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Saudi businessman reportedly kidnapped by Lebanese gang in Bekaa Valley

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by middleeasteye.net -- Lebanese authorities are investigating the alleged kidnapping of a Saudi businessman in the Bekaa Valley region of eastern Lebanon, according to local media. Hussein al-Shammari was allegedly lured to the region to buy property, a judicial official said. A ransom demand has not been issued but the man was likely kidnapped "with the aim of financially extorting" him, the official said. The Bekaa public prosecutor instructed security forces to "conduct investigations and gather information on his whereabouts, which is likely the Al-Sharawneh neighbourhood" on the outskirts of the city of Baalbek, an official told the AFP on condition of anonymity.

The Bekaa Valley, a Hezbollah stronghold, is the heart of Lebanon's farmland and has been associated with lawlessness, competing tribes and hashish production. The region is a well-known route for smuggling into neighbouring Syria. In April, a gang kidnapped an Egyptian accountant in Baalbek. He was rescued by the army after two weeks in captivity.

What happened with Archbishop al-Hajj is not only an insult, but an assault and an insult to Maronite Patriarchate and me personally

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khazen.org stands with his Beatitude Maronite Cardinal Patriarch Bechara el Rai and the Maronite church from the insult of the unlawful detention of Archbishop Moussa al-Hajj. What has happened is an insult to all of the Maronites and Lebanese citizen including the double standard of using the judiciary system for political reasons.

Maronite Patriarch Bechara Rai said on Sunday that "arresting Haifa and the Holy Land Archbishop Moussa al-Hajj is an insult to the Maronite Church, because laws stipulate that a bishop or priest should not be tried without the patriarch's authorization." In front of a large crowd in Diman, the summer residence of the Maronite Patriarch, Rai considered that "what happened with Archbishop Al-Hajj is not only an insult, but an assault and an insult to the Maronite Patriarchate and me personally." "It is forbidden to arrest Archbishop al-Hajj and question him at the Lebanese borders, and all MPs who came today to Diman will always be our voice in Parliament," he added.

Analysis: Three initiatives for post-Aoun Lebanon

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By Sami Moubayed, Correspondent - gulfnews.com -- Damascus: On October 31, 2022, Michel Aoun’s six-year tenure at the Lebanese presidency will end. Attempts are presently underway, led by Aoun’s Free Patriotic Movement (FPM), either to extend his term for an indefinite period or bequeath the post to his son-in-law and political heir Gibran Bassil. But, a third option is now making the rounds, which calls on Prime Minister-designate Najib Mikati to assume the presidential seat, albeit temporarily, if no candidate is chosen anytime between now and next October.

FPM Initiative

The Aounists are peddling an extension of their boss’ term, citing a clause in the Lebanese constitution, which says the president cannot be sworn into office unless there is a full-fledge cabinet of ministers, approved by the Lebanese Parliament. Mikati is currently in designate mode, tasked with forming his fourth government last May. In Lebanon, that is a process that can take weeks, or months. A Prime Minister-designate cannot supervise a presidential election, nor inaugurate a new president, giving Aoun a legal pretext to extend his term at the Baabda Palace. Although he has often said that he has no intention of staying in office longer than his presidential term, he has also said he won’t surrender office to a “power vacuum”.

And it’s a power vacuum that the Aounists are trying to create, in order to keep Aoun as president. They have been trying to obstruct Mikati’s attempts at cabinet formation, to keep him in prime minister-designate capacity. A suggested cabinet reshuffle was sent to Aoun on June 29, which he automatically rejected, because it suggested replacing the FPM’s current Minister of Energy Walid Fayyad with an independent. They hope to keep finding more excuses to delay cabinet formation, saying that they will only facilitate the process if Mikati agrees to support Bassil for president. And that is something which Mikati refuses to commit, given that Bassil is an extremely unpopular figure, even among Lebanese Christians, and is sanctioned by the United States.

Lebanese national basketball team ranks second in FIBA Asia Cup

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Congratulations to our Lebanese Basketball team ranking second beating China, New-Zeeland and many other countries to fell short against Australia in the Final

Lebanon’s men's basketball team fell agonisingly short in their attempt to win the Fiba Asia Cup after they were beaten 75-73 by Australia in Jakarta, Indonesia, on Sunday evening. The Cedars were behind by 14 points heading into the fourth quarter, but a dramatic late charge saw them close the gap to two by the final whistle. The team's stunning run to the final, which also saw them defeat Jordan and Asian powerhouse China in the knockout stages, has been a rare bright spot for a country enduring one of the worst economic downturns in modern history.

