thearabweekly.com — Lebanon’s economy is on the verge of collapse and everyone — Lebanese locals, expatriates, bankers, economists, politicians and even donors who have yet to come through with their pledges because they are waiting on economic reforms — knows it. The banking sector’s steady decline is devastating because it was once one of the few reliable parts of Lebanon’s economy. Lebanon’s industrial and agricultural sectors, despite their high-quality products, have been unable to penetrate foreign markets but the country’s banking and services sectors often flourished, beginning in the 1950s and 1960s when Beirut was a haven for Arab oil money and foreign depositors. In times of stability, tourism in Lebanon also became a vibrant sector. The Lebanese economy has faced problems because it relies too heavily on consumer-based structures. This aggravated the current crisis in which many Lebanese are unable to access money from their bank accounts because of capital restrictions.

The capital limits, imposed by banks that fear depositors will withdraw money all at once and cause a liquidity crisis, pushed people to desperate measures to try to withdraw money from their accounts. Some have crushed ATMs and bank facades; others took sleeping mattresses into bank lobbies and there were those who have taken to occupying tellers’ desks. One depositor withdrew 6 million Lebanese pounds — more than $10,000 — in cash after he parked a bulldozer in front of the bank entrance and threatened to demolish the building if his request was not met. The chaotic scene is broadcast live on social media, further eroding confidence in the banking system. Melhem Khalaf, president of the Beirut Bar Association, slammed the capital control measures imposed by the Lebanese Banks Association as “unconstitutional and illegal.” “This is a process that should be undertaken by the legislative authority,” he said in a statement. Some depositors have turned to the Lebanese judiciary with complaints and numerous courts have ruled in favour of depositors Lebanese families dependent on expatriates working abroad and transferring money home to them are also growing concerned. It is estimated that almost 500,000 Lebanese are working in the Arab Gulf region, many regularly sending money to loved ones in Lebanon. If Lebanon’s cash and banking transfer system crashes, that source of income would be lost for many Lebanese households.

BEIRUT (Xinhua) — A representative of medical equipment importers in Lebanon has warned that a big crisis will soon hit the medical sector in the country, a local media outlet reported Sunday. “Around 80 percent of patients who enter hospitals do not find the needed medical equipment and materials for their treatment,” Salma Assi was […]

by thenational.ae — The Lebanese fashion designer has partnered with Simonetta, a leading Italian producer of childrenswear that has previously collaborated with Roberto Cavalli, Tod’s, Fendi, Lanvin, Emilio Pucci, Balmain and even Aston Martin on clothing collections for children. For footwear, Elie Saab has teamed up with Andrea Montelpare, a leader in the luxury footwear […]

by newsmax.com — Protesters piled pressure on Iran’s leadership on Sunday with demands for top authorities to quit after the Iranian military admitted it had mistakenly shot down a Ukrainian airliner at a time when it had feared U.S. strikes. “They are lying that our enemy is America, our enemy is right here,” dozens of protesters outside a university in Tehran chanted, according to video clips posted on Twitter. Scores of demonstrators were also shown gathered in other cities. President Donald Trump sent out a tweet in Farsi expressing support for the protesters. “To the brave, suffering Iranian people: I have stood with you since the beginning of my Presidency, and my Administration will continue to stand with you. We are following your protests closely, and are inspired by your courage,” read an English version of the tweet. Posts showed other demonstrators outside a second university and a group of protesters marching to Tehran’s Azadi (Freedom) Square. The videos also showed protests in other cities. Some state-affiliated media carried reports of the university protests, after Saturday’s demonstrations sparked by Iran’s announcement that its military had mistakenly brought down the Ukrainian plane on Wednesday, killing all 176 aboard.

Tehran residents told Reuters police were out in force in the capital on Sunday. Public anger boiled up following days of denials by the military that it was to blame, issued even as Canada and the United States said a missile had brought the plane down. Riot police fired teargas on Saturday at thousands of protesters in the capital, where many chanted “Death to the dictator,” directing their anger at the Islamic Republic’s Supreme Leader Ayatollah Ali Khamenei. “Apologize and resign,” Iran’s moderate Etemad daily wrote in a banner headline on Sunday, saying the “people’s demand” was for those responsible for mishandling the plane crisis to quit. The latest upsurge in anger adds to public pressure on the authorities, which is struggling to keep the crippled economy afloat under stringent U.S. sanctions. It launched the bloodiest crackdown in the 40-year history of the Islamic Republic in November after protests against a hike in fuel prices turned political. About 1,500 people were killed in less than two weeks of unrest, three interior ministry officials told Reuters, though international rights groups put the figure much lower and Iran rejected the figure. Trump tweeted on Sunday: “To the leaders of Iran – DO NOT KILL YOUR PROTESTERS. Thousands have already been killed or imprisoned by you, and the World is watching.”

Beirut (AFP) —  Hundreds protested across Lebanon on Saturday to denounce a crippling economic crisis and the political deadlock that has left the country without a government for over two months. Chanting anti-government slogans in the capital Beirut, the northern city of Tripoli and the southern city of Nabatieh, they also denounced a class of political leaders they deem incompetent and corrupt. In Beirut, hundreds of protesters marched to parliament, making stops at the state-run electricity company and the headquarters of the Association of Banks. “All the reasons that made us take to the streets on October 17 still stand,” said protester Riad Issa, referring to the date Lebanon’s anti-government protest movement started. “Nothing has changed and the political establishment is closing its ears… and shutting its eyes.”

