Marine Le Pen at her parliamentary headquarters in Henin-Beaumont, northern France, on September 8. AFP
Marine Le Pen at her parliamentary headquarters in Henin-Beaumont, northern France, on September 8. AFP
Marine Le Pen at her parliamentary headquarters in Henin-Beaumont, northern France, on September 8. AFP
Marine Le Pen at her parliamentary headquarters in Henin-Beaumont, northern France, on September 8. AFP

France's Le Pen calls for referendum to break political deadlock


Soraya Ebrahimi
  • English
  • Arabic

French far-right leader Marine Le Pen urged President Emmanuel Macron on Sunday to hold a referendum on key issues, suggesting it will help to break the current political deadlock facing the government.

Mr Macron appointed centre-right Michel Barnier as Prime Minister last week in a bid to move forward after June-July snap elections that resulted in a hung parliament.

However, analysts predict an upcoming period of instability for the country as Mr Barnier's hold on power seen as fragile and dependent on support from Ms Le Pen's Eurosceptic, anti-immigration National Rally (RN), which is the largest single party in the new National Assembly.

Marine Le Pen through the years – in pictures

  • French far-right politician and president of the National Front, Jean-Marie Le Pen, with his wife Pierrette Lalanne and daughter Marine Le Pen, attend a demonstration in Paris in September 1982. All photos: Getty Images
    French far-right politician and president of the National Front, Jean-Marie Le Pen, with his wife Pierrette Lalanne and daughter Marine Le Pen, attend a demonstration in Paris in September 1982. All photos: Getty Images
  • Jean-Marie Le Pen with his daughters Yann, Marine and Marie-Caroline in Saint-Cloud, France, in 1986.
    Jean-Marie Le Pen with his daughters Yann, Marine and Marie-Caroline in Saint-Cloud, France, in 1986.
  • Jean-Marie Le Pen with daughter Marine after the first round of voting in the 1995 French presidential election.
    Jean-Marie Le Pen with daughter Marine after the first round of voting in the 1995 French presidential election.
  • Marine Le Pen salutes party members, with her father to the right, as she is named Front National's new leader at a party conference in January 2011.
    Marine Le Pen salutes party members, with her father to the right, as she is named Front National's new leader at a party conference in January 2011.
  • Marine Le Pen delivers a speech during the party's annual celebration of Joan of Arc in May 2011 in Paris.
    Marine Le Pen delivers a speech during the party's annual celebration of Joan of Arc in May 2011 in Paris.
  • Marine Le Pen after giving a speech during the far-right party's May Day demonstration in Paris in 2012.
    Marine Le Pen after giving a speech during the far-right party's May Day demonstration in Paris in 2012.
  • Marine Le Pen votes during her party's congress in March 2018 at the Grand Palais in Lille.
    Marine Le Pen votes during her party's congress in March 2018 at the Grand Palais in Lille.
  • Marine Le Pen and former US president Donald Trump's adviser, Steve Bannon, give a joint press conference at the Front National party's annual congress in March 2018.
    Marine Le Pen and former US president Donald Trump's adviser, Steve Bannon, give a joint press conference at the Front National party's annual congress in March 2018.
  • Marine Le Pen at a meeting of populist far-right party leaders at Wenceslas Square in Prague, Czech Republic, in April 2019.
    Marine Le Pen at a meeting of populist far-right party leaders at Wenceslas Square in Prague, Czech Republic, in April 2019.
  • Marine Le Pen launches her presidential campaign in Reims, France, in February.
    Marine Le Pen launches her presidential campaign in Reims, France, in February.
  • Marine Le Pen poses with supporters as she leaves a polling station in Henin-Beaumont after casting her ballot for the second round of the presidential elections.
    Marine Le Pen poses with supporters as she leaves a polling station in Henin-Beaumont after casting her ballot for the second round of the presidential elections.

The New Popular Front left-wing coalition, which emerged as France's largest political bloc after the elections, although well short of an overall majority, is also piling pressure on Mr Barnier.

More than 100,000 left-wing demonstrators rallied across France on Saturday to protest against his nomination and denounce Mr Macron's “power grab”.

On Sunday, Ms Le Pen urged Mr Macron to conduct a referendum on key issues such as immigration, health care and security to give the people a direct vote. The RN “will unreservedly support any approach aimed at giving people the power to decide directly”, Ms Le Pen said, speaking in the northern town of Henin-Beaumont, the far-right's stronghold.

“Emmanuel Macron himself, in the chaos he has created, has levers to keep our democracy live,” she added.

To prevent the RN from having an absolute majority and forming a government, about 200 candidates stood down ahead of the final round of the snap polls in July to avoid splintering the anti-RN vote, sparking the far-right's outrage.

Ms Le Pen indicated she would watch Mr Barnier's every move.

“If, in the coming weeks, the French are once again forgotten or mistreated, we will not hesitate to censure the government,” she added.

Speaking to reporters, Ms Le Pen, 56, also said she expected France to hold new legislative elections “within a year”. “This is good because I think that France needs a clear majority,” she said.

The left-wing coalition has also vowed to topple Mr Barnier with a no-confidence motion.

The alliance wanted Lucie Castets, a 37-year-old economist, to become prime minister, but Mr Macron quashed that idea, arguing that she would not survive a confidence vote.

