Business News Lebanon

  • LONDON Feb 11- The worst is yet to come for Lebanon's banks. But now that the flow of money from overseas has stopped and the government can no longer finance its budget deficits, the banks are in the firing line as Lebanon grapples with its worst financial crisis since the civil war. Estimates of how much the sector needs to recapitalise range from $15 billion to $25...

  • BEIRUT, Feb 4- Lebanon's cash-strapped authorities are struggling to decide what to do about a $1.2 billion Eurobond maturing in March but are leaning towards repayment for foreign holders and a swap for local investors, political and banking sources said on Tuesday. In contrast, Lebanon's longer-dated bonds are trading at 50 cents to the dollar or lower,...

  • RIYADH, Jan 27- Gulf Arab states have long channelled funds into Lebanon's fragile economy but its rich neighbours, alarmed by the rising influence of their arch-rival Iran's ally Hezbollah, now appear loath to help ease Beirut's worst financial crisis in decades. Prominent Emirati billionaire Khalaf Ahmad al-Habtoor chimed in on Twitter, predicting no aid...

  • BEIRUT, Jan 26- When she heard Lebanese banks would limit cash withdrawals, Rita, a doctor, rushed out to buy a $10,000 Rolex watch on her credit card, anxious to protect some of her savings. Every week, account holders line up for their quota of cash- for some less than $200- from their banks, which have also blocked foreign money transfers as Lebanon sinks deep into...

  • JERUSALEM, Jan 24- More than two years after first proposed a peace plan for Israel and the Palestinians, U.S. *The Palestinian demand for statehood in territory- the West Bank, Gaza Strip and East Jerusalem- captured by Israel in the 1967 Middle East war. *Palestinian demands that Israel remove its settlements in the West Bank and East Jerusalem.

  • BEIRUT, Jan 24- Lebanon and Japan have about 40 days to decide whether ousted Nissan boss Carlos Ghosn will be extradited to Japan or stand trial in Lebanon, a judicial source and a source close to Ghosn said on Thursday, following his escape from Japan last month. Japan and Lebanon have no extradition agreement and Lebanon does not typically hand over its...

  • BEIRUT, Jan 23- Lebanon and Japan have about 40 days to decide whether ousted Nissan boss Carlos Ghosn will be extradited to Japan or stand trial in Lebanon, a judicial source and a source close to Ghosn said on Thursday, following his escape from Japan last month. Japan and Lebanon have no extradition agreement and Lebanon does not typically hand over its...

  • *Government seeks up to $5 billion initially in soft loans. BEIRUT, Jan 23- Lebanon's new government must reassure international donors it is serious about reforms to tackle a financial crisis as it looks initially to secure up to $5 billion in soft loans for basic goods, its finance minister said on Thursday. Lebanon is looking to secure $4 billion to $5 billion in...

  • BEIRUT, Jan 22- Lebanon's Hezbollah- backed government will walk a political tightrope as it moves to urgently secure foreign funding to ward off financial collapse and could look to the International Monetary Fund for assistance. Formed by the Iranian-backed Hezbollah and its allies, the cabinet faces an economic crisis at a time when Gulf states, who along...

  • BEIRUT, Jan 22- Lebanon ushered in a new government that will need to walk a political tightrope, as President Michel Aoun said its main task was to win back international confidence that could unlock the funding the crisis-hit country badly needs. Lebanon, burdened with a public debt equivalent to about 150% of GDP, won pledges exceeding $11 billion at an...

  • Saudi Arabia's former intelligence minister Prince Turki al-Faisal bin Abdulziz al-Saud attends the meeting of foreign ministers of the Gulf Cooperation Council (GCC) in the Saudi capital Riyadh, on March 30, 2017.

    The U.S. airstrike that killed Iran's top commander showed Tehran that it can't get away with its provocations, Saudi Prince Turki Al-Faisal said.

  • TOKYO, Jan 16- Japanese attorneys representing Carlos Ghosn, including lead lawyer Junichiro Hironaka, quit on Thursday following the former Nissan chief's flight to Lebanon from Japan, where he had been fighting financial misconduct charges. Ghosn, who fled from Tokyo last month, told Reuters in an interview in Beirut with his wife Carole on Wednesday that he...

  • BEIRUT, Jan 14- Former Nissan chairman Carlos Ghosn, speaking in Beirut after his dramatic escape from Japanese justice, said on Tuesday that the French ambassador had warned him shortly after his arrest that his own company was plotting against him. "Frankly, I was shocked by the arrest and the first thing I asked is make sure Nissan knows so they can send me a lawyer,"...

  • BEIRUT, Jan 14- Former Nissan chairman Carlos Ghosn, speaking in Beirut after his dramatic escape from Japanese justice, said on Tuesday that the French ambassador had warned him shortly after his arrest that his own company was plotting against him. "Frankly, I was shocked by the arrest and the first thing I asked is make sure Nissan knows so they can send me a lawyer,"...

  • PARIS, Jan 10- Former Nissan boss Carlos Ghosn's lawyer on Friday told Japan's government that the authorities had failed to arrange for a fair trial that respected universal rights. Francois Zimeray, French lawyer for Ghosn, said that it had been for Japan's prosecutors to prove Ghosn's guilt, not for Ghosn to prove his innocence. Japanese Justice Minister...

  • BEIRUT, Jan 9- Lebanon's banks will not go bankrupt and deposits are secure, central bank Governor Riad Salameh said on Thursday in remarks aimed at reassuring depositors amid a deep financial crisis that has shaken confidence in the country's banking system. "I believe the Qataris want to support Lebanon," he said, referencing a recent visit he made to Doha, before...

  • BEIRUT, Jan 9- Carlos Ghosn's daring escape from Japan to Lebanon may have cast light on his wealth and influence, but in Beirut the ex-Nissan boss can only get a few hundred dollars a week from the bank because of its deep financial crisis. Lebanon, Ghosn's childhood home, is in the throes of the worst financial and economic emergency in decades, with a shortage of...

  • *Lebanon has no extradition treaty with Japan. BEIRUT/ TOKYO, Jan 9- Carlos Ghosn's lawyer said he was "very comfortable" with legal proceedings in Lebanon on Thursday, after the fugitive ex-Nissan boss was questioned over an extradition request from Japan where he faces financial misappropriation charges. Ghosn fled Japan to Lebanon, his childhood home, last...

  • *Lebanon has no extradition treaty with Japan. BEIRUT/ TOKYO, Jan 9- Carlos Ghosn's lawyer said he was "very comfortable" with legal proceedings in Lebanon on Thursday, after the fugitive ex-Nissan boss was questioned over an extradition request from Japan where he faces financial misappropriation charges. His dramatic escape has raised tension between Japan...

  • BEIRUT, Jan 9- A Lebanese prosecutor imposed a travel ban on former Nissan boss Carlos Ghosn on Thursday, judicial sources said, after he was questioned over an Interpol warrant issued by Japan seeking his arrest on financial misconduct charges. Ghosn fled Japan to Lebanon, his childhood home, last month as he was awaiting trial on charges of under-reporting...