France Dispatches Envoy to Beirut to Implement CEDRE Pledges

A general view of the Lebanese capital Beirut. (AFP)
A general view of the Lebanese capital Beirut. (AFP)
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France Dispatches Envoy to Beirut to Implement CEDRE Pledges

A general view of the Lebanese capital Beirut. (AFP)
A general view of the Lebanese capital Beirut. (AFP)

French presidential envoy Pierre Dukan is scheduled to arrive in Beirut on Wednesday to devise the practical measures for the implementation of the CEDRE conference pledges.

The dispatching of the envoy reflects France’s satisfaction with the formation of the Lebanese government, whose delayed birth had raised serious concerns over the implementation of the Paris-sponsored agreement.

Dukan will kick of his visit by holding talks with President Michel Aoun, Speaker Nabih Berri and Prime Minister Saad Hariri, said a diplomatic source in Beirut. He will also meet with ministers whose ministries have projects included in the CEDRE conference.

CEDRE was held in Paris on April 6 and presented long-term economic developments projects for Lebanon.

Dukan’s plan of action in Lebanon will focus on infrastructure projects presented by the Lebanese government. He will also set priorities in order to finance these projects and then “carry out needed reforms,” said the source.

The envoy had held talks last year with concerned officials during which they agreed on placing mechanisms to follow up on the CEDRE conference pledges.

They formed a Lebanese coordination team and another comprised of representatives of countries that took part in the conference, as well as donor agencies.

The two teams will hope to draft a vision that is “beyond strategic,” said Dukan.



Gold Drops Nearly 2% on Profit-booking, Trump's Treasury Secretary Pick

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Drops Nearly 2% on Profit-booking, Trump's Treasury Secretary Pick

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold dropped nearly 2% on Monday, weighed down by profit-taking after a five-session rally, with further pressure from the announcement of fund manager Scott Bessent as the next US Treasury secretary.
Spot gold was down 1.8% at $2,664.53 per ounce, as of 0619 GMT, after declining more than 2% earlier in the session. Bullion had hit its highest since Nov. 6 earlier in the day.
US gold futures shed 1.7% to $2,666.40.
Gold's five-session rally has paused due to some profit-taking and Donald Trump's pick of Bessent as the next US Treasury secretary, hinting at tempered use of tariffs and easing US-China trade uncertainty, said IG market strategist Yeap Jun Rong.
President-elect Trump has floated the idea of a 60% tariff on Chinese goods and at least a 10% levy on all other imports.
Gold is considered a safe investment during times of economic and political uncertainty.
Investors are also awaiting minutes of the Federal Reserve's November meeting, GDP data (first revision), and core PCE figures, all due this week.
Traders currently see a 56% chance of another 25-basis-point rate cut in December, compared to 62% last week, according to the CME Fedwatch tool.
Recent less dovish signals from US policymakers suggest any unexpected rise in inflation could strengthen expectations of a rate hold in December, Rong said.
Higher interest rates tend to make gold less appealing, as they yield no interest.
Some Fed policymakers last week expressed concerns that inflation progress may have stalled, advocating for caution, while others emphasized the need for continued rate cuts.
On the geopolitical front, Hezbollah fired heavy rockets at Israel on Sunday, following an Israeli airstrike that killed at least 29 in Beirut. There were reports of damage near Tel Aviv.
Spot silver fell 2.2% to $30.63 per ounce, platinum was down 1.2% to $952.00 and palladium slipped 1% to $998.88.