In Strasbourg, eastern France, a supporter of hard-left leader Jean-Luc Melenchon pastes an electoral poster ahead of the second round of the legislative elections. AP
In Strasbourg, eastern France, a supporter of hard-left leader Jean-Luc Melenchon pastes an electoral poster ahead of the second round of the legislative elections. AP
In Strasbourg, eastern France, a supporter of hard-left leader Jean-Luc Melenchon pastes an electoral poster ahead of the second round of the legislative elections. AP
In Strasbourg, eastern France, a supporter of hard-left leader Jean-Luc Melenchon pastes an electoral poster ahead of the second round of the legislative elections. AP

Macron battling to avoid hung parliament and unpalatable deals


Colin Randall
  • English
  • Arabic

From the glitzy Mediterranean resort of Saint-Tropez to working-class suburbs of north-eastern Paris, French voters have exposed the frailty of consensus politics and the rise of extremes.

A mixture of apathy, disappointment and outright hostility could deprive President Emmanuel Macron of his majority in parliament when the decisive second round of voting takes place on Sunday.

Amid mutual mudslinging, with the far right and far left denouncing each other and Mr Macron’s camp labelling both as threats to civil order, an uncomfortable era of instability looms for France.

Opinion polls suggest a hung parliament as the most likely outcome, forcing the newly re-elected president to turn enemies into allies if he hopes to see his policies enacted.

For those who despise the divisive, Islamophobic polemic of the radical populist Eric Zemmour, there was pleasure in his humbling elimination from the poll in an area that stretches inland from Saint-Tropez and the surrounding Riviera coastline.

But the legacy of his campaign to enter parliament, ultimately as unsuccessful as his bid for the presidency in April despite energetic campaigning in both contests, tells a different story.

With just 800 more votes, Mr Zemmour would have reached the run-off and, in all probability, won. But if he is seen as the defeated champion of the far right in XXL format, the XL variety ― Marine Le Pen’s National Rally party (RN) ― could now benefit from his absence from Sunday’s voting slips.

President Emmanuel Macron kisses a child after voting in the first round of the French parliamentary election in Le Touquet, northern France. AP
President Emmanuel Macron kisses a child after voting in the first round of the French parliamentary election in Le Touquet, northern France. AP

Sereine Mauborgne, representing Mr Macron’s centrist alliance Ensemble, won the first round but by less than four percentage points. While much depends on what left-wing and centre-right voters now decide, not many of Mr Zemmour’s supporters would need to switch to another far-right candidate, the RN’s Philippe Lottiaux, for him to overtake her.

“She is definitely in trouble,” Sabine Cristofani-Viglione, the beaten candidate in Nupes, a left and green alliance, told The National.

“Away from the coast, there is plenty of poverty and people turn to parties offering radical solutions. And on the coast, the rich blame immigrants for everything that goes wrong in France. Voting for the extreme right makes them feel they are defending their privileges.”

One of her campaigners, Thomas Hinderyckx, described far-right appeal in the area as a product of historic grievances dating from France’s loss of its North African colonies and the resettlement in the south of France of people of French origin who fled Algeria after the war of independence.

For Zemmour supporters, he said, it amounted to revenge for the failure of plots to assassinate Charles de Gaulle for failing to preserve “l’Algerie francaise”. “For Le Pen, it’s a case of conservatism and nostalgia for the French empire, a fascist version with Mussolini-like tendencies.”

But the main stumbling block for Mr Macron arises on the left, now strengthened by the support of environment campaigners.

Led by the combative Jean-Luc Melenchon, a Trotskyist when young and still regarded by conservatives as a dangerously hard-left figure, Nupes poses a serious threat to Mr Macron’s legislative powers.

His alliance emerged from Sunday’s results neck and neck with the president’s Ensemble, close enough for Mr Melenchon to claim the government manipulated voting figures to put Macronist candidates slightly ahead.

Nupes is estimated in opinion polls to be on course to win up to 219 of the 577 seats. With Ms Le Pen expected to make a huge breakthrough, increasing her party’s representation from eight seats to between 23 and 45, sufficient to qualify as a parliamentary group, Mr Macron may be forced to seek an unwelcome coalition with the centre-right.

France's far-right Rassemblement National leader and parliamentary candidate Marine Le Pen during a campaign visit in Hayange, eastern France. AFP
France's far-right Rassemblement National leader and parliamentary candidate Marine Le Pen during a campaign visit in Hayange, eastern France. AFP

Critics say the Nupes programme makes no more economic sense than the protectionist idealism of Ms Le Pen. “It proposes that the French work less, for fewer years, while getting paid more [and it creates] one million government jobs,” the writer Stephane Lauer lamented in the centre-left Le Monde newspaper.

On the basis of the first-round results, voters do not necessarily agree. In Paris, where Mr Macron and allies dominated parliamentary elections after his 2017 presidential victory, the “red and green” Nupes coalition approaches the second electoral round in pole position, leading in 12 of the 18 constituencies with four candidates already elected without having to face deciders.

