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Lebanese Default Risk Prompts Moody’s Downgrade Deeper Into Junk

Lebanon wasn’t spared a debt rating downgrade that pushed it deeper into junk, hours after Qatar unveiled a plan to plow $500 million into its government bonds. Moody’s Investors Service lowered the country’s credit score one step to Caa1, seven levels below investment grade and on par with countries including Gabon, Zambia and Iraq. It changed the outlook to stable from negative. Even though Lebanon’s ...

Lebanon plans visa free with Algeria

Mohamed Choucair, head of the Chamber of Commerce, Industry, and Agriculture, discussed Monday the possibility of a visa-free policy between Lebanon and Algeria to boost tourism, local media reported. “This is one of the opportunities that exist between the two countries and we will be working on it very soon,” he was quoted as saying by the National News Agency. Choucair’s ...

Lebanon board considers school levy

The Lebanon Board of Education is expected to take the first step Monday toward placing a property tax levy raising $5 million a year in new money for operations on May election ballots. Superintendent Todd Yohey said the money was need to offset expenses that have risen over the past eight years, when the last levy for new operating money was approved ...

Lebanon to file complaint against Israel at UN

Lebanon announced on Thursday that it has decided to file a complaint against Israel to the UN Security Council. The complaint will refer to Israeli’s military activities in the south of Lebanon, after the Israeli army launched a military campaign along the border last month, Al-Resalah reported. Israel claims its campaign aims to destroy alleged Hezbollah tunnels and build a wall along certain areas of the ...

Lebanon preparing public debt reform plan, assures on Eurobonds: finance minister

BEIRUT (Reuters) – Lebanon is studying ways to manage its public debt and its structure as part of plans for public finance reform, the finance minister told Reuters on Thursday, after he was cited saying the plan included restructuring of public debt. Ali Hassan Khalil’s remarks to al-Akhbar newspaper about debt restructuring sparked a heavy sell-off in Lebanon’s dollar-denominated debt. ...

Devastating floods and near-freezing temperatures bring death and more chaos to Syrian refugee camps in Lebanon

Mohamed Kassaf, 32, was in his tent with his four children when a storm hit. The river outside Hoor refugee camp overflowed. Rain and sewage water seeped through the tent’s tarpaulin sheets. “The water went from tent to tent. We kept moving from room to room until I couldn’t take it anymore. I had the kids sent somewhere else,” recalls ...

Palestinians in Lebanon Appeal to Unity in Face of U.S. UNRWA Onslaught

Media office of the Lebanese parliamentary speaker, Nabih Berri, said in a statement that he welcomed the Palestinian Ambassador in Beirut Ashraf Dabour. “Palestinians today face the slap of the century, not the Deal of the Century and the United States’ decision, starting with the decision to transfer its embassy to occupied Jerusalem and ending with cutting funds to the ...

Protests grow as Aoun, Hariri seek end to Lebanon impasse

BEIRUT: A Lebanese man demonstrating outside the Lebanese Ministry of Social Affairs in Beirut inflicted cuts on his body in protest against his “bad living situation.” The man, in his 60s, sat in front of security forces guarding the ministry offices as he made his protest. An employee at the ministry told Arab News that “it is not the first incident ...

Syrian refugees embark on organized return from Lebanon

BEIRUT: Hundreds of Syrian families gathered at pickup points across Lebanon Tuesday morning to return to their home country, the state-run National News Agency reported. In the latest refugee return to be organized by Lebanon’s General Security in cooperation with the Syrian government, hundreds of Syrian families boarded buses in the northern Lebanese city of Tripoli. The group will be ...

Lebanon prepares to legalise medicinal marijuana

Beirut – The Lebanese parliament will soon review legislation to legalise medicinal marijuana, its speaker announced on Wednesday, as authorities seek ways to jumpstart the country’s struggling economy. With public debt at 150% of GDP, the third highest rate in the world, Lebanon charged consulting firm McKinsey & Company with setting out a vision to revitalise growth. McKinsey’s proposal, submitted ...