In Paris, Mardi café blends influences from around the world, from Lebanon to Sweden
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Ya Libnan
a day ago
- Ya Libnan
Lebanon's Political Class still shielding the architect of Its financial collapse
Riad Salameh who was once internationally seen as the guardian of Lebanon's financial stability, has fallen from grace long time ago . He spent his final weeks in office a wanted man, faced with French and German arrest warrants that have been prompted by long-running corruption probes. By: YaLibnan Once again, Lebanon's parliament has proven it is more interested in protecting itself than protecting the Lebanese people. The recent legislation—presented as a step toward financial reform—does nothing to address the core of Lebanon's economic collapse. It reflects a complete lack of political will to uncover the truth, deliver accountability, or rescue the nation's economy from further ruin. At the heart of the financial catastrophe lies one of the most egregious Ponzi schemes in modern history, masterminded by the long-serving Central Bank Governor, Riad Salameh. For decades, Salameh artificially propped up Lebanon's banking system through unsustainable financial engineering that required constant inflows of new deposits to pay off old obligations—classic Ponzi scheme mechanics. When the inflows stopped, the entire system collapsed. The Lebanese people—especially the small and middle-class depositors—were left holding the bag. Instead of being held accountable, Salameh was protected. For years, Lebanon's ruling elite shielded him, allowing him to operate above the law. He was indispensable to their survival: his schemes funded the corrupt political machine, allowed unsustainable state borrowing, and enriched banks tied to the ruling parties. When European countries—particularly France, Germany, and Luxembourg—launched criminal investigations and issued international arrest warrants, the Lebanese judiciary did nothing. Not only did Lebanon refuse to extradite him, but its institutions closed ranks around him. It wasn't until international pressure became too loud to ignore that the political establishment staged a new maneuver: Salameh was quietly arrested in Beirut in September 2024 and placed in pretrial detention. At first glance, this looked like justice at last. But in truth, it was another calculated move by the ruling class—not to prosecute him, but to protect him from facing justice abroad. Lebanon does not extradite its citizens, and by detaining Salameh locally, the authorities ensured he would never face European courts or reveal the full extent of the financial crimes that implicate them all. This isn't justice. It's obstruction. Where did the depositors' money go? It went to fund decades of deficits, bloated public institutions, phantom infrastructure projects, and private enrichment. It vanished into luxury real estate in Europe, offshore accounts, and shady deals approved and facilitated by political and banking elites. The man who knows where every dollar went—Riad Salameh—sits in a Lebanese jail, protected by the very people who should be standing trial with him. Parliament's latest legislation does nothing to recover the stolen funds, hold the guilty accountable, or implement real financial reform. It is yet another smokescreen—an attempt to buy time, deflect blame, and preserve a dying system that benefits the few at the expense of the many. Lebanon will not be saved by cosmetic reforms or symbolic arrests. It needs truth. It needs accountability. And above all, it needs an end to the culture of impunity that has allowed an entire country to be looted in broad daylight. The Lebanese people deserve to know: Who stole their money? Where is it? And why are the thieves still in power? Until those questions are answered, recovery is impossible. Justice delayed is justice denied.
Ya Libnan
2 days ago
- Ya Libnan
Trump fires US labour statistics chief after dismal employment report
US President Donald Trump speaks to the media as he departs the White House on August 1, 2025 in Washington, DC. © Win McNamee, AFP President Donald Trump on Friday said that he was firing the head of the Bureau of Labour Statistics after a jobs report showed weakening employment. According to data from the Labor Department, job growth in July fell short of expectations, and recent revisions to hiring numbers showed the weakest employment gains since the COVID-19 pandemic. Washington- President Trump said Friday he has ordered the firing of a key economic official, accusing her of manipulating employment data for political reasons after a new report showed cracks in the US jobs market. US job growth missed expectations in July, Labour Department data showed, and revisions to hiring figures in recent months brought them to the weakest levels since the Covid-19 pandemic. Without providing evidence, Trump lashed out at the department's commissioner of labour statistics, writing on social media that the jobs numbers 'were RIGGED in order to make the Republicans, and ME, look bad'. In a separate post on his Truth Social platform, he charged that Commissioner Erika McEntarfer had 'faked' jobs data to boost Democrats' chances of victory in the recent presidential election. 'McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months,' Trump said, referring to latest data for July. 'Similar things happened in the first part of the year, always to the negative,' Trump said, insisting that the world's biggest economy was 'booming' under his leadership. He later told reporters 'we need people that we can trust', accusing the economic official of inflating hiring figures under former president Joe Biden 's administration. 