Tag: Retirement

Retire Right With These 6 Billionaire Stocks That Pay Dividends Monthly

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Here are six real estate investment trusts owned by billionaires like Ken Griffin and Jim Simons that pay dividends monthly.

By John Dobosz, Forbes Staff

It’s no secret that dividends are highly prized by investors because they provide reliable income and a source of investment returns, even when stock prices are falling. Most dividend-paying stocks kick out cash dividends every three months, but a much smaller subset of a few dozen stocks pay on a monthly basis, providing a faster flow of income, or a quickened pace of compounding if investors reinvest dividends into additional shares of stock.

Most U.S.-listed stocks paying monthly dividends are either real estate investment trusts (REITs), business development companies, or oil and gas royalty trusts. These so-called “pass-through” entities do not pay tax on the corporate level because they distribute nearly all their income as dividends, which are taxed as ordinary income for shareholders who receive them, if the REITs are not held within an individual retirement account.

Like rent checks earned every month from rental properties, several of the worlds’ top billionaire investors have been scooping up monthly dividends from REITs that specialize in different niches of the property market, including shopping centers, office buildings, distribution centers and warehouses, recreational facilities, and nursing homes.

Sharply higher borrowing costs are not a friend of REITs. They increase interest cost on new debt and could adversely impact the ability to refinance existing debt, sell assets, and limit acquisition and development activities. Nonetheless, even as rising interest rates present headwinds for real estate, REITs remain ideal securities for income-oriented investors and for anyone interested in generating total return from dividends and long-term capital appreciation potential.

Regarding the importance of dividends in total return, pioneering female income investor Geraldine Weiss, longtime editor of Investment Quality Trends, was fond of saying, “We all hope for capital gains, but the only thing we can really count on is the dividend.”

The six REITs presented below are all monthly dividend-payers with annual yields ranging from 3.3% to 7.6%, making them good candidates for those looking for steady retirement income. All have payouts comfortably below their cash flow and are trading at discounted valuations relative to history. In addition, the most recent U.S. Securities and Exchange Commission filings show significant ownership by highly skilled billionaire investors.

Agree Realty (ADC)

Dividend Yield: 4.8%

Market Capitalization: $5.9 billion

Billionaire Ownership: Ken Fisher, Bruce Flatt, Ken Griffin, Ray Dalio, Steven Cohen, Jim Simons, Israel Englander, Clifford Asness

Bloomfield Hills, Mich.-based Agree Realty (ADC) is focused squarely on retail. It owns, acquires, develops, and manages net-lease properties rented to national retail tenants that include Walmart, Dollar General, Tractor Supply, Best Buy, Dollar Tree, and Kroger. Revenue is on the rise, expected to grow 20% this year to $517.2 million, with funds from operations up 2% to $3.95 per share. REITs are traditionally valued as a multiple of funds from operations (FFO), which differ from earnings in that they do not include the impact of interest, taxes, depreciation, or gains/losses on the sale of properties. Agree Realty trades at 15.1 times expected FFO, which is a 21% discount to its five-year average price/FFO ratio of 19.2. With a debt-to-equity ratio of 0.43, Agree is not stressed financially.

With ADC shares down 18% from their February high, it’s a clear sign of bullishness that company insiders are buying the stock hand-over-fist. Five different officers and directors, including the chief financial officer, purchased a total of $4.56 million worth of stock in the month of August. Executive Chairman Richard Agree personally ponied up $1.9 million to buy 30,000 shares. Billionaire investors have also shown a strong appetite for Agree. Israel Englander’s Millennium Management hedge fund reported new buys in the first and second quarters of 2023 and now owns 1.02 million shares of ADC, representing 1.1% of outstanding shares.

Phillips Edison & Co. (PECO)

Dividend Yield: 3.3%

Market Capitalization: $4.0 billion

Billionaire Ownership: Jim Simons, Clifford Asness, Ken Griffin, Ken Fisher

Phillips Edison & Co. (PECO), a midcap REIT out of Cincinnati, Ohio, specializes in ownership of shopping centers anchored by grocery stores. This REIT was founded in 1991 by Jeffrey Edison and Michael Phillips. Mr. Edison is the current chairman and chief executive officer of Phillips Edison, which went public in July 2021, and he owns 335,000 of the 117.3 million shares outstanding.

PECO owns and operates a $6.2 billion national portfolio of 291 grocery-anchored shopping centers clustered in Florida, the Eastern Seaboard, the Midwest, and along the Pacific coast. Top tenants as a percentage of total revenue are Kroger (6.2%), Publix (5.8%), Albertsons (4.1%), Koninklijke Ahold Delhaize N.V. (3.9%), and Walmart (2%). Revenue this year is expected to grow 6.6% to $597.5 million, with funds from operations up 6% to $2.28 per share.

Over the past 12 months, Phillips Edison generated free cash flow of $1.29 per share, which is comfortably above $1.12 per share in annual dividends, which are paid at a rate of $0.0933 per month, good for a dividend yield of 3.3% at current prices. Dividend growth is also encouraging. Since its IPO two years ago, PECO has hiked its monthly payout at a 4.8% annual rate.

The appealing fundamentals of PECO are nicely complemented by insider buying and billionaire ownership. On May 16, board member Leslie Chao laid out $292,000 to acquire 10,000 shares of PECO. Billionaire Jim Simons of Renaissance Technologies reports ownership of 187,000 shares, Clifford Asness of AQR Capital holds 14,000 shares, and Ken Griffin’s Citadel reports a stake of 7,000 shares. Ken Fisher owns 9,000 shares.

