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Saudi Arabia's triumphant week reclaims the West's embrace

Saudi Arabia appears to be leaving behind the stream of negative coverage that the killing of Jamal Khashoggi elicited since 2018. The kingdom is once again being enthusiastically welcomed back into polite and powerful society, and it is no longer as frowned upon to seek Saudi investments or accept their favor.

Saudi Arabia's busy week of triumphs included brokering a prisoner swap between Ukraine and Russia, holding a highbrow summit on the sidelines of the U.N. General Assembly, marking the country's national day with pomp and pageantry, hosting the German chancellor and discussing energy supply with top White House officials.

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Lebanon's banks to reopen as of Monday

The Association of Banks in Lebanon announced Sunday that the country’s banks will resume operations as of Monday, following a one-week closure prompted by a wave of bank “heists” that were carried out by depositors demanding their savings.

In a statement, ABL said it held a meeting in which it discussed “the need to secure the continuity of services for clients while taking into consideration the difficult security situations and the need to preserve the safety of clients and employees alike, in the absence of sufficient protection from the state.”

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Lebanese banks decide to stay shuttered over security fears

Lebanon's banks will remain closed indefinitely after rejecting a proposed government security plan, a senior official with the country's commercial banks association said on Thursday, amid a wave of protests and heists targeting its failing financial system.

The Association of Banks in Lebanon initially announced a three-day strike, after at least seven bank branches were stormed last week, where assailants demanded they withdraw their trapped savings. Among them is Sali Hafez, who broke into a Beirut bank branch with a fake pistol and retrieved some $13,000 in her savings to cover her sister's cancer treatment.

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Turkish lira hits record low before central bank meeting

Turkey's currency fell to a record low against the dollar before a central bank meeting on interest rates Thursday.

The lira traded at a low of 18.38 against the dollar, past the previous record low of 18.36 in December, before recovering to about 18.36.

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IMF criticizes Lebanese government over slow reforms

The International Monetary Fund has said the Lebanese government's slowness to implement desperately-needed reforms was exacerbating the country's economic meltdown, even as officials met to discuss an urgent and long-delayed bailout.

The IMF statement followed a three-day visit to Beirut of the fund's representatives to discuss with Lebanese officials the implementation of reforms drawn up under a staff-level agreement between the two sides in April.

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Biden announces $2.9 billion to fight global food insecurity

U.S. President Joe Biden announced Wednesday another $2.9 billion for a fund aimed at helping to resolve global food insecurity caused in part by Russia's invasion of grain-producing Ukraine.

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Long a haven for wealth, Dubai will enforce UK court rulings

The United Arab Emirates has called on its courts to begin enforcing the judgements of British courts, in a move that could affect the city of Dubai's status as a haven for the world's wealthy.

The decision, which affects all noncriminal civil, financial and marital cases, is already in effect and does not need to be drafted into law.

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Banks inclined to extend strike as Mawlawi denies recommending closure

The Association of Banks in Lebanon is inclined to extend the closure of banks until Monday, al-Jadeed TV reported on Wednesday.

Quoting unnamed sources, al-Jadeed said the decision to extend the strike “came after days from a meeting that was held with caretaker Interior Minister Bassam Mawlawi, who advised the Association to extend the strike until a security plan for protecting banks is finalized.”

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Iran to supply Lebanon with 600,000 tons of fuel over five months

Iran has informed the Lebanese delegation in Tehran of its approval of supplying Lebanon’s with 600,000 tons of fuel over a period of five months, al-Manar TV reported.

Iranian Ambassador to Lebanon Mujtaba Amani meanwhile announced that “good news will be soon declared about what has been agreed on regarding Iranian fuel and cooperation in the field of electricity between the delegation of the Lebanese Energy Ministry and the relevant officials in Iran.”

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Lebanon aims to adopt long-delayed IMF reforms in October

Crisis-hit Lebanon hopes to adopt key reforms demanded by the International Monetary Fund for a long-delayed but urgently needed bailout before the end of next month if there is "political will," Lebanon's caretaker economy minister said Tuesday.

Amin Salam spoke to The Associated Press after meeting with an IMF delegation that has been visiting Lebanese officials since Monday. The reforms would include restructuring the country's banking system and banking secrecy laws.

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