Facebook plans to hire 10,000 people in the European Union over the next five years to help build its so-called metaverse, the company announced on Monday, as the company is keen to shift focus to its next big technological bet while it faces…
According to EY Consulting, innovative French companies raised €5.14 billion in financing through venture capital during the first half of 2021. This is a 90% increase in value and 16% in volume compared to the same period of 2020. The…
A report on secondary residences in France published by INSEE on Wednesday revealed that 34% are owned by the 10% of households with the highest standard of living. There are approximately 3.2 million second homes in France, mostly with elderly…
According to the Bureau of Economic Analysis, the savings rate in the U.S. shot up 20% in January—a number not seen since 1960—while Fidelity Investments shows that Americans saved an average of 9.1% of their salaries. As consumers…
Lebanese businessman offers a new indoor-outdoor gallery concept to win over collectors and art critics alike. Two years ago, Lebanese entrepreneur Badr El Jundi found himself at a turning point. The art enthusiast had to decide between pursuing…
The French economy rebounded in the second quarter with a 0.9% increase in GDP, slightly better than expected, despite the country’s third confinement and gradual lifting of restrictions. The GDP “is approaching its pre-crisis level,”…
French telecoms giant Orange SA has reported a net loss of €2.77 billion in the first half of 2021 compared to last year’s profit of €1.02 billion. 927 million Operating loss was €1.75 billion, compared to €2.22 billion…
According to the Markit composite PMI index, private sector growth in the eurozone has reached a record level not seen since July 2000. The IHS Markit survey results on Friday showed this fast pace is due to the “reopening of the…
Article first published in Forbes Monaco July/August 2021 issue. The new head of UBS Monaco, Alejandro Velez, has built a career becoming one with the needs of wealthy clients. His strategy has paid off. Alejandro Velez could count…
Article first published in Forbes Monaco July/August 2021 issue. His life reads like a movie script. “I talked a guy named Funky Sam, who ran a poster shop out of Sausalito, California, into making me his European salesman in…
LUDI Therapeutics, a regenerative medicine biotech company based in Monaco dedicated to developing treatments for sports injuries, has announced that it has secured seed investment from Sport Horizon Holding to tackle muscle injuries. Sport…
Electric carmaker Tesla will no longer allow customers to pay for cars with bitcoin, CEO Elon Musk announced Wednesday, citing the vast amounts of electricity needed to “mine” the cryptocurrency — a reversal three…
Vadim Mashurov grew up with “ingenuity and innovation” on the brain. The Ukrainian managed to secure his first paid IT job working remotely for an American team when he was only 14 and is now rated one of the top IT entrepreneurs…
British designer Burberry is the first luxury brand to be targeted in China in a backlash against western sanctions imposed over alleged human rights abuses in the Xinjiang region, following on from retailers including H&M and Nike that…
Two heirs to one of Germany’s best-known footwear brands emerged as billionaires after agreeing to sell a majority stake in closely held Birkenstock to a private equity group backed by the world’s third-richest person. Brothers…
German sportswear company Adidas plans to sell its underperforming Reebok brand—some 15 years after Adidas acquired the Boston-based brand to help it compete in the American market—as part of a strategic shift focused on strengthening…
Michel-Edouard Leclerc announced this morning on BFM-TV that the retail chain will be making made in France masks “at the same price as those from China.” He said he was “in the process of setting up” a French production…
When we launched, the fi rst edition of Forbes Monaco in November 2018, we referred to Steve Forbes, Chairman and Editor-in-Chief of Forbes Media, who wrote in his editorial titled “The First 100 Years” about the “folly”…
Donald Trump’s golf resorts in Europe have been struggling for years, racking up about $90 million in losses by the end of 2019. But they’ve never had a year quite like 2020. As the pandemic swirled around…
Several top Kremlin officials on Wednesday acknowledged that President-elect Joe Biden is likely to take a more hostile stance towards Russia than President Trump due to Biden’s record of treating Russia as an adversary. KEY FACTS - Dmitry…
