{"id":359557,"date":"2025-12-21T10:45:10","date_gmt":"2025-12-21T10:45:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/359557\/"},"modified":"2025-12-21T10:45:10","modified_gmt":"2025-12-21T10:45:10","slug":"lebanon-drafts-long-awaited-banking-law-to-meet-funding-shortfalls-in-financial-system","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/359557\/","title":{"rendered":"Lebanon drafts long-awaited banking law to meet funding shortfalls in financial system"},"content":{"rendered":"<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-0-D3EQYEUAOFGCRILD6MD5SYYENA\">Lebanese Prime Minister Nawaf Salam said on Friday that the government had put forward \u200ba long-awaited banking draft bill that distributes losses from the 2019 economic crisis between banks and the state. <\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-1-GQDBAS4CWVDRTEI36ENPEURXTI\">The draft law had been demanded by the international community, which has made financial reforms a condition of economic aid to Lebanon.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-3-4IBOLD4L3ZDRNFVZXXXF6XVAI4\">In a televised speech, <a href=\"https:\/\/www.thenationalnews.com\/news\/mena\/2025\/12\/03\/israel-lebanon-direct-talks\/\" target=\"_blank\" rel=\"nofollow noopener\" title=\"https:\/\/www.thenationalnews.com\/news\/mena\/2025\/12\/03\/israel-lebanon-direct-talks\/\">Mr Salam<\/a> said \u201cthis draft law constitutes a road map to getting out of the crisis\u201d that grips <a href=\"https:\/\/www.thenationalnews.com\/mena\/lebanon\/\" target=\"_blank\" rel=\"nofollow noopener\" title=\"https:\/\/www.thenationalnews.com\/mena\/lebanon\/\">Lebanon<\/a>.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-4-5EU5G5AVHRESHDOAGF5ZKDGABU\">The draft will be discussed by the Lebanese Cabinet on Monday before being sent to <a href=\"https:\/\/www.thenationalnews.com\/news\/mena\/2025\/12\/18\/lebanese-parliament-meets-for-first-time-in-months-despite-boycott-over-election-law\/\" target=\"_blank\" rel=\"nofollow noopener\" title=\"https:\/\/www.thenationalnews.com\/news\/mena\/2025\/12\/18\/lebanese-parliament-meets-for-first-time-in-months-despite-boycott-over-election-law\/\">parliament<\/a>, where it could be blocked.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-5-RTXDVEC6TJDURHLJB5SVYCSOAY\">Lebanon has been mired in an economic crisis for six years, a situation compounded by last year\u2019s war between <a href=\"https:\/\/www.thenationalnews.com\/opinion\/comment\/2025\/12\/16\/beirut-is-in-no-state-to-advance-washingtons-project-to-normalise-lebanon-israel-relations\/\" target=\"_blank\" rel=\"nofollow noopener\" title=\"https:\/\/www.thenationalnews.com\/opinion\/comment\/2025\/12\/16\/beirut-is-in-no-state-to-advance-washingtons-project-to-normalise-lebanon-israel-relations\/\">Israel<\/a> and Iran-backed <a href=\"https:\/\/www.thenationalnews.com\/news\/uk\/2025\/12\/16\/two-men-charged-in-uk-with-terrorist-training-at-hezbollah-run-airport\/\" target=\"_blank\" rel=\"nofollow noopener\" title=\"https:\/\/www.thenationalnews.com\/news\/uk\/2025\/12\/16\/two-men-charged-in-uk-with-terrorist-training-at-hezbollah-run-airport\/\">Hezbollah<\/a>. Beirut is seeking foreign assistance to help to rebuild and revive its economy.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-7-IG27BKGUPZAFHEKAQ5HAAEKXCI\">Under the proposed law, losses incurred during the crisis would be shared among the state, the Central Bank, commercial banks and depositors.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-8-UNBD5KFLNJH55GQMMXG3ZEUDXU\">Depositors, who lost access to their funds after the 2019 crisis, will be able to retrieve their money, up to $100,000, over four years.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-9-SLYYQ27R6FEQVLYGGPTWY7OIQQ\">Mr Salam said that 85 per cent of depositors had less than $100,000 in their accounts.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-10-C6V3G4LKQVH7VFE7NRZ2DQANRU\">The wealthiest depositors will have the remainder of their money compensated with asset-backed securities.