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[1/2] Chief Financial Officer of HSBC Georges Elhedery poses for a photo in this undated handout picture. It’s also surprised investors and raised questions about HSBC’s direction. Known at HSBC (HSBA.L) for his strategic vision more than for his accounting skills, Elhedery has climbed the ranks of HSBC’s investment bank since joining in 2005. "It was a surprise to us,” said Hugh Young, Asia chairman of Aberdeen Standard Investments, one of HSBC's top 25 shareholders. CEO Noel Quinn has done a good job but investors are impatient for faster progress, Young 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.

☆ Syrian refugees return home as Lebanese repatriation scheme begins
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

[1/5] Syrian refugees sit with their belongings on a pick-up truck as they prepare to return to Syria from Wadi Hmayyed, on the outskirts of the Lebanese border town of Arsal, Lebanon October 26, 2022. REUTERS/Mohamed AzakirARSAL, Lebanon Oct 26 (Reuters) - Hundreds of Syrian refugees living in Lebanon returned home on Wednesday, the first day of repatriations organised by Beirut, amid concerns from rights groups that the scheme may involve elements of coercion. Lebanese authorities say the repatriations, under a revived programme run coordinated by the country's General Security agency, are voluntary. In 2018, the General Security agency launched a mechanism through which any Syrian refugee could signal a desire to return home, liaise with Syrian authorities to make sure that individual was not wanted there. That pathway saw around 400,000 Syrians return home but was put on hold with the outbreak of COVID-19.

☆ Lebanon deputy PM says state cannot "save all depositors" who lost funds in crisis
▼ + stars: | 2022-10-24 | by ( Maya Gebeily | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterSpeaking on local broadcaster LBCI, Chami said the state's plan to plug a $72 billion hole in the financial system would not be able to "save all depositors." Chami said the government's total foreign currency reserves - including its gold deposits - amount to between $25 billion and $30 billion "at best." Parliament still needs to approve a banking resolution framework to address Lebanon's bloated commercial banking sector and a capital controls law. Chami said he expected that most banks would not face problems in paying back depositors or undergoing a restructuring. Register now for FREE unlimited access to Reuters.com RegisterReporting by Maya Gebeily; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ Lebanon finance minister: repaying depositors should not just be the state's responsibility
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: 1 min

BEIRUT, Oct 21 (Reuters) - Lebanon's finance minister Youssef Khalil said on Friday that the burden of repaying depositors whose funds have been frozen by the economic crisis should not fall solely on the government. Lebanon's financial system is estimated to have suffered from $72 billion in losses, but a recovery plan laying out how those funds would be recovered has yet to be finalised. "The state cannot finance whatever and however is asked of it, and the recovery of deposits should not come exclusively from its own pocket," Khalil told reporters. Register now for FREE unlimited access to Reuters.com RegisterReporting by Maya Gebeily; Editing by Jon BoyleOur Standards: The Thomson Reuters Trust Principles.

☆ Meet the Pop Icons Who Inspired a Generation of Arab Queens
▼ + stars: | 2022-10-20 | by ( Shane O Neill | ) www.nytimes.com time to read: +6 min

Surfacing Meet the Pop IconsWho Inspired a Generation ofArab QueensAs children, the drag queens of Beirut didn’t have to look far for inspiration. ... / ... Click to unmute RotanaShe doesn’t particularly like Haifa’s voice, and doesn’t think she’s a good dancer either. Just this year, Feghali appeared on Lebanese TV impersonating her. ... / ... Click to unmute Télé LibanFor Diva, performing as Sabah and incorporating Arab culture into her drag represents a paradigm shift in how Beirut’s L.G.B.T.Q. The sender’s bio read, “Future Lebanese drag queen.”“This is what I want to see,” Anya said, using an expletive.

☆ 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.

☆ U.S. envoy in Lebanon next week with maritime deal to sign
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

BEIRUT, Oct 19 (Reuters) - U.S. energy envoy Amos Hochstein will be in Beirut next week carrying a copy of the maritime agreement with Israel for Lebanese officials to sign, Lebanese negotiator Elias Bou Saab told Reuters on Wednesday. "Hochstein will be in Beirut next week with the agreement that we will sign," Bou Saab said. A traditional signing protocol with leaders from both countries present is unlikely given that Israel and Lebanon remain technically in a state of war. U.S. envoy Hochstein told a webinar hosted by the Middle East Institute on Tuesday he would be travelling to the region next week but did not give dates or destinations. "The President of Lebanon and Prime Minister of Israel will decide on the signing.

☆ I moved to Turkey on a whim and now work here remotely full time. I love the low cost of living and don't plan on returning to the US anytime soon.
▼ + stars: | 2022-10-18 | by ( Kaila Yu | ) www.businessinsider.com time to read: +5 min

Jacki Ueng started working remotely in Turkey over the pandemic as a "digital nomad." The flight I booked on Turkish Airlines had a layover in Istanbul, so I decided to go there instead. I work remotely while I travel throughout the country, exploring all its regions and meeting locals. I cringe when people ask how I go on vacation so much, because I'm not on vacation — I'm working wherever I travel. I also fell in love with the owner of that first hostel I stayed in — so that's an extra perk.

