Right-wing French polemicist Eric Zemmour. EPA
Right-wing French polemicist Eric Zemmour. EPA
Right-wing French polemicist Eric Zemmour. EPA
Right-wing French polemicist Eric Zemmour. EPA


Can a French right-wing TV personality take on Macron and win?


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October 02, 2021

Anyone familiar with horse racing tracks will know the unpredictable impact of a stalking horse. The beast is entered not to win but to target the challenge from rival stables and offset the odds of victory.

The French presidential election is still far off in mid-2022, but a stalking-horse challenge is already setting up a shake-out for the frontrunners. Eric Zemmour, a polemist and television pundit, has nudged into double-digit figures in the polls for his still-undeclared candidacy.

Mr Zemmour would be few people’s idea of a suitable friend. He has been convicted of hate speech twice. His anti-immigrant diatribes include calls for 2 million people to be expelled from France because they are foreign born. Never mind that his own parents arrived in France from Algeria, the land of their birth.

His rise in the polls is largely cannibalising the vote of Marine Le Pen, the fascist candidate who is President Emmanuel Macron’s presumptive challenger. There doesn’t appear to be much downside for Mr Macron on the sudden rise of a candidate with slim credentials for the job. In the two-stage French system, a straight fight against an outsider with extreme views almost guarantees that Mr Macron will win in the second round.

  • A woman brandishes a placard reading 'Freedom, I write your name' during a demonstration against new coronavirus safety measures called for by the French government in Nantes, western France.
    A woman brandishes a placard reading 'Freedom, I write your name' during a demonstration against new coronavirus safety measures called for by the French government in Nantes, western France.
  • Visitors take a selfie as they visit the Eiffel Tower. The landmark reopened to visitors on July 16, nine months after it was forced to close by the pandemic.
    Visitors take a selfie as they visit the Eiffel Tower. The landmark reopened to visitors on July 16, nine months after it was forced to close by the pandemic.
  • A municipality worker cleans debris from a burnt Covid-19 vaccination center in Urrugne, south-western France. The centre was the target of an arson attack.
    A municipality worker cleans debris from a burnt Covid-19 vaccination center in Urrugne, south-western France. The centre was the target of an arson attack.
  • A health worker takes a nasal swab for a PCR test from a man in southern France.
    A health worker takes a nasal swab for a PCR test from a man in southern France.
  • Performers wear white masks during a demonstration against new coronavirus safety measures in Nantes, western France.
    Performers wear white masks during a demonstration against new coronavirus safety measures in Nantes, western France.
  • Travellers arrive from France on a Eurostar train at St Pancras International railway station in London.
    Travellers arrive from France on a Eurostar train at St Pancras International railway station in London.
  • A man receives a dose of a Covid-19 vaccine in Perpignan, southern France.
    A man receives a dose of a Covid-19 vaccine in Perpignan, southern France.
  • Anti-vaccine protesters march in Strasbourg, France.
    Anti-vaccine protesters march in Strasbourg, France.
  • People wait to receive a dose of a vaccine in Perpignan, southern France.
    People wait to receive a dose of a vaccine in Perpignan, southern France.
  • Large crowds gather as they demonstrate against new coronavirus safety measures in Nantes, western France.
    Large crowds gather as they demonstrate against new coronavirus safety measures in Nantes, western France.

Mr Zemmour’s views on the French social and constitutional cohesion allow Mr Macron to run his own policy priorities. The president’s critics on the left are undermined when it is palpable that Mr Macron should not yield that policy ground to the more extreme parties.

With the German parliamentary election unlikely to produce a post-Angela Merkel government until next year, Mr Macron can use the freedom of a divided and squabbling opposition to concentrate on his international priorities. The French leader would like to be able to tell voters that he is indisputably leading Europe. But a close-run presidential campaign that began earlier would detract from his efforts to position himself at the apex of European politics.

Mr Macron is already in campaign mode. He has, for example, dramatically expanded government spending on high-profile projects. A trip to Marseille allowed him to put his stamp on an offensive against gangland warfare and the rise of extremism in French cities. It is another key area in which Mr Macron is willing to court controversy to show that the state is active and on the side of those voters who fear social change.

The danger for Ms Le Pen is obvious. She has struggled to convince the electorate that she is the true heir to the hardline legacy built up by her father, Jean Marie Le Pen. If a 30 per cent slice of the electorate is up for grabs, then a battle for 15 per cent each with Mr Zemmour ends up as a net positive for centrist and establishment candidates, such as Mr Macron.

Except that the concentration on the issues these candidates raise promotes their agenda by default. Or there is a danger of that happening.

Leader of French far-right party Rassemblement National and presidential candidate Marine Le Pen is struggling to get significant backing ahead of the country's presidential elections. AFP
Leader of French far-right party Rassemblement National and presidential candidate Marine Le Pen is struggling to get significant backing ahead of the country's presidential elections. AFP

Other candidates are chewed up in melee. On the left, the Socialist candidate slips further away from the main electoral battleground. There is no sign of a Green movement breakthrough as appeared to be on the cards in Germany only to slip away when the campaign began in earnest.

The impact of the situation on the centre-right Republicans is yet to play out, but this battle could be the most consequential. Depending on how it goes, Mr Macron’s seemingly strong position could quick erode in the campaign proper next year.

