Riot police block demonstrators protesting against tax increases yesterday in Beirut. Bilal Hussein / AP Photo
Riot police block demonstrators protesting against tax increases yesterday in Beirut. Bilal Hussein / AP Photo

Lebanese protesters confront Hariri on tax increases



BEIRUT // Demonstrators pelted the Lebanese prime minister’s car with water bottles on Sunday as thousands descended on downtown Beirut to protest a broad tax hike they say is unfairly targeting the country’s working classes.

Saad Hariri got out of his armoured convoy behind the police line at the demonstration facing the government’s capital building but could get no closer as protesters began throwing water bottles and shouting “Thieves!”.

The Lebanese government is paralysed over a budget proposal that would hike over a dozen tax rates to fund a salary increase for teachers and civil servants.

Parliament approved some tax hikes on Wednesday.

Demonstrators in Beirut on Sunday said the government has squandered public money through shady public-private contracts and should plug the budget deficit by addressing corruption instead.

The Lebanese parliament has twice extended its own term over disagreements on how to hold elections. Polls are scheduled to take place in May, but senior politicians are yet to give the green light.

* Associated Press

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Yahya Al Ghassani's bio

Date of birth: April 18, 1998

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Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda

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Install an air filter in your home.

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Generational responses to the pandemic

Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:

Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.

Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.

Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.

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