Posters for hard-right talk-show star Eric Zemmour in Biarritz, south-western France, on October 26. AP
Posters for hard-right talk-show star Eric Zemmour in Biarritz, south-western France, on October 26. AP
Posters for hard-right talk-show star Eric Zemmour in Biarritz, south-western France, on October 26. AP
Posters for hard-right talk-show star Eric Zemmour in Biarritz, south-western France, on October 26. AP

Zemmour on course for second round of French presidential vote, poll shows


Soraya Ebrahimi
  • English
  • Arabic

A poll has French right-wing talk-show host Eric Zemmour making it to the second round of the presidential election in April along with President Emmanuel Macron.

The survey confirmed earlier polls in which Mr Zemmour overtook far-right leader Marine Le Pen.

The TV star, who has twice been convicted of inciting hatred, has dominated the French airwaves in recent months with provocative comments about Islam, immigrants and women.

An Ifop-Fiducial poll for newspaper Le Figaro and TV station LCI, published by BFM TV, showed Mr Zemmour would win 17 per cent of the first-round vote, well behind Macron with 25 per cent.

But he was just ahead of Ms Le Pen on 16 per cent, with conservative Xavier Bertrand gathering 13 per cent. Mr Bertrand is still to win the primary for Les Republicains party.

Mr Zemmour and Mr Macron have not yet said whether they will run.

For more than a year, polls have shown Rassemblement National party leader Marine Le Pen easily making it into the second round, setting her up for a repeat of the 2017 election.

Then she won 21.3 per cent of the votes in round one but lost to Mr Macron's 66.1 per cent in round two.

But last month two polls showed Mr Zemmour jumping into second place for the first time, as the RN party has dominated the French far-right for decades.

An October 6 Harris Interactive poll showed him winning 17 per cent in round one, up four points on a late September poll and ahead of Ms Le Pen's 15 per cent.

An October 22 poll by Ipsos Sopra Steria also put Mr Zemmour in the run-off vote, with 16 to 16.5 per cent in round one compared with 15 to 16 per cent for Ms Le Pen.

In his latest controversial remarks, Mr Zemmour told BFM on Sunday that women earned less than men because they chose low-paying professions.

While he has not officially declared a run for the presidency, he told BFM that an organisation had been set up that is preparing for a possible bid.

"Everything is ready," Mr Zemmour said. "All I have to do is decide and push the button. I decide when and how."

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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.”

First Person
Richard Flanagan
Chatto & Windus 

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Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

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Updated: November 08, 2021, 5:46 AM