Three Gaza hostages set for release after ceasefire crisis abates
Jerusalem, Undefined - Israel said Friday it had received the names of three hostages to be freed by militants in exchange for Palestinian prisoners this weekend, after a crisis in the ceasefire threatened to plunge Gaza back into war.The hostages due for release Saturday are Israeli-American Sagui Dekel-Chen, Israeli-Russian Sasha Trupanov...
Turkey inflation surges to near highest in 20 years
Independent data collected by Turkish economists suggested that the annual rate of inflation rose to more than 110 percent in January.Sri Lanka gets $500m Indian loan to pay for oil
The island's economic woes have left thermal power generators unable to keep the lights on, as traders run desperately low on foreign currency to fund imports.
Lebanon power cuts turn cafes into coworking spaces
For the patrons filling Beirut's cafes these days, the most important things are good lighting and stable wi-fi.
China’s property stress could shake global markets: IMF
A funding crisis battering China's big property developers could start to shake the wider economy and global markets, the IMF warned on Friday, saying deeper reforms were needed to fully curb the threat. It warned there were "concerns of negative spillovers to the broader economy and global markets".
Lebanon decision to convert deposits to local currency faces ire
The current midmarket rate for a US dollar is LBP1,500, while the black-market rate is more than LBP23,000 to the dollar.
US agency designates three Hezbollah-linked financial facilitators
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated three Hezbollah-linked financial facilitators and their Lebanon-based travel company. Specifically, OFAC designated Adel Diab, Ali Mohamad Daoun, Jihad Salem Alame, and their company, Dar Al Salam for Travel & Tourism. This action comes at a time in...
Lebanon govt may hike power supply to 8-10 hours
Lebanon ministers said they aim to increase the hours of EDL’s power supply in the near future by securing Egyptian gas and Jordanian electricity.
Lebanon prosecutor hits central bank chief with travel ban
Riad Salameh is among the top Lebanese officials blamed for a financial crisis that the World Bank says is of a scale usually associated with wars.
Turkey president eyes youth support ahead of 2023 election
Analysts think politically diverse Gen Z voters hold one of the keys to Erdogan's tricky path to presidential re-election.Qatar Charity signs $500k UNHCR deal to support Yemen refugees
After more than six years of the conflict in Yemen, it remains the largest humanitarian crisis in the world, with over 20 million people in need of aid.
Lebanon currency falls further as leadership placates Saudi Arabia
The midmarket rate for the Lebanese pound is around 1,500 to the dollar, but the reality on the ground is that the black-market rate of 30,000 prevails.
Lebanon distances itself from Hezbollah remarks on Saudi Arabia
Prime Minister Najib Mikati has said the Hezbollah allegations do not reflect the official position of Lebanon.
Lebanon fuel distributors urge government to curb dollar rise
The Lebanese pound has lost more than 90 percent of its purchase power since end-2019, due to its devaluation against the dollar. The exchange-rate problem has led to a fuel shortage in Lebanon, to the extent that the entire country was plunged into darkness earlier this year.World Bank pledges $37 million to help Lebanon teachers
The World Bank on Thursday said it agreed with its partners to repurpose $37 million in funds to help Lebanon's public school teachers survive a crushing economic crisis. The World Bank and the UK Foreign, Commonwealth and Development Office would divert the money from the Lebanon Syrian Crisis Trust Fund,...
Lebanon needs $12-15 billion to kickstart recovery: Central Bank
Lebanon needs to receive 12 to 15 billion dollars from its partners to kickstart its economic recovery and shore up fast-diminishing foreign currency reserves, Central Bank Governor Riad Salameh said Tuesday. Lebanon is grappling with an unprecedented economic crisis branded by the World Bank as one of the planet's worst...UN chief criticizes Lebanon leaders during his visit
Lebanon is in the throes of an economic meltdown that has been called by the World Bank as among the planet's worst since the 1850s. The crisis is widely blamed on nepotism and corruption among the country's ruling class.
UN chief Antonio Guterres on ‘solidarity’ visit to crisis-hit Lebanon
Guterres has previously called on Lebanese officials to unite to find solutions to the country's dire economic crisis, dubbed by the World Bank as among the planet's worst since the 1850s. Around 80 percent of Lebanon's population is estimated to be living under the poverty line.
Lebanon crisis exposes 1 million children to violence: UN
Lebanon's spiraling economic crisis is causing abuse against children to soar and is putting one child out of two at risk of violence, the United Nations said on Friday. "One in two children in Lebanon is at serious risk of physical, emotional, or sexual violence, as families struggle to cope...IMF examines Lebanon’s financial losses before aid program
Disagreements over the size of the losses between Lebanon's government, central bank, and banking sector contributed to the collapse last year of negotiations with the fund over a new loan program, which is seen as essential to the country's efforts to emerge from a severe economic slump.
Iraq economy outlook bleak after droughts and war, says study
The United Nations says about one-third of Iraq's population lives in poverty, despite the country's oil wealth. The effects of low rainfall have been exacerbated as the levels of the country's two main rivers, the Tigris and Euphrates, drop because of upstream dams in neighboring Iran and Turkey.
