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UK's Truss says 'no shame' in climbdown amid Tory tensions

Britain's Prime Minister Liz Truss insisted Tuesday she felt "no shame" and vowed to press on with unpopular economic reforms despite lurching into a self-inflicted crisis just a month into her term.

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Banks Association blames state for crisis, calls for dialogue with depositors

The Association of Banks in Lebanon on Tuesday blamed the state and the central bank for the country’s “extended systemic crisis,” while calling on depositors to engage with it in dialogue, after five banks were stormed in less than 48 hours in a new wave of bank heists.

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Saudi desert megacity to host Asian Winter Games

Saudi Arabia was chosen on Tuesday to host the 2029 Asian Winter Games at a $500 billion futuristic megacity in the desert that planners say will feature a year-round winter sports complex. 

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Four banks stormed by depositors across Lebanon

Four Lebanese banks were stormed Tuesday by depositors, a day after a man stormed BLOM Bank’s branch in Haret Hreik.

In the northern city of Tripoli, employees and workers of the Kadisha Electricity Company stormed a branch of the FNB bank in protest at the bank’s deduction of fees from their salaries.

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Turkey and Libya sign maritime hydrocarbons deal

Turkey's foreign minister signed a deal in Libya's capital Monday allowing for oil and gas exploration in Libya's Mediterranean waters, three years after a maritime border deal that angered European nations.

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Wall Street futures move higher to kick off a new month

U.S. futures moved slightly higher on Monday morning as markets open the month trying to shake off a miserable September marred by fears that the Federal Reserve's aggressive interest rate hikes would hurtle the U.S. economy into a recession.

Futures for the Dow Jones Industrials rose 0.8% and futures for the S&P 500 gained 0.7%.

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Record inflation squeezes Turkish tobacco workers, owners

Mehmet Emin Calkan begins work harvesting a tobacco field in rural Turkey before dawn, then has another shift skewering and stringing the tobacco to dry under the sun.

The 19-year-old, who hopes to study electronic engineering, has undertaken the strenuous work to help support his family and pay for books he needs to prepare for the university entrance exam. His family cannot afford to send him to schools that prep students for the test.

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UK scraps tax cut for wealthy that sparked market turmoil

The British government on Monday dropped plans to cut income tax for top earners, part of a package of unfunded cuts unveiled only days ago that sparked turmoil on financial markets and sent the pound to record lows.

In a dramatic about-face, Treasury chief Kwasi Kwarteng abandoned plans to scrap the top 45% rate of income tax paid on earnings above 150,000 pounds ($167,000) a year.

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Depositor storms BLOM Bank in Haret Hreik, takes $11,750

Four individuals stormed BLOM Bank’s branch in Haret Hreik on Monday and managed to take their deposit, worth $11,000, prior to the arrival of the army, the National News Agency said.

The Depositors Outcry Association meanwhile announced that “the depositor Zaher Khawaja has liberated $11,750 from the aforementioned bank” and that he “still has $750” in his account.

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Europe faces 'unprecedented risk' of gas shortage, IEA says

Europe faces "unprecedented risks" to its natural gas supplies this winter after Russia cut off most pipeline shipments and could wind up competing with Asia for already scarce and expensive liquid gas that comes by ship, the International Energy Agency said.

The Paris-based IEA said in its quarterly gas report released Monday that European Union countries would need to reduce use by 13% over the winter in case of a complete Russian cutoff amid the war in Ukraine. Much of that cutback would have to come from consumer behavior such as turning down thermostats by 1 degree and adjusting boiler temperatures as well as industrial and utility conservation, the group said.

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