A yellow vest protester stands amid smoke during a demonstration in Paris, France, 08 December 2018. EPA
A yellow vest protester stands amid smoke during a demonstration in Paris, France, 08 December 2018. EPA
A yellow vest protester stands amid smoke during a demonstration in Paris, France, 08 December 2018. EPA
A yellow vest protester stands amid smoke during a demonstration in Paris, France, 08 December 2018. EPA

Yellow vest protests catastrophic for French economy, says finance minister


Taylor Heyman
  • English
  • Arabic

France's ongoing protests are having a catastrophic impact on the economy, the country's finance minister has said.

The ‘yellow vest’ protests, named for the high-visibility tops worn by demonstrators, were initially sparked by proposed fuel tax hikes, but have since morphed into a larger movement encompassing a variety of grievances against Emmanuel Macron’s government.

This weekend’s protests were the largest yet, with an estimated 125,000 people taking to the streets. French police made over 1700 arrests, and although there were fewer injuries than last week, more property was damaged, Paris’ deputy mayor said on Sunday.

"There was much more dispersion, so many more places were impacted," Emmanuel Gregoire told France Inter radio. "There was much more damage yesterday than there was a week ago."

Saturday’s protests saw the Eiffel Tower, Louvre Museum and countless businesses and restaurants close to visitors in anticipation of violence. Although the precise cost of the protests to the French economy cannot yet be quantified, the French retail federation estimates retailers alone have lost around 1 billion euros (Dh4 billion) since the protests began.

Touring shops and businesses affected by the riots on Sunday, French finance minister Bruno Le Maire said the current state of affairs was “a crisis” for the country.

"It's a catastrophe for commerce, it's a catastrophe for our economy," he said.

As photos and video showing billowing smoke, violent altercations between the police and protesters and smashed windows were beamed across the world, world leaders began to weigh in.

US president Donald Trump shared his opinion that the protests showed that France should pull out of the Paris Climate accords, calling the non-binding agreement “ridiculous and extremely expensive”.

The French government swiftly responded. "We do not take domestic American politics into account and we want that to be reciprocated," Foreign Minister Jean-Yves Le Drian told LCI television channel.

"I say this to Donald Trump and the French president says it too: leave our nation be."

He added that Mr Macron was keen to have dialogue with the demonstrators and would offer solutions in an address to the people scheduled for next week.

"I think his remarks will be strong enough for the movement to halt, or at least for the hooligans to be put off," he said.

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Read more:

Explained: The 'yellow vest' protests that brought France to a standstill

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While you're here
Credit Score explained

What is a credit score?

In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.

Why is it important?

Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.

How is it calculated?

The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.

How can I improve my score?

By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.

How do I know if my score is low or high?

By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.

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A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.

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. 

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An Islamic bond structured in a way to generate returns without violating Sharia strictures on prohibition of interest.

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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

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15 Lebanese teams

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If you go

The flights

Fly direct to London from the UAE with Etihad, Emirates, British Airways or Virgin Atlantic from about Dh2,500 return including taxes. 

The hotel

Rooms at the convenient and art-conscious Andaz London Liverpool Street cost from £167 (Dh800) per night including taxes.

The tour

The Shoreditch Street Art Tour costs from £15 (Dh73) per person for approximately three hours. 

Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.

  • It’s So Easy
  • Mr Brownstone
  • Chinese Democracy
  • Welcome to the Jungle
  • Double Talkin’ Jive
  • Better
  • Estranged
  • Live and Let Die (Wings cover)
  • Slither (Velvet Revolver cover)
  • Rocket Queen
  • You Could Be Mine
  • Shadow of Your Love
  • Attitude (Misfits cover)
  • Civil War
  • Coma
  • Love Theme from The Godfather (movie cover)
  • Sweet Child O’ Mine
  • Wichita Lineman (Jimmy Webb cover)
  • Wish You Were Here (instrumental Pink Floyd cover)
  • November Rain
  • Black Hole Sun (Soundgarden cover)
  • Knockin’ on Heaven’s Door (Bob Dylan cover)
  • Nightrain

Encore:

  • Patience
  • Don’t Cry
  • The Seeker (The Who cover)
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Date started: March 2020

Co-founder/CEO: Ahmed Eissa

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