Marlene Schiappa delivers a speech during a session of questions to the government at the National Assembly in Paris. AFP/Bertrand Guay
Marlene Schiappa delivers a speech during a session of questions to the government at the National Assembly in Paris. AFP/Bertrand Guay

Emmanuel Macron launches ‘cultural war’ on sexism



French president Emmanuel Macron will launch a ‘cultural war’ against sexism and sexual violence in a speech on Saturday, addressing an issue that has dominated news coverage after allegations of sex crimes by such people as US movie producer Harvey Weinstein encouraged women in America, France, and around the world to come forward with tales of abuse they’ve suffered in fields ranging from entertainment to sports to politics.

Mr Macron has tasked Marlene Schiappa, his 35-year-old state secretary for gender equality who is not even a full minister, to show the presidents’s commitment to women’s issues. Ms Schiappa was among four members of the government picked to speak when President Emmanuel Macron’s political movement held its first congress last weekend.

Mr Macron “has made equality of the sexes a major objective of his presidency,” Ms Schiappa said in an interview this week during a conference on sexual violence at the French health ministry in Paris. An estimated 225,000 women a year are victims of violence from their partners in France, according to MIPROF, a government body. In his speech, Macron will unveil a five-year plan to address the issue, including special police hotlines and giving women the ability to get legal evidence of abuse from a hospital without necessarily pressing charges.

Ms Schiappa, a mother of two girls, hit some of Macron’s targets when he was putting together his government after being elected in May: having half the cabinet be women and naming some non-politicians. She’s the founder of ‘Maman Travaille’, or ‘Mommy Works’, an association that began as blog to push measures to help working parents care for kids. She’s also the author of several novels and non-fiction books.

But Ms Schiappa has a tough act to follow. France has had strong women in the past fighting for gender equality: Simone Veil, a minister of justice and health in the 1960s and 80’s, won adoptive rights for women and, more importantly, legalised abortion. Yvette Roudy, women’s rights minister in Francois Mitterrand’s first government from 1981 to 1986, pushed through laws about workplace equality and extended state health care to abortions.

For her part, Ms Schiappa, in spite of a brazen style and a colloquial way of expressing herself, rarely made headlines in the early months of Mr Macron’s reign. When she did, it was for stumbles, such as when she had to backtrack on a promise to soon allow medically assisted reproduction for all women and not just for married couples, or when some pointed out positions she took years before joining the government, like opposing France’s laws banning Muslim headscarves in schools.

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.”

The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

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