Lebanon's finance minister expects banking secrecy law to pass within days
law to be passed in parliament within days.
Some Lebanese officials have accused former Central Bank Governor Riad Salameh of using bank secrecy laws to justify withholding information.
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Leaders
15 hours ago
- Leaders
Hamas Studies Trump's Ceasefire Proposal, Israel Signals Seriousness
The Palestinian movement, Hamas, said on Wednesday it was considering a ceasefire proposal for Gaza, which the US President, Donald Trump, described as 'final,' reported Reuters. Studying Ceasefire Proposal In a statement, Hamas said it was studying a new ceasefire proposal offered by the Egyptian and Qatari mediators. However, the Palestinian group emphasized that its aim is reaching an agreement that would guarantee an end to the war and a complete Israeli withdrawal from Gaza. Hamas senior official, Taher Al-Nunu, said that the group was 'ready and serious regarding reaching an agreement,' reported the Associated Press (AP). He added that Hamas was 'ready to accept any initiative that clearly leads to the complete end to the war.' Moreover, a delegation from the Palestinian group was expected to meet with Egyptian and Qatari mediators in Cairo on Wednesday to discuss the ceasefire proposal, the AP reported quoting an Egyptian official, who spoke on condition of anonymity. Trump's Announcement Earlier on Wednesday, Trump said that Israel had agreed to the conditions required to finalize a 60-day ceasefire, following a 'long and productive' meeting between his representatives and Israeli officials on Gaza. 'Israel has agreed to the necessary conditions to finalize the 60 Day CEASEFIRE, during which time we will work with all parties to end the War. The Qataris and Egyptians, who have worked very hard to help bring Peace, will deliver this final proposal,' Trump posted on Truth Social. He urged Hamas to accept the ceasefire deal. 'I hope, for the good of the Middle East, that Hamas takes this Deal, because it will not get better — IT WILL ONLY GET WORSE,' he added. No Hamas in Postwar Gaza On his part, the Israeli Prime Minister, Benjamin Netanyahu, reiterated his call for the destruction of Hamas. After Trump's announcement, Netanyahu said: 'There will not be a Hamas. There will not be a Hamastan. We're not going back to that. It's over.' The Israeli Prime Minister is expected to arrive in Washington on Monday, where he will meet with Trump in the White House. This follows the Israeli Minister for Strategic Affairs Ron Dermer's visit to Washington on Monday, during which he was set to meet with US special envoy, Steve Witkoff, Secretary of State, Marco Rubio, and Vice President, JD Vance, to discuss the situation in Gaza. Israeli Seriousness about Ceasefire Meanwhile, the Israeli Foreign Minister, Gideon Saar, conveyed Israel's seriousness about reaching a ceasefire deal to end the Gaza war and return the hostages. Speaking at a press conference in Estonia's capital, Tallinn, Saar said: 'We are serious in our will to reach a hostage deal and a ceasefire. We said yes to special envoy Witkoff's proposals. 'There are some positive signs. I don't want to say more than that right now. But our goal is to begin proximity talks as soon as possible.' Ramping Up Pressure The Israeli Minister also called for increased international pressure on the Palestinian movement. 'But it must be clear: Hamas is not only responsible for initiating this war on October 7 (2023). It is responsible also for its continuation,' he noted. 'Pressure must be applied on Hamas. The international community must now back the American initiatives. It must shatter any illusions that Hamas may have,' Saar said. Short link : Post Views: 7
Asharq Al-Awsat
19 hours ago
- Asharq Al-Awsat
Russian Central Bank Head Warns of Turbulent Times ahead Despite Slowing Inflation
The Russian economy has adapted to Western sanctions and inflation is now slowing, but turbulent times and major technological shifts lie ahead, central bank governor Elvira Nabiullina said on Wednesday. Despite the sanctions, the Russian economy grew by 4.3% last year but is set to slow sharply in 2025, with many officials and economists saying that the current model has exhausted its growth potential. "We have adapted to some external challenges (but) no, we are facing very turbulent times ahead," said Nabiullina, who is widely credited with steering the Russian economy through the Ukraine military conflict and resulting sanctions. "But I am confident that this also presents new opportunities for development and for increasing labor productivity in conditions of expensive labor. We base our efforts on this," she told a banking conference. She stressed that the high cost of labor - spurred by the military spending that has led to a wage growth spiral in many sectors, as well as by curbs on immigration - would remain for a long time, Reuters reported. Nabiullina said the economy should in future rely entirely on domestic sources of financing as cheap funding from abroad, abundant before the Ukraine conflict, is no longer available. "In my view, structural adaptation to external constraints has been completed. We have demonstrated our ability to adapt to these challenges, but now we are facing structural shifts of an entirely new kind, primarily technological ones," she said. "They may have even more far-reaching consequences than what we experienced over the past two years," Nabiullina said, mentioning artificial intelligence applications in the economy as one such challenge. INFLATION SLOWING The central bank, which has faced heavy criticism over its tight monetary policy, began cutting its key interest rate last month as prices started to come down, helped by the rouble's strength. Nabiullina said inflation is now slowing faster than the central bank expected, and there are signs of easing in the severity of labor market shortages. She said that if economic indicators pointed to a more significant slowdown than anticipated, the central bank would have room for bolder interest rate cuts. She dismissed statements by critics of the bank, who want deeper cuts, that the cooling of the economy was excessive. Nabiullina also rejected statements from many businessman and bankers that the rouble is now overvalued and should weaken to please exporting companies, which saw their revenues shrink as the rouble rallied by over 40% against the dollar this year. "A weak exchange rate is often a sign of vulnerability, a result of chronically high inflation and a lack of confidence in one's own currency. It is hardly something to strive for," she said.
Saudi Gazette
2 days ago
- Saudi Gazette
Saudi-Lebanese cooperation foils attempt to smuggle over 5 million amphetamine pills
Saudi Gazette report RIYADH — Lebanon's Customs were able to foil an attempt to smuggle more than 5,000,000 amphetamine pills, thanks to the cooperation between Saudi and Lebanese security forces. Talal Al-Shalhoub, security spokesperson of the Ministry of Interior, stated that, the Ministry of Interior, represented by the General Directorate of Narcotics Control, provided intelligence, as part of proactive security monitoring of criminal networks involved in drug trafficking, and that enabled the Lebanese Customs to thwart the attempt. The drugs were concealed in glass and porcelain tableware inside a container shipped from a third country to Lebanon. Al-Shalhoub praised the positive cooperation with the relevant Lebanese authorities in tracking and seizing the narcotics, stressing that the Kingdom remains committed to combating criminal activities targeting its security and youth with narcotics, and to arrest those involved in such crimes.
