Lebanese PM warns of catastrophe without austerity

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BEIRUT (Reuters) - Lebanon faces catastrophe if the government does not agree what may be the most austere budget in its history, the prime minister said on Wednesday, urging national unity and saying everyone should be ready for sacrifices if necessary. Prime Minister Saad al-Hariri’s government is finalizing a 2019 state budget expected to follow through on its promise of “difficult and painful” reforms to put the public finances on a sustainable path. The budget is seen as a critical test of its will to enact reforms that economists say are more pressing than ever for an economy that has suffered years of low growth. State finances are strained by a bloated public sector, high debt servicing costs and hefty subsidies spent on the power sector. Small protests over the last two days against cuts have underlined the political minefield facing a government that has put off reforms for years. Some public sector workers went on strike on Wednesday. On Tuesday, retired army officers blocked highways with burning tires to warn against any pension cuts. “What is required from us as a government today is to carry out a budget that may be the most austere in the history of Lebanon,” Hariri told reporters after a meeting of parliament, saying the government must be “sincere” with the people. While Lebanon was not in “a state of collapse”, Hariri said that “if we continue like this we will reach a catastrophe”. Unlike other states that had suffered financial crises such as Greece, Lebanon would have no-one to save it, he added.

Beirut's new airport to be opened in June

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BEIRUT, (Xinhua) -- Lebanon's Interior Minister Raya El Hassan said Tuesday that Beirut's new airport will be opened in June 2019, the National News Agency reported. "We will try to launch the new airport within a few months from now in a bid to facilitate the lives of people traveling through the airport," Hassan said during her tour with Public Works and Transportation Minister Youssef Fenianos at the airport to supervise the work being implemented in the location. Hassan said that the airport should be ready to receive tourists during the summer. Officials have on many occasions called for expansion of Rafic Hariri International Airport (RHIA) in addition to buying new equipment for the establishment in a bid to cater to an increased number of passengers. Last year, Lebanese Finance Ministry approved 18 million U.S. dollars in funding for the expansion of RHIA. The funding came following a steady increase in the passenger number at the airport since 2008, according to a study released by the airport's Research and Studies Department in March 2018. The study predicted that as many as 10 million passengers would travel via the RHIA by 2020 while the airport has the capacity of hosting only six million passengers annually.

Tax returns show many 2020 Democrats have one financial habit in common

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by businessinsider.com --A handful of 2020 Democratic presidential candidates publicly released their tax returns on Monday, attempting to contrast themselves with President Donald Trump, who has withheld his private financial information for his entire presidency, even in the wake of congressional investigations. But many of those Democratic candidates' tax returns revealed how little they give to charity each year compared with average American households with similar income levels. This is despite the significant wealth of those presidential candidates. Former Texas Rep. Beto O'Rourke released 10 years of tax returns filed jointly with his wife, Amy. In 2017, the O'Rourkes earned $366,455 but only gave $1,166 to charity. That is just over 0.3% of their income in charitable contributions. Similarly, the O'Rourkes gave just 0.2% of their income to charity in 2016.

By comparison, the average American household in the same income bracket that itemizes its deductions gave $21,364 to charity in 2016, according to IRS data. The O'Rourkes' charitable contributions do not get much larger in other years either. The last time they gave more than $10,000 was in 2013, when they donated just over 4% of their income to charity. Like O'Rourke, Vermont Sen. Bernie Sanders gave relatively little to charity compared with other Americans, despite writing a book that made him a millionaire in 2016.

Sanders, who for years resisted releasing several years of his tax returns, earned $1,073,333 but gave $10,600 to charity — or just less than 1% of his income. Based on 2014 IRS data, people who made more than $1 million that year took an average charitable deduction of $382,953, or 5.6% of their income. Sanders' campaign said that proceeds from his 2012 book, "The Speech," are donated to charity and not reflected in his returns. Sanders boosted his charitable giving in the years since 2016, giving 3.4% of his adjusted gross income in 2018 and 3% in 2017.

