Macron headed for overwhelming parliamentary majority

Agencies
June 12, 2017

Paris, June 12: French President Emmanuel Macron’s party is on course for an overwhelming parliamentary majority after Sunday’s first round of voting for the National Assembly that left traditional parties in disarray.

Macron

Forecasts based on partial results showed Macron continuing his centrist revolution, with his Republique en Marche party (Republic on the Move, REM) and its ally MoDem tipped to win between 390 and 445 seats in the 577—member National Assembly in next Sunday’s second round.

“France is back,” Prime Minister Edouard Philippe declared triumphantly.

“For the past month, the President has shown confidence, willingness and daring in France and on the international stage,” Mr. Philippe said, calling the result a vindication of Mr. Macron’s “winning strategy”.

The vote was marked by record low turnout of 49 per cent, reflecting the fatalism among Macron’s opponents in the face of his seemingly unstoppable advance, experts said.

The right-wing Republicans —— who had hoped to rebound from their defeat in the presidential vote —— were shown trailing in second with a predicted 80—132 seats while Marine Le Pen’s far—right National Front (FN) was forecast to garner between one and 10 seats.

The FN’s result showed the party struggling to rebound from Ms. Le Pen’s bruising defeat by Mr. Macron in the presidential run-off.

FN vice-president Florian Philippot admitted to “disappointment” and called on voters to “mobilise massively” for the June 18 second round.

The worst losses, however, were for the Socialists of Mr. Macron’s predecessor Francois Hollande, who were shown dropping a staggering 200 seats.

Conceding the party was facing “unprecedented” losses, PS chief Jean-Christophe Cambadelis appealed to voters to rally behind Mr. Macron’s rivals to avoid the President monopolising power.

Parliament risked having “no real oversight powers and no democratic debate worth speaking of,” he warned.

Republicans leader Francois Baroin also cautioned against all the power being “concentrated in one party”.

The estimates based on partial results showed Mr. Macron’s year-old REM and MoDem winning 32.2—32.9 per cent in the first round, ahead of the Republicans on 20.9—21.5 per cent and the FN on 13.1—14 per cent.

Few MPs are expected to be elected outright on Sunday.

If no candidate wins over 50 percent, the two top-placed contenders go into the second round —— along with any other candidate who garners at least 12.5 per cent of registered voters.

France’s youngest-ever President has been credited with restoring a lost sense of national pride since winning the top office last month at 39.

He has won praise for appointing a balanced cabinet that straddles France’s long-entrenched left-right divide and taking a leading role in Europe’s fight-back against US President Donald Trump on climate change.

If the seat projections are confirmed next week, he will have a strong mandate to push through the ambitious labour, economic and social reforms he promised on the campaign trail.

More than 50,000 police were on patrol during the vote, with France still jittery after a wave of jihadist attacks at home and across the Channel in Britain.

Mr. Macron, who had never held elected office before becoming President, fielded political novices in around 200 constituencies —— part of his bid to rejuvenate the assembly.

They include Marie Sara, a retired bullfighter, who is taking on FN stalwart Gilbert Collard in southern France and 33-year-old junior digital economy minister Mounir Mahjoubi who went up against PS boss Cambadelis in northeast Paris.

Mr. Macron is also trying to usher in an era of cleaner politics. His government’s first bill proposes to ban lawmakers from employing family members or performing consultancy work while in office.

The measures follow the scandal that destroyed the presidential bid of Republicans candidate Francois Fillon, who has been charged over payments to his wife and two of his children for suspected fake jobs as parliamentary assistants.

Mr. Fillon denies the charges.

Mr. Macron’s party has largely avoided controversy but one of his ministers who is running for re-election in Brittany, Richard Ferrand, is being probed over a property deal involving his girlfriend.

Forecasts show Le Pen’s party will struggle to win the 15 seats it would need to form a parliamentary group and help shape the assembly’s agenda.

The radical-left France Insoumise (France Unbowed) party of Jean-Luc Melenchon who finished fourth in the presidential race also fell short of expectations.

His camp was tipped to only take 10—23 seats.

Mr. Macron has urged voters to back his reform proposals including an overhaul of the rigid rules governing the job market, blamed by many economists for holding back growth.

The President was economy minister in the Socialist government that began loosening the labour laws last year, sparking mass demonstrations that lasted for months.

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News Network
May 9,2020

Islamabad, May 9: A female doctor posted at Pakistan Institute of Medical Sciences (Pims) Mother and Child Hospital (MCH), who was tested Covid-19 positive, has exposed Pakistan's mismanagement in handling the patients affected with the deadly virus.

Identified herself as Dr. Sharbat, she made a video of herself locked in an isolated room when the authorities failed to provide any medical assistance to her.

According to Pakistani media, the Pakistan Institute of Medical Sciences (Pims) Mother and Child Hospital (MCH) and the operating theatre in the Children's Hospital were sealed on Tuesday after 15 people from both facilities were diagnosed with Covid-19.

Dr. Sharbat said that despite having Covid-19 symptoms after her colleague doctor was tested positive, she was forced to perform duty by the hospital authorities.

After she tested positive, Dr. Sharbat has isolated herself in a room and has requested the hospital authorities to provide her a bed in the hospital.

She said, "I am isolated in a small room. There is no toilet and other facilities at this place. I have requested the authorities several times to provide me proper bed because I cannot go home as my son and father is there. I have no other place to go. Its been several hours now and the administration is busy doing meetings. They have no idea about my location. I have called the concerned officials several times and requested for a room in the hospital, but they said that they are looking for it. This is the kind of arrangements we have that a doctor, who was serving the patients, is not able to get proper care".

Dr Sharbat said that she is feeling depressed after seeing the response of authorities tackling with Covid-19 crisis in the country.

