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Morocco planning agency scales down growth forecast

Country's economy is projected to grow by 3.3% in 2023

By - Jan 15,2023 - Last updated at Jan 15,2023

A worker harvests roses in a field in Morocco's central Tinghir Province (AFP file photo)

RABAT — Morocco's economy is projected to grow by 3.3 per cent in 2023, a government agency said on Thursday in a scaled down forecast for the country battling historic drought.

Agriculture is a key sector in the kingdom's economy, one of Africa's most dynamic.

"Assuming recovery of agricultural activities, the national economy should show a 3.3 per cent increase in 2023," said Ayache Khellaf, secretary general of the government's High Commission for Planning (HCP).

The HCP in July had projected a 3.7 per cent increase in Gross Domestic Product this year after just 1.3 per cent in 2022. 

The coronavirus pandemic and the war in Ukraine sent inflation spiralling to 8 per cent last year with price hikes on fuel and food.

Morocco had returned "to 2014 levels of poverty and vulnerability" last year, the HCP said previously.

In early December protesters turned out in Rabat to denounce the government and high cost of living but the country's history making semi-final run at the football World Cup gave citizens some temporary relief from economic pain.

The 2023 annual state budget, presented in October by the government of liberal Prime Minister Aziz Akhannouch, factored in a 4 per cent GDP growth.

"Uncertainties linked primarily to the progress of the war in Ukraine, interest rates and epidemic and climatic risks" will decide how much the economy actually grows in 2023, Khellaf said at a press conference in Rabat.

The HCP noted in its economic forecast a "probable" risk of a return to drought, despite "relatively abundant rainfall" in December and said key drivers of growth are "in decline".

Last year, the North African country saw its worst drought in four decades.

"The shocks suffered over the past three years by the Moroccan economy, despite its relative resilience, have caused lasting damage," Khellaf said.

Morocco is also hoping to convert its raised profile from the World Cup into economic gains, especially for tourism. The sector is one of the country's top employers.

Iraq's currency in flux as foreign transfers come under scrutiny

By - Jan 15,2023 - Last updated at Jan 15,2023

BAGHDAD — Iraq's local currency has been on a two-month roller coaster ride following a tightening of procedures for international transfers, with some blaming Washington for the dinar's woes.

While the official exchange rate has been fixed at 1,470 Iraqi dinars against the dollar, the currency was trading at up to 1,600 to the greenback on local markets from mid-November, before settling at about 1,570 dinars, according to state media.

Though the depreciation does not seem particularly dramatic, especially compared to other countries in the region, it has sent panic through the Iraqi population, which fears a price surge on imported goods such as gas and wheat.

"The fundamental reason" for this depreciation is "external constraints", said Muzhar Saleh, a financial adviser to Prime Minister Mohammed Shia Al Sudani.

But other Iraqi officials have placed the blame squarely on the shoulders of one actor — the United States.

Hadi Al Ameri, a key figure in the pro-Iran former paramilitary Hashed Al Shaabi, has accused the United States of using the dollar "as a weapon to starve nations".

But Iraqi economic expert Ahmed Tabaqchali said that "contrary to current misconceptions, rumours and misinformation, there is no evidence of US pressure on Iraq".

 

'Shock' 

 

Since mid-November, Iraqi banks have had to comply with certain criteria of the SWIFT international transfer system in order to access their foreign reserves, estimated at $100 billion and held at the US Federal Reserve.

"Taking part in the international cross-border fund transfers requires complying with global anti-money laundering provisions, counterterrorist financing provisions, and sanctions provisions — such as those that apply to Iran or Russia," Tabaqchali said.

"The new regulations require high levels of disclosure and transparency," he said, adding that this came as a "shock for many... of our banks, who were not used to this".

According to Saleh, Iraqi banks must now register their dollar transfers "on an online platform that reviews transfer requests".

"The US Federal Reserve examines the requests and if there are any suspicions, it stops the transfer," he said.

Since the adoption of the new mechanism in November, the US Federal Reserve has blocked about 80 per cent of transfer requests to Iraqi banks due to doubts over the final destination of these transfers, according to Saleh.

 

Purchasing 

power plunges 

 

This has led to a shortage of dollars on the Iraqi market and in turn a depreciation in the dinar's value.