Realty Income (O)

Dividend Yield: 5.4%

Market Capitalization: $40.4 billion

Billionaire Ownership: Ken Griffin, Ray Dalio, Jim Simons, Israel Englander, Clifford Asness

With a market capitalization north of $40 billion, San Diego, Calif.-based Realty Income (O) is the biggest name in this group of monthly dividend payers. It owns 13,100 retail, industrial, and agricultural properties leased to 1,300 tenants in 85 separate industries, allowing Realty Income to generate stable cash flow and deliver consistent monthly dividends. The current property portfolio includes high-quality real estate in all 50 states, as well as Puerto Rico, the United Kingdom, Spain, Italy, and Ireland.

Realty Income has paid steadily rising dividends over its entire 54-year operating history, and dividend growth has outpaced inflation. Realty Income has hiked its dividend 5.3% annually over the past 10 years, and 4.7% annually since its initial public offering in 1994. Dividends of $3.07 per year are comfortably supported by $4.29 in free cash flow per share and provide investors with a current dividend yield of 5.4%.

Revenue has grown 21.5% annually over the past 10 years and is seen rising 18% to $3.9 billion in 2023. Funds from operations are expected to increase 2% to $4.12 per share. At 13.5 times FFO, Realty Income trades 25% below its five-year average price/FFO multiple of 18.1. Debt is manageable at 63% of equity.

The value of Realty Income was compelling enough for Israel Englander’s Millennium Management to establish a new position of 1.28 million shares at a cost of $60.92 per share in the second quarter of 2023—a cost basis 7% above the current stock price just below $57 per share. Jim Simons of Renaissance Technologies bought 378,000 shares during the same period at similar prices. With smaller stakes, Clifford Asness of AQR owns 97,000 shares, and Ray Dalio’s Bridgewater holds 90,000 shares.

STAG Industrial (STAG)

Dividend Yield: 4.2%

Market Capitalization: $6.3 billion

Billionaire Ownership: Israel Englander, Bruce Flatt, Ken Griffin, Steven Cohen, Clifford Asness

Boston-based STAG Industrial (STAG) was founded in 2010 and specializes in owning and managing huge distribution centers and warehouses along interstate highways. STAG owns 561 buildings in 41 states with approximately 111.6. million rentable square feet. Accounting for 2.8% of $654.4 million in 2022 revenue, Amazon.com is the company’s largest tenant. Other major clients include American Tire Distributors, Hachette Book Group, Tempur Sealy, DHL, FedEx, Penguin Random House, and Ford Motor Company.

Analysts who follow STAG expect this year’s revenue to rise 6.4% to $696.5 million, and FFO to grow 2.3% to $2.26 per share. At 14.9 times current year’s FFO, STAG trades 9.3% below its five-year average price-to-FFO ratio of 16.0. Funds from operations have grown at an 18.8% compound annual rate over the past five years, and free cash flow has increased 18.9% annually over the same stretch of time.

Billionaires are buyers. Israel Englander’s Millennium Management has been the most bullish, taking down 1.1 million shares in the second quarter and now owns 0.62% of STAG’s outstanding shares. Clifford Asness owns 322,000 shares, Ken Fisher holds 303,000 shares, and Ken Griffin’s Citadel owns 90,000 shares. Bruce Flatt’s Brookfield doubled its stake in the second quarter and now owns 48,000 shares.

EPR Properties (EPR)

Dividend Yield: 7.6%

Market Capitalization: $3.3 billion

Billionaire Ownership: Ken Griffin, Jim Simons, Israel Englander, Clifford Asness

Founded in 1997, Kansas City, Mo.-based EPR Properties (EPR) owns a $5.4 billion portfolio of specialty properties concentrated in entertainment, education, and recreation. Properties include 172 movie theaters, 67 charter schools, 41 early childhood centers, 25 golf entertainment complexes, 11 ski parks, and five water parks. EPR also owns one gaming property, Resorts World Catskills casino and resort in Sullivan County, N.Y. Largest tenants as a percentage of 2022 revenue are AMC Theatres (13.8%), Topgolf (13.7%), Regal Entertainment (12.7%), Cinemark (6.1%), and Vail Resorts (5.1%).

EPR’s revenue this year compared to 2022 is expected to jump 18.6% to $586.3 million, and FFO is expected to grow 7.7% to $5.05 per share. Priced at 8.7 times expected 2023 FFO, EPR trades 26.3% lower than itis five-year average price/FFO ratio of 11.8. It also trades 26.5% below its five-year average enterprise value-to-Ebitda ratio of 17.0.

EPR suspended its dividend in July 2020 after the onset of the Covid-19 pandemic but reinstated it one year later in July 2021, and the monthly payout has grown 4.9% annually over the past two years. Yielding 7.6%, EPR trades ex-dividend on August 30 for its next monthly payout of $0.275 per share.

Insiders are nibbling at the stock. On June 13, company director Caixia Ziegler bought 500 shares at $45.14 apiece. Among billionaire investors, Israel Englander and Ken Griffin both reduced their stakes in the second quarter but still own 675,000 and 477,000 shares, respectively. Jim Simons’ Renaissance Technologies holds 344,000 shares, and Clifford Asness of AQR reports owning 322,000 shares.