Google, Facebook and Microsoft have agreed to sign onto a French initiative that outlines principles for global tech companies to follow — including agreeing to pay their fair share in local taxes — while Amazon and Apple…
Thanks to the advent of cryptocurrencies, the world has not only received a universal means for payments but also learned about blockchain technology. When it comes to working with data, blockchain has offered unprecedented functionality that…
The gaming industry is one of the most popular and promising areas of technological evolution. Modern people gladly spend their free time playing computer games, that no longer look like time-killers but represent a huge community of billions…
On Monday, Elke König, chair of the Single Resolution Board of the Single Resolution Mechanism, which oversees the restructuring of failing banks in the EU, told CNBC, “I would have thought in the beginning (of the pandemic) in spring…
Shares of electric carmaker Tesla are soaring after S&P Global announced Monday after the closing bell that it will add the firm to the S&P 500 Index on December 21. KEY FACTS - S&P said it will announce which company Tesla is replacing…
Alibaba’s Singles’ Day, the world’s largest online shopping event held in China, was a blowout this year as it reported a record $74 billion in sales over 11 days, shedding the doldrums of the past few months that…
According to a survey just published by OpinionWay for Proximis, 53%—or 1 in 2—of the French polled, said they will not spend Christmas with family this year because of the Covid restrictions and fear of “too many risks.”…
U.K. Prime Minister Boris Johnson mistakenly referred to President Trump as the “previous president” on Wednesday as he sought to defend their amicable relationship, a sign of how even some world leaders who have a close tie to…
On Monday morning, the Banque de France announced that the country’s second confinement will cost the French economy 12% of its GDP in November. The restaurant, non-food trade and recreational activity sectors are expected to be the most…
The Fairmont Monte-Carlo sits on the location of the original Monte-Carlo train station with its Tir au Pigeons, a pigeon shooting ring on the roof that operated from 1872 until 1960, and drew an elite crowd of aristocrats and heads of state.…
On Saturday, the French Minister Delegate for Industry Agnès Pannier-Runacher told Europe 1 that she has asked Amazon to suspend its Early-Bird Black Friday promotion. “I have asked Amazon to suspend the pre-Black Friday campaign…
Preliminary data released on Friday indicates that economic activity in the euro zone shrunk in October as a second wave of covid swept across the region. The flash euro zone PMI composite output index has dipped to 49.4 versus 50.4 in September.…
Badr El Jundi sets the international stage for contemporary art and cultural tourism with Anantara Villa Padierna Palace Resort in Marbella. Driven by his passion for art, Badr El Jundi opened his eponymous gallery inside the Anantara…
France is not only the world’s biggest gobbler of Ferrero Nutella but every year the factory in Villers-Écalles, Normandy, makes 100,000 tons—25% of the world’s production—of the chocolate-hazelnut spread. Yesterday…
The advertising industry is playing a very important role in every industry you can ever think of. In the ad industry, it is helping businesses in building a successful brand image and ensuring long term success. Yearly, companies spend a lot…
Until 2020, there were many releases of technology companies in the field of blockchain and cryptocurrencies. They surprised us not only by their technological features, but also by their bright names. The COFFE blockchain is no exception.…
Time is our most valuable asset. Surely everyone has heard about this from their parents. Time is an irreplaceable human resource, which is more valuable than any material wealth, and which cannot be earned. All we can do with time is to make…
An immersive digital experience pulls you into a new or changed reality via technology, usually with the aim of allowing you to enjoy an activity or product without being there in person. These immersive experiences can take many forms - let’s…
Uber has won a legal battle that will allow the ride-hailing platform to continue its operations in London after a judge overturned a 2019 decision by the city’s transport regulator to revoke Uber’s operating license over safety…
Airbus SE, now the world’s largest planemaker, could take more strict measures to cut more jobs because of a continued fall in demand for travel fuelled by the coronavirus pandemic, CEO Guillaume Faury told French radio station…