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-11-2F4F2IITSNDW3IHOO7UXSZL7FQ\">\u201cI know that many of you are listening today with hearts full of anger, anger at a state that abandoned you,\u201d said Mr Salam.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-12-2KOH664OURFBJJM5MYI7U2DV24\">\u201cThis bill may not be perfect \u2026 but it is a realistic and fair step towards restoring rights, halting the collapse.\u201d<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-13-G33EZRP6WJHHBDSXOXYSPZVM4I\">The <a href=\"https:\/\/www.thenationalnews.com\/business\/economy\/2025\/09\/26\/imf-presses-lebanon-to-improve-banking-reforms\/\" target=\"_blank\" rel=\"nofollow noopener\" title=\"https:\/\/www.thenationalnews.com\/business\/economy\/2025\/09\/26\/imf-presses-lebanon-to-improve-banking-reforms\/\">International Monetary Fund<\/a>, which closely monitored the drafting of the bill, had previously insisted on the need to \u201crestore the viability of the banking sector consistent with international standards\u201d and protect small depositors.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-14-4YUS3IA55FHIPAT4DWXV4JGRLY\">The Associations of Banks in Lebanon criticised the draft law on Monday, saying in a statement that it contains \u201cserious shortcomings\u201d and harms commercial banks.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-15-IHXTAL4OXZE7TOVYHZDJABX4BI\">The text provides for the recapitalisation of failing banks, while the government\u2019s debt to the <a href=\"https:\/\/www.thenationalnews.com\/mena\/lebanon\/2023\/07\/27\/riad-salameh-lebanon-central-bank-who\/\" target=\"_blank\" rel=\"nofollow noopener\" title=\"https:\/\/www.thenationalnews.com\/mena\/lebanon\/2023\/07\/27\/riad-salameh-lebanon-central-bank-who\/\">Central Bank<\/a> will be converted into bonds.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-16-YWYNNSHMTZF7RKB2UDCKT36GPI\">Mr Salam said that the bill aims to \u201crevive the banking sector\u201d which had collapsed and given free rein to a parallel <a href=\"https:\/\/www.thenationalnews.com\/news\/mena\/2025\/12\/16\/travel-ban-imposed-on-former-lebanese-minister-facing-corruption-charges\/\" target=\"_blank\" rel=\"nofollow noopener\" title=\"https:\/\/www.thenationalnews.com\/news\/mena\/2025\/12\/16\/travel-ban-imposed-on-former-lebanese-minister-facing-corruption-charges\/\">economy<\/a> based on cash transactions, facilitating money laundering and illicit trade.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-17-O4QW2F7Z7NAWNCSKIXWNLMDZEI\">According to government estimates, the losses resulting from the financial crisis amounted to about $70 billion, a figure that is expected to have increased over the past six years while the crisis was not addressed.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-18-I7WTEM5TQBGKBPFMXS3PUA3USY\">Since assuming power, Mr Salam and President <a href=\"https:\/\/www.thenationalnews.com\/news\/mena\/2025\/12\/19\/lebanese-and-israeli-officials-hold-second-round-of-civilian-talks\/\" target=\"_blank\" rel=\"nofollow noopener\" title=\"https:\/\/www.thenationalnews.com\/news\/mena\/2025\/12\/19\/lebanese-and-israeli-officials-hold-second-round-of-civilian-talks\/\">Joseph Aoun<\/a> have pledged that reforms and legislation will be put in place.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-19-E2O2GCLXYJDEFDQHPWD4W3O64Q\">In April, Lebanon\u2019s parliament adopted a bank restructuring law, because the previous legislation was believed to have allowed a flight of capital at the outbreak of the 2019 crisis.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-20-JZDFHDVD4FGXPMHH5BCOW5DR5A\">The new bill stipulates that politically exposed people and major shareholders who transferred significant capital outside the country from 2019 onwards \u2013 while ordinary depositors were deprived of their savings \u2013 must return them within three months or face fines.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-21-YLAIVP75Q5D5FM624B4ERBUOSU\">The draft law could still be blocked by parliament even if the Cabinet approves it. Politicians and banking officials have repeatedly obstructed the reforms required by the international community for Lebanon to receive financial support.