Fugitive car tycoon Carlos Ghosn has said Lebanon needs the International Monetary Fund (IMF) to ensure fiscal discipline rather than to lend money, which can be easily sourced from the Lebanese diaspora to fund rebuilding efforts.
The IMF’s $3 billion programme by itself will not save Lebanon but it would help restore investors’ confidence in the economy, Mr Ghosn said in an exclusive interview with CNN Business Arabic.
“We are going to the IMF to organise us [the Lebanese], not because of the $3 billion,” he said in Beirut. “The $3 billion you can easily collect from the Lebanese living abroad … Why? because it is good business, not because of sentiment. Everything is so cheap in Lebanon,” he said referring to land, companies and asset prices.
If investors were confident in the government’s rebuilding efforts, they would buy assets now and sell them later for a bigger profit, he added.
Lebanon has been grappling with deep financial crises, as successive governments’ unrestrained borrowing sent the economy into a tailspin in 2019.
Lebanon’s economy, which plunged into the worst crisis in its history after the Covid-19 pandemic, suffered another blow after Israel bombed the country heavily during its fight against Hezbollah. The bombing campaign has severely damaged critical infrastructure and devastated residential neighbourhoods in several areas of the country.
In April 2022, Lebanon reached a staff-level agreement with the IMF on a comprehensive economic reform programme supported by a 46-month extended fund facility, proposing access to about $3 billion. However, Lebanese authorities have been accused of dragging their feet on the required reforms.
Lebanon’s new government is committed to implementing vital reforms to lift the country out of its economic crisis, but such changes could take time, Minister of Economy and Trade Amer Bisat told The National in April.
Mr Ghosn was speaking about Lebanon’s economy during an interview in Beirut, where he has lived in exile for the last six years since his dramatic escape from Japan.
The former Nissan chief executive, who is wanted by France and Japan over financial misconduct claims, last year said he remains “blocked in Lebanon” due to an Interpol red notice issued after he fled Tokyo in a musical equipment case. Mr Ghosn has Lebanese, French and Brazilian nationality, and Lebanon does not extradite its citizens.
‘Theft’ not reform
The former auto executive urged the private sector in Lebanon to help run government-owned projects, but stopped short of calling for the privatisation of state assets.
“I’m not talking about privatisation, because today prices are so cheap … If you privatised [projects] in Lebanon today it would be theft, you’d be robbing the government and the Lebanese people,” he said.
Private companies should manage these projects, while the state continues to own them without interfering with their work, Mr Ghosn said. This will boost the quality of these entities and increase their value and profitability. “This alone will help the country stand back up,” he said.
Despite a $93 billion deposit hole in Lebanese banks since 2019, Mr Ghosn is cautiously optimistic about the banking system. “Deposits will come back, but it will take a long time,” he said.
Lebanese banks imposed arbitrary restrictions on their clients in 2019 after the state failed to honour its bond commitments and the economy went into a tailspin. Customers have been waiting to access their life savings, which have been stuck in banks for the past six years.
Chinese EVs to dominate
In the wide-ranging interview, the motors tycoon turned his trademark candour on China’s automotive dominance, Nissan’s decline, AI disruption and cryptocurrencies versus banks. Mr Ghosn traced China’s rise back to 2006–2007, when Beijing turned the auto-making industry into a strategic national priority.
“It was clear that the Chinese will be a very important factor in the industry,” he said. “Legacy players mocked Chinese cars back then. Today, BYD’s market cap dwarfs Renault, Nissan and Mitsubishi.”
The rapid rise to supremacy of China’s electric vehicles is enabling Beijing to wage a successful economic contest with the US, analysts have said. China’s BYD is locked in a supercharged competition in the electric vehicle market with Tesla Motors.
China has transformed from 10 to 20 years ago and is now competing with US, German and Japanese car makers, Mr Ghosn said. “The Chinese will become a major part in the car manufacturing industry from now and into the next 10 years, especially in EVs,” he said.
Toyota, Mercedes and BMW are among the rivals who will endure and will face Chinese competition, he added. “Companies who fear [competition] and hide in their own markets and ask the state to protect them and put tariffs, will disappear,” he said. “It might take a year, two or three, but they will vanish.”
