{"id":88384,"date":"2025-08-22T09:33:07","date_gmt":"2025-08-22T09:33:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/88384\/"},"modified":"2025-08-22T09:33:07","modified_gmt":"2025-08-22T09:33:07","slug":"lebanon-needs-imf-for-fiscal-discipline-rather-than-3bn-loan-carlos-ghosn-says","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/88384\/","title":{"rendered":"Lebanon needs IMF for fiscal ‘discipline’ rather than $3bn loan, Carlos Ghosn says"},"content":{"rendered":"

Fugitive car tycoon Carlos Ghosn<\/a> has said Lebanon<\/a> 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.<\/p>\n

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. <\/p>\n

\u201cWe are going to the IMF to organise us [the Lebanese], not because of the $3 billion,\u201d he said in Beirut. \u201cThe $3 billion you can easily collect from the Lebanese living abroad \u2026 Why? because it is good business, not because of sentiment. Everything is so cheap in Lebanon,\u201d he said referring to land, companies and asset prices. <\/p>\n

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.<\/p>\n

Lebanon has been grappling with deep financial crises, as successive governments’ unrestrained borrowing sent the economy into a tailspin in 2019.<\/p>\n

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.<\/p>\n

In April 2022, Lebanon reached a staff-level agreement with the IMF<\/a> 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.<\/a><\/p>\n

Lebanon’s new government<\/a> 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<\/a>.<\/p>\n

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.<\/p>\n

The former Nissan<\/a> chief executive, who is wanted by France<\/a> and Japan<\/a> over financial misconduct claims, last year said he remains \u201cblocked in Lebanon\u201d 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.<\/p>\n

‘Theft’ not reform<\/p>\n

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.<\/p>\n

\u201cI’m not talking about privatisation, because today prices are so cheap \u2026 If you privatised [projects] in Lebanon today it would be theft, you’d be robbing the government and the Lebanese people,\u201d he said.<\/p>\n

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. \u201cThis alone will help the country stand back up,\u201d he said.<\/p>\n

Despite a $93 billion deposit hole<\/a> in Lebanese banks since 2019, Mr Ghosn is cautiously optimistic about the banking system. \u201cDeposits will come back, but it will take a long time,\u201d he said.<\/p>\n

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<\/a>, which have been stuck in banks for the past six years.<\/p>\n

Chinese EVs to dominate<\/p>\n

In the wide-ranging interview, the motors tycoon turned his trademark candour on China\u2019s automotive dominance, Nissan\u2019s decline, AI disruption and cryptocurrencies versus banks. Mr Ghosn traced China\u2019s rise back to 2006\u20132007, when Beijing turned the auto-making industry into a strategic national priority. <\/p>\n

\u201cIt was clear that the Chinese will be a very important factor in the industry,\u201d he said. \u201cLegacy players mocked Chinese cars back then. Today, BYD\u2019s market cap dwarfs Renault, Nissan and Mitsubishi.\u201d <\/p>\n

The rapid rise to supremacy of China\u2019s electric vehicles is enabling Beijing to wage a successful economic contest with the US, analysts have said.<\/a> China’s BYD is locked in a supercharged competition in the electric vehicle market with Tesla Motors<\/a>. <\/p>\n

China has transformed from 10 to 20 years ago and is now competing with US, German and Japanese car makers, Mr Ghosn said. \u201cThe Chinese will become a major part in the car manufacturing industry from now and into the next 10 years, especially in EVs,\u201d he said.<\/p>\n

Toyota, Mercedes and BMW are among the rivals who will endure and will face Chinese competition, he added. \u201cCompanies who fear [competition] and hide in their own markets and ask the state to protect them and put tariffs, will disappear,\u201d he said. \u201cIt might take a year, two or three, but they will vanish.\u201d <\/p>\n

The former Nissan executive highlighted the Japanese company’s early EV lead with the Leaf model, which debuted in 2009, and Renault\u2019s Zoe model, which entered the market in 2012. \u201cFive per cent is strategy, 95 per cent is execution. Nissan lost because of poor management after I left,\u201d Mr Ghosn said. <\/p>\n

Nissan\u2019s stock now trades at less than $2, compared to $15 during his tenure, even during global recessions, he said. He slammed current executives for \u201cempty promises and TV appearances\u201d, saying trust and vision are the only levers to restore market value.<\/p>\n

