Latest news with #Pericles
DW
4 days ago
- Business
- DW
How French billionaires push the far-right agenda – DW – 06/02/2025
A French billionaire is spending millions of euros to boost far-right initiatives. But the case of Pierre-Edouard Sterin is just the tip of the iceberg and prompting calls for stricter rules. On May 20, a hearing of a French billionaire before a parliamentary enquiry committee was intended to lift the lid on what the committee had earlier called an "outright ecosystem of political conquest." The lid, however, had to be kept tigth because Pierre-Edouard Sterin didn't show up in the National Assembly. Originally, French lawmakers wanted to question the billionaire founder of Smartbox — a company that sells experience gifts — on his so-called Pericles project, through which he's so far invested about €30 million ($34.24 million) in initiatives promoting his conservative values. "Yesterday, Mr Sterin told us he wanted to testify via video link for security reasons," the committee's president, Thomas Cazenave, told reporters in Paris, while pointing to an empty chair in a sideroom, where Sterin was supposed to sit. The desk at which Pierre-Edouard Sterin was supposed to sit remained empty Image: Raphael Lafargue/abaca/picture alliance "I replied that we had taken appropriate measures to protect him, just like for lawmakers who regularly receive threats," Cazenave — an MP for the government coalition Ensemble! – stressed, adding that he deplored Sterin's "stalling technique." "It means we won't be able to verify if Pericles respects French campaign rules," Cazenave added. The Pericles project's general director, Arnaud Rerolle, meanwhile, did show up for a hearing a week earlier, saying France's "economic, social and moral situation is in a dire state." "We're an incubator on the right of the political spectrum for meta-political projects. So far, we have financed less than 15% of the 600 applications we received," he told the committee. Controversial billionaire Vincent Bollore was already grilled by French lawmakers several times Image: Thibault Camus/AP Photo/picture allianceASSOCIATED PRESS Among the initiatives supported by Pericles are far-right magazine L'Incorrect and the so-called Observatory for Decolonization, which, for example, denounces what it calls "woke obscurantism" — a catch-all term used to decry left-wing ideologies, often centered on the identity politics of minoritis and informed by academic movement. However, Sterin is not the only billionaire trying to steer French political opinion towards the far right, notably Marine Le Pen's far-right National Rally (RN). Interference is 'problem for democracy' Rerolle refused to unveil the names of all the supported projects — less than a third of which are known. But he said Pericles didn't finance political candidates, which is legally allowed only for political parties under French campaign financing laws. Pierre-Yves Cadalen, an MP for the far-left party France Unbowed (LFI) and the committee's vice president, calls Rerolle's statement "wishy-washy." "Daily newspaper L'Humanite published an internal document according to which Pericles aims to help the far right National Rally (RN) win 300 cities in the 2026 municipal elections," Cadalen told DW. During his hearing, Rerolle had confirmed the document was genuine, but called it "outdated." According to Rerolle, €150 million will be spent over a decade to fight against islamism, immigration and gender ideology and work towards a victory at the 2027 presidential and parliamentary elections. RN President Jordan Bardella and RN presidential candidate Marine Le Pen are being qualified as "people of trust." Far-right leaders Le Pen (left) and Bardella are trusted politicians Image: Thomas Padilla/AP/picture alliance/dpa "It's a problem for democracy when billionaires interfere this much with political life," Cadalen said, adding that he wasn't only talking about Sterin. In France, 80% of the daily news outlets are owned by eleven billionaires, with their TV and radio stations reaching more than half of the country's audience. Cadalen thinks that especially Vincent Bollore — the majority shareholder of logistics and communication group Bollore — is wielding "huge influence through his media conglomerate, which includes TV channel CNews, radio station Europe 1, the weekly JDD, plus polling institute CSA. "Together, they have huge firepower and spread far-right narratives that are then picked up by other media," said Cadalen. Abel Francois, professor for political economy at Strasbourg University, says that influence by wealth individuaks is "relatively new' to French politics. "Billionaires used to buy up media to influence politicians, for example, to be chosen in public tenders. Today, it's about boosting a certain ideology," Francois told DW. In public interviews, Bollore has maintained he has no influence on the content of his media. DW's requests for interviews with both Bollore and the Pericles project have remained unanswered. Journalists, researchers and the culture sector 'going quiet' Meanwhile, France's concentration of media ownership has far-reaching consequences, says Amaury de Rochegonde, economic journalist at weekly magazine Strategies and radio station