The Lebanese have found themselves looking to France, their former colonial ruler, for solutions in the weeks after a devastating blast shattered much of their capital and claimed nearly 200 lives.
On Monday, on the eve of Lebanon’s centennial, French President Emmanuel Macron arrived in Beirut for a much-anticipated visit.
This visit is Mr Macron’s second in less than a month; his first was in the immediate aftermath of the August 4 blasts, caused by an unsecured stockpile of ammonium nitrate. At the time, he promised to help Lebanon find workable answers to a host of problems including the investigation into the blast, a disastrous financial crisis and a dysfunctional political system. As part of that effort, he gave Lebanese leaders until September 1 to form a “new political pact” to save the nation.
Mr Macron’s push for change was welcomed by an overwhelming majority of Lebanese. Last month, a petition even circulated demanding a new French mandate for Lebanon, garnering 60,000 signatures. Far from suggesting a colonial renaissance, however, these popular overtures to Paris rather indicate the extent to which Lebanese politicians have failed.
No political leader has accepted responsibility or even apologised for Beirut’s man-made tragedy. Nearly a month on from the blast, the cause of the fire that started it and – importantly – who exactly is responsible for the stockpiling of flammable materials for years at the port remain unknown. In the hours before Mr Macron’s arrival, political leaders scrambled to find a suitable replacement for former prime minister Hassan Diab, who resigned days after the explsion. Later that day, they settled on Mustapha Adib, a career diplomat who was soon confirmed as Mr Diab’s successor.
The fact that political leaders were forced to expedite the process is a positive development. It gives some sense that change is in the air. In Lebanon, nominating a new prime minister and forming a government can take months, or even years.
As the Lebanese have often witnessed, however, it can be the case that the more things change, the more they stay the same.
While Mr Adib has promised change and the swift formation of a new Cabinet of “experts”, his close ties to the establishment have left many Lebanese sceptical. Mr Adib was an adviser to former prime minister and billionaire businessman Najib Mikati. Protesters see his nomination as the continuation of business as usual, and have greeted Mr Macron with chants of “No to Adib”, urging the French President not to support the new Cabinet. If France is to continue to play a positive role in Lebanon, it must refrain from giving automatic legitimacy to what may become yet another failed government.
There is still hope that Lebanon can view the next 100 years with a sense of optimism as the start of a new era
International pressure exerted by allies of Lebanon, such as the US and France, must continue so that the country can come to distance itself from Hezbollah, the Iran-backed militia whose grip on Beirut has had ruinous effects on the country. International pressure is also crucial to push the new government to negotiate a deal with the International Monetary Fund. Hezbollah does not favour such an agreement, although it is the only way to save Lebanon from economic collapse and ensure the enacting of much-needed reform.
Local pressure from civil society and protesters advocating better governance from within has also been a pivotal driver of change. Peaceful protesters must be protected from violence and arbitrary detention by security forces. They are Lebanon’s future, and if the international community continues to support them, there is still hope that Lebanon can view the next 100 years with a sense of optimism as the start of a new era.
Killing of Qassem Suleimani
The five pillars of Islam
Fight card
1. Featherweight 66kg: Ben Lucas (AUS) v Ibrahim Kendil (EGY)
2. Lightweight 70kg: Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)
3. Welterweight 77kg:Marcos Costa (BRA) v Abdelhakim Wahid (MAR)
4. Lightweight 70kg: Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)
5. Featherweight 66kg: Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)
6. Catchweight 85kg: Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)
7. Featherweight 66kg: Yousef Al Husani (UAE) v Mohamed Allam (EGY)
8. Catchweight 73kg: Mostafa Radi (PAL) v Ahmed Abdelraouf of Egypt (EGY)
9. Featherweight 66kg: Jaures Dea (CMR) v Andre Pinheiro (BRA)
10. Catchweight 90kg: Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
The view from The National
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
Killing of Qassem Suleimani
%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
Match info
Wolves 0
Arsenal 2 (Saka 43', Lacazette 85')
Man of the match: Shkodran Mustafi (Arsenal)
FIXTURES
All games 6pm UAE on Sunday:
Arsenal v Watford
Burnley v Brighton
Chelsea v Wolves
Crystal Palace v Tottenham
Everton v Bournemouth
Leicester v Man United
Man City v Norwich
Newcastle v Liverpool
Southampton v Sheffield United
West Ham v Aston Villa