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Month: July 2022

Summary: Monaco’s contribution to the UN Ocean Conference

by: Stephanie Horsman
08/07/2022

With oceans at the heart of Prince Albert’s mission in life, Monaco’s head of state led a delegation to the recent UN Conference on the Ocean. Here are the main outcomes of that important trip.

Prince Albert II led Monaco’s delegation at the 2nd United Nations Conference on the Ocean, held in Lisbon and co-hosted this year by Portugal and Kenya, on the theme ‘Oceans: scaling up action based on science and innovation for the implementation of Sustainable Development Goal number 14: assessment, partnerships and solutions’.

It was a major gathering of Heads of State and Governments, including Monaco, as well as the Secretary General of the United Nations.

The Second United Nations Conference on the Ocean, which ran from 27th June to 1st July, had many highlights, particularly from Prince Albert II, who took a very active part in the proceedings.

In his speech, the Prince encouraged nations to begin implementing concrete actions to combat the damage being inflicted upon the seas every day. He explained Monaco’s commitment on this front and the country’s active role in climate control negotiations, notably within the framework of the Intergovernmental Conference on Marine Biodiversity in Marine Zones.

Photo by Gaëtan Luci, Prince’s Palace

The Prince also underscored the importance of putting into effect projects quickly, whatever the scale or location. In this regard, he mentioned achievements such as the Medfund, launched in 2015 in collaboration with France and Tunisia, BeMed, which supports projects to combat plastic pollution in the Mediterranean, and the Monk Seal Alliance in favour of the preservation of this Mediterranean species.

Prince Albert also took part in a discussion on the management, protection, conservation and restoration of ecosystems. He spoke on the need to identify good practices, especially local ones, and to have a global vision by comparing the expertise and approaches. His example was of marine protected areas, which Monaco has one of, and how they offer a huge variety of opportunities for collaboration.

The Prince also took part in peripheral events on the polar regions, coral reef and innovative investment.

Meanwhile, Monaco’s Minister of External Relations and Cooperation Isabelle Berro-Amadei attended various events devoted to protecting 30% of the Ocean by 2030, organised by Blue Leaders. Included in these talks were the restoration of mangroves, organised by Colombia, the acidification of the oceans, organised by the Environment Laboratories of the A.I.E.A based in Monaco, and the United Nations Decade for Ocean Sciences for Sustainable Development, organised by U.N.E.S.C.O.

Additionally, the Ambassador of Monaco to the United Nations in New York, Isabelle Picco, attended an event devoted to marine pollution by plastic waste, organised by the I.U.C.N., as well as an event organised by Portugal, France and the European Union on the promotion of negotiations on the BBNJ Agreement.

As if this weren’t enough, Monegasque institutions were also present, including the Prince Albert II of Monaco Foundation and the Oceanographic Institute-Albert I Foundation.

The conference ended with the adoption of a political declaration entitled ‘Our ocean, our future, our responsibility’, which calls on all countries to contribute to the implementation of emergency measures related to seven specific targets, including protecting 30% or more of national maritime areas by 2030, achieving carbon neutrality by 2040, reducing plastic pollution, increasing the use of renewable energies and allocating substantial funds for ocean acidification research, climate resilience projects and monitoring, control and surveillance.

Monaco helped draft this declaration and references to plastic pollution, marine scientific research, ocean acidification and threats arising from human activities, regularly defended by the Principality during negotiations, were taken addressed and incorporated.

 

 

Photo by Photo by Gaëtan Luci, Prince’s Palace

 

 

 

Venturi team member completes epic commemorative adventure

by: Stephanie Horsman
08/07/2022

A trekking mission across a remote Norwegian island, first completed by Prince Albert I, has been repeated over a century later by eco-explorer Xavier Chevrin, of Monaco-based Venturi, who was greeted at the end by Prince Albert II.

Strapped into a pair of cross-country skis, eco-explorer Xavier Chevrin took on the task of travelling more than 220 kilometres in the snow to retrace the steps of Prince Albert I on Spitsbergen, a Norwegian island roughly 900 kilometres from the North Pole.

Between 1898 and 1907, the great-grandfather and namesake of Prince Albert II mapped this distant isle from the sea, along the way naming the sites and features that he saw. Included in the list are Grimaldi Mountain, the Monaco Glacier, Prince Albert I Mountain and Princess Alice Mountain.

“We are honoured to have paid tribute to Prince Albert I through this exceptional adventure,” said Gildo Pastor. “Everything I do with Venturi, I do for my country, to raise the Monegasque flag high. I wanted to show Prince Albert II the esteem I have for Prince Albert I; for the work he has done in favour of sustainable development, a work that our Sovereign tirelessly pursues.”

