The re-election of French President Emmanuel Macron on April 24 may have seemed straightforward enough to anyone following events from outside the country. But that victory, with 58 per cent of the vote, was far from emphatic enough to heal divisions in a torn and troubled country.
The harsh reality that must be pondered as France approaches another election, to decide who runs parliament, is that the result concealed a hidden majority: people unimpressed by Mr Macron’s centrist presidency.
While 18.7 million people voted for him, almost 27 million did not. They were split more or less equally between those who preferred the far-right candidate, Marine Le Pen, and those who abstained or deposited blank or spoiled papers.
It is this notion of the president "mal elu" – elected but unconvincingly – that inspires Mr Macron's opposition to believe they can turn his second term at the Elysee Palace into a rough ride, denying him the clear parliamentary majority he needs for the smooth implementation of his policies.
Ahead of the two rounds of voting on June 12 and 19, the most likely outcome remains, as it was before the presidential election, that his party – formerly La Republique en Marche (the republic on the move) but now called Renaissance – will do well enough to avoid the awkward “cohabitation”. This arises when a president’s politics are not shared by the majority in the national assembly; modern French history suggests this is not a recipe for effective government.
In seeking to weaken Macron’s presidency, the left is chasing many of the same voters as the far right
With the collapse of the conventional parties of left and right, French voters are more than ever attracted to the lure of populists at either extreme of the political spectrum.
Both far right and far left were emboldened by the closeness of their presidential electoral scores in the first round of polling last month. Jean-Luc Melenchon, leader of La France Insoumise (France Unbowed), was within a whisker of beating Ms Le Pen to a place in the decider.
Had more moderate voters of the left switched allegiance to him, he would have succeeded. And for the legislative elections, Mr Melenchon has drawn socialists, greens and communists into an alliance with an eye-catching if wordy name, Nouvelle Union Populaire Ecologique et Sociale (the People’s New Ecological and Social Union).
In seeking to weaken Mr Macron’s presidency, it is chasing many of the same voters as the far right. The mix essentially adds Euroscepticism – a threat to disobey some EU treaties – to costly measures to tackle the cost-of-living crisis. Both extremes also bitterly oppose Mr Macron’s modest plans to reform pensions, gradually raising the retirement age from 62 to 64 by 2028.
Both the left-wing alliance and the far right are expected to increase their presence in parliament. A recent poll indicates a Macronist majority but Mr Melenchon and Ms Le Pen hope their candidates can produce a late surge as voting approaches.
In the long term, the far right appears to pose the bigger threat to Mr Macron.
On one analysis of the presidential election, his triumph merely delayed the arrival in power, once considered unthinkable, of Ms Le Pen. “It may be in 2027, in 2032, 2037 … Marine le Pen will eventually manage to become president of the republic,” the experienced commentator Franz-Olivier Giesbert said on French television after Mr Macron’s win. “She is advancing with each election. She is 53, still young and has some leeway.”
Mr Giesbert said this would require further change on Ms Le Pen’s part. Some of her supporters protest that she should not – or at least no longer – be tarnished by association with the anti-Semitic, Islamophobic obsessions attributed to her father, Jean-Marie Le Pen. Now 93, Le Pen senior is a seasoned apologist for France’s wartime collaborationist Vichy government and a polemicist eager to downplay the horrors of Nazi occupation.
But his daughter has already achieved success in her campaign of "de-diabolisation", cleansing the party of its historic stigma.
During the presidential campaign she was fond of portraying herself as anti-Islamist, not anti-Islam. The studied makeover, and especially the presence among candidates of Eric Zemmour, even further to the right, made her appear gentle by comparison, almost a republican political figure like any other.
However, this overlooked worrying relics of traditional Le Penist philosophy. As Mr Macron pointed out, her proposed ban on Muslim headwear would have criminalised, among countless others, Latifa Ibn Ziaten, the mother of a Muslim solider who was among the victims of Mohamed Merah, who killed seven people in the name of Al Qaeda in the south-western cities of Toulouse and Montauban in 2012. She has won widespread admiration, including the Zayed Award for Human Fraternity, for her campaign against radicalisation among young people in poor suburbs, even confronting – and earning the respect of – a group of youths on the same Toulouse estate where Merah grew up and who initially saw him as some kind of hero.
The make-up of the French Parliament after June 19 will be important for Mr Macron’s vision of the coming five years, but equally crucial in determining whether France can hope to overcome sharp, mutually antagonistic divisions in its society.
Mr Macron is too astute to rely unduly on his support solely in major cities and among professionals. His share of the vote may have been a highly impressive 93 per cent support from expats registered at the French consulate in London. But in France’s largest state, the Var, which incorporates a part of the Riviera and is hardly the country’s most impoverished region, 55 per cent voted for Ms Le Pen.
Public minds, however, are currently focused more on real or predicted shortages – blamed on the Ukraine war – of goods, including mustard, cooking oil and glass bottles, and the threat of summer drought.
The real challenge for all those hoping to take part in governing France is, once again, to get them to vote at all.
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.
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.”
The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
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A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
ZAYED SUSTAINABILITY PRIZE
Brighton 1
Gross (50' pen)
Tottenham 1
Kane (48)
'Manmarziyaan' (Colour Yellow Productions, Phantom Films)
Director: Anurag Kashyap
Cast: Abhishek Bachchan, Taapsee Pannu, Vicky Kaushal
Rating: 3.5/5
SPECS
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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
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Results
6.30pm: Maiden Dh165,000 (Dirt) 1,600m
Winner: Celtic Prince, David Liska (jockey), Rashed Bouresly (trainer).
7.05pm: Conditions Dh240,000 (D) 1,600m
Winner: Commanding, Richard Mullen, Satish Seemar.
7.40pm: Handicap Dh190,000 (D) 2,000m
Winner: Grand Argentier, Pat Dobbs, Doug Watson.
8.15pm: Handicap Dh170,000 (D) 2,200m
Winner: Arch Gold, Sam Hitchcott, Doug Watson.
8.50pm: The Entisar Listed Dh265,000 (D) 2,000m
Winner: Military Law, Antonio Fresu, Musabah Al Muhairi.
9.25pm: The Garhoud Sprint Listed Dh265,000 (D) 1,200m
Winner: Ibn Malik, Dane O’Neill, Musabah Al Muhairi.
10pm: Handicap Dh185,000 (D) 1,400m
Winner: Midnight Sands, Pat Dobbs, Doug Watson.
WHAT ARE NFTs?
Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.
An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.
This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.
The currency conundrum
Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”
Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.
This is a race to the bottom, and everybody wants to be a winner.
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More from Neighbourhood Watch:
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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The specs: Rolls-Royce Cullinan
Price, base: Dh1 million (estimate)
Engine: 6.75-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 563hp @ 5,000rpm
Torque: 850Nm @ 1,600rpm
Fuel economy, combined: 15L / 100km
Other must-tries
Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
Pkhali
This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
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
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