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Lebanon raises gasoline prices by over 37 pct amid crippling shortages of supplies

Lebanon’s energy ministry further raised gasoline prices on Friday by over 30 percent, an official document showed.The price of 95-octane gasoline and 98-octane gasoline was raised by over 37 percent.“This is the stage before last of lifting the subsidy,” said Georges Braks, a member of the Petrol Station Owners’ syndicate, who expects the subsidy to be removed by the end of September.He said the new prices were based on an exchange rate around 12,000 pounds per dollar.For all the latest headlines follow our Google News channel online or via the app.This compares with a rate of 8,000 pounds per dollar that the previous government agreed for fuel prices last month, but is still below the rate on the parallel market, where dollars were changing hands at 14,600 on Friday.The central bank said last month it could no longer afford to provide dollars for fuel at heavily subsidized rates.The petrol price hike means importers will still be sourcing dollars from the central bank rather than the market and so a subsidy still applies, said Mike Azar, a senior Beirut-based financial advisor.On Thursday, Lebanon’s cabinet approved a policy program that aims to tackle one of the worst financial meltdowns in history.Reuters saw the draft document, which included a resumption of negotiations with the International Monetary Fund and a restructuring of the banking sector.Meanwhile, Iran-backed Hezbollah began bringing Iranian fuel into Lebanon via Syria on Thursday, a move the Shia group says aims to ease a crippling energy crisis but which its opponents have said exposes the country to the risk of US sanctions.Read more:EU lawmakers call for Lebanon sanctions if Mikati’s government failsLebanon’s finance minister signs new forensic audit contractHezbollah brings Iranian fuel into Lebanon: Reports
Source: Al Arabiya
Full Article: Lebanon raises gasoline prices by over 37 pct amid crippling shortages of supplies

Four in five UAE residents now fully vaccinated against COVID-19

Health officials in the United Arab Emirates have announced that 80 percent of residents across the country are now fully vaccinated against COVID-19.Latest figures by the country’s National Emergency Crisis and Disasters Management Authority (NCEMA) show that 91.31 percent of UAE residents have now received at least one dose of a COVID-19 vaccine while more than four in five (80.29 percent) have been double jabbed.For more coronavirus news, visit our dedicated page.It comes as the UAE - leading the way in vaccinating its population against the virus, with over 19.2 million doses already administered - continues to report record lows in new daily COVID-19 infections.On Thursday, the country recorded its lowest number of new daily COVID-19 cases this year with 564 new coronavirus infection cases, 650 recoveries and one virus-related death in the previous 24 hours.This week health officials also revealed that new positive COVID-19 cases in the UAE capital of Abu Dhabi have fallen to just 0.2 percent.The figures were revealed by the Abu Dhabi Emergency, Crisis and Disasters Committee who said the low rate was achieved because of a rigorous testing regime in the emirate.Low prevalence of the coronavirus meant that NCEMA this month eased some COVID-19 precautionary measures that were enforced in places of worship.The social distancing requirement between worshipers has been reduced from two meters to one and a half meters, according to the statement.For all the latest headlines follow our Google News channel online or via the app.Meanwhile, the vast majority of residents in the United Arab Emirates are optimistic and have faith in the country’s response to the COVID-19 pandemic, a survey led by health officials has found.Polling conducted by the Ministry of Community Development showed an increase in confidence among residents had soared from 25 percent in April 2020 to 95 percent in August this year.Read more:Most UAE residents optimistic, confident about country’s COVID-19 response: SurveyUAE reports another record-low in daily COVID-19 casesNine in 10 UAE frontline health workers in favor of COVID-19 vaccines: Study
Source: Al Arabiya
Full Article: Four in five UAE residents now fully vaccinated against COVID-19

US announces new sanctions on Lebanon’s Hezbollah, Iran’s Quds Force

The Biden administration Friday announced new sanctions on Lebanon’s Iran-backed Hezbollah, with the top US diplomat calling on governments around the world to clamp down on the terrorist group.“Hezbollah is increasingly looking for additional sources of revenue to bolster its coffers. We call on governments around the world to take steps to ensure Hezbollah and other terrorist groups do not exploit their territory and financial institutions,” Secretary of State Antony Blinken said.For all the latest headlines, follow our Google News channel online or via the app.An announcement from the Treasury Department said four individuals were being designated due to their ties to Hezbollah.The sanctioned Hezbollah supporters were part of a Lebanon and Kuwait-based funding ring working to support Hezbollah and the Islamic Revolutionary Guard Corps - Quds Force (IRGC-QF).The networks have allegedly laundered tens of millions of dollars to benefit Hezbollah and the Quds Force.“Hezbollah, with the support of the IRGC-QF, uses the revenues generated by these networks to fund terrorist activities, as well as to perpetuate instability in Lebanon and throughout the region,” the Treasury Department said.
Source: Al Arabiya
Full Article: US announces new sanctions on Lebanon’s Hezbollah, Iran’s Quds Force