Lebanese protesters occupy a branch of BLC Bank in Beirut on Saturday. AFP
Lebanese protesters occupy a branch of BLC Bank in Beirut on Saturday. AFP
Lebanese protesters occupy a branch of BLC Bank in Beirut on Saturday. AFP
Lebanese protesters occupy a branch of BLC Bank in Beirut on Saturday. AFP

Lebanese protesters turn their ire on banks


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Dozens of Lebanese protesters held a brief sit-in inside a bank in Beirut and another in the country’s south on Saturday, part of their focus on banking policies they complain are inefficient and corrupt.

Lebanon is facing its worst economic crisis in decades, while protests against corruption and mismanagement have gripped the country since October.

The local currency has taken a nose dive, losing more than 40 per cent of its value after over 20 years of being pegged to the dollar.

Banks are imposing unprecedented capital controls to protect their deposits amid a deepening confidence crisis. Meanwhile, layoffs and salary cuts are becoming the norm while politicians bicker over forming a new government.

Dozens of protesters entered a private bank in the commercial Hamra district in Beirut, protesting capital controls and insisting that no one would leave without the money they came for. Banks have put a withdrawal ceiling of $200 (Dh 735) a week on most accounts, while totally blocking outside transfers.

“Thieves! Thieves!” two dozen protesters chanted, some sitting on counters and others on the floor. Bank staff watched and security guards did not interfere.

Lebanese protesters wave the national flag as they gather outside the house of Lebanon's new prime minister in Beirut. AFP
Lebanese protesters wave the national flag as they gather outside the house of Lebanon's new prime minister in Beirut. AFP

The protesters later helped a woman with a cane get to the second floor, again shouting that she wouldn’t leave until she got the money she needs.

The protesters posted videos of their actions on a Twitter account linked to the protest movement.

At another bank in the southern town of Nabatiyeh, a dozen protesters entered the branch chanting “Down with bank rule.”

Inside the bank, a citizen complained about how he can’t withdraw money to pay for his son living abroad as well as his employees, yet the bank continues to charge him for a loan he took. “Enough of that!” the man said, according to another video posted on Twitter.

The protesters have also organised a campaign called “we are not paying,” asking depositors not to pay their loans amid the tight capital controls.

The anti-bank protests were fanned by recent comments from the Central Bank’s governor saying he doesn’t know how much more the local currency will lose its value. Riad Salameh’s comments to reporters Thursday deepened panic in the highly dollarised economy.

Lebanon imports most of its basic needs, and is one of the world’s most indebted countries. Some protesters are calling for banks to finance imports instead of servicing debts.

Lebanese officials have asked foreign countries and financial institutions to help secure needed capital for imports. Donors have called for major reforms before extending help — a request that will likely be delayed amid infighting between political groups over the shape of a new government.

Prime Minister Saad Hariri resigned on October 29 and continues in a caretaker capacity.

The prime minister designate, Hassan Diab, was named on December 19, and is backed by the militant Hezbollah group and its allies. However, he has failed to win the backing of the main Sunni Muslim groups.

Some protesters have also rejected him, saying he is still part of the ruling elite they accuse of corruption.

Later on Saturday, about 300 protesters rallied outside Mr Diab’s house in Beirut, chanting: “We don’t want Hassan Diab,” and “Don’t dream of it, Diab.”

One protester told the gathering, which included many who travelled from the northern city of Tripoli, that from now on the protests would take place outside Mr Diab’s home until he withdraws.

The specs

Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder

Power: 220 and 280 horsepower

Torque: 350 and 360Nm

Transmission: eight-speed automatic

Price: from Dh136,521 VAT and Dh166,464 VAT 

On sale: now

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
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Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

UAE currency: the story behind the money in your pockets
What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
'Morbius'

Director: Daniel Espinosa 

Stars: Jared Leto, Matt Smith, Adria Arjona

Rating: 2/5

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

How to invest in gold

Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.

A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).

Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.

Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”

Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”

Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”

By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.

You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.

You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.

Hidden killer

Sepsis arises when the body tries to fight an infection but damages its own tissue and organs in the process.

The World Health Organisation estimates it affects about 30 million people each year and that about six million die.

Of those about three million are newborns and 1.2 are young children.

Patients with septic shock must often have limbs amputated if clots in their limbs prevent blood flow, causing the limbs to die.

Campaigners say the condition is often diagnosed far too late by medical professionals and that many patients wait too long to seek treatment, confusing the symptoms with flu. 

The biog

Name: Abeer Al Bah

Born: 1972

Husband: Emirati lawyer Salem Bin Sahoo, since 1992

Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old

Education: BA in Elementary Education, worked for five years in a Dubai school

 

Volunteers offer workers a lifeline

Community volunteers have swung into action delivering food packages and toiletries to the men.

When provisions are distributed, the men line up in long queues for packets of rice, flour, sugar, salt, pulses, milk, biscuits, shaving kits, soap and telecom cards.

Volunteers from St Mary’s Catholic Church said some workers came to the church to pray for their families and ask for assistance.

Boxes packed with essential food items were distributed to workers in the Dubai Investments Park and Ras Al Khaimah camps last week. Workers at the Sonapur camp asked for Dh1,600 towards their gas bill.

“Especially in this year of tolerance we consider ourselves privileged to be able to lend a helping hand to our needy brothers in the Actco camp," Father Lennie Connully, parish priest of St Mary’s.

Workers spoke of their helplessness, seeing children’s marriages cancelled because of lack of money going home. Others told of their misery of being unable to return home when a parent died.

“More than daily food, they are worried about not sending money home for their family,” said Kusum Dutta, a volunteer who works with the Indian consulate.

The specs

Engine: 3.5-litre V6

Power: 272hp at 6,400rpm

Torque: 331Nm from 5,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.7L/100km

On sale: now

Price: Dh149,000

 

UAE currency: the story behind the money in your pockets
Results

5.30pm: Maiden Dh165,000 (Turf) 1,600m; Winner: Al Battar, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer).

6.05pm: Maiden Dh165,000 (Dirt) 1,200m; Winner: Good Fighter, Richard Mullen, Satish Seemar.

6.40pm: Handicap Dh185,000 (T) 1,200m; Winner: Way Of Wisdom, Tadhg O’Shea, Satish Seemar.

7.15pm: Handicap Dh170,000 (D) 2,200m; Winner: Immortalised, Tadhg O’Shea, Satish Seemar.

7.50pm: Handicap Dh185,000 (T) 2,000m; Winner: Franz Kafka, James Doyle, Simon Crisford.

8.25pm: Handicap Dh185,000 (D) 1,200m; Winner: Mayadeen, Connor Beasley, Doug Watson.

9pm: Handicap Dh185,000 (T) 1,600m; Winner: Chiefdom, Mickael Barzalona, Salem bin Ghadayer

The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now 

The specs: Macan Turbo

Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October