The Beirut Stock Exchange remained closed on Tuesday despite central bank employees announcing they had suspended their two-day strike to protest the government’s alleged plans to cut their salaries by 25 per cent.
After holding a general assembly on Tuesday morning, the union of employees of the Banque du Liban (BDL) announced that it would suspend the strike until Thursday evening, the state-run National News Agency (NNA) reported.
In a press release, union leader Abbas Awada said that “as a result of our patriotism and feeling of responsibility towards the Lebanese society and the economy, (we) decided to suspend the strike for three days. We will meet again on Friday morning to determine the course of the strike and to decide whether to continue with an open-ended strike, or to end it”.
BDL employees are waiting to see how discussions regarding the 2019 budget, which contains austerity measures, develop.
The cabinet is expected to finish working on it by Friday and will then send it to parliament for approval.
This is the first time the 850 employees of the BDL have gone on strike since the central bank was created in 1963, Mr Awada told The National on Monday.
They fear that the draft budget includes provisions which will cut their wages by a quarter, or worse.
“We are ready to cancel the strike if there are positive developments. That means the cancellation of articles 60 and 61 or the exclusion of the central bank from these articles”, said Mr Awada, according to the press release.
Article 60 of the budget allows the Ministry of Finance to increase control on public entities that function independently from the government such as the Beirut port, the regie tobacco company, and the wheat silo directorate, economic expert Jean Tawilé, who read the first version of the draft budget, told The National.
At the end of article 60, suspension points have been added, giving the impression that the BDL could be included, he said.
The central bank operates independently from the government but must submit a financial report to the Finance Ministry, which collects 80 per cent of its earnings every year.
Article 61 of the budget cancels bonuses and additional wages of employees of these public entities, including the central bank, Mr Tawilé added.
That would affect BDL employees’ annual salary. Currently, it is equivalent to 16 months of wages, but that would be reduced to 12 months. Commercial banks follow the same practice.
Additionally, article 54 states that central bank employees cannot earn more than the country’s president, the equivalent of 12.5 million Lebanese Pounds ($8,200). The union of BDL employees probably did not refer to this article as it only affects high earners, suggested Mr Tawilé.
The governor of the central bank, Riad Salameh, told employees that their salaries and rights would not be affected by the new budget, according to the employees’ press release.
“The alternative currently under discussion would be that the central bank simply increases monthly wages so that they do not change despite the new budget cancelling additional wages,” Mr Tawilé said.
The government has implicitly criticised the BDL strike. On Monday night, Information Minister Jamal Jarrah read a statement after the cabinet’s fifth budget meeting saying that they had discussed “ongoing strikes and demonstrations which are mostly based on false information that was not discussed by the Cabinet”.
“The council of ministers wants to clarify that information that has been “leaked” is incomplete and baseless, misleads public opinion and does not serve the interest of the nation nor of its citizens,” Mr Jarrah added.
There have been several strikes these past few weeks organised by public servants and retired military personnel protesting salary cuts.
The unprecedented BDL strike is the one that has caused most disruption until now, leading to the shutdown of the Beirut Stock Exchange on Monday.
Its website showed no activity on Tuesday. An anonymous source told Lebanese television network LBCI on Tuesday morning that trading was still suspended because of "technical reasons" linked to the strike at the BDL.
The source said that trading would resume once “work had returned to normal at the central bank”.
The impact of its closure on the Lebanese economy is limited as there are only 10 companies listed on the Beirut Stock Exchange, which has a market capitalisation of close to $9 billion.
However, the strike of the central bank’s employees significantly curtailed the activity of commercial banks, delaying the clearing of checks, and blocking foreign currency exchange and international transfers.
To avoid a shortage of liquidity should the strike continue, several banks limited cash withdrawals on Monday, causing worry among the Lebanese, two bankers told The National. Limits were set between $2,000 and $5,000.
“My friends have been able to withdraw money these past few days, but I have been told I should take 300,000 Lebanese pounds ($200) out to have cash for the rest of the week just in case the strike continues,” said one person, speaking before the suspension of the strike was announced.
A currency exchange bureau employee told The National that he had noticed a significant increase in clients requesting dollars in the past 10 days since strikes started.
One banker who requested anonymity said that the BDL strike caused “mild panic” among his clients. Some of them asked to withdraw tens of thousands of dollars on Monday, a request he had to refuse because of the withdrawal cap.
But he said that banks were back to “business as usual” on Tuesday.
“But we are worried that the strike might start again now that we’ve seen the problems it causes,” the source said.
The Gentlemen
Director: Guy Ritchie
Stars: Colin Farrell, Hugh Grant
Three out of five stars
Terminator: Dark Fate
Director: Tim Miller
Starring: Arnold Schwarzenegger, Linda Hamilton, Mackenzie Davis
Rating: 3/5
Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2A)
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New schools in Dubai
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
The biog
From: Ras Al Khaimah
Age: 50
Profession: Electronic engineer, worked with Etisalat for the past 20 years
Hobbies: 'Anything that involves exploration, hunting, fishing, mountaineering, the sea, hiking, scuba diving, and adventure sports'
Favourite quote: 'Life is so simple, enjoy it'
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
UAE currency: the story behind the money in your pockets
Tips for used car buyers
- Choose cars with GCC specifications
- Get a service history for cars less than five years old
- Don’t go cheap on the inspection
- Check for oil leaks
- Do a Google search on the standard problems for your car model
- Do your due diligence. Get a transfer of ownership done at an official RTA centre
- Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
- Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
- If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell
Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com
ASIAN%20RUGBY%20CHAMPIONSHIP%202024
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
Schedule
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UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
One in four Americans don't plan to retire
Nearly a quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals' retirement plans and the realities of ageing in the workforce.
Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they'd like.
According to the poll from The Associated Press-NORC Centre for Public Affairs Research, 23 per cent of workers, including nearly two in 10 of those over 50, don't expect to stop working. Roughly another quarter of Americans say they will continue working beyond their 65th birthday.
According to government data, about one in five people 65 and older was working or actively looking for a job in June. The study surveyed 1,423 adults in February this year.
For many, money has a lot to do with the decision to keep working.
"The average retirement age that we see in the data has gone up a little bit, but it hasn't gone up that much," says Anqi Chen, assistant director of savings research at the Centre for Retirement Research at Boston College. "So people have to live in retirement much longer, and they may not have enough assets to support themselves in retirement."
When asked how financially comfortable they feel about retirement, 14 per cent of Americans under the age of 50 and 29 per cent over 50 say they feel extremely or very prepared, according to the poll. About another four in 10 older adults say they do feel somewhat prepared, while just about one-third feel unprepared.
"One of the things about thinking about never retiring is that you didn't save a whole lot of money," says Ronni Bennett, 78, who was pushed out of her job as a New York City-based website editor at 63.
She searched for work in the immediate aftermath of her layoff, a process she describes as akin to "banging my head against a wall." Finding Manhattan too expensive without a steady stream of income, she eventually moved to Portland, Maine. A few years later, she moved again, to Lake Oswego, Oregon. "Sometimes I fantasise that if I win the lottery, I'd go back to New York," says Ms Bennett.
More on animal trafficking