A woman picks up a copy of a newspaper headlining on the IMF chief Dominique Strauss-Kahn's arrest.
A woman picks up a copy of a newspaper headlining on the IMF chief Dominique Strauss-Kahn's arrest.

French socialists looks for new presidential candidate after Strauss-Kahn arrest



France's socialist opposition, deprived by the arrest of Dominique Strauss-Kahn of a potential presidential frontrunner, launched a desperate battle yesterday to limit electoral fallout.

Mr Strauss-Kahn, who is in jail in New York accused of trying to rape a hotel chambermaid, has left the Parti Socialiste (PS) in crisis. It must now find a strong new challenger to confront the centre-right president, Nicolas Sarkozy, in polling under a year from now.

Martine Aubry, the PS secretary, said after a Paris summit of party leaders that all were agreed on the need for "unity, responsibility and combativity".

She insisted the time was not right to say whether she would join another PS luminary, François Hollande, in seeking the nomination in October's primaries.

The French political scene has been shaken by the events surrounding a man who was, until the weekend, one of the world's most powerful financial figures.

Mr Strauss-Kahn, or DSK as he is known, remains managing director of the International Monetary Fund but few doubt he will resign to concentrate on fighting to clear his name. His expected declaration as a 2012 presidential candidate - with significant hope of victory - appears doomed.

Throughout France, there remains suspicion that he is the victim of a conspiracy. But as reports surface of his past problems with women, attention has switched to the conditions under which he is held.

The TF1 television channel devoted most of its Monday night bulletin to developments, chronicling in shocked tones the parading of the handcuffed, haggard suspect with cameramen present in force, having apparently been tipped off by the authorities.

There was also discussion of conditions in New York's Rikers Island jail, where DSK waits pending his next bail application on Friday. A report noting that he was being treated much as any suspect in the US was almost lost amid French incredulity that a prominent international figure should suffer such indignities.

Correspondents described the denial of bail as surprising, though prosecutors had cited the case of the film director Roman Polanski, safe from US extradition 33 years after fleeing to France before he was due to be sentenced for unlawful sexual intercourse with a girl of 13.

Female French politicians have been careful to express respect for the alleged victim, the 32-year old hotel employee Mr Strauss-Kahn is accused of attacking. But the socialist view was summed up by one parliamentarian, Elisabeth Guigou: "It is right that she should be protected from media exposure, but Mr Strauss-Kahn should have had the same protection."

The French intellectual and philosopher Bernard-Henri Lévy said the IMF chief's treatment in the US had been "absolutely disgusting".

"Do you think for one second we would be friends if I thought DSK was a compulsive rapist, a Neanderthal, a guy who behaves like a sexual predator with women?" he asked a French radio presenter. "I do not think it's a conspiracy but I denounce a runaway judiciary and media process to manufacture guilt."

Allegations about Mr Strauss-Kahn's private life continue to tumble out. He reportedly told a journalist from the newspaper Libération last month that he had asked Mr Sarkozy at a chance meeting to ensure "forays into my personal life" stopped. He also imagined a scenario in which a woman would be paid up to €1 million (Dh5.2m) to falsely claim he had raped her.

For his part, Mr Sarkozy is said to have warned Mr Strauss-Kahn, when he secured the IMF post in 2007, to be more prudent about his womanising.

The impact on electoral opinion is still being assessed. Some polls had predicted Mr Sarkozy could be eliminated in the first round, with the socialists - especially with DSK as candidate - then defeating Martine Le Pen, leader of the far-right Front National, in the decider.

Some observers say Mr Sarkozy's gain from the affair will be offset by defections to Ms Le Pen and fringe candidates. Many political pundits see Ms Aubry, 60, and Mr Hollande, 56, as unconvincing socialist contenders and say a former prime minister, Laurent Fabius, and the high-profile mayor of Paris, Bertrand Delanoë, could make stronger candidates.

Mr Sarkozy is trying to avoid mention of Mr Strauss-Kahn's name. At a meeting with party faithful yesterday, he limited himself to stressing the need for "work, calm, unity and dignity".

Company%20Profile
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The specs: 2019 GMC Yukon Denali

Price, base: Dh306,500
Engine: 6.2-litre V8
Transmission: 10-speed automatic
Power: 420hp @ 5,600rpm
Torque: 621Nm @ 4,100rpm​​​​​​​
​​​​​​​Fuel economy, combined: 12.9L / 100km

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Saturday April 27: Awards ceremony, 4pm and 8pm

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When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

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Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

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From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding

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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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
Company%20profile
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LA LIGA FIXTURES

Thursday (All UAE kick-off times)

Sevilla v Real Betis (midnight)

Friday

Granada v Real Betis (9.30pm)

Valencia v Levante (midnight)

Saturday

Espanyol v Alaves (4pm)

Celta Vigo v Villarreal (7pm)

Leganes v Real Valladolid (9.30pm)

Mallorca v Barcelona (midnight)

Sunday

Atletic Bilbao v Atletico Madrid (4pm)

Real Madrid v Eibar (9.30pm)

Real Sociedad v Osasuna (midnight)

The specs: 2018 Mazda CX-5

Price, base / as tested: Dh89,000 / Dh130,000
Engine: 2.5-litre four-cylinder
Power: 188hp @ 6,000rpm
Torque: 251Nm @ 4,000rpm
Transmission: Six-speed automatic
​​​​​​​Fuel consumption, combined: 7.1L / 100km

A%20QUIET%20PLACE
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Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5