by reuters — A majority of Lebanese Parliament members oppose paying looming Eurobond maturities, even if that leads to default, Parliament Speaker Nabih Berri said on Wednesday. The announcement compounded doubts over whether the heavily indebted country will meet a March 9 repayment deadline. Lebanon is facing an unprecedented economic and financial crisis, which came to a head last year as capital inflows slowed and protests erupted against the ruling elite. Its next debt maturity is a $1.2bn Eurobond due on March 9.

Senior sources close to two of the main parties that back the government – the powerful Hezbollah, and Berri’s Amal Movement – told Reuters news agency that the government was expected to announce a decision not to pay on Friday or Saturday and enter negotiations with bondholders. A source close to the other main backer of the government – the Free Patriotic Movement, founded by President Michel Aoun – said such a declaration may happen unless foreign bondholders made a good offer in time. Berri, one of Lebanon’s most influential leaders, made his comments at a weekly meeting of members of Parliament. “We are with any measure the government takes apart from paying,” Ali Bazzi, a lawmaker from Berri’s parliamentary bloc, cited him as saying.

by naharnet.com — The Lebanese Embassy in Rome called in a statement on all Lebanese nationals in Italy to exercise caution and follow the general precaution guidelines facing the widespread of COVID-19 disease, the National News Agency reported on Tuesday. NNA said the embassy advised Lebanese residing in Italy to avoid travel to Lebanon at […]

by arabnews.com — Najia Houssari — BEIRUT: Lebanese University President Fouad Ayoub has apologized to Chinese students for “any abuse or bullying by any student at the university or by any Lebanese person against you following the coronavirus crisis.” Dr. Ayoub described any case of bullying as “individual and (this) should not be generalized because […]

by arabnews.com — BEIRUT: Campaigners in Lebanon will gather at Beirut’s Press Club on Wednesday morning to unveil a petition that calls on the UN to create an international commission to investigate and prevent political corruption. It has been signed by number of former ministers, former and current MPs, representatives of non-governmental organizations, and intellectuals. Toni Nissi, the president of the International Lebanese Committee for UN Security Council Resolution 1559, a pro-democracy NGO, said that there have been many attempts by campaigners to clean up politics in Lebanon over the years, including lobbying for international resolutions to be issued and implemented.

“The crisis is due to the high levels of corruption and the lack of leadership skills among Lebanese politicians,” said Nissi, “It is impossible to have a stable economy when the public sector supplies 65 percent of the jobs. How can the taxes paid by the 35 percent working in the private sector be able to pay the salaries of the 65 percent plus all the country’s expenses, with all the ongoing corruption?” Given that politicians from the governing parties continue to exert full control over the implementation of laws in Lebanon, and rarely commit to the implementation of UN resolutions and decisions, including UNSCR 1559, some might be skeptical about the chances of the petition having any significant effect. Nissi, however, remains hopeful that it will bring about change, because the commission would be set up directly through the UN without interference from the Lebanese administration. “Political reform is a must,” he said. “But to reach political reform we must stop the corruption first, get back the stolen money, eliminate any factors that protect the thieves, and achieve enforcement of the law. We believe that if the petition’s requests are implemented, we might reach that phase.”

by AFP — BEIRUT: Lebanese Prime Minister Hassan Diab on Monday admitted that the state had lost the people´s confidence after months of anti-government protests and an economic meltdown. In the coming days crisis-hit Lebanon must decide whether to repay $1.2 billion in Eurobonds due on March 9 or, as is widely expected, restructure its […]

BEIRUT (Reuters) – Lebanon has exclusive jurisdiction over Lebanese in the country, its president said on Monday, appearing to rebuff a visiting Japanese minister who said it was “obvious and natural” that ousted ex-Nissan boss Carlos Ghosn should stand trial in Japan. Ghosn fled Japan to Lebanon, his childhood home, in December as he awaited trial on charges of under-reporting earnings, breach of trust and misappropriation of company funds, all of which he denies. “We believe it is obvious and natural for Ghosn to stand trial in Japan and this view has been communicated to the Lebanese government,” Japan’s deputy justice minister Hiroyuki Yoshiie said in Beirut after meetings with Lebanese leaders. “And we agreed to cooperate on that,” he told reporters, declining to give details of how Lebanon had agreed to cooperate.

A Lebanese presidency statement noted Yoshiie’s request for cooperation over Ghosn but did not say how Lebanon had responded. Lebanese President Michel Aoun noted “that the Lebanese judiciary is sovereign and has exclusive jurisdiction over Lebanese nationals residing on Lebanese soil, without that meaning the exclusive right to prosecution”, the statement said. Aoun told Yoshiie that Lebanon and Japan had no judicial cooperation or extradition treaty, and that Ghosn had entered Lebanon legally through Beirut airport.