LTC Properties (LTC)

Dividend Yield: 7.2%

Market Capitalization: $1.3 billion

Billionaire Ownership: Ken Griffin, Jim Simons, Clifford Asness

Westlake Village, Calif.-based LTC Properties (LTC) invests in senior housing and health care properties, primarily through sale-leaseback transactions, mortgage financing, and structured finance deals that include mezzanine lending. Its portfolio includes 213 properties in 29 states with 29 operating partners. Based on gross real estate investments, the portfolio is composed of approximately 50% senior housing and 50% skilled nursing facilities. Based on each tenant’s share of 2022 revenue of $128.2 million, LTC’s largest tenants were Prestige Healthcare (14%), ALG Senior (10.4%), Brookdale Senior Living (8.9%), and Anthem Memory Care (6.2%).

LTC has been paying dividends since its inception in October 1992, and the payout has grown 2.4% annually over the past decade. Even though growth is not overwhelming, LTC’s dividends, currently paid at the rate of $0.19 per month, give the REIT a meaty yield of 7.2%. Annual dividends of $2.28 per share are covered by $2.54 in free cash flow per share over the past 12 months. Revenue this year is expected to creep higher by 1% to $129.1 million, and funds from operations are seen rising 2.7% to $2.63 per share. At 11.9 times current-year FFO, LTC trades 14.4% below its five-year average price/FFO ratio of 13.9.

Clifford Asness’ AQR hedge fund boosted its LTC holdings by 89% to 34,000 shares in the second quarter of 2023, while Jim Simons of Renaissance Technologies acquired 21,000 shares at $35.47 per share in the second quarter, and now owns 68,000 shares of LTC. Ken Griffin’s Citadel reports a small stake of 5,000 shares.

John Dobosz is a senior editor and editor of Forbes Billionaire Investor newsletter.

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‘What a journey’: Buddy Franklin announces immediate retirement after injuring his calf in final match

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Lance Franklin, one of the AFL’s greatest players, has terrorised his last opposition backline.

The legendary Sydney and Hawthorn key forward has retired after injuring his calf in Saturday night’s win over Essendon.

Franklin went to the club to tell his teammates on Monday, but one of the game’s most marketable talents did not join a media conference in the afternoon fronted by coach John Longmire and club chief executive Tom Harley.

“Everyone would have loved to have Lance available — he just doesn’t like these situations,” Longmire said.

Longmire and Harley said that Franklin would eventually speak about his retirement.

Franklin, who won two premierships with the Hawks in 2008 and 2013, belongs in the conversation with Graham “Polly” Farmer and former Swans teammate Adam Goodes as the game’s greatest Indigenous player.

The 36-year-old is fourth on the VFL/AFL leading goalkickers list with 1,066 goals from his 354 games.

The last big highlight of Franklin’s career came last season when he kicked his 1,000th goal, sparking wild celebrations as fans thronged onto the SCG playing surface.

“What a journey. Thanks to everyone who has been on this crazy ride with me,” Franklin said in an Instagram post complete with a photo of him alongside his only two senior coaches, Hawthorn’s Alastair Clarkson and Longmire, taken after the 1,000-goal game.

Look back at how ABC readers and other Australians responded to this live moment.

Wondering what this is? Join us next time we’re live and be part of the discussion.

Franklin stunned the sport at the end of the 2013 season by signing a massive nine-year deal with the Swans.

He extended that deal by a year in grand final week last season, a few days before Geelong belted the Swans at the MCG.

The Swans managed him through this season as he played 13 games, including the last four in a row, prompting some speculation about whether he might try to keep playing next year.

But after nursing a knee injury through this season, Saturday night’s setback proved the last straw.

“Lance Franklin has been a wonderful player with this football club and in my opinion is the greatest forward of his generation,” Longmire said.

“He is an absolute freak of nature and we have been lucky enough to have front row seats to one of the best ever to play.

“He is a massive competitor and a wonderful teammate.

“Lance is also an extremely private and humble champion, which makes him even more endearing to those who know him.”

While the Swans never won a flag with Franklin, “Buddy” was their main forward for three grand finals and his star quality gave them a significant boost in the tough Sydney market.

He was an eight-time All-Australian, most recently in 2018, when he was given the extra honour of captaincy.

Asked on stage at the All-Australian function what the skipper would tell his honorary team if they played, Franklin grinned and said “kick it to me”.

It was classic Franklin — a freakishly talented key forward who lit up the game with his on-field exploits.

At his peak, Franklin was unstoppable and his highlights feature some of the best goals in AFL history.

Franklin’s playing honours are elite and he will surely join Farmer as a legend in the Australian Football Hall Of Fame.

Along with the two flags and eight All-Australian selections, Franklin finished equal runner-up in the 2014 Brownlow Medal.

Buddy Franklin’s goals across his career

In his 18 seasons from 2005, Franklin was the club leading goalkicker 13 times — six at Hawthorn and seven at Sydney.

He is the most recent player to kick 100 games in a season, with 113 in 2008.

“It’s quite unique that over a 20-year career, Bud only had two coaches,” Clarkson said in a statement.

“It speaks of his loyalty, dedication and mateship that he retires an icon of the game, and a hero of two clubs that he helped make great in his time at each.

“His feats as a player are extraordinary, and this has run parallel to his emergence as a great husband, father and mate. He is selfless, humble, loyal and proud.

“He has set a current day watermark that I believe will be unsurpassed, and the game will miss his theatre and drawing power. I feel privileged to share some of his journey. I know his Hawks teammates feel exactly the same.”