Prince Albert and Gildo Pastor, photo by Eric Mathon/Prince’s Palace 

On Sunday 26th June at 11:30am, at the bottom of Princess Alice Mountain, Xavier Chevrin was welcomed by Prince Albert II. The Sovereign was accompanied by the President of Venturi, Gildo Pastor. The three men have much in common with “The Explorer Prince, Prince Albert I, including the defence of the environment, a passion for adventure and a knack for teamwork.

“I am proud to have worn the colours of Venturi and the Principality to pay tribute to the memory of Prince Albert I,” said Chevrin of his trek. “As a representative of Monaco, I achieved two world firsts linked to the Principality: with my guides, we climbed the ‘Kapp Guissez’ thus named in homage to Lieutenant Théodore Guissez, member of Albert’s crew, and we also set foot on the Albert I glacier.”

The time after the trek was spent swapping stories and experiences, notably Chevrin’s observation that less than a thousand kilometres from the North Pole there was a dramatic absence of coastal ice.

The trek and the participants were worthy of The Explorer Prince, and would have no doubt made him proud today.

 

 

Photo of Xavier Chevrin and Prince Albert II by Eric Mathon/Prince’s Palace 

 

 

 

 

Leading economist unravels today’s financial climate for MEB

by: Stephanie Horsman
08/07/2022

The Monaco Economic Board welcomed renowned economist Ludovic Subran to speak about today’s geopolitical situation and the resulting economic and financial consequences.

“I warn you, it’s not a panty party!” The opening line set the tone for the evening as Chief Economist of Allianz began his speech in front of hundreds of gathered audience members of the Monaco Economic Board (MEB), using a touch of humour to broach a serious subject.

“We are a bit like cicadas, and in the autumn we will find ourselves very deprived because there will be no more savings and inflation will still be just as high,” he went on to say.

Taking complex geopolitical data and financial figures, Subran spoke on the topics in a clear and precise way, giving hope in the face of the current situation. In his mind, the war In Ukraine and the consequent rise in energy pricing, as well as the supply shortages experienced worldwide due to the pandemic, have already created a recession in such sectors as trade.

This recession, he said, will get worse before it gets better, with the end of the year being toughest. Though this is no doubt going to be the case, he does not believe the recession will be “of great magnitude”.

Additionally, he sees wage hikes to offset the effects of inflation to be “necessary in the vast majority of cases”. Subran also foresees many bankruptcies in the near future.

MEB conference with Ludovic Subran, photo courtesy MEB

On a more long-term level, Subran predicts many changes on the world scene, not least of which is the dollar being challenged by China and its ad hoc allies for power position, a widening of the gap between the developed and non-developed nations in terms of equality, climate change becoming a front-and-centre issue forcing those businesses who have not gone green to do so or die, and central banks looking for solutions to inflation that aren’t attributable to an overheated economy.

To meet these many challenges, the Chief Economist of Allianz recommends in particular greater “collaboration” in order to avoid “a situation where everyone would be a loser.”  

The evening, which was attended by Minister of Finance and Economy Jean Castellini, Delegate Interministerial for Attractiveness and Digital Transition Frédéric Genta, and Balthazar Seydoux, Chairman of the Finance and National Economy Commission at the National Council, ended with a rooftop cocktail party where Subran was available to speak in a more relaxed setting about specific questions put to him by the assembled guests.

Ludovic Subran is the Chief Economist of Allianz as well as Chief Economist of Allianz Trade. Prior to joining Allianz, he worked for the World Bank, the United Nations World Food Programme and the French Ministry of Finance. A French national, Subran is a member of the Council of Economic Advisors to the Prime Minister. He is a Young Global Leader of the World Economic Forum, a Millennium Fellow of the Atlantic Council and a David Rockefeller Fellow of the Trilateral Commission. He was ranked by Richtopia in the Top 100 of the most influential economists, and by the Choiseul Institute and Le Figaro in the Top 100 of French leaders of tomorrow.

A graduate of the National School of Statistics and Economic Administration and Sciences Po Paris, he is fluent in seven languages.

 

 

 

Photo courtesy MEB

 

 

 

 

Prince’s private car collection opens in new location

by: Luke Entwistle
07/07/2022

Prince Albert II and members of the Princely family inaugurated the new Collection of the Prince of Monaco’s Automobiles on Thursday, as the museum moves from Fontvieille to Port Hercules.