The specs<\/p>\n

Engine: 4.0-litre flat-six<\/p>\n

Torque: 450Nm at 6,100rpm<\/p>\n

Transmission: 7-speed PDK auto or 6-speed manual<\/p>\n

Fuel economy, combined: 13.8L\/100km<\/p>\n

On sale: Available to order now<\/p>\n

Afghanistan squad<\/p>\n

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.<\/p>\n

The five pillars of IslamThe specs: 2019 Mercedes-Benz C200 Coupe<\/p>\n

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<\/p>\n

Opening weekend Premier League fixtures<\/p>\n

Weekend of August 10-13<\/p>\n

Arsenal v Manchester City<\/p>\n

Bournemouth v Cardiff City<\/p>\n

Fulham v Crystal Palace<\/p>\n

Huddersfield Town v Chelsea<\/p>\n

Liverpool v West Ham United<\/p>\n

Manchester United v Leicester City<\/p>\n

Newcastle United v Tottenham Hotspur<\/p>\n

Southampton v Burnley<\/p>\n

Watford v Brighton & Hove Albion<\/p>\n

Wolverhampton Wanderers v Everton<\/p>\n

How Filipinos in the UAE invest<\/p>\n

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.<\/p>\n

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).<\/p>\n

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.<\/p>\n

Key facilities
\nOlympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m\/25m training lanes
\nPremier League-standard football pitch
\n400m Olympic running track
\nNBA-spec basketball court with auditorium
\n600-seat auditorium
\nSpaces for historical and cultural exploration
\nAn elevated football field that doubles as a helipad
\nSpecialist robotics and science laboratories
\nAR and VR-enabled learning centres
\nDisruption Lab and Research Centre for developing entrepreneurial skills
\nUAE currency: the story behind the money in your pockets<\/p>\n

‘How To Build A Boat’
Jonathan Gornall,\u00a0Simon & Schuster<\/p>\n

UAE currency: the story behind the money in your pocketsVolvo ES90 Specs<\/p>\n

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)<\/p>\n

Power: 333hp, 449hp, 680hp<\/p>\n

Torque: 480Nm, 670Nm, 870Nm<\/p>\n

On sale: Later in 2025 or early 2026, depending on region<\/p>\n

Price: Exact regional pricing TBA<\/p>\n

Emergency phone numbers in the UAE<\/p>\n

Estijaba \u2013 8001717 \u2013\u00a0 number to call to request coronavirus\u00a0testing<\/p>\n

Ministry of Health and Prevention \u2013 80011111<\/p>\n

Dubai Health Authority \u2013 800342 \u2013 The number to book a free video or voice consultation with a doctor or connect to a local health centre<\/p>\n

Emirates airline \u2013 600555555<\/p>\n

Etihad\u00a0Airways \u2013 600555666<\/p>\n

Ambulance \u2013 998<\/p>\n

Knowledge and Human Development Authority \u2013 8005432 ext. 4 for Covid-19\u00a0queries<\/p>\n

The specs<\/p>\n

Engine: 4.0-litre V8 twin-turbocharged and three electric motors<\/p>\n

Power: Combined output 920hp<\/p>\n

Torque: 730Nm at 4,000-7,000rpm<\/p>\n

Transmission: 8-speed dual-clutch automatic<\/p>\n

Fuel consumption: 11.2L\/100km<\/p>\n

On sale: Now, deliveries expected later in 2025<\/p>\n

Price: expected to start at Dh1,432,000<\/p>\n

Jetour T1 specs<\/p>\n

Engine: 2-litre turbocharged<\/p>\n

Power: 254hp<\/p>\n

Torque: 390Nm<\/p>\n

Price: From Dh126,000<\/p>\n

Available: Now<\/p>\n

Fire and Fury
By Michael Wolff,
Henry Holt<\/p>\n

Wonka<\/p>\n

%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%C2%A0Paul%20King%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3ETimothee%20Chalamet%2C%20Olivia%20Colman%2C%20Hugh%20Grant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A<\/p>\n

Labour dispute<\/p>\n

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.<\/p>\n

– Abdullah Ishnaneh, Partner, BSA Law\u00a0<\/p>\n

Benefits of first-time home buyers’ scheme
\nPriority access to new homes from participating developers
\nDiscounts on sales price of off-plan units
\nFlexible payment plans from developers
\nMortgages with better interest rates, faster approval times and reduced fees
\nDLD registration fee can be paid through banks or credit cards at zero interest rates
\nUAE currency: the story behind the money in your pocketsFrom Zero <\/p>\n

Artist: Linkin Park<\/p>\n

Label: Warner Records<\/p>\n

Number of tracks:\u00a011<\/p>\n

Rating: 4\/5<\/p>\n

MISSION: IMPOSSIBLE \u2013 FINAL RECKONING<\/p>\n

Director: Christopher McQuarrie<\/p>\n

Starring: Tom Cruise, Hayley Atwell, Simon Pegg<\/p>\n

Rating: 4\/5<\/p>\n

UAE SQUAD<\/p>\n

\u00a0Khalid 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).<\/p>\n

Killing of Qassem SuleimaniThe specs: 2019 Haval H6<\/p>\n

Price, base: Dh69,900<\/p>\n

Engine: 2.0-litre turbocharged four-cylinder<\/p>\n

Transmission: Seven-speed automatic<\/p>\n

Power: 197hp @ 5,500rpm<\/p>\n

Torque: 315Nm @ 2,000rpm<\/p>\n

Fuel economy, combined: 7.0L \/ 100km<\/p>\n

FROM%20THE%20ASHES<\/p>\n

%3Cp%3EDirector%3A%20Khalid%20Fahad%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Shaima%20Al%20Tayeb%2C%20Wafa%20Muhamad%2C%20Hamss%20Bandar%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A<\/p>\n

