Emmanuel Macron, head of the political movement En Marche ! and candidate for the 2017 presidential election, leaving his home in Paris. Benoit Tessier / Reuters
Emmanuel Macron, head of the political movement En Marche ! and candidate for the 2017 presidential election, leaving his home in Paris. Benoit Tessier / Reuters
Emmanuel Macron, head of the political movement En Marche ! and candidate for the 2017 presidential election, leaving his home in Paris. Benoit Tessier / Reuters
Emmanuel Macron, head of the political movement En Marche ! and candidate for the 2017 presidential election, leaving his home in Paris. Benoit Tessier / Reuters

Macron’s gamble may yet backfire on Sunday


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  • Arabic

Emmanuel Macron will very probably be the next president of France, not only because he won the highest number of votes during the first round of elections last week but also because all political leaders from the left and right side of the spectrum asked the republic to vote for him on Sunday.

People will vote for Mr Macron either because they consider that he is the best candidate for the position of French president or because they do not want Marine Le Pen to be the president. The broad political tradition is that people vote in favour of a candidate of their choice during the first round of elections and against the candidate they do not want during the second round.

Mr Macron wants to change this tradition and wants people to vote for him during the second round. He does not want to be a president by default.

This is understandable because he wants to build a party around him for the next parliamentary elections next month and the only way to do it is to gel together supporters coming from various political parties.

He wants the absolute majority in the parliament and rejects the possibility of coalitions, especially with Les Republicains and the Socialist Party.

This is where the conundrum begins. If he asks for a negative vote – a vote against Marine Le Pen – he would secure a comfortable victory.

Political leaders such as Nicolas Sarkozy and Francois Fillon asked voters to cast their ballots for Mr Macron, but their party, Les Republicains (which won 20 per cent of votes with Mr Fillon), asked their supporters to vote against Ms Le Pen and stopped short of asking them to vote in favour of Mr Macron.

Jean-Luc Melenchon (who won 19 per cent of votes) did the same as Les Republicains, not asking for a vote in favour of the leading presidential candidate. This is exactly what Mr Macron does not want.

He wants a positive vote that would permit him to engage the parliamentary elections next month.

On the other hand, political leaders from the right and left wonder how they can ask their supporters to vote for Mr Macron now, when in one month’s time they will engage another fight against him in parliamentary elections.

If Les Republicains and Mr Melenchon do not ask voters to vote for Mr Macron, many of their supporters will feel free either to abstain, to vote nil or even to vote for Ms Le Pen.

Nicolas DuPont-Aignan (who won 4.5 per cent of votes) joined Ms Le Pen, and a number of former right- wing ministers in openly support her.

This is a radical change compared to the situation of 2002 when Jean-Marie Le Pen did not benefit from any support out of his core electoral base.

So Mr Macron is trapped now. Because he insists on a vote for him and nothing else, he risks turning away some potential voters.

This is a risky strategy but the only way for him to insert himself into the parliamentary electionsnext month.

Dr Cedomir Nestorovic is a professor at the ESSEC Business School in Singapore

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Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah

Director: Majid Al Ansari

Rating: 4/5

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UAE currency: the story behind the money in your pockets
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Engine: 3.0-litre six-cylinder MHEV

Power: 360bhp

Torque: 500Nm

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French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

The struggle is on for active managers

David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.

The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.

Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.

Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.

Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.

At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn. 

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Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

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Sudden change in behaviour or displays higher levels of stress or anxiety

Shows signs of depression or isolation

Ability to sleep well diminishes

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Changes in eating habits

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2019 Asian Cup final

Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi

World Cup warm-up fixtures

Friday, May 24:

  • Pakistan v Afghanistan (Bristol)
  • Sri Lanka v South Africa (Cardiff)

Saturday, May 25

  • England v Australia (Southampton)
  • India v New Zealand (The Oval, London)

Sunday, May 26

  • South Africa v West Indies (Bristol)
  • Pakistan v Bangladesh (Cardiff)

Monday, May 27

  • Australia v Sri Lanka (Southampton)
  • England v Afghanistan (The Oval, London)

Tuesday, May 28

  • West Indies v New Zealand (Bristol)
  • Bangladesh v India (Cardiff)
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Switzerland
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Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

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Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

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(Interscope)