In calm, precise tones she might use in lectures at her elite Parisian “grande ecole”, a student explained to a television reporter why she was smashing illuminated advertising signs during riots over President Emmanuel Macron’s contentious pension reforms.
“I think violence is unfortunately necessary,” she said, using a heavy implement to smash glass to cries of encouragement from others, unseen.
“I don’t attack cars or shop windows. I attack advertising.”
Not all those involved in an escalating series of anti-government demonstrations throughout France — more than a million were expected to take to the streets again on Tuesday — are quite as selective about their targets.
Cars have been set on fire, businesses and public buildings vandalised and police officers attacked in France's worst riots since the “gilets jaunes” or yellow vest movement earlier in Mr Macron’s presidency.
Strikes and blockades have severely disrupted everyday life, leading to massive queues for petrol, especially in Paris and Marseilles, and hundreds of people have been arrested, amid well-documented instances of grossly excessive force by police. A state visit by Britain’s King Charles III, his first since succeeding Queen Elizabeth II, was cancelled because of security fears.
The president has condemned “violent armed activists” for the trouble. And yet opinion polls consistently show widespread support for those taking to the streets.
One survey, published at the weekend by a Sunday newspaper, Le Journal du Dimanche, found 68 per cent hostile to the reforms, though only 21 per cent believed Mr Macron would be forced to abandon them. Other polls have recorded even greater opposition.
France, one of the most beautiful countries of the world, is not currently a pretty sight. Thousands of tons of rubbish are piled high on the streets of Paris, contempt for authority is rampant and the public is turning increasingly to extremes of left and right.
The prominence of students in the protests carries echoes of the so-called Paris spring of 1968, when France was paralysed by strikes and riots against the then president, Charles de Gaulle.
Successive French governments have attempted to address the issue of pensions, always provoking strong resistance from unions.
Viewed from almost any neighbouring country, the President’s reforms seem a model of reasonableness. In the UK, the state pension becomes payable at 66 and this will rise to 67 by 2028, 68 in the 2040s.
Under Mr Macron’s plan, the age of retirement in France will rise from 62 to 64 in stages between now and 2030 and people will need to work longer to qualify for full pensions.
What are known as “special regimes” allowing some workers to retire much earlier will be abolished but those doing jobs considered dangerous will still benefit from concessions. The striking rubbish collection crews in Paris are an example; their grievance is that retirement will be at 59, not 57 as now.
At the heart of the crisis is the importance of the work-life balance in the French culture. From early in their working lives, people talk about their future pensions as the British, for example, discuss house prices. They want to work less, not more.
When a former president, Nicolas Sarkozy, proposed lifting tax on overtime to encourage employees to work more and earn more, there was uproar.
But Mr Macron has made the reform the cornerstone of his second and final term of office. He says that without such change to take account of people living longer, rising deficits will overwhelm the pension system.
But without a parliamentary majority since the legislative elections of last year, he has had to rely on a deeply controversial decree known as article 49,3, to force through his bill. Unions and other opponents of the reform have seized on this as evidence of an undemocratic, even dictatorial approach.
“The government is trying to make savings on the backs of millions of workers,” says one militant supporter of the protests. “They spend hundreds of millions on war, do nothing to deal with tax havens and work against the interests of the French people.”
“The level of hatred towards Mr Macron is astonishing,” says Jacques Reland, a French analyst and commentator specialising in European political, economic and social issues.
“He handled Covid well, has been strong on Europe and Ukraine, the economy is doing quite well and France has suffered a lot less than say, Britain from the energy crisis and yet he inspires this animosity.”
Mr Reland, a senior research fellow at the London-based Global Policy Institute, says France has a historic taste for confrontation that has played a part in the ferocity of opposition to the reforms.
“The French are very attached to their social advantages. In addition, his policy was badly packaged, very badly presented and the timing — in the midst of a cost of living crisis with companies announcing big profits — could not have been worse.
“Part of the trouble is that Mr Macron is acting as if he still had a parliamentary majority and while 49.3 has been used in the past, forcing the reforms through in this way has caused great anger.”
Resentment at the use of the decree was also cited by some of those participating in an otherwise unrelated demonstration, over plans to build new reservoirs, that led to scores of injuries to police, protesters and journalists at Sainte-Soline, western France at the weekend.
Although Mr Macron has ruled out an about-turn of the fundamentals of his reforms, ministers say they are willing to talk to union leaders on a range of related issues. But they are adamant that there will be no “pause” on implementing reform, as demanded by one union.
Olivier Dussopt, France’s labour minister, insists immediate action is needed to avoid the annual pensions shortfall spiralling to a “cumulative deficit of 150 billion euros” by the end of this decade.
“Do they imagine that if we pause the reforms, we will pause the deficit?” he said on BFMTV, adding in another interview that while the changes required “effort” from the French, “there will be no losers because pensions will not go down”.
So far, there is no sign of either side backing down. Given his unpopularity, and that of his centrist Renaissance party, he seems unlikely to gamble on new parliamentary elections.
Mr Reland calculates that if the president holds firm, insisting as he did in a television interview last week that the national interest mattered more to him than popularity, the best solution would be for the constitutional council — France’s highest such body — to reject all or part of the bill.
“But I’m afraid it looks like getting worse before it gets any better,” he said.
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.”
Results
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard
SPECS
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Awar Qalb
Director: Jamal Salem
Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman
Two stars
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
Mohammed bin Zayed Majlis
The biog
Mission to Seafarers is one of the largest port-based welfare operators in the world.
It provided services to around 200 ports across 50 countries.
They also provide port chaplains to help them deliver professional welfare services.
ILT20%20UAE%20stars
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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
The specs
Engine: 6.2-litre V8
Power: 502hp at 7,600rpm
Torque: 637Nm at 5,150rpm
Transmission: 8-speed dual-clutch auto
Price: from Dh317,671
On sale: now
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
PAKISTAN SQUAD
Pakistan - Sarfraz Ahmed (captain), Azhar Ali, Fakhar Zaman, Imam-ul-Haq, Babar Azam, Shoaib Malik, Mohammad Hafeez, Haris Sohail, Faheem Ashraf, Shadab Khan, Mohammad Nawaz, Mohammad Amir, Hasan Ali, Aamer Yamin, Rumman Raees.
Results
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Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
4) Treatments include surgery and chemotherapy but early diagnosis is the key.
5) Anyone concerned is urged to contact their doctor
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year