She added, "It is unfortunate that the government salutes [health professionals] but is not willing to provide isolation rooms."

Pakistan's position in the global ranking in respect of Covid-19 dropped from 24th to 22nd after the number of positive cases increased to 26,806 (till May 08) with the addition of 1,791 new cases.

However, the National Coordination Committee (NCC), chaired by Prime Minister Imran Khan, had decided to substantially ease the lockdown from Saturday after detailed deliberations and consultations with the provinces.

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Agencies
July 3,2020

The dollar's dominance will slowly melt away over the coming year on weakening global demand and a sombre U.S. economic outlook, according to a Reuters poll of currency forecasters whose views depend on there being no second coronavirus shock.

Despite fears a surge in new Covid-19 cases would delay economies reopening and stymie a tentative recovery, world stocks have rallied - with the S&P 500 finishing higher in June, marking its biggest quarterly percentage gain since the height of the technology boom in 1998.

Caught between bets in favour of riskier investments, weak U.S. economic prospects as well as an easing in the thirst for dollars after the Federal Reserve flooded markets with liquidity, the greenback fell nearly 1.0 per cent last month. It was its worst monthly performance since December.

While there was a dire prognosis from the top U.S. medical expert on the coronavirus' spread, the June 25-July 1 poll of over 70 analysts showed weak dollar projections as Fed Chair Jerome Powell on Monday reiterated the economic outlook for the world's largest economy was uncertain.

"The dollar rises in two instances: when you see risk off or when there is a situation where the U.S. is leading the global recovery, and we don't think that's going to be the case anytime soon," said Gavin Friend, senior FX strategist at NAB Group in London.

"The U.S. is playing fast and loose with the virus, and chronologically they're behind the rest of the world."

Currency speculators, who had built up trades against the dollar to the highest in two years during May, increased their out-of-favour dollar bets further last week, the latest positioning data showed.

About 80 per cent of analysts, 53 of 66, said the likely path for the dollar over the next six months was to trade around current levels, alternating between slight gains and losses in a range. That suggests the greenback may be at a crucial crossroad as more currency strategists have turned bearish.

But more than 90 per cent, or 63 of 68, said a second shock from the pandemic would push the dollar higher. Five said it would push the U.S. currency lower.

Much will also depend on debt servicing and repayments by Asian, European and other international borrowers in U.S. dollars.

While an early shortage of dollars in March from the pandemic's first shock pushed the Fed to open currency swap lines with major central banks, international funding strains have eased significantly since. In recent weeks, usage of the facility has reduced dramatically.

That trend is expected to continue over the next six months with major central banks' usage of swap lines to "stay around current levels", according to 32 of 46 analysts. While 13 predicted a sharp drop, only one respondent said use of them would "rise sharply".

The dollar index, which measures the greenback's strength against six other major currencies, has slipped over 5 per cent since touching a more than three-year high in March.

When asked which currencies would perform better against the dollar by end-December, a touch over half of 49 respondents said major developed market ones, with the remaining almost split between commodity-linked and emerging market currencies.

"The dollar is so overvalued, and has been overvalued for a long time, it's time now for it to come back down again, as we head towards the (U.S.) election," added NAB's Friend.

Over the last quarter, the euro has staged a 1.8 per cent comeback after falling by a similar margin during the first three months of the year. For the month of June, the euro was up 1.2 per cent against the dollar.

The single currency was now expected to gain about 2.5 per cent to trade at $1.15 in a year from around $1.12 on Wednesday, slightly stronger than $1.14 predicted last month. While those findings are similar to what analysts have been predicting for nearly two years, there was a clear shift in their outlook for the euro, with the range of forecasts showing higher highs and higher lows from last month.

"In comparison to even a month or two ago, the outlook in Europe has improved significantly," said Lee Hardman, currency strategist at MUFG.

"I think that makes the euro look relatively more attractive and cheap against the likes of the dollar. We're not arguing strongly for the euro to surge higher, we're just saying, after the weakness we have seen in recent years, there is the potential for that weakness to start to reverse."

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News Network
June 10,2020

Hong Kong, Jun 10: The Hong Kong police on Wednesday said they had arrested 53 people during demonstrations on Tuesday evening which were called to mark the one-year anniversary of the protest against a bill proposing extraditions to mainland China. That protest grew into a pro-democracy movement and sparked seven months of protests against Beijing's rule.

Hundreds of activists took to the streets in Hong Kong yesterday, at times blocking roads in the heart of the city, before police fired pepper spray to disperse crowds, Al Jazeera reported.

The police informed that 36 males and 17 females were arrested for offenses including unlawful assembly and disorderly conduct.

Protesters had defied a ban on gatherings of more than eight people introduced by the Hong Kong government to prevent the spread of the coronavirus.

"Lawful protests are always respected, but unlawful acts are to be rejected. Please stop breaking the law," police said in a tweet.

More protests are being planned in the coming days, with pro-democracy supporters fearing the proposed national security legislation will stifle freedoms in the city.

While details of the security law or how it will operate have yet to be revealed, authorities in Beijing and Hong Kong have said there is no cause for concern and the legislation will target a minority of "troublemakers".

But critics say the law would destroy the civil liberties Hong Kong residents enjoy under the "one country, two systems" agreement put in place when the United Kingdom handed the territory back to China in 1997. The agreement is set to end in 2047.

Japan had already issued a statement independently expressing serious concern about Beijing's move on May 28, the day China approved the decision and called in the Chinese ambassador to convey its view.

The United States, Britain, Australia, and Canada also condemned the move, with Washington saying it would revoke Hong Kong's special trading status granted under a 1992 law on the condition that the city retains key freedoms and autonomy.

China blames the protests in part on foreign intervention and is rushing to enact the national security law aimed at curbing secessionist and subversive activities in Hong Kong.

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