Lebanese venture capital firms face uncertain future as economy collapses

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By MAYSAA AJJAN -- arabnews.com -- BEIRUT: With their money stuck in banks, the steep devaluation of the Lebanese lira, the de-facto suspension of Circular 331 and the rising inflation, investors and the Lebanese central bank Banque Du Liban have reached an impasse. “The first five years of Circular 331 initiative were great to the ecosystem, venture capitals included,” Walid Hanna, founder and CEO of Middle East Venture Partners, told Arab News. The circular released by BDL in late 2013 injected nearly $400 million into the entrepreneurial sector to build a Lebanese knowledge economy. “The initiative seamlessly empowered the ecosystem until the financial crisis occurred in 2019. Problems happened when venture capitals powered by the circular received capital calls from their banks and the BDL, either in Lebanese liras or US dollars,” said Hanna. A capital call is a legal right by which a fund manager asks the fund investors or shareholders to pay their pro-rata portion of their fund commitments. “The devaluation of the lira, which has lost more than 90 percent of its value, made the situation complicated and problematic,” added Hanna.

After local banks decided to withhold the savings of individuals and institutions at the onset of the financial crisis in October 2019, most VCs lost a significant amount of money. Still worse, the banks tethered their startups’ capital. Another problem was that the VCs received their capital calls — their due money from investors — in Lebanese dollars or “lollars.” A “lollar” is a US dollar stuck in the Lebanese banking system; in other words, a computer entry with no corresponding tangible currency. The issue of the “lollar” made it impossible for startups to expand their businesses abroad. The fact that BDL required startups and VCs to not spend any “circular 331 money” outside of Lebanon didn’t help matters, explained Hanna. “Therefore, it is a triple problem for the banks, the startups and BDL. This is where the decline started,” Hanna concluded.

Lebanon: Massive Grain Silo Which Survived Beirut Blast At Risk Of Collapse Amid Fire

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Written By Riya Baibhawi -- Lebanese Prime Minister Najib Mikati on Friday warned that the ruin of a massive grain silo risks total collapse due to an ongoing fire at Beirut Port. According to Associated Press, a fire in the structure has been smouldering for the past two weeks due to 800 tons of grains inside fermenting in the hot weather. Notably, blazes extended after flames reached nearly the electrical cable. Hundreds of thousands of firefighters have been deployed at the site which reminds many of 2020’s devastating explosion that ripped the Mediterranean city apart. Experts say part of the structure is leaning and in danger of tipping over. On Friday, PM asked the firefighters and civil defence volunteers to step back for their own safety.

During the 2020 explosion, the grain silo shielded the western part of Beirut, withstanding the brutal force. While the governement experts have warned that trying to put out the fire with water could worsen it due to humidity, the Interior Minister on Thursday ordered firefighters to try to contain the fire with water anyway. Later, the Lebanese army also deployed a helicopter in an attempt to douse the fire with water as well.

Maronite Catholic officials denounce 12-hour detention of archbishop

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Cardinal Bechara Rai, patriarch of Maronite Catholics, greets Maronite Archbishop Moussa El-Hage of Haifa and the Holy Land at Diman, the patriarchal summer residence in north Lebanon July 20, 2022. The Maronite Catholic officials denounced the detention of Archbishop El-Hage on the southern border of Lebanon July 18. (CNS photo/Mychel Akl for Maronite patriarchate)

By: Doreen Abi Raad BEIRUT (CNS) — Maronite Catholic officials in Lebanon have denounced the detention of one of its bishops on the country’s southern border with Israel. The July 18 incident occurred at the border post of Lebanon’s General Security in the village of Ras Naqoura, at which Maronite Archbishop Moussa El-Hage of Haifa and the Holy Land was detained for more than 12 hours. Archbishop El-Hage, also the patriarchal exarch of Jerusalem and Palestine and Jordan, was traveling by road from his episcopal seat in Haifa, Israel, when he was taken into custody by security officers at a crossing that is reserved for religious and the diplomatic corps. Maronite officials said the archbishop was transporting aid, food and cash from his archdiocese intended for needy in Lebanon, amid the country’s catastrophic economic collapse that has pushed nearly 80% of the population into poverty.

Cardinal Bechara Rai, patriarch of Maronite Catholics, convened a meeting July 20 of the permanent council, a patriarchal authority composed of four bishops that meets in “emergency and serious cases.” Archbishop El-Hage was present. In the statement following the meeting at Diman, the patriarchal summer residence in north Lebanon, the Maronite council condemned what it called the “unfortunate and reprehensible attack” on Archbishop El-Hage. The incident, they said, “brought us back to the times of occupation and rulers in the previous centuries, when the invaders and occupiers were trying to undermine the role of the Maronite Church in Lebanon and the East and its brotherhood between religions.”