Où l'austérité? The phrase fits neatly into one of the lines of the French national anthem, but also summed up my impression's of the country's economy on a recent visit.
Paris, even in the absence of Parisians in the summer months, was thronged with tourists of all nationalities, but with Asians appearing to be in the majority. Hotels were full and pricey, all the usual attractions had impossible queues, and the city's upmarket boulevards were packed with free-spending shoppers.
Perhaps Paris, as the capital of the most popular tourist destination country in the world, is untypical of the rest of France, and for sure, like London, the city has its own powerful local economy.
But the story was the same elsewhere in France. In a small regional town in the south-west, the shopkeepers were busy, restaurants had to be booked well in advance, and local people had an air of satisfied affluence.
In La Rochelle, on the Atlantic coast, it was almost impossible to walk the city's historic streets for hordes of visitors, most of them French and all wanting, it seemed, to spend, dine or drink at the same time, and at near-Parisian prices.
Perhaps I shouldn't have been surprised at the exuberance of the French consumer economy at the height of the summer holidays, but I must admit I was expecting something different from a country that has been stripped of its top investment grade status by the ratings agancies and which, according to many economic analysts, has had a torrid time since the beginning of the euro crisis.
The experts say France has been in a form of suspended economic animation since the global financial crisis of 2009. GDP growth for the past two years, as the euro crisis raged, was less than 1 per cent for Europe's second biggest economy.
There were serious concerns about high levels of government and corporate debt, and an electorate ready to vote for the official austerity policies advocated by the new socialist government of François Hollande. The people were, it appeared, ready to take their medicine in order to achieve economic recovery.
The high tax regime forced through by Mr Hollande is severe, with some people at the top end effectively working for a year for nothing, but it was generally acceptable in a country that has a curious attitude to wealth and public ostentation of it. A republican/socialist disdain is never far below the hedonistic surface.
So the president's austerity consisted largely of cutbacks in public spending and withdrawal of benefits like short working hours and long holidays, as well as increases in value-added tax and state-sector owned utilities such as electricity.
The president promised too to reduce unemployment by the end of this year, though economists have argued that will not be possible against the background of lower state spending and absence of any fiscal initiatives.
The main victim of Mr Hollande's austerity seems to have been Mr Hollande himself.
Voted in last year with a mandate for radical change in the economy, he has an approval rating of 30 per cent, and many pundits say he will be a one-term president.
That, however, is not inevitable. A week ago the French government announced official figures that showed GDP had grown by 0.5 per cent on the second quarter of last year, the highest in over two years, prompting hopes that the economy is back on a recovery path.
There are still worries about the financial situation of the French banking industry, in particular its exposure to even more highly indebted Italy and Spain; worries about the big overhang in its smaller European neighbours is preventing credit growth at home, viewed as essential for a sustainable recovery.
Business confidence remains weak, as evidenced by purchasing managers' statistics. The experts are unconvinced that a full-blown recovery is under way.
But French people seem to have decided that serious consideration of that issue can await the end of the summer holidays. For the moment, they appear determined to enjoy their own, peculiarly Gallic style of austerity.
fkane@thenational.ae
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
The Saudi Cup race card
1 The Jockey Club Local Handicap (TB) 1,800m (Dirt) $500,000
2 The Riyadh Dirt Sprint (TB) 1,200m (D) $1.500,000
3 The 1351 Turf Sprint 1,351m (Turf) $1,000,000
4 The Saudi Derby (TB) 1600m (D) $800,000
5 The Neom Turf Cup (TB) 2,100m (T) $1,000,000
6 The Obaiya Arabian Classic (PB) 2,000m (D) $1,900,000
7 The Red Sea Turf Handicap (TB) 3,000m (T) $2,500,000
8 The Saudi Cup (TB) 1,800m (D) $20,000,000
UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
MATCH INFO
Chelsea 4 (Mount 18',Werner 44', Hudson-Odoi 49', Havertz 85')
Morecambe 0
Kat Wightman's tips on how to create zones in large spaces
- Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
- Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
- Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
- Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
- Use a considered collection of prints and artworks that work together to form a cohesive journey.