AAP



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Fresh protests as France’s Constitutional Council upholds key elements of Macron’s pension reform

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The French constitutional court on Friday approved the key elements of President Emmanuel Macron’s controversial pension reform while rejecting certain parts of the legislation. Pushing the legal age for drawing a full pension from 62 to 64, the legislation is deeply unpopular in France and has triggered months of mass protests. Follow our blog to see how the day’s events unfolded. All times are Paris time (GMT+2)

France’s constitutional court on Friday approved the key elements of President Emmanuel Macron‘s pension reform, paving the way for him to implement the unpopular changes that have sparked months of protests and strikes.

The nine-member Constitutional Council ruled in favour of key provisions, including raising the retirement age to 64 from 62, judging the legislation to be in accordance with the law.

Six minor proposals were rejected, including efforts to force large companies to publish data on how many people over 55 they employ, and a separate idea to create a special contract for older workers.

The decision represents a victory for Macron, but analysts say it has come at a major personal cost for the 45-year-old while causing months of disruption for the country with sometimes violent protests that have left hundreds injured.

This live blog is no longer being updated. For more of our coverage on France’s pension reform, please click here.

10:20pm: Police station entrance set on fire in Western city of Rennes

In the western city of Rennes, protesters set fire to the entrance of a police station, while other fires were also started in the city.

 

“The attacks in Rennes against a police station and the Couvent des Jacobins, by vandals determined to fight it out are unacceptable,” tweeted Interior Minister Gerald Darmanin

 


 

9:20pm: Unions call for mass new protests on May 1

As tensions mounted in the hours before the Constitutional Council’s decision, Macron invited labour unions to meet with him on Tuesday no matter what the decision was, his office said. The unions rejected Macron’s invitation, noting that he had refused their previous offers of a meeting, and called for mass new protests on May 1, International Workers Day.

The CGT union’s new leader Sophie Binet called for a “popular and historic tidal wave” of people on the streets to oppose the reforms on May 1, and the labour unions issued a press release calling for protests.


Communist Party leader Fabien Roussel said signing the law “would not be pouring oil on the fire but a jerrycan full of petrol”.

“I fear an outpouring of anger,” he told channel BFM-TV.

9:01pm: Clashes in western city of Nantes and in southeastern city of Lyon

Protests rallying hundreds have erupted in other cities besides Paris, including Marseille and Toulouse. Clashes broke out in the Western city of Nantes after protests in reaction to the decision of the Constitutional Council. According to local newspaper Ouest France, the police used water cannons to prevent demonstrators from reaching the local town hall. A fire was set in an underground car park.

According to Reuters, police also used tear gas against protesters in Lyon, France’s third biggest city, located in the southeast.

8:35pm: Police and demonstrators clash among burned trash bins

According to local newspaper Le Parisien, spontaneous demonstrations are currently taking place across France. In Paris itself, police and protesters have been clashing since the announcement of the Constitutional Council decision, especially near the Place de la Bastille.

Some burned trash bins as they marched through Paris, singing a chant popular with anti-Macron protesters: “We are here, we are here, even if Macron does not want it, we are here.”

Thousands of protesters gathered outside Paris city hall and booed the court decision. Some then marched through the city centre. Bikes, e-scooters and garbage were set on fire as police in body armour brandishing truncheons stopped protesters from advancing further, AFP correspondents said.

Tensions are still growing between authorities and demonstrators. The much-criticised motored police section has started intervening, according to Le Parisien. 

8:05pm: French unions urge Macron not to sign pensions reform into law

French trade unions urged President Emmanuel Macron on Friday not to sign his pensions reform into law in a last-ditch attempt to prevent the retirement age from rising to 64. 

“Given the massive (public) rejection of this reform, the unions request him solemnly to not promulgate this law, the only way to calm the anger which is being expressed in the country,” said a joint statement sent to the AFP news agency.

7:35pm: Massive police presence guarding Constitutional Council and Elysee Palace neighbourhood 

According to FRANCE 24’s Olivia Bizot, reporting from the Constitutional Council building, large numbers of riot police have been guarding the neighbourhood since the early hours on Friday. The presidential Elysee palace is also located nearby.


 

7:04pm: French PM Borne says ‘there is no winner, no loser’ after ruling

France‘s Prime Minister Elisabeth Borne said on Twitter: “The Constitutional Council has ruled…that the reform is in line with our constitution. The text arrives at the end of its democratic process. Tonight there is no winner, no loser.”

7:00pm: Labour Minister sets September 1 date for reform’s implementation

“The Labour Ministry and the pension system will work hard to make sure this reform is implemented on September 1,” French Labour Minister Olivier Dussopt said on Twitter.

6:50: Right-wing opposition LR leader urges ‘political forces’ to ‘accept’ the reform, Socialist leader says ‘the fight will take other forms’

Right-wing party Les Republicains leader Eric Ciotti tweeted that “The Constitutional Council has issued its ruling. All political forces must accept it and show respect for our institutions.”


Talking to reporters, opposition Socialist Party leader Olivier Faure said “the Constitutional Council only ruled on the legality of the law, its approval does not mean that this is a fair law… French people have fought this reform for months, they will be disappointed and the fight will take other forms.”

6:40pm: Protesters gather outside Paris City Hall against reform as riot police guard Constitutional Council building

Protesters gathered outside Paris City Hall, holding banners reading “climate of anger” and “no end to the strikes until the reform is pulled “as the Constitutional Council’s verdict was announced.

 

Protesters gathered outside Paris’s City Hall after the Constitutional Council decision validating pension reform


 

Police are expecting up to 10,000 people to gather again in Paris on Friday night, raising fears of the vandalism and clashes that have marred recent rallies.

