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Record inflation squeezes Turkish tobacco workers, owners

Mehmet Emin Calkan begins work harvesting a tobacco field in rural Turkey before dawn, then has another shift skewering and stringing the tobacco to dry under the sun.

The 19-year-old, who hopes to study electronic engineering, has undertaken the strenuous work to help support his family and pay for books he needs to prepare for the university entrance exam. His family cannot afford to send him to schools that prep students for the test.

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UK scraps tax cut for wealthy that sparked market turmoil

The British government on Monday dropped plans to cut income tax for top earners, part of a package of unfunded cuts unveiled only days ago that sparked turmoil on financial markets and sent the pound to record lows.

In a dramatic about-face, Treasury chief Kwasi Kwarteng abandoned plans to scrap the top 45% rate of income tax paid on earnings above 150,000 pounds ($167,000) a year.

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Depositor storms BLOM Bank in Haret Hreik, takes $11,750

Four individuals stormed BLOM Bank’s branch in Haret Hreik on Monday and managed to take their deposit, worth $11,000, prior to the arrival of the army, the National News Agency said.

The Depositors Outcry Association meanwhile announced that “the depositor Zaher Khawaja has liberated $11,750 from the aforementioned bank” and that he “still has $750” in his account.

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Europe faces 'unprecedented risk' of gas shortage, IEA says

Europe faces "unprecedented risks" to its natural gas supplies this winter after Russia cut off most pipeline shipments and could wind up competing with Asia for already scarce and expensive liquid gas that comes by ship, the International Energy Agency said.

The Paris-based IEA said in its quarterly gas report released Monday that European Union countries would need to reduce use by 13% over the winter in case of a complete Russian cutoff amid the war in Ukraine. Much of that cutback would have to come from consumer behavior such as turning down thermostats by 1 degree and adjusting boiler temperatures as well as industrial and utility conservation, the group said.

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Report: Russia smuggling Ukrainian grain to help pay for Putin's war

When the bulk cargo ship Laodicea docked in Lebanon last summer, Ukrainian diplomats said the vessel was carrying grain stolen by Russia and urged Lebanese officials to impound the ship.

Moscow called the allegation "false and baseless," and Lebanon's prosecutor general sided with the Kremlin and declared that the 10,000 tons of barley and wheat flour wasn't stolen and allowed the ship to unload.

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Mikati says devaluation of pound will be gradual

Prime Minister-designate Najib Mikati has reassured that the new official exchange rate of LBP 15,000 against the dollar will be implemented “gradually” and that initial exemptions will include banks' balance sheets and housing and personal loans.

The Lebanese pound has been officially pegged at 1,507 to the dollar since 1997, a rate that has not reflected reality for years as the currency has been in free-fall.

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Lebanon's dwindling rain leaves farmers struggling for water

Farmers in a small town perched on a northern Lebanese mountain have long refused to accept defeat even as the government abandoned them to a life off the grid.

Harf Beit Hasna receives almost no basic services. No water or sewage system, no streetlight or garbage collection. The only public school is closed. The nearest pharmacy is a long drive down a winding mountain road.

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Methane blast in Baltic Sea highlights global problem

As serious as the methane escaping from ruptured pipelines on the floor of the Baltic Sea may be, there are alarming incidents of massive methane releases around the world frequently.

Climate scientists have found that methane emissions from the oil and gas industry are far worse than what companies are reporting, despite claims by some major firms that they've reduced their emissions. That matters because natural gas, a fossil fuel widely used to heat homes and provide electricity, is made up of methane, a potent climate warming gas. It escapes into the atmosphere from well sites and across the natural gas distribution network, from pipelines and compressor stations, to the export terminals that liquefy gas to ship it overseas.

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Dollar's official exchange rate to become LBP 15,000 as of November

Lebanon will weaken its official exchange rate for the first time in more than two decades, the Finance Ministry and a Central Bank official said, as part of efforts to tackle a crippling financial crisis.

In a statement, the Ministry called the move a "necessary corrective action" and noted that the Central Bank has approved it. The decision is a "step to gradually unify exchange rates" in the country, it added.

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Kremlin says 'absurd' to accuse Russia of Nord Stream gas leaks

The Kremlin said Wednesday it was "stupid and absurd" to suspect that Russia was behind gas leaks on the Nord Stream pipelines to Europe, deemed to be a "deliberate act" by the EU.

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