People in Lebanon have to wait for hours in long queues to buy fuel at petrol stations. AP
People in Lebanon have to wait for hours in long queues to buy fuel at petrol stations. AP
People in Lebanon have to wait for hours in long queues to buy fuel at petrol stations. AP
People in Lebanon have to wait for hours in long queues to buy fuel at petrol stations. AP

Lebanon faces rising fuel prices as officials agree on subsidy cuts


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Lebanese officials agreed on Saturday to effectively reduce subsidies on fuel imports, a move that is expected to increase prices at the pump while easing shortages that have affected the country.

The country's central bank last week said that it could no longer supply dollars to fuel importers at the subsidised rate of 3,900 pounds and would shift to the market rate, which according to the official Sayrafa platform stands at about 16,500 pounds per dollar.

Under the latest compromise, the government will temporarily cover half the loss – about 8,000 pounds – from its own coffers, with the remainder passed on to the consumer in higher prices.

The central bank will open an account to cover the subsidy through September, Lebanese President Michel Aoun said.

The fuel crisis has exacerbated power cuts and resulted in long queues at petrol stations during Lebanon’s worst financial meltdown in memory.

A banking crisis that erupted in late 2019 deprived millions of their life savings while the currency has collapsed, triggering triple-digit inflation and pushing more than half the population into poverty.

The government has defaulted on its international debt and failed to take measures required to gain international support.

Fuel importers say the central bank has been slow to open letters of credit at the subsidised rate, resulting in delays and queues. Shortages are also widely believed to have been exacerbated by hoarding and smuggling to Syria, where fuel fetches higher rates.

In a television appearance, Mr Aoun blamed the crisis on the central bank’s decision to end the subsidies before the government had set up a long-awaited cash subsidy system to help the poorest households cope with rising prices.

Central Bank Governor Riad Salameh says the subsidies have burnt through the central bank’s buffers and he needs parliamentary approval to dip into the mandatory reserves that remain. That approval remains elusive even as the economic crisis gathers pace.

Lebanon has been without a fully functioning government since the prime minister resigned a year ago after an explosion that devastated large parts of Beirut. The disaster set back efforts to win aid or revive talks with the International Monetary Fund.

TEACHERS' PAY - WHAT YOU NEED TO KNOW

Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:

- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools

- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills

- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month

- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

VERSTAPPEN'S FIRSTS

Youngest F1 driver (17 years 3 days Japan 2014)
Youngest driver to start an F1 race (17 years 166 days – Australia 2015)
Youngest F1 driver to score points (17 years 180 days - Malaysia 2015)
Youngest driver to lead an F1 race (18 years 228 days – Spain 2016)
Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016)
Youngest on F1 podium finish (18 years 228 days – Spain 2016)
Youngest F1 winner (18 years 228 days – Spain 2016)
Youngest multiple F1 race winner (Mexico 2017/18)
Youngest F1 driver to win the same race (Mexico 2017/18)

The specs: 2019 Mercedes-Benz GLE

Price, base / as tested Dh274,000 (estimate)

Engine 3.0-litre inline six-cylinder

Gearbox  Nine-speed automatic

Power 245hp @ 4,200rpm

Torque 500Nm @ 1,600rpm

Fuel economy, combined 6.4L / 100km

Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Company%20profile%20
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EYodawy%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Egypt%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EKarim%20Khashaba%2C%20Sherief%20El-Feky%20and%20Yasser%20AbdelGawad%3Cstrong%3E%3Cbr%3ESector%3A%20%3C%2Fstrong%3EHealthTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%2424.5%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EAlgebra%20Ventures%2C%20Global%20Ventures%2C%20MEVP%20and%20Delivery%20Hero%20Ventures%2C%20among%20others%3Cstrong%3E%3Cbr%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20500%3Cbr%3E%3C%2Fp%3E%0A
Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

Types of policy

Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.

Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.

Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.

Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.

SERIE A FIXTURES

Saturday (All UAE kick-off times)

Cagliari v AC Milan (6pm)

Lazio v Napoli (9pm)

Inter Milan v Atalanta (11.45pm)

Sunday

Udinese v Sassuolo (3.30pm)

Sampdoria v Brescia (6pm)

Fiorentina v SPAL (6pm)

Torino v Bologna (6pm)

Verona v Genoa (9pm)

Roma V Juventus (11.45pm)

Parma v Lecce (11.45pm)

 

 

SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
RIDE%20ON
%3Cp%3EDirector%3A%20Larry%20Yang%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Jackie%20Chan%2C%20Liu%20Haocun%2C%20Kevin%20Guo%3C%2Fp%3E%0A%3Cp%3ERating%3A%202%2F5%3C%2Fp%3E%0A
What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

Updated: August 22, 2021, 6:03 AM`