Al Jazeera — Timour Azhari — Beirut – Lebanon’s prestigious American University of Beirut (AUB) has announced that it will more than double the cost of tuition in the local currency, saying the move was necessitated by the country’s spiralling economic collapse. The university will adopt an exchange rate of 3,900 Lebanese pounds to the US dollar, officially untethering from Lebanon’s 23-year-old official rate of 1,500 Lebanese pounds per dollar. AUB President Fadlo Khuri said the university had made the decision in June but held off in the hope that Lebanon’s leaders would implement reforms to unlock international aid that could stabilise the country’s currency, which has lost about 80 percent of its value since mid- 2019. “We delayed it as far as we can, hoping for an economic rescue of Lebanon as a country and some kind of sustainable plan … clearly that’s not imminent,” Khuri said in a briefing with journalists on Monday.

The new rate mirrors one of Lebanon’s three main exchange rates; a semi-official one set by the central bank for commercial bank transactions. At the official rate, yearly tuition of approximately $24,000 equated to 36 million pounds. When the new rate goes into force this spring, it becomes 93.6 million pounds. The minimum wage in Lebanon is just 675,000 pounds a month, or 8.1 million per year. That renders AUB inaccessible to the vast majority of youth in a country where more than 50 percent are poor, and casts uncertainty over the ability of thousands of students, many formerly considered middle class, to complete their studies at one of the Middle East’s top universities. Even before the tuition hike, Khuri said 250 of some 9,400 students at the university had halted their studies, while 600 incoming students had ultimately decided not to start. AUB expects more to leave now, but does not know how many, Khuri said.

BEIRUT (Reuters) – Lebanon’s caretaker government agreed on Tuesday that subsidies on bread and essential medicine should be kept, as the country’s financial meltdown sends poverty and inflation soaring. At a meeting on subsidy rationing with the central bank governor and an advisor to the president, ministers pledged to draft a plan within a week that would help cut spending while keeping support for some basic goods. With foreign reserves dwindling fast and an end to subsidies looming, Lebanon’s leaders have yet to make any substantive moves towards a plan to back imports or help the country’s most vulnerable. Politicians have bickered for months over the formation of a new government as Lebanon hurtles towards what U.N. agencies have warned will be “a social catastrophe”. A statement from Caretaker Prime Minister Hassan Diab’s office said attendees had agreed at Tuesday’s meeting to study means for reducing the oil bill and providing ration cards. The crisis has already doomed at least half the population to poverty.

A COVID-19 surge and the huge blast at Beirut port, which killed 200 people in August and prompted the cabinet to resign, have piled hardship on the Lebanese. Comments about the removal of subsidies have triggered panic buying in recent months, raising fears of food shortages and growing hunger. Governor Riad Salameh said last week the central bank could only keep subsidies for two more months. As dollar inflows dried up, the central bank has drawn on already critical foreign reserves to subsidise three key commodities – wheat, fuel and medicine – and a basket of basic goods. The central bank has provided hard currency to those importers at the old peg of 1,500 Lebanese pounds to the dollar as the currency crashed by nearly 80% since last year. Critics, including the World Bank last week, have blamed the ruling elite for failing to chart a path out of the crisis since it erupted more than a year ago.

by bbc –– Demonstrators burned tyres in the city centre, and some also attempted to reach the parliament building. The head of the country’s central bank earlier said the subsidies on flour, fuel and medicines could not continue beyond the next two months. UN agencies have warned of a social catastrophe for the poorest households. […]

by AFP — Lebanese security forces detained Ziad Takieddine last week at the request of Interpol. Prosecutor Ghassan Oueidat on Monday freed the 70-year-old under judicial supervision after “determining his place of residence, confiscating his passports and banning him from leaving Lebanese territory,” the source told AFP. Takieddine had fled to Beirut in June, when a French court condemned him to five years in jail in a case involving millions of euros in kickbacks from arms sales to Pakistan and Saudi Arabia signed in 1994. Lebanon would soon request France provide it with Takieddine’s legal file so it can review charges against him, the judicial source said.

