Violent clashes have erupted as tens of thousands of people took to the streets in France to protest against President Emmanuel Macron's pension reforms.
Tuesday was the 10th day of action since protests began in mid-January against pension reform plans which would raise the retirement age from 62 to 64.
In Paris, police fired tear gas and launched a charge after some people at the head of the protest, dressed in black with their faces covered, started a fire.
Protesters in Nantes threw projectiles at security forces who responded with tear gas. Water cannon was used against demonstrators in Lyon, and in Lille police fired tear gas at protesters.
Interior Minister Gerald Darmanin said 13,000 members of the security forces were being deployed on Tuesday, 5,500 of them in Paris alone. The number, a record, was justified by "a major risk to public order".
At least 22 people were arrested in the capital by the afternoon, Paris police said.
Protesters delayed trains at Gare de Lyon station in Paris, walking on the rails and lighting flares in what they described as a show of solidarity for a railway worker who had lost an eye in a previous protest.
Mr Macron had been urged to make a peace gesture to protesters on Tuesday as unions staged another round of strikes.
Mr Macron was accused of “playing a dangerous game with democracy” by refusing to yield on his pension reform bill.
Strikes caused transport chaos as workers carrying flares blocked train tracks in Paris. Walkouts in the energy sector have left some petrol stations short of fuel.
Interior Minister Gerald Darmanin said an unprecedented 13,000 police and security officers were called up for Tuesday’s strikes.
Protesters want Mr Macron to withdraw a bill raising France’s retirement age from 62 to 64.
The bill was forced through parliament without a vote after Mr Macron failed to persuade a majority of MPs. He says the reform is necessary to cut the rising costs of France’s welfare state.
The government and opposition have accused each other of failing to offer a compromise.
There are suggestions Prime Minister Elisabeth Borne could offer tweaks to the pension law that ease the impact for older workers and people in physically demanding jobs.
But unions are calling for the entire bill to be delayed and renegotiated, even as Mr Macron wants it to take effect this year.
“The deep social crisis that already existed in our country has been coupled with a democratic crisis. We need to calm things down,” Yvan Ricordeau of the CFDT union told French television.
He said the union was proposing to “take several months to go back over the issue with common sense, and show that there are alternatives to working to 64”.
Mathilde Panot, the leader of a left-wing group in parliament, said the chaos was “putting France to shame” on the international stage.
“Emmanuel Macron is playing an extremely dangerous game with democracy,” she said.
Sebastien Chenu, the far right National Rally MP, said Mr Macron had “started fires” and was the “number one person responsible” for the unrest.
The unrest forced Mr Macron to ask Britain’s King Charles III to postpone a state visit that was planned for this week.
Allies of the president say opposition leaders have failed to condemn the violence that took place at some protests.
“Some people are coming in flocks to cause havoc and call our republic into question,” said Charles Rodwell, an MP from Mr Macron’s centrist bloc.
“I am convinced of the merits of this reform, but those who want to show their opposition must be able to do it in calm and security.”
One poll published on Monday showed Mr Macron’s approval rating at just 28 per cent, the lowest since the height of the Yellow Vest protests in 2018.
Another survey suggested the president’s centrist bloc would come third with 22 per cent of the vote if new elections were called to break the impasse.
The National Rally and a coalition of left-wing parties would be tied on 26 per cent, the poll predicted.
France’s constitutional council has yet to decide on the bill after opponents filed objections that could, in theory, lead to a referendum.
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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.”
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham v Ajax, Tuesday, 11pm (UAE).
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Games on BeIN Sports
Killing of Qassem Suleimani