Amazon, bolstered by boosted sales amid the coronavirus pandemic, is hiring another 100,000 people in the U.S. and Canada to stay on top of demand, the e-commerce giant announced on Monday. KEY FACTS - Full and part-time positions…
Luxury goods purveyor LVMH said Thursday it will countersue fine jewelry maker Tiffany for mismanagement and violating the terms of their deal to take it over, according to a statement, coming just a day after LVMH said it was pulling out of…
Apple hit a new milestone on Wednesday, becoming the first publicly traded U.S. company to reach a market capitalization of over $2 trillion and doubling in valuation over the last two years. KEY FACTS - The iPhone maker’s stock is up…
Uber, the mobile ride-hailing giant responsible globally for over 1.9 billion “trips” a year is facing a summer showdown in two London courts as scrutiny mounts over licensing issues and the drivers’ classification as “workers.”…
The Covid-19 crisis has left no industry unchanged, and this includes brands within the luxury sector, many of which are tearing up traditional marketing strategies in favor of new digital marketing ideas. From revising PPC targeting to severely…
Secretary of State Mike Pompeo said in a Fox News interview on Monday that the U.S. is “certainly looking at” restricting TikTok and other Chinese social media apps, reviving national security and privacy concerns about China's…
Almost overnight, companies across the globe have been forced to change their business models to limit the economic fallout from the Covid-19 pandemic and generate new revenue. With entire communities suddenly grounded and workforces operating…
While cruise stocks have recently been rebounding amid optimism about reopening the economy, the industry remains paralyzed by the coronavirus pandemic for the foreseeable future, with major cruise operators facing big quarterly losses and…
British Airways is quietly looking to auction off at least 10 pieces from its art collection to help it survive, according to reports, as it bleeds cash with flying largely halted amid the coronavirus pandemic. KEY FACTS - British Airways has…
The World Economic Forum meetings—more commonly known as “Davos," for the ski resort town in Switzerland where it’s held—are known for being an elite gathering of the world’s most powerful, but next year’s…
Launched July 2019 by Monaco resident Antoine Bahri, Carlo is the country’s first mobile application that rewards consumers for buying goods and services at local businesses. “We created a smart currency for Monaco,” says…
Hertz, one of the largest car rental companies in the U.S., filed for bankruptcy Friday after the coronavirus devastated its business, making it another major company that has filed for bankruptcy amid the pandemic. KEY FACTS - Hertz will file…
CEO Mark Zuckerberg anticipates that half of Facebook’s workforce will permanently work from home by 2030 as the company gradually shifts to allow for permanent remote work, Zuckerberg announced Thursday, signaling how the coronavirus…
The Senate, by unanimous consent on Wednesday, passed legislation that would ban many Chinese companies from listing shares on U.S. stock exchanges or raising money from American investors, as tensions between the world’s two largest…
Airlines have gotten a lot attention when it comes to the stunning economic fallout from the coronavirus pandemic. Airline passenger revenue is likely to be drop by 55% this year compared with last year, the International Air Transport…
Uber will from Monday require all riders and drivers to wear face masks or coverings before embarking on a journey, according to new guidelines published as coronavirus restrictions around the world start to lift. KEY FACTS - Uber drivers and…
There’s no sugarcoating how disastrous the COVID-19 has been for America’s largest airlines. With air travel virtually at a standstill as people all over the world work from home and cancel vacations to slow the spread of the virus,…
With 500 million active users globally, TikTok entered the Covid-19 crisis in a strong position and has come out as arguably the most powerful social media platform of 2020. For a luxury brand, TikTok is the opportunity to reach the emerging…
Boeing CEO Dave Calhoun has said he expects a major airline to go out of business this year as the coronavirus pandemic decimates demand for passenger flights. KEY FACTS - In an exclusive interview to be aired on NBC on Tuesday, Calhoun said…
