By Tony Akleh -- arabianbusiness.com -- The ongoing economic crisis in Lebanon has placed additional pressure on the banking system, prompting lenders to delist global depositary shares (GDS) from international stock exchanges. The move has been taken to minimise unnecessary costs outside Lebanon in order to meet the challenge of raising their capital by February 2021. If they can't raise capital by 20 percent, they risk having to exit the market, according to a directive sent out by Riad Salameh, governor of Lebanon's central bank. BLOM Bank has applied for the withdrawal of its GDSs from trading on the EUROMTF and the Official List of Luxembourg Stock Exchange, as well as for the withdrawal from trading on the London Stock Exchange, with a proposed implementation of November 24.

BLOM Bank has applied for the withdrawal of its GDSs from trading on the EUROMTF and the Official List of Luxembourg Stock Exchange Prior to this decision, the traded GDSs witnessed low volumes and limited liquidity this year, making administrative costs outweigh the benefits. The GDSs and its underlying shares will continue to trade on the Beirut Stock Exchange. Bank Audi has also announced that it has applied for the cancellation of the listing of its global depository receipt (GDR) from the London Stock Exchange with effect from November 16 although they will continue to be listed and traded on the Beirut Stock Exchange.

The daughter of Lebanese President Michel Aoun Raoukouz and chairman of the National Committee for Women in Lebanon, Claudine Aoun, said in …

By By Kate Scanlon -- Washington, D.C. Newsroom, (CNA).- As Lebanon continues to deal with fallout from the massive August explosion that devastated parts of the capital, Beirut, advocates for Lebanese Christians call for continued U.S. aid and collaboration with local NGOs, while one State Department official says that conversations about additional aid have stalled. On Oct. 19, the Daily Star, an English-language newspaper in Beirut, reported that US Secretary of State Mike Pompeo told Lebanese President Michel Aoun by phone that the United States would send additional aid to rebuild areas damaged by the port explosion in Beirut earlier this year. An official State Department read-out of the call between the leaders did not mention such a pledge, and a spokesperson for the State Department did not return a request for comment on whether Pompeo had pledged additional aid to the president, but an official within the State Department said conversations about a second round of aid have stalled within the government.

Lebanese authorities attributed the Aug. 4 blast in the port of the country’s capital and largest city to “highly explosive material stored unsafely.” The explosion left 190 dead, more than 6,500 injured, and three people missing, as well as approximately $15 billion in direct damage. In the aftermath of the explosion, the United States pledged more than $17 million in initial aid for Lebanon for food assistance and medical supplies. Some advocates called for additional relief funds in response to the disaster, pointing to approximately 300,000 people officials said have been displaced from their homes. Al Jazeera reported 70,000 homes were among the buildings damaged in the explosion. Advocates for Lebanese Christians told CNA that funds dedicated specifically to reconstruction were vital, because much of the damage occurred in neighborhoods with a Christian majority. If these Christians are unable to return to their homes, it could shift the demographics of the city—and the country—by destabilizing the Christian community there.

They also stressed that working with established partners in NGOs would safeguard funds from Lebanon’s corrupt government. A State Department spokesperson told CNA that the U.S. government provided more than $750 million to Lebanon last year, and that the United States has provided more than $41.6 million in supplemental foreign assistance and redirected $11.5 million in USAID Mission funding to help Lebanon respond to the COVID-19 crisis. According to data from the Department of State, the United States has provided more than $4 billion total in foreign assistance to Lebanon since 2010. “American assistance to Lebanon saves lives, strengthens our strategic partners, ensures key services reach the Lebanese people and refugees, and counters Hezbollah's narrative and influence,” the spokesperson said in an email. The spokesperson added that the U.S. government “directly supported the Lebanese people in the aftermath of the port explosion,” by providing “immediate humanitarian assistance to meet emergency needs,” including emergency food, shelter, and medical assistance. “We continue to work with our partners in Beirut to identify additional recovery needs,” the spokesperson said.

By Morgan Phillips | Fox News -- President Trump on Friday announced a peace deal that would normalize ties with between Israel and Sudan, claiming there "would be many more peace deals to come in the Middle East." Trump invited reporters into the Oval Office while he was on the phone with the leaders of Israel and Sudan to discuss the latest U.S.-brokered deal in the run-up to Election Day. "Three months ago, no one thought this was possible. Even Bibi didn't know if this was possible, right Bibi?" Trump asked his ally, Israel Prime Minister Benjamin Netanyahu. Trump said Sudan had demonstrated a commitment to battling terrorism. "This is one of the great days in the history of Sudan," Trump said, adding that Israel and Sudan have been in a state of war for decades. "It is a new world," Netanyahu said over the phone. "We are cooperating with everyone. Building a better future for all of us." The president said that at least five other countries wanted peace with Israel. "We have many lined up. They want to come in, get the deal done."

"Iran ultimately will become a member of this whole thing. Look, someday I'd love to help Iran get back on track. They've gone from a rich country to a poor country in three years," he said. "But they can't have nuclear weapons," he continued. "It's always death to Israel, that's all they shout. So they can't have nuclear weapons." The president also said that a deal between Israel and the Palestinian region may be on the horizon. "Palestinians, they're wanting to do something. "I'm sure that will get done, too." Before the 2020 peace deals, Middle Eastern nation had not recognized Israel since Jordan in the 1990s. Trump said he expects Saudi Arabia to come to the table for a deal soon. "There's going to be a big reunion, where everybody is here, everybody's going to be signed. We expect Saudi Arabia's going to be one of those countries. Highly respected. The King and the Crown Prince. They're all just highly respected in the Middle East."