Business
Latest stories
Govt. agrees to replacing Sayrafa platform with Bloomberg-based one

The caretaker Cabinet on Thursday approved a decision by the country’s financial authorities to replace the Sayrafa currency exchange platform with one based on the international Bloomberg platform.

Asked whether the new platform “has been requested by the international community,” caretaker Information Minister Ziad Makari told reporters that no such move has been requested from Lebanon.

W140 Full Story
Greek shipper pleads guilty to smuggling Iranian crude oil

A Greek shipping company has pleaded guilty to smuggling sanctioned Iranian crude oil and agreed to pay a $2.4 million fine, newly unsealed U.S. court documents seen Thursday by The Associated Press show.

The now-public case against Empire Navigation, which faces three years of probation under the plea agreement, marks the first public acknowledgement by U.S. prosecutors that America seized some 1 million barrels of oil from the tanker Suez Rajan.

W140 Full Story
Romania hosts summit to boost connectivity between 12 EU countries and partners

A two-day summit in Romania began on Wednesday that brings together 12 European Union member states situated between the Baltic, Black and Adriatic Seas, as the grouping of mostly formerly communist countries aim to boost ties and connectivity amid Russia's war in Ukraine.

The Three Seas Initiative, which is being held in the capital, Bucharest, brings together high-ranking officials from EU countries as well as representatives from partner countries and aims to improve interconnectivity in the transportation, energy, and the digital fields.

W140 Full Story
War sanctions against Russia highlight growing divisions among Group of 20

Treasury Secretary Janet Yellen is facing growing skepticism from some leading rich and developing nations as the residual impact of sanctions against Russia is deepening divisions among the Group of 20 countries.

With world leaders and finance ministers meeting this week in India for the G20 summit, fractures have came into the open, and alliances are tightening among some nations that have long been resistant to the U.S.-led efforts to exact economic punishment on Moscow for its war in Ukraine.

W140 Full Story
Art of Living Exhibition 2023 to be held at Forum de Beyrouth

The annual “Art of Living Exhibition”, a pioneer in interior home design and innovation projects, is taking place at the Forum de Beyrouth from 15 till 19 November 2023.

“We decorate the future. Our main goal is to give you the best solutions with expert designers” and “a place to turn your ideas into decoration,” a press release said.

W140 Full Story
Oil prices spike as Saudi and Russia extend oil cuts through December

Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices.

The dual announcements from Riyadh and Moscow pushed benchmark Brent crude above $90 a barrel in trading Tuesday afternoon, a price unseen in the market since November.

W140 Full Story
New Delhi got a makeover for the G20 summit. The city's poor say they were simply erased

New Delhi's crowded streets have been resurfaced. Streetlights are illuminating once dark sidewalks. City buildings and walls are painted with bright murals. Planted flowers are everywhere.

Many of the city's poor say they were simply erased, much like the stray dogs and monkeys that have been removed from some neighborhoods, as India's capital got its makeover ahead of this week's summit of the Group of 20 nations.

W140 Full Story
UAE creates federal authority for 'commercial gaming' as casino giants flock to Gulf nation

The United Arab Emirates has created a federal authority to potentially run a national lottery and what it describes as "commercial gaming," likely a sign that it is on the verge of allowing gambling as major casino operators flock to the Gulf Arab nation.

The state-run WAM news agency carried an announcement late Sunday on the creation of the General Commercial Gaming Regulatory Authority, without offering many details about its structure or operations.

W140 Full Story
China touts benefits of its 'Belt and Road' initiative to Italy, which may end the agreement

China's foreign minister is seeking to sell his Italian counterpart on the benefits of leader Xi Jinping's signature "Belt and Road" initiative of Chinese-built and -funded infrastructure projects, as Rome considers whether to renew the agreement.

In a Monday meeting, Wang Yi told Antonio Tajani that bilateral trade had grown from $50 billion to nearly $80 billion and that Italy's exports to China increased by around 30% over the past five years.

W140 Full Story
Putin has dashed global hopes for reviving grain deal. This is why it matters

Turkish President Recep Tayyip Erdogan met with Vladimir Putin on Monday, hoping to persuade the Russian leader to rejoin a deal allowing Ukraine to safely export grain. Moscow withdrew from the agreement in July. But Putin made it clear that the initiative would not be restored right now.

Here's what's at stake:

W140 Full Story