The Constitutional Council, a short walk from the Louvre museum in the centre of the French capital, has been protected with barriers, and dozens of riot police are on guard nearby.

6:35pm: Opposition leaders say ‘fight continues’

Far-left France Unbowed (La France Insoumise) party leader Jean-Luc Melenchon said on Twitter, “the Constitutional Council decision shows that it is more attentive to the needs of the presidential monarchy than to those of the sovereign people. The fight continues and must gather its forces.”


Far-right National Rally (Rassemblement National) party leader Marine Le Pen tweeted that “the constitutional court decision may close the institutional sequence, but the political fate of the pension reform has not been sealed. The people always have the last word, it is the people’s right to prepare for the change in power that will be the result of this unnecessary and unjust reform.”


6:21pm: France’s Constitutional Council also rejects opposition request for a referendum

Separately, the Constitutional Council rejected a proposal by the opposition to organise a citizens’ referendum on the pension reform.

The opposition has tabled another bid for a referendum, which should be reviewed by the Council in early May.

5:45pm: France’s Constitutional Council validates Macron’s unpopular pension reform

The banner reform in the legislation to raise the retirement age from 62 to 64 was validated by the Constitutional Council after almost three months of protests opposing the measure.

The court struck out six measures not seen as fundamental to the essence of the reform and threw out a request filed by the left for a referendum on an alternative pension law that would keep the retirement age at 62.

>> Read more: Protests, appeals, referendum: What’s next for France’s pension reform?

(FRANCE 24 with AFP & Reuters)



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Macron holds firm on pension reform bill as protests escalate

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French President Emmanuel Macron on Wednesday defiantly vowed to push through a controversial pension reform, saying in a TV interview that he was prepared to accept unpopularity in the face of sometimes violent protests, and that he plans to enact the new law by the end of the year. Read our live blog below to see how all the day’s events unfolded. All times are Paris time (GMT+1).

7:56pm: Saint-Nazaire bridge closed until further notice

The department of Loire-Atlantique in Western France has shut down Saint-Nazaire bridge.

Earlier on Wednesday, protesters blocked the bridge in protest at the government’s pension reform.

Two gantries have allegedly been destroyed.

 

7:45pm: Growing protests in Paris

Hundreds of protesters have gathered once again in Paris to protest against the deeply unpopular pension reform. Demonstrators have gathered at Metro station Stalingrad to march through the city.

6:55pm: Police violence ‘extraordinary’ during protests

“The level of [police] violence has been extraordinary,” Andrew Smith, historian of Modern France at Queen Mary University of London, told FRANCE 24.

Citing recent violent clashes between police forces and protesters in the streets of Paris over the past few days, Smith said times are tough for Macron and democracy in France.

Click on the player below to watch the interview in full. 

 


 

5:58pm: Consumers face gas shortage across France as refinery workers go on strike

Gas stations across the country are facing shortages as refinery workers continue to strike, blocking access to deposit centres.

The government on Tuesday requisitioned refinery workers at the gas deposit of Fos-sur-Mer in southern France, provoking clashes between police officers and protesters.

Meanwhile some departments have started to limit the purchase of gasoline.

Activites at TotalEnergies’ refinery in Normandy are expected to be halted this weekend, according to trade union CGT. 


 

5:39pm: King Charles III visit to France may be disrupted by protests

King Charles III risks facing rubbish-strewn streets, transport strikes and disruption to his visit when he travels to France next week for his first foreign trip.

In a sign that his schedule is still up in the air, an aide to French President Emmanuel Macron told AFP on condition of anonymity Wednesday that “the programme is still being worked out by both sides”.

The British sovereign’s planned tour, intended as a statement of cross-Channel friendship after years of arguments between London and Paris, comes with France in the grip of mass protests over pension reform.

Thousands of tonnes of rubbish have piled up in the streets of Paris, where Charles is due to arrive on Sunday with Queen Consort Camilla, while trade unionists have warned they might target a planned stop in Bordeaux.

5:28pm: French opposition says Macron shows ‘contempt’ for workers in TV interview

French union leaders and opposition politicians on Wednesday reacted with outrage to a televised interview with President Emmanuel Macron in which he discussed planned pension reforms recently forced through government.

Read the full story here. 

5:25pm: Protests continue despite Macron’s televised interview

Protesters incensed at Macron’s televised interview continue to demonstrate against the government’s pension bill.

Railway tracks in Marseille and a bridge in Saint-Nazaire are currently being blocked by protesters as they seek to make themselves heard by the Macron administration.


4:39pm: King Charles set to face strikes and disruption in France on first foreign visit

King Charles III risks facing rubbish-strewn streets, transport strikes and disruption to his visit when he travels to France next week for his first foreign trip.

Read the full story here. 

4:30pm: Macron breaks silence on France’s bitter pension battle: the key takeaways

French President Emmanuel Macron broke his silence on the bitter pension battle roiling the country in a televised interview on Wednesday, stressing that his contentious reform raising the pension age is necessary and will come into force later this year.

FRANCE 24’s Ben Dodman takes a look at the key takeaways from Macron’s speech. Read the full story here. 

4:04pm: Macron has left protesters with no choice, MP says

“The French have no other solution tomorrow [but] to come massively to the streets to try to make him understand some sense of what’s going on,” MP Raquel Garrido of the left-wing bloc NUPES told FRANCE 24’s Clovis Casali.

“He’s in that castle and no one actually gets to him … it’s infuriating, it’s exasperating, it’s contrary to basic democratic standards,” she added.