Google will allow employees to work from home until the end of 2020, following similar announcements from other major tech companies earlier this week. KEY FACTS - If local guidelines allow it, the company will start opening offices globally…
Facebook employees will have the option to continue working from home through the end of 2020, CNBC reported, in the lengthiest remote work announcement to date from a major tech company. KEY FACTS - Facebook will officially open offices…
While each week since the coronavirus crisis took hold has brought new, devastating data revealing how more than 33 million of workers have filed for unemployment as the pandemic forces business closures and layoffs on a catastrophic…
When Tim Bray, an engineer and vice president at Amazon’s cloud computing division, quit and wrote a blog post on Monday detailing why he left his high-paying position, he became part of a group of Amazon tech workers who’ve become…
Airbnb is laying off 25% of its global workforce as the coronavirus continues to hurt the travel and hospitality industry. KEY FACTS - CEO Brian Chesky said Tuesday San Francisco-based Airbnb is cutting 1,900 jobs in, which amounts to 25% of…
Selim Fendi gets energized from Monaco's first refinery. Say what you like, but there’s something about the age-old allure of gold that never dies. Long before we crowned our heroes with Oscars, Grammys or Olympic medals, the Egyptians…
Some 4 million people across Italy are returning to work on Monday after a two month lockdown—which saw businesses and workplaces close—is now being eased as the number of new coronavirus infections and deaths continue to fall.…
Workers in the U.K. could face staggered start times, more homeworking and “health passports” as the government prepares to reveal its plans to reopen the economy. KEY FACTS - The draft of government plans, seen by the…
China covered up the severity of COVID-19 and delayed telling the World Health Organization in order to import more medical supplies to respond to it, according to a new report by the Department for Homeland Security, seen by the…
The U.S. Food and Drug Administration on Friday issued an emergency use authorization for remdesivir, an antiviral drug that has shown some promising preliminary results in early clinical trials. KEY FACTS - The emergency use authorization…
The stock market finished lower on Thursday, despite strong earnings from major tech companies, after another sobering jobless claims report showed millions more Americans filing for unemployment. KEY FACTS - The Dow Jones Industrial Average…
Kory Tarpenning is a well-known figure in Monaco’s business community. The former Olympic pole vaulter is co-owner of the county’s three Starbucks, Nike store and Rossano Ferretti Hairspa, next to the Hotel de Paris. Like other…
Elon Musk used Tesla’s first-quarter earnings call as an opportunity to angrily vent about extended stay-at-home efforts that are curbing the spread of COVID-19 but which he labels “fascist,” amping up frustration he’d expressed…
Shares of Google parent, Alphabet, rose by more than 4% after the company reported first quarter earnings that beat revenue expectations, despite headwinds from the global spread of the coronavirus. KEY FACTS - Alphabet disclosed first quarter…
Barclays is the latest major bank to report a significant drop in first quarter earnings because of coronavirus, as it sets aside $2.6 billion to cover anticipated bad loans. KEY FACTS - First quarter profits for Barclays fell 38% in…
Kjell Inge Rokke amassed a $1.7 billion fortune by stripping the seas of oil and fish. Now he says he wants to clean up the mess. Meet the biggest contradiction on water. Off the coast of Brattvaag, Norway, just a few hundred miles…
The Centers for Disease Control and Prevention added six new symptoms to its official list of COVID-19 symptoms Sunday, as the medical community continues to report new presentations of the virus and coalesces around a precise definition…
The rise in coronavirus-themed scams was expected, but the numbers are surprising even the most experienced cybersecurity researchers. In the first three months of the year, there were at least 2,022 malicious and 40,261 “high-risk”…
Across the world, law enforcement and intelligence agencies are waging a different kind of war on COVID-19, one taking on scammers who’re exploiting fear around the coronavirus. In the U.K., an arm of the GCHQ intelligence agency, has…
Markets fell on Monday as futures contracts for U.S. oil turned negative for the first time in history. KEY FACTS - The Dow Jones Industrial Average fell 2.2%, about 540 points, while the S&P 500 lost 1.6% and the Nasdaq Composite fell…