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
The specs: Volvo XC40
Price: base / as tested: Dh185,000
Engine: 2.0-litre, turbocharged in-line four-cylinder
Gearbox: Eight-speed automatic
Power: 250hp @ 5,500rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 10.4L / 100km
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Company Profile
Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices
MATCH INFO
Tottenham Hotspur 3 (Son 1', Kane 8' & 16') West Ham United 3 (Balbuena 82', Sanchez og 85', Lanzini 90'+4)
Man of the match Harry Kane
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150+ employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
RESULTS
6.30pm: Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
Winner: Brraq, Adrie de Vries (jockey), Jean-Claude Pecout (trainer)
7.05pm: Handicap (TB) Dh102,500 (D) 1,200m
Winner: Taamol, Connor Beasley, Ali Rashid Al Raihe.
7.40pm: Handicap (TB) Dh105,000 (Turf) 1,800m
Winner: Eqtiraan, Connor Beasley, Ali Rashid Al Raihe.
8.15pm: UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
Winner: Soft Whisper, Pat Cosgrave, Saeed bin Suroor.
9.50pm: Handicap (TB) Dh105,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer.
9.25pm: Handicap (TB) Dh95,000 (T) 1,000m
Winner: Etisalat, Sando Paiva, Ali Rashid Al Raihe
Maestro
Director: Bradley Cooper
Starring: Bradley Cooper, Carey Mulligan, Maya Hawke
Rating: 3/5
The five pillars of Islam
Earth under attack: Cosmic impacts throughout history
- 4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon
- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.
- 50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater
- 1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.
- 1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.
- 1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.
-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.
MADAME WEB
Director: S.J. Clarkson
Starring: Dakota Johnson, Tahar Rahim, Sydney Sweeney
Rating: 3.5/5
AS WE EXIST
Author: Kaoutar Harchi
Publisher: Other Press
Pages: 176
Available: Now
Abu Dhabi Sustainability Week
What is Dungeons & Dragons?
Dungeons & Dragons began as an interactive game which would be set up on a table in 1974. One player takes on the role of dungeon master, who directs the game, while the other players each portray a character, determining its species, occupation and moral and ethical outlook. They can choose the character’s abilities, such as strength, constitution, dexterity, intelligence, wisdom and charisma. In layman’s terms, the winner is the one who amasses the highest score.
Sweet Tooth
Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5
Director: Nag Ashwin
Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana
Rating: ★★★★
MATCH INFO
Mainz 0
RB Leipzig 5 (Werner 11', 48', 75', Poulsen 23', Sabitzer 36')
Man of the Match: Timo Werner (RB Leipzig)
Company profile
Name: Pyppl
Established: 2017
Founders: Antti Arponen and Phil Reynolds
Based: UAE
Sector: financial services
Investment: $18.5 million
Employees: 150
Funding stage: series A, closed in 2021
Investors: venture capital companies, international funds, family offices, high-net-worth individuals
Company profile
Date started: May 2022
Founder: Husam Aboul Hosn
Based: DIFC
Sector: FinTech — Innovation Hub
Employees: eight
Stage: pre-seed
Investors: pre-seed funding raised from family and friends earlier this year
Sheikh Zayed's poem
When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.
Your love is ruling over my heart
Your love is ruling over my heart, even a mountain can’t bear all of it
Woe for my heart of such a love, if it befell it and made it its home
You came on me like a gleaming sun, you are the cure for my soul of its sickness
Be lenient on me, oh tender one, and have mercy on who because of you is in ruins
You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge
You waddle even when you stand still, with feet white like the blooming of the dates of the palm
Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you
You are the cure for my sickness and my support, you dried my throat up let me go and damp it
Help me, oh children of mine, for in his love my life will pass me by.
Results
5pm: Al Maha Stables – Maiden+(PA) Dh80,000 (Turf) 1,600m; Winner: Reem Baynounah, Fernando Jara+(jockey), Mohamed Daggash+(trainer)
5.30pm: Wathba Stallions Cup – Maiden+(PA) Dh70,000 (T) 1,600m; Winner: AF Afham, Tadhg O’Shea, Ernst Oertel
6pm: Emirates Fillies Classic – Prestige+(PA) Dh100,000 (T) 1,600m; Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout
6.30pm: Emirates Colts Classic – Prestige+(PA) Dh100,000 (T) 1,600m; Winner: Yas Xmnsor, Saif Al Balushi, Khalifa Al Neyadi
7pm: The President’s Cup – Group 1+(PA) Dh2,500,000 (T) 2,200m; Winner: Somoud, Adrie de Vries, Jean de Roualle
7.30pm: The President’s Cup – Listed+(TB) Dh380,000 (T) 1,400m; Winner: Haqeeqy, Dane O’Neill, John Hyde.