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Gasoline delivered to distributors as BDL lowers subsidization

Gasoline was delivered to fuel distributors on Tuesday after contacts were made over the past hours, the representative of fuel distribution companies, Fadi Abu Shaqra, said, after queues returned to gas stations in some regions.

“A clarification will be issued about the modification of the mechanism that has been adopted by the Banque du Liban (central bank),” Abu Shaqra added.

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Ukraine's Black Sea deal also helps Russian farmers, economy

With much fanfare, ship after ship loaded with grain has sailed from Ukraine after being stuck in the country's Black Sea ports for nearly six months. More quietly, a parallel wartime deal met Moscow's demands to clear the way for its wheat to get to the world, too, boosting an industry vital to Russia's economy that had been ensnared in wider sanctions.

While the U.S. and its European allies work to crush Russia's finances with a web of penalties for invading Ukraine, they have avoided sanctioning its grains and other goods that feed people worldwide.

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Germans face higher bills as tax aids natural gas importers

Germans are facing a new tax on natural gas use that could cost the average household several hundred euros a year and is aimed at rescuing importers slammed by Russian cutbacks tied to the war in Ukraine.

An association of gas pipeline operators on Monday set the level at 2.4 euro cents per kilowatt hour under legislation passed by the German parliament, which had an expected range of 1 to 5 cents. The tax on gas that is used to heat homes in winter and generate electricity is set to take effect in October and run through the beginning of April. It will not show up in utility bills until November or December.

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Middle East Clean Energy conference and exhibition to be held in Beirut on Sep. 7-9

EDUCITY & Beirut Expo have announced that Middle East Clean Energy, the premiere renewable and sustainable energy trade fair and conference in Lebanon and the wider Levant, will be held in Beirut on September 7-9, 2022.

Middle East Clean Energy 2022 is organized in response to an unprecedented rise in demand for modern equipment and technologies that leverage renewable energy in Lebanon and the region. In 2021 alone in Lebanon, despite its crisis, customers spent $800 million on clean energy solutions. 

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Hamra bank standoff exposes desperation of economic crisis

A judge ordered a gunman who took up to 10 hostages at a Beirut bank to force the release of his trapped savings to stay behind bars Friday, apparently a bid to prevent copycats as desperation deepens over Lebanon's economic meltdown.

A few dozen relatives of Bassam al-Sheikh Hussein briefly closed a major road in Ouzai, saying that keeping him in jail breaches an agreement reached Thursday. The 42-year-old food-delivery driver surrendered after a seven-hour standoff in return for getting $35,000 of his money and promises that he would only be questioned then set free. No one was injured.

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Five major Chinese firms to delist from NYSE

Five major Chinese companies including two of the country's largest oil producers will delist from the New York Stock Exchange, the firms said in filings on Friday.

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Amsterdam airport to compensate chaos-hit travelers

Amsterdam's Schiphol airport said it will compensate passengers who missed flights due to huge queues in a chaotic summer at one of Europe's busiest hubs.

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Stock markets mostly rise, oil drops

Stock markets mostly rose, the dollar rallied and oil prices fell Friday as traders attempt to guess the size of the US Federal Reserve's next interest rate hike after sky-high U.S. inflation eased.

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Germany to turn thermostat down as gas shortage looms

Germany will limit heating in public buildings over the winter to save on gas as Russia throttles supplies to Europe, Economy Minister Robert Habeck said on Friday.

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Shami says Lebanon at crossroads, urges for speedy reforms

Deputy Prime Minister Saadeh Shami said Friday that Lebanon is at a crossroads between reforms and further collapse.

"We have drawn a roadmap for economic, financial and monetary reforms through an agreement with the International Monetary Fund," Shami said, urging for a quick implementation of the IMF's prerequisites in order to reach a final agreement as soon as possible.

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