RFI. Journalists "self-censor" when it comes to reporting about those billionaires because no-one wants to get "on the wrong side of a potential future employer." What's more, the billionaires are teaming up, Rochegonde told DW. "Bollore and Sterin are known to have met. Both are pushing for a union of the right, meaning an alliance between the conservative Republicans' right wing and the RN", he said. Trump and Musk: is a coup happening in the US? To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Alexis Levrier, for example, a media historian at northern Reims University, has experienced what it means to rattle the Bollore cage. "I received thousands of messages with insults and even death threats, including from an arms dealer," Levrier told DW in one of his first interviews on the issue since late February. Back then, he had told daily newspaper L'Opinion that he supported a decision by the French media watchdog to revoke the license for C8, one of Bollore's TV stations. The withdrawal came after C8 was found to ignore dozens of formal reprimands, among others for sexism and homophobia. Levrier believes that another of Bollore's media outlets, CNews, should receive a similar sanction for unleashing the hate campaign against him. "Many fellow researchers don't dare to speak up against the Bollore empire any more. The cultural sector has also gone quiet, although artists used to be staunch advocates of humanist values," said Levrier. French lawmakers seek countermeasures And yet, Bollore and Sterin are exceptions among entrepreneurs, says Herve Joly, a historian at national research institute CNRS, because hardly any business leader was openly supporting the RN. "In the past, employers haven't endorsed the far right before it came to power. They tend to back established, conservative parties. Nowadays, entrepreneurs even promote progressive values, such as gender equality and the fight against climate change," he told DW. At the same time, he warns that this could change if the far right rose to power. "In Germany, company bosses cooperated with Hitler after he had taken over and even consolidated his power." Thomas Cazenave is one of those French MP's in support of tightening campaign financing rules Image: Raphael Lafargue/abaca/picture alliance LFI lawmaker Pierre-Yves Cadalen wants to prevent that with "new regulations against market concentration" in French media. "Reactionary forces are using these platforms to push for dismantling our rule-of-law just like in the US," he said, noting that US President Donald Trump has long been ignoring court rulings against him, with far-right media outlets such as FoxNews "cheering him on.' But Ensemble! MP Eleonore Caroit, also a member of the investigative committee, doesn't think that new laws are needed. "We can fight against projects like Pericles by laying them bare," she told DW. "I'm sure that's why Sterin didn't show up for the hearing." The French billionaire now risks two years in prison and a fine of up to €7,500. Edited by: Uwe Hessler
Mint
26-05-2025
- Business
- Mint
Operation Sindoor: Booming defence stocks carry a message for investors
New Delhi: To paraphrase the ancient Greek statesman and general Pericles, just because you do not take an interest in geopolitics, doesn't mean geopolitics will not take an interest in you. Or your stocks portfolio. If the events of the last few weeks have shown us anything, it is that the real estate guys were right—it really boils down to location, location, location. India may be blessed with numerous natural advantages, but in one aspect, at least, it has been dealt with a particularly harsh hand—its neighbourhood. India's neighbours comprise, in no particular order, a military dictatorship masquerading as a functioning country; the world's largest one-party dictatorship itching to take over the entire globe; an aspiring Islamic theocracy; and a perpetually unstable parliamentary republic which cannot let go of its monarchical past. Bang in the middle sits India, the world's biggest democracy and the fastest-growing major economy. In such a situation, few things are amply clear. Firstly, in a neighbourhood like India, geopolitical flare-ups should be considered the norm, not the exception. And second, shoring up India's defence capabilities is non-negotiable, and will take massive investments spanning years, if not decades. Which brings us to the point of view of investing. For India's growing multitude of retail investors, has the time come to accord the defence sector the same importance given traditionally to banking, information technology (IT), and fast-moving consumer goods (FMCG)? Cyclical to strategic Defence stocks roared back to life in the aftermath of India's Operation Sindoor, which was launched on 7 May, targeting terror camps in Pakistan and Pakistan-occupied Jammu and Kashmir. The operation was to avenge the Pahalgam terror attack on 22 April, which left 26 people dead. Shares of defence companies like Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL), Bharat Dynamics, Bharat Forge, BEML, Garden Reach Shipbuilders and Mishra Dhatu Nigam surged more than 10% in the week following the start of military hostilities. Many counters are trading with gains of up to 40% since Operation Sindoor. Fad-chasing aside, experts say participants making a beeline to the sector does have an economic rationale. 