Lebanon holds first elections in 9 years

Agencies
May 6, 2018

Beirut, May 6: Lebanon’s polling stations opened Sunday for the first parliamentary elections in nine years, with people lining up early in the morning to take part in a vote that is fiercely contested between rival groups backed by regional and international powers.

Sunday’s vote is taking place amid tight security, with army and police forces deployed near polling stations and on major intersections. Electoral campaigns have been tense as each group has mobilized its supporters, with fist fights and shootings occurring in several areas in recent weeks.

The main race is between a Western-backed coalition headed by Prime Minister Saad Hariri and the Iranian-backed Hezbollah group. The vote also reflects regional tensions between Sunni powerhouse Saudi Arabia and Iran, which back the rival groups.

The vote is the first since Syria’s war broke out in 2011. Hezbollah has sent thousands of fighters to back President Bashar Assad’s forces, a move that has been harshly criticized by many Lebanese, mainly Sunni Muslims and Christians who see the group as pulling the country into regional conflicts.

The house’s term was supposed to expire in 2013, but lawmakers have approved several extensions since then, citing security concerns linked to the spillover from Syria’s war. Lebanese who support opposing sides in the war have clashed on a number of occasions, and Sunni extremists have carried out several bombings. The war next door driven more than a million Syrian refugees into Lebanon, straining the country’s economy and infrastructure.

There are about 3.6 million eligible voters, and early results are expected after polling stations close at 7 p.m. (1600 GMT). Some 586 candidates, including 86 women, are running for the 128-seat parliament, which is equally divided between