The former Nissan executive highlighted the Japanese company’s early EV lead with the Leaf model, which debuted in 2009, and Renault’s Zoe model, which entered the market in 2012. “Five per cent is strategy, 95 per cent is execution. Nissan lost because of poor management after I left,” Mr Ghosn said.
Nissan’s stock now trades at less than $2, compared to $15 during his tenure, even during global recessions, he said. He slammed current executives for “empty promises and TV appearances”, saying trust and vision are the only levers to restore market value.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Afghanistan squad
Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.
The five pillars of IslamThe specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
Opening weekend Premier League fixtures
Weekend of August 10-13
Arsenal v Manchester City
Bournemouth v Cardiff City
Fulham v Crystal Palace
Huddersfield Town v Chelsea
Liverpool v West Ham United
Manchester United v Leicester City
Newcastle United v Tottenham Hotspur
Southampton v Burnley
Watford v Brighton & Hove Albion
Wolverhampton Wanderers v Everton
How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
Key facilities
Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
‘How To Build A Boat’
Jonathan Gornall, Simon & Schuster
UAE currency: the story behind the money in your pocketsVolvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Fire and Fury
By Michael Wolff,
Henry Holt
Wonka
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
– Abdullah Ishnaneh, Partner, BSA Law
Benefits of first-time home buyers’ scheme
Priority access to new homes from participating developers
Discounts on sales price of off-plan units
Flexible payment plans from developers
Mortgages with better interest rates, faster approval times and reduced fees
DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pocketsFrom Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
UAE SQUAD
Khalid Essa (Al Ain), Ali Khaseif (Al Jazira), Adel Al Hosani (Sharjah), Mahmoud Khamis (Al Nasr), Yousef Jaber (Shabab Al Ahli Dubai), Khalifa Al Hammadi (Jazira), Salem Rashid (Jazira), Shaheen Abdelrahman (Sharjah), Faris Juma (Al Wahda), Mohammed Shaker (Al Ain), Mohammed Barghash (Wahda), Abdulaziz Haikal (Shabab Al Ahli), Ahmed Barman (Al Ain), Khamis Esmail (Wahda), Khaled Bawazir (Sharjah), Majed Surour (Sharjah), Abdullah Ramadan (Jazira), Mohammed Al Attas (Jazira), Fabio De Lima (Al Wasl), Bandar Al Ahbabi (Al Ain), Khalfan Mubarak (Jazira), Habib Fardan (Nasr), Khalil Ibrahim (Wahda), Ali Mabkhout (Jazira), Ali Saleh (Wasl), Caio (Al Ain), Sebastian Tagliabue (Nasr).
Killing of Qassem SuleimaniThe specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
FROM%20THE%20ASHES
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2024%20Dubai%20Marathon%20Results
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Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Result
2.15pm: Maiden Dh75,000 1,950m; Winner: Majestic Thunder, Tadhg O’Shea (jockey), Satish Seemar (trainer).
2.45pm: Handicap Dh80,000 1,800m; Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
3.15pm: Handicap Dh85,000 1,600m; Winner: Native Appeal, Adam McLean, Doug Watson.
3.45pm: Handicap Dh115,000 1,950m; Winner: Conclusion, Antonio Fresu, Musabah Al Muhairi.
4.15pm: Handicap Dh100,000 1,400m; Winner: Pilgrim’s Treasure, Tadhg O’Shea, Satish Seemar.
4.45pm: Maiden Dh75,000 1,400m; Winner: Sanad Libya, Richard Mullen, Satish Seemar.
5.15pm: Handicap Dh90,000 1,000m; Winner: Midlander, Richard Mullen, Satish Seemar
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Red flags
Promises of high, fixed or ‘guaranteed’ returns.
Unregulated structured products or complex investments often used to bypass traditional safeguards.
Lack of clear information, vague language, no access to audited financials.
Overseas companies targeting investors in other jurisdictions – this can make legal recovery difficult.
Hard-selling tactics – creating urgency, offering ‘exclusive’ deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
UAE currency: the story behind the money in your pocketsFive famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.