North Africa/Middle East
Lebanon's caretaker prime minister warned Saturday that the country was quickly headed toward chaos and appealed to politicians to put aside differences in order form a new government that can attract desperately needed foreign assistance, the Associated Press reported. Hassan Diab, who resigned almost seven months ago as prime minister, threatened to suspend his caretaker duties if that would increase pressure for a new Cabinet to be formed.
International Companies Without Headquarters in Saudi "Will Have to Make a Choice" to Land Government Contracts in 2024
Satellite operator Intelsat SA said on Friday it has filed a restructuring plan backed by some of its creditors, in a bid to reduce debt and emerge from bankruptcy in the second half of the year, Reuters reported. The plan aims to reduce debt by more than half to $7 billion and has the support of holders of about $3.8 billion of its debt, the company said. It has sought a hearing on Mar. 17 for a court approval to solicit votes on the plan.
Egypt held interest rates, putting monetary easing on pause for another month as the coronavirus keeps global markets on edge, Bloomberg News reported. The deposit rate will remain at 8.25% and the lending rate at 9.25%, the central bank’s Monetary Policy Committee said Thursday in a statement. Ten of 13 economists surveyed by Bloomberg had predicted the decision. The second wave of the pandemic and containment steps “continue to weigh on the near-term outlook,” the MPC said.