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Lebanese Liquidity Crisis
The Lebanese liquidity crisis is an ongoing financial crisis affecting Lebanon, that became fully apparent in August 2019, and was further exacerbated by both the COVID-19 pandemic in Lebanon (which began in 2020) and the 2020 Beirut port explosion. The roots of the crisis run deep and the country experienced liquidity shortages in the years prior to 2019 but the full extent of the fragility of the economy were concealed by the financial engineering of the governor of the central bank. Lebanon's crisis was worsened by U.S. sanctions targeting Syria's government and Iran-backed Hezbollah. Background Since 1997, the Lebanese pound has been pegged to the U.S. dollar at a rate of £L1,507.5 per US$1. The stability of the pound has been the cornerstone of the Lebanese central bank policy for over two decades. It was meant to bring about much-needed stability to the country after a severe devaluation of the Lebanese pound following the end of the Lebanese Civil War. Lebanon's post-wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crisis
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy (e.g. the crisis resulting from the famous tulip mania bubble in the 17th century). Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time. Types Banking crisis When a bank suffers a sudden rush of withdrawals by depositors, this is called a ''bank run''. Si ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Engineering
Financial engineering is a multidisciplinary field involving financial theory, methods of engineering, tools of mathematics and the practice of programming. It has also been defined as the application of technical methods, especially from mathematical finance and computational finance, in the practice of finance.Tanya S. Beder and Cara M. Marshall, ''Financial Engineering: The Evolution of a Profession'', Wiley (June 7, 2011) 978-0470455814 Financial engineering plays a key role in the customer-driven derivatives business — delivering bespoke OTC-contracts and "exotics", and implementing various structured products — which encompasses quantitative modelling, quantitative programming and risk managing financial products in compliance with the regulations and Basel capital/liquidity requirements. An older use of the term "financial engineering" that is less common today is aggressive restructuring of corporate balance sheets. Mathematical finance is the application of m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Audi
Bank Audi (Arabic: بنك عودة, previously Bank Audi- Saradar) is a Lebanon-based universal bank and financial services company headquartered in Beirut, offering financial products and services in personal banking, business banking, private banking and Treasury and Capital Markets segments. Bank Audi has a network of 116 branches and more than 300 ATMs, and worldwide correspondents in 25 cities globally. It operates principally in Lebanon, in the MENA region and in Turkey. As of September 2021, Bank Audi's private customers’ deposits reached USD 20.8 billion, with shareholders’ equity reaching US$2.7 billion, and consolidated assets totaling US$28.0 billion. History Bank Audi was founded in 1830, but was only incorporated as a bank in 1962. Members of the Audi family, as well as Kuwaiti investors, were the first shareholders. Since 1983, the shareholder base has expanded and currently consists of more than 1,500 holders of Common Shares and Global Depository Receipts. In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Currency
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a ''system of money'' in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound Sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$)) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are either chosen by users or decreed by governments, and each type has limited boundaries of acceptance - i.e. legal tender laws may require a particular unit of account for payments to government agencies. Other definitions of the term "curre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Default (finance)
In finance, default is failure to meet the legal obligations (or conditions) of a loan, for example when a home buyer fails to make a mortgage payment, or when a corporation or government fails to pay a bond which has reached maturity. A national or sovereign default is the failure or refusal of a government to repay its national debt. The biggest private default in history is Lehman Brothers, with over $600 billion when it filed for bankruptcy in 2008. The biggest sovereign default is Greece, with $138 billion in March 2012. Distinction from insolvency, illiquidity and bankruptcy The term "default" should be distinguished from the terms "insolvency", illiquidity and " bankruptcy": * Default: Debtors have been passed behind the payment deadline on a debt whose payment was due. * Illiquidity: Debtors have insufficient cash (or other "liquefiable" assets) to pay debts. * Insolvency: A legal term meaning debtors are unable to pay their debts. * Bankruptcy: A legal finding tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hassan Diab
Hassan Diab ( ar, حسان دياب, Ḥassān Dyāb; born 1 June 1959) is a Lebanese academic, engineer and politician who served as the 37th Prime Minister of Lebanon, prime minister of Lebanon from 21 January 2020 to 10 September 2021. He was appointed by President Michel Aoun in 2019 to succeed Saad Hariri as prime minister. He submitted his resignation on 10 August 2020 in wake of the 2020 Beirut explosion, explosion in Beirut and served as Caretaker government, caretaker prime minister until Najib Mikati formed a new government on 10 September 2021. Prior to his premiership, he served as the Ministry of Education and Higher Education (Lebanon), minister of education from June 2011 to February 2014 under President Michel Suleiman. Early life and education Diab was born in Beirut on 1 June 1959. He has a bachelor of science degree in communications engineering, which he received from Leeds Metropolitan University in 1981. Then he obtained a master's degree in systems engineer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Saad Hariri
