Lebanon’s Cabinet on Friday approved a draft law to determine the extent of losses suffered by Lebanese banks during the country's financial meltdown in 2019 and provide a mechanism to return depositors' funds that were wiped out at the time, the Associated Press reported. The financial collapse, which wiped out billions in savings and left many unable to access their funds, was part of a fiscal crisis that followed decades of corruption, financial mismanagement and nefarious profiteering.
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Abu Dhabi's sovereign wealth fund has taken a rare public stand against a private equity firm's asset-shuffling plan, halting a proposed $800 million continuation fund involving Houston-based Energy & Minerals Group, AIInvest.com reported. The Abu Dhabi Investment Council filed a lawsuit to block the maneuver, which sought to move a key asset, Ascent Resources LLC, into a new vehicle according to reports. The legal challenge has drawn attention to governance concerns in private equity and highlighted growing investor wariness over opaque fund structures.
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Visa said on Thursday that it plans to launch operations in Syria, following an agreement with Syria's central bank on a roadmap to develop a digital payments ecosystem, according to a company statement, Reuters reported. "The immediate focus will be on working with licensed financial institutions to develop a robust and secure payments foundation. This includes issuing payment cards and enabling digital wallets using global standards," Visa said.
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Bank of Israel Governor Amir Yaron signaled that the country is preparing for far more active oversight of stablecoins, CoinDesk.com reported. Speaking at the Bank of Israel’s Payments in the Evolving Era conference in Tel Aviv, Yaron framed private digital dollars as a payments force that regulators can no longer treat as peripheral. Yaron stressed that stablecoins have already become deeply embedded in global money flows, noting a market capitalization above $300 billion and more than $2 trillion in monthly transaction volume.
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The families of 300 U.S. citizens hurt or killed in the Oct. 7 attack on Israel sued Binance, claiming the cryptocurrency exchange aided Hamas and other terrorist groups by transferring more than $1 billion among accounts they controlled, the New York Times reported. The lawsuit, filed in federal court in North Dakota on Monday, comes about a month after President Trump pardoned Changpeng Zhao, Binance’s founder, who was convicted of money laundering in 2023.
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Voluntary Liquidation of LLCs in the UAE: Treatment of Insufficient Assets and Shareholder Liability
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The European Union plans to propose a partial suspension of the bloc’s trade agreement with Israel as pressure piles on the institution to take a harder line on Gaza, the Wall Street Journal reported. “We will propose sanctions on the extremist ministers and on violent settlers, and we will also propose a partial suspension of the association agreement on trade-related matters,” EU President Ursula von der Leyen said, addressing the crisis in Gaza that has divided European states.
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