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-22-TQOZYEDWXBC55HO33AHMJUVFDY\">With agencies<\/p>\n<p>ENGLAND SQUAD<\/p>\n<p>Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope\u00a0<br \/>Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold\u00a0<br \/>Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph\u00a0<br \/>Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck<\/p>\n<p>Mercer, the investment consulting arm of US services company Marsh &amp; McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.<\/p>\n<p>Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.<\/p>\n<p>\u201cWithin the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,\u201d said Mr AbuShaban.<\/p>\n<p>Mercer does not directly make investments, but allocates clients\u2019 money they have discretion to, to professional asset managers. They also provide advice to clients.<\/p>\n<p>\u201cWe have buying power. We can negotiate on their (client\u2019s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,\u201d he added.<\/p>\n<p>Mercer Wealth\u2019s clients include sovereign wealth funds, family offices, and insurance companies among others.<\/p>\n<p>From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.<\/p>\n<p>Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year\u2019s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.<\/p>\n<p>BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.<\/p>\n<p>Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.<\/p>\n<p>Another general trend in the region is clients\u2019 looking for a comprehensive approach to investing, according to Mr AbuShaban.<\/p>\n<p>\u201cInstitutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,\u201d said Mr AbuShaban.<\/p>\n<p>Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.<\/p>\n<p>\u201cWhat we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,\u201d he said.<\/p>\n<p>\u201cIn this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.\u201d<\/p>\n<p>The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority\u2019s private equity department focused on structured equities owing to \u201ctheir defensive characteristics.\u201d<\/p>\n<p>Syria squad<\/p>\n<p>Goalkeepers: Ibrahim Alma, Mahmoud Al Youssef, Ahmad Madania.<br \/>Defenders: Ahmad Al Salih, Moayad Ajan, Jehad Al Baour, Omar Midani, Amro Jenyat, Hussein Jwayed, Nadim Sabagh, Abdul Malek Anezan.<br \/>Midfielders: Mahmoud Al Mawas, Mohammed Osman, Osama Omari, Tamer Haj Mohamad, Ahmad Ashkar, Youssef Kalfa, Zaher Midani, Khaled Al Mobayed, Fahd Youssef.<br \/>Forwards: Omar Khribin, Omar Al Somah, Mardik Mardikian.<\/p>\n<p>Saturday&#8217;s results<\/p>\n<p>Brighton 1-1 Leicester City<br \/>Everton 1-0 Cardiff City<br \/>Manchester United 0-0 Crystal Palace<br \/>Watford 0-3 Liverpool<br \/>West Ham United 0-4 Manchester City<\/p>\n<p>Overview<\/p>\n<p>Cricket World Cup League Two:\u00a0Nepal, Oman, United States tri-series,\u00a0Tribhuvan University, Kathmandu<\/p>\n<p>Fixtures<br \/>Wednesday February 5, Oman v Nepal<br \/>Thursday, February 6, Oman v United States<br \/>Saturday, February 8, United States v Nepal<br \/>Sunday, February 9, Oman v Nepal<br \/>Tuesday, February 11, Oman v United States<br \/>Wednesday, February 12, United States v Nepal<\/p>\n<p>How to protect yourself when air quality drops<\/p>\n<p class=\"MsoNormal\">Install an air filter in your home.<\/p>\n<p class=\"MsoNormal\">Close your windows and turn on the AC.<\/p>\n<p class=\"MsoNormal\">Shower or bath after being outside.<\/p>\n<p class=\"MsoNormal\">Wear a face mask.<\/p>\n<p class=\"MsoNormal\">Stay indoors when conditions are particularly poor.<\/p>\n<p class=\"MsoNormal\">If driving, turn your engine off when stationary.