Follow the latest news on the 2024 Paris Olympics
The bestselling American author Douglas Kennedy once said that if leisure ever became an Olympic event, France would always win gold.
Kennedy, a fluent French speaker who knows the country inside out, had a point. Even in challenging times for household budgets, the French take their holidays seriously.
Inject into the summer season the thrills of actual Olympics, with national pride fuelled by an early flow of gold, and the resulting combination is a potent one.
Medal-winning exploits and a fierce commitment to prioritising time off have come together in France in the first week of the Paris Olympics, nowhere more strikingly than on the Cote d’Azur.
Nice is the capital of a region that acts as such a powerful magnet for holidaymakers.
And in what has come to be seen as a dramatic curtain-raiser, it was handed an early Olympics dividend.
Tour bonus
A few days before the spectacular, if controversial, opening ceremony in Paris, Nice benefitted from Games-related road disruption in the capital to host the finale to the Tour de France.
For one exceptional year, the climax of the race was not riders making successive loops of the heart of the capital, ending on the Champs-Elysees. Instead, led by the Slovenian winner Tadez Pogacar, representing the UCI World Team Emirates, competitors staged a finishing sprint to the elegant Place Massena, just off Nice’s Promenade des Anglais.
Viewed from the Riviera a few days before the Olympics opened, this historic departure from tradition felt almost as important as the Games themselves.
Only later did polemic stirred by the Paris ceremony, followed by sterling athletic endeavour, ease the Tour de France out of minds along the Mediterranean coast.
View from the south
The French are confirmed sports lovers. And interest in the Games has at times been phenomenal – not only in Paris but wherever in the country events have been held.
Even in places far from Olympic action, the fervour is tangible.
West of Nice, in the pretty little resort of Le Lavandou, midway between chic Saint-Tropez and the important naval port of Toulon, holidaymakers and locals alike gathered along the seafront in rows of seats in front of a giant screen beaming France 2 coverage of the opening ceremony, which was watched by 23.4 million viewers.
“Maybe it’s not quite Paris,” said Eliott Senges, 22, from Puy-de-Dome in central France. “But it’s not raining here.”
With a friend, Mathias Vernat, 17, from Lyon, he grabbed a place an hour before the ceremony began.
Eliott and Mathias relished their “extraordinary” experience, reckoning that applause at the seaside matched that of spectators in Paris, in enthusiasm if not volume.
There was dissent. When one spectator in Le Lavandou sent a social media message saying “at least it wasn’t raining here”, another replied: “Yes, but otherwise it was rubbish.”
The Paris 2024 Olympic Games opening ceremony - in pictures
For Olympics organisers, gushing commentators and admiring spectators, whether rainsoaked in the capital or enjoying a balmy Mediterranean evening, Eliott more accurately reflected popular opinion.
“We’re proud of this ceremony and the French talent on show,” he said.
The morning after brought further reflection and bitterly opposing views. For many, it boiled down to whether the non-French talent of Celine Dion, in breathtaking form after four years of performing silence due to a rare neurological condition, saved the show or added fitting final glory.
Le Lavandou is politically ultra-conservative, part of the large Var department which, in recent legislative elections, voted for Marine Le Pen’s far right National Rally in seven of its eight constituencies.
And it was from the far right and elements of the conventional right that the most outspoken criticism came. The local newspaper, Var-Matin, led its round-up of reactions with the hearty acclamation of the left, greens and far left, but cited Le Penist condemnation.
“What shame,” a National Rally spokesman said, evoking the “vandalising of French culture”. Worse was to come: “everything was ugly, everything was woke”, thundered Philippe de Villiers, an aristocratic, anti-EU figure.
President Emmanuel Macron, whose most popular decision in a torrid 2024 may have been to limit his opening ceremony remarks to simply declaring the Games open, naturally differed. Later, he praised performers for a “unique, magical moment”.
Euphoria kicks in
The acrimony faded in any case as athletes got down to serious business. National glee was undivided as France rose on the medals table. Swimming champion Leon Marchand became only the sixth French competitor to win three golds in the same Olympics.
Marchand is from Toulouse, also in the south, but Var-Matin snatched some reflected glory from a more “local” success, its front page trumpeting Pauline Ferrand-Prevot’s stunning victory in cross-country cycling. Although born in the north-eastern city of Reims, she was made an honorary Varoise – woman of the Var – because she perfected her skills in Frejus, trained in neighbouring Saint-Raphael and has a home there.
The paper noted that supporters broke into successive bursts of the national anthem, La Marseillaise, as Ferrand-Prevot told reporters of the “victory of my life”.
Other golds came in the men’s rugby sevens, men’s canoe slalom, triathlon and women’s sabre. There was a clutch of silvers and bronzes in disciplines including judo, archery and more fencing.
