Lebanon central bank bans interactions with Hezbollah financial group
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Arab News
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Japanese Ambassador Magoshi attends ceremony of solar power system to training and autism centres in Lebanon
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Arab News
8 hours ago
- Arab News
Hotel spending drives Saudi POS transactions to $3.5bn
RIYADH: Hotel spending in Saudi Arabia increased by 8 percent in the week ending July 12, helping total point-of-sale transaction values reach SR13.12 billion ($3.5 billion). The latest data from the Kingdom's central bank, SAMA, revealed that the sector recorded SR281.56 million in transaction value, while the number of payments rose 4.6 percent to 839 million. The overall POS value for the week dipped by 8.2 percent, with the number of transactions dropping by 3 percent to 223.57 million. According to SAMA's bulletin, the education sector saw the largest decrease, dropping by 27.6 percent to SR102.21 million. Spending on miscellaneous goods and services ranked next, decreasing 15.6 percent to SR1.51 billion, but still accounting for the third-largest share of the POS value. Restaurants and cafes, the division with the most significant share of total POS value, recorded a 1.7 percent decrease to SR1.92 billion, while the food and beverages sector saw a 13 percent decrease, totaling SR1.84 billion and claiming the second-largest share of this week's POS. The top three categories accounted for approximately 40.2 percent of the week's total spending, amounting to SR5.28 billion. Other smallest spending drops were in gas stations, slipping by 2.6 percent to SR948.99 million, and spending on building materials, which decreased by 3.7 percent to SR330.83 million. The health and furniture sectors also saw downward changes, decreasing by 7.6 percent and 4.9 percent to reach SR805.09 million and SR275.70 million, respectively. Spending on clothing and footwear dipped by 7.3 percent to SR827.14 million, followed by a 6.9 percent decrease in spending on transportation. Expenditure on jewelry followed the trend, declining 7.9 percent to SR305.49 million. Geographically, Riyadh dominated POS transactions, with expenses in the capital reaching SR4.47 billion, an 8.1 percent decrease from the previous week. Jeddah followed closely with a 7.9 percent dip to SR1.89 billion, while Dammam ranked third, down 7.9 percent to SR626.13 million. Makkah saw the smallest decrease, inching down 1.1 percent to SR530.71 million, followed by Abha with a 3.6 percent decrease to SR209.73 million. Hail recorded 3.99 million deals in activity volume, down 5.3 percent from the previous week, while Tabuk reached 4.57 million transactions, dropping 15.5 percent.
Asharq Al-Awsat
20 hours ago
- Asharq Al-Awsat
Lebanon Bans Dealing with Hezbollah Financial Entity
Lebanon's central bank has banned banks and brokerages from dealing with a Hezbollah-affiliated financial institution, according to a circular, a sign of the group's diminished sway over state affairs since its devastating war with Israel. Keeping up military pressure on the Iran-backed group, Israel on Tuesday launched some of its heaviest airstrikes since a ceasefire in November, saying it hit training camps and weapons depots in east Lebanon. A security source in Lebanon said 12 people were killed, five of them Hezbollah fighters, Reuters reported. Hezbollah has faced mounting pressures since the war, including financial ones. In the circular, dated July 14 and reviewed by Reuters, Banque du Liban prohibited all licensed financial institutions in Lebanon from dealing directly or indirectly with unlicensed entities and listed Hezbollah's Al-Qard Al-Hassan as an example. The US Department of Treasury imposed sanctions on Al-Qard Al-Hassan in 2007, saying Hezbollah used it as a cover to manage "financial activities and gain access to the international financial system". Bolstered by its powerful arsenal, Hezbollah had long exercised decisive influence over Lebanese state affairs, but it was unable to impose its will in the formation of a post-war government in February. Al-Qard Al-Hassan, founded in 1983, describes itself as a charitable organisation which provides loans to people according to Islamic principles that forbid interest. Israel struck some of its branches during its war with Hezbollah last year. Operating as a not-for-profit organisation under a licence granted by the Lebanese government, it has more than 30 branches, mostly in southern Lebanon and the Bekaa Valley. SHADOW ECONOMY A Lebanese official said the central bank move had been in the works for months, and reflected US pressure on Lebanon to take action against Hezbollah's financial wing. Nassib Ghobril, chief economist at Byblos Bank, said Lebanese banks were already careful to avoid dealing with Al-Qard Al-Hassan because it is under US sanctions. "The important point is that finally the authorities are addressing the shadow economy in Lebanon, which is the real problem," he said, adding that authorities had long failed to address its "toxic effects". In June, the European Commission included Lebanon in an updated list of high-risk jurisdictions presenting strategic deficiencies in their national anti-money laundering and countering the financing of terrorism. Last year, global financial crime watchdog FATF placed Lebanon on its "grey list" of countries under special scrutiny.
