Emmanuel Macron is running for a second five-year term as France's head of state. AFP
Emmanuel Macron is running for a second five-year term as France's head of state. AFP
Emmanuel Macron is running for a second five-year term as France's head of state. AFP
Emmanuel Macron is running for a second five-year term as France's head of state. AFP

Macron looks to London stronghold in tight French election


Tim Stickings
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Emmanuel Macron once described London as France’s sixth-biggest city because of the number of French citizens who live and work there – and he may need their help when a tense presidential election gets under way on Sunday.

A late sprint by far-right challenger Marine Le Pen is threatening to cause an upset in what had looked only weeks ago like a smooth re-election campaign for Mr Macron.

A polling bounce for the president after Russia invaded Ukraine has given way to flagging support amid anxiety about the cost of living, making Mr Macron’s minimal campaigning look overconfident rather than statesmanlike.

One poll released on Thursday showed Ms Le Pen in the lead for the first time in a potential run-off with Mr Macron if, as expected, they emerge as the top two candidates from Sunday’s first round.

Far from playing down the possibility of a Le Pen victory, allies of Mr Macron such as Alexandre Holroyd, the MP for French expats in Britain and Northern Europe, are using it to motivate voters in the campaign’s final stretch.

“Her view and vision of society haven’t changed, although her tone has,” Mr Holroyd told The National, referring to Ms Le Pen’s attempts to detoxify her party and rebrand herself as a cat-loving sympathiser of the working class.

Firing up voters is a particular concern because the war in Ukraine, and an initial complacency around Mr Macron’s re-election, are blamed by experts for what polling suggests will be a low turnout.

Expatriates will face the additional hurdle on Sunday of finding their way to one of only 15 polling stations in England and Scotland, with postal votes not accepted in the presidential race.

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Mr Macron, 44, will be hoping they make it to the ballot box, after expats in Britain provided him with one of his most formidable strongholds in his first election victory in 2017.

On that occasion, he crushed Ms Le Pen by 95 per cent to 5 per cent among typically cosmopolitan voters in Britain and built up a final-round lead of more than 43,000 votes that was second only to his margin in Switzerland.

“I feel like the diaspora here is much more liberal, hardly anyone here would vote far-right,” said Alexander Bradford, a British-French business director who plans to vote in Fulham, west London. “I guess that comes with being international – you get to be more open-minded.”

Mr Bradford is a supporter of Mr Macron, describing him as a pro-business president who has lived up to his promises five years ago when his new centrist party upended the political scene.

He praises him for steering a course between political extremes, a point often made by the president’s allies as Ms Le Pen, 53, and the far-left Jean-Luc Melenchon, 70, gain ground in the polls.

French President Emmanuel Macron alongside Britain's Prime Minister Boris Johnson during a visit to Downing Street in central London in June 2020. AFP
French President Emmanuel Macron alongside Britain's Prime Minister Boris Johnson during a visit to Downing Street in central London in June 2020. AFP

But he says Mr Macron has “gone from being a complete outsider to being the epitome of the establishment” – underlining one of the problems that has plagued the president during his term.

Amid fears that soaring living costs will reignite the “yellow vest” protests that set Paris ablaze in 2018 and 2019, Mr Macron has struggled to shake off a reputation as a snobbish “president of the rich”.

His rivals have pounced on revelations about large sums paid by his government to high-end American consultants McKinsey to portray him as sneering at voters and wasting their tax money.

Ms Le Pen and Mr Melenchon both score higher in rankings based on which candidates speak the language of ordinary voters, said Dr Paul Smith, a French politics expert at the University of Nottingham.

“When you then ask the next question of which candidate you think has the best handle on what the problems are in terms of the cost of living, the answer isn’t Macron,” Dr Smith said.

Mr Macron waited until early March to formally enter the fray, preferring to demonstrate leadership by negotiating with Russian President Vladimir Putin and driving through defence and security reforms in Europe.

