LONDON: An investment summit in Paris this week aims to attract billions of dollars worth of low-interest lending to help rebuild Lebanon’s shattered economy.
Ministers and investors from around the world will head to the gathering on April 6 that has been organized by French President Emmanuel Macron. The idea behind Paris is to garner global financial support for crumbling infrastructure amid concern about the country’s ability to withstand further external shocks. Beirut is said to be seeking $16 billion in loans and grants, according to Bloomberg.
US interest rates rises have fuelled worries about Beirut’s ability to withstand a level of indebtedness that is almost on a par with Greece’s following an international bail-out in 2012.
Dubbed the Cedar Conference, otherwise known as Paris IV, this week’s meeting is one of several planned in Europe this year. It comes at a time when the International Monetary Fund is pushing Beirut to implement fiscal reforms to reduce its high debt to GDP ratio that stands at about 150 percent and could rocket beyond 180 percent, the IMF said.
Simon Quijano-Evans, emerging markets strategist at Legal and General Investment Management, told Arab News: “I think for emerging markets in general there is a vulnerability, especially in the local currency space, if the US dollar were to turn around and strengthen.
“Lebanon is one of the countries more exposed in the hard currency space, especially given its high debt-GDP ratio,” Quijano-Evans, said.
Lebanon, among others, spends about a third of government revenue on servicing debt, according to a report from charity, the Jubilee Debt Campaign.
Paris meet aims to ease Lebanon’s debt woes
Paris meet aims to ease Lebanon’s debt woes
The daughters of Malcolm X sue the CIA, FBI and NYPD over the civil rights leader’s assassination
- The NYPD and CIA did not immediately respond to requests for comment. Nicholas Biase, a spokesperson for the Department of Justice, which was also sued, declined comment
NEW YORK: Three daughters of Malcolm X have accused the CIA, FBI, the New York Police Department and others in a $100 million lawsuit Friday of playing roles in the 1965 assassination of the civil rights leader.
In the lawsuit filed in Manhattan federal court, the daughters — along with the Malcolm X estate — claimed that the agencies were aware of and were involved in the assassination plot and failed to stop the killing.
At a morning news conference, attorney Ben Crump stood with family members as he described the lawsuit, saying he hoped federal and city officials would read it “and learn all the dastardly deeds that were done by their predecessors and try to right these historic wrongs.”
The NYPD and CIA did not immediately respond to requests for comment. Nicholas Biase, a spokesperson for the Department of Justice, which was also sued, declined comment. The FBI said in an email that it was its “standard practice” not to comment on litigation.
For decades, more questions than answers have arisen over who was to blame for the death of Malcolm X, who was 39 years old when he was slain on Feb. 21, 1965, at the Audubon Ballroom on West 165th Street in Manhattan as he spoke to several hundred people. Born Malcolm Little in Omaha, Nebraska, Malcolm X later changed his name to El-Hajj Malik El-Shabazz.
Three men were convicted of crimes in the death but two of them were exonerated in 2021 after investigators took a fresh look at the case and concluded some evidence was shaky and authorities had held back some information.
In the lawsuit, the family said the prosecution team suppressed the government’s role in the assassination.
The lawsuit alleges that there was a “corrupt, unlawful, and unconstitutional” relationship between law enforcement and “ruthless killers that went unchecked for many years and was actively concealed, condoned, protected, and facilitated by government agents,” leading up to the murder of Malcolm X.
According to the lawsuit, the NYPD, coordinating with federal law enforcement agencies, arrested the activist’s security detail days before the assassination and intentionally removed their officers from inside the ballroom where Malcolm X was killed. Meanwhile, it adds, federal agencies had personnel, including undercover agents, in the ballroom but failed to protect him.
The lawsuit was not brought sooner because the defendants withheld information from the family, including the identities of undercover “informants, agents and provocateurs” and what they knew about the planning that preceded the attack.
Malcolm X’s wife, Betty Shabazz, the plaintiffs, “and their entire family have suffered the pain of the unknown” for decades, the lawsuit states.
“They did not know who murdered Malcolm X, why he was murdered, the level of NYPD, FBI and CIA orchestration, the identity of the governmental agents who conspired to ensure his demise, or who fraudulently covered-up their role,” it states. “The damage caused to the Shabazz family is unimaginable, immense, and irreparable.”
The family announced its intention to sue the law enforcement agencies early last year.
Japan marks modern-day adventurer’s final stop on 46,000 km trek across Asia
Modern-day adventurer Omar Nok became a social media celebrity, attracting more than 750,000 Instagram followers, as he documented his circuitous 46,239 kilometer (28,732 miles) route from Egypt across a dozen countries without once boarding a plane.