Although protests have declined in size, demonstrations have been ongoing since October, increasingly targeting banks and state institutions blamed for driving the country towards collapse. The movement has been fuelled by a crippling economic crisis, the worst since Lebanon’s 1975-1990 civil war. The World Bank has warned of an impeding recession that may see the proportion of people living in poverty climb from a third to half the population. To make matters worse, a liquidity crunch has pushed Lebanese banks to limit dollar withdrawals and transfers since September. This has forced depositors to deal in the plummeting Lebanese pound, which has lost nearly two thirds of its black market value against the greenback for the first time since it was pegged at 1,500 to the dollar in 1997. “The country is collapsing. We want a government of independents and a rescue plan,” read a banner carried by demonstrators in Beirut.

by reuters — Iran’s clerical rulers risk a legitimacy crisis as popular anger has boiled up at the way the state handled a passenger plane crash, which the military took three days to admit was caused by an Iranian missile fired in error. Video clips on Twitter showed protesters in Tehran on Saturday chanting “Death to the dictator,” a reference to Supreme Leader Ali Khamenei. Reuters could not independently verify the footage. It followed a welter of criticism in Iran. Iran’s state news agency confirmed protests had erupted. President Donald Trump send out a tweet in Farsi expressing support for the protesters. “To the brave, suffering Iranian people: I have stood with you since the beginning of my Presidency, and my Administration will continue to stand with you. We are following your protests closely, and are inspired by your courage,” read an Enlish version of the tweet.

Amid mounting public fury and international criticism, the belated admission of blame by Iran’s elite Revolutionary Guards has squandered the national unity seen after the killing of the country’s most influential commander in a U.S. drone strike in Iraq on Jan. 3. The protests before the revelation of Iran’s culpability had been chanting “Death to America.” Since the Ukraine International Airlines plane crashed Wednesday – an incident Canada and the United States said early on was due to an Iranian missile albeit fired by mistake – social media has been ablaze with criticism of the establishment. All 176 people on board the plane, en route from Tehran to Kiev, were killed.

That mood bodes ill for a parliamentary election in February, when Iran’s rulers typically seek a high turnout to show their legitimacy even if the outcome will not change any major policy. But instead they are now hearing more rumblings of discontent, after anti-government protests in November in which hundreds of people died. “It is a very sensitive time for the establishment,” said a senior former official, who spoke on condition of anonymity. “They face a serious credibility problem. Not only did they conceal the truth, they also mismanaged the situation.”

by neweurope.eu By Charles Tannock—The news from Lebanon in recent weeks has been grim. As street protests in Beirut and other cities intensify, so does the country’s economic suffering. A political, economic, and social crisis has taken hold, leading to hard-currency shortages that hinder imports of vital daily commodities such as wheat, medicine, and fuel. Moreover, these problems are occurring against a backdrop of faltering economic growth and huge external debts. Local banks have imposed unprecedented capital controls, and thousands of Lebanese have recently lost their jobs or had their wages greatly reduced. Seen from outside, there is only one viable solution: Lebanon itself needs to resolve its political crisis and implement necessary and overdue economic and fiscal reforms. But to succeed, the country needs the international community to back it financially.

At a conference in Paris in 2018, international donors pledged $11 billion in loans and grants to Lebanon, conditioned on the implementation of various reforms – a message donors recently reiterated. The formation of a functioning cabinet is a first step on that path, so that the international community can see effective government returning to the country. These conditions seem fair and in line with some of the protesters’ demands. At the same time, international support for Lebanon in its hour of need must be firm and unequivocal. It is important to remember why Lebanon is in such economic difficulty. For starters, the country has suffered the consequences of the war in neighboring Syria: it is hosting 1.5 million refugees who have fled the conflict, as well as bearing the enormous economic impact of having a close trading partner at war. By settling and caring for these refugees, Lebanon is shouldering an intolerable burden in the hope of bringing greater security and stability to a very dangerous region. In addition, US sanctions aimed at the Shia political party and militia Hezbollah also affect ordinary Lebanese citizens and businesses. Domestic political discord has also contributed to the current crisis. Lebanon’s presidency was vacant for more than two years until October 2016, and Prime Minister Saad Hariri’s resignation announcement in Saudi Arabia in 2017 shocked the country’s financial markets and triggered capital outflows. Following Lebanon’s May 2018 parliamentary election, a further nine-month delay in forming a new government – again headed by Hariri – highlighted the country’s leadership vacuum and political drift.

by cnet.com — The game is called Ghone is Gone, and in it, you play a former CEO named Loscar Gon who must, according to the Steam description, “slip through the narrowest gaps to escape the country, using bribes and sometimes hiding in a musical instrument case.” If that sounds totally absurd and like the […]

by newsmax — Iranian Gen. Qassem Soleimani was planning to take out four embassies, including the U.S. Embassy in Baghdad, when the decision was made to take him out, President Donald Trump said in an interview recorded Friday. “We will tell you that it was probably going to be the embassy in Baghdad,” Trump told […]

by reuters- Lebanon’s banks will not go bankrupt and deposits are secure, central bank Governor Riad Salameh said on Thursday in remarks aimed at reassuring depositors amid a deep financial crisis that has shaken confidence in the country’s banking system. Speaking to broadcaster MTV in his first extended remarks in nearly two months, Salameh said that foreign support was needed to pull the country from crisis and that Qatar appeared open to offering help. “I believe the Qataris want to support Lebanon,” he said, referencing a recent visit he made to Doha, before adding: “Contact between the two states is not the responsibility of the central bank.” Salameh said that contact with the International Monetary Fund (IMF) had so far been limited to talks with the prime minister over technical support. “There has been no negotiation with the IMF by the Lebanese state to really know what conditions they would put,” he said. Foreign donors pledged $11 billion in project finance to Lebanon in 2018 but made it contingent on Beirut carrying out long-delayed economic reforms – something it has failed to do. Salameh said the central bank remains convinced of its fixed exchange rate, which has kept the Lebanese pound pegged to the U.S. dollar at the same rate since 1997.