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Demonstrators block roads in Lebanon protest over dire economy

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Lebanese demonstrators wear face masks as they chant slogans during a protest against the collapsing Lebanese pound currency outside Lebanon's Central Bank in Beirut, Lebanon April 23, 2020.

Lebanese soldiers confront a demonstrator during a protest against the collapsing Lebanese pound currency and the price hikes, in Zouk, north of Beirut, Lebanon [File: Mohamed Azakir/Reuters]

by Al Jazeera -- Beirut, Lebanon - Lebanese authorities have started using forceful measures to try and bring the country's rapidly sliding national currency under control, as angry citizens block roads and attack banks in protest over rapidly eroding livelihoods. "My salary is now worth $100," a protester shouted during an attempt to block a road in Beirut on Monday as Lebanon witnessed its largest number of demonstrations since a nationwide COVID-19 lockdown was imposed in mid-March. An acute dollar shortage has sent the Lebanese pound tumbling from 1,500 to $1 - the official exchange rate peg since the late 90s - to about 3,000 to one $1 on parallel markets by mid-April - a drop that effectively slices the value of wages and savings by half, throwing millions of financial lives into uncertainty. But last week, the currency's slide started accelerating dramatically, with parallel market rates opening at around 3,400 Lebanese pounds to $1 on Friday - only to close nearly 12 percent lower, at 3,800 to $1. Some reports said the Lebanese currency plunged as low as 4,000 to $1 on Friday, or more than 17 percent in a single day.

by AFP -- Demonstrators blocked roads through Lebanon late Sunday to protest the deteriorating economic situation, despite a lockdown and curfew imposed because of the coronavirus, according to the official news agency. Police quickly intervened to reopen the highways where the demonstrators burned tyres to block roads, the ANI national news agency said. In Zalqa sector, northeast of Beirut, six people were injured, Lebanese Red Cross official Rodney Eid told AFP without providing further details. An AFP photographer saw protesters setting tyres ablaze on the highway north of the capital, in the suburbs of Dbaiyeh, before the army and police moved in. Protesters also mobilised in the main northern city of Tripoli, according to ANI.

And south of Beirut, young people set tyres ablaze on the Damour highway, the agency said. Protesters have staged several daytime demonstrations recently, including a convoy of cars in the capital last week, despite the coronavirus lockdown and nighttime curfew. A nationwide protest movement erupted in October last year, with hundreds of thousands of people demonstrating against the ruling elite and the rampant graft critics say has brought the economy to its knees. Lebanon's worst economic crisis since the 1975-1990 civil war is now compounded by the coronavirus lockdown. Poverty has risen to 45 percent of the population, according to official estimates. Its economy is forecast to contract 12 percent in 2020, according to the International Monetary Fund. The Lebanese pound has also plummeted against the dollar, resulting in high inflation. (AFP)

Gas found off Lebanon not commercially viable: minister

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An undated handout picture released by the regional press office of the French multinational energy firm Total on February 25, 2020 shows the Tungsten Explorer drillship anchored off the Lebanese coast to explore for oil and gas

by rfi.fr -- Drilling off the Lebanese coast has shown some traces of gas but no commercially viable reserves, Energy Minister Raymond Ghajar said on Monday. "Initial drilling results showed the presence of gas at different depths in the geological layers" of block 4, he told reporters at a news conference. But around two months after drilling started "no gas reservoir, no commercial reservoir was found," he said. Anticipation had been high in Lebanon for the results of gas and oil exploration, with many hoping a major hydrocarbon discovery could help redress the debt-burdened economy. A consortium composed of energy giants Total, Eni and Novatek was awarded two of Lebanon's 10 exploration blocks in 2018 -- block 4, and block 9 near the Israeli border.

French oil firm Total has yet to release its full report on the exploration of block 4, with Ghajar saying it would be ready in two months. Results from that site are needed to finalise a strategy on how best to probe block 9, where Ghajar said drilling would start as soon as possible. Exploration of block 9 has been more controversial as Israel claims it belongs to it. Total has in the past said it was aware of a border dispute affecting less than eight percent of block 9 and would drill away from that area. Lebanon is one of the most indebted countries in the world, with a burden equivalent to 170 percent of its GDP. It is grappling with its worst economic crisis since the 1975-1990 civil war, now compounded by a nationwide lockdown to stem the spread of the novel coronavirus.