The Iraqi central bank has described the currency fluctuation as a "temporary situation" and the authorities have taken measures seeking to stabilise the exchange rate.

These have included facilitating dollar trade in the private sector through Iraqi banks and opening foreign exchange outlets at state-owned banks for those wishing to travel abroad.

The Cabinet has also decided to "oblige all state bodies to sell goods and services in Iraq in dinars at the central bank's exchange rate" of 1,470 to the dollar.

Saleh argued that "these measures are important as they show that the state is there to protect the market and citizens".

Inflation was at a relatively low 5.3 per cent year-on-year in October 2022 when it was last registered.

But fears remain over the declining purchasing power among Iraqis.

Saad Al Tai, a retiree who helps his son run a small shop in Baghdad's Karrada district, is feeling the heat of the fluctuating exchange rate, describing it as "a real problem" for both traders and customers.

"When the dollar was valued at 1,470, my pension was worth $336. Today, the exchange rate is 1,570 dinars and my pension is worth $314," he said. 

Hundreds of Tunisians rally against economic crisis

By - Jan 14,2023 - Last updated at Jan 14,2023

TUNIS — Hundreds of Tunisians marched on Saturday after opponents of President Kais Saied called for protests over a worsening economic crisis.

"The people want what you don't want. Down with Saied," chanted the activists, including supporters of the Islamist-inspired Ennahdha Party.

Ennahdha had dominated parliament until Saied launched a dramatic power grab on July 25, 2021, sacking the government and freezing parliament before appointing a new cabinet and ruling by decree.

"The coup has brought us famine and poverty. Yesterday the grocer gave me just 1 kilo of macaroni and a can of milk," said Nouha, a woman at one protest.

"How can I feed my family of 13 people with that?" the 50-year-old housewife lamented.

Saturday's protests were staged in the capital Tunis by two different opposition groups and were held far apart with a heavy police presence to avoid any unrest.

They were held against a backdrop of deepening political divisions on the 12th anniversary of the fall of dictator Zine El Abidine Ben Ali.

The biggest opposition force, the National Salvation Front which includes Ennahdha, was kept about 1 kilometre from left-wing party activists gathered in front of the municipal theatre.

Another march attended by hundreds of people was led by Abir Moussi of the anti-Islamist opposition Free Destourian Party, in the south of Carthage, where the presidential palace is located.

Tunisians who largely supported Saied's takeover have become increasingly fed up with the economic crisis.

The state, which is heavily in debt, has found it difficult to import basic goods, and there are chronic shortages of staples such as coffee, milk and sugar.

Focus on emissions, says UAE's climate talks and oil boss

By - Jan 14,2023 - Last updated at Jan 14,2023

United Arab Emirates' Minister of State and CEO of the Abu Dhabi National Oil Company (ADNOC) Sultan Ahmed Al Jaber, addresses the public at the opening session of the Atlantic Council Global Energy Forum, in the capital Abu Dhabi, on Saturday (AFP photo)

ABU DHABI — The president of this year's COP28 climate talks, who heads a major oil company, on Saturday urged a focus on lower emissions to reduce global warming, warning that energy needs were set to accelerate.

Sultan Al Jaber, the United Arab Emirates' special envoy for climate change and CEO of oil giant ADNOC, said less-polluting fossil fuels would remain part of the energy mix, along with renewables and other solutions.

"As long as the world still uses hydrocarbons, we must ensure they are the least carbon intensive possible," Al Jaber told the Global Energy Forum in Abu Dhabi, two days after his unveiling as COP president.

"We're working with the energy industry on accelerating de-carbonisation, reducing methane and expanding hydrogen. 

"Let's keep our focus on holding back emissions, not progress."

Al Jaber's nomination on Thursday prompted protests from climate activists concerned that a senior figure from the oil industry has little incentive to reduce the use of hydrocarbons.

The Gulf monarchy argues that oil remains indispensable to the global economy and is pushing the merits of carbon capture — removing carbon dioxide, the main greenhouse gas, as fuel is burned or from the air.

Al Jaber said the UAE would organise this year's United Nations climate summit with "humility, a clear sense of responsibility and a great sense of urgency".

He said the world's population, currently eight billion, was on course to reach 9.7 billion by 2050 and would need "50 per cent more energy than what is available today".