 

3:55pm: Rail traffic to be heavily disrupted on Thursday 

Rail traffic in France will be heavily disrupted on Thursday, France’s state-owned railway company (SNCF) has announced. 

Trade unions have called for a ninth day of strikes and protests against the government’s pension reform.

3:49pm: Reduced flights from Paris due to ongoing strikes 

Passengers should expect more disruption at French airports on Thursday due to strikes in France in protest against plans to increase the French retirement age, the DGAC civil aviation authority said on Wednesday.

The DGAC added that it had asked airlines to reduce their programme of flights from Paris Orly airport by 30%.

3:24pm: Politicians slam Macron over interview

Marine Le Pen, leader of the far-right Rassemblement National group, slammed Macron’s interview on Wednesday, saying that the president has deepened the people’s feeling of “being disregarded”.

First secretary Oliver Faure of Parti socialiste condemned Macron for adding fuel to an “already bright burning fire”.

President Éric Ciotti of Les Républicains meanwhile accused Macron of not providing “enough solutions to the crisis”.

3:09pm: Very difficult for Macron to ‘turn the page’ on pension reform

It will be very difficult for President Macron “to turn the page” on the controversial pension reform, Professor of Political Science at Paris 8 University Yves Sintomer told FRANCE 24 as he discussed Macron’s televised interview.

Sintomer also raised the question of the possiblity of governing France against “millions of people in the streets”.


 

2:52pm: Macron defiant in interview over controversial pension bill

Unionists will not be happy over “what they have heard’, FRANCE 24’s French politics editor Marc Perelman said as he discussed Macron’s interview, saying that the latter’s hoping to “weather the storm”. 

The final outcome will probably show in the next few weeks more “in the streets of France than in the halls of parliament”, he added.


 

2:11pm: Union leaders denounce Macron’s ‘disdain’ for protesters 

Union leaders that have organised and led several demonstrations against the government’s controversial pension reform said Emmanuel Macron’s interview expressed contempt for protesters.

CGT Union General Secretary Philippe Martinez said the interview showcased the French President’s “hypocrisy”, adding that Macron’s comments showed “disdain for the millions of people who have been protesting”.

CFDT Union Gerneral Secretary Laurent Berger meanwhile accused Macron of lying about the union’s lack of compromise on the pension reform.


 

1:53pm: Watch the replay of Macron’s interview on pension reform

President Emmanuel Macron talks about pensions reform
President Emmanuel Macron talks about pensions reform © FRANCE 24

 

1:38pm: Macron says prepared to accept unpopularity over pension reform

Macron on Wednesday said he was prepared to accept unpopularity as a consequence of imposing a controversial pensions reform that has sparked uproar and protests.

“Given a choice between opinion polls in the short term and the general interest of the country, I choose the general interest of the country,” Macron said in a televised interview.

“If it is necessary to accept unpopularity today I will accept it,” he added, while acknowledging he had “not succeeded in convincing” the country over the reform.

1:29pm: Prime Minister Élisabeth Borne to continue to lead government

Macron said on Wednesday that Prime Minister Élisabeth Borne still had his confidence.

Two days ago Borne’s governement narrowly survived a no-confidence vote over a deeply unpopular pension reform.

>>  After Macron’s use of ‘nuclear option’ on unpopular pension reform, what’s next?

“She has my confidence to lead this government,” Macron said in the TV interview, adding that he has instructed the Prime Minister to enlargen majority in parliament.

1:25pm: Macron aims to bring the country back to normal ‘as soon as possible’

Macron, in an interview with the TF1 and France 2 TV channels, said on Wednesday his government will aim to bring France back to normal “as soon as possible”.

Macron was speaking two days after his government barely survived a no-confidence vote over a deeply unpopular pension reform and as nationwide protests continued.

1:18pm: Macron says big companies need to ramp up contribution

Large corporations that reap super profits and operate share buybacks need to participate more in the current redistribution system, Macron said in a televised interview Wednesday, adding that the government is looking at an “exceptional contribution” plan.

1:06pm: Macron seeks to implement pension reform by ‘end of the year’

In his interview, Macron said he hopes the recently passed pension reform would be implemented by the end of the year after examination by the Constitutional Council.

“The longer we wait, the more it (the deficit) will deteriorate. This reform is necessary, it does not make me happy. I would have preferred not to do it,” he added.

12:24pm: Macron seeks to ‘calm things down’ with televised interview

President Emmanuel Macron will look to “calm things down” with a televised interview on Wednesday amid growing anger across France over his plans to raise the retirement age, a source close to the centrist president said.

The question is whether Macron can achieve this. Advisers said the 1200 GMT interview would not contain any major policy announcements.

Neither a government reshuffle nor snap elections are on the cards, but rather an attempt to regain the initiative with measures to better involve citizens and unions in decision-making, political leaders in Macron’s camp said.

(FRANCE 24 with AFP, AP & Reuters)



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After Macron’s use of ‘nuclear option’ on unpopular pension reform, what’s next?

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Several consequences could follow the French government’s use of Article 49.3 of the constitution to pass President Emmanuel Macron’s pension reform without a vote in the National Assembly on Thursday. They include no-confidence motion against the government, the dissolution of the Assembly, and ongoing street protests. FRANCE 24 breaks down the options for the opposition and the president.

After Prime Minister Élisabeth Borne on Thursday invoked the power inscribed in Article 49.3 of the constitution allowing the government to pass bills without a vote in the lower-house Assembly, opponents of pension reform still have cards to play. They hope to force the government to back down before the enactment of the controversial law, which includes a hike in the retirement age from 62 to 64.