<\/p>\n<p>Company%C2%A0profile<\/p>\n<p>%3Cp%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMay%202022%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EHusam%20Aboul%20Hosn%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDIFC%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%E2%80%94%20Innovation%20Hub%3Cbr%3E%3Cstrong%3EEmployees%3A%20%3C%2Fstrong%3Eeight%3Cbr%3E%3Cstrong%3EStage%3A%20%3C%2Fstrong%3Epre-seed%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3Epre-seed%20funding%20raised%20from%20family%20and%20friends%20earlier%20this%20year%3C%2Fp%3E%0A<\/p>\n<p>First Person<br \/>Richard Flanagan<br \/>Chatto &amp; Windus\u00a0<\/p>\n<p>Company\u00a0profile<\/p>\n<p>Name: Thndr<\/p>\n<p>Started: October\u00a02020<\/p>\n<p>Founders: Ahmad\u00a0Hammouda\u00a0and\u00a0Seif\u00a0Amr<\/p>\n<p>Based:\u00a0Cairo,\u00a0Egypt<\/p>\n<p>Sector:\u00a0FinTech<\/p>\n<p>Initial\u00a0investment:\u00a0pre-seed\u00a0of $800,000<\/p>\n<p>Funding\u00a0stage:\u00a0series\u00a0A; $20\u00a0million<\/p>\n<p>Investors:\u00a0Tiger\u00a0Global,\u00a0Beco\u00a0Capital,\u00a0Prosus\u00a0Ventures,\u00a0Y\u00a0Combinator,\u00a0Global\u00a0Ventures,\u00a0Abdul\u00a0Latif\u00a0Jameel,\u00a0Endure\u00a0Capital,\u00a04DX\u00a0Ventures,\u00a0Plus\u00a0VC,\u00a0\u00a0Rabacap\u00a0and\u00a0MSA\u00a0Capital<\/p>\n<p>How Tesla\u2019s price correction has hit fund managers<\/p>\n<p>Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.<\/p>\n<p>It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker\u2019s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.<\/p>\n<p>The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood\u2019s ARK Innovation ETF.<\/p>\n<p>Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.<\/p>\n<p>Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had \u201cflown a bit too close to the sun\u201d, after getting carried away by investing $1.5bn of the company\u2019s money in Bitcoin.<\/p>\n<p>He also predicted Tesla\u2019s sales could struggle as traditional auto\u00a0manufacturers ramp up electric car production, destroying its first mover advantage.<\/p>\n<p>AJ Bell\u2019s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. \u201cWhen it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.\u201d<\/p>\n<p>A Tesla correction was probably baked in after last year\u2019s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.<\/p>\n<p>Dramatic swings are to be expected when investing in disruptive technology, as Ms\u00a0Wood at ARK makes clear.<\/p>\n<p>Every week, she sends subscribers a commentary listing \u201cstocks in our strategies that have appreciated or dropped more than 15 per cent in a day\u201d during the week.<\/p>\n<p>Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.<\/p>\n<p>By contrast, computational drug and material discovery company Schr\u00f6dinger fell 27 per cent\u00a0after quarterly and full-year results showed its core software sales and drug development pipeline slowing.<\/p>\n<p>Despite that setback, Ms Wood remains positive, arguing that its \u201cmedicinal chemistry platform offers a powerful and unique view into chemical space\u201d.<\/p>\n<p>In her weekly video view, she remains bullish,\u00a0stating that: \u201cWe are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.\u201d<\/p>\n<p>Ms Wood remains committed to Tesla\u00a0as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.<\/p>\n<p>She said these are so \u201cenormous that some people find them unbelievable\u201d, and argues that this scepticism, especially among institutional investors, \u201cfesters\u201d and creates a great opportunity for ARK.<\/p>\n<p>Only you can decide whether you are a believer or a festering sceptic. If it\u2019s the former, then buckle up.<\/p>\n<p>Terror attacks in Paris, November 13, 2015<\/p>\n<p>&#8211; At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany<br aria-hidden=\"true\"\/>&#8211; At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people<br aria-hidden=\"true\"\/>&#8211; Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed<br aria-hidden=\"true\"\/>&#8211; Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest<br aria-hidden=\"true\"\/>&#8211; He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France<\/p>\n<p>Red flags<br \/>\nPromises of high, fixed or &#8216;guaranteed&#8217; returns.<br \/>\nUnregulated structured products or complex investments often used to bypass traditional safeguards.<br \/>\nLack of clear information, vague language, no access to audited financials.