Until a few weeks ago, the future course of western politics seemed depressingly certain. From Brexit to the American election, centrist elites appeared fatally wounded by populist opportunists, pandering to the masses supposedly failed by globalism.
Would, as in Britain and the United States, other bastions of liberalism topple over the next year or so? Faced by the rise of nationalist parties such as Alternative for Germany, France’s National Front and Italy’s Five Star Movement, European countries seemed poised to return to the petty, insular politics that had led to two world wars. And then Emmanuel Macron came along.
Just as Europe appeared sure to be torn asunder, the 39-year-old former socialist foot soldier has startled France and the wider European community by running for the French presidency and raising an until now unconsidered possibility.
The post-war world as we have known it may not actually be doomed, and Europe’s liberal electorates might not have to wait as long as they feared for the anti-Brexit backlash.
France’s “young meteor”, as one British newspaper described him, has cast himself as defender of the old guard. “Our fight for fraternity will be a fight for Europe,” he told an enthusiastic crowd in Lyon on Sunday. “For many of us,” he continued, Brexit had been “unthinkable”.
Emmanuel Jean-Michel Frédéric Macron was born into privilege in northern French city Amiens on December 21, 1977, the son of Jean-Michel, a neurology professor, and Françoise, a doctor. He spent his last year of secondary school at the prestigious Lycée Henri-IV in Paris and remained in the capital to study at Paris Nanterre University.
The motive for his move to the capital was not entirely academic. While at high school in Amiens, 15-year-old Macron fell in love with his French teacher, Brigitte Trogneux, 24 years his senior. The relationship survived his parents’ efforts to put distance between them, and the couple, who married in 2007, have been together ever since.
Macron’s ambition, untarnished by never having held elected office, has had an unusual provenance. In Paris, he found his way to left-wing public service via the Left Bank, studying philosophy, before following his first degree with another, in public affairs, at the Paris Institute of Political Studies.
Enrolling in the National School of Administration, the sausage factory of the French civil service, a successful if undistinguished career as a bureaucrat appeared to beckon. But in 2008, after a four-year stint spent auditing government departments for the Inspectorate General of Finances, and a three-year membership of the centre-left Socialist Party, Macron took an abrupt turn to the right and joined the Rothschild investment bank.
It proved shrewd. In 2012, he played a key role in a €9 billion takeover deal between Nestlé and a Pfizer subsidiary, and overnight became a millionaire.
That same year, his career took another unexpected turn. After the Socialist Party took power in 2012, Macron returned to public service, this time as a senior member of President François Hollande’s staff. The meteor was in flight. In 2014, Macron emerged unexpectedly from the political shadows to become minister of the economy responsible for industrial regeneration.
It soon became apparent that Hollande and his prime minister, Manuel Valls, had invited a cuckoo into the Socialist nest. From the vantage point of his new platform, Macron began sniping at the party that had so recently elevated him. On one occasion, he famously denigrated Hollande’s supertax for millionaires as: “Cuba, without the sun.”
In April last year, buoyed by the rise of supposedly spontaneous internet-based movement Young People for Macron, the minister took the extraordinary step of forming his own political movement. En Marche! – “On The Move!” – shared his initials.
There followed an awkward four months, during which Hollande publicly ordered his troublesome young protégé to toe the line, but Macron seized the initiative. He resigned in August, and three months later announced his candidacy for the presidency.
The challenge, he said, was “not for me to bring together the left or bring together the right. The challenge is to bring together France”. As a firm supporter of the European Union, Macron is offering an alternative vision for those seeking change but fearful of the rise of extremism: intelligent evolution rather than bloody revolution.
As British magazine The Spectator noted, at 39 Macron "would normally be considered at least 15 years too young to mount a serious presidential challenge in France". Regardless, "his rapid rise makes [him] a genuine original in French politics and his opponents do not know what to make of him".
Macron has attracted flak from left and right. His former colleagues have accused him of stabbing Hollande in the back. Marine Le Pen, queen of the politics of envy, dismissed him as “a candidate of the banks” and a symbol of “the filthy-rich left”.
Amid rumours of impending WikiLeaks revelations, Russia has been implicated in clumsy online attempts to discredit Macron by suggesting that he is backed by “a very wealthy gay lobby”. Macron has laughed it all off.
His lack of elected experience ought to count against him, but instead it's bolstering his claim to being a new broom. His relative youth is appealing to younger voters. And his wife, recently featured approvingly on the cover of Paris Match, gives Macron the advantage of the sort of interesting private life most French politicians would kill for.
With the first round of the French presidential election more than two months away, it’s too early to say whether Macron is poised to re-enter the Élysée Palace in triumph, but it seems increasingly possible. The ruling Socialist Party, hamstrung by the unpopularity of its sitting president, Hollande, is in disarray, and former prime minister François Fillon, the candidate of the right-wing Les Républicains, appears mortally wounded by allegations of financial impropriety. Polls are starting to suggest that only Macron, a firm supporter of open-door immigration and refugee policies, can now defeat Le Pen and halt the rise of Europe’s far right.
If he does, at 39, he will become the youngest French president ever. He will also have demonstrated that, when it comes to the growing hunger for political change, the cold embrace of right-wing extremism isn’t the only option for disenchanted electorates across Europe.
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Company%20Profile
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COMPANY%20PROFILE
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
TRAINING FOR TOKYO
A typical week's training for Sebastian, who is competing at the ITU Abu Dhabi World Triathlon on March 8-9:
- Four swim sessions (14km)
- Three bike sessions (200km)
- Four run sessions (45km)
- Two strength and conditioning session (two hours)
- One session therapy session at DISC Dubai
- Two-three hours of stretching and self-maintenance of the body
ITU Abu Dhabi World Triathlon
For more information go to www.abudhabi.triathlon.org.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Killing of Qassem Suleimani
Company%20Profile
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
liverpool youngsters
Ki-Jana Hoever
The only one of this squad to have scored for Liverpool, the versatile Dutchman impressed on his debut at Wolves in January. He can play right-back, centre-back or in midfield.
Herbie Kane
Not the most prominent H Kane in English football but a 21-year-old Bristolian who had a fine season on loan at Doncaster last year. He is an all-action midfielder.
Luis Longstaff
Signed from Newcastle but no relation to United’s brothers Sean and Matty, Luis is a winger. An England Under-16 international, he helped Liverpool win the FA Youth Cup last season.
Yasser Larouci
An 18-year-old Algerian-born winger who can also play as a left-back, Larouci did well on Liverpool’s pre-season tour until an awful tackle by a Sevilla player injured him.
Adam Lewis
Steven Gerrard is a fan of his fellow Scouser, who has been on Liverpool’s books since he was in the Under-6s, Lewis was a midfielder, but has been converted into a left-back.
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EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
Company%20Profile
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2A)
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