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☆ Egypt: How the Arab world's most populous country became addicted to debt
▼ + stars: | 2022-12-16 | by ( Cnn Staff | ) edition.cnn.com time to read: +12 min

The loan, along with billions of dollars in cash inflows from Abu Dhabi and Riyadh, are Band-Aids, experts say, designed to keep the Arab world’s most populous country afloat. Without proper reforms, however, Egypt may never be able to shake off its chronic financial woes and break its growing debt addiction. Billions of dollars from Abu Dhabi and Riyadh have poured into the Egyptian economy in recent years. Saudi Arabia’s Public Investment Fund (PIF) also launched the Saudi Egyptian Investment Company (SEIC) in August, a company dedicated to investments in several vital sectors of the Egyptian economy. Still, the Egyptian economy has struggled to shake off its economic woes.

"Humanity has a choice: cooperate or perish,” Guterres told delegates gathered in the seaside resort town of Sharm el-Sheikh. And our planet is fast approaching tipping points that will make climate chaos irreversible,” he said. Signatories to the 2015 Paris climate agreement pledged to achieve a long-term goal of keeping global temperatures from rising by more than 1.5°C above pre-industrial levels. Guterres said that goal will only stay alive if the world can achieve net zero emissions by 2050. The World Trade Organization, meanwhile, said in a report published on Monday that it should tackle trade barriers for low carbon industries to address the role of global trade in driving climate change.

☆ Analysis: Arabs view revived Netanyahu with concern but as balance against Iran
▼ + stars: | 2022-11-02 | by ( Suleiman Al-Khalidi | ) www.reuters.com time to read: +6 min

Lebanon's caretaker prime minister predicted a new maritime border deal would hold, while Palestinians and Jordanian experts forecast new strains. "Netanyahu was part of the Abraham Accords and signed it so there is no change in the course of normalisation," he said. But in Jordan, home to millions of Palestinian refugees and their families, his expected triumph was met with concern. "Today the Israeli right is talking about expelling Palestinians, they are saying there is no (Palestinian) state ..so what is left for Arabs?" Netanyahu "has been terrible for even the semblance of a peace process which Egypt officially upholds," he said.

☆ Explainer: What's at stake as Lebanon faces presidential vacuum?
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +4 min

What makes electing a president so difficult, what's at stake, and who are the candidates? In the event of a vacuum, presidential powers should pass to cabinet led by Sunni Muslim Prime Minister Najib Mikati. The Maronite community is more politically fractured than others in Lebanon, giving rise to many presidential hopefuls. Anti-Hezbollah lawmaker Michel Mouawad has won the most votes in four unsuccessful presidential election sessions so far, but not enough to win. But analysts and political sources say he would face opposition, notably from the Maronite politician Gebran Bassil, President Aoun's son-in-law and a presidential hopeful himself.

☆ Lebanon fails to elect president for third time amid financial meltdown
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

BEIRUT, Oct 20 (Reuters) - Lebanon's parliament failed to elect a president for the third time on Thursday, bringing the country closer to institutional deadlock amid a deep financial crisis. Outgoing President Michel Aoun's term ends on Oct. 31 and divisions remain among political blocs over the makeup of a new cabinet. Thursday's session saw 55 blank votes, 42 for anti-Hezbollah lawmaker Michel Mouawad and the rest of the ballots including scattered votes for political slogans. Speaker of Parliament Nabih Berri has set the next session for Oct. 24. Register now for FREE unlimited access to Reuters.com RegisterReporting by Maya Gebeily; Editing by Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

☆ EXCLUSIVE Lebanon satisfied with final draft of Israel maritime border deal -top Lebanese negotiator
▼ + stars: | 2022-10-10 | by ( Timour Azhari | ) www.reuters.com time to read: +2 min

BEIRUT, Oct 11 (Reuters) - Lebanon has received a final draft of a U.S.-mediated maritime border deal with Israel that satisfies all of Lebanon's requirements and could imminently lead to a "historic deal," Lebanese lead negotiator Elias Bou Saab told Reuters. "We received minutes ago the final draft... Lebanon felt that it takes into consideration all of Lebanon's requirements and we believe that the other side should feel the same," Bou Saab said. Israel's official view of the latest draft of the deal was not immediately clear. Israel last week rejected last-minute amendments to the deal by Lebanon that briefly appeared to jeopardize longstanding efforts to reach an agreement. Lebanon's president said that a deal would not signify a "partnership" with Israel, a country Lebanon does not recognize and officially regards as an enemy.

On Wednesday, OPEC+, the oil cartel led by Saudi Arabia and Russia, agreed to slash production by 2 million barrels per day, twice as much as analysts had predicted, in the biggest cut since the Covid-19 pandemic. “Saudi Arabia is looking to head off a repeat of 2008 when the market crash sent the global economy into a recession and oil prices suddenly plummeted, requiring emergency action by OPEC,” said Wald. Analysts also say Saudi Arabia cannot afford to let oil prices go below a certain level for budgetary reasons. For its budget to break even, global oil prices must be at around $79 a barrel, according to the International Monetary Fund. That was a warning sign for Saudi Arabia and other oil exporters, who depend on oil for a majority of their revenue.

A picture of Lebanon's Prime Minister-designate Najib Mikati is placed on a residential building in the northern city of Tripoli, Lebanon September 23, 2022. The tragedy has underscored soaring poverty in northern Lebanon, and Tripoli in particular, that is driving ever more people to take desperate measures three years into the country's devastating financial collapse. Tripoli, Lebanon's second city with a population of roughly half a million, was already Lebanon's poorest before the country plummeted into financial crisis, the result of decades of corruption and bad governance overseen by ruling elites. The economic crisis has led poverty to sky-rocket, with 80% of the population of some 6.5 million poor, according to the United Nations. Several other boats attempted the voyage from Lebanon last week: Cyprus rescued 477 people from two vessels that left Lebanon.

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