"The Hezbollah leadership scrutinized the understanding line by line before agreeing to it," said one of the sources familiar with the group's thinking. Two Hezbollah lawmakers told Reuters the group was open to the idea of a deal as a pathway to alleviate some of Lebanon’s economic woes. At one point, Hezbollah conveyed its frustration at the slow pace of the talks to Hochstein via Ibrahim, the Western source said. A U.S. official told Reuters Hezbollah had nearly "killed the deal with their provocative rhetoric and actions threatening war". "Once the pipes are in the water, war becomes a long way away," said a source familiar with Hezbollah's thinking.

☆ Lebanon MPs pass second attempt at new banking secrecy law
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

BEIRUT, Oct 17 (Reuters) - Lebanon's parliament on Thursday passed another round of amendments to a banking secrecy law after the International Monetary Fund said a previous draft retained key deficiencies. The IMF has laid out a list of reforms, including amending its banking secrecy law, that Lebanon must implement before it can gain access to $3 billion to relieve its economic crisis, one of the worst in modern history. Parliament passed an amended banking secrecy law in late July but the IMF recommended a slew of changes and Lebanese President Michel Aoun sent it back to parliament to make them. The latest draft still does not lift banking secrecy as a whole. The law still needs to be signed into law by Aoun, whose term ends on Oct. 31.

☆ IMF chief says Lebanon hasn't implemented prior actions for financing programme
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Oct 13 (Reuters) - International Monetary Fund Managing Director Kristalina Georgieva on Thursday said talks with Lebanon remain stuck as the country's officials haven't yet implemented the prior actions needed to receive an IMF financing programme. Prior actions are measures that need to be implemented before the executive board approves an IMF-supported programme, according to its website. Register now for FREE unlimited access to Reuters.com RegisterThe IMF last month said progress in implementing reforms remained very slow, specifically the implementation of those reforms agreed to with the IMF in April. The staff-level agreement covers a 46-month extended fund facility under which Lebanon has requested access to the equivalent of around $3 billion. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jorgelina do Rosario; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

☆ Lebanon to resume sending refugees back to war-damaged Syria
▼ + stars: | 2022-10-12 | by ( Timour Azhari | ) www.reuters.com time to read: +3 min

Lebanon hosts the highest number of refugees per capita in the world. The plan would not involve the United Nations, which maintains that conditions in Syria do not allow for the large-scale return of refugees. The Lebanon office of the U.N. refugee agency, UNHCR, said it was "not facilitating or promoting the large-scale voluntary repatriation of refugees to Syria." New York-based advocacy group Human Rights Watch (HRW) said in July that "Syria is anything but safe for returnees". In its September report, the United Nations' Syria commission said the country was still not safe for returnees.

read moreIt will take effect once Lebanon and Israel send letters to Washington, which will issue a notice announcing the deal is in place. Parties to the deal would seek to resolve any further maritime differences through the United States, securing an ongoing guarantor role for Washington. A centrist, Lapid's caretaker government wants the deal done soon but has denied that the country's election is the deadline. TotalEnergies is set to begin exploration at the Qana prospect immediately after the deal takes effect, though Lebanon's energy minister said preparations would take a number of months. Seeking to play down future Lebanese profits, Israeli Energy Minister Karine Elharrar told Tel Aviv's 103 FM radio initial estimates put that prospect's total value at some $3 billion.

☆ At war for decades, Lebanon and Israel edge towards a rare deal
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +4 min

A general view shows the Lebanese-Israeli border as seen from the southern Lebanese village of Khiam, Lebanon October 11, 2022. Some 100,000 Palestinians who fled or were expelled from their homes in Palestine during the war arrive in Lebanon as refugees. 1978Israel invades south Lebanon and sets up an occupation zone in an operation against Palestinian guerrillas. 1985Israel establishes an occupation zone in southern Lebanon, about 15 km (nine miles) deep, after it pulled back from a line further north, controlling the area with a proxy force, the South Lebanon Army. 2000Israel withdraws from southern Lebanon, ending 22 years of occupation.

A view shows the border wall between Lebanon and Israel as pictured from Kfar Kila village, southern Lebanon, October 11, 2022. The agreement is meant to resolve a territorial dispute in the eastern Mediterranean sea in an area where Lebanon aims to explore for natural gas. It was also endorsed by the heavily armed, Iran-backed Lebanese group Hezbollah, which until recently has threatened to attack Israeli gas facilities, according to two officials. While Israel has moved ahead with production and export of natural gas, Lebanon's efforts have been hamstrung by political dysfunction. An Israeli official said final approval was expected within the next three weeks.