Lebanese Maronite Patriarch and parliament speaker warns against sacking central bank governor

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FILE PHOTO: Lebanon's Central Bank Governor Riad Salameh speaks during a news conference at Central Bank in Beirut, Lebanon, November 11, 20

BEIRUT (Reuters) - Lebanese parliament speaker Nabih Berri has warned that removing the central bank governor would send the currency tumbling and threaten deposits, after the prime minister slammed Riad Salameh for the pound's fall. Prime Minister Hassan Diab on Friday cast Salameh as responsible for a currency crisis that has threatened to further destabilise a country already in dire financial straits. The pound, which has lost more than half its value since October, slid to record lows on a parallel market last week, nearing 4,000 to the dollar before currency dealers on Friday went on strike. The official pegged pound rate of 1,507.5 to the dollar is available only for certain vital imports. In comments carried by Sunday's An-Nahar newspaper, Berri said Lebanon could not afford to remove Salameh just as it was entering negotiations with foreign bondholders after defaulting on debt obligations last month. "Lebanese will wake up to the price of the dollar at 15,000 pounds," he said. "I am not defending Salameh or anyone, I am defending Lebanon. And if the central bank of Lebanon does not remain, then everyone knows that depositors' funds are gone forever."

The politically influential Maronite Catholic Cardinal patriarch said criticism of Salameh would only hurt Lebanon. "We ask: who benefits from the destabilisation of the central bank governorship?" said Patriarch Bechara Boutros Al-Rai. "We know the dire outcome, which is eliminating the confidence of the Lebanese people and (foreign) states in the constitutional foundations of the state." Lebanon is governed according to a sectarian system that parcels out state positions according to religious group. The central bank governor is always a Maronite Christian while the premier is always a Sunni Muslim. Diab's government was formed in January with the support of the powerful Iranian-backed Shi'ite movement Hezbollah, and has struggled to enact the economic reforms demanded by foreign donors.

عظة البطريرك مار بشاره بطرس الراعي بمناسبة الأحد الثاني بعد القيامة

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Maronite Catholics in Lebanon receive new patriarch

قال البطريرك مار بشاره بطرس الراعي أثناء القاء عظته في الأحد الثاني بعد القيامة بلبنان، اليوم
"سَارَ يَسُوعُ مَعَهُمَا، واستَمَعَ لَهُمَا، ثُمَّ فَسَّرَ لَهُمَا الكُتُب، فَاضْطَرَمَ قَلْبُهُمَا"، تحت صدمة الصَّلب، غادر تلميذان منهم أورشليم بعد ظهر الأحد عينه، على الرَّغم من تسرُّب خبر قيامة يسوع، وفيما هما يسيران مكتئبَين، ويتحادثان بشأن الحكم عليه بالموت صلبًا، وتحطيم رجاء الشَّعب كلّه،إذا بيسوع الحيّ الدَّائم، يقترب منهما ويَسير معهما. ومن بعد أن استمع لهما، وهما يَسرُدان سبب غمِّهما بشأن صلب يسوع، "الرَّجل النبيّ القدير بالقول والفعل قدَّام الله والشَّعب كلّه" (الآية 19)، راح يفسِّر لهما ما يتعلَّق به في كلِّ الكتب من موسى إلى جميع الأنبياء". ومن بعد أن عرفاه عند "كسر الخبز" وغاب عنهما، قال الواحد للآخر: أمَا كان قلبُنا مضطرمًا فينا، حين كان يُكلِّمنا في الطَّريق ويشرح لنا الكتب؟ وللحال رجَعَا إلى أورشليم لينقُلا بُشرى قيامته (الآيات 27-32).

Lebanon Bank Attacked With Explosive Amid Economic Crisis

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The attack on a Fransabank branch in Sidon came a day after Prime Minister Hassan Diab said Lebanese bank deposits had plunged $5.7 billion in the first two months of the year

by ibtimes.com -- Assailants lobbed an explosive device at a bank in Lebanon Saturday, in the latest attack on financial institutions in a country facing its worst economic crisis in decades. The official National News Agency said the night-time assault targeted a branch of Fransabank in the southern port city of Sidon, damaging its glass facade. There were no immediate reports of any casualties. The attack came a day after Prime Minister Hassan Diab said Lebanese bank deposits had plunged $5.7 billion in the first two months of the year, despite curbs on withdrawals and a ban on transfers abroad.

