Presidential allies from the centrist parties were feuding on Monday over run-off strategies as the French far-right fixed its sights on further progress after obtaining a record number of votes in the first round of the snap parliamentary election.
Its political adversaries hope to block a number of MPs from being elected in a second round this week but divisions have surfaced over standing down to allow leftist candidates a clear run against the radical right.
More than 10.5 million people on Sunday voted for Marine Le Pen's National Rally (RN) and its allies (33.2 per cent), ahead of a leftist coalition (28 per cent) and President Emmanuel Macron's centrist camp (20 per cent).
The shock defeat of the President's camp and the far-right's important gains have sent shock waves through the political establishment.
"This historic score is worrying," one of the President's centrist allies, Francois Bayrou, told TV channel TF1. "It's a threat that we have to avert in the coming days."
Thousands rallied in major cities in protest over the RN's rise, with some expressing fear over the party's attacks on French citizens of Muslim heritage.
"In my house, we are discussing whether we should go to Algeria," dual citizen Sabrina told radio France Bleu, speaking from the north-western city of Cherbourg.
"But the kids were born here, they are French. If we go there, we are nothing. If we stay here, we are nothing. This needs to stop. Enough."
Second round
France now enters a week of political horse-trading, with an eye on hundreds of constituencies that face a run-off between three candidates in the second round on Sunday.
"We will have an effect which will rather work against the RN," Brice Teinturier, deputy director of pollster Ipsos, told radio France Inter.
Mainstream political parties have historically struck deals for the third-placed candidate to step down if it favours the election of an MP not affiliated to the RN – long-shunned for its anti-Semitic roots and anti-democratic tendencies.
This is called forming a "Republican front" in the face of a party that is considered as incompatible with the values of the French republic.
MPs can be elected at the first round if they obtain more than half the ballots, as well as a number of votes at least equal to a quarter of the electorate.
More than half of the 76 politicians elected last Sunday were from the RN, including Marine Le Pen in the northern region of Pas-de-Calais.
In the first round, candidates who obtain at least 12.5 per cent of votes can stay in the race if no one wins outright. The likelihood of three-way battles increases when voter participation is high, as it was last Sunday at 66.71 per cent. Whoever wins the most votes is elected in the second round.
Candidates have until Tuesday to decide whether to continue the race or withdraw. Only then can more precise projections of what the new National Assembly may look be made.
Rough estimates currently evaluate the RN winning 210 to 260 seats, leftist coalition the New Popular Front (NFP) between 140 and 190, and Mr Macron's group 70 to 120.
So far a number of candidates allied to the President have already stepped down in favour of the left. They include Secretary of State Sabrina Agresti-Roubache and Minister Gelegate for Overseas Territories Marie Guevenoux.
But Mr Macron's camp sent mixed messages about whether France Unbowed (LFI), one of the main members of the NFP that was set up for this election, was included in the so-called Republican Front.
With vague wording about supporting Republican values, the President and Prime Minister Gabriel Attal did not reciprocate a call by LFI leader Jean-Luc Melenchon to systematically back candidates opposed to the RN.
This allowed space for politicians to send different messages.
Divisions over strategy
Former prime minister Edouard Philippe said he opposed both LFI and the RN but former National Assembly president Yael Braun-Pivet said voters must decide on a case-by-case basis, adding that those who had expressed anti-Semitic views must be shunned while others deserved support.
Ms Le Pen claimed voters were indifferent to such political manoeuvring.
"I am convinced that these instructions which are unnatural will not be followed by a large number of French people," she said. "I am convinced that we will have an absolute majority."
An absolute majority would imply her group will succeed in sending 289 MPs to Parliament. RN president Jordan Bardella has said he would accept the job of Prime Minister only if this threshold is achieved.
But party spokesman Sebastien Chenu on Monday said the RN could form a government with fewer than that figure.
"If there are enough [MPs], we will assume our responsibilities before the French," Mr Chenu told TV channel France 2.
Ms Le Pen's former partner and RN-vice president Louis Aliot was more cautious.
He said the party was working on names for a future government but that it was also waiting for more clarity.
"If there are only 250 [RN] MPs, meaning very little chance of getting texts voted, there is no point," Mr Aliot said.
"It has to be looked at on a case-by-case basis. There is a threshold where it [the country] will be governable," he said, although he had "no idea" what that threshold was.
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.”
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
Sholto Byrnes on Myanmar politics
Company%C2%A0profile
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COMPANY%20PROFILE
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Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
RESULTS
6.30pm UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m
Winner Final Song, Christophe Soumillon (jockey), Saeed bin Suroor (trainer).
7.05pm Handicap (TB) $135,000 (Turf) 1,000m
Winner Almanaara, Dane O’Neill, Doug Watson.
7.40pm Handicap (TB) $175,000 (D) 1,900m
Winner Grand Argentier, Brett Doyle, Doug Watson.
8.15pm Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m
Winner Major Partnership, Patrick Cosgrave, Saeed bin Suroor.
8.50pm Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m
Winner Gladiator King, Mickael Barzalona, Satish Seemar.
9.25pm Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m
Winner Universal Order, Richard Mullen, David Simcock.
The%20specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E261hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E400Nm%20at%201%2C750-4%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.5L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C999%20(VX%20Luxury)%3B%20from%20Dh149%2C999%20(VX%20Black%20Gold)%3C%2Fp%3E%0A
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