'Trump is tightening his grip on American economic policy and institutions' 'Dangerous precedent The United States added 73,000 jobs last month, while the unemployment rate rose to 4.2 percent from 4.1 percent, said the Department of Labour earlier Friday. Hiring numbers for May were revised down from 144,000 to 19,000. The figure for June was shifted from 147,000 to 14,000. This was notably lower than job creation levels in recent years. During the pandemic, the economy lost jobs. The employment data points to challenges in the key labor market as companies took a cautious approach in hiring and investment while grappling with Trump's sweeping – and rapidly changing – tariffs this year. The numbers also pile pressure on the central bank as it mulls the best time to cut interest rates . With tariff levels climbing since the start of the year, both on imports from various countries and on sector-specific products such as steel , aluminum and autos, many firms have faced higher business costs. Some are now passing them along to consumers. William Beach, who previously held McEntarfer post at the Bureau of Labour Statistics, warned that her firing 'sets a dangerous precedent and undermines the statistical mission of the Bureau'. The National Association for Business Economics (NABE) condemned her dismissal, saying large revisions in jobs numbers 'reflect not manipulation, but rather the dwindling resources afforded to statistical agencies'. 'Firing the head of a key government agency because you don't like the numbers they report, which come from surveys using long established procedures, is what happens in authoritarian countries, not democratic ones,' slammed Larry Summers, former US Treasury secretary under Democratic president Bill Clinton. 'Game changer' Heather Long, chief economist at the Navy Federal Credit Union, said Friday's jobs report was a 'gamechanger'. 'The labor market is deteriorating quickly,' said Long, noting that of the growth in July, '75 percent of those jobs were in one sector: health care.' 'The economy needs certainty soon on tariffs,' Long said. 'The longer this tariff whiplash lasts, the more likely this weak hiring environment turns into layoffs .' It remains unclear when the dust will settle, with Trump ordering the reimposition of steeper tariffs on scores of economies late Thursday, which are set to take effect in a week. A sharp weakening in the labour market could push the Federal Reserve towards slashing interest rates sooner to shore up the economy. On Friday, the two Fed officials who voted this week against the central bank's decision to keep rates unchanged warned that standing pat risks further damaging the economy. Both Fed Vice Chair for Supervision Michelle Bowman and Governor Christopher Waller argued that the inflationary effects of tariffs were temporary. They added in separate statements that the bank should focus on fortifying the economy to avert further weakening in the labor market. Putting off an interest rate cut 'could result in a deterioration in the labor market and a further slowing in economic growth', Bowman said. (FRANCE 24 with AFP)
L'Orient-Le Jour
3 days ago
- L'Orient-Le Jour
Beirut's port handled 100,000 containers in July, record since 2019
Nearly 100,000 standard containers (TEU) passed through the Port of Beirut in July, marking a new record since 2019, the last year the port operated at full capacity before the economic crisis and the Aug. 4, 2020, explosion affected its activity. This figure represents an increase of about 39 percent compared to the same month in 2024, which recorded 72,000 containers. "This is the highest level reached by the port in terms of container terminal activity since 2019," management emphasized in a statement, estimating that this performance "reflects a growing operational dynamic and confirms the port's return to its role as an essential platform on the map of maritime transport in the eastern Mediterranean." This "progress" is explained, according to management, by "the improvement of operational infrastructure, the efficiency of services and the renewed confidence of shipping companies that are gradually reintegrating the Port of Beirut into their regular routes." Along with Tripoli, the capital's port is one of only two port facilities in Lebanon equipped with giant cranes capable of handling container ships. In the north of the country, the Port of Tripoli has welcomed "for the second time in two weeks, one of the largest container ships in the world," said its director, Ahmad Tamer. In a separate statement, he specified that 'about 2,600 standard containers are expected to be loaded and unloaded from the CMA CGM Cobalt, including 1,200 destined for the local market.' He also reported a 20 percent increase in container traffic in Tripoli since the beginning of the year, compared to the same period in 2024. "This record, since the creation of the terminal, reflects merchants' confidence in the efficiency and quality of the services offered," Tamer noted, who sees in it a "strategic opportunity" to "strengthen the national economy, generate new resources for the public treasury and create jobs in the Tripoli and North Lebanon region." The management of container terminals in both ports has been handled by the French group CMA CGM since 2021 in Tripoli and since 2022 in Beirut. According to the most recent official data cited this week by Lebanon this Week, the Port of Beirut handled 1.96 million tons of freight in the first four months of 2025, an increase of 18.2 percent compared to the same period in 2024. No less than 87.2 percent of this total consisted of imports. At the Port of Tripoli, total freight reached 798,000 tons, down 2.3 percent, with imports making up 78.6 percent of the total.