“The more medals France win, the more people talk about that and the less they talk about the opening,” said Raphael Dupouy, Le Lavandou’s municipal director of culture.
For him, some French triumphs felt like a family affair. His son Maurin and daughter Alisson were accomplished judo competitors when young, Alisson at national level, while Maurin also played rugby.
Mr Dupouy practises aikido and takes pride in France’s prowess in martial arts as well as rugby. “It’s a very sporty family, so we’re watching the Games with enormous interest,” he said.
Other than the big screen for the opening, Le Lavandou’s involvement has been modest. A party of teenagers was taken to Marseille to join 60,000 fans at the first group game of Thierry Henry’s under-23s, a 3-0 win against the USA. And residents of a care home, led by 101-year-old Liliane Schiff, recreated the flame-bearing rituals of Paris.
Summer days
However, the stream of medals captured public attention. The clash of euphoria and fury about the opening ceremony having subsided, Le Lavandou took to welcoming news of athletic success while, at the same time, getting on with summer.
Mr Dupouy detected a determination to enjoy both, if only to put aside exasperation at the country’s political turmoil.
So far, 2024 looks unlikely to be a golden year for tourism. The days of families booking whole months, split between those favouring July (juillettistes) and the larger, traditionally more blue collar group (aoutiens), are largely gone. A new survey suggests 40 per cent of the French will not be going away at all this year.
But if a revolt against soaring restaurant prices has visibly caused more empty tables, roads and beaches remain crowded, irritating locals but raising hope of recovery by the end of August.
Le Lavandou is the least brash of resorts. Its ambience better suited to families and older couples than young revellers.
Even so, the population reaches six figures in high season, compared with 6,000 in winter. The biggest event of each summer each July 31 attracts thousands for a parade of floats, cleverly if oddly decorated with a Christmas flavour (this year augmented by Olympic references).
Next door to Le Lavandou, Bormes-les-Mimosas has the imposing Fort de Bregancon, France’s official presidential retreat on the Mediterranean. Some past Elysee incumbents loved it, notably Jacques Chirac, whose wife Bernadette became a key figure in the annual Bormes floral carnival. Gen Charles de Gaulle loathed it, finding the mosquitoes too attentive and, as a very tall man, the beds too short.
Mr Macron is a fan and is already spending time there with his wife Brigitte and other family members, his presence subject to interruption for official visits for Olympic and state commitments.
When the Games are over, on August 11, France will be satisfied if it has finished among the top five countries.
In Le Lavandou, talk of the Games will have quietened. Locals who depend on tourism will still have about three weeks to make up for any disappointment in July. And France will have a good idea of whether almost $10 billion (€8.97bn) on Paris 2024 – albeit overwhelmingly from Olympics and private funding – was money well spent.
The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Company%C2%A0profile
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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.”
Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
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Name: Cofe
Year started: 2018
Based: UAE
Employees: 80-100
Amount raised: $13m
Investors: KISP ventures, Cedar Mundi, Towell Holding International, Takamul Capital, Dividend Gate Capital, Nizar AlNusif Sons Holding, Arab Investment Company and Al Imtiaz Investment Group
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June 13: Highlanders 23 Lions 22
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- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
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UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
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Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
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- About one in five men and one in six women will develop cancer in their lifetime
- By 2040, global cancer cases are on track to reach 30 million
- 70 per cent of cancer deaths occur in low and middle-income countries
- This rate is expected to increase to 75 per cent by 2030
- At least one third of common cancers are preventable
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The%20specs
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COMPANY%20PROFILE
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MEYDAN CARD
6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m
7.05pm Handicap (TB) $175,000 (Turf) 1,200m
7.40pm UAE 2000 Guineas Trial Conditions (TB) $100,000 (D) 1,600m
8.15pm Singspiel Stakes Group Two (TB) $250,000 (T) 1,800m
8.50pm Handicap (TB) $135,000 (T) 1,600m
9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m
10pm Dubai Trophy Conditions (TB) $100,000 (T) 1,200m
10.35pm Handicap (TB) $135,000 (T) 1,600m
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2010-2012: Crystal Palace, performance analyst with U-18 academy
2012-2015: Barnet FC, first-team performance analyst/head of recruitment
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- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
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Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
Fixtures:
Thursday:
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Friday:
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Shabab Al Ahli Dubai v Al Wahda, 7.45pm
Saturday:
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Al Ain v Sharjah, 7.45pm
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RESULTS
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Company%C2%A0profile
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It
Director: Andres Muschietti
Starring: Bill Skarsgard, Jaeden Lieberher, Sophia Lillis, Chosen Jacobs, Jeremy Ray Taylor
Three stars
UAE currency: the story behind the money in your pockets