<br \/>\nOverseas companies targeting investors in other jurisdictions &#8211; this can make legal recovery difficult.<br \/>\nHard-selling tactics &#8211; creating urgency, offering &#8216;exclusive&#8217; deals.<\/p>\n<p>Courtesy: Carol Glynn, founder of Conscious Finance Coaching<\/p>\n<p>Company%20Profile<\/p>\n<p>%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Ovasave%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20November%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Majd%20Abu%20Zant%20and%20Torkia%20Mahloul%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Healthtech%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%20Three%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-seed%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20%24400%2C000%3C%2Fp%3E%0A<\/p>\n<p>The%20Emperor%20and%20the%20Elephant<\/p>\n<p>%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3ESam%20Ottewill-Soulsby%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3EPrinceton%20University%20Press%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPages%3A%20%3C%2Fstrong%3E392%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAvailable%3A%20%3C%2Fstrong%3EJuly%2011%3C%2Fp%3E%0A<\/p>\n<p>UAE tour of Zimbabwe<\/p>\n<p>All matches in Bulawayo<br \/>Friday, Sept 26 \u2013 UAE won by 36 runs<br \/>Sunday, Sept 28 \u2013 Second ODI<br \/>Tuesday, Sept 30 \u2013 Third ODI<br \/>Thursday, Oct 2 \u2013 Fourth ODI<br \/>Sunday, Oct 5 \u2013 First T20I<br \/>Monday, Oct 6 \u2013 Second T20I<\/p>\n<p>2024%20Dubai%20Marathon%20Results<\/p>\n<p>%3Cp%3E%3Cstrong%3EWomen%E2%80%99s%20race%3A%3C%2Fstrong%3E%0D%3Cbr%3E1.%20Tigist%20Ketema%20(ETH)%202hrs%2016min%207sec%0D%3Cbr%3E2.%20Ruti%20Aga%20(ETH)%202%3A18%3A09%0D%3Cbr%3E3.%20Dera%20Dida%20(ETH)%202%3A19%3A29%0D%3Cbr%3EMen&#8217;s%20race%3A%0D%3Cbr%3E1.%20Addisu%20Gobena%20(ETH)%202%3A05%3A01%0D%3Cbr%3E2.%20Lemi%20Dumicha%20(ETH)%202%3A05%3A20%0D%3Cbr%3E3.%20DejeneMegersa%20(ETH)%202%3A05%3A42%3C%2Fp%3E%0A<\/p>\n<p>LOVE%20AGAIN<\/p>\n<p>%3Cp%3EDirector%3A%20Jim%20Strouse%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Priyanka%20Chopra%20Jonas%2C%20Sam%20Heughan%2C%20Celine%20Dion%3C%2Fp%3E%0A%3Cp%3ERating%3A%202%2F5%3C%2Fp%3E%0A<\/p>\n<p>Key findings of Jenkins report<br \/>\nFounder of the Muslim Brotherhood, Hassan al Banna, &#8220;accepted the political utility of violence&#8221;<br \/>\nViews of key Muslim Brotherhood ideologue, Sayyid Qutb, have \u201cconsistently been understood\u201d as permitting \u201cthe use of extreme violence in the pursuit of the perfect Islamic society\u201d and \u201cnever been institutionally disowned\u201d by the movement.<br \/>\nMuslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.<br \/>\nLaying out the report in the House of Commons, David Cameron told MPs: &#8220;The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism.&#8221;<\/p>\n<p>MORE FROM CON COUGHLIN<\/p>\n<p>The\u00a0five\u00a0pillars\u00a0of\u00a0IslamTimeline<\/p>\n<p>2012-2015<\/p>\n<p>The company offers payments\/bribes to win key contracts in the Middle East<\/p>\n<p>May 2017<\/p>\n<p>The UK SFO officially opens investigation into Petrofac\u2019s use of agents, corruption, and potential bribery to secure contracts<\/p>\n<p>September 2021<\/p>\n<p>Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act<\/p>\n<p>October 2021<\/p>\n<p>Court fines Petrofac \u00a377 million for bribery. Former executive receives a two-year suspended sentence\u00a0<\/p>\n<p>December 2024<\/p>\n<p>Petrofac enters into comprehensive restructuring to strengthen the financial position of the group<\/p>\n<p>May 2025<\/p>\n<p>The High Court of England and Wales approves the company\u2019s restructuring plan<\/p>\n<p>July 2025<\/p>\n<p>The Court of Appeal issues a judgment challenging parts of the restructuring plan<\/p>\n<p>August 2025<\/p>\n<p>Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision<\/p>\n<p>October 2025<\/p>\n<p>Petrofac loses a major TenneT offshore wind contract worth \u20ac13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange<\/p>\n<p>November 2025<\/p>\n<p>180 Petrofac employees laid off in the UAE<\/p>\n<p>Quick pearls of wisdom<\/p>\n<p>Focus on gratitude: And do so deeply, he says. \u201cThink of one to three things a day that you\u2019re grateful for. It needs to be specific, too, don\u2019t just say \u2018air.