French President Emmanuel Macron (right) and U.S. President Donald Trump attend the traditional Bastille Day military parade on the Champs-Elysees in Paris, France (REUTERS/Charles Platiau)
French President Emmanuel Macron (right) and U.S. President Donald Trump attend the traditional Bastille Day military parade on the Champs-Elysees in Paris, France (REUTERS/Charles Platiau)

Emmanuel Macron wins over Donald Trump as Bastille Day celebrations wow



Donald Trump toyed with but abandoned the idea of holding a military parade at his inauguration earlier this year.

The marching bands, tanks on parade, horses clipping across the tarmac and military jets swooping overhead were laid on for the French celebration of Bastille Day on Friday. Mr Trump, the guest of President Emmanuel Macron, revelled in the spectacle.

American and French aircraft participated in a flyover comprised of 49 French Air Force, six French Navy and eight US Air Force planes.

As the parade drew to a close, the two men engaged in yet another long personal encounter that appeared to show a need to establish supremacy over the other. In front of French tricolour and standing on the cobblestones, they shook hands, rubbed each others shoulders and even drew in Brigitte Macron into a three-way embrace. Melania Trump, the first lady, looked on puzzled and the presidents eventually relaxed their grip.

For the Paris trip was about commemorating a momentous moment of the two countries shared history. A century before America had ended its young nation’s isolation and entered the war in Europe as an ally of France and Britain.

“In 1917, the United States of America, this great country and friend of France, defending the liberty of nations, took the decision to go to war by our side,” declared the official programme of the day. “One hundred years later, I wanted to have the American forces parade alongside our soldiers, our sailors and our aviators, with whom they are engaged daily in many theatres of operations.”

Headlines were hostile to Mr Trump in the French papers. The leftish Liberation declared: Pariah in Paris. But overall Mr Macron won the gamble that the visit would be seen as a success.

Protests against the US leader were sporadic, not as all consuming as those in Hamburg, where Mr Trump attended the G20 earlier in the month. The main demonstration in Paris  was entitled “Don’t let your guard down against Trump.”

The US Republican president’s rivals, Democrats Abroad were also visible and staged a small gathering in central Paris.

“This was not a protest of the fact that Donald Trump came to Paris,” Sally Swartz, an organiser, said. “It was to show that the Democrats are alive and well and that we actively oppose the policies and the bills he’s trying to get through Congress.”

The spectacle in Paris was a welcome excursion for a US leader who himself claims to be weathering category 5 hurricane of scandal and political protest.

As he flew home, a US television channel NBC News added to his woes by reporting a meeting between his son, Donald Jr, and Russians promising to handover dirt on Hillary Clinton was attended by a former Soviet counter-intelligence official, who is now a US citizen.

NBC News did not name the ex-agent but described the figure as a lobbyist who had denied any current ties to Russian spy agencies. The lobbyist accompanied Natalia Veselnitskaya, a Russian lawyer to a meeting at Trump Tower in Manhattan with the younger Trump, a senior White House aide and Trump’s son-in-law Jared Kushner and the then campaign manager, Paul Manafort.

Reporting of the Trump trip by the US networks noted that the scandal hung over the visit “like a cloud”.

"It's called opposition research or even research into your opponent. I've only been in politics for two years. But I've had many people call up, 'oh gee, we have information on this factor or this person or frankly, Hillary,'" said Mr. Trump said at a late night press conference alongside Mr Macron in Paris. “My son is a wonderful man”.

The American leader gave mixed signals one of the aspects of the Macron talks. The French leader urged his US counterpart to reverse on his drive to pull out of the global warming agreement, the Paris Accord.

At the press conference, he appeared to acknowledge his host had softened his opposition.

“Yes, I mean, something could happen with respect to the Paris Accord. We'll see what happens,” he said.

However at a briefing for reporters on Air Force One as he flew to Paris, Mr Trump was unequivocal about the deal and his attachment to the fossil fuel-based economy.

“We’ve got underneath us more oil than anybody, and nobody knew it until five years ago,” a White House transcript said. “And I want to use it.  And I don’t want that taken away by the Paris Accord.”

It is less than three months since Mr Macron captured the French presidency after a campaign as audacious as that ran by Mr Trump in 2016 in the US.

After four meetings it is clear that their relationship is a complicated mix of rapport and rivalry. Second guessing how it shapes the fate of trans-Atlantic is set to become a major industry. What is clear is that Mr Macron’s fleet-footed diplomacy has hoisted Paris ahead of Berlin and London in the race for Mr Trump’s ear.

At the end of the parade there was a departure from the usual parade of patriotic tunes and rigid formations. The military band broke into a trumpet-led medley of Daft Punk hits.

It was hard to divine if Mr Trump was puzzled or pleased.

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.”

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.