In the words of a Paris-region deputy and member of the left-wing NUPES (New Ecological and Social People’s Union) coalition, opposition lawmakers hope to use “all the means at their disposal” to sink pension reform. These include supporting organised protests, tabling a no-confidence vote in the government, launching a referendum to potentially kill the reform, and appealing to France’s Constitutional Council.

A vote of no confidence in the government

In the wake of Borne’s citation of 49.3 as opposition deputies sang La Marseillaise, France’s national anthem, and held placards saying “no!” to a retirement age of 64, deputies from two parliamentary groups tabled votes of no confidence in the cabinet she leads. The first came from the LIOT group (for Libertés, Indépendants, Outre-mer et Territoires) composed of centrists and moderates, and the second came from Marine Le Pen’s far-right National Rally (Rassemblement National or RN).

Cosigned by the leftist NUPES group, the LIOT group’s multiparty motion is giving the government more cause for concern. It could receive support from other members of the left, the far right and even those members of the center-right Les Républicains (LR), who want to bring down the government and its pension reform. The small LIOT group thus finds itself at a pivot point amid opposition to Macron from both right and the left.

Votes of no confidence must be tabled within 24 hours of the government’s triggering of Article 49.3, and debate may then begin after 48 hours, at a time set by an Assembly body that consists of deputies in various leadership positions. Debates on the two tabled no-confidence votes will begin in the Assembly on Monday, March 20 at 4pm, Paris time. A successful vote of no confidence must gain support from an absolute majority of deputies – 287, at present – which prevents a simple majority aided by abstentions from toppling a government.

With this requirement, it is unlikely that a vote will pass. Even with the support of all 149 deputies in the NUPES, 88 in the RN and 20 in LIOT, the motion would fall short by 32 votes. To overcome this deficit, more than half the Les Républicains deputies would also need to support it, despite party president Éric Ciotti’s opposition to such a course of action. That means a successful vote would need the support of unlikely defectors from Macron’s own Renaissance party or his parliamentary allies in Modem and Horizons. 

If either of the no-confidence votes were to succeed, the pension reform law the government passed would be rejected. Macron could then opt to appoint a new prime minister, or retain his confidence in Borne – and, in that case, dissolve the National Assembly, a move that French president Charles de Gaulle made in 1962 during the only such vote that passed since the founding of France’s Fifth Republic.

>> The Debate: French government overrides parliament over pensions, at what cost?

Dissolving the National Assembly

Macron has mentioned dissolving the Assembly as a recurring threat since last June’s legislative elections left his party with only a relative majority. It remained a threat on the eve of the forced passage of pension reform, in the hope of getting Les Républicains lawmakers who were reluctant to vote for the bill to fall in line.

The idea of following in the footsteps of de Gaulle by dissolving parliament after a no-confidence vote would no doubt please Macron. Even some of his supporters see new legislative elections as a solution to the post-49.3 situation. An anonymous Renaissance deputy said that the build-up to the use of 49.3 amounts to “a crash. We need a dissolution” – which, with an ensuing elections victory, would boost Macron’s political capital.

But the manoeuvre is risky. In 1997, then-president Jacques Chirac tried it and lost his majority in the Assembly. The same thing could happen to Macron in 2023 should he hazard the move.

It is difficult to predict which party would prevail in fresh legislative elections. The NUPES leftists could capture many more seats by capitalising on the popular movement against pension reform. But observers warn that the hard-right RN, thriving on the growing discontent in French society, would be the most likely winner. The Assembly could then be more fragmented than ever, making the existence of a majority unlikely.

More protests and strikes

The next stage in the pension reform saga will also play out in the streets. After the government’s decision to use 49.3, France’s group of trade unions met and denounced “a denial of democracy” and the passage of the bill “by force”.

“Today, it is this exemplary social movement that demonstrates that the president of the Republic and his government have failed before the National Assembly,” the eight main French unions wrote in their statement.

The inter-union group called for “local rallies” over the weekend of March 18 and a ninth day of strikes and protests across France on Thursday, March 23.

After weeks of peaceful mobilisations, the street protests could intensify in a way that escapes the control of the unions. Several spontaneous demonstrations took place in French cities after Borne used 49.3, leading to multiple incidents and arrests.

>> French unions see threat of Yellow Vest rerun over Macron’s retirement push

Towards a popular referendum?

The NUPES leftists prefer to reserve several options in their fight against Macron’s pension reform. If a vote of no confidence fails, launching a type of referendum called a référendum d’initiative partagée (a shared-initiative referendum, or RIP) could be another option.

A constitutional tool available to parliamentarians, the RIP allows for a popular referendum to be held on a bill if 185 French lawmakers (one-fifth of the combined 577 lower-house deputies and 348 upper-house senators) supports it. An RIP must also be supported by 4.87 million French voters, or a tenth of the electorate, whose signatures must be collected within nine months.

The procedure would allow the pension plan’s opponents “to block the implementation of reform for nine months”, according to Socialist Deputy Valérie Rabault, a vice president of the Assembly. But “if an RIP is triggered” on [the question of] pensions, “it must be before the enactment of the law”, she said.

However, according to French Communist Party Deputy Stéphane Peu, who along with Rabault is a member of NUPES, the left-wing coalition has had the support of the necessary 185 lawmakers since March 14, two days before Borne invoked 49.3. Peu’s bill will propose that “the retirement age cannot exceed 62”, he said.