 

'Living in a dream' 

 

"We are way off track. The world is playing catch up when it comes to the key Paris goal of holding global temperatures down to 1.5 degrees [Celsius]," he said.

"And the harsh reality is that in order to achieve this goal, global emissions must fall 43 per cent by 2030."

COP27, held in Egypt in November, concluded with the adoption of a hotly contested text on aid to poor countries affected by climate change, but failed to set new ambitions for lowering greenhouse gas emissions.

The UAE, a leading crude producer and one of the world's biggest polluters per capita, will host the next edition in Dubai in November and December. It had the largest contingent of oil and gas lobbyists at last year's talks.

At the Global Energy Forum, whose audience included US climate envoy John Kerry, Qatar's Energy Minister Saad Sherida Al Kaabi accused critics of "demonising" oil and gas companies.

"If I can just be a little bit blunt... the community that was driving the green [agenda] was living in a dream that they realise they can't achieve," said Kaabi, who is also the chief executive of state gas firm QatarEnergy.

"It's very important that we achieve these goals but we need to be realistic about what we can achieve," he added. "We can't be driven by just the agendas of people wanting to be elected."

Products as varied as coolers and clothing rely on hydrocarbons, Kaabi said. "I know we need to do a lot of work there but let's not forget the reality of what we need."

 

UAE names oil chief to head COP28 climate talks

Decision prompts fierce criticism from environmental activists

By - Jan 12,2023 - Last updated at Jan 12,2023

In this file photo taken on November 11, 2019, the United Arab Emirates' minister of state and CEO of the Abu Dhabi National Oil Company (ADNOC), Sultan Ahmed Al-Jaber, addresses the opening ceremony of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in the Emirati capital (AFP photo)

DUBAI — The head of the United Arab Emirates' national oil company was named on Thursday as president of this year's COP28 climate talks, prompting fierce criticism from environmental activists.

Sultan Al Jaber, chief executive of the UAE's Abu Dhabi National Oil Company (ADNOC), will be the first CEO to take the role at the UN summit, said a statement carried by the official WAM news agency.

"I sincerely believe that climate action today is an immense economic opportunity for investment in sustainable growth," he was quoted as saying, promising a "pragmatic" approach.

Jaber, the UAE's minister of industry, is also the Gulf state's special envoy for climate change and has taken part in more than 10 COP meetings.

He is CEO of Masdar, the UAE's renewable energy company, and has "played a key role in shaping the country's clean energy path", the statement said.

But climate activists were quick to criticise his appointment. Harjeet Singh, head of global political strategy at Climate Action Network International, said it "poses an outrageous conflict of interest".

Teresa Anderson, global lead on climate justice at ActionAid, an NGO, said: "This appointment goes beyond putting the fox in charge of the henhouse."

And Rachel Kyte, dean of the Fletcher School of international affairs at Tufts University in the US, warned: "The incoming COP president has a dilemma.

"The UAE is competing to be the most efficient and lowest-cost source of fossil fuels as global production must diminish through the energy transition," she said.

"It will be challenging as COP president to unite countries around more aggressive action while at the same time suggesting that other producers stop producing because UAE has you covered.

"We don't have the planetary space for mixed messages," she added.

 

Too hot for humans 

 

COP27, held in Egypt in November, concluded with the adoption of a hotly contested text on aid to poor countries affected by climate change, but failed to set new ambitions for lowering greenhouse gas emissions.

The UAE, one of the world's biggest crude producers, will host the next edition in Dubai in November and December. It had the largest contingent of oil and gas lobbyists at last year's talks.

The Gulf monarchy argues that oil remains indispensable to the global economy and is pushing the merits of carbon capture — removing carbon dioxide, the main greenhouse gas, as fuel is burned or from the air.

"Limiting global warming to 1.5ºC will require significant reductions in emissions, a pragmatic, practical and realistic approach to the energy transition and more help for emerging economies," the UAE's statement said, referring to the goal set at previous COP summits.

The UAE is one of the countries at the sharp end of climate change as it lies in one of the world's hottest regions, with summer temperatures nudging 50ºC.

According to a study published in 2021, parts of the Gulf could become too hot for human habitation by the end of this century.

The UAE has announced ambitious environmental initiatives, including plans for 20 gigawatts of installed solar capacity by 2030 and a fully operational nuclear power station by 2024.

