Lebanon expects donors to deposit funds with Central Bank, deputy prime minister says



Lebanon anticipates allies will help it maintain the pound’s stability by depositing money with its central bank, Deputy Prime Minister Ghassan Hasbani said on Sunday.

Beyond a pledge by Qatar to buy government bonds worth $500 million, Lebanon is looking “to have the confidence of Arab countries and other countries to place large deposits in the central bank of Lebanon, which is something that could happen fairly soon,” Mr Hasbani told Bloomberg Television at the World Government Summit in Dubai.

Lebanon, one of the world’s most indebted countries, has sought to mobilise support and allay investor concerns that it risks a financial meltdown driven by political turmoil and doubts over its ability to repay creditors. The government, which was formed recently after nine months of deadlock, also needs time to implement steps negotiated with international donors in return for $11 billion in aid.

Lebanese officials have already hinted that some countries would step up, with Finance Minister Ali Hasan Khalil saying Qatar’s decision would be a “prelude” to similar moves by others. Soon after Qatar’s pledge last month, Saudi Arabia’s finance minister said the kingdom would support Lebanon “all the way.” He didn’t give details.

Mr Hasbani said it’s too early to say how Saudi Arabia might offer more backing, in addition to what it pledged at the donor conference in Paris. It “may not come in the form of assistance as much as in the form of deposits in the central bank,” he said

Wealthy Gulf states have often doled out money by placing funds on deposit with central banks to boost liquidity and reserves. Recent recipients of such support packages include Pakistan and Jordan.

Moody’s Investors Service estimates the budget deficit probably widened to 10.5 per cent of gross domestic product last year, up from its previous expectation for 8.9 per cent. The ratio of debt to GDP will exceed 150 per cent by 2021 from a forecast level of 141 per cent in 2018, according to the rating company.

The Lebanese government’s priority now is reducing the budget deficit and starting a major investment program in infrastructure to spur growth and attract private investments, Mr Hasbani said.

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
COMPANY%20PROFILE
%3Cp%3EFounder%3A%20Hani%20Abu%20Ghazaleh%3Cbr%3EBased%3A%20Abu%20Dhabi%2C%20with%20an%20office%20in%20Montreal%3Cbr%3EFounded%3A%202018%3Cbr%3ESector%3A%20Virtual%20Reality%3Cbr%3EInvestment%20raised%3A%20%241.2%20million%2C%20and%20nearing%20close%20of%20%245%20million%20new%20funding%20round%3Cbr%3ENumber%20of%20employees%3A%2012%3C%2Fp%3E%0A
Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

The Sand Castle

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Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

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