The Latest at Forbes Monaco

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.