But the Gulf state also forecasts that the oil and gas industry would need to invest more than $600 billion every year until 2030 to keep up with expected demand.

Former UN climate chief Yvo de Boer offered support for the UAE and Jaber, saying his work in "green growth strategy" and renewable energy give him the "understanding, experience and responsibility" to make COP28 a success.

With its high use of air-conditioning and desalinated water, and ubiquitous SUVs plying 10-lane highways, the UAE was the world's fourth biggest polluter per capita in 2019, according to the World Bank.

It is aiming to develop enough renewable energy to cover half of its needs by 2050, when it is targeting domestic carbon neutrality — which excludes emissions from its exported oil.

UAE agrees to roll over Pakistan debt, add $1 billion more

By - Jan 12,2023 - Last updated at Jan 12,2023

ISLAMABAD — The United Arab Emirates has agreed to roll over $2 billion owed by Pakistan and provide the country with an extra loan of $1 billion, Islamabad said on Thursday.

The agreement comes as Pakistan grapples with a major foreign exchange crisis, holding enough reserves to pay for just three weeks of imports.

Pakistan Prime Minister Shehbaz Sharif arrived in the UAE earlier Thursday for talks with top Gulf officials to seek help for the battered economy.

"The UAE president agreed to roll over the existing loan of US$2 billion and provide a US$1 billion additional loan," a statement from Sharif's office said.

"Both sides agreed to deepen the investment cooperation, stimulate partnerships and enable investment integration opportunities between the two countries."

The statement did not provide the terms of the loan agreement.

Pakistan's national debt stands at $274 billion — or nearly 90 per cent of gross domestic product.

The nation's forex reserves have dwindled to less than $6 billion, with obligations of more than $8 billion due in the first quarter alone.

A $7 billion loan agreement with the IMF — about half of which has already been disbursed — has stalled because Pakistan has not fully implemented tough economic measures including slashing subsidies and raising taxes.

The economy has also been hammered by devastating monsoon floods that left almost a third of the country under water last year, and the government says it needs more than $16 billion over the next three years to rebuild.

Islamabad won some relief earlier this week when nations pledged over $9 billion to help with recovery efforts.

US halts all domestic flight departures over system outage

By - Jan 11,2023 - Last updated at Jan 11,2023

WASHINGTON — The US Federal Aviation Authority (FAA) ordered a temporary halt to all domestic flight departures on Wednesday, after a major system outage that disrupted air traffic across the country.

Airlines and airports were left scrambling with news of the nationwide pause, as the White House said there was no immediate evidence of a cyberattack.

The FAA halted flights until 9:00 am (14:00 GMT), but said it expected departures to resume at that time and that takeoffs had already begun at Newark and Atlanta airports due to air traffic congestion.

A key process, it said, had been "impaired" in an outage of its Notice to Air Missions system (NOTAM), which provides information to flight crews about hazards, changes to airport facilities and other essential information.

The pause, it said, would allow "the agency to validate the integrity of flight and safety information".

Speaking to reporters, President Joe Biden said that he had been briefed by the transportation secretary and that "aircraft can still land safely, just not take off right now".

"They don't know what the cause of it is, they expect in a couple of hours they'll have a good sense of what caused it and will respond at that time," Biden said.

"The FAA is still working to fully restore the Notice to Air Missions system following an outage," the agency said in a statement, adding that while "some functions are beginning to come back on line, National Airspace System operations remain limited".

 

Thousands of delayed flights 

 

White House Press Secretary Karine Jean-Pierre tweeted that "there is no evidence of a cyberattack at this point".

"The President directed DOT to conduct a full investigation into the causes. The FAA will provide regular updates," she said, referring to the Department of Transportation.

There were at least 3,700 flights delayed in the United States by 8:30 am US Eastern time (13:30 GMT), flight tracking website Flight Aware data showed.

American Airlines said that it was "closely monitoring the situation, which impacts all airlines, and working with the FAA to minimise disruption to our operation and customers".

Transportation Secretary Pete Buttigieg said he was in contact with the FAA.

"I have been in touch with FAA this morning about an outage affecting a key system for providing safety information to pilots," he tweeted. 

"FAA is working to resolve this issue swiftly and safely so that air traffic can resume normal operations, and will continue to provide updates."

