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Central bank freezes accounts of US-sanctioned individuals

Lebanon's central bank said Thursday it has frozen the accounts of a foreign exchange trader and his sons, after the U.S. sanctioned them this week over links to Hezbollah.

The central bank "took a decision to freeze all the accounts" of Hassan Moukalled as well as those of his sons Rayyan and Rani and two businesses that he owns, it said in a statement.

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Workers stage 3-hour strike in Cyprus to demand pay raises

Thousands of workers in Cyprus, including government employees, teachers and builders walked off the job Thursday for an island-wide, three-hour work stoppage to protest what they claim is employers' backpedaling on a deal for inflation-linked pay increases.

Some 14 trade unions representing a diverse range of workers from bus drivers to airport staff responded to a call by union bosses to stage the brief strike as a warning to employers and government mediators that they won't accept any rollbacks on what they say they're lawfully entitled to.

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US economy slowed but still grew at 2.9% rate last quarter

The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession.

Thursday's estimate from the Commerce Department showed that the nation's gross domestic product — the broadest gauge of economic output — decelerated last quarter from the 3.2% annual growth rate it had posted from July through September. Most economists think the economy will slow further in the current quarter and slide into at least a mild recession by midyear.

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Israel's high-tech economic engine balks at govt policies

Israel's tech industry has long been the driving force behind the country's economy. Now, as Israel's new government pushes ahead with its far-right agenda, the industry is flexing its muscle and speaking out in unprecedented criticism against policies it fears will drive away investors and decimate the booming sector.

The public outcry presents a pointed challenge to Prime Minister Benjamin Netanyahu, who champions Israeli technology on the international stage and has long boasted of his own economic prowess. It also highlights how deep and broad opposition to the government's policies runs, from political rivals, to top members of the justice system and military.

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Wall Street tumbles on worries about corporate profits

Wall Street is weakening Wednesday on worries about corporate profits following a mixed set of earnings reports and forecasts from Microsoft and others.

The S&P 500 was 1.4% lower in early trading, on pace for a second step down after reaching its highest level in seven weeks on Monday. The Dow Jones Industrial Average was down 314 points, or 0.9%, at 33,423, as of 9:55 a.m. Eastern time, and the Nasdaq composite was 2.1% lower.

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Amazon workers hold first UK strike, adding to labor turmoil

Amazon warehouse workers went on strike for the first time in Britain on Wednesday because of a dispute over pay and working conditions, adding to a wave of industrial labor action across the country fueled by the soaring cost of living.

Union members voted to walk off the job for one day at the e-commerce giant's fulfillment center in Coventry, a city about 100 miles (160 kilometers) northwest of London near Birmingham.

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Germany sees brighter outlook for Europe's largest economy

The German government on Wednesday said it expects to eke out economic growth this year instead of a decline as Europe's largest economy manages its energy divorce from Russia and shells out support for consumers and businesses hit by higher energy costs.

The outlook improved to an 0.2% expansion from a 0.4% contraction expected in October, when Germany feared that this winter it would run out of natural gas used to power factories, generate electricity and heat homes. Warmer-than-usual weather helped, as did a scramble to line up additional supplies of liquefied natural gas, or LNG, that comes by ship instead of pipeline from Russia.

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Dozens protest central bank chief as pound plunges to 56,000

Protesters on Wednesday blocked roads and burnt tires near the central bank in Beirut as the weakened local currency plummeted to a new low against the dollar.

Alaa Kharchib of the Depositors' Outcry Association that had organised the demonstration warned of an impending "social explosion".

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India, Egypt to promote trade, investment, fight terrorism

India and Egypt agreed Wednesday to boost trade between their countries during a visit by the Egyptian president that underscores Prime Minister Narendra Modi's efforts to fortify ties with other emerging economies.

Modi and President Abdel Fattah El-Sissi agreed on measures to increase two-way trade within five years to $12 billion. Trade totaled $7.3 billion in 2021-22. The two countries also signed agreements on expanding cooperation in cyber security, information technology, culture and broadcasting.

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Hundreds in Baghdad protest devaluation of Iraq's currency

Hundreds of protesters rallied Wednesday near the Central Bank in the Iraqi capital, Baghdad, angered by the recent devaluation of the Iraqi dinar and demanding the government take action to stabilize the currency.

The protesters — mainly young people — rallied amid a heavy security presence, with many carrying the Iraqi flag and banners with slogans. One slogan read: "The politicians are the ones covering up the financial corruption for the banks."

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