Other candidates also donated relatively small amounts to charity, including Sen. Kirsten Gillibrand of New York, who along with her husband donated less than 2% of their $215,000 income to charity last year. Minnesota Sen. Amy Klobuchar and her husband gave $6,600 of their $338,500 to charity, a percentage similar to Gillibrand's. California Sen. Kamala Harris gave 1.4% of her and her husband's $1.9 million income to charity in 2017. And during several years of her time as California's attorney general, Harris reported no charitable donations.

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Notre Dame cathedral in Paris on fire - What we know and we do not know

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by cnn.com--The cathedral has been a symbol of Catholicism and French identity for over 850 years. Its foundation stone was laid in 1163 by Pope Alexander III, and the cathedral was completed in the 13th century. Today, with its towers, spire, flying buttresses and stained glass, Notre Dame is considered a feat of architecture, as well as a major religious and cultural symbol of France. Its central spire, which tragically collapsed Monday in the blaze, was built in the 19th century amid a broad restoration effort, partly buoyed by the success of Victor Hugo's novel "The Hunchback of Notre Dame" in 1831. The cathedral draws millions of visitors. Located in Île de la Cité, a small island in the middle of the city, the cathedral is one of Paris' most popular attractions, drawing an estimated 13 million visitors a year.

by catholicherald.co.uk --The roof of Notre Dame cathedral in Paris has collapsed after the building caught fire on Monday afternoon. Footage posted online shows flames engulfing the upper part of the building, including the spire and bell towers. Unconfirmed reports suggest most of the major religious and artistic relics, including the Crown of Thorns, were removed as the fire began. The cause remains unclear, but officials have said say it could be linked to renovation work.

A major operation is now underway, officials added, and an area of Paris around the cathedral has been cleared. Built between the 12th and 14th centuries, the cathedral is one of the most recognisable landmarks in the French capital, receiving more than 12 million visitors a year. Cardinal Daniel DiNardo, President of the US bishops’ conference, called the fire “horrific.” “This particular cathedral is not only a majestic Church, it is also a world treasure. Noble in architecture and art, it has long been a symbol of the transcendent human spirit as well as our longing for God,” the cardinal said. “Our hearts go out to the archbishop and the people of Paris, and we pray for all the people of France, entrusting all to the prayers and intercession of the Mother of God, especially the firefighters battling the fire.” Cardinal Vincent Nichols, President of the Bishops’ Conference of England and Wales, said: “It is an iconic building visited by millions but more importantly is a symbol of faith which is at the heart of Europe. We pray the fire is extinguished quickly & with a shared effort the building made good.”

by NYT - What we know about the damage

• By 11 p.m., Mr. Gallet said that the structure, including its two frontal towers, had been “saved and preserved as a whole,” but that two-thirds of the roof had been destroyed. • “The worst has been avoided even though the battle is not completely won,” President Emmanuel Macron of France said, adding that he would launch a national funding campaign to help rebuild the cathedral. • The 295-foot spire, a wood-frame structure covered in lead that was built when the cathedral was renovated in the 19th century, appeared to be destroyed: After its partial collapse, the fire consumed much of the roof where the spire had stood. • Some of the cathedral’s art may have been saved because of recent renovations. Last week, for instance, 16 copper statues representing the Twelve Apostles and four evangelists were removed with a crane so that the spire could be renovated. • Firefighters were able to save some of the cathedral’s artworks, including linen fabric associated with Saint Louis, the Holy Crown of thorns and the cathedral’s treasury, according to Monsignor Chauvet.