Saad El-Din Rafik Al-Hariri ( ar, سعد الدين رفيق الحريري, translit=Saʿd ad-Dīn Rafīq al-Ḥarīrī; born 18 April 1970) is a Lebanese-Saudi politician who served as the prime minister of Lebanon from 2009 to 2011 and 2016 to 2020. The son of Rafic Hariri, he founded and has been leading the Future Movement party since 2007. He is seen as "the strongest figurehead" of the March 14 Alliance. Hariri served as Prime Minister of Lebanon from 9 November 2009 to 13 June 2011. After three years living overseas, he returned to Lebanon on 8 August 2014 and served a second term as Prime Minister from 18 December 2016 to 21 January 2020. Hariri's surprise announcement of an intent to resign, broadcast on 4 November 2017 on Saudi state TV, has widely been seen as part of the Iran–Saudi Arabia proxy conflict in Lebanon, and triggered a dispute between Lebanon and Saudi Arabia. The resignation was later suspended, following President Michel Aoun's request to "put it on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bundle Lebanon
Bundle or Bundling may refer to: * Bundling (packaging), the process of using straps to bundle up items Biology * Bundle of His, a collection of heart muscle cells specialized for electrical conduction * Bundle of Kent, an extra conduction pathway between the atria and ventricles in the heart * Hair bundle, a group of cellular processes resembling hair, characteristic of a hair cell Computing * Bundle (OS X), a type of directory in NEXTSTEP and OS X * Bundle (software distribution), a package containing a software and everything it needs to operate * Bundle adjustment, a photogrammetry/computer vision technique Economics * Bundled payment, a method for reimbursing health care providers * Product bundling, a marketing strategy that involves offering several products for sale as one combined product Mathematics and engineering * Bundle (mathematics), a generalization of a fiber bundle dropping the condition of a local product structure * Bundle conductor (power engineering) * Fib ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gross Domestic Product
Gross domestic product (GDP) is a money, monetary Measurement in economics, measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is often revised before being considered a reliable indicator. List of countries by GDP (nominal) per capita, GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation, inflation rates of the countries; therefore, using a basis of List of countries by GDP (PPP) per capita, GDP per capita at purchasing power parity (PPP) may be more useful when comparing standard of living, living standards between nations, while nominal GDP is more useful comparing national economies on the international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. The ratio of GDP to the total population of the region is the GDP per capita, p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Control
Capital controls are residency-based measures such as transaction taxes, other limits, or outright prohibitions that a nation's government can use to regulate flows from capital markets into and out of the country's capital account. These measures may be economy-wide, sector-specific (usually the financial sector), or industry specific (e.g. "strategic" industries). They may apply to all flows, or may differentiate by type or duration of the flow (debt, equity, or direct investment, and short-term vs. medium- and long-term). Types of capital control include exchange controls that prevent or limit the buying and selling of a national currency at the market rate, caps on the allowed volume for the international sale or purchase of various financial assets, transaction taxes such as the proposed Tobin tax on currency exchanges, minimum stay requirements, requirements for mandatory approval, or even limits on the amount of money a private citizen is allowed to remove from the country. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
17 October Revolution
The 17 October Protests, commonly referred to as the 17 October Revolution () is a series of civil protests taking place in Lebanon. These national protests were triggered by planned taxes on gasoline, tobacco, and VoIP calls on applications such as WhatsApp, but quickly expanding into a country-wide condemnation of sectarian rule, the stagnant economy, stagnation of the economy, unemployment (which reached 46% in 2018), endemic Corruption in Lebanon, corruption in the public sector, legislation that was perceived to shield the ruling class from accountability (such as Bank secrecy, banking secrecy) and failures of the government to provide basic services such as electricity, water, and sanitation. The protests created a political crisis in Lebanon, with Prime Minister Saad Hariri tendering his resignation and echoing protesters' demands for a government of Independent politician, independent specialists. A Cabinet of Hassan Diab, cabinet headed by Hassan Diab was formed in 202 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Black Market
A black market, underground economy, or shadow economy is a clandestine market or series of transactions that has some aspect of illegality or is characterized by noncompliance with an institutional set of rules. If the rule defines the set of goods and services whose production and distribution is prohibited by law, non-compliance with the rule constitutes a black market trade since the transaction itself is illegal. Parties engaging in the production or distribution of prohibited goods and services are members of the . Examples include the illegal drug trade, prostitution (where prohibited), illegal currency transactions, and human trafficking. Violations of the tax code involving income tax evasion in the . Because tax evasion or participation in a black market activity is illegal, participants attempt to hide their behavior from the government or regulatory authority. Cash is the preferred medium of exchange in illegal transactions since cash transactions are less-easi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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