Princess Charlene celebrates her Foundation’s 10th anniversary and opens new headquarters

Princess Charlene of Monaco on Wednesday celebrated the 10th anniversary of her Foundation with a ribbon cutting ceremony at its new headquarters and a giant birthday cake.

Princess Charlene, a former Olympic swimmer and witness to the devastating reality of drowning and aware of the positive changes that sport can bring to a life, created her namesake Foundation in 2012 with the aim of offering more positive opportunities to children around the world.

For 10 years, the Princess Charlene of Monaco Foundation has been working to prevent drowning and inspire children through the values of sport.

“Sport has the power to change lives – positively affecting an individual, a family, a community. Sport teaches compassion, inspires and gives hope, and can unite people and countries,” says her Foundation.

Princess Charlene and her brother, Gareth Wittstock, General Secretary of Her Foundation. Photo credit: Eric Mathon, Prince’s Palace

Over the past decade, more than one million people have benefited from the Foundation’s and its partners’ programmes in 43 countries through 510 different projects.

 More than 510 projects have been supported and created by the Foundation in countries such as Argentina, Bangladesh, Burkina Faso, Cambodia, Cameroon, Canada, Ecuador, France, Ghana, Greece, Japan, Senegal, Serbia, Sri Lanka, Tanzania, Thailand, to name but a few. 

In 2022, new projects were implemented in countries such as Brazil, Haiti, and Jamaica and in the French overseas departments of La Réunion and Martinique. 

Prince Albert helps Princess Charlene cut the ribbon of her Foundation’s new premises. Photo credit: Eric Mathon, Prince’s Palace

To mark its 10th anniversary, the Princess Charlene of Monaco Foundation invited donors, partners and personalities, in the presence of H.S.H Prince Albert II and Princess Charlene, H.S.H. Princess Stephanie, Gareth Wittstock, Secretary General of the Foundation, and Pierre Dartout, Minister of State. 

After a blessing by Monseigneur Dominique-Marie David, Archbishop of Monaco, Princess Charlene inaugurated the new premises of Her Foundation located at 4, Quai Antoine 1er. 

Monseigneur Dominique-Marie David, Minister of State Pierre Dartout, Princess Charlene, Prince Albert, Princess Stephanie, Gareth Wittstock and Mayor Georges Marsan. Photo credit: Eric Mathon, Prince’s Palace

 

Photo above credit: Eric Mathon, Prince’s Palace

Legacy of Prince Albert I lives on through Monaco-UNESCO partnership

In recognition of the legacy of Prince Albert I and coinciding with the centenary of his death, the Monaco has signed a partnership agreement with UNESCO’s Man and Biosphere programme to provide financial support to young scientists.

In line with UNESCO’s long history of work related to the environment and its commitment to protect the earth’s biodiversity, the Principality on Tuesday 5th December signed a formal partnership committing to provide financial backing to UNESCO’s Man and Biosphere (MAB) Programme, by recognising and rewarding young scientists. Anne-Marie Boisbouvier, Ambassador of Monaco to UNESCO, signed the partnership with the Man and Biosphere (MAB) program to financially support young scientists in their research programs, together with Noëline Raondry Rakotoarisoa, representative of the Deputy Director of UNESCO’s Science Sector.

Created in 1971 and celebrating its 50-year anniversary last year, the Man and the Biosphere Programme’s vision is to “promote a sustainable connection between people and nature”. This core ideal has evolved into the designation of biosphere reserves, and a number of global projects and initiatives to increase community involvement and engagement. One such project is the UNESCO-MAB Young Scientists Awards.

Created in 1989 and with the purpose of “investing in a new generation of scientists” by “supporting young researchers in their research on ecosystems, natural resources and biodiversity”, the programme has recognised and rewarded 300 young scientists in its 30+ year history – notably, some 45% of which were female – and offers prizes of up to €4,692 per winner.

Entry is open to applicants all over the world, with the objective to encourage young scientists, in particular those from developing countries, to use MAB research, project sites and biosphere reserves in their research. For the first time, six of the seven winners for 2022 were female, from countries such as Bangladesh, Nigeria, Cuba and Oman.

Through its support of the program, Monaco hopes to encourage the younger generation of scientists and to provide the world with a greater understanding of the ocean and environmental issues.

