Anyone familiar with horse racing tracks will know the unpredictable impact of a stalking horse. The beast is entered not to win but to target the challenge from rival stables and offset the odds of victory.
The French presidential election is still far off in mid-2022, but a stalking-horse challenge is already setting up a shake-out for the frontrunners. Eric Zemmour, a polemist and television pundit, has nudged into double-digit figures in the polls for his still-undeclared candidacy.
Mr Zemmour would be few people’s idea of a suitable friend. He has been convicted of hate speech twice. His anti-immigrant diatribes include calls for 2 million people to be expelled from France because they are foreign born. Never mind that his own parents arrived in France from Algeria, the land of their birth.
His rise in the polls is largely cannibalising the vote of Marine Le Pen, the fascist candidate who is President Emmanuel Macron’s presumptive challenger. There doesn’t appear to be much downside for Mr Macron on the sudden rise of a candidate with slim credentials for the job. In the two-stage French system, a straight fight against an outsider with extreme views almost guarantees that Mr Macron will win in the second round.
Mr Zemmour’s views on the French social and constitutional cohesion allow Mr Macron to run his own policy priorities. The president’s critics on the left are undermined when it is palpable that Mr Macron should not yield that policy ground to the more extreme parties.
With the German parliamentary election unlikely to produce a post-Angela Merkel government until next year, Mr Macron can use the freedom of a divided and squabbling opposition to concentrate on his international priorities. The French leader would like to be able to tell voters that he is indisputably leading Europe. But a close-run presidential campaign that began earlier would detract from his efforts to position himself at the apex of European politics.
Mr Macron is already in campaign mode. He has, for example, dramatically expanded government spending on high-profile projects. A trip to Marseille allowed him to put his stamp on an offensive against gangland warfare and the rise of extremism in French cities. It is another key area in which Mr Macron is willing to court controversy to show that the state is active and on the side of those voters who fear social change.
The danger for Ms Le Pen is obvious. She has struggled to convince the electorate that she is the true heir to the hardline legacy built up by her father, Jean Marie Le Pen. If a 30 per cent slice of the electorate is up for grabs, then a battle for 15 per cent each with Mr Zemmour ends up as a net positive for centrist and establishment candidates, such as Mr Macron.
Except that the concentration on the issues these candidates raise promotes their agenda by default. Or there is a danger of that happening.
Other candidates are chewed up in melee. On the left, the Socialist candidate slips further away from the main electoral battleground. There is no sign of a Green movement breakthrough as appeared to be on the cards in Germany only to slip away when the campaign began in earnest.
The impact of the situation on the centre-right Republicans is yet to play out, but this battle could be the most consequential. Depending on how it goes, Mr Macron’s seemingly strong position could quick erode in the campaign proper next year.
Michel Barnier is making his move for the nomination. The patrician former cabinet minister is perhaps the best-known candidate barring Mr Macron outside of France. As the point man for the Brexit negotiations with the UK, his style is well known both at home and abroad.
Speaking in London while promoting his memoir last week, Mr Barnier delivered a firm "no way" when he spoke of the potential for right-wing voters shifting to Mr Zemmour in a head-to-head with Mr Macron. The reason for his intervention was that there is speculation that the Republicans could admit Mr Zemmour as a candidate for the bloc’s nomination in December. Other leading candidates including Xavier Bertrand, the favourite in the polls now, have not closed the door on that.
The party chairman said Mr Zemmour was neither a racist nor far right. Yet Mr Zemmour has called for a ban on the name Mohammed and his work is obsessed with Replacement Theory, which is based on the assumption that white people are being "replaced" by non-white immigrants.
Mr Barnier is on to something. If he can keep Mr Zemmour excluded even as the writer continues to run, then Mr Macron could be end up facing a centrist challenger in the second round when only two candidates can run. That would open up a vulnerability that would drag Mr Macron’s attention back to the home front.
At a time when international tensions are easily triggered, this adds more risk to the global system. Which is why the coming months give France its best shot at providing leadership in a rudderless Europe. Mr Macron should use his time well to rally the continent to defend its own interests.
Before you know it, French election year will shift into global focus in a way that is both unpredictable and probably even upending.
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
MATCH INFO
Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')
Leeds United 2 (Cooper 41'; Dallas 73')
Man of the match: Scott McTominay (Manchester United)
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
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
From exhibitions to the battlefield
In 2016, the Shaded Dome was awarded with the 'De Vernufteling' people's choice award, an annual prize by the Dutch Association of Consulting Engineers and the Royal Netherlands Society of Engineers for the most innovative project by a Dutch engineering firm.
It was assigned by the Dutch Ministry of Defence to modify the Shaded Dome to make it suitable for ballistic protection. Royal HaskoningDHV, one of the companies which designed the dome, is an independent international engineering and project management consultancy, leading the way in sustainable development and innovation.
It is driving positive change through innovation and technology, helping use resources more efficiently.
It aims to minimise the impact on the environment by leading by example in its projects in sustainable development and innovation, to become part of the solution to a more sustainable society now and into the future.
Honeymoonish
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
PAST 10 BRITISH GRAND PRIX WINNERS
2016 - Lewis Hamilton (Mercedes-GP)
2015 - Lewis Hamilton (Mercedes-GP)
2014 - Lewis Hamilton (Mercedes-GP)
2013 - Nico Rosberg (Mercedes-GP)
2012 - Mark Webber (Red Bull Racing)
2011 - Fernando Alonso (Ferrari)
2010 - Mark Webber (Red Bull Racing)
2009 - Sebastian Vettel (Red Bull Racing)
2008 - Lewis Hamilton (McLaren)
2007 - Kimi Raikkonen (Ferrari)
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Jebel Ali Dragons 26 Bahrain 23
Dragons
Tries: Hayes, Richards, Cooper
Cons: Love
Pens: Love 3
Bahrain
Tries: Kenny, Crombie, Tantoh
Cons: Phillips
Pens: Phillips 2
MATCH INFO
Uefa Champions League, last 16, first leg
Ajax v Real Madrid, midnight (Thursday), BeIN Sports
Freezer tips
- Always make sure food is completely cool before freezing.
- If you’re cooking in large batches, divide into either family-sized or individual portions to freeze.
- Ensure the food is well wrapped in foil or cling film. Even better, store in fully sealable, labelled containers or zip-lock freezer bags.
- The easiest and safest way to defrost items such as the stews and sauces mentioned is to do so in the fridge for several hours or overnight.
More on Quran memorisation:
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
COMPANY%20PROFILE
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.