INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Macron warns ‘sacrifices’ ahead after ‘end of abundance’

Macron has taken the lead in international efforts to bail out the Lebanese economy. (AFP)
  • The speech appeared designed to prepare the country for what promises to be a difficult winter ahead, with energy prices rising sharply and many families struggling with inflation
  • The severe drought over the summer, leading to water restrictions across most of the country, has also caused many French people to express fears about the climate change
French President Emmanuel Macron warned Wednesday that France faced “sacrifices” in a new era marked by climate change and instability caused by Russia’s invasion of Ukraine that signaled “the end of abundance”.
After a summer marked by drought, massive wildfires and continuing loss of life in Ukraine, the 44-year-old leader delivered a stark speech at the start of the first cabinet meeting after the country’s traditional August holiday break.”I believe that we are in the process of living through a tipping point or great upheaval. Firstly because we are living through… the end of what could seem like the end of abundance.”Referring to the war in Ukraine, he added: “Our system based on freedom in which we have become used to living, sometimes when we need to defend it, it can entail making sacrifices.”The speech appeared designed to prepare the country for what promises to be a difficult winter ahead, with energy prices rising sharply and many families struggling with inflation.

The severe drought over the summer, leading to water restrictions across most of the country, has also caused many French people to express fears about the increasingly obvious impact of climate change.

“This overview that I’m giving the end of abundance, the end of insouciance, the end of assumptions it’s ultimately a tipping point that we are going through that can lead our citizens to feel a lot of anxiety,” Macron continued.

“Faced with this, we have duties, the first of which is to speak frankly and very clearly without doom-mongering,” he said.

Macron was re-elected in April to a second term but lost his parliamentary majority in elections in June, meaning Prime Minister Elisabeth Borne heads a minority government that depends on opposition parties to pass legislation.