- Bakeries Closing Doors -

Several bakeries closed Monday as mills only delivered flour to Arabic bread bakeries, according to the mills agent in the South, Ali Rammal.

If the Russian war on Ukraine is prolonged, Lebanon could face wheat shortages starting July.

That could create food insecurity and throw more people into poverty in Lebanon, where diets are dominated by government-subsidized bread.

A top member of the gas station owners syndicate of Lebanon, George al-Brax, has reassured that there is no gasoline shortage in the market, asking consumers not to panic, as long queues returned to fuel stations over the past hours.

“The fuel quantities that are reaching Lebanon have become smaller than before, but what we’re receiving is sufficient to meet domestic need,” Brax said in a TV interview.

Russia's invasion of Ukraine has sent energy prices surging, but the oil-rich Gulf monarchies have so far resisted Western pressure to raise output, prioritizing their own strategic and economic interests. 

Russian oil giant Lukoil on Thursday called for an immediate halt to fighting in Ukraine, one of the first major domestic firms to speak out against Moscow's invasion of its pro-Western neighbor.

From his shock detention to an audacious escape from Japan hidden in an audio-equipment box, the rollercoaster saga of former Nissan boss Carlos Ghosn has grabbed headlines worldwide.

As Ghosn's aide Greg Kelly is handed a six-month suspended jail sentence in Tokyo, here is a run-down of how events unfolded:

Former Nissan executive Greg Kelly was handed a six-month suspended sentence on Thursday by a Tokyo court over allegations he helped disgraced auto tycoon Carlos Ghosn attempt to conceal income.

A senior delegation from the U.S. Department of the Treasury concluded a three-day visit to Lebanon on Wednesday.

The delegation met with members of the Lebanese government, civil society, and the banking sector to reiterate the U.S. government’s “commitment to stand with the Lebanese people during this time of economic turmoil,” the Treasury said in a statement.

The leaders of OPEC and its oil-producing allies are deciding Wednesday how much oil to release while Russia's invasion of Ukraine rattles markets, reshapes alliances, kills civilians and sends the price of crude skyrocketing.

The OPEC+ coalition of oil producers — made up of OPEC members led by Saudi Arabia and non-cartel members led by Russia — is weighing whether to increase oil production by 400,000 barrels per day in April.

Moscow's war on Ukraine and the ferocious financial backlash it's unleashed are not only inflicting an economic catastrophe on President Vladimir Putin's Russia. The repercussions are also menacing the global economy, shaking financial markets and making life more perilous for everyone from Uzbek migrant workers to European consumers to hungry Yemeni families.

Even before Putin's troops invaded Ukraine, the global economy was straining under a range of burdens: Surging inflation. Tangled supply chains. Tumbling stock prices.