French far-right leads after election first round – in pictures

  • A demonstration in Place de la Republique follows the announcement of results of the first round of French parliamentary elections in Paris on July 1. Bloomberg
    A demonstration in Place de la Republique follows the announcement of results of the first round of French parliamentary elections in Paris on July 1. Bloomberg
  • Marine Le Pen, candidate for the far-right National Rally party, with supporters in Paris. EPA
    Marine Le Pen, candidate for the far-right National Rally party, with supporters in Paris. EPA
  • Thousands of people gather at a rally for the left-leaning New Popular Front alliance at Place de la Republique in Paris on July 1. EPA
    Thousands of people gather at a rally for the left-leaning New Popular Front alliance at Place de la Republique in Paris on July 1. EPA
  • A barricade burns in Paris as election results suggest the far-right National Rally has a first round advantage from French voters. Reuters
    A barricade burns in Paris as election results suggest the far-right National Rally has a first round advantage from French voters. Reuters
  • Veteran politician Jean Luc Melenchon addresses the New Popular Front rally at Place de la Republique in Paris. EPA
    Veteran politician Jean Luc Melenchon addresses the New Popular Front rally at Place de la Republique in Paris. EPA
  • Police keep watch as protesters demonstrate against the far-right National Rally party in Paris. Reuters
    Police keep watch as protesters demonstrate against the far-right National Rally party in Paris. Reuters
  • Supporters of the left-wing alliance watch results in Nantes, Upper Brittany. AFP
    Supporters of the left-wing alliance watch results in Nantes, Upper Brittany. AFP
  • Protesters attend a demonstration against the National Rally in Paris. Reuters
    Protesters attend a demonstration against the National Rally in Paris. Reuters
  • Fireworks are set off during a demonstration in Paris on July 1. Reuters
    Fireworks are set off during a demonstration in Paris on July 1. Reuters
  • Firefighters in Paris respond to a call-out. Reuters
    Firefighters in Paris respond to a call-out. Reuters
  • Demonstrators hold French flags and Union Populaire Française flags in support of the New Popular Front alliance as they gather to protest against the far-right National Rally in Paris. Reuters
    Demonstrators hold French flags and Union Populaire Française flags in support of the New Popular Front alliance as they gather to protest against the far-right National Rally in Paris. Reuters
  • France's Prime Minister Gabriel Attal arrives to give a speech following the announcement of the results in Paris. AFP
    France's Prime Minister Gabriel Attal arrives to give a speech following the announcement of the results in Paris. AFP
  • In Nantes, a demonstrator shoots fireworks towards police. AFP
    In Nantes, a demonstrator shoots fireworks towards police. AFP

Mr Barnier, who is working to form a government, held consultations with some of the country's key political players over the weekend. On Sunday, he met former prime minister Edouard Philippe, who has said he would seek to succeed Mr Macron in 2027, and Francois Bayrou, a centrist.

The French public are largely satisfied with Mr Macron's choice of prime minister, but believe he will not last long in his new post, according to a poll released on Sunday.

Fifty-two per cent of people polled said they were satisfied with the appointment of Mr Barnier, according to the Ifop poll for the Journal du Dimanche. By comparison, 53 per cent of respondents approved the nomination of Mr Barnier's predecessor, Gabriel Attal, when he was appointed prime minister in early January, becoming France's youngest-ever premier at 34.

According to the poll, a majority of respondents see Mr Barnier, the oldest Prime Minister in the history of modern France, as competent (62 per cent), open to dialogue (61 per cent) and likeable (60 per cent).

However, 74 per cent of respondents polled believe he would not last long in the post. Ifop polled 950 adults online on September 5-6. The margin of error was up to 3.1 points.

 

Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors

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%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EHayao%20Miyazaki%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%C2%A0Soma%20Santoki%2C%20Masaki%20Suda%2C%20Ko%20Shibasaki%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E5%2F5%3C%2Fp%3E%0A
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.”

ENGLAND SQUAD

For first two Test in India Joe Root (captain), Jofra Archer, Moeen Ali, James Anderson , Dom Bess, Stuart Broad , Rory Burns, Jos Buttler, Zak Crawley, Ben Foakes, Dan Lawrence, Jack Leach, Dom Sibley, Ben Stokes, Olly Stone, Chris Woakes. Reserves James Bracey, Mason Crane, Saqib Mahmood, Matthew Parkinson, Ollie Robinson, Amar Virdi.

Company%20profile
%3Cp%3E%3Cbr%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Khodar%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Cairo%20and%20Alexandria%2C%20in%20Egypt%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ayman%20Hamza%2C%20Yasser%20Eidrous%20and%20Amr%20El%20Sheikh%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20agriculture%20technology%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%24500%2C000%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Saudi%20Arabia%E2%80%99s%20Revival%20Lab%20and%20others%3Cbr%3E%3Cstrong%3EEmployees%3A%3C%2Fstrong%3E%2035%3C%2Fp%3E%0A
Previous men's records
  • 2:01:39: Eliud Kipchoge (KEN) on 16/9/19 in Berlin
  • 2:02:57: Dennis Kimetto (KEN) on 28/09/2014 in Berlin
  • 2:03:23: Wilson Kipsang (KEN) on 29/09/2013 in Berlin
  • 2:03:38: Patrick Makau (KEN) on 25/09/2011 in Berlin
  • 2:03:59: Haile Gebreselassie (ETH) on 28/09/2008 in Berlin
  • 2:04:26: Haile Gebreselassie (ETH) on 30/09/2007 in Berlin
  • 2:04:55: Paul Tergat (KEN) on 28/09/2003 in Berlin
  • 2:05:38: Khalid Khannouchi (USA) 14/04/2002 in London
  • 2:05:42: Khalid Khannouchi (USA) 24/10/1999 in Chicago
  • 2:06:05: Ronaldo da Costa (BRA) 20/09/1998 in Berlin
David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

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.”

Stamp%20duty%20timeline
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Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari

Four motivational quotes from Alicia's Dubai talk

“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”

“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”

“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”

“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”

The Melbourne Mercer Global Pension Index

The Melbourne Mercer Global Pension Index

Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.

The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.

“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.

“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”

Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.

Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.

“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.

Updated: September 09, 2024, 10:13 AM