Lebanese President Michel Aoun today said that measures would be taken to hold accountable all those who contributed to the country’s financial crisis through illegal actions by transferring money abroad or manipulating bonds in foreign currencies. “There is information that we are still in need of with regards to the ... Read More »
Lebanon’s financial situation points to a likely restructuring of the country’s massive debt and financial sector to preserve declining foreign currency reserves, Fitch Ratings said Tuesday. The credit rating agency’s report comes as Lebanese officials are debating whether to pay back $1.2 billion worth of Eurobonds that mature on March ... Read More »
Reuters reports that Turkey’s lira weakened against the dollar on Tuesday to its lowest point in regular trading since last May, as a central bank policy decision loomed and investors fretted over tensions in Syria’s Idlib, where Ankara is bulking up its military. Turkey’s central bank, which has slashed its ... Read More »
Tourism industry set to take further hit from coronavirus, adding to impact of higher sales tax and damage from typhoon, experts warn Japan’s economy is on the brink of recession after shrinking dramatically in the final three months of 2019. The world’s third-largest economy contracted 6.3 per cent in ... Read More »
The Lebanese government will request “technical assistance” from the IMF to draw up a stabilisation plan to resolve the country’s financial and economic crisis, including plans to restructure public debt, a government source told Reuters today. Parliament Speaker Nabih Berri previously suggested yesterday that a decision on whether to pay ... Read More »
A Cabinet session to approve the final draft of the Cabinet’s policy statement is set to take place Thursday, Information Minister Manal Abdel Samad said Monday. “We are implementing short and medium-term plans, with clear and targeted goals,” Abdel Samad told reporters after the ministerial committee tasked with drafting the ... Read More »
Major banks in Lebanon began tightening banking controls this month, halving the amount of dollars depositors are allowed to withdraw every month, despite growing public anger. Faced with a dollar liquidity crunch, banks have imposed informal controls on dollar withdrawals and transfers abroad since September amid widespread anti-government protests and ... Read More »
Lebanon’s new government will look to reduce interest rates and recapitalise banks as part of a broad plan that includes taking “painful” steps to escape a deep financial crisis, according to a draft policy statement seen by Reuters. The 17-page statement, which may still be amended, will form the basis ... Read More »
The Shanghai Composite index fell nearly 9% before recovering slightly, while commodity prices also slumped. Manufacturing, materials, and consumer goods companies are among the hardest hit, as healthcare shares soar. The fall came despite China’s central bank announcing new measures to ease the impact of the outbreak. The People’s Bank ... Read More »
Boris Johnson has warned Donald Trump that both their countries will suffer if the US starts a trade war in the increasingly bitter dispute over the UK’s “tech tax”. The prime minister hit back after Washington threatened retaliation – probably a tax on UK car exports to the US – ... Read More »
Lebanese Ministry of Information