'Past conflicts, such as Uri, Pulwama, and notably the 1962 war, have historically triggered significant increases in defence spending, with the 1962 war doubling defence expenditure from 2% to 4% of GDP and catalysing India's nuclear programme," Charanjit Singh, fund manager at DSP Mutual Fund, told Mint. India's growing defence expenditure and strong push towards indigenization amid ongoing tensions with Pakistan and strategic challenges from China means the sector can no longer be considered peripheral to the India story. 'We believe the defence sector is evolving from a cyclical industry tied to budget cycles and geopolitical events into a strategic growth sector with sustained, predictable expansion," Singh said. Operation Sindoor might have reignited interest in defence names, but some experts have been bullish on this theme for a long time. 'The reason is simple. India has made a strong pitch to become a permanent member of the UN Security Council. One of the key requirements for being a member of this elite club is that the country should be strong in defence. A powerful defence sector, therefore, is among the key strategic goals for India," Kranthi Bathini, director of equity strategy at WealthMills Securities, said. Mapping the battleground India was the world's biggest arms importer during 2019–23 with a 9.8% share of all arms imports, according to global security think-tank Stockholm International Peace Research Institute (SIPRI). However, Ukraine took the top spot for the period 2020–24, with its imports increasing nearly 100 times compared with 2015–19, thanks to the Russian invasion. With an 8.3% share of global arms imports between 2000 and 2024, India was the second-largest importer. If we consider just 2024 alone, India was the fifth biggest military spender in the world at $86.1 billion—up by 1.6% from 2023 and 42% from 2015. With around 1.5 million active personnel, India also boasts of the second-largest standing army in the world. The government has set out an ambitious vision to transform India from a major arms importer to a homegrown defence powerhouse which will also cater to global demand. At an event in the capital last month, defence minister Rajnath Singh said that India's defence production is expected to exceed ₹1.6 trillion this year, as he reiterated the government's target of reaching ₹3 trillion by 2029. At the same time, the country's defence exports reached a record ₹23,622 crore in 2024–25. The government's aim is to take this number to ₹50,000 crore by 2029. Perhaps nothing exemplifies the speed and scale of transformation of this sector than this simple stat—in 2013-14, India's defence exports stood at a paltry ₹686 crore. This translates to a whopping 34-fold jump in just over a decade. The country now exports a wide array of defence goods, including ammunition, weapons, systems/subsystems, and components, to around 100 countries. The union budget has made a provision of ₹6.8 trillion for the defence sector for 2025-26. This is 9.53% more than the budgetary estimate of 2024-25 and stands at 13.45% of the union budget, which is highest among all the ministries. In tandem with the increasing budgetary allocations, the Modi government's 'Make in India' push and policy overhauls are also giving the sector a much-needed boost. The policy measures include setting up two 'defence corridors' in Uttar Pradesh and Tamil Nadu to drive indigenous manufacturing and promote exports; issuance of indigenisation lists, under which the notified goods are procured only from domestic suppliers; enhancement of the foreign direct investment (FDI) limit to 74% (automatic route) and up to 100% (government route); the Agnipath scheme, which seeks to reduce the pension burden and free up funds for defence capital expenditure. All these efforts have led to the mushrooming of a vibrant domestic ecosystem in the defence sector. They include advanced military platforms like the Dhanush artillery gun system, advanced towed artillery gun system, main battle tank Arjun, light combat aircraft (LCA) Tejas, advanced light helicopter, light utility helicopter, Akash missile system, weapon locating radar, 3D tactical control radar, and software defined radio among others. In the naval sphere, the country has started manufacturing assets like destroyers, indigenous aircraft carriers, submarines, frigates, corvettes, fast patrol vessels, fast attack craft, and offshore patrol vessels. India's defence industrial base includes 16 defence public sector units (DPSUs), more than 430 licensed companies, and approximately 16,000 micro, small, and medium enterprises. The country, which used to import about 65-70% of its defence equipment needs, is now seeing around 65% of defence goods being manufactured within the country. However, there's still a long way to go. India's defence spending, at around 2% of GDP, is lower than global defence majors (3–5% of GDP), according to domestic brokerage house Nuvama. The twin goals of meeting India's huge domestic demand and emerging as a top exporter of defence equipment will entail a massive upgrade of the country's manufacturing value chain. It also means the sector is far too important to be treated as a transient 'ride-the-rally' opportunity by investors. 