Protests took place on Saturday against President Emmanuel Macron’s plan to raise France's retirement age from 62 to 64.
In Paris, an eerie calm generally returned to the city after two consecutive nights of unrest and police banned gatherings on the Champs-Elysees avenue and the Place de la Concorde.
Several thousand protesters did gather at a public square in southern Paris, the Place d'Italie, where they set rubbish bins on fire.
Largely non-violent protests were held in other cities, including Nantes and Marseille, where protesters occupied the main train station for about 15 minutes. In the eastern city of Besancon, hundreds of demonstrators lit a brazier and burnt voter cards.
The unrest came after Mr Macron imposed the unpopular pension reforms without a parliamentary vote, using a controversial executive power to force through the bill by decree, fearing he did not have enough backing in the lower house to win a vote on the pensions bill.
This move has outraged France's political class and led to a confrontational backlash, presenting the president with one of his biggest challenges less than a year into his second and final mandate.
Opposition lawmakers have filed two motions of no confidence in the government, which are set to be debated in parliament on Monday afternoon. They hope to garner enough support to topple the cabinet and repeal the law, which seeks to raise the retirement age from 62 to 64.
Unions have called for small protests at the weekend, ahead of co-ordinated nationwide strikes and rallies against the bill on Thursday next week.
On Friday evening, thousands of people rallied opposite parliament to vent their frustration at the government imposing its will despite two months of nationwide strikes and demonstrations.
Opinion polls have shown that around two-thirds of French people oppose the reform, which demands that people work longer for a full pension.
The government argues that the changes are necessary to avoid the system from slipping into deficit and bring France in line with its European neighbours, where the legal retirement age is typically later in life.
However, critics say the changes are unfair to people who start working at a young age in physically tough jobs, as well as women who interrupt their careers to raise children.
Mass strikes and protests since mid-January have gathered some of the largest crowds in decades, but the popular movement appeared to be starting to wane in the days before the government imposed the bill.
The capital's municipal rubbish collectors have, however, kept up a rolling strike, leaving an estimated 10,000 tonnes of trash festering in the streets.
Unions from national train operator SNCF on Friday urged workers to continue their continuous strike, which has caused major disruption on the network.
In the energy sector, the CGT union has said that strikers would halt production at two refineries by this weekend or Monday at the latest.
President Macron put the pension reform at the centre of his re-election campaign last year, but the 45-year-old former banker lost his parliamentary majority in June after elections for the National Assembly.
Prime Minister Elisabeth Borne's cabinet is largely expected to survive any no-confidence vote. The motion would need backing from around half the group of opposition right-wing Republicans, a scenario seen as highly improbable.
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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Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
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