The halt comes in the wake of a large-scale aviation meltdown in the United States over the Christmas holiday, as a storm brought unseasonably cold temperatures to the majority of the country and caused chaos, with thousands of flights delayed or canceled.

Hard-hit Southwest Airlines canceled more than 15,000 flights over eight days after what it said was a breakdown in its scheduling systems.

World stocks mostly rise on recovery hopes

By - Jan 11,2023 - Last updated at Jan 11,2023

LONDON — Global stock markets mostly rallied on Wednesday as investors were buoyed by optimism over China's reopening and looming data expected to show a further slowdown in US inflation.

Investors brushed off warnings that US interest rates would continue to rise, as well as the World Bank's downgrade to its global growth forecast.

Asian and European equities mainly fizzed higher after impressive New York gains rooted in the tech sector.

"Markets were relatively upbeat with a good showing on Wall Street last night which spilled over into a positive sentiment among investors in European stocks," said Russ Mould, investment director at stockbroker AJ Bell.

After wavering on Tuesday, markets resumed the upward push that has characterised the start of the year thanks to China's emergence from nearly three years of zero-COVID isolation.

The reopening, easing of Beijing's tech crackdown and moves to help the property sector have raised hopes for the world's number-two economy, a crucial driver of world growth.

"Many investors are starting to believe China's reopening could be faster than expected on pent-up demand, a robust economic rebound and fewer supply constraints," noted SPI Asset Management analyst Stephen Innes.

Focus this week is on Thursday's US consumer price index, which is expected to show that price gains eased further in December.

But while that could possibly allow the Federal Reserve to take a lighter approach to its monetary tightening campaign, policymakers continue to push back against any pivot away from rate hikes.

 

Company news 

 

In London on Wednesday, shares in JD Sports topped the FTSE 100 index, jumping more than 6 per cent after the retailer posted upbeat Christmas sales.

But Sainsbury dropped 1.6 per cent after the supermarket group also logged rising festive sales — but cautioned over the impact of the cost-of-living crisis.

Housebuilder Barratt Developments meanwhile slid 0.5 per cent after it warned of a "marked slowdown" in the UK housing market, hit partly by economic uncertainty and rising home loan interest rates.

And cyber security firm Darktrace saw its share price tank more than 14 per cent after cutting its annual revenue forecast due to the souring economic climate.

French government plays down strike threat over pension reform

Government raises retirement age from 62 to 64

By - Jan 11,2023 - Last updated at Jan 11,2023

French Government's Spokesperson Olivier Veran addresses the press conference following the weekly Cabinet meeting in Paris, on Wednesday (AFP photo)

PARIS — The French government on Wednesday played down the prospect of mass strikes and protests over pension reform which are expected to start next week.

All of France's main unions have called the first stoppages and rallies next Thursday to protest against the government's plan to raise the retirement age to 64 from its current level of 62, a change that is widely unpopular among the public.

Many observers expect a bitter battle over the next month that could lead to disruption to transport and public services.

"We're not focusing on the possibility of massive protests or the impact of these protests," spokesman Olivier Veran told reporters at a briefing.

"We've finished the phase of consultations and we are entering into the phase of explaining and informing."

Asked whether he was "scared" about the looming battle earlier in the day, he replied: "It doesn't scare me." 

"In the modern history of our country, every time that people have needed to work a bit longer, every time we've needed to reform the pension system... there have been protests," he told the Franceinfo radio station.

President Emmanuel Macron, whose credibility is on the line with a reform he has championed since coming to power in 2017, called on his ministers on Wednesday to help sell the "essential and vital" change to a highly sceptical electorate.

He urged ministers to stress the "social progress" in the changes, such as a higher minimum pension of 1,200 euros ($1,287) a month and allowances for people in ill health or physically demanding jobs.

Veran said that "those that started work early will be able to retire at 58" and four out of 10 workers would not need to reach the new limit of 64 for a pension. 

 

'Sadistic'

 

Polls suggested that around two thirds of French people are currently against the changes and a majority support the call for protests.

Draft legislation is expected to be presented in the hung national parliament in early February, with Macron's minority MPs banking on support from the rightwing Republicans opposition group to pass it.

The far-right National Rally Party of Marine Le Pen has announced its intention to be "the leader of opposition to the reform" — a role also coveted by the hard-left France Unbowed Party.