That won him points for statesmanship, which his supporters have sought to contrast with Kremlin-friendly statements by some of his rivals, including Ms Le Pen, who once cited Mr Putin and Donald Trump as her top political comrades.

It also put world affairs at the centre of a political debate where they are sometimes ignored despite making up a large part of the president’s job, said one former diplomatic official.

“Eighty per cent of their job is to do European and foreign affairs and they are not prepared for it in the vast majority of cases,” she said, while Mr Macron now has five years' experience.

Mr Macron’s camp has also stressed his record as a champion of the European Union, a position that could play well with French voters in Britain in the first post-Brexit presidential election, Dr Smith said.

A woman walks past campaign posters for far-right candidates Marine Le Pen and Eric Zemmour and the far-left runner Jean-Luc Melenchon. AP
A woman walks past campaign posters for far-right candidates Marine Le Pen and Eric Zemmour and the far-left runner Jean-Luc Melenchon. AP

By contrast, Ms Le Pen has a nationalist suspicion of the world beyond France and Mr Melenchon tends to caricature expats in Britain as though they were all wealthy City of London financiers, he said.

Neither Ms Le Pen nor her fellow far-right candidate Eric Zemmour, whose tirades against immigration display almost cartoonish nostalgia for a pre-multicultural France gave him a short-lived burst of momentum last year, say they favour leaving the EU.

But both want to reclaim powers from Brussels, are lukewarm about Nato and a far-right victory would mean “turning our back on the international stage”, Mr Holroyd said.

Centre-right candidate Valerie Pecresse has faded in the polls since her nomination in December and appears unlikely to reach the run-off, while Mr Melenchon still stands a chance after emerging as the main force on the left.

Unless any candidate wins an absolute majority on Sunday, a remote prospect, the two finalists will have a fortnight to make their case before the final round on April 24.

Supporters of mainstream parties have historically put their differences aside to keep out Ms Le Pen and her father Jean-Marie before her, but many doubt whether this “republican front” will continue to hold.

“Last time, the idea of Le Pen winning in the second round was impossible, but this time it is very close,” Mr Bradford said. “The French do like to create surprises.”

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

Neil Thomson – THE BIO

Family: I am happily married to my wife Liz and we have two children together.

Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.

Favourite book: I constantly find myself reading The Bible.

Favourite film: The Greatest Showman.

Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.

Favourite food: I went to boarding school so I like any cuisine really.

'Downton Abbey: A New Era'

Director: Simon Curtis

 

Cast: Hugh Bonneville, Elizabeth McGovern, Maggie Smith, Michelle Dockery, Laura Carmichael, Jim Carter and Phyllis Logan

 

Rating: 4/5

 
How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

Uefa Nations League

League A:
Germany, Portugal, Belgium, Spain, France, England, Switzerland, Italy, Poland, Iceland, Croatia, Netherlands

League B:
Austria, Wales, Russia, Slovakia, Sweden, Ukraine, Republic of Ireland, Bosnia-Herzegovina, Northern Ireland, Denmark, Czech Republic, Turkey

League C:
Hungary, Romania, Scotland, Slovenia, Greece, Serbia, Albania, Norway, Montenegro, Israel, Bulgaria, Finland, Cyprus, Estonia, Lithuania

League D:
Azerbaijan, Macedonia, Belarus, Georgia, Armenia, Latvia, Faroe Islands, Luxembourg, Kazakhstan, Moldova, Liechtenstein, Malta, Andorra, Kosovo, San Marino, Gibraltar

Sustainable Development Goals

1. End poverty in all its forms everywhere

2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture

3. Ensure healthy lives and promote well-being for all at all ages

4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

5. Achieve gender equality and empower all women and girls

6. Ensure availability and sustainable management of water and sanitation for all

7. Ensure access to affordable, reliable, sustainable and modern energy for all

8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation

10. Reduce inequality  within and among countries

11. Make cities and human settlements inclusive, safe, resilient and sustainable

12. Ensure sustainable consumption and production patterns

13. Take urgent action to combat climate change and its effects

14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development

15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss

16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels

17. Strengthen the means of implementation and revitalise the global partnership for sustainable development

Gremio 1 Pachuca 0

Gremio Everton 95’