“From when I was a little kid, before realizing what travel is, I already wanted to come to Japan,” Cairo native Nok, 30, said in an interview in Tokyo. “But for me, I don’t want to miss anything in between...so that’s the motivation to just go without flying to see as much as I can.”
The sharp weakening of the yen has made Japan a bargain travel destination, attracting nearly 27 million visitors in the nine months to September. It’s been an economic boon as well, with tourists spending 5.86 trillion yen ($37.58 billion) so far, a record.
For Nok, the country represented the furthest he could travel in Asia without getting a plane. He arrived by ferry in the southwestern city of Fukuoka last month and then meandered his way to Tokyo on Nov. 7, 274 days after leaving home. By comparison, a direct flight from Cairo to Tokyo takes about 12 hours.
The veteran traveler previously logged lengthy trips through Europe and the Americas, but nothing like this. The first day was the hardest, Nok said, when his father dropped him off at Red Sea port of Safaga to board a cargo boat for Saudi Arabia.
He was nervous about stepping into the unknown, venturing into central Asian countries where he didn’t speak the language and where few tourists tread. But armed with words of encouragement from his father, he stepped onto the ship, and his nerves melted away.
On his trek, he hitchhiked to Islam’s holy city of Makkah, sandboarded the dunes of Iran, broke down in the Tajikistan mountains in a purple Dodge Challenger driven by another adventurer, and crossed parts of Kyrgyzstan and Kazakhstan riding horses and camels.
Previously a financial analyst for Amazon in Germany and Luxembourg, Nok funded his journey through savings and extremely frugal spending. His daily expenses came to about $25, although his entire two-week run through Afghanistan cost just $88, he said.
Throughout it all, Nok said he never felt in danger because generous strangers looked out for him wherever he found himself. That message resounded among his online fans as a welcome spark of hope at a time of war and political strife in much of the world.
“I’m always just moving around like locals would, and being in situations where locals would step in to help,” Nok said. “I think people wanted to see that positive side to all the countries that they only hear negative things about.”
At APEC, China’s Xi warns of growing ‘unilateralism’
- Xi is due to hold talks with his US counterpart Joe Biden on Saturday
LIMA: Chinese President Xi Jinping on Friday warned the world was entering an era of growing “unilateralism” and “protectionism,” in comments at a major Asia-Pacific trade summit in Peru.
Xi was in Lima for the Asia-Pacific Economic Cooperation (APEC) summit, and is due to hold talks with his US counterpart Joe Biden on Saturday.
“In a written speech addressing APEC CEO Summit 2024, Xi also warned of the spreading unilateralism and protectionism, and cautioned that the fragmentation of the world economy is increasing,” Chinese state news agency Xinhua reported.
In the wide-ranging speech, Xi said the world had “entered a new period of turbulence and transformation,” Xinhua reported.
In that context, he called for global industrial and supply chains to be kept “stable and smooth.”
US President-elect Donald Trump, set to take office in January, has promised a raft of protectionist trade policies, including 60 percent import tariffs targeting China, with whom he engaged in a trade war during his last term in office.
The Republican has once again signaled a confrontational approach to Beijing for his second term.
Xi said any attempts to reduce global economic interdependence was “nothing but backpedaling,” comments potentially aimed at Trump’s proposed policies on the campaign trail.
China, the world’s second-largest economy, has been reeling from headwinds on several fronts, with growth struggling to recover since the Covid-19 pandemic.
Beijing is pushing for an official national growth target this year of around five percent, a goal most economists believe it will narrowly miss.
But recent weeks have seen officials announce their most aggressive measures in years in a bid to breathe fresh life into the economy.
In Lima, Xi vowed to meet the GDP growth target, and to pursue economic liberalization policies that would “open its (China’s) door even wider to the world.”
Muslims who voted for Trump upset by his pro-Israel cabinet picks
- Muslim support for Trump helped him win Michigan and may have factored into other swing state wins, strategists believe
- Hassan Abdel Salam, a former professor at the University of Minnesota said Trump’s staffing plans were not surprising, but had proven even more extreme that he had feared
WASHINGTON: US Muslim leaders who supported Republican Donald Trump to protest against the Biden administration’s support for Israel’s war on Gaza and attacks on Lebanon have been deeply disappointed by his Cabinet picks, they tell Reuters.
