Lebanon’s economic woes threaten its preparedness amid fears of war spillover
02 November 2023 | 11:56 am
As Hezbollah militants in southern Lebanon continue to trade fire with Israeli forces, there are fears the war between Israel and Hamas could spread. Lebanese authorities have scrambled to develop an emergency plan in case the conflict does spill over, though residents and local authorities say the cash-strapped nation is ill prepared. A fire and rescue service operating near the Israeli border says it cannot even afford flak jackets or helmets, despite being one of the first lines of defence.
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Clashes erupted between members of the Palestinian Fatah group and rival groups that support Islamists. Violence is not uncommon at Ein el-Hilweh, Lebanon's largest Palestinian refugee camp.
Riad Salameh held the post for 30 years, but is now wanted in several European countries for alleged financial crimes. One of his vice-governors will temporarily take over.
A nationwide strike called by Nigeria's labor unions to protest against the removal of a petrol subsidy and demand a new minimum wage got off to a slow start on Wednesday as most businesses were open, though with reduced traffic in some spots.
Germany's industrial output has dropped significantly, with the country's economy ministry warning that, amid a pessimistic outlook, there are no signs of light at the end of the tunnel.
The Philippine government summoned China's ambassador on Monday and presented a strongly worded diplomatic protest over the Chinese coast guard's use of water cannons in a weekend confrontation with Philippine vessels in the disputed South China Sea, officials said.
History shows the economic impact of technological advances is generally uncertain, unequal and sometimes outright malign.
As BRICS leaders meet in Johannesburg on Tuesday, they will be sure to discuss ways to increase commercial exchanges within the bloc of emerging economies comprised of Brazil, Russia, India, China and South Africa. The group, which represents 16% of global trade, will also look to encourage the use of local currencies in exchanges. However, the Brazilian idea of creating a common currency for the bloc appears to now be on the back burner.
As Zimbabweans head to the polls this Wednesday, we take a look at the dire economic straits the country finds itself in. Inflation has gone from the single digits in 2017 to 77 percent this month, the currency has crashed against the US dollar, and high unemployment has led many to emigrate. While incumbent President Emmerson Mnangagwa has played up improved infrastructure on the campaign trail, his opponent Nelson Chamisa detailed a plan that he says will build Zimbabwe into a $100 billion economy.
The 30-year tenure of the former governor of the Bank of Lebanon Riad Salameh culminated in controversy, inquiries and sanctions. What role did the once respected financial authority play in Lebanon's economic collapse?
The dollar payments are going to be made in August, as Lebanon hopes to "pump cash into the market through public sector employees."
On 17 August 2023, popular protests over the high inflation rate and deteriorating economic situation in Syria erupted in the Druze majority city of Al-Suwayda, with hundreds of participants. These grew, and by 20 August, thousands of protesters chanted slogans demanding the downfall of Assad regime.
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Recently discovered oil is transforming Guyana's fortunes. But neighbouring Venezuela has suddenly rekindled old claims of territorial ownership. Official Venezuelan maps now incorporate the disputed Essequibo region that covers two-thirds of Guyana, and Venezuelan oil companies have been ordered to start extraction.
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