Marine Le Pen's far-right National Rally secured fewer votes than expected. AFP
Marine Le Pen's far-right National Rally secured fewer votes than expected. AFP
Marine Le Pen's far-right National Rally secured fewer votes than expected. AFP
Marine Le Pen's far-right National Rally secured fewer votes than expected. AFP

French regional elections deal a blow to Marine Le Pen's far-right party


Tim Stickings
  • English
  • Arabic

France's far right suffered a setback on Sunday in regional elections seen as a test of the national mood before the 2022 presidential race.

Marine Le Pen’s National Rally party won fewer votes than expected in the first round and failed to gain a clear advantage in key regions.

“Our voters didn’t turn out,” said Ms Le Pen, who is expected to challenge President Emmanuel Macron in 2022. “I call on them to respond urgently.”

Another Macron challenger, Xavier Bertrand from the centre-right Republicans, celebrated a clear first-round victory over National Rally in northern France.

“We've unlocked the jaws of the National Front in order to smash them here,” Mr Bertrand said, referring to the party by its former name.

The second round will take place next Sunday and typically sees tactical voting to keep the far right out of power.

Ms Le Pen’s party had been tipped to take a clear lead in Provence-Alpes-Cote d’Azur in southern France, but exit polls showed it taking only a slender lead over the Republicans, with each party projected to win about 30 to 35 per cent of the vote.

Across France, National Rally's vote share of about 19 per cent was nine points lower than its performance at the last regional polls in 2015.

The party, which has never won a regional presidency, emphasised its key issues on policing and immigration during the campaign.

French President Emmanuel Macron votes on Sunday in an election marked by low turnout. AP
French President Emmanuel Macron votes on Sunday in an election marked by low turnout. AP

Turnout slumps 

Overall turnout was projected to be as low as 31 to 33 per cent, down from 50 per cent in 2015.

The lack of public campaigning because of Covid-19 restrictions was thought to have played a part in the low turnout.

"It's a democratic slap in the face for all of us," Aurore Berge, a leading MP from Mr Macron's centrist LREM party, told French television.

LREM won about 10 to 11 per cent of the vote, underlining its failure to put down regional roots after its success at national elections in 2017.

All 13 regions in mainland France are electing regional assemblies, which have budgets of billions of euros and powers over schools and transport.

"I'm not going to mince words: yes, of course we're disappointed," LREM leader Stanislas Guerini said on French radio.

Mr Macron is expected to seek a second term in 2022 but the list of potential rivals has yet to be finalised.

Aside from Mr Bertrand, possible candidates from the Republicans include Valerie Pecresse, the leader of the Ile-de-France region around Paris, who was on course for a healthy lead.

The French people are telling politicians they do not trust them

Another centre-right possibility is the EU's former Brexit negotiator Michel Barnier.

Ms Le Pen’s candidacy could lead to a rerun of the second round in 2017, in which she lost in a landslide to Mr Macron.

Meanwhile, France’s socialists and ecologists are jockeying for position after the left was heavily beaten in 2017.

Left-wing alliances led by the Socialist Party finished first in five regions.

The Greens said they would continue their campaign in Provence-Alpes-Cote d’Azur, complicating the position for the second round.

Ms Le Pen said the low turnout had given a misleading impression of the parties’ political strengths.

The high level of voter apathy was a "civic disaster that deformed the electoral reality of the country", she said.

France’s Interior Minister Gerald Darmanin, a member of Mr Macron’s party, said the low turnout was “a defeat for all of us”.

“No-one can be happy when there is a 70 per cent abstention rate, rising to over 80 per cent among young people,” he said.

“The French people are telling politicians they do not trust them.”

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

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COMPANY PROFILE

Name: Rain Management

Year started: 2017

Based: Bahrain

Employees: 100-120

Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund

England squads for Test and T20 series against New Zealand

Test squad: Joe Root (capt), Jofra Archer, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Jack Leach, Saqib Mahmood, Matthew Parkinson, Ollie Pope, Dominic Sibley, Ben Stokes, Chris Woakes

T20 squad: Eoin Morgan (capt), Jonny Bairstow, Tom Banton, Sam Billings, Pat Brown, Sam Curran, Tom Curran, Joe Denly, Lewis Gregory, Chris Jordan, Saqib Mahmood, Dawid Malan, Matt Parkinson, Adil Rashid, James Vince

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

UEFA CHAMPIONS LEAGUE FIXTURES

All kick-off times 10.45pm UAE ( 4 GMT) unless stated

Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid

Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona

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'How To Build A Boat'
Jonathan Gornall, Simon & Schuster

Honeymoonish
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What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

 

Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors

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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MOST%20POLLUTED%20COUNTRIES%20IN%20THE%20WORLD
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NYBL PROFILE

Company name: Nybl 

Date started: November 2018

Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono

Based: Dubai, UAE

Sector: Software Technology / Artificial Intelligence

Initial investment: $500,000

Funding round: Series B (raising $5m)

Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up 

EA Sports FC 26

Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5