The Constitutional Council

The RIP is not the last option for opponents if the no-confidence votes fail to pass. “There would have been several appeals to the Constitutional Council against this text had it passed by vote,” said Charles de Courson, a LIOT deputy, on March 14.

Mathilde Panot, the leader of the far-left La France Insoumise (France Unbowed, LFI) party in the Assembly, has promised that the left will appeal to the council. The NUPES will argue that the reform, which was inserted into the social security budget, is a legislative rider, since the text addresses more than just finances.

Left-wing deputies intend to rely on the opinion of France’s Conseil d’État (Council of State), which had warned the government of a risk that certain measures in its pension reform plan, as well as the plan’s lack of clear calculations, were unconstitutional.

This article is a translation of the original in French.

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Five reasons why Tom Brady is the undisputed GOAT of American football

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It’s official: Tom Brady is retiring. Again.

As the 23-season veteran quarterback prepares to move off the field and into the commentary booth, the headlines have begun to flow — “legend”, “superstar”, “immortal”.

Yet somehow, it doesn’t feel like those terms quite do justice to what Brady accomplished.

If you aren’t a fan of American football, you could easily get lost in the lingo and assume this is a typical case of sportswriters reaching for breathless superlatives.

You’d be wrong. Here are five facts that should convince even the most confused Australian just why Tom Brady is the undisputed GOAT of gridiron.

He won seven Super Bowls in 23 years

Sounds impressive, right? Let’s put it into perspective.

Seven Super Bowl wins is the most by a quarterback in history. Tied for second are Joe Montana and Terry Bradshaw, at four.

No team, collectively, has won seven Super Bowls. The Patriots and the Steelers have won six each.

That’s because winning a Super Bowl is hard. Very hard. So hard, in fact, that 12 of the NFL’s 32 teams have never managed it in the championship game’s 57-year history.

That’s right, there are 32 teams vying for the Lombardi Trophy each year — compared to, say, the 17 teams in the NRL, the 18 in the AFL, or the 20 in the English Premier League.

That means there are 31 teams going home broken, bruised and bitterly disappointed every year.

The NFL is also based on parity — the principle that the struggling teams should get a leg up and the dominant teams be brought down a peg or two every year to keep things interesting.

The league achieves this by giving the top draft picks to the worst-performing teams, as well as capping the total pool of salaries that can be paid to players on a single team, meaning rich clubs can’t just buy the best players and everyone has to make trade-offs at certain positions.

It’s meant to make it harder for individual teams to establish long-running dynasties — and for the most part it does a pretty good job.

Even greats of the game like Aaron Rodgers and Drew Brees have only managed single Super Bowl wins.(Reuters: Jeff Haynes)

It’s why commentators talk about “Super Bowl windows” — usually the three or four years in which a rookie quarterback has hit their stride but is still on their cheap initial contract (freeing up money to bring in other star players), or when a team has managed to juggle its players’ contracts so as to maximise roster talent before it finally has to pay the piper and everything comes crashing down.

Brady somehow managed to win three Super Bowls in the New England Patriots’ early-2000s window — then jammed that window open and kept it like that for another decade and a half, winning three more, all in a league set up to prevent one team from dominating.

But of course, he didn’t do it alone.

He settled the greatest ‘coach or player’ debate of all time

Perhaps more so than in any other sport, coaches in the NFL have a great deal to do with the on-field action.

They don’t just draw up a game plan. They draw up a playbook — a meticulously detailed guide for what every player on the field should be doing at any given moment — and then decide which play to run in real time, their decision relayed to the quarterback or linebacker via a speaker in the player’s helmet.

You might say NFL players are the chess pieces, and their coaches are the chess players.

Of course, there’s much more to the game than that. But it’s easy to see why a great coach can elevate a team as much as, if not more than, a great quarterback.

A tall NFL player in a dark blue jersey with the number 12 talks to an older man in a grey jumper who's wearing a headset.
Brady and Bill Belichick discuss strategy during Super Bowl XLVI in 2012.(Reuters: Matt Sullivan)

With defensive genius Bill Belichick at head coach for the Patriots, Brady was in the perfect position to succeed.

The problem was their success together inevitably led to the question: Who was the real mastermind here?

There’s little doubt that proving he could win without Belichick was part of the reason for Brady’s eventual departure from New England.

Moving to Florida in his old age, as many Americans do, he signed with the Tampa Bay Buccaneers in 2020, immediately won another Super Bowl, and topped it off with a tequila-soaked boat parade.

Belichick, meanwhile, experienced his first losing season since 2000 after signing former MVP Cam Newton.

He racked up the stats (at his own pace)

Gridiron football is the ultimate team sport, with 53 players on each roster, separate groupings for offence and defence, and specialists for punts and field goals that can decide the fate of a close game.

Not to mention someone has to catch the passes the quarterback throws.

For that reason it’s hard to find a statistic that can be used to measure Brady’s individual performance against the GOATs of other sports, like Tiger Woods, Wayne Gretzky or Don Bradman, using a statistical method like standard deviations.

What we can do is marvel at the fact that Brady currently leads the league in passing yards, passing touchdowns, and a slew of other metrics, despite maintaining a longevity-focused style of play that never lent itself to flashy highlights or mind-blowing individual statistics.

He played until 45 — and he played well

Even more impressive, perhaps, than Brady’s statistical achievements — Super Bowl rings notwithstanding — is the fact he was able to play at such a high level for so long, in a league where the average career typically lasts only a few years.

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