2024%20Dubai%20Marathon%20Results<\/p>\n

%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’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

Emergency<\/p>\n

Director: Kangana Ranaut<\/p>\n

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry\u00a0<\/p>\n

Rating: 2\/5<\/p>\n

Result<\/p>\n

2.15pm: Maiden Dh75,000 1,950m;\u00a0Winner: Majestic Thunder, Tadhg O\u2019Shea (jockey), Satish Seemar (trainer).<\/p>\n

2.45pm: Handicap Dh80,000 1,800m;\u00a0Winner: Tailor\u2019s Row, Royston Ffrench, Salem bin Ghadayer.<\/p>\n

3.15pm: Handicap Dh85,000 1,600m;\u00a0Winner: Native Appeal, Adam McLean, Doug Watson.<\/p>\n

3.45pm: Handicap Dh115,000 1,950m;\u00a0Winner: Conclusion, Antonio Fresu, Musabah Al Muhairi.<\/p>\n

4.15pm: Handicap Dh100,000 1,400m;\u00a0Winner: Pilgrim\u2019s Treasure, Tadhg O\u2019Shea, Satish Seemar.<\/p>\n

4.45pm: Maiden Dh75,000 1,400m;\u00a0Winner: Sanad Libya, Richard Mullen, Satish Seemar.<\/p>\n

5.15pm: Handicap Dh90,000 1,000m;\u00a0Winner: Midlander, Richard Mullen, Satish Seemar<\/p>\n

Dubai Bling season three<\/p>\n

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed\u00a0<\/p>\n

Rating: 1\/5<\/p>\n

Red flags
\nPromises of high, fixed or ‘guaranteed’ returns.
\nUnregulated structured products or complex investments often used to bypass traditional safeguards.
\nLack of clear information, vague language, no access to audited financials.
\nOverseas companies targeting investors in other jurisdictions – this can make legal recovery difficult.
\nHard-selling tactics – creating urgency, offering ‘exclusive’ deals.<\/p>\n

Courtesy: Carol Glynn, founder of Conscious Finance Coaching<\/p>\n

BIGGEST\u00a0CYBER\u00a0SECURITY\u00a0INCIDENTS\u00a0IN\u00a0RECENT\u00a0TIMES<\/p>\n

SolarWinds\u00a0supply\u00a0chain\u00a0attack:\u00a0Came\u00a0to\u00a0light\u00a0in\u00a0December\u00a02020\u00a0but\u00a0had\u00a0taken\u00a0root\u00a0for\u00a0several\u00a0months,\u00a0compromising\u00a0major\u00a0tech\u00a0companies,\u00a0governments\u00a0and\u00a0its\u00a0entities<\/p>\n

Microsoft\u00a0Exchange\u00a0server\u00a0exploitation:\u00a0March\u00a02021;\u00a0attackers\u00a0used\u00a0a\u00a0vulnerability\u00a0to\u00a0steal\u00a0emails<\/p>\n

Kaseya\u00a0attack:\u00a0July\u00a02021;\u00a0ransomware\u00a0hit\u00a0perpetrated\u00a0REvil,\u00a0resulting\u00a0in\u00a0severe\u00a0downtime\u00a0for\u00a0more\u00a0than\u00a01,000\u00a0companies<\/p>\n

Log4j\u00a0breach:\u00a0December\u00a02021;\u00a0attackers\u00a0exploited\u00a0the\u00a0Java-written\u00a0code\u00a0to\u00a0inflitrate\u00a0businesses\u00a0and\u00a0governments<\/p>\n

UAE currency: the story behind the money in your pocketsFive famous companies founded by teens<\/p>\n

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:<\/p>\n

\tFacebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.\u00a0
\n\tDell: 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.\u00a0Eventually, his company became the Dell Computer Corporation and then Dell Inc.\u00a0
\n\tSubway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965,\u00a0Mr 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\u2019s Super Submarines. A few years later, the company was rebranded and called Subway.\u00a0
\n\tMashable: In 2005, Pete Cashmore created Mashable in Scotland\u00a0when 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.
\n\tOculus 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.<\/p>\n","protected":false},"excerpt":{"rendered":"Fugitive car tycoon Carlos Ghosn has said Lebanon needs the International Monetary Fund (IMF) to ensure fiscal discipline…\n","protected":false},"author":2,"featured_media":88385,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[9437,45,14219,49,48,46,15805,8723,2225,1320],"class_list":["post-88384","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-banking","tag-business","tag-business-team","tag-ca","tag-canada","tag-economy","tag-imf","tag-lebanon","tag-standard","tag-story"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/88384","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=88384"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/88384\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/88385"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=88384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=88384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=88384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}