'The defence sector is becoming a strong long-term theme, not just a short-term trend. The latest Indo-Pak tensions will lead to higher defence spending and a big push for self-reliance. Policies like Make in India and Atmanirbhar Bharat are driving local manufacturing, expanding exports and leading to the adoption of advanced tech like drones and artificial intelligence (AI)," Pranay Aggarwal, director and CEO of Stoxkart, a discount brokerage firm, said. Big guns In a report last month, Nuvama said it expects India's defence capital outlay to grow 7–8% annually over the next five years, translating into procurement of over $130 billion (about ₹11.1 trillion) during this period. 'Air Force and Navy would account for the bulk of it due to the need for modernization drives for their arsenals and larger programmes/systems… This makes up a substantial part of DPSUs' pipeline of ~ ₹8.7 trillion," it stated. It also has a clear preference in the sector. 'We reckon private defence companies' earnings per share (EPS) CAGR of 25–40% shall beat hands down the defence public sector undertakings' EPS CAGR of 15–18%. High-tech defence manufacturing in the country is likely to improve over coming decades as domestic production ramps up (localization efforts) spurred by greater focus on joint ventures/transfer of technology partnerships with foreign original equipment manufacturers for de-bottlenecking supply chains," Nuvama added. Within the sector, it prefers the sub-segment of defence electronics, which it projects will grow 1.5–2x of defence budget outlay over the next five years. This is due to the major modernization efforts underway, especially in the Air Force and Navy. The expansion and modernization of the Indian Navy will give a huge fillip to listed defence shipyards like Mazagon Dock Shipbuilders, Cochin Shipyards and Garden Reach Shipbuilders. The combined order book of these three major defence shipyards has remained stagnant since 2018-19 even though their combined revenue has increased from ₹8,900 crore in 2018-19 to ₹12,400 crore in the first nine months of 2024-25, Antique Stock Broking highlighted in a note. This was mainly due to delay in placing of new orders (including Project 751 for the acquisition of six submarines, and a second indigenous aircraft carrier), coupled with the completion of major orders placed between 2010 and 2020. Nevertheless, the Defence Acquisition Council (DAC) has approved orders worth ₹8.45 trillion between 2021-22 and 2024-25, which is almost 3.3 times the same number for 2018-19 and 2020-21, the Antique report stated. 'We expect this to translate into significant order inflows in 2025-26–2026-27. We see large orders being placed, led by the ordering of six submarines under P75I, three Kalvari-class submarines, next-generation corvettes, and P-17B frigates, besides a host of smaller vessels," the brokerage expansion and modernization of the Indian Navy will give a huge fillip to listed defence shipyards like Mazagon Dock Shipbuilders, Cochin Shipyards and Garden Reach Shipbuilders. Stock strike Defence has been among the most conspicuous segments of India's post-covid bull run. The Nifty India Defence Index has delivered a three-year return of a mind-boggling 435%. However, as is expected of any overheated part of the market, defence stocks saw a significant correction during July 2024 to March 2025. With these stocks seeing a renewed wave of demand after Operation Sindoor, does it make sense for retail investors to enter now? 'The defence sector may not be cyclical, but the stocks will definitely behave that way, at least in the short to medium term. So one has to be mindful of the valuations, no matter how attractive the business opportunity might seem," WealthMills Securities' Bathini said. A case in point is HAL—among the most prominent plays on the defence theme. The stock, which was trading at ₹900 levels in May 2022, shot up to ₹5,600 by July 2024—an astounding 520% return in a little over two years. However, the stock is currently down 10% from its July 2024 peak. This coincided with its price-to-earnings (P/E) ratio reaching an all-time high of 49 in July 2024. The P/E ratio measures a company's share price relative to its earnings per share. A host of defence stocks saw their price multiples reach record levels in mid-2024, which has translated into lacklustre performance since then. 'The Nifty India Defence Index has surged nearly 39% since March 2025, far outpacing the broader market. This impressive rally is backed by a strong order book, government reforms promoting indigenization, and growing private sector participation. However, the valuations have stretched significantly," DSP Mutual Fund's Singh said. He pointed out that the defence index is currently trading at a high price to equity (P/E) multiple of around 57-61 times forward earnings, which is quite elevated compared to historical averages and other sectors. 'While the long-term growth story is intact, we have to be mindful of stretched valuations and avoid chasing these stocks at peak valuations. We should wait for market corrections or dips to build or add to positions," he added. Some experts, however, have a different take on valuations in a fast-growing sector. 