GCC-UK%20Growth
%3Cp%3EAn%20FTA%20with%20the%20GCC%20would%20be%20very%20significant%20for%20the%20UK.%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20My%20Department%20has%20forecast%20that%20it%20could%20generate%20an%20additional%20%C2%A31.6%20billion%20a%20year%20for%20our%20economy.%3Cbr%3EWith%20consumer%20demand%20across%20the%20GCC%20predicted%20to%20increase%20to%20%C2%A3800%20billion%20by%202035%20this%20deal%20could%20act%20as%20a%20launchpad%20from%20which%20our%20firms%20can%20boost%20their%20market%20share.%3C%2Fp%3E%0A
RACE CARD

6.30pm Maiden Dh165,000 (Dirt) 1,200

7.05pm Handicap Dh165,000 (D) 1,600m

7.40pm Maiden Dh165,000 (D) 1,600m

8.15pm Handicap Dh190,000 (D) 1,600m

8.50pm Handicap Dh175,000 (D) 1,400m

9.25pm Handicap Dh175,000 (D) 2,000m

 

The National selections:

6.30pm Underwriter

7.05pm Rayig

7.40pm Torno Subito

8.15pm Talento Puma

8.50pm Etisalat

9.25pm Gundogdu

UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
%3Cp%3E%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20card%3Cbr%3EMiddleweight%3A%3C%2Fstrong%3E%0D%3Cbr%3ERobert%20Whittaker%20defeated%20Ikram%20Aliskerov%20via%20knockout%20(Round%201)%0D%3Cbr%3E%3Cstrong%3EHeavyweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EAlexander%20Volkov%20def%20Sergei%20Pavlovich%20via%20unanimous%20decision%0D%3Cbr%3E%3Cstrong%3EMiddleweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EKelvin%20Gastelum%20def%20Daniel%20Rodriguez%20via%20unanimous%20decision%0D%3Cbr%3E%3Cstrong%3EMiddleweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EShara%20Magomedov%20def%20Antonio%20Trocoli%20via%20knockout%20(Round%203)%0D%3Cbr%3E%3Cstrong%3ELight%20heavyweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EVolkan%20Oezdemir%20def%20Johnny%20Walker%20via%20knockout%20(Round%201)%0D%3Cbr%3E%3Cstrong%3EPreliminary%20Card%0D%3Cbr%3ELightweight%3A%3C%2Fstrong%3E%0D%3Cbr%3ENasrat%20Haqparast%20def%20Jared%20Gordon%20via%20split%20decision%0D%3Cbr%3E%3Cstrong%3EFeatherweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EFelipe%20Lima%20def%20Muhammad%20Naimov%20via%20submission%20(Round%203)%0D%3Cbr%3E%3Cstrong%3EWelterweight%3A%3C%2Fstrong%3E%0D%3Cbr%3ERinat%20Fakhretdinov%20defeats%20Nicolas%20Dalby%20via%20split%20decision%0D%3Cbr%3E%3Cstrong%3EBantamweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EMuin%20Gafurov%20def%20Kang%20Kyung-ho%20via%20unanimous%20decision%0D%3Cbr%3E%3Cstrong%3ELight%20heavyweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EMagomed%20Gadzhiyasulov%20def%20Brendson%20Ribeiro%20via%20majority%20decision%0D%3Cbr%3E%3Cstrong%3EBantamweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EChang%20Ho%20Lee%20def%20Xiao%20Long%20via%20split%20decision%3C%2Fp%3E%0A

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.”

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Updated: September 07, 2022, 11:12 AM