

 

 

 

 

 

Dan Luger: “I think the future of rugby in Monaco is bright”

by: Luke Entwistle
07/09/2022
England Rugby World Cup winner Dan Luger in Monaco

Former England international rugby player Dan Luger speaks to Monaco Life about the Principality’s medical scene for athletes, and the “untapped” but significant rugby community.

Dan Luger led a glistening rugby career, representing England and the British and Irish Lions on numerous occasions. During that time, he was part of England’s triumphant 2003 World Cup winning squad, and finished his international career with an exceptional record of 24 tries in 38 appearances. Now residing in the Principality having finished his playing career down the coast in Nice, he is grateful for Monaco’s innovative medical industry for a life-extending operation, as well as their advanced post-professional treatments.

Monaco Life: Dan, can you explain the surgery that you underwent in Monaco?

Dan Luger: One of the things that I think Monaco has done very well over the last few years is striving to be the best in everything. I think that’s what Monaco should be. I see it as the Formula 1 of everything, and why not? There’s no reason for it not to be. There is the intelligence, the people and the money for it to be like that. I was born with a condition that meant that I’d need to have my heart valve replaced at some point. I was going to have the operation two or three years ago and I was going to have it in Monaco and it was going to be a replacement of a valve.

However, as the world has moved forward, and Monaco has kept pace with that, they have a very good young surgeon, Wautot Fabrice, who does a new operation where they repair it. What that meant for me was that instead of having to take medication for the rest of my life and having to have my valve replaced every 10 years, I can go back to a completely normal life and normal sport, and I’ll live longer. That to me is a complete game changer and I’m very thankful that Monaco has a CCM, a specialist centre for cardiology and they’re very progressive and world-leading. For me it’s been a game-changer in terms of what it means for my life. There aren’t many doctors doing it. It’s largely the younger, more progressive doctors who want to try the new techniques.

Unfortunately, you were dogged by injuries throughout your career, how do you rate post-professional treatment in Monaco?

For me it’s been fantastic. If anything, when you stop playing, your body worsens in a way because all of the old injuries come back, as well as things that maybe weren’t a problem at the time. A bit of arthritis starts to kick in, the joints start to get sore. So, you need to keep training, you need to keep moving. I’ve had my issues, and I had another operation nearly two years ago where I had a laminectomy and they took some bone out of the back. Once again, it was a similar kind of path. I went and spoke to doctors everywhere and they wanted to fuse my spine, which is great, but it’s a much more serious operation and normally that creates issues later on. Here, Doctor Taylor, didn’t want to fuse it, he wanted to take some bone out, take some tissue out and put a cist in there and just release it so it stays as natural as possible. It might take longer to recover, but longer term, it’s a better operation. So, I’ve had two experiences of surgery, but they have both been very beneficial for me; two good experiences of surgeries in Monaco, where they thought differently and did something differently to other places in Europe, and the world.

In general in Monaco, it’s like a village in size, but on the flip side it’s a city in terms of the facilities it has. There are some great physios here, you have great gyms like Club 39, where some of the top athletes in the world like Novak Djokovic train. In terms of sport and fitness, Monaco is progressive at every level – from the fitness to the sports level, to the athletes that live here, the physios, healthcare then obviously the top level with operations. It’s great to see. I’m not sure if it’s a conscious decision from the Principality, or whether it’s happened organically because of the athletes that are here and that’s attracted the right people.

You enjoyed an impressive, trophy-laden career. What are the biggest highlights?

Obviously for me, the World Cup win in 2003 was something amazing. I played for the British Lions, even though I missed out on the test match because of another injury, which was once again over and above what I ever expected. For me though, the biggest thing was always playing for England, and especially playing for England at Twickenham. My first ever game at Twickenham was one of my biggest highlights. If you had said to me, ‘You can play one game in your whole life, and that will be for England at Twickenham,’ I’d be happy. I got to play many times after that as well.

My first game was against South Africa in 1998. They were world champions at the time, and we actually beat them that day. If they had won, they would have broken the world record with 19 wins in a row, and we stopped them. I was instrumental in that game: it was my first cap and I picked up a try, and prevented a try right at the end. That was one of my highlights. You feel so blessed to play. In my first Six Nations game against Scotland a few months later, I just remember a scrum happening and I was looking around the stadium like ‘wow, I’m actually here playing for England; it’s a bit surreal really.’ I was very fortunate to be part of a great team of players.

Everyone goes on about 2003, but that squad of players probably got together in 1997; I got my first cap in ‘98. From then until 2003 it was basically the same group of players. For us, that whole journey was a special few years, even if there was a lot of heartache over the years with failed attempts to win the grand slam. In 1999 we lost against Wales, 2000 against Scotland, 2001 against Ireland. We eventually won that in 2003, which for me was a massive, massive highlight. It was a journey, a five-year journey. It wasn’t something that was built overnight. It’s something that will live with you forever. I was so lucky to play in a team that won a World Cup, just playing for England, representing your country, I don’t think there’s anything better. Whatever happens in my life now, no one can ever take away from me the fact that I represented my country in sport. I feel very lucky.

AS Monaco Rugby have just been promoted to the Fédérale 2, do you see the potential for a blossoming rugby scene in the Principality?

Nice used to be a big rugby town, but that’s fallen away a bit. A lot of people in Monaco are rugby followers. I think there is a massive, untapped rugby community, especially amongst the Anglo Saxons. The Monaco rugby club has done amazing things. I’ve been involved with them in a very minor way for maybe eight years. They’ve built the club organically; they haven’t had big sponsors, they haven’t had a stadium, but somehow they’ve managed to build it. Now they’ve finally got to the stage where they’re going up every year, they’ve got their own stadium in Beausoleil. The pitch is amazing, the stands are amazing, there is big change coming up now.