Following Thursday’s inauguration, the Collection will open to the public from Friday. Valérie Closier, director of the Collection said, “This Collection should be open to all and interest a large public. We have to make it lively so that even the locals come back regularly to discover new things.”

The Collection’s new site is even closer to the heart of Monaco’s racing history. On the edge of the famous “piscine” section of the iconic Formula 1 circuit, the new 3,500m2 unit will house 70 vehicles, which all hold a notable place in the history of the Principality.

Photo by Michael Alesi, Government Communication Department

From Formula 1 cars that cling to the walls of the Collection, to more personal pieces including those in which Princely family weddings took place… for automobile fans both within and beyond Monaco’s borders, there is something for everyone.

The new Collection also hopes to be more immersive. As well as giant screens which broadcast films, touchscreens also allow visitors to more actively engage with the cars. Not only is it possible to discover the characteristics of the cars, it is also possible to digitally visit the interiors of some of these historic vehicles. “In this way, we in some way enter into the intimacy of the Princely family,” said Closier.

In modernising and relocating, the Prince’s Collection orients itself more at the heart of the Principality’s rich automobile history and offers unprecedented access to that history.

 

 

Photo by Michael Alesi, Government Communication Department

“We are licensed and regulated and still offer the benefits of DeFi”

by: Cassandra Tanti
07/07/2022

Brad Yasar is the CEO of EQIFi, the only decentralised finance platform backed by a leading digital bank. 

We caught up with Brad Yasar at the recent CoinAgenda forum at Le Meridien, where he was presenting his company EQIFi, a platform designed to bring the familiarity and reliability of traditional banking to the world of DeFi. This is how it works.

Monaco Life: What was the motivation behind creating EQIFi? 

Brad Yasar: My partner, Jason Blick, and I identified a disconnect between traditional banking and decentralised finance (DeFi) and decided we wanted to try to bridge that gap.

We’re looking to address one major problem – negative interest rates. People put their money in banks and watch it diminish every year. The truth is, it doesn’t have to be this way. DeFi provides a solution to that problem.

Many people are curious about these potential DeFi returns and how it’s even possible, but they don’t understand the technology behind it. This is something we wanted to solve. We wanted my grandma, for example, to be able to use an EQIFi DeFi product and see positive results.

We can’t change banking overnight, but we wanted to demonstrate that you can be licensed and regulated and still offer the benefits of DeFi and crypto.

This was the genesis of EQIFi. We have the banking component in EQIBank, but coupled with DeFi returns and potential positive interest rate returns on our products and services, we can offer a really attractive proposition. And we will make it so simple that even those unfamiliar with crypto can use it and feel comfortable when doing so.

What percentage are you providing in terms of interest rates?

It differs depending on the product. We have market-rate products that were returning up to 70% APY. Interest rate products are different. It’s a matter of risk. Market-rate products correct with the market fluctuations.

In total, we have four products at the moment. The product on stable points, the crypto version of dollars and euros, is pegged one-to-one. Those return single-digit returns, 7 to 8%. Then we have a bitcoin product that returns at 4 to 5%. That’s for people who want to hold onto their bitcoin, hoping it’ll skyrocket.

We also have two market-rate products that have provided 40% and 70% returns this year.

With markets crashing, we are correcting too, but we are still beating the market, so our returns are as good as, if not better, anything else out there.

We try to be conservative. We don’t promise anything we can’t deliver on, and if we can better our expectations, it’s a great position to be in.

It’s a high-risk investment, then?

The risks are commensurate with expected returns. If you expect to double your money every year and earn 50, 60, or 70%, there is obviously risk attached. When people say they want these returns without risk, we do our best to let them know it doesn’t work that way. There are plenty of companies collapsing – just recently USDT and Terra Luna – that should teach us all that you can’t guarantee 20% returns to everyone who holds an asset without questioning where its value comes from.

The United States is in the process of negotiating regulations for the DeFi market. Are you waiting on any word from them?

US regulation impacts everyone globally because the US has been an economic leader for centuries and also because they take an enforcement position globally in these matters. We are licenced and regulated out of the Caribbean, Dominica, and BVI, so our regulators are more nimble. We are regulated, but we aren’t affected by other jurisdictions.

What we’re looking for is regulation that allows for a framework. It helps platforms like EQIFi who are trying to improve constantly but know the limitations on what should or should not be attempted. I want to see regulation that supports innovation. Those places that impose roadblocks get left behind.

The US has become too strict, and other jurisdictions are more welcoming and enabling. So, we’re looking for clear guidance, not punishment, on how to build a future that makes people comfortable.

