For many years, Sarko - as he is known to admirers and enemies alike - has puzzled and confounded those who try to define him.
For many years, Sarko - as he is known to admirers and enemies alike - has puzzled and confounded those who try to define him.

France's little big man



Nicolas Sarkozy won general plaudits from the chancelleries of Europe for his performance as rotating president of the European Union in the second half of last year, but no encomium was quite so respectful as the one he gave himself. It turned out that he had not just shaped the destiny of Europe, but saved the world. Musing upon his hectic six-month term as he prepared to hand over the presidency to the Czech Republic, he reflected on how he had "enabled the world to avoid sliding down the slope of 'everyone for themselves', which would have been fatal".

As well as taking credit for organising the emergency economic summit of the G20 nations in Washington in November, Mr Sarkozy gave early warning that he would impose his views on a "new world order for capitalism" at a further meeting in London in March. Meanwhile, there was to be no easing up on his pet project, the new Union for the Mediterranean, which he launched last July. It groups all 27 EU states as well as the bloc's neighbours in the Balkans, north Africa and the Middle East, including Israel.

No shrinking violet, Nicolas Sarkozy; no lights are hidden under bushels these days in the Elysée Palace. Anyone observing Mr Sarkozy's shuttle diplomacy in Israel and the Palestinian Territories in the past few days could be forgiven for thinking France still holds the presidency. As European governments struggled to find a common voice, he flew to the region, urging restraint, demanding ceasefires, getting himself photographed.

His diplomatic offensive in the Middle East coincided with a visit from an EU delegation led by Karel Schwarzenberg, the Czech foreign minister, Javier Solana, the EU's foreign policy chief, and Benita Ferrero-Waldner, external relations commissioner. EU officials were left to ponder how seriously Mr Solana and Ms Ferrero-Waldner would be taken by the Israelis or the Palestinians if they were constantly tripping over Mr Sarkozy as he staged his photo opportunities.

The EU presidency will be held in 2009 by the Czech Republic and Sweden, two minnow states on the periphery of the Union, which offends Mr Sarkozy who, in the tradition of French leaders, tends to see the EU principally as a cosy Franco-German club. "Of course I will be taking initiatives," he told the European Parliament last month, after it reviewed his oversight of the global credit crunch and his energetic diplomatic engagement after Russia's invasion of Georgia last year.

"He has one fear," the newspaper Le Monde predicted at the time. "Becoming again the president of an average country, disarmed in the face of recession and confronted by soaring unemployment." It is easy to sympathise with Mr Sarkozy's current plight. At the best of times, domestic French politics are unspeakably dull. The president can scarcely conceal his disdain for the ministers he has to deal with as his government tinkers with judicial reform and other turgid policy matters. Who wants to be leader of a single European state, mired like the rest of the continent in economic crisis, when there is a whole world out there, waiting to be saved?

For many years, Sarko - as he is known to admirers and enemies alike - has puzzled and confounded those who try to define him. Instinctively a man of the Right, he is no economic liberal, and is ever anxious to project French power and national economic interest. He has been accused, perhaps unfairly but persistently, of calling immigrant youths in the slums around Paris "scum". Confronted by a hostile member of the public at an agricultural show last year, Mr Sarkozy swore and called him, depending on your choice of translation, a "stupid jerk".

The years Ramadan fell in May

1987

1954

1921

1888

UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Spain drain

CONVICTED

Lionel Messi Found guilty in 2016 of of using companies in Belize, Britain, Switzerland and Uruguay to avoid paying €4.1m in taxes on income earned from image rights. Sentenced to 21 months in jail and fined more than €2m. But prison sentence has since been replaced by another fine of €252,000.

Javier Mascherano Accepted one-year suspended sentence in January 2016 for tax fraud after found guilty of failing to pay €1.5m in taxes for 2011 and 2012. Unlike Messi he avoided trial by admitting to tax evasion.

Angel di Maria Argentina and Paris Saint-Germain star Angel di Maria was fined and given a 16-month prison sentence for tax fraud during his time at Real Madrid. But he is unlikely to go to prison as is normal in Spain for first offences for non-violent crimes carrying sentence of less than two years.

 

SUSPECTED

Cristiano Ronaldo Real Madrid's star striker, accused of evading €14.7m in taxes, appears in court on Monday. Portuguese star faces four charges of fraud through offshore companies.

Jose Mourinho Manchester United manager accused of evading €3.3m in tax in 2011 and 2012, during time in charge at Real Madrid. But Gestifute, which represents him, says he has already settled matter with Spanish tax authorities.

Samuel Eto'o In November 2016, Spanish prosecutors sought jail sentence of 10 years and fines totalling €18m for Cameroonian, accused of failing to pay €3.9m in taxes during time at Barcelona from 2004 to 2009.

Radamel Falcao Colombian striker Falcao suspected of failing to correctly declare €7.4m of income earned from image rights between 2012 and 2013 while at Atletico Madrid. He has since paid €8.2m to Spanish tax authorities, a sum that includes interest on the original amount.

Jorge Mendes Portuguese super-agent put under official investigation last month by Spanish court investigating alleged tax evasion by Falcao, a client of his. He defended himself, telling closed-door hearing he "never" advised players in tax matters.

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

We Weren’t Supposed to Survive But We Did

We weren’t supposed to survive but we did.      
We weren’t supposed to remember but we did.              
We weren’t supposed to write but we did.  
We weren’t supposed to fight but we did.              
We weren’t supposed to organise but we did.
We weren’t supposed to rap but we did.        
We weren’t supposed to find allies but we did.
We weren’t supposed to grow communities but we did.        
We weren’t supposed to return but WE ARE.
Amira Sakalla

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.”

How to register as a donor

1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

2) There are about 11,000 patients in the country in need of organ transplants

3) People must be over 21. Emiratis and residents can register. 

4) The campaign uses the hashtag  #donate_hope

What are the GCSE grade equivalents?
 
  • Grade 9 = above an A*
  • Grade 8 = between grades A* and A
  • Grade 7 = grade A
  • Grade 6 = just above a grade B
  • Grade 5 = between grades B and C
  • Grade 4 = grade C
  • Grade 3 = between grades D and E
  • Grade 2 = between grades E and F
  • Grade 1 = between grades F and G