Annual Turkish inflation surges to 21.31% in November
Turkey's annual inflation rate jumped over 20 percent in November, official data showed Friday, after a currency crisis last month when the Turkish lira hit record lows against the dollar.Netherlands to help Unesco fund Lebanon media to cover polls
The Netherlands will provide support to the Lebanese media to ensure access to and delivery of reliable information for voters.Turkey lira crashes to new record low against dollar
The Turkish lira plunged to record lows against the dollar on Tuesday after President Recep Tayyip Erdogan said policymakers have no appetite to hike interest rates in response to the currency's fall.Lebanon is failing its people, says UN envoy
Lebanon's government, formed in September, has yet to take serious action to stop its downward spiral.Mideast migrants trapped in border standoff
Belarus leader Alexander Lukashenko accused of luring migrants from the Middle East to his country to send them across the border in retaliation for EU sanctions.Here’s how much Lebanon depends on GCC
The economy of Lebanon is in crisis. Here’s a look at which countries it depends on for trade and aid, and how much.Roundup: Four Gulf states pull diplomats from Beirut
This is bad news for Lebanon, which had been counting on financial assistance from the Gulf to rescue its economy. Now, its ties have soured with four countries in the neighborhood because of comments made by its Information Minister George Kordahi.Lebanon to soon give medicines for chronic, incurable disease for free
The Lebanese central bank has opened a credit line of $60 million for medicine importers.
‘Facebook Papers’ hit as platform earns billions
Facebook executives say the profits could have been even more if not for Apple updating its iPhone operating system to thwart advertisers targeting users without permission.Evergrande shares rise
The Chinese firm has restarted work on 10 projects.
EU leaders laud Merkel at her last summit
European leaders heaped praise on German Chancellor Angela Merkel on Friday as she attended what is likely her last EU summit after a 16-year reign heavily influencing the bloc through major ups and downs.Lebanon’s car culture comes into question amid fuel crisis
In the absence of a functioning public transport system, car culture has thrived in Lebanon, with many households, even modest ones, boasting multiple vehicles. Since 2019, however, an ever-worsening financial crisis has made petrol unaffordable for many and long queues at gas stations unbearable for the rest.Azerbaijan, Iran agree to mend ties ‘through dialogue’
Azerbaijan-Iran ties soured weeks ago over allegations that Israel's military was active in Azerbaijan.UAE has overcome Covid crisis: Mohammaed bin Zayed
The UAE recorded fewer than 200 new cases of Covid this month, the lowest figure since Aug 2020. While life in the emirates has largely returned to normal, masks and social distancing rules remain in force. Heavily reliant on tourism, Dubai was one of the first destinations to reopen its...
Lebanon raises fuel prices as subsidies are phased out
Lebanon has gradually increased fuel prices in recent months because the cash-strapped central bank can no longer afford to fund fuel imports.
Evergrande’s crash crunch stumps investors and homeowners alike
The once-mighty Evergrande Group has long been the face of Chinese real estate, surfing a decades-long property boom to expand into more than 280 Chinese cities as it peddled home-ownership dreams.
No end to Lebanese woes as new govt. hikes gasoline price
If the Lebanese were expecting a measure of relief from the new Mikati government, they were badly disappointed. The government hiked the price of gasoline, cutting a subsidy that Prime Minister has said the country cannot afford.
Regional security in focus as Mideast leaders meet
Leaders from around the MENA region are arriving in Baghdad for a summit meant to lower tensions in the region. The meeting is a chance for Iraq to showcase its recent efforts to be a neutral mediator.
Bahrain’s deficit dips 35 percent to $1.38bn in H1
Bahrain has succeeded in lowering its deficit by 35 percent to $1.38 billion in the first half of 2021, compared with the same period last year.
Lebanon’s fuel crisis deepens as leadership brawls
As the fuel crisis worsens in Lebanon, the country's leadership appears to be at odds over how to end the crisis that has kept the whole country on the edge for most of the summer.
Lebanon migrant workers need ‘urgent’ help
78 percent of the country's population lives in poverty, higher than last year's figure of 55 percent.Lebanon fuel scarcity leads to brawls that kill three
The fatalities have taken place in two different incidents in the country where fuel is scarce due to an ongoing economic crisis. Lebanon is in the throes of an economic crisis that has led the country’s currency to be devalued by more than 90% since end-2019.Lebanese economy in a fix as PM-designate Hariri steps down
Lebanon's prime minister-designate Saad Hariri stepped down Thursday, saying he was unable to form a government, nine months after accepting the challenge and as the country sinks deeper into crisis.
Lebanon PM urges world to start aid as economy spirals
Lebanon’s Caretaker Prime Minister Hassan Diab has said the monetary aid other nations have promised should be sent now to avert further crisis Lebanon has been promised billions of dollars in international assistance Lebanon’s Caretaker Prime Minister Hassan Diab has urged countries across the world to start sending the monetary...
Yemen gets $150-million World Bank aid for food, water, healthcare
Yemen is plagued by conflict that started with Houthi insurgence Some 80 percent of Yemenis are dependent on aid To cope with a worsening humanitarian crisis in the country, Yemen would receive $150 million in aid from the World Bank to shore up the war-scarred country’s basic healthcare, nutrition, and...