Michel Barnier is making his move for the nomination. The patrician former cabinet minister is perhaps the best-known candidate barring Mr Macron outside of France. As the point man for the Brexit negotiations with the UK, his style is well known both at home and abroad.

Speaking in London while promoting his memoir last week, Mr Barnier delivered a firm "no way" when he spoke of the potential for right-wing voters shifting to Mr Zemmour in a head-to-head with Mr Macron. The reason for his intervention was that there is speculation that the Republicans could admit Mr Zemmour as a candidate for the bloc’s nomination in December. Other leading candidates including Xavier Bertrand, the favourite in the polls now, have not closed the door on that.

The party chairman said Mr Zemmour was neither a racist nor far right. Yet Mr Zemmour has called for a ban on the name Mohammed and his work is obsessed with Replacement Theory, which is based on the assumption that white people are being "replaced" by non-white immigrants.

Mr Barnier is on to something. If he can keep Mr Zemmour excluded even as the writer continues to run, then Mr Macron could be end up facing a centrist challenger in the second round when only two candidates can run. That would open up a vulnerability that would drag Mr Macron’s attention back to the home front.

At a time when international tensions are easily triggered, this adds more risk to the global system. Which is why the coming months give France its best shot at providing leadership in a rudderless Europe. Mr Macron should use his time well to rally the continent to defend its own interests.

Before you know it, French election year will shift into global focus in a way that is both unpredictable and probably even upending.

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.”

ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

Bundesliga fixtures

Saturday, May 16 (kick-offs UAE time)

Borussia Dortmund v Schalke (4.30pm) 

RB Leipzig v Freiburg (4.30pm) 

Hoffenheim v Hertha Berlin (4.30pm) 

Fortuna Dusseldorf v Paderborn  (4.30pm) 

Augsburg v Wolfsburg (4.30pm) 

Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)

Sunday, May 17

Cologne v Mainz (4.30pm),

Union Berlin v Bayern Munich (7pm)

Monday, May 18

Werder Bremen v Bayer Leverkusen (9.30pm)

Arabian Gulf Cup FINAL

Al Nasr 2

(Negredo 1, Tozo 50)

Shabab Al Ahli 1

(Jaber 13)

Winners

Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)

Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)

Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)

Best Young Women’s Player
Vicky López (Barcelona / Spain)

Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)

Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)

Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)

Women’s Coach of the Year
Sarina Wiegman (England)

Pathaan
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COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EEducatly%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2020%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EMohmmed%20El%20Sonbaty%2C%20Joan%20Manuel%20and%20Abdelrahman%20Ayman%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3EEducation%20technology%3Cbr%3E%3Cstrong%3EFunding%20size%3A%20%3C%2Fstrong%3E%242%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EEnterprise%20Ireland%2C%20Egypt%20venture%2C%20Plus%20VC%2C%20HBAN%2C%20Falak%20Startups%3C%2Fp%3E%0A
The years Ramadan fell in May

1987

1954

1921

1888

Turkish Ladies

Various artists, Sony Music Turkey 

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Profile of Udrive

Date started: March 2016

Founder: Hasib Khan

Based: Dubai

Employees: 40

Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.

Tales of Yusuf Tadros

Adel Esmat (translated by Mandy McClure)

Hoopoe

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Sly%20Cooper%20and%20the%20Thievius%20Raccoonus
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Sucker%20Punch%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%202%20to%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
Key features of new policy

Pupils to learn coding and other vocational skills from Grade 6

Exams to test critical thinking and application of knowledge

A new National Assessment Centre, PARAKH (Performance, Assessment, Review and Analysis for Holistic Development) will form the standard for schools

Schools to implement online system to encouraging transparency and accountability

LOS ANGELES GALAXY 2 MANCHESTER UNITED 5

Galaxy: Dos Santos (79', 88')
United: Rashford (2', 20'), Fellaini (26'), Mkhitaryan (67'), Martial (72')

Non-oil%20trade
%3Cp%3ENon-oil%20trade%20between%20the%20UAE%20and%20Japan%20grew%20by%2034%20per%20cent%20over%20the%20past%20two%20years%2C%20according%20to%20data%20from%20the%20Federal%20Competitiveness%20and%20Statistics%20Centre.%C2%A0%3C%2Fp%3E%0A%3Cp%3EIn%2010%20years%2C%20it%20has%20reached%20a%20total%20of%20Dh524.4%20billion.%C2%A0%3C%2Fp%3E%0A%3Cp%3ECars%20topped%20the%20list%20of%20the%20top%20five%20commodities%20re-exported%20to%20Japan%20in%202022%2C%20with%20a%20value%20of%20Dh1.3%20billion.%C2%A0%3C%2Fp%3E%0A%3Cp%3EJewellery%20and%20ornaments%20amounted%20to%20Dh150%20million%20while%20precious%20metal%20scraps%20amounted%20to%20Dh105%20million.%C2%A0%3C%2Fp%3E%0A%3Cp%3ERaw%20aluminium%20was%20ranked%20first%20among%20the%20top%20five%20commodities%20exported%20to%20Japan.%C2%A0%3C%2Fp%3E%0A%3Cp%3ETop%20of%20the%20list%20of%20commodities%20imported%20from%20Japan%20in%202022%20was%20cars%2C%20with%20a%20value%20of%20Dh20.08%20billion.%3C%2Fp%3E%0A
'Cheb%20Khaled'
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Updated: October 02, 2021, 2:00 PM