Google is committing a grant of $2.2 million (Dh8.1m) to support local relief efforts in Beirut and help small businesses affected by the deadly explosion that rocked the city on August 4.
The funds, raised under Google’s employee donation matching programme, will be allocated to local NGOs in Lebanon that provide medical relief, public shelter and food donations to the victims, the California-based company said in a statement on Monday.
“We are deeply saddened by the tragic explosion in Beirut. Our thoughts go out to every person in and outside of Lebanon [who are] impacted,” Lino Cattaruzzi, managing director for Google in the Middle East and North Africa, said.
“The Google donation will go to local NGOs and charitable organisations that are doing hard work on the ground to serve affected and displaced individuals and families,” said Mr Cattaruzzi.
Google will also fund Youth Business International (YBI), a global entrepreneur support network, to help local Lebanese businesses and entrepreneurs recover.
YBI’s Rapid Response and Recovery programme will offer crisis helplines, targeted advice, training and webinars to support the most affected businesses and entrepreneurs, the company said.
The programme will also include mentorship by Google employees who will help business owners upskill and adapt to challenges ahead of them.
“Across our products from Search, Maps and YouTube, we will continue to drive donations, support local businesses, and give access to critical information that people there [in Lebanon] need at this very difficult time,” said Mr Cattaruzzi.
Lebanon has been reeling from the explosion, which caused widespread damage to Beirut's infrastructure and injured more than 6,000 people.
Last week, Facebook donated $2.1m to local hospitals, medical institutions and NGOs to support relief and recovery efforts.
The Facebook Journalism Project, in collaboration with the International Centre for Journalists, announced that it will invest $300,000 in a new programme to support the stabilisation and recovery needs of journalists and news organisations in Lebanon affected by the tragedy.
It will assist in supporting local news outlets, whose infrastructure and resources were damaged by the blast.
“Our hearts go out to the people of Lebanon and everyone affected by this immeasurable tragedy,” Ramez Shehadi, managing director of Facebook in MENA, said.
The luxury French fashion house Chanel also donated $700,000 to Lebanese charities.
The specs: Macan Turbo
Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
Sholto Byrnes on Myanmar politics
Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
MATCH INFO
Europa League final
Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
MEYDAN RESULTS
6.30pm Baniyas (PA) Group 2 Dh125,000 (Dirt) 1,400m
Winner ES Ajeeb, Sam Hitchcock (jockey), Ibrahim Aseel (trainer).
7.05pm Maiden (TB) Dh165,000 (D) 1,200m
Winner Galaxy Road, Antonio Fresu, Musabah Al Muhairi.
7.40pm Maiden (TB) Dh165,000 (D) 1,400m
Winner Al Modayar, Fernando Jara, Ali Rashid Al Raihe.
8.15pm Handicap (TB) Dh170,000 (D) 1,900m
Winner Gundogdu, Xavier Ziani, Salem bin Ghadayer.
8.50pm Rated Conditions (TB) Dh240,000 (D) 1,600m
Winner George Villiers, Tadhg O’Shea, Satish Seemar.
9.25pm Handicap (TB) Dh175,000 (D)1,200m
Winner Lady Parma, Connor Beasley, Satish Seemar
10pm Handicap (TB) Dh165,000 (D) 1,400m
Winner Zaajer, Fernando Jara, Ali Rashid Al Raihe
LA LIGA FIXTURES
Friday Celta Vigo v Villarreal (midnight kick-off UAE)
Saturday Sevilla v Real Sociedad (4pm), Atletico Madrid v Athletic Bilbao (7.15pm), Granada v Barcelona (9.30pm), Osasuna v Real Madrid (midnight)
Sunday Levante v Eibar (4pm), Cadiz v Alaves (7.15pm), Elche v Getafe (9.30pm), Real Valladolid v Valencia (midnight)
Monday Huesca v Real Betis (midnight)
The specs: Rolls-Royce Cullinan
Price, base: Dh1 million (estimate)
Engine: 6.75-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 563hp @ 5,000rpm
Torque: 850Nm @ 1,600rpm
Fuel economy, combined: 15L / 100km
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