 

 

Photo of the Huascaran Bioreserve Peru, source UNESCO Man and Biosphere

 

Action Innocence Monaco raises record figure at Christmas tree auction

Supported by Prince Albert and Princess Charlene, Action Innocence Monaco has celebrated its 20th anniversary with a record-breaking sum of €156,000 raised at its annual charity Christmas Tree Auction in the Hôtel de Paris.

In today’s world, the internet is ubiquitous in all parts of life. This is not just true for adults, but also for children who are being exposed to the internet earlier and earlier. Founded in 2002 with the support and patronage of HSH Prince Albert II and the cooperation of the Direction de la Sûreté Publique of the Principality of Monaco, Action Innocence Monaco was born in response to the ever-growing concern for parents and the wider community around how to educate both parents and children about the hidden dangers of the web, whilst also providing protection for the younger users.

Sponsors are invited to decorate the Christmas trees that go on display in the lobby of the Hôtel de Paris before being auctioned off for the charity. Photo by Monaco Life

In order to meet its objectives, the organisation’s primary means for generating funds is through an annual auction of Christmas trees, created and donated by some of the Principality’s most exclusive boutiques and artists. Each year the lobby of the Hôtel de Paris becomes the home of Action Innocence’s stunning Christmas Tree forest, displayed in full splendour for several days before the auction. This year’s charity event, held at 6pm Tuesday 13th December, broke all previous records, with an impressive €156,000 raised, thanks to the generosity of the contributing businesses and participants in this popular event.

Originally formed under the Action Innocence umbrella foundation in Geneva, in October 2014 the foundation officially became autonomous in its own right. Since year one, Louisette Lévy-Soussan Azzoaglio, President of the organisation, has organised and run the annual auction of Christmas trees to raise much-needed funds, and each year the event has grown in size and popularity, and has now become one of the most anticipated events of the season, featuring stunningly original and beautifully decorated trees, adorned with gifts and put up for sale to the highest bidder.

Photo by Monaco Life

Action Innocence Monaco chose to include just 20 trees in this year’s forest, compared to over 30 last year, in a representation of the foundation’s 20 years of existence. The organisation gave thanks to a list of partners and donors, including Boghossian, Buccellati, Cartier, Ceramiche Sambuco, Chopard, CREM (Club des Résidents Étrangers Monaco), Dionysos Wines, Hôtel de Paris, Hôtel Hermitage, Hôtel Métropole, Isabell Kristensen Couture, Ivanova Valentina Ineos Monaco Limited, L’Astemia Pentita Barolo SRL, Oneteas, Métropole Shopping, Monte Carlo Bay Hôtel Resort,  Repossi Joaillier, Riva Monaco Boat Service, Riviera Monte Carlo, Les Thermes Marins Monte Carlo, and Zegg Cerlati Panerai.

In attendance was HSH Prince Albert as well as Princess Charlene, and during his speech to thank and acknowledge contributors to the event, Action Innocence’s Vice-President Nick Danziger thanked the Prince particularly for his unwavering support of the organisation each year for the past 20 years.

Covid hospitalisations on the rise in Monaco

The number of severe Covid cases has risen again in Monaco, with 46 people now being treated for the virus at the Princess Grace Hospital Centre, 10 more than the previous week.

The health department’s latest figures show that, in the weekend ending Sunday 11th December, the Principality registered 177 new cases of Covid-19 among its residents. That figure is less than the 210 recorded the previous week, however the number of hospitalisations is on the rise.

The number of severe Covid cases – those being treated at hospital – has jumped from 10, to 38, to 48 in the space of just two weeks, and the majority, 36, of those live in the Principality.

Meanwhile, three non-residents are in intensive care.

There are currently 73 residents who have tested positive and are self-isolating in their homes, with the support of the Home Monitoring Centre.

The incidence rate in Monaco dropped to 452, compared to 536 previous week, but 20% of all PCR and antigen tests conducted in Monaco are still coming back positive.

In an effort to contain the circulation of Covid in Monaco, as well as all winter viruses like the flu and bronchiolitis, the government is now recommending people wear masks on public transport.

In the neighbouring Alpes Maritimes department, the incidence rate is high at 753, while 27% of all Covid tests are positive. ICU capacity in the Provence Alpes Côte d’Azur is at 24%.

