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Lebanon PM says state can no longer protect citizens

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by AFP -- BEIRUT: Lebanese Prime Minister Hassan Diab on Monday admitted that the state had lost the people´s confidence after months of anti-government protests and an economic meltdown. In the coming days crisis-hit Lebanon must decide whether to repay $1.2 billion in Eurobonds due on March 9 or, as is widely expected, restructure its debt, Diab said.The government formed in January inherited a disastrous economic situation and faces an impossible balancing act between the traditional powerbrokers who voted it in and a street that wants all of its ruling elite out.

“To put it frankly, the state, in view of its current situation, is no more capable of protecting the Lebanese people and ensuring a decent life for them,” Diab said.“To be transparent, I would say that this state has lost Lebanese people´s confidence,” he said in a speech to Lebanon´s honorary consular corps. He said the government was holding “a ball of fire” but added he was ready to undertake the painful changes needed to rebuild confidence and sound institutions.“We have no choice but to take the path of the Calvary, whatever the sufferings, because other options are much more dangerous,” Diab said. Lebanon´s banks are almost alone in arguing against default, a move that would further deplete rock-bottom foreign reserves.

Japanese minister raises Ghosn case in visit to Lebanon

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Japanese minister raises Ghosn case in visit to Lebanon

BEIRUT (Reuters) - Lebanon has exclusive jurisdiction over Lebanese in the country, its president said on Monday, appearing to rebuff a visiting Japanese minister who said it was "obvious and natural" that ousted ex-Nissan boss Carlos Ghosn should stand trial in Japan. Ghosn fled Japan to Lebanon, his childhood home, in December as he awaited trial on charges of under-reporting earnings, breach of trust and misappropriation of company funds, all of which he denies. "We believe it is obvious and natural for Ghosn to stand trial in Japan and this view has been communicated to the Lebanese government," Japan's deputy justice minister Hiroyuki Yoshiie said in Beirut after meetings with Lebanese leaders. "And we agreed to cooperate on that," he told reporters, declining to give details of how Lebanon had agreed to cooperate.

A Lebanese presidency statement noted Yoshiie's request for cooperation over Ghosn but did not say how Lebanon had responded. Lebanese President Michel Aoun noted "that the Lebanese judiciary is sovereign and has exclusive jurisdiction over Lebanese nationals residing on Lebanese soil, without that meaning the exclusive right to prosecution", the statement said. Aoun told Yoshiie that Lebanon and Japan had no judicial cooperation or extradition treaty, and that Ghosn had entered Lebanon legally through Beirut airport.

A Harvard Student Told Jeff Bezos Something No CEO Wants To Hear. Worse Was The Way He Said It

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By Chris Matyszczyk Owner, Howard Raucous LLC -- inc -- Absurdly Driven looks at the world of business with a skeptical eye and a firmly rooted tongue in cheek. I've met quite a few Harvard graduates over the years. I've heard it said they can be a touch self-regarding. My own impression is that some, at least, can instinctively regard others with a casual disdain. No, of course I'm not specifically referring to Facebook CEO Mark Zuckerberg here. He didn't graduate. A recent conversation with a Harvard graduate, however, drew me to a story about Amazon CEO Jeff Bezos.

Bezos went to lowly Princeton. In 1997, however, he gave a little talk to some Harvard graduate business students about his online store known as Amazon. As Brad Stone's book The Everything Store: Jeff Bezos and the Age of Amazon relates, the large-brained students began to chat among themselves as if Bezos wasn't there. Then, one of the fine Harvardians told Bezos: You seem like a really nice guy, so don't take this the wrong way, but you really need to sell to Barnes and Noble and get out now. Naturally, many will chuckle at the realization that Amazon's position is a touch more secure than Barnes and Noble's these days. But there's one profound lesson here and one that's truly glorious. When you have a business based on a vision of the future, rather than the present, understand that the majority of your critics will likely be looking from the perspective of the present. They see now and they have a certain belief how now will influence the future.

Al-Rahi Urges 'More Serious' Anti-Coronavirus Approach

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by Naharnet Newsdesk -- Maronite Patriarch Beshara al-Rahi on Sunday called on Lebanese authorities to adopt a “more serious approach” in its measures against the spread of the COVID-19 coronavirus. “The biggest concern is the spread of the coronavirus pandemic, which is threatening the safety of citizens be them young or old,” al-Rahi said in his Sunday Mass sermon. “It requires accurate solutions and a more serious approach,” he urged. Al-Rahi added: “We pray to God to help the officials and inspire them about the best means to overcome the stifling economic and financial crisis. We also plead to God to protect our people from hunger, need and sickness, especially the coronavirus disease.” Lebanon has confirmed seven coronavirus cases and the patients are being quarantined at Beirut’s state-run hospital. The majority of those infected had visited Iran in recent weeks. Lebanese authorities have ordered the closure of all educational institutions and nurseries until March 9 and have banned citizens of China, Iran, Italy and South Korea from visiting Lebanon unless they have residency permits. Religious visits to Iran and Iraq have meanwhile been halted but Lebanese authorities have said that Lebanese citizens in the most affected countries will be allowed to return home.

