President Emmanuel Macron announced plans to overhaul France's immigration system by introducing longer prison sentences for people smugglers and fast-tracking asylum claims.
The move to tackle illegal immigration comes as the nation is struggling to deal with its lengthy asylum procedure, which results in some migrants settling down, having children and remaining even when their claim is eventually rejected.
Recent figures reveal that France rejects 72 per cent of claimants but only about 12 per cent issued with expulsion orders actually leave.
The country's lengthy legal appeals process, procedural delays and a lack of state resources are seen as reasons for the low expulsion rate.
Under the new legislation announced this week, the maximum sentence for people smugglers is set to increase from 10 to 20 years and firms who employ illegal immigrants could face a fine of €4,000 ($4,246).
Asylum seekers wishing to gain residency will also have to take a French language test and agree to uphold the nation’s values, such as freedom of expression, according to The Times.
The new draft immigration law will be debated formally in parliament early next year.
It comes just four years after a 2018 law with similar objectives was passed during President Macron's first term in office, which also aimed to take the heat out of an explosive political issue.
“It's about integrating better and expelling better,” France's Interior Minister Gerald Darmanin told France Info radio.
“We want those people who work, not those who rob.”
Mr Darmanin and Mr Macron have linked immigration to delinquency, with both saying that about half of the petty crimes committed in Paris are by foreigners.
Mr Macron has pitched the new legislation as a means of addressing the rise of the far-right National Rally, which in June became the biggest opposition party in parliament.
“We need a policy that is firm and humane and in line with our values,” the 44-year-old said. “It's the best antidote to the extremes which feed off anxieties.”
Like many European countries, France struggles to persuade countries in North and West Africa to readmit their citizens once they are subject to an expulsion order.
French far-right leader Marine Le Pen, who scored 41 per cent in the second round of April's presidential election, regularly accuses the government of laxity and “submerging” France with foreigners.
In her third bid for the presidency this year, she proposed changing the constitution via a referendum to set strict immigration targets and ensure French people get priority over foreigners for all state services.
“I don't expect anything [from the new law],” she said. “They will talk to us again about balancing firmness and humanity. We've heard that for decades.
“Nothing will change … immigration in our country is completely out of control.”
The draft legislation, which Mr Darmanin co-wrote, would reduce the number of appeals possible for failed asylum seekers from 12 to three and in theory speed up expulsion procedures.
It would also remove safeguards for foreigners who arrive in France as children, making it easier to expel them if they are convicted of crimes — a measure designed to tackle juvenile delinquency.
France has passed 29 different laws on immigration since 1980.
Nearly eight in 10 French people think Macron's governments have failed to control immigration, according to a poll by the CSA survey group published last month.
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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.”
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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.
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