 

Photo by Monaco Life

Economic forecast: 2023 will be a rebalancing act

According to Barclays Private Bank Chief Market Strategist Julien Lafargue, another difficult year looks to be on the cards in 2023, as the global economy and policymakers try to tame multi-decade inflation highs and adjust to a post-pandemic world.  

In this financial outlook for 2023, Barclays Private Bank UK Chief Market Strategist Julien Lafargue gives Monaco Life readers his expert opinion on how a volatile 2023 could play out.

Growth may be tepid next year, but, at least in the United States, any recession should be short and shallow. That said, investment opportunities are popping up, keeping us constructive over the medium term.

The last 12 months have been full of surprises. A war in Ukraine, surging prices, and a sharp slowdown in China have created a broad-based, synchronised slowdown. Heightened geopolitical tensions, coupled with the aggressive tightening of financial conditions, have infringed on activity as business and consumer confidence take more of a knock. Only commodities have posted positive real returns in 2022 at the asset class level, and portfolios made up solely of stocks and bonds have had one of their worst calendar years in a century, according to Bloomberg.

Uncomfortably constructive

Looking ahead, we remain “uncomfortably constructive”. Indeed, we expect the next 12 months to be equally challenging. The prospect of slowing economic growth, if not recession, coupled with stubbornly elevated inflation, highlight the potential costs of central bankers not being able to strike the right balance between too much and not enough rate hikes. At the same time, with debt funding becoming increasingly expensive, governments won’t be able to pick up the stimulus baton as easily to rise to the rescue.

But with lower growth and supportive base effects, inflation should finally come down. The pace of this normalisation process is uncertain; however, it should be somewhat proportional to the deceleration in economic momentum, assuming that geopolitics don’t get in the way. We anticipate that both growth and inflation will moderate, rather than collapse, in 2023.

This backdrop is likely to lead to another particularly volatile year, making it easier for investors to get caught wrong-footed. With little sign that this period of heightened volatility is over, appropriate diversification and a focus on your long-term objectives remain essential.

UK, Europe, US, and China outlooks

After an unforgettable year for UK politics and investors, as the economy dives into recession and the third prime minister of 2022 gets his feet under the desk, the next 12 months could be just as blustery. After being one of the fastest growing top-10 economies in 2022, the country now looks set to contract next year (see table below).

In Europe, it’s been an especially tough year for the eurozone economy. The prospect of energy shortages, a series of strikes leading to soaring wages, and battered consumer confidence means that a recession is more likely than not on the cards next year, with the bloc underperforming its developed world peers.

The region faces a number of economic challenges; however, price stability is the primary objective for policymakers. Inevitably, the cost of taming inflation will lead to a longer and deeper recession. We forecast that the eurozone will shrink by 0.8% in 2023, underperforming most advanced economies, led by Germany and Italy (see chart below).

In the US, the outlook is slightly more encouraging. The US economy is still expected to slow in 2023 before recovering as the year progresses. The pace of any slowdown will be dictated by the strength of the labour market, resilience of consumers, inflation trajectory, and the path of monetary policy.

A big question for economic prospects is how quickly China reduces the restrictions on its zero-Covid policy, helping to recharge economic growth in the country. China’s focus on containing the virus through containment measures, together with a property crisis and slowing demand for its exports, are at the heart of the subdued expansion prospects facing the world’s second-largest economy.

The Chinese economy grew by just 0.4% between April and June (Q2), the worst quarter (excluding the pandemic hit in Q1 of 2020) since data became available in 1992. The economy recovered in Q3, with gross domestic product (GDP) growth of 3.9%, which was still short of its official 5.5% target.

A new era for bonds

In last year’s Outlook 2022, we made the case that investors should be looking beyond investing in just traditional portfolios of stocks and bonds. Our main message now is that it may be time to revisit (and possibly rebalance) their bond exposure.

We continue to see attractive prospects for real assets and private markets, but, given the repricing in fixed income markets, we believe investors should look again at this part of their portfolio in particular. The risk-free rate — which had become the rate-free risk in the last decade — is finally back, and investors may now generate attractive income in public debt markets.

This repricing in rates hasn’t happened in a vacuum, and equity valuations too have sold off. Here, we expect markets to remain choppy until more clarity emerges on earnings in particular. While equities have been the only game in town for several years, this is no longer the case, and bonds are now a credible alternative (or at least complement) in portfolios. Over the medium to long term, we continue to see more upside in stocks than in bonds, but 2023 could be a more mixed year.

