The Lebanese pound hit a new low against the U.S. dollar on the black market Thursday after a sharp drop that coincided with May 15 parliamentary elections.

The dollar exchange rate crossed LBP 34,000 on the black market on Tuesday, marking a new record high in the country’s history.

The dollar was selling for LBP 34,100 at 3:30 pm according to exchange rate apps.

A United Arab Emirates company signed a contract with the Taliban authorities Tuesday to provide ground handling services at Afghanistan's three airports, officials said, as the country seeks to resume international transit.

Capital Kabul's only airport was trashed in August when tens of thousands of people rushed to evacuate as the US-led forces withdrew.

Nine Lebanese banks are shutting down their operations on the Mediterranean island of Cyprus, a representative of the Cyprus Central Bank said on Tuesday.

The banks will close their branches on the island within a period of time that will allow them to wind down operations in an orderly fashion, said the representative, who spoke to the Associated Press on condition of anonymity because he's not allowed to discuss the matter publicly.

President Joe Biden launched a new trade deal with 12 Indo-Pacific nations Monday aimed at strengthening their economies as he warned Americans worried about high inflation that it is "going to be a haul" before they feel relief. The president said he does not believe an economic recession is inevitable in the U.S.

Biden, speaking at a news conference after holding talks with Japan's Prime Minister Fumio Kishida, acknowledged the U.S. economy has "problems" but said they were "less consequential than the rest of the world has."

Turkey is ready for energy cooperation with Israel after years of enmity, reviving a project to pipe Israeli gas to Europe as Ankara seeks to reduce its dependence on Russia.

But the plan faces Israeli skepticism over past diplomatic tensions and seems a pipe dream in the eyes of experts due to its logistical complexity and cost.

When Vladimir Putin announced the invasion of Ukraine, war seemed far away from Russian territory. Yet within days the conflict came home — not with cruise missiles and mortars but in the form of unprecedented and unexpectedly extensive volleys of sanctions by Western governments and economic punishment by corporations.

Three months after the Feb. 24 invasion, many ordinary Russians are reeling from those blows to their livelihoods and emotions. Moscow's vast shopping malls have turned into eerie expanses of shuttered storefronts once occupied by Western retailers.

Iran's President Ebrahim Raisi arrived in Oman on Monday with trade deals on the agenda and as international talks on Tehran's nuclear program hang in the balance.

Raisi, on his second Gulf visit since taking office in August, was greeted by Sultan Haitham bin Tareq at the airport and received a 21-gun salute at the royal palace, an Omani statement said.

Fearing visa hassles could cost him his job in Dubai while an economic collapse had dashed any homecoming options, Lebanese executive Jad splurged around $135,000 on a new citizenship for himself and his wife.

Russia will cut off natural gas to Finland after the Nordic country that applied for NATO membership this week refused President Vladimir Putin's demand to pay in rubles, the Finnish state-owned energy company said Friday, the latest escalation over European energy amid the war in Ukraine.

Finland is the latest country to lose the energy supply, which is used to generate electricity and power industry, after rejecting Russia's decree. Poland and Bulgaria were cut off late last month but had prepared for the loss of natural gas or are getting supplies from other countries.