Category: Business

Macron, MBS want structural reform in Lebanon

Saudi Arabia's de facto ruler Crown Prince Mohammed bin Salman and French President Emmanuel Macron have reiterated their call for "structural reforms" in Lebanon. "They reaffirmed the need to implement the structural reforms necessary for the country's recovery, as expected by the Lebanese population and the international community," the French presidency announced after a telephone […]

Lebanese rescue plan goes after central bank debt, weak banks

Lebanon's government foresees cancelling "a large part" of the Central Bank's foreign currency obligations to commercial banks and dissolving non-viable banks by November, according to a financial recovery plan passed by the cabinet on Friday. The document, seen by Reuters and verified as accurate by a minister, was passed by cabinet in its final session […]

US slaps new sanctions on Hezbollah hidden financial networks

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that it has designated Ahmad Jalal Reda Abdallah, a Lebanese businessman and Hizbullah “financial facilitator,” as well as five of his associates and eight of his companies in Lebanon and Iraq. “This action illuminates Hizbullah’s modus operandi of using the cover of […]

Where will Lebanon be heading next?

Lebanon turned the page on the parliamentary election in 2022, but more questions than answers characterize where the nation will be heading next. With very few exceptions, the very same political parties still dominate the political scene in the country. Parliament 2022 will be facing major constitutional entitlements: By Mohammad Ibrahim FheiliElecting a Speaker of […]

Lebanese protest bank, politics corruption with mock hybrid currency

Lebanese activists Friday rolled out mock banknotes featuring paintings of a gutted central bank or the Beirut port explosion to denounce high-level corruption that has helped to wreck the country. The collapse of the Lebanese pound and frozen bank accounts have left Lebanon with a confusing currency system, with a multitude of exchange rates applying […]

UN report accuses Lebanese central bank of human rights violations

Lebanon's government and its central bank have committed human rights violations by impoverishing people through the "callous destruction" of the country's economy, an independent United Nations report said on Wednesday. Lebanon's economic implosion has seen the local currency lose more than 90% of its value, food prices rise 11-fold and more than three-quarters of the […]

Lebanon to receive $150 million loan for food from World Bank

Lebanon has received a final approval from the World Bank over an emergency $150 million loan for importing wheat, Economy Minister Amin Salam announced Monday. "Lebanon is the first country to receive such a loan," Salam said, adding that the agreement will be sent to Cabinet for approval. Salam said he hopes the agreement will […]

IMF still willing to help Lebanon, in exchange for reforms

The International Monetary Fund (IMF) is willing to help Lebanon overcome its severe crisis, said IMF Managing Director Kristalina Georgieva, emphasising the importance of implementing reforms in a timely manner. "Timely implementation of agreed-upon reforms is vital to obtaining the much-needed funding from the international community," Georgieva said, according to a statement released by Lebanon's […]

Russian oligarchs object to Ukraine war from Israel

The Russian oligarch Leonid Nevzlin left Russia in 2003 and lives in Israel. Why this country can be a plan B for oligarchs. Leonid Nevzlin was a software developer in the Russian Ministry of Geology in the 1980s, then founded one of the first Russian private banks before becoming vice president of the oil company […]

President Aoun says parties exploiting exchange rate in dire times

Lebanese President Michel Aoun on Wednesday reiterated the accusation that some parties are “manipulating the dollar exchange rate,” which has been fluctuating in recent days. “Some are manipulating the financial issues and the dollar exchange rate, which is negatively reflecting on citizens, amid reports by local and international experts indicating the presence of sides seeking […]

Capital control controversy continues in Lebanon

A joint parliamentary session on capital control was cancelled Tuesday due to lack of quorum, as activists rallied outside Parliament to protest the draft law. Media outlets had reported earlier on Tuesday that the Free Patriotic Movement, the Lebanese Forces and al-Mustaqbal's MPs will not attend the session. "We will not participate in the legislation […]

Raja Salameh's property to be confiscated

Judge Nicolas Mansour, first investigating judge at the Mount Lebanon Court of Appeal, ordered on Thursday the seizure of all the assets of Riad Salameh's brother, Raja. The memo was sent to the ministry of finance through the public prosecution. Raja was arrested after Mount Lebanon Prosecutor Judge Ghada Aoun charged him with "facilitating money […]

Grand Mufti defends Lebanese champions rights of depositors

Grand Mufti Sheikh Abdul Latif Daryan on Wednesday called for “preserving people’s deposits and savings,” stressing that “the solutions for the financial and economic crisis should not be at the expense of depositors and their lifelong savings.” The solutions “should be at the expense of those who plunged the country into the current deterioration at […]

Depositors block parliament from capital control discussion

Depositors and activists rallied Wednesday outside Parliament to prevent MPs from attending a session on capital control held by the joint parliamentary committees. Some protestors kicked the car of Deputy Speaker Elie Ferzli and threw stones at it, media reports said. The depositors syndicate and the Mouttahidoun lawyers union considered in a joint statement that […]

Lebanon on brink of World Bank $150 million food loan

Lebanon is close to reaching an agreement with the World Bank in which the international agency would give the crisis-hit country a $150 million loan for food security and to stabilize bread prices for the next six months, the economy minister said Tuesday. Amin Salam said talks with the International Monetary Fund were progressing in […]

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