Of course, they’re now in Fédérale 2, which is proper rugby. They’re going to have their own clubhouse, which they haven’t had until now. Having a clubhouse can make it social and more and more people will start to come, so I think the future of rugby in Monaco is bright.

 

 

Photo of Dan Luger by Monaco Life

 

 

 

 

Real estate is booming in French Riviera, new builds can’t meet demand

by: Stephanie Horsman
07/09/2022

Housing prices in Nice have continued to rise this year, with demand outstripping supply and the return of international purchasers keeping the market red hot.

People have been drawn to the Côte d’Azur since it first became a fashionable wintering spot for the elite in the late 1800s. The natural beauty coupled with mild winter temperatures made it a favourite watering hole of the rich and famous, bringing glamour and a buzz to the region.

The area has retained this lustre in modern times, with real estate prices reflecting the desirability of the Côte even today.

The housing market in Nice is particularly hot at the moment, with agents finding it hard to find enough properties to fill demand.

“We are facing an extremely dynamic market,” said Leprince Immoblier founder Samuel Benzazon in an interview with Seloger. “Demand is substantial in the sector and the supply of goods available for sale is not enough to meet it. This creates real estate tension that leaves little room for a slowdown in price increases in recent months.”

According to Benzazon, the clientele is a mixture of French as well as Americans and Europeans looking to buy a second home that they can rent out seasonally. But it’s an expensive luxury, with a 47m2, three-room apartment with a terrace in the Wilson neighbourhood recently going for €320,000, and a one-bedroom on the Place Mozart that just went for an eye-watering €590,000.

Houses are going for more, unsurprisingly, with a villa in the Liberation district selling for €1.3 million and one in ritzy Cimiez fetching €2.150 million.

In presenting the figures for the first half of 2022 in the Alpes-Maritimes, the CCI Housing Real Estate Observatory recently revealed that resales increased during the first half of 2022 by 15%, pushing the average price per square metre to €4,710 in the department.

There has been a 13% increase in demand for new builds, however there has also been a severe shortage in the new housing market, pumping prices to €6,341 per square metre. According to the CCI, properties in this category go quickly, and are on the market for less than six months.

The shortage has been blamed on the price of electricity, which has multiplied by 10 since the beginning of the year, as well as a significant rise in raw materials, inflation and an increase in interest rates. Obtaining building permits has also become complicated, say the experts.

As a result, builders are less confident of finishing projects while the general public are less inclined to make purchases and investments.

Even with economic trouble swirling in the distance, the local market is not expected to see a drop in prices, though less homes will be up for sale over the winter.

 

 

Photo of Nice by Monaco Life

 

 

What’s on: Beaulieu Classic Festival

by: Stephanie Horsman
07/09/2022

The Beaulieu Classic Festival is celebrating two decades of musical artistry and entertainment, and this year’s line-up is filled with amazing talent in beautiful settings, with the added promise of it being: “Classical…But not only!”

This year’s musical programme for the 20th Beaulieu Classic Festival is set to be unlike other events of this kind, with free concerts, a gala dinner and candlelight performances.

According to the organisers, “Being a festival among many others would not satisfy our public accustomed to the prestigious concerts of the Operas of Monaco or Nice. We had to be different with an atypical program composed of musicians selected for their artistic qualities and their original personalities.”

It kicks off on 10th September in the Place Marinoni with pianist Steve-Villa Massone playing to the crowds, followed by a parade of local schoolchildren accompanied by musicians on stilts around the village. That evening at 9pm, a free concert on the Petite Afrique Beach will take place with the National Orchestra of Cannes playing works by Mozart and Haydn, followed at 10:15pm by a fireworks display.

On the 11th, Jean-François Zygel, improvisational pianist and composer, will be at the Casino de Beaulieu at 6:30pm giving audiences a chance to hear his off-beat and off-the-cuff style.

A free concert on the Petite Afrique Beach will take place with the National Orchestra of Cannes, photo credit Beaulieu Classic Festival

On Tuesday 13th September is award-winning string quartet Quatuor Van Kuijk, who has graced major concert halls around the globe and will be playing in the intimate setting of the lovely Saint Michael’s Chruch.

Next up on Wednesday the 14th are Les Itinerantes, a three-woman a capella sensation, who will be performing during a candlelit concert at Saint Michael’s Church at 8pm, adding an air of mystery and glamour to the event.

Trumpeter Lucienne Renaudin-Vary and accordionist Félicien Brut happily share the stage for the next concert on the 15th at the Casino de Beaulieu at 8pm. The pair perform a heady mix from musette ball to opera, from jazz to romantic masterpieces, in a something-for-everyone evening.

Friday the 16th is the Gala Dinner at the Royal Riviera Hotel for the 20th anniversary with a Roaring Twenties themed night. The dinner show will feature Gaby the Magnificent in a “jazzy musical comedy” combining theatre, singing, and dancing in one fabulous show. There will also be a semi-gastronomic dinner in keeping with theme from Le Jasmin Restaurant.

The Festival concludes on Saturday 17th September with the piano playing duo of Mathias and Julien Cadez, who use a single piano and play side-by-side to amazing effect. The pair combine music, humour and magic in a can’t miss spectacle reminiscent of the great Charlie Chaplin himself.

For more information and tickets, visit the website at https://www.beaulieuclassicfestival.com/programme/

 

Photo above of the Beaulieu Casino