Lebanese Banks Hold Line Against Default, Urge Bond Swap Instead

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Customers use an automated teller machine (ATM) outside an Audi Bank SAL bank branch in Beirut, Lebanon.

By Dana Khraiche and Lin Noueihed -- Bloomberg -- Lebanon’s banking lobby made a last-ditch appeal to the government to avoid a debt default and instead offer a swap into new notes for all bondholders. In the clutches of its worst financial crisis in decades, Lebanon is running out of time to decide how to handle a debt burden that economists say is no longer sustainable. It faces a choice of repaying more than $1.2 billion of Eurobonds due March 9 or restructuring liabilities to preserve dwindling foreign-exchange reserves. The best solution is to repay the debt through a swap for new securities and embark on immediate reforms to clean up public finances and restore the confidence of diaspora investors, according to Salim Sfeir, head of the Association of Banks in Lebanon. Foreign bondholders could be willing to agree to such an exchange if the country can convince them of acting in good faith to carry out reforms and implement a credible plan, he said. “We still believe that a wise approach to the economic crisis and the financial obligations toward the international community is feasible if there is goodwill by the government to adopt the necessary reform plans and restructuring policies for our economy,” said Sfeir, who is also chairman of Bank of Beirut.

Lebanon’s central bank had proposed a debt swap with local lenders in January as a way to avert default. Prospects for a swap faded, however, after local banks sold some of their Eurobond holdings at a discount to overseas funds such as Ashmore Group, a British fund that’s bet the government would pay out. The sales mean that foreign funds now hold a larger proportion of the Eurobond series maturing in 2020, giving them more leverage in any restructuring discussion. The Justice Ministry asked the prosecutor last month to investigate the transactions on the ground that local banks might have obstructed the government’s efforts to restructure debt. Sfeir defended banks by saying they sold their holdings to get hold of fresh dollars needed to pay outstanding liabilities of almost $9 billion and meet demand for fuel, wheat and medicine suppliers. “This is also why many of the banks were forced in recent months to sell their own bonds at a discount, thus taking great losses just to be able not to default,” he said.

Lebanon asks schools and universities to close for coronavirus

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By Matilda Coleman -- Beirut, Lebanon – Lebanon has asked all schools, universities and nurseries to close until March 8 as a precaution against the new coronavirus. So far, the country has recorded seven cases of the virus that was first detected in China at the end of last year, while dozens have been tested and are waiting for results or have been negative. Three of the patients, two Lebanese and an Iranian, had returned from Iran, the regional epicenter of the virus. The fourth case, of Syrian nationality, is suspected of coming into contact with someone who visited Iran, the Lebanese Ministry of Health said on Saturday in a statement. Three of the cases were in a stable condition, but an elderly patient suffered several diseases prior to his coronavirus infection and "his condition is unstable."

Later, on Saturday, the ministry said the number of cases had increased to seven, and that the three new patients had previously been in contact with infected people. All patients are currently in quarantine at the Rafik Hariri University Hospital in the capital, Beirut. Almost all educational institutions are expected to respect the request of the Minister of Education, Tarek Majzoub, on Friday night about the closure. However, the prestigious American University of Beirut, which has about 10,000 students, announced that it would remain open, "based on consultations with several experts in the field of infectious diseases."

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Beirut’s parking meters: Where does the money go?

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Beirut: Every year the Lebanese capital´s parking meters generate the equivalent of six million dollars, but the municipality on whose soil most operate says it has yet to see a penny. The case is just one to have sparked public anger in a country rocked since October 17 by unprecedented anti-government protests. A source with the borough claims that, under a 2004 deal with the Traffic Authority, a share of the coins slipped into Beirut´s parking meters are supposed to land in the municipality´s coffers. But "until now, the municipality has not received anything," the source told AFP. During the mass protests of recent months, the municipality filed a complaint with the Council of State and obtained permission to choose an auditor to investigate the case. "We want to know how much they earned each day, we want to know everything on each and every pound," the source said. The municipality has also requested to be put back in charge of the parking metres on its turf.

Lebanese-American consortium Duncan-Nead, operates some 900 meters in Greater Beirut under a contract with the Traffic Authority. An employee at the company, who requested to remain anonymous, said they generate an annual income of 10 billion Lebanese pounds, or a little more than six million dollars. They were set up under a wider transport plan for Greater Beirut, with funds from donors including the World Bank. Some have asked why the municipality is only now complaining, more than a decade into the project under which the Traffic Authority was supposed to pay a concession fee to the municipalities. But the source at the borough blamed previous municipality officials who did not look into the matter, as well as grinding bureaucracy. Until 2012, he said, the municipality didn´t even have a copy of the contract with the Traffic Authority and seemed to know little about the deal. The Traffic Authority in November said money it collected from parking meters was used to maintain the meters themselves as well as traffic lights, surveillance cameras and electric road signs.