If the charges were found to be justified, he could be tried in Lebanon as a Lebanese citizen, the source added. A French judicial source told AFP he was sceptical of the possibility of extradition to France. “France and Lebanon have not concluded an extradition agreement and Lebanon does not extradite its nationals. The proceedings could very quickly end there,” the source said. Takieddine was also once the main accuser in an inquiry into suspected Libyan financing of former French president Nicolas Sarkozy’s 2007 election campaign. The businessman was investigated in late 2016 after he told the media he had delivered millions of euros in cash from Libyan dictator Moamer Kadhafi.

by cyprus-mail.com — George Eid — After Lebanon’s drastic economic collapse and increasing financial strains, more and more Lebanese are leaving home. The Gulf and the US are popular destinations, but the first choice for many Lebanese is Cyprus or ‘the island’ as they call it. This what Dr Caesar Daoud did a few months back. The well-established 39-year-old physiotherapist and Chinese medicine doctor who owned four medical centres in Lebanon only last year, has closed down his businesses and moved to Cyprus with his family. “I decided to leave Beirut when the situation got worse. When it became unbearable. Although my parents decided to stay in Lebanon during the Lebanese civil war (1975-1990) I did not want my kids to go through the hardship I suffered in our country,” he told the Cyprus Mail.

Daoud is a father of two children, Nolan, six, and Malena, seven. He and his wife had to secure a school for them before making the move to Cyprus. “Lycee Franco Chypriote was our natural choice because Lebanon is a francophone country and we had our kids in a school that followed the French system,” he said. “Every time I drive my kids to school, I find around 10 Lebanese at least waiting for their kids and talking about current issues in Lebanon. My kids adapted easily at this school because both of them had Lebanese kids in their class.” Schools following the French educational or strong in French are an obvious choice for the Lebanese. “Schools such as Lycee Franco Chypriote, Lycee Pascal and American Academy are the main target of Lebanese families moving to Cyprus. They inquire about these three schools before moving to the island,” Panayiotis Frangou from D Frangou immigration consultants Ltd told the Cyprus Mail. “The number of Lebanese wanting to move to Cyprus is huge. I really mean huge.” He said he had seen a 70 per cent of increase in Lebanese costumers this year alone. “Before 2020 most of the Lebanese were seeking a Cypriot residency permit for backup, but now they are seeking permanent residency to settle on the island.” “Cyprus is a great choice” Daoud said, explaining that he can travel easily back and forth to Lebanon where his parents still live. But it is also a gateway to the Arab world and to the Arab Gulf where he opened a clinic as well.

by businessinsider.com.au — BILL BOSTOCK — Le Chef, located in the district of Gemmayze, was among scores of businesses eviscerated on August 4 when a huge store of ammonium nitrate exploded, killing at least 135 people and injuring many more. The restaurant was opened in 1967, and Bourdain, who died in 2018, dined there during a 2006 episode of his show “No Reservations.” In the show Bourdain called Le Chef “a legendary spot, famed for its simple, straightforward, home-style classics.” Le Chef reopened on Monday, with host Charbel Bassil telling Guardian reporter Martin Chulov he was thankful to have survived the blast and for “our godfather, Mr. Russell Crowe.” Crowe had revealed on August 13 that he was behind a $US5,000 donation to help save Le Chef. “I invite him to come to our country and to see out restaurant. I can’t find the words to tell him thanks,” Bassil said. “All the staff and the family of Le Chef thanks him.” The heartfelt video caught the attention of the Oscar-winning actor. “Made me laugh, made me happy. Great to see them back in business,” Crowe tweeted. “I send Charbel and the Le Chef family my best wishes.”

Crowe’s donation made up around a quarter of the $US19,509 sum raised for Le Chef on GoFundMe. The fundraiser’s organisers said at the time the money would go toward “replacing the electricity, windows, refrigerator, gas stove, and other essentials that were damaged.” On August 13, organiser Richard Hall noticed that a person named Russell Crowe had donated $US5,000, and tweeted Crowe to ask if it was really him. Crowe confirmed the donation later that day, tweeting a link to the fundraiser, saying: “On behalf of Anthony Bourdain.” “I thought that he would have probably done so if he was still around,” Crowe said. “I wish you and LeChef the best and hope things can be put back together soon.”