There should be a code of conduct that serves a purpose.

Mainstream banks are now starting to offer crypto options. What does this mean for smaller companies like yours?

It means validation. We believe we are several years ahead of any potential competitor with a full banking license like us. Traditional banks are taking crypto seriously now, which is great. The clients are driving this force, though, not the banks themselves, but still, the change is good. It’s gratifying when the big institutions recognise bitcoin as an asset and allow people to borrow and lend against it. It shows a shift in mindset.

We want to lead the way and set exemplary standards in this field.

How do you get clients to trust you?

How does any bank do it?

Once you’re licensed and regulated, all background checks are done, and a third party is watching over what you’re doing. That was a hard step to take, but now that we’re there, people are confident. We are also transparent; we don’t hide behind an alias or our location online. We don’t think being anonymous means being free like some others do. We also create an insurance framework by being good custodians, but there are mechanisms outside of us to protect clients.

What is your balance sheet? 

We started in August 2021, we have over 30,000 users, over $30 million locked on the platform at the end of 2021, and we’ve grown very nicely. We haven’t done audits this year, we do them annually, but we are on track to show similar growth to last year. We plan to grow and reach targets for the year, meaning 100,000 users by the end of 2022. And we’re looking at a total value of $250 million locked. Let’s see if we can still reach those targets.

Do you believe we are in a bear market? Do you have any advice?

I think we have been in a bear market since last October. People are expecting a huge bubble, like the .com bubble. The reason that burst was for five years, investors had no visibility into the liquidity of their investments. It may have grown, but all you got was a yearly update saying they were “building” something, until one day they came back and said they were broke. Investors didn’t have the opportunity to make adjustments.

Crypto is so liquid that it’s burst several times, more significant than the crash of 2018, but it continues to grow. I think crypto is here to stay. If there is an uptick in the summer, that will carry through, just as a downturn will carry through the summer similarly.

I tell people that if you’re already in the market and have losses, unless there’s a reason to realise them, don’t take the loss. Stay in.

This needs to be a four-year cycle. Be patient, don’t pull out in months. Let it play out. Bear markets are good times to invest. Now is the time to get in, not get out.

 

Photo by Monaco Life

 

 

 

Princess launches NFT for new charity project

by: Stephanie Horsman
07/07/2022

Princess Charlene has started a new project that is combining the latest craze in cryptocurrency, the non-fungible token, and art for the benefit of her latest charitable venture, Feed2gether, which aims to provide food to needy children in her native South Africa.

After the long months of absence due to health problems, Princess Charlene is firmly back in the saddle, launching projects and making plans for the future.

As revealed on her Instagram page on Wednesday 6th July, the 44-year-old Princess is “excited” about her latest venture – being part of an NFT digital art collection by artist Junaid Sénéchal-Senekal where she lent her image to raise funds for her new Feed2gether project. It will be run through the Princess Charlene of Monaco Foundation in collaboration with Golfer Louis Oosthuizen’s Foundation57.

The artwork is a sepia-toned portrait of the elegant Princess broken into squares and is called OurVisionTogether.

The Princess herself seems very pleased with the work, praising the artist on social media saying, “Thank you to the artist @junaidssart who put his heart and soul into this creation, as well as his health for fasting for the entire duration of this work, by doing what he experienced is a tragic reality for many and something most take for granted every day, it highlights the importance of this project.”

The Children’s Institute of Cape Town estimates that 10%, or 2.1 million South African children, live in households where there is not enough to eat. Of these, 600,000 experience perpetual hunger.

“Together we will be collaborating on a project, a feeding scheme, that will help communities in developing areas to have access to food,” Princess Charlene explained in a video that she made as the programme was being created and she was still recovering in South Africa. “Food is vitally important for children between the ages of one and six for their brain development. The ambition is to give opportunity and the right for people to grow strong and healthy in our country. This can and will be done.”

The Feed2gether initiative aims to benefit children as well as the community and society at large. They have a goal to raise funds to finance the production of iPapa57’s specially formulated maize product that will feed many children between the ages of three and five.

Charlene has dedicated much of her spare time to charitable causes, including her own Foundation which has a focus on water safety, and the rhino anti-poaching charity she went to South Africa to be a part of last year.

Additionally, she has been seen at several events over the past months, including appearances at the Grand Prix in May, a high-profile official trip to Norway and a visit to the Princess Grace Hospital where she spent time with newborns and their mothers in a belated Mother’s Day event.

This spectacular return to public life has been a boost to the Principality, who had missed seeing their Princess in action.