As travel grinds to a halt in the wake of the global coronavirus pandemic, the industry is floundering. There’s no end date in sight for lockdowns and stay-at-home orders, and even if restrictions are lifted soon, it’s impossible…
Passengers used to flying on crowded and cramped low-cost airlines could face a surprise when EasyJet’s flights return after its fleet was grounded because of the coronavirus pandemic. CEO Johan Lundgren has proposed that middle seats…
As coronavirus keeps people indoors, Netflix’s weakness — its total reliance on streaming memberships for revenue — has become its strength as it hit a two-year high in the market on Tuesday while other media companies fret…
The disruption associated with Covid-19 is having a profound impact on global real estate markets. Overall, 67% of countries report a moderately negative market impact attributed directly to Covid-19, while 29% cite a severely negative…
France entered its second week of mandatory confinement this week with stricter rules in effect from Monday, March 23. These include reducing movement outside the house to a radius of 1 kilometer and for a maximum of 60 minutes (on the new…
Business in the eurozone has endured “an unprecedented collapse”over the last month. In data published today, IHS Markit has reported the “COVID-19 outbreak has lead to largest collapse in eurozone business activity ever recorded.”…
Last year, Forbes reported that the average F1 racing team is worth just over $500 million, with Ferrari valued as the most valuable at $1.35 billion, followed by Mercedes ($1.015 billion). Yesterday, F1 officially postponed the Monaco Grand…
Organizers of the Cannes Film Festival, due to take place May 12-23, have said they are considering delaying the event until the end of June or beginning of July. “As soon as the development of the French and international health…
UPDATE: I was controlled near the beginning of my run today. An incredibly informative French police office gave me the low down. “You cannot be further than a kilometer from home, and that includes running or any sport, otherwise you…
Monaco residents enduring home confinement during the coronavirus epidemic will at least no longer be subjected to the ongoing construction noise and dust across the country—at least for a few weeks. In his brief televised address last…
The Union of French Airports reported a 20% drop in passenger traffic since the beginning of March, although official figures are not usually released until the end of the month. In Europe, the drop in airport traffic was 13.5% in the first…
Italian Prime Minister Giuseppe Conte announced on Monday, March 9, that in a bid to contain the coronavirus he was extending the travel ban already in place in the 16 provinces in northern Italy to cover all of the country. This means the…
In 2017, Wealth-X reported that one out of every 56 people in Monaco has assets totaling at least $30 million. Now we learn that, according to the Wealth Report 2019, the global Ultra High Net Worth population will grow by 22% over the next…
Monaco has made a voluntary contribution of €50,000 to the European Qualifications Passport for Refugees (EQPR), which issued 454 passports by the end of 2019. The program assists refugees to rebuild their lives in their host countries…
On Tuesday, March 3, former U.S. Secretary of State John Kerry jointly opened the “High Seas Treaty Dialogue” with Prince Albert in Monaco, where they also addressed managing marine protected areas. The three-day event, which…
Prince Albert told French media Monaco-Matin on Monday that any further coronavirus cases in Monaco will be treated at Princess Grace Hospital Center or hospitalized at home instead of being sent to Archet hospital in Nice. “Above…
On Monday, March 2, the 2014 murder case of Monegasque billionaire Hélène Pastor, worth a reported $25 billion, was due to be heard at the Court of Appeal of Aix-en-Provence. However, the jury president immediately suspended…
Following Friday's confirmation of the first coronavirus case in Monaco, health authorities have launched an appeal to anyone who was at Slammers Bar on February 23 between 3:30-5 p.m. In a notice publsihed on Sunday, March 1, the…
On February 26, Monaco’s minister of social affairs and health, Didier Gamerdinger, said the government’s management of the coranvirus will be “dictated by common sense and public health needs.” His comments at a press…
In 2019, the number of road deaths in France fell to the “historically low figure” of 3,239, down 0.3% from the previous year, French Interior Minister Christophe Castaner announced earlier this month. The news is optimistic, considering…