An anti-government protester covers her face with a Lebanese flag during a protest against the Lebanese Central Bank’s Governor Riad Salameh and against the deepening financial crisis, in Beirut, April 23. (AP)

by thearabweekly.com -- Samar Kadi -- BEIRUT - Lebanon is bracing for a more painful and restive post-COVID-19 phase marred by social unrest amid deteriorating living conditions, skyrocketing prices and a nosediving devaluation of the Lebanese pound, analysts say. Anti-government protesters have taken to the streets in different parts of Lebanon despite a nationwide lockdown enforced since March 15 to stem the spread of the deadly coronavirus. Protesters blocked highways and gathered in squares and outside the Central Bank in Beirut in defiance of confinement restrictions. In the Bekaa town of Taalabaya, in east Lebanon, the army used force to disperse demonstrators, causing minor injuries to 40 protesters. “There is no doubt that people are full of anger. Recent polls indicated that the percentage of those frustrated with the ruling class is much higher than it was when the anti-government protests first began in October last year,” said political analyst Johnny Mounayar. “More people are getting hungry, losing their income and jobs and the pound continues its downward spiral against the dollar, unabated,” said Mounayar.

DESPITE KIM JONG UN'S ABSENCE, MILITARY ACTIVITY SUGGESTS NOTHING AMISS IN NORTH KOREA, U.S. INTELLIGENCE SAYS

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north, korea, kim, air, force, drills, appearance

by newsweek.com -- North Korean supreme leader Kim Jong Un missed another national holiday on Saturday, fueling rumors and reports of his health. But U.S. intelligence sees no sign of unusual military activity that would suggest something amiss. "Regional militaries in the Western Pacific and Asia, including those of our partner nations, remain at readiness levels consistent with historical norms," a senior Pentagon official told Newsweek because they were not authorized to speak on the matter. "We have observed no indications or received any additional information to make a conclusive assessment on the status of North Korean leadership or health of Kim Jong-un," the official added. "We continue to monitor the situation."

But Kim Jong Un, believed to be 36 and usually the center of his society, was still nowhere to be seen Saturday as his country commemorated Military Foundation Day. The Stimson Center's 38 North monitor shared satellite imagery showing that a roughly 820-feet long train has appeared at the North Korean head of state's compound in the east coast city of Wonsan in recent days. The supreme leader has not appeared in public since his country's closely-controlled media published photos of him two weeks ago attending aerial exercises and presiding over a politburo meeting of the ruling Korean Workers' Party Central Committee. His failure to appear days later at Day of the Sun celebrations dedicated to his grandfather, national founder Kim Il Sung, first sparked speculation regarding his well-being that the official told Newsweek may not be unfounded. "With the presence of the train and his absence from two major events, there is certainly credibility to report that KJU is either in a serious health condition or potentially deceased," the official said. "Since he is perceived as a deity in NK, his death would instantly trigger nationwide indications, so there is potential that the government had delayed an announcement in order to have everything in place to maintain security across the country," the official added.

Hariri Says Some Seeking Revenge, Economic System Destruction through Diab

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by naharnet -- Al-Mustaqbal Movement leader ex-PM Saad Hariri lashed out Friday at Prime Minister Hassan Diab and the rival political parties, accusing them of seeking revenge against “an entire era” while attempting to destroy “the free economic system.” In a strongly-worded statement responding to Diab's speech earlier in the day, Hariri accused the PM of delivering an “uncalculated” address and declaring a “coup” with a “military language.” “These are dangerous remarks seeking to manipulate people's sentiments and their social concerns and fear for their livelihood with the aim of distancing himself from the government's blatant dereliction,” Hariri charged. “This is the phase of revenge against an entire era and they have tasked the premiership with leading the attack,” the ex-PM said. He added: “Bravo, Hassan Diab. You did a good job. Here you are fulfilling their dreams in destroying the free economic system. They are clapping for you at the (presidential) palace.” “How can you ignore the party responsible for half of the public debt through subsidizing electricity and seven years of paralyzing state institutions? How can you not ask about the policies that harmed Lebanon's Arab and international ties? How can you disregard the responsibilities that should be borne by those practicing a new tutelage over the premiership? Is the central bank governor to blame for all of this?” Hariri asked, addressing Diab.

In his speech, Diab said he is holding Central Bank Governor Riad Salameh responsible for the downward spiral of the national currency, accusing him of pursuing "opaque" policies that sent the pound crashing against the dollar. The government has agreed with Lebanon's president to hire an independent international auditing company to review the Central Bank's performance, Diab said. The move, and the premier's speech, were an indication of a widening rift with the country's longtime chief financial decision-maker. Diab urged Salameh to speak openly to the public about the financial crisis, hinting that the governor has intentionally engineered the crash of the pound.