What we don’t know

• The cause of the fire remains unknown. • The condition of many works, inside the cathedral and part of its structure, remains unknown. The flames threatened to melt the cathedral’s three huge “rose” stained-glass windows, for instance, and could have destroyed or damaged the church’s three organs and dozens of paintings and sculptures, some dating to the 17th century. • Many parts of the structure were already damaged and in need of restoration: Broken gargoyles and fallen balustrades had been replaced by plastic pipes and wooden planks. Such areas may have been particularly vulnerable to the flames and falling debris

Lebanon Planning Potential $2 Billion Eurobond Issue, Aide Says

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By Cagan Koc bloomberg.com -- Lebanon is planning to issue eurobonds that could be in the range of $2 billion, said Talal F. Salman, economic adviser to the Lebanese Ministry of Finance. The debt’s maturity is expected to be 10 years or more and the “timing will probably be the end of May or June,” Salman said in an interview in Washington on Saturday, where he’s attending spring meetings of the International Monetary Fund and World Bank.

“We’re waiting now for some good news coming out of budget that has austerity measures; we believe this will improve yields even further,” he said. “After that we’re planning to execute the deal.” The country sent a request for proposal, or RFP, to banks, and the biggest buyers are expected to be Lebanese banks, he said. “International buyers are waiting for good news before they commit to any transaction and with the electricity plan they’re definitely more interested now,” Salman said. Lebanon’s cabinet on April 8 approved a plan to overhaul its electricity industry that could potentially save hundreds of millions of dollars a year and improve investor confidence in the nation’s struggling economy.

Lebanon Cabinet Approves Plan to Overhaul Electricity Industry The country is planning to cut its budget-deficit-to-GDP ratio to 9 percent in 2019 from last year’s 11 percent, Salman said. “The main cuts are coming from general transfers, some procurement items and NGOs,” he said. He vowed that the government will not cut its salary scale. Beleaguered by sectarian and political strife, Lebanon is one of the world’s most indebted countries. Its budget deficit in 2018 was among the highest in the Middle East. The country also suffers from severe power shortages exacerbated by the presence of more than 1 million Syrian refugees. Lebanon’s government started working on an RFP for tenders to build new power plants, and details of the plan and who will be building the facilities will be clear by October, said Salman. — With assistance by Dana Khraiche

Decades on, war-scarred Beirut buildings remain

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by dailytimes.com.pk --They are a common sight around Beirut, but their presence barely registers with Lebanese citizens anymore. Nearly 30 years after civil war guns fell silent, dozens of bullet-scarred, shell-pocked buildings are still standing — testimony to a brutal conflict that raged for 15 years and took the lives of 150,000 people. Some are Beirut landmarks, like the iconic Holiday Inn, a hulking, bullet-riddled blue and white building that towers over the capital. The hotel, which opened for business just two years before the war broke out on April 13, 1975, was destroyed early on during battles between rival factions and used as a sniper’s nest. It has stood deserted and untouched since then, its shareholders locked in a dispute over its future. There’s the modernist movie theater that never was, nicknamed locally “The Egg.” Its moldy skeleton stands as a ruin, its future unclear. Like the Holiday Inn, it is a curious attraction for visiting foreigners.

Some are Beirut landmarks, like the iconic Holiday Inn, a hulking, bullet-riddled blue and white building that towers over the capital There are also a few remaining residential buildings located along the former Green Line, which separated the mainly Muslim part of West Beirut from the predominantly Christian part, their ravaged facades a testimony to the horrors witnessed many years ago. They still stand, either because their owners have no money to fix them, or because of disputes over ownership. “Seeing these buildings is like being slapped in the face,” said Sahar Mandour, a Lebanese journalist and a writer. “You’re walking around going about your daily business when suddenly you come face to face with a scene that takes you back to the old days.”

Unlike others who dislike the sight of these buildings and think they should be demolished, Mandour, 42, says it’s important that they stay for the nation’s collective memory, to never forget a war that pitted Palestinians against Lebanese, Christians against Muslims, Christians against Christians and every other combination possible. Israel also stepped in, adding to the destruction. “For a foreigner, it is a destroyed building. For us, it is a painful reminder of the bullets that pierced our bodies, streets and walls,” Mandour says. “I don’t want these buildings to disappear, their mission is not over yet.”