☆ 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.

BEIRUT, Sept 28 (Reuters) - Lebanon plans to slash its official exchange rate, replacing the 1,507 per dollar rate adopted 25 years ago with a rate of 15,000 in a step towards unifying numerous exchange rates, the finance minister told Reuters on Wednesday. The Lebanese pound has plunged by more than 95% from the official rate since Lebanon fell into financial crisis three years ago, with dollars currently changing hands at around 38,000 on a parallel market. Register now for FREE unlimited access to Reuters.com Register"The goal is for there to be a unification of the exchange rates in Lebanon," Finance Minister Youssef Khalil said, calling the decision a "fundamental step" in that direction. Unifying the numerous exchange rates operating in the country is one of several conditions set by the IMF for Lebanon to secure a badly needed aid package. Khalil noted that unification of the exchange rates was an IMF demand, but added it was also something that must happen regardless, saying the government was taking a gradual approach.

☆ EXCLUSIVE Lebanon to slash official exchange rate from end of October, finance min says
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

BEIRUT, Sept 28 (Reuters) - Lebanon plans to slash its official exchange rate from the end of October, replacing the 1,507 per dollar rate adopted 25 years ago with a rate of 15,000 in a step towards unifying numerous exchange rates, the finance minister told Reuters. The pound has slumped by more than 95% from the official rate since Lebanon fell into financial crisis three years ago, with dollars currently changing hands at around 38,000 on a parallel market. Finance Minister Youssef Khalil said doing away with the 1,507 rate was a "good start". He said the government would be explaining the move to the public over the next month, after which the 1,507 rate would be abolished. Unifying the numerous exchange rates is one of several conditions set by the IMF for Lebanon to secure a badly needed aid package.

☆ Teachers' strike and soaring fees: Lebanon’s public school pupils miss class
▼ + stars: | 2022-09-27 | by ( Maya Gebeily | ) www.reuters.com time to read: +4 min

Public school teacher Claude Koteich poses for a picture with her son and daughter at their house in Deir Qubel, Lebanon September 19, 2022. Register now for FREE unlimited access to Reuters.com RegisterKoteich, 44, has taught French literature at Lebanese public schools for exactly half her lifetime. At the same time, her children's private school was asking for tuition to be paid mostly in cash dollars to guarantee they could afford to pay for expensive fuel and other imported needs. STILL AT HOMESo as their former classmates don their private school uniforms, Koteich and her two children still have no clear idea when they will return to class. Lebanon's education system has long been heavily reliant on private schools, which hosted almost 60% of the country's 1.25 million students, according to the Ministry of Higher Education.

☆ Lebanese MPs to convene to elect new president, no consensus on candidate
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterBEIRUT, Sept 27 (Reuters) - Lebanese parliament speaker Nabih Berri will call for a session to elect a new president on Sept. 29, state media reported, despite no political consensus on a candidate and dim chances of a sucessful vote. Register now for FREE unlimited access to Reuters.com RegisterThe votes of two-thirds of lawmakers in the 128-member legislature are required for a candidate to be sucessful in the first round of voting, after which a simple majority suffices. Aoun came to power after a 29-month presidential vacuum in which parliament was unable to agree on electing a president. Aoun is limited to one term, and major political parties have not announced any agreement on his successor. Register now for FREE unlimited access to Reuters.com RegisterReporting by Timour Azhari; Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. dollar strength creating 'untenable' situation that risks financial crisis -Morgan Stanley
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

A man counts U.S. dollar banknotes at an exchange shop in Beirut, Lebanon March 18, 2022. REUTERS/Mohamed Azakir/File PhotoNEW YORK, Sept 26 (Reuters) - The recent rally in the U.S. dollar is creating an “untenable situation" for riskier assets that could end in a financial or economic crisis, strategists at Morgan Stanley warned in a note Monday. The dollar index hit a new two-decade high Monday as the pound hit an all-time low against the greenback. The S&P 500 fell 1% on Monday and it is close to its year low. Register now for FREE unlimited access to Reuters.com RegisterReporting by David Randall; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

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.

Samer Qubrusli, the Syrian director-general of ports, told Reuters that authorities had found 34 bodies and rescued 14 people in Syrian waters by Thursday evening. The Syrian transport ministry cited survivors as saying the boat left from Lebanon's northern Minyeh region on Tuesday with between 120 and 150 people onboard. Register now for FREE unlimited access to Reuters.com RegisterLebanese transport minister Ali Hamiye said he had been informed by Syrian Transport Minister Zuhair Khuzaim that 33 bodies had been recovered and 16 people rescued. The Syrian transport ministry statement said the director of the small island port of Arwad off the coast of Tartus informed them at 4:30 p.m. that a drowned person had been sighted near an anchored ship. About 80 Lebanese, Syrian and Palestinian migrants were on board, of whom some 40 were rescued, seven were confirmed dead and around 30 officially remain missing.

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