World
The Bank of Lebanon discloses the amount of the country’s “liquid assets in foreign currency”.
Lebanon’s central bank announced on Thursday that the country’s liquid assets in foreign currency stood at $8.573 billion, while external liabilities were valued at $1.27 billion, the bank’s first disclosure of these figures.
The country’s net foreign currency assets were $7.303 billion, according to Reuters calculations, based on bank figures.
The bank’s financial engineering drained dollar balances from local banks at high interest rates.
An audit revealed that Banque du Liban “hid $76 billion in losses as a result of this engineering.”
Critics called the policy a “Ponzi scheme” because it relied on re-borrowing to pay off existing debts. Banque du Liban has always said these actions are “legitimate”.
Lebanon has been suffering from an economic crisis since 2019, and the lira’s exchange rate against the dollar has fallen to record lows, weakening the purchasing power of citizens, many of whom have fallen into extreme poverty.
The lira has lost more than 98 percent of its value since the start of the economic downturn in 2019. And last February, the central bank lowered the official exchange rate from 1,500 pounds, which it had held for decades, to 15,000 pounds to the dollar.
At the end of June, the International Monetary Fund warned that the current state of uncertainty in Lebanon poses a “significant risk” to the economic and social stability of the country, which has been battered by multiple crises, non-implementation of needed reforms and continued political paralysis.
“Creator. Award-winning problem solver. Music evangelist. Incurable introvert.”
World
An American family is suing Google for “negligence”.
The family of a North Carolina man who died after driving a car on a collapsed bridge while he was following Google Maps directions wants to sue the giant for negligence and says the company was notified of the bridge’s collapse. But it doesn’t improve its navigation system.
Phillip Paxson, a sales representative and father of two daughters, drowned after his car plunged into Snow Creek in the Hickory area on Sept. 30, 2022, according to a family lawsuit filed Tuesday in Wake County Superior Court.
Paxon was returning home from his daughter’s ninth birthday party when Google Maps told him to cross a bridge that collapsed nine years ago and has not been repaired to this day.
For his part, his wife, Alicia Paxson, said in a press release, “Our two daughters ask how and why their father died, and I don’t know what to answer to make them understand, because as an adult I haven’t yet. Knowing how to understand who is responsible for underestimating the directions of the global navigation system and the bridge to human life.
State police officials who found Paxon’s body in his semi-submerged car said there were no barricades or warning signs on the flooded road.
The bridge is not maintained by local or state officials, and the development company that originally built it has gone out of business, the State Patrol said.
The lawsuit names several private property management companies responsible for the bridge and adjacent land.
In the years before Paxon’s death, several people reported the bridge collapse to Google Maps and urged the company to update the route information, the suit said.
“Creator. Award-winning problem solver. Music evangelist. Incurable introvert.”
World
Emirates News Agency – Guterres to chair “Climate Ambition” summit in New York
Wednesday, September 20, 2023 – 10:35 p.m
New York, September 20 / WAM / United Nations Secretary-General Antonio Guterres today chaired the “Climate Ambition” summit, which was held for a day at the headquarters of the international organization in New York. General Assembly.
In a statement at the start of the summit, Guterres noted that the summit’s work focuses on the urgent task of accelerating climate action in light of rising global temperatures.
The path forward for the international community is clear, he stressed, moving towards curbing the rise in global temperatures and creating a world where clean air, green jobs and clean and affordable energy are enjoyed by all.
He stressed the importance of the proposed Climate Unity Charter, which calls for major countries to make more efforts to reduce emissions, and rich countries to support emerging economies to do so.
The UN Secretary-General urged countries to implement a fair and equitable energy transition, with affordable electricity for all, by ensuring credible plans to phase out coal by 2030 for OECD countries and the rest of the world by 2040.
He explained that the world needs a change to rebuild trust, calling on governments to push the global financial system in favor of climate action. He said, “This means putting a price on carbon and reforming the business models adopted by multilateral development banks. They can benefit from higher levels of financing.” At a reasonable cost to private and developing countries.
Antonio Guterres called on all parties to implement the Loss and Damage Fund at the twenty-eighth United Nations Climate Change Conference (COP28) in the United Arab Emirates at the end of November. He called on developed countries to meet their $100 billion debt. Complement the resources of the Green Climate Fund, and double adaptation financing. He emphasized that everyone should have an early warning system by 2027, implementing the action plan launched last year.
Noting that his agenda for accelerating climate action calls for business and financial institutions to embark on a truly net-zero path, he explained that every company with a genuine interest in business must develop reasonable transition plans that work to credibly reduce emissions and achieve climate justice.
The Secretary-General of the United Nations has expressed his desire that the “Climate Ambition” summit will be pushed to a strong moment that will contribute to building momentum for the process of increasing the speed of climate action that will be built in the coming months. , in order to contribute to increasing the pace of climate action.
WAM Correspondent – USA
“Creator. Award-winning problem solver. Music evangelist. Incurable introvert.”
World
Emirates News Agency – “Dubai Entrepreneurship Training Program” welcomes new batch of future leaders
Wednesday, September 20, 2023 – 5:11 p.m
Dubai, 20 September / WAM / The Dubai Entrepreneurship Training Programme, a prestigious program to train graduates in management, is under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. “May God Protect Him” declared 28 fellows from 20 different countries during its ninth session for a period of nine months, preparing them to transition and enter the world of corporate consulting.
The program receives graduates from all over the world, such as Austria, Colombia, Kazakhstan and Zimbabwe. The fully funded program offers ambitious graduates a unique opportunity for practical work and hone their skills as future global leaders.
The Dubai Entrepreneurship Training Program explained that the process of selecting members of the program is subject to certain criteria, specifically the receipt of over 12,500 applications and an acceptance rate of 0.22%.
Mohammed Ibrahim Al Shaibani, Director General of the High Court of the Ruler of Dubai, expressed his support for the members elected this year, pointing out that the program has become the first in the world to involve thousands of people. The applications submitted confirm Dubai’s position as a major hub for talent from around the world.
The program is offered in collaboration with PwC Academy, Middle East, Pan Education and Kapadev; It relies on a wide range of skills to train partners in strategy, work and leadership to grow and thrive in business sector and global strategies.
Those associated with the program gain hands-on experience at top companies and institutions in Dubai, and participate in academic study modules delivered by experts and professionals at the Dubai Digital Authority, and develop their work skills globally. Emirates Group, Dubai International Financial Center and Emirates Literary Foundation.
Mustafa Badr el-Din/Mohammed Jaballa
“Creator. Award-winning problem solver. Music evangelist. Incurable introvert.”
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