\u2019 Really think about it. If you\u2019re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.\u201d<\/p>\n<p>Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they\u2019ve had to learn to respect each other\u2019s \u201cfighting styles\u201d \u2013 he\u2019s a talk it-out-immediately person, while she needs space to think. \u201cWhen you\u2019re having an argument, remember, it\u2019s not you against each other. It\u2019s both of you against the problem. When you win, they lose. If you\u2019re on a team you have to win together.\u201d\u00a0<\/p>\n<p>THE\u00a0SPECS<\/p>\n<p>Engine:\u00a03.5-litre\u00a0supercharged\u00a0V6<\/p>\n<p>Power:\u00a0416hp\u00a0at\u00a07,000rpm<\/p>\n<p>Torque:\u00a0410Nm\u00a0at\u00a03,500rpm<\/p>\n<p>Transmission:\u00a06-speed\u00a0manual<\/p>\n<p>Fuel\u00a0consumption:\u00a010.2\u00a0l\/100km<\/p>\n<p>Price:\u00a0Dh375,000\u00a0<\/p>\n<p>On\u00a0sale:\u00a0now\u00a0<\/p>\n<p>more from Janine di GiovanniWhat is blockchain?<\/p>\n<p>Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.<\/p>\n<p>The main difference between blockchain and other forms of DLT is the way data is stored as \u2018blocks\u2019 \u2013 new transactions are added to the existing \u2018chain\u2019 of past transactions, hence the name \u2018blockchain\u2019. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.<\/p>\n<p>Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as \u2018miners\u2019, who receive rewards for solving complex mathematical equations that enable transactions to go through.<\/p>\n<p>However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.<\/p>\n<p>Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.<\/p>\n<p>UAE currency: the story behind the money in your pocketsNon-oil%20trade<\/p>\n<p>%3Cp%3ENon-oil%20trade%20between%20the%20UAE%20and%20Japan%20grew%20by%2034%20per%20cent%20over%20the%20past%20two%20years%2C%20according%20to%20data%20from%20the%20Federal%20Competitiveness%20and%20Statistics%20Centre.%C2%A0%3C%2Fp%3E%0A%3Cp%3EIn%2010%20years%2C%20it%20has%20reached%20a%20total%20of%20Dh524.4%20billion.%C2%A0%3C%2Fp%3E%0A%3Cp%3ECars%20topped%20the%20list%20of%20the%20top%20five%20commodities%20re-exported%20to%20Japan%20in%202022%2C%20with%20a%20value%20of%20Dh1.3%20billion.%C2%A0%3C%2Fp%3E%0A%3Cp%3EJewellery%20and%20ornaments%20amounted%20to%20Dh150%20million%20while%20precious%20metal%20scraps%20amounted%20to%20Dh105%20million.%C2%A0%3C%2Fp%3E%0A%3Cp%3ERaw%20aluminium%20was%20ranked%20first%20among%20the%20top%20five%20commodities%20exported%20to%20Japan.%C2%A0%3C%2Fp%3E%0A%3Cp%3ETop%20of%20the%20list%20of%20commodities%20imported%20from%20Japan%20in%202022%20was%20cars%2C%20with%20a%20value%20of%20Dh20.08%20billion.%3C%2Fp%3E%0A<\/p>\n<p>More from Neighbourhood Watch:Match info<\/p>\n<p>What: Fifa Club World Cup play-off<br \/>Who: Al Ain v Team Wellington<br \/>Where: Hazza bin Zayed\u00a0Stadium, Al Ain<br \/>When: Wednesday, kick off 7.30pm<\/p>\n","protected":false},"excerpt":{"rendered":"Lebanese Prime Minister Nawaf Salam said on Friday that the government had put forward \u200ba long-awaited banking draft&hellip;\n","protected":false},"author":2,"featured_media":359558,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,46,69730,15805,8723,2225,1320],"class_list":{"0":"post-359557","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-ca","10":"tag-canada","11":"tag-economy","12":"tag-foreign-desk-team","13":"tag-imf","14":"tag-lebanon","15":"tag-standard","16":"tag-story"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/359557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=359557"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/359557\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/359558"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=359557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=359557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=359557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}