A 48-hour visit by French President Emmanuel Macron to the south-west Pacific archipelago of New Caledonia has highlighted rather than calmed stirrings of discontent among those who dream of bringing 170 years of colonial rule to an end.
As far as it is possible to travel from Paris and still be on French soil, this far-flung outpost of France’s historic empire is fiercely divided on its destiny. Up to half its 280,000 citizens, notably the poorer indigenous Kanaks, want the excitement and challenge of independence while the other half, including better-off islanders with roots in metropolitan France, clings to continuity and stability as a French dependency.
Successive referendums have produced votes against severing the colonial ties, but by majorities that were narrowing until a poll in December 2021 was boycotted by independence supporters. Their demands for a delay in holding the referendum because of the impact of Covid-19 on New Caledonia were rejected, rendering meaningless the subsequent near-unanimous vote, in a derisory turnout of under 44 per cent, to remain French.
At a time when France is seeking to act as a balancing power in the region as China and the US compete for influence, pressure for independence for the second-biggest French overseas territory arouses serious concern in Paris.
A French government website marvels at New Caledonia’s “picture postcard” charms, with abundant flora and fauna, glorious sandy beaches, turquoise waters and the world’s largest lagoon, a Unesco World Heritage Site. Despite this undisputed natural beauty, it is under-developed as a holiday destination, especially when compared with the Pacific islands of French Polynesia, and subsidies from France account for three times more of the GDP than either tourism or the archipelago’s traditional nickel-mining industry.
Since 1998, an agreement between Paris and the capital Noumea – the so-called Noumea Accord – has established special status assuring New Caledonians of their own as well as French nationality, and gradually handing over powers. Islanders are EU citizens and have the right to live and work in France and vote in national elections.
Macron has worked hard to present himself as a champion of post-colonial contrition
In the 2022 presidential election, the majority in favour of Mr Macron’s second term was slightly higher in New Caledonia, at 61 per cent, than he obtained overall. But independence-supporting politicians now hold distinctly cool feelings towards him.
The President has worked hard to present himself as a champion of post-colonial contrition with statesmanlike apologies for the “crime against humanity” of France’s record in, for example, Algeria. If this language heartens progressives, it inflames a growing number of French people who vote for far-right candidates like Marine Le Pen. And in common with so many French political leaders, the President, mindful of the distinct danger of Ms Le Pen succeeding him when his second and final term ends in 2027, has made gestures on immigration and security designed to appease populist opinion.
It seems disingenuous to rely on the 2021 referendum as proof that the will of the New Caledonian people is to remain French since support for independence had risen from 43 to nearly 47 per cent in the two previous votes. Mr Macron nevertheless insists that New Caledonia’s way forward must take account of all three results.
"New Caledonia is French because it has chosen to remain French," he told a rally of up to 10,000 loyalists in Noumea, acclaiming the process that saw the territory move forward from violent unrest in the 1980s as “a source of pride for us all". The President urged islanders to avoid being tempted by the sort of future that could one day see a Chinese military base established on the archipelago. “That is not called independence,” he said.
During his visit, Mr Macron summoned political leaders and stressed the need for dialogue on developing New Caledonia’s constitutional status, calling for a “profound, sincere political exchange".
But key figures from the pro-independence movement, led by the Kanak and Socialist National Liberation Front (FLNKS) coalition, refused to attend the meeting, a clear disappointment for Mr Macron, who recognises that the archipelago finds itself "in a kind of suspended state".
Moving from New Caledonia to the former Anglo-French colony of Vanuatu, the President alluded to the jockeying for position of the two superpowers. France is closely watching China’s efforts to assert itself in the South-Pacific where, last year, Beijing reached agreement on a new security pact with the Solomon Islands. In response to the Chinese push for greater authority, the US has signed its own defence deal with Papua New Guinea and reinforced its diplomatic and economic presence in the region.
Mr Macron warned that a “new imperialism” in the Indo-Pacific endangered the sovereignty of several states. If China was the obvious target of his words, it was perhaps just as well that he stopped short of saying so, given the awkward coincidence of a visit to Beijing of French Finance Minister Bruno Le Maire on a mission to drum up investment in France.
He preferred to commend France’s own approach in the region, concentrating on not only defence and sovereignty but the battle against climate change, a huge issue in Vanuatu and other low-lying Pacific islands.
“Our Indo-Pacific strategy is above all to defend through partnerships the independence and sovereignty of all states in the region that are ready to work with us," he said, again offering candid acknowledgement of a dark heritage of colonialism that was “as brutal [in Vanuatu] as that imposed elsewhere”.
A desire to counter Chinese ambitions without slavishly supporting the US explains the inclusion of Vanuatu and Papua New Guinea on the tour. After a hectic visit, complicated by the need to respond to the military coup in Niger, a French colony until 1960, he returned to Paris via a brief stop-over in Sri Lanka.
But if New Caledonia was the main focus of his tour, it was hardly an unqualified success given the FLNKS leaders’ declarations that France’s regional strategy, and its attachment to the outcome of the flawed third referendum, cannot be used to frustrate the march towards statehood.
Back in France, Mr Macron has begun his annual working holiday at the Fort de Bregancon, the Mediterranean presidential retreat. Despite a bulging in-tray of pressing issues after a torrid series of domestic crises and, now, anti-French protests in Niger, he was also left with one New Caledonian independence campaigner’s barbed question ringing in his ears: “Is he coloniser or liberator?”
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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
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
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
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- Keep an open mind
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Smalling (28'), Lukaku (70')
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
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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 End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
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UAE currency: the story behind the money in your pockets
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
Manchester United v Liverpool
Premier League, kick off 7.30pm (UAE)
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.
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.
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
GROUPS
Group Gustavo Kuerten
Novak Djokovic (x1)
Alexander Zverev (x3)
Marin Cilic (x5)
John Isner (x8)
Group Lleyton Hewitt
Roger Federer (x2)
Kevin Anderson (x4)
Dominic Thiem (x6)
Kei Nishikori (x7)
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Hotel Data Cloud profile
Date started: June 2016
Founders: Gregor Amon and Kevin Czok
Based: Dubai
Sector: Travel Tech
Size: 10 employees
Funding: $350,000 (Dh1.3 million)
Investors: five angel investors (undisclosed except for Amar Shubar)
Squad
Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas)