{"id":84727,"date":"2025-08-22T09:57:08","date_gmt":"2025-08-22T09:57:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/84727\/"},"modified":"2025-08-22T09:57:08","modified_gmt":"2025-08-22T09:57:08","slug":"lebanon-needs-imf-for-fiscal-discipline-rather-than-3bn-loan-carlos-ghosn-says","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/84727\/","title":{"rendered":"Lebanon needs IMF for fiscal &#8216;discipline&#8217; rather than $3bn loan, Carlos Ghosn says"},"content":{"rendered":"<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-0-G4Q6EVPYTRG65KN2OYRRUZMY6Y\">Fugitive car tycoon <a href=\"https:\/\/www.thenationalnews.com\/mena\/lebanon\/2023\/06\/23\/carlos-ghosn-interview-fugitive-tycoon-on-his-new-life-in-lebanon-after-fleeing-japan\/\" target=\"_blank\" rel=\"nofollow noopener\">Carlos Ghosn<\/a> has said <a href=\"https:\/\/www.thenationalnews.com\/business\/economy\/2025\/04\/23\/lebanons-economy-minister-asks-for-patience-in-implementing-reforms\/\" target=\"_blank\" rel=\"nofollow noopener\" title=\"https:\/\/www.thenationalnews.com\/business\/economy\/2025\/04\/23\/lebanons-economy-minister-asks-for-patience-in-implementing-reforms\/\">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<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-1-C5CB4IGAWJAOTBMIAZSRKLTIZU\">The IMF&#8217;s $3 billion programme by itself will not save Lebanon but it would help restore investors&#8217; confidence in the economy, Mr Ghosn said in an exclusive interview with CNN Business Arabic. <\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-3-UJ2W6INH5VBNBDQETI3T2EWQ6E\">\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<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-4-HUNIVHCIFBA5XKUB3SGREQLKOY\">If investors were confident in the government&#8217;s rebuilding efforts, they would buy assets now and sell them later for a bigger profit, he added.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-5-XRRNAXPOGZHMHG3FAVRKXUSLQA\">Lebanon has been grappling with deep financial crises, as successive governments&#8217; unrestrained borrowing sent the economy into a tailspin in 2019.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-7-Q27RPUNSUVH7HMOD4PGDR24BSA\">Lebanon&#8217;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<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-8-NKVD6UUXJZEHZOJHDVMG3DO46A\">In April 2022, Lebanon reached a staff-level agreement with the <a href=\"https:\/\/www.thenationalnews.com\/opinion\/comment\/2025\/03\/26\/lebanon-imf-economy-central-bank-governor\/\" target=\"_blank\" rel=\"nofollow noopener\">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 <a href=\"https:\/\/www.thenationalnews.com\/business\/economy\/2025\/04\/23\/lebanons-economy-minister-asks-for-patience-in-implementing-reforms\/\" target=\"_blank\" rel=\"nofollow noopener\" title=\"https:\/\/www.thenationalnews.com\/business\/economy\/2025\/04\/23\/lebanons-economy-minister-asks-for-patience-in-implementing-reforms\/\">the required reforms.<\/a><\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-10-644NQM7FWND7TIRX5XLBSCDM7A\"><a href=\"https:\/\/www.thenationalnews.com\/news\/mena\/2025\/02\/26\/lebanese-parliament-backs-new-government-in-historic-vote\/\" target=\"_blank\" rel=\"nofollow noopener\" title=\"https:\/\/www.thenationalnews.com\/news\/mena\/2025\/02\/26\/lebanese-parliament-backs-new-government-in-historic-vote\/\">Lebanon&#8217;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 <a href=\"https:\/\/www.thenationalnews.com\/business\/economy\/2025\/04\/23\/lebanons-economy-minister-asks-for-patience-in-implementing-reforms\/\" target=\"_blank\" rel=\"nofollow noopener\" title=\"https:\/\/www.thenationalnews.com\/business\/economy\/2025\/04\/23\/lebanons-economy-minister-asks-for-patience-in-implementing-reforms\/\">The National in April<\/a>.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-11-TMMZ4FIWAFDVXKJJB7ZDILQFCA\">Mr Ghosn was speaking about Lebanon&#8217;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<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-12-U4HH2KYWRZAEZEF754VNKFA6XI\">The former <a href=\"https:\/\/www.thenationalnews.com\/tags\/nissan\/\" target=\"_blank\" rel=\"nofollow noopener\">Nissan<\/a> chief executive, who is wanted by <a href=\"https:\/\/www.thenationalnews.com\/tags\/france\/\" target=\"_blank\" rel=\"nofollow noopener\">France<\/a> and <a href=\"https:\/\/www.thenationalnews.com\/tags\/japan\/\" target=\"_blank\" rel=\"nofollow noopener\">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<p>&#8216;Theft&#8217; not reform<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-14-CZER7G5SN5FBRH3OKRVPDRENIA\">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<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-15-HWTFNUGU3RBSPOHHDSRCFJXLMM\">\u201cI&#8217;m not talking about privatisation, because today prices are so cheap \u2026 If you privatised [projects] in Lebanon today it would be theft, you&#8217;d be robbing the government and the Lebanese people,\u201d he said.<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-16-QHTFQZSOPJDUXKQYHHLWEGFOBA\">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<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-17-OZE5JE2PC5DS7IBPEJCKQVEJQU\">Despite a <a href=\"https:\/\/www.thenationalnews.com\/business\/2025\/04\/16\/lebanons-bank-customers-wont-see-the-93-billion-they-are-owed-any-time-soon\/\" target=\"_blank\" rel=\"nofollow noopener\" title=\"https:\/\/www.thenationalnews.com\/business\/2025\/04\/16\/lebanons-bank-customers-wont-see-the-93-billion-they-are-owed-any-time-soon\/\">$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<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-18-5CZYR4PWCFEPHHVFRP2QHGNMWU\">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 <a href=\"https:\/\/www.thenationalnews.com\/mena\/lebanon\/2023\/07\/21\/who-is-behind-lebanons-bank-raid-phenomenon\/\" target=\"_blank\" rel=\"nofollow noopener\">access their life savings<\/a>, which have been stuck in banks for the past six years.<\/p>\n<p>Chinese EVs to dominate<\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-21-LY57NT7F35E5NPNDB6NMREHA7E\">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<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-22-UYDMWZN3I5GM5NZESZGT5T7YPU\">\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<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-23-DQCOA3Q4EJHY5E7E5VPXWFTHLE\">The rapid rise to supremacy of China\u2019s electric vehicles is enabling Beijing to wage a successful economic contest with the US, <a href=\"https:\/\/www.thenationalnews.com\/business\/energy\/2025\/04\/28\/chinas-ev-supremacy-is-its-vehicle-to-overtake-us-economy\/\" target=\"_blank\" rel=\"nofollow noopener\" title=\"https:\/\/www.thenationalnews.com\/business\/energy\/2025\/04\/28\/chinas-ev-supremacy-is-its-vehicle-to-overtake-us-economy\/\">analysts have said.<\/a> China&#8217;s BYD is locked in a supercharged competition in the electric vehicle market with <a href=\"https:\/\/www.thenationalnews.com\/news\/us\/2025\/03\/11\/trump-tesla-musk-boycott\/\" target=\"_blank\" rel=\"nofollow noopener\">Tesla Motors<\/a>. <\/p>\n<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-24-EQUJKZEEXFHGRHKEY6A2N4LYG4\">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<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-25-CIKZPNSTZJGSHH4EPNIZZLXDEY\">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<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-26-C7QARBBAQFAOBFJNQ2TY22L3U4\">The former Nissan executive highlighted the Japanese company&#8217;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<p class=\"defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom\" id=\"el-27-3OJ6EQQBKJDAJGHZNEI6MUV66E\">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<p>Specs <\/p>\n<p>Engine: 51.5kW electric motor<\/p>\n<p>Range: 400km<\/p>\n<p>Power: 134bhp<\/p>\n<p>Torque: 175Nm<\/p>\n<p>Price: From Dh98,800<\/p>\n<p>Available: Now<\/p>\n<p>The specs: Lamborghini Aventador SVJ<\/p>\n<p>Price, base: Dh1,731,672<\/p>\n<p>Engine: 6.5-litre\u00a0V12<\/p>\n<p>Gearbox: Seven-speed automatic<\/p>\n<p>Power: 770hp @ 8,500rpm<\/p>\n<p>Torque: 720Nm @ 6,750rpm<\/p>\n<p>Fuel economy: 19.6L \/ 100km<\/p>\n<p>Racecard<\/p>\n<p>6pm:\u00a0Al\u00a0Maktoum\u00a0Challenge\u00a0Round\u00a02\u00a0Group\u00a01 (PA) $55,000 (Dirt)\u00a01,900m\u00a0\u00a0<\/p>\n<p>6.35pm:\u00a0Oud\u00a0Metha\u00a0Stakes\u00a0Rated\u00a0Conditions (TB) $60,000 (D)\u00a01,200m\u00a0\u00a0<\/p>\n<p>7.10pm:\u00a0Jumeirah\u00a0Classic\u00a0Listed (TB) $150,000 (Turf)\u00a01,600m\u00a0\u00a0<\/p>\n<p>7.45pm:\u00a0Firebreak\u00a0Stakes\u00a0Group\u00a03 (TB) $150,000 (D)\u00a01,600m\u00a0\u00a0<\/p>\n<p>8.20pm: Al\u00a0Maktoum\u00a0Challenge\u00a0Round\u00a02\u00a0Group\u00a02 (TB) $350,000 (D)\u00a01,900m\u00a0\u00a0<\/p>\n<p>8.55pm:\u00a0Al\u00a0Bastakiya\u00a0Trial\u00a0Conditions (TB) $60,000 (D)\u00a01,900m\u00a0\u00a0<\/p>\n<p>9.30pm: Balanchine\u00a0Group\u00a02 (TB) $180,000 (T)\u00a01,800m\u00a0\u00a0\u00a0<\/p>\n<p>Pharaoh&#8217;s curse<\/p>\n<p>British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened. <br \/>He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia. <br \/>Reports at the time said Lord Carnarvon suffered from \u201cpain as the inflammation affected the nasal passages and eyes\u201d.<br \/>Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.<\/p>\n<p>Abu Dhabi card<\/p>\n<p>5pm: Handicap (TB) Dh100,000 2,400m<\/p>\n<p>5.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 2,200m<\/p>\n<p>6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 1,400m<\/p>\n<p>6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 1,400m<\/p>\n<p>7pm: Handicap (PA) Dh85,000 1,600m<\/p>\n<p>7.30pm: Maiden (PA) Dh80,000 1,600m<\/p>\n<p>The National selections:<\/p>\n<p>5pm: Valcartier<\/p>\n<p>5.30pm: AF Taraha<\/p>\n<p>6pm: Dhafra<\/p>\n<p>6.30pm: Maqam<\/p>\n<p>7pm: AF Mekhbat<\/p>\n<p>7.30pm: Ezz Al Rawasi\u00a0\u00a0<\/p>\n<p>War<\/p>\n<p>Director: Siddharth Anand<\/p>\n<p>Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor<\/p>\n<p>Rating: Two out of five stars\u00a0<\/p>\n<p>War 2<\/p>\n<p>Director: Ayan Mukerji<\/p>\n<p>Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana<\/p>\n<p>Rating: 2\/5<\/p>\n<p>Read more about the coronavirusResults<\/p>\n<p>ATP Dubai Championships on Monday (x indicates seed):<\/p>\n<p>First round<br \/>Roger Federer (SUI x2) bt Philipp Kohlschreiber (GER) 6-4, 3-6, 6-1<br \/>Fernando Verdasco (ESP) bt Thomas Fabbiano (ITA) 3-6, 6-3, 6-2<br \/>Marton Fucsovics (HUN) bt Damir Dzumhur (BIH) 6-1, 7-6 (7\/5)<br \/>Nikoloz Basilashvili (GEO) bt Karen Khachanov (RUS x4) 6-4, 6-1<br \/>Jan-Lennard Struff (GER) bt Milos Raonic (CAN x7) 6-4, 5-7, 6-4<\/p>\n<p>WOMAN AND CHILD<\/p>\n<p>Director: Saeed Roustaee<\/p>\n<p>Starring: Parinaz Izadyar, Payman Maadi<\/p>\n<p>Rating: 4\/5<\/p>\n<p>Specs<\/p>\n<p>Engine:\u00a0Duel electric motors<br \/>Power:\u00a0659hp<br \/>Torque:\u00a01075Nm<br \/>On sale:\u00a0Available for pre-order now<br \/>Price: On request<\/p>\n<p>Killing of Qassem SuleimaniInfiniti QX80 specs<\/p>\n<p>Engine: twin-turbocharged 3.5-liter V6<\/p>\n<p>Power: 450hp<\/p>\n<p>Torque: 700Nm<\/p>\n<p>Price: From Dh450,000, Autograph model from Dh510,000<\/p>\n<p>Available: Now<\/p>\n<p>UAE currency: the story behind the money in your pockets&#8217;The%20Alchemist&#8217;s%20Euphoria&#8217;<\/p>\n<p>%3Cp%3E%3Cstrong%3EArtist%3A%3C%2Fstrong%3E%20Kasabian%3Cbr%3E%3Cstrong%3ELabel%3A%20%3C%2Fstrong%3EColumbia%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A<\/p>\n<p>Turning%20waste%20into%20fuel<\/p>\n<p>%3Cp%3EAverage%20amount%20of%20biofuel%20produced%20at%20DIC%20factory%20every%20month%3A%20%3Cstrong%3EApproximately%20106%2C000%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAmount%20of%20biofuel%20produced%20from%201%20litre%20of%20used%20cooking%20oil%3A%20%3Cstrong%3E920ml%20(92%25)%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ETime%20required%20for%20one%20full%20cycle%20of%20production%20from%20used%20cooking%20oil%20to%20biofuel%3A%20%3Cstrong%3EOne%20day%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEnergy%20requirements%20for%20one%20cycle%20of%20production%20from%201%2C000%20litres%20of%20used%20cooking%20oil%3A%3Cbr%3E%3Cstrong%3E%E2%96%AA%20Electricity%20-%201.1904%20units%3Cbr%3E%E2%96%AA%20Water-%2031%20litres%3Cbr%3E%E2%96%AA%20Diesel%20%E2%80%93%2026.275%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A<\/p>\n<p>Squad<\/p>\n<p>Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas)\u00a0<\/p>\n<p>The specs<br \/>\nEngine: 3.9-litre twin-turbo V8<br \/>\nPower:\u00a0640hp<br \/>\nTorque: 760nm<br \/>\nOn sale: 2026<br \/>\nPrice: Not announced yet<br \/>\nKill%20<\/p>\n<p>%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nikhil%20Nagesh%20Bhat%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3C%2Fstrong%3E%3A%20Lakshya%2C%20Tanya%20Maniktala%2C%20Ashish%20Vidyarthi%2C%20Harsh%20Chhaya%2C%20Raghav%20Juyal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204.5%2F5%3Cbr%3E%3C%2Fp%3E%0A<\/p>\n<p>The specs<\/p>\n<p>Engine: 3.0-litre six-cylinder turbo<\/p>\n<p>Power: 398hp from 5,250rpm<\/p>\n<p>Torque: 580Nm at 1,900-4,800rpm<\/p>\n<p>Transmission: Eight-speed auto<\/p>\n<p>Fuel economy, combined: 6.5L\/100km<\/p>\n<p>On sale: December<\/p>\n<p>Price: From Dh330,000 (estimate)<\/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>Specs<\/p>\n<p>Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)<\/p>\n<p>Power: 218hp (Cooper and Aceman), 313hp (Countryman)<\/p>\n<p>Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)<\/p>\n<p>On sale: Now<\/p>\n<p>Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)<\/p>\n<p>UAE currency: the story behind the money in your pocketsVolvo ES90 Specs<\/p>\n<p>Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)<\/p>\n<p>Power: 333hp, 449hp, 680hp<\/p>\n<p>Torque: 480Nm, 670Nm, 870Nm<\/p>\n<p>On sale: Later in 2025 or early 2026, depending on region<\/p>\n<p>Price: Exact regional pricing TBA<\/p>\n<p>What the law says <\/p>\n<p>Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.<\/p>\n<p>\u201cSome companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,\u201d she explains.<\/p>\n<p>\u201cAny leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer\u2019s discretion and require approval.\u201d<\/p>\n<p>If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.<\/p>\n<p>if you go<\/p>\n<p>The flights\u00a0<\/p>\n<p><a href=\"http:\/\/www.etihad.ae\" rel=\"nofollow noopener\" target=\"_blank\">Etihad<\/a>\u00a0and <a href=\"http:\/\/www.emirates.com\" rel=\"nofollow noopener\" target=\"_blank\">Emirates<\/a>\u00a0fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.\u00a0<\/p>\n<p>The trains<\/p>\n<p>Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3\u2019 52\u201d) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.<\/p>\n<p>The hotels<\/p>\n<p>Mursidabad\u2019s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try <a href=\"http:\/\/www.thefamehotel.com\" rel=\"nofollow noopener\" target=\"_blank\">Hotel The Fame<\/a>,\u00a0with an array of rooms from doubles\u00a0at Rs1,596\/Dh90 to a \u2018grand presidential suite\u2019 at Rs7,854\/Dh443.<\/p>\n<p>Credit Score explained<\/p>\n<p>What is a credit score?<\/p>\n<p>In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB),\u00a0which represents your credit worthiness \u2013 in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates\u00a0a higher risk of default, while a high score indicates you are a lower risk.<\/p>\n<p>Why is it important?<\/p>\n<p>Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.<\/p>\n<p>How is it calculated?<\/p>\n<p>The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.<\/p>\n<p>How can I improve my score?<\/p>\n<p>By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the\u00a0number of credit card and loan applications you make and to reduce your outstanding balances.<\/p>\n<p>How do I know if my score is low or high?<\/p>\n<p>By checking it. Visit one of AECB\u2019s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.<\/p>\n<p>How much does it cost?<\/p>\n<p>A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.<\/p>\n<p>Conflict, drought, famine<\/p>\n<p>Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024. <br \/>It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.<br \/>Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, \u201cseveral government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu\u2019s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].<br \/>The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a \u201cbiblical famine\u201d and containing graphic images of thousands of people, including children, facing starvation.<\/p>\n<p>Band Aid<\/p>\n<p>Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.<br \/>With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it\u2019s Christmas in December 1984, featuring a string of high-profile musicians.<br \/>Following the single\u2019s success, the idea to stage a rock concert evolved.<br \/>Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.<br \/>The combined event was broadcast to an estimated worldwide audience of 1.5 billion.<\/p>\n<p>Key facilities<br \/>\nOlympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m\/25m training lanes<br \/>\nPremier League-standard football pitch<br \/>\n400m Olympic running track<br \/>\nNBA-spec basketball court with auditorium<br \/>\n600-seat auditorium<br \/>\nSpaces for historical and cultural exploration<br \/>\nAn elevated football field that doubles as a helipad<br \/>\nSpecialist robotics and science laboratories<br \/>\nAR and VR-enabled learning centres<br \/>\nDisruption Lab and Research Centre for developing entrepreneurial skills<br \/>\nAnother way to earn air miles<\/p>\n<p>In addition to the Emirates and Etihad programmes,\u00a0there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.<\/p>\n<p>An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these \u2018miles\u2019 at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.<\/p>\n<p>\u201cIf you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,\u201d says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.<\/p>\n<p>PROFILE OF HALAN<\/p>\n<p>Started: November 2017<\/p>\n<p>Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga<\/p>\n<p>Based: Cairo, Egypt<\/p>\n<p>Sector: transport and logistics<\/p>\n<p>Size: 150  employees<\/p>\n<p>Investment: approximately $8 million<\/p>\n<p>Investors include: Singapore\u2019s Battery Road Digital Holdings, Egypt\u2019s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar<\/p>\n","protected":false},"excerpt":{"rendered":"Fugitive car tycoon Carlos Ghosn has said Lebanon needs the International Monetary Fund (IMF) to ensure fiscal discipline&hellip;\n","protected":false},"author":2,"featured_media":84728,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[1340,84,10671,1294,19871,42677,5438,5141,56,54,55],"class_list":{"0":"post-84727","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-banking","9":"tag-business","10":"tag-business-team","11":"tag-economy","12":"tag-imf","13":"tag-lebanon","14":"tag-standard","15":"tag-story","16":"tag-uk","17":"tag-united-kingdom","18":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/84727","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=84727"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/84727\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/84728"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=84727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=84727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=84727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}