(MENAFN – Daily News Egypt) Lebanese President Michel Aoun said that Lebanon does not mind resorting to international arbitration if the country fails to reach a fair agreement with Israel on maritime border demarcation, al-Akhbar local newspaper reported on Saturday. The indirect talks between Lebanon and Israel started on Oct. 14. The next round of […]

by Patrick Wintour — theguardian.com — Mohammed bin Nayef – the detained former Saudi crown prince and interior minister – has been the victim of a sustained and coordinated attack from inside Saudi Arabia on social media that risks endangering his personal safety, lawyers acting for him have warned. The lawyers have written to YouTube demanding it take down a video, saying the content claiming he had been plotting to bring down Crown Prince Mohammed bin Salman runs the risk of inviting serious retribution and harm to him. YouTube has not yet acted on the complaint. Separately, it has emerged that an apparently spontaneous surge in the number of tweets ahead of the US elections claiming Mohammed bin Nayef was part of a Democrat-led “deep state” plot to destabilise the Saudi Arabian royal family was orchestrated largely through bots run by supporters of Bin Salman, research shows.

The two developments serve to underline the perilous state of the 60-year-old Bin Nayef, who was close to the Obama administration and to then-vice-president Joe Biden. The former interior minister, seen as critical to bringing al-Qaida under control inside Saudi Arabia in the wake of the 9/11 attacks in New York, has been under house arrest since March. He was ousted as crown prince in 2017. A cross party group of British MPs has been denied access to him but is due to produce a report on his welfare before Christmas. The report is likely to call on the incoming Biden administration to press for his release. In the letter to YouTube, the lawyers point out the claims in the video that Bin Nayef has been at large and at one point seen next to Biden are totally false, and part of an elaborate conspiracy theory that he is working to undermine Mohammed bin Salman.

by AFP — Lebanon has detained a Lebanese-French businessman who was close to former French president Nicolas Sarkozy after receiving a request for his arrest from Interpol, a judicial source told AFP Friday. “Internal security forces have detained (Ziad) Takieddine, based on an arrest warrant Interpol sent the public prosecution, over him being wanted by the French authorities over involvement in corruption and funding Sarkozy’s campaign,” the source said. Takieddine was once the main accuser in an inquiry into suspected Libyan financing of Sarkozy’s 2007 election campaign. The businessman was investigated in late 2016 after he told the press he had delivered millions of euros in cash from Libyan dictator Moamer Kadhafi.

Sarkozy caught a break last month when Takieddine suddenly retracted his claim. The 70-year-old businessman fled to Beirut after a French court in June condemned him to five years in jail in a separate case involving millions of euros in kickbacks from arms sales to Pakistan and Saudi Arabia signed in 1994. The judicial source said Takieddine was being questioned by the security forces under a judge’s supervision and would be transferred to the general prosecution for further investigation on Monday. If the charges against him were found to be justified, he could be tried in Lebanon as a Lebanese citizen, or extradited to France, the source said. On Thursday, former French interior minister Claude Gueant was charged with being part of a criminal conspiracy in the case over Libyan funding.

by dw.com — Foreign donors have said Lebanon needs fundamental reforms before the debt-ridden country gets any more support. But a new international aid package runs the risk of fostering a business-as-usual approach in Beirut. After a video conference involving 32 nations and 12 international organizations, including the United Nations, the European Union and the World Bank, a new package of financial and humanitarian aid for Lebanon was agreed on. The explosion of ammonium nitrate stored in the Lebanese capital, Beirut’s port in early August was just the latest blow to the country, where a political and economic crisis has been ongoing. Following a financial crisis in 2019, popular protests against a government widely perceived as corrupt and ineffective began in mid-October that year. The Beirut port explosion, which killed over 200 and did over $4 billion worth of damage, led to eventual resignation of the prime minister and his Cabinet. A new government has yet to be formed. Since 2019, inflation has soared as has unemployment and locals living in poverty. The value of the Lebanese pound has plummeted, and local banks have restricted cash withdrawals. The COVID-19 pandemic has only exacerbated Lebanon’s problems and some now call this the worst crisis the country has faced since its 15-year civil war ended in 1990.

Lebanon to get fresh funds

Last night’s decision to establish a new fund — the Reform, Recovery and Reconstruction framework, or 3RF for short — will see Lebanon receive additional funds. Details of the fund and how it will be managed are to be announced on Friday. According to the French government, more than €280 million($338 million ) in emergency aid have already been handed out, after the first donor conference, held immediately after the port explosion. Now, member states of the European Union alone are pledging a further €100 million, on top of the almost €70 million handed out already, European Council President Charles Michel said in a statement. French President Emmanuel Macron has been pressuring Lebanese officials to reform and will visit the country again later this month. He has previously said that until the political problems at the heart of the Lebanese financial crisis are solved, the country should not get a bailout.