Energy transition

Finally, the rupture in energy markets last year has highlighted why countries need to secure access to reliable sources of energy. In this context, we are convinced that the energy transition to a low-carbon world will accelerate in 2023 and beyond, presenting investors with many opportunities.

Beware being too pessimistic

Next year will be another part of the difficult, but necessary, rebalancing act for central banks, governments, financial markets, and investors alike. But, amid all the pessimism, we see more opportunities today than at any point for some time.

The next 12 months may be another uncomfortable time to be invested. However, this is par for the course and part of the journey for long-term investors. After all, for those that can stomach the risk, the rewards can be worth it. Focusing on goals and holding a diversified portfolio are both ways to help shield investors from the unhelpful emotions that volatility can induce.

 

Photo of Barclays Private Bank UK Chief Market Strategist Julien Lafargue provided

 

 

Photos: Monaco’s Princes and Princesses prep tortoises for transfer to Africa

Hereditary Prince Jacques and Princess Gabriella have celebrated their 8th birthday in style with work helping to transfer Monaco’s endangered tortoises to West Africa and a multi-themed birthday party.

On Saturday 10th December, the twins and their parents Prince Albert and Princess Charlene were invited to the Oceanographic Museum of Monaco to help in the transportation of 46 young turtles for travel to the Turtle Village of Noflaye, in Senegal, as part of a population reinforcement project. This was the first part of a three-year programme to return the tortoises to the wild.

The Oceanographic Museum has housed several African spurred tortoises (Centrochelys sulcata), the third largest land tortoise in the world, since 2012. Seven specimens were offered by the former Malian President, Amadou Toumani Touré, to Prince Albert II of Monaco during an official trip. These tortoises, from a breeding centre in Mali, were then entrusted to Robert Calcagno, general director of the Oceanographic Institute, to raise awareness among visitors about the protection of this endangered species. The herbivorous reptiles had taken up residence in the L’île aux Tortues, a space specially designed for them on the panoramic terrace of the Museum, where they have since evolved in an 80m² landscaped enclosure.

“Protecting animal species, both on land and at sea, and making them known to the general public is a major challenge for the future,” explained Robert Calcagno. “Having these spurred tortoises, an animal now threatened, has enabled their reproduction while raising awareness among visitors of their need for preservation.”

Prince Albert and Princess Charlene took part in the “packaging” of the tortoises for travel, photo courtesy Oceanographic Institute of Monaco

Several have given birth to 49 juvenile tortoises and, now the enclosure is not large enough to accommodate them all, the Oceanographic Institute has joined forces with the African Institute for the Study and Protection of Turtles (African Chelonian Institute – ACI), which has set up a population reinforcement program for 46 of them.

The tortoises will first be received by the Centre for the Protection of Turtles in Senegal – Village des Tortues, before being introduced into the Koyli Alpha Nature Reserve in the northwest of the country where they will be monitored for two years.

Prince Jacques decorating the transport crate, photo courtesy Oceanographic Institute of Monaco

Tomas Diagne, a world-renowned turtle expert and winner of the Rolex Prize for Entrepreneurship in 1998, has been working for more than 30 years to save these endangered species in Senegal and West Africa. “This operation is exemplary in our eyes because in Africa, turtles are almost always exported to supply international trade. It is therefore a rare and beneficial exception to see them return to strengthen already weakened wild populations,” said Tomas Diagne.

After a first stage of “conditioning” at the Oceanographic Museum, during which the 46 juveniles were placed in a set of six specially designed crates, the tortoises were transported from Monaco to Paris-Charles de Gaulle airport, and eventually to Dakar.

Prince Jacques and Princess Gabriella celebrated their 8th birthday with their parents on 10th December. Photo credit: Eric Mathon, Prince’s Palace

On Saturday evening, the twins celebrated their birthday together with their parents Prince Albert and Princess Charlene.

A photo shared by the Palace shows a game theme for the little prince, complete with Mario and Sonic birthday cake, and a Japanese theme for the little princess, who looked adorable dressed up in traditional Japanese costume.

Click on the gallery below to see more photos…

 

 

All photos courtesy Oceanographic Institute of Monaco