Lebanon economic crisis hurting daily life

Lebanon has been without a government for weeks and economy is near collapse.

Lebanon has been without a government for two months.

Political deadlock is not rare, but it comes at a critical time.

The economy is near collapse and the Lebanese are relying on themselves to survive the crisis, which is being described as the worst in decades.

Al Jazeera’s Zeina Khodr reports from Beirut.

Fed accepts $25.80 bln at overnight repo operation

Dec 27 (Reuters) – The New York Federal Reserve on Friday accepted all $25.80 billion in bids from primary dealers at an overnight repurchase agreement (repo) operation. For more details, see: here (Reporting By Karen Brettell; editing by John Stonestreet)

Thai navy SEAL who helped rescue soccer team from flooded cave in 2018 dies

A Thai navy SEAL who took part in the dramatic rescue of 12 boys and their soccer coach from a flooded cave in northern Thailand last year has died from a blood infection he contracted during the operation, the Royal Thai Navy said on Friday.

Petty Officer Beiret Bureerak had been receiving treatment, but his condition worsened, the navy said in a statement.

Another rescuer, former navy diver Sergeant Saman Kuman, died during the rescue operation.

Financial system remains stable despite weakening domestic growth, says RBI

The country’s GDP slowed to a six-year low of 4.5% in the second quarter of FY20, forcing the RBI to slash its growth forecast.

The Reserve Bank on Friday said the country’s financial system remains despite slowing economic growth.

The country’s GDP slowed to a six-year low of 4.5% in the second quarter of FY20, forcing the RBI to slash its growth forecast by 240 basis points to 5% for the fiscal in its December monetary policy review.

“India’s financial system remains stable notwithstanding weakening domestic growth,” the central bank said in the Financial Stability Report.

The report said all major risk groups such as “global risks, risk perceptions on macroeconomic conditions, financial market risks and institutional positions” were perceived as medium risks affecting the financial system.

However, the perception of risks on various fronts like domestic growth, fiscal, corporate sector and banks’ asset quality increased between April and October 2019, it said.

Germany's Social Democrats seek to regain momentum

2020 set to be year that political parties regroup and look ahead to election for chancellor in 2021.

Elections have come and gone across the European Union in 2019.

But for Germany, 2020 is set to be the year that political parties regroup and look ahead to the election for chancellor in 2021.

For the Social Democrats, that means figuring out how they can regain the relevance they once commanded.

Al Jazeera’s Dominic Kane reports from the German Chancellery in Berlin.

ECB’s Holzmann Says Interest Rates Unlikely To Turn Positive In 2020

The European Central Bank is unlikely spring any major surprise next year by raising interest rates into positive territory, policymaker Robert Holzmann said Friday.

“I do not expect a turnaround in 2020 to a positive interest rate environment,” Holzmann, who heads Austria’s central bank, said in a statement. “In terms of content, however, we will certainly continue to deal with the topic of green finance next year.”

Eurozone interest rates were raised last in July 2011, by 25 basis points. The previous change was a 10 basis points cut in the deposit rate in September.

The main refi rate is now at a record low 0 percent, the deposit rate at -0.50 percent and the marginal lending rate is at 0.25 percent.

Referring to Boris Johnson’s victory in the UK election, Holzmann said the new year is likely to see Britain leave the European Union. The losses for the UK are set to be significantly higher than for the EU and Austria, even in the event of a “soft Brexit”, he said.

“The transition period ends in December 2020; An increase in uncertainty is then likely, because there is little time left for negotiations on future relationships and the outcome of the negotiations is open,” Holzmann added.

MedMen shares slide 7% after cannabis retailer preps dilutive equity financing

MedMen Enterprises Inc. shares MMNFF, -8.64%MMEN, -8.70% slid more than 6% Friday, after the company said it has executed the term sheet for a dilutive equity financing of $20 million as part of a fundraising totaling $74 million. The Los Angeles-based cannabis retailer said the offering of class B subordinate voting shares priced at 43 cents each was downsized from an original $27 million, to limit dilution for existing shareholders. The company is also raising $54 million by selling licences in Arizona, including three vertically integrated licenses, and a cultivation and manufacturing license in Illinois, which will start offering legal adult-use cannabis on Jan. 2. "The company will continue to explore the sale of other non-core assets and will focus on deepening its retail market share in California, Nevada, Florida, Illinois, Massachusetts and New York," MedMen said in a statement. Proceeds of the deals will be used to finance working capital, and to expand the company’s retail footprint in its core markets. Cannabis companies are making a variety of moves to raise or conserve cash following a steep selloff in the sector, with some selling assets and cutting costs and others entering sale-and-leaseback agreements on their real estate. MedMen shares have fallen 83% in 2019, while the ETFMG Alternative Harvest ETF MJ, -0.06% has fallen 33% and the S&P 500 SPX, +0.01% has gained 29%.