Le Pen called the reform "unfair and very brutal" on Wednesday, saying she thought Macron was being pressured by the European Union or was "sadistic" given the cost-of-living crisis caused by high inflation.

"I told the prime minister this, there's a sadistic side, like the child that pulls the wings off a fly," Le Pen told parliamentary journalists. 

"At a time when French people are facing serious difficulties... with their household budgets collapsing, you're carrying out a reform of the pension system with extreme haste," she added.

Macron's reputation on line with pension reform push

Macron insists that pension system must be streamlined

By - Jan 10,2023 - Last updated at Jan 10,2023

Force Ouvriere (FO) union's leader Fabrice Lerestif speaks in front of a banner reading 'no pension for the dead people' during a rally organised by FO against the government's pension reform plan in Rennes, western France, on Tuesday (AFP photo)

PARIS — The French government is set to announce its proposals for overhauling the pension system on Tuesday, in a potentially explosive reform fraught with danger for President Emmanuel Macron.

With his oft-repeated belief that the French "need to work more", Macron has doggedly insisted since his rise to power in 2017 that the pension system must be streamlined.

But having called off his first attempt in 2020 in the face of protests and the COVID-19 pandemic, the 45-year-old centrist put the issue at the heart of his successful campaign for a second term in April last year. 

As well as simplifying the system and removing privileges enjoyed by workers in some sectors of the economy, the reform will aim to raise the retirement age from its current level of 62 — most likely to 64.

"On the whole, the idea of the reform is not supported by the public, even though some can understand that if we live for longer then we might need to work for longer," Bruno Cautres, a political expert at Sciences Po university in Paris, told AFP. 

All of France's trade unions and most of the country's opposition political parties are preparing for battle, seeing the struggle as a way of protecting the country's social system and undermining Macron's position.

The former investment banker lost his parliamentary majority in legislative elections in June in a major setback.

He has made pension reform one of the main planks of his plans for domestic reform during his second term.

"If Emmanuel Macron wants to make it the mother of reforms... for us it will be the mother of battles," warned the head of the hard-left FO union, Frederic Souillot, over the weekend.

Street protests and strikes appear inevitable, with Macron's last attempt resulting in the longest public transport stoppage in Paris in three decades.

 

Yellow Vests II? 

 

Of greater concern to the government is the risk of spontaneous protests of the sort seen in 2018 when people wearing fluorescent yellow safety jackets began blocking roads, sparking what became known as the "Yellow Vest" revolt.

The often violent display of defiance struck fear into the heart of government, leading Macron to promise a gentler, less authoritarian style of governing.

"I don't see another 'Yellow Vest' crisis happening," Cautres told AFP, even though he said the national mood was one of "pessimism, fatalism and anger" and a sense that "we're permanently in crisis".

Some in government are banking on the country acquiescing to a change that is widely disliked but viewed as inevitable, particularly given that most of France's neighbours have hiked the retirement age to 65 or beyond.

"There's a form of fatalism," an aide to Macron told AFP recently on condition of anonymity. "We're going to go through with it and people know it."

The government has also watered down some of its proposals, with the retirement age likely to be 64 instead of the 65 proposed by Macron.

There will also be a proposed rise in the minimum pension to 1,200 euros ($1,280) a month and greater provision for people who have not worked continuously, such as parents who took career breaks to care for children.

 

'President of the rich' 

 

Critics see the changes as retrograde and unnecessary, even though official forecasts show the system in deep deficit in the coming decades because of the gradually ageing population.

"In 2023, will Emmanuel Macron be out of step with the era and shine as the president of the rich?" leftwing French economist and author Thomas Piketty asked in Le Monde newspaper on Sunday.

He said the reform might save the state up to 20 billion euros a year, but "the problem is that these 20 billion will weigh down entirely on the poorest" by extending their working lives.

As well as contending with strikes and protests, Macron's government will also need to cut a path through the stormy parliament where the ruling party and its allies are in a minority.

Support for the legislation from the rightwing Republicans party is expected to be necessary.

Without it, Prime Minister Elisabeth Borne would have to use a constitutional power known as article 49.3 which enables her to ram through legislation without a vote.

But such a move would almost certainly lead to a confidence vote, which, if all the opposition parties united, could bring down the government. 

Borne will unveil the outlines of the proposed law at 5:30 pm (1630 GMT) and will speak on French TV later in the evening. 

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