“Trump won because of us and we’re not happy with his Secretary of State pick and others,” said Rabiul Chowdhury, a Philadelphia investor who chaired the Abandon Harris campaign in Pennsylvania and co-founded Muslims for Trump.
Muslim support for Trump helped him win Michigan and may have factored into other swing state wins, strategists believe.
Trump picked Republican senator Marco Rubio, a staunch supporter of Israel for Secretary of State. Rubio said earlier this year he would not call for a ceasefire in Gaza, and that he believed Israel should destroy “every element” of Hamas. “These people are vicious animals,” he added.
Trump also nominated Mike Huckabee, a former Arkansas governor and staunch pro-Israel conservative who backs Israeli occupation of the West Bank and has called a two state solution in Palestine “unworkable,” as the next ambassador to Israel.
He has picked Republican Representative Elize Stefanik, who called the UN a “cesspool of antisemitism” for its condemnation of deaths in Gaza, to serve as US ambassador to the United Nations.
Rexhinaldo Nazarko, executive director of the American Muslim Engagement and Empowerment Network (AMEEN), said Muslim voters had hoped Trump would choose Cabinet officials who work toward peace, and there was no sign of that.
“We are very disappointed,” he said. “It seems like this administration has been packed entirely with neoconservatives and extremely pro-Israel, pro-war people, which is a failure on the on the side of President Trump, to the pro-peace and anti-war movement.”
Nazarko said the community would continue pressing to make its voices heard after rallying votes to help Trump win. “At least we’re on the map.”
Hassan Abdel Salam, a former professor at the University of Minnesota, Twin Cities and co-founder of the Abandon Harris campaign, which endorsed Green Party candidate Jill Stein, said Trump’s staffing plans were not surprising, but had proven even more extreme that he had feared.
“It’s like he’s going on Zionist overdrive,” he said. “We were always extremely skeptical...Obviously we’re still waiting to see where the administration will go, but it does look like our community has been played.”
The Trump campaign did not immediately respond to an email seeking comment.
Several Muslim and Arab supporters of Trump said they hoped Richard Grenell, Trump’s former acting director of national intelligence, would play a key role after he led months of outreach to Muslim and Arab American communities, and was even introduced as a potential next secretary of state at events.
Another key Trump ally, Massad Boulos, the Lebanese father-in-law of Trump’s daughter Tiffany, met repeatedly with Arab American and Muslim leaders.
Both promised Arab American and Muslim voters that Trump was a candidate for peace who would act swiftly to end the wars in the Middle East and beyond. Neither was immediately reachable.
Trump made several visits to cities with large Arab American and Muslim populations, include a stop in Dearborn, a majority Arab city, where he said he loved Muslims, and Pittsburgh, where he called Muslims for Trump “a beautiful movement. They want peace. They want stability.”
Rola Makki, the Lebanese American, Muslim vice chair for outreach of the Michigan Republican Party, shrugged off the criticism.
“I don’t think everyone’s going to be happy with every appointment Trump makes, but the outcome is what matters,” she said. “I do know that Trump wants peace, and what people need to realize is that there’s 50,000 dead Palestinians and 3,000 dead Lebanese, and that’s happened during the current administration.”
Trump promises to end wars with a ‘strong military’
- “We’re going to work on the Middle East and we’re going to work very hard on Russia and Ukraine. It’s got to stop,” Trump added
PALM BEACH, United States: US President-elect Donald Trump on Thursday promised a “strong military,” as he repeated his pledge to end the war between Russia and Ukraine.
Trump, who campaigned on an “America First” foreign policy, has said previously that he wanted to strike a deal between Kyiv and Moscow, without giving details, and end bloodshed in the Middle East.
“We have to get back to a great country with low taxes and a strong military. We’re going to fix our military, we did once and now we’re going to have to do it again,” he said Thursday at a gala organized by the America First Policy Institute at his Mar-a-Lago resort in Palm Beach, Florida.
“We’re going to work on the Middle East and we’re going to work very hard on Russia and Ukraine. It’s got to stop,” Trump added.
He also criticized the “big chunk” of US spending on Afghanistan, from where American troops withdrew in 2021 after two decades of fighting an insurgency by the Taliban, which returned to power that year.
Trump’s re-election has the potential to upend the almost three-year conflict between Russia and Ukraine, throwing into question Washington’s multibillion-dollar support for Kyiv, which is crucial to its defense.
The Republican said on the campaign trail that he could end the fighting within hours and has indicated he would talk directly with Russian President Vladimir Putin.
Trump has not said how he intends to strike a peace deal on Ukraine or what terms he would propose.