Ms Le Pen is accustomed to being described as far right but some analysts believe the president’s supporters are making a grave error in suggesting that Nupes is also an extremist movement intent on fomenting chaos and disruptive protest.

Before leaving for a visit to Moldavia and Romania, Mr Macron said this week at Paris’s Orly airport that a solid majority was essential “to ensure order both outside and inside our borders". Even moderate left-wingers accuse him of implying that his opponents are necessarily “anti-republican”.

The high level of abstention in the first round, with more than half the electorate failing to vote, makes it difficult to predict Sunday’s outcome and its effect on Mr Macron’s second presidential term.

What does seem clear is that France is now divided into four separate camps: Macronists, far right, far left and those who see no point in voting at all.

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Full list of Emmy 2020 nominations

LEAD ACTOR IN A COMEDY SERIES

Anthony Anderson, Black-ish
Don Cheadle, Black Monday
Ted Danson, The Good Place
Michael Douglas, The Kominsky Method
Eugene Levy, Schitt’s Creek
Ramy Youssef, Ramy

LEAD ACTRESS IN A COMEDY SERIES

Christina Applegate, Dead to Me
Rachel Brosnahan, The Marvelous Mrs. Maisel
Linda Cardellini, Dead to Me
Catherine O’Hara, Schitt’s Creek
Issa Rae, Insecure
Tracee Ellis Ross, Black-ish

OUTSTANDING VARIETY/TALK SERIES

The Daily Show with Trevor Noah
Full Frontal with Samantha Bee
Jimmy Kimmel Live
Last Week Tonight with John Oliver
The Late Show with Stephen Colbert

LEAD ACTOR IN A DRAMA SERIES

Jason Bateman, Ozark
Sterling K. Brown, This Is Us
Steve Carell, The Morning Show
Brian Cox, Succession
Billy Porter, Pose
Jeremy Strong, Succession

LEAD ACTRESS IN A DRAMA SERIES

Jennifer Aniston, The Morning Show
Olivia Colman, The Crown
Jodie Comer, Killing Eve
Laura Linney, Ozark
Sandra Oh, Killing Eve
Zendaya, Euphoria

OUTSTANDING REALITY/COMPETITION PROGRAM

The Masked Singer
Nailed It!
RuPaul’s Drag Race
Top Chef
The Voice

LEAD ACTOR IN A LIMITED SERIES/TV MOVIE

Jeremy Irons, Watchmen
Hugh Jackman, Bad Education
Paul Mescal, Normal People
Jeremy Pope, Hollywood
Mark Ruffalo, I Know This Much Is True

LEAD ACTRESS IN A LIMITED SERIES/TV MOVIE

Cate Blanchett, Mrs. America
Shira Haas, Unorthodox
Regina King, Watchmen
Octavia Spencer, Self Made
Kerry Washington, Little Fires Everywhere

OUTSTANDING LIMITED SERIES

Little Fires Everywhere
Mrs. America
Unbelievable
Unorthodox
Watchmen

OUTSTANDING COMEDY SERIES

Curb Your Enthusiasm
Dead to Me
The Good Place
Insecure
The Kominsky Method
The Marvelous Mrs. Maisel
Schitt’s Creek
What We Do In The Shadows

OUTSTANDING DRAMA SERIES

Better Call Saul
The Crown
The Handmaid’s Tale
Killing Eve
The Mandalorian
Ozark
Stranger Things
Succession

 

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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.”

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

T20 WORLD CUP QUALIFIERS

Qualifier A, Muscat

(All matches to be streamed live on icc.tv) 

Fixtures

Friday, February 18: 10am Oman v Nepal, Canada v Philippines; 2pm Ireland v UAE, Germany v Bahrain 

Saturday, February 19: 10am Oman v Canada, Nepal v Philippines; 2pm UAE v Germany, Ireland v Bahrain 

Monday, February 21: 10am Ireland v Germany, UAE v Bahrain; 2pm Nepal v Canada, Oman v Philippines 

Tuesday, February 22: 2pm Semi-finals 

Thursday, February 24: 2pm Final 

UAE squad:Ahmed Raza(captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia

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

The Programme

Saturday, October 26: ‘The Time That Remains’ (2009) by Elia Suleiman
Saturday, November 2: ‘Beginners’ (2010) by Mike Mills
Saturday, November 16: ‘Finding Vivian Maier’ (2013) by John Maloof and Charlie Siskel
Tuesday, November 26: ‘All the President’s Men’ (1976) by Alan J Pakula
Saturday, December 7: ‘Timbuktu’ (2014) by Abderrahmane Sissako
Saturday, December 21: ‘Rams’ (2015) by Grimur Hakonarson

The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Updated: June 18, 2022, 6:00 AM