'P/E can be interpreted in another way—as an indicator of the opportunity present before a firm. For example, look at PTC Industries, which trades at a P/E of 400, which by conventional logic is a 'hard avoid'," said Bathini. 'However, the company makes critical engineering components for defence, aerospace and other sectors. Its specialization of working with reactive metals like titanium and zirconium makes it an integral part of the manufacturing value chain which is not easy to replicate. But yes, high P/E also carries a high degree of risk, which should be avoided by the vast majority of retail investors," he added. He advises investors to keep it simple. 'The best way to take an exposure in defence is to stick to proven leaders like HAL, BEL, Cochin Shipyard, etc. As you go along and develop some expertise, you can venture into the mid- and small-cap space, given the right valuations." Also, be aware of narratives overtaking numbers. 'I see a lot of froth in defence sub-segments like drones. People just hear the word 'drone' and are ready to buy any company, without bothering to check if it makes drones for agricultural purposes or defence. Yes, the sector has a long runway for growth, but we must keep track of the company's execution as well," Bathini said. Stoxkart's Aggarwal echoed the views, saying investors should stick to companies with large order books, government contracts, strong export potential, or leadership in high-tech areas like defence electronics. 'PSUs like HAL and BEL are well-established, while private players like L&T and Bharat Forge are growing fast. Defence mutual funds are a good option for those who prefer diversification and expert management, especially given the sector's evolving nature," he said.
Perth Now
14-05-2025
- Entertainment
- Perth Now
Artist turns to cutting-edge artistic practice
Renowned WA multidisciplinary artist Leon Pericles is in his three-dimensional era for his latest exhibition Objecticus Eclecticus at Linton & Kay Galleries Cottesloe. Electric in the sense that the works are more cutting-edge than Pericles' usual artistic practice, the exhibition features 25 original works and sculptures including etchings and interactive elements. 'I always prefer to work on the cusp of something edgy that I've invented,' Pericles says. Your local paper, whenever you want it. 'I can be influenced, but I never copy.' It has been eight years since Pericles' 50-year retrospective exhibition, Scratching the Surface, as he works between home studios in Margaret River and East Perth, inspired by a range of diverse interests and deep curiosity about the world around him. Leon Pericles's latest exhibition Objecticus Eclecticus at Linton & Kay Galleries Cottesloe. Credit: Ross Swanborough / The West Australian Forever supported by his creative counsel and manager, wife Moira, until her advanced dementia, it is a career that led Pericles to being appointed as a Member of the Order of Australia in the 2023 King's Birthday Honours for his significant contribution to the visual arts. The honour came in the aftermath of a personal revelation by Pericles, discovered by chance while watching a late night Australian Story episode on Archibald Prize winning artist Vincent Fantauzzo, speaking about his dyslexia. 'I related to everything he was saying so much,' Pericles says. 'So at midnight, in the middle of the bush in Margaret River, at the age of 74, I suddenly realised I was totally and absolutely dyslexic. Everything fell into place. I'd had a highly stressful existence all my life. I tried to hide the fact that I was called an idiot more often than deservedly at school. I was laughed at, but I had enough wit about me to be amusing and funny, and so I was okay.' WA artist Leon Pericles' latest exhibition Objecticus Eclecticus at Linton & Kay Galleries Cottesloe. Credit: Ross Swanborough / The West Australian Those experiences at school, plus a love of art, took him to Perth Technical School on James Street in the early 1970s, despite his father wanting him to pursue a career in engineering. It was during his days as a technical college art student that Pericles discovered art supplies store Jacksons. 'We would walk over to the Jacksons store on William Street, which had quite a big facade to it,' he recounts. While he would glean as much knowledge as he could from owner Mr Jackson during those formative years, Pericles would eventually become a go-to artist that Jacksons shop assistants would phone for advice, particularly for printmaking. WA artist Leon Pericles' latest exhibition Objecticus Eclecticus at Linton & Kay Galleries Cottesloe. Credit: Ross Swanborough / The West Australian Pericles in now adding to his long association with Jacksons by joining the Jacksons' 70th anniversary art competition judging panel alongside sculptor Georgia Zoric, Jacksons general manager Scott Boercamp and PerthNow Local newspapers editor Arylene Westlake-Jennings. PerthNow and Jacksons are inviting artists across Perth to submit original artwork that celebrates what they love most about their local Jacksons store and their community to be in the running for $5000. Visit for more information.