UPDATE: On Friday, February 28, the first case of coronavirus in the Alpes-Maritimes department was confirmed. A 23-year-old female from Cannes tested positive for Covid-19 at the Nice University Hospital. The student had just returned…
According to a report published on Monday by GRECO, the Council of Europe’s anti-corruption body, Monaco has fallen short in implementing recommendations on how to prevent corruption among parliamentarians, judges and prosecutors.…
It was just last July when Monaco became the first country in the world to roll out full 5G coverage. The deployment of 5G across the Principality was the initial phrase of the government’s “Extended Monaco” program aimed…
She already dipped her toe into the $7 billion protein market with her organic Broth by Design powder that she co-launched in December 2018, and now CEO and Monaco resident Irina Peterson has taken the plunge sailing 2,000 nautical…
There was certainly no love between Renault and Nissan on February 14. On Friday, the French carmaker said in a statement it suffered net losses of €141 million. It’s the first time the company has plummeted into the red since the…
For the first time since it was founded in 1981, the VinExpo wine and spirit exhibition was held in Paris, at which Moët Hennessy did not miss the opportunity to step up its commitments to sustainable viticulture. At an eco-designed…
A Global Witness report has shined light on some of France’s biggest lenders bankrolling businesses linked to deforestation in the Brazilian Amazon, as well as in the Congo Basin and Papua New Guinea. This despite France’s landmark…
Set up in Monaco in 2009, the Service d'Information et de Contrôle sur les Circuits Financiers (SICCFIN) is a central national authority specialized in combating money laundering, terrorist financing and corruption. Director Michel…
Monaco’s Minister of State, Serge Telle, was part of the cross-border Franco-Monegasque Cooperation Commission gathered in Nice on Thursday, February 6 for its ninth edition. One of the subjects of discussion was British nationals residing…
On February 3, the Monte Carlo Casino won “Casino of the Year 2020” and “Best Gaming Operator UK & Europe 2020” for its vision, originality and vitality at ICE London, the leading gaming technology event for…
In a bid to lure residents, Italy has introduced new tax savings measures for an employee, a self-employed professional, or an entrepreneur (regardless of qualifications; no degrees are required). The rules were introduced by a decree dated…
According to Marie-Pierre Gramaglia, Minister of Public Works, the Environment and Urban Development, nearly 45,000 employees, French and Italian, commute to Monaco every day by road or rail. Says Minister Gramaglia, “We are promoting…
As part of the Fédération Internationale de l'Automobile’s (FIA) commitment to achieve a net-zero carbon footprint by 2030, FIA President Jean Todt was at the World Economic Forum, held in Davos in January 24-27, to…
They both joined Mercedes in 2013, and although his winning grin may not be as famous as F1 champion Lewis Hamilton's, make no mistake : team principal and CEO Toto Wolff has been driving his team to victory. Since joining Mercedes-AMG Petronas…
Monaco Startup Chosen As One of World’s Best. MonacoTech startup O’Sol, the smart solar genera- tor company, has been selected as one the world’s best 1200 startups to take part in the 2020 Consumer Electronics Show (CES)…
FemTech apps tracks women’s fitness all the way to a $50 billion industry. Running a startup is like getting fired a few times a day", says the CEO of WILD.AI, Hélène Guillaume. “Between investors who pull out…
He squeezed oranges into the Monaco Spritz. Now, Philip Culazzo flavors a café Monegasque with the national tree. It’s been three years since Philip Culazzo opened l’Orangerie, Monaco’s only distillery, making…
His father dressed the feet of Marilyn Monroe. His mom grew the Salvatore Ferragamo business from 800 pairs of shoes a month to 60,000. And while he stays busy as Director of Salvatore Ferragamo S.p.A., Leonardo Ferragamo most enjoys his time…
With around $370 billion purchases returned every year in the U.S., and retailers losing up to 40% product value, Renato Anselmi Ricci may have a solution. The Monaco-born entrepreneur is taking his 3-day trial startup to the U.S. with VCs…
The man who "makes every second count" , head of the Mercedes AMG Petronas F 1 Team Toto Wolff sits down with Forbes Monaco. Read the exclusive interview in our November/December issue.