By Chris Matyszczyk Owner, Howard Raucous LLC — inc — Absurdly Driven looks at the world of business with a skeptical eye and a firmly rooted tongue in cheek. I’ve met quite a few Harvard graduates over the years. I’ve heard it said they can be a touch self-regarding. My own impression is that some, at least, can instinctively regard others with a casual disdain. No, of course I’m not specifically referring to Facebook CEO Mark Zuckerberg here. He didn’t graduate. A recent conversation with a Harvard graduate, however, drew me to a story about Amazon CEO Jeff Bezos.

Bezos went to lowly Princeton. In 1997, however, he gave a little talk to some Harvard graduate business students about his online store known as Amazon. As Brad Stone’s book The Everything Store: Jeff Bezos and the Age of Amazon relates, the large-brained students began to chat among themselves as if Bezos wasn’t there. Then, one of the fine Harvardians told Bezos: You seem like a really nice guy, so don’t take this the wrong way, but you really need to sell to Barnes and Noble and get out now. Naturally, many will chuckle at the realization that Amazon’s position is a touch more secure than Barnes and Noble’s these days. But there’s one profound lesson here and one that’s truly glorious. When you have a business based on a vision of the future, rather than the present, understand that the majority of your critics will likely be looking from the perspective of the present. They see now and they have a certain belief how now will influence the future.

by Naharnet Newsdesk — Maronite Patriarch Beshara al-Rahi on Sunday called on Lebanese authorities to adopt a “more serious approach” in its measures against the spread of the COVID-19 coronavirus. “The biggest concern is the spread of the coronavirus pandemic, which is threatening the safety of citizens be them young or old,” al-Rahi said in […]

By Dana Khraiche and Lin Noueihed — Bloomberg — Lebanon’s banking lobby made a last-ditch appeal to the government to avoid a debt default and instead offer a swap into new notes for all bondholders. In the clutches of its worst financial crisis in decades, Lebanon is running out of time to decide how to handle a debt burden that economists say is no longer sustainable. It faces a choice of repaying more than $1.2 billion of Eurobonds due March 9 or restructuring liabilities to preserve dwindling foreign-exchange reserves. The best solution is to repay the debt through a swap for new securities and embark on immediate reforms to clean up public finances and restore the confidence of diaspora investors, according to Salim Sfeir, head of the Association of Banks in Lebanon. Foreign bondholders could be willing to agree to such an exchange if the country can convince them of acting in good faith to carry out reforms and implement a credible plan, he said. “We still believe that a wise approach to the economic crisis and the financial obligations toward the international community is feasible if there is goodwill by the government to adopt the necessary reform plans and restructuring policies for our economy,” said Sfeir, who is also chairman of Bank of Beirut.

Lebanon’s central bank had proposed a debt swap with local lenders in January as a way to avert default. Prospects for a swap faded, however, after local banks sold some of their Eurobond holdings at a discount to overseas funds such as Ashmore Group, a British fund that’s bet the government would pay out. The sales mean that foreign funds now hold a larger proportion of the Eurobond series maturing in 2020, giving them more leverage in any restructuring discussion. The Justice Ministry asked the prosecutor last month to investigate the transactions on the ground that local banks might have obstructed the government’s efforts to restructure debt. Sfeir defended banks by saying they sold their holdings to get hold of fresh dollars needed to pay outstanding liabilities of almost $9 billion and meet demand for fuel, wheat and medicine suppliers. “This is also why many of the banks were forced in recent months to sell their own bonds at a discount, thus taking great losses just to be able not to default,” he said.

 By Matilda Coleman — Beirut, Lebanon – Lebanon has asked all schools, universities and nurseries to close until March 8 as a precaution against the new coronavirus. So far, the country has recorded seven cases of the virus that was first detected in China at the end of last year, while dozens have been tested and are waiting for results or have been negative. Three of the patients, two Lebanese and an Iranian, had returned from Iran, the regional epicenter of the virus. The fourth case, of Syrian nationality, is suspected of coming into contact with someone who visited Iran, the Lebanese Ministry of Health said on Saturday in a statement. Three of the cases were in a stable condition, but an elderly patient suffered several diseases prior to his coronavirus infection and “his condition is unstable.”

Later, on Saturday, the ministry said the number of cases had increased to seven, and that the three new patients had previously been in contact with infected people. All patients are currently in quarantine at the Rafik Hariri University Hospital in the capital, Beirut. Almost all educational institutions are expected to respect the request of the Minister of Education, Tarek Majzoub, on Friday night about the closure. However, the prestigious American University of Beirut, which has about 10,000 students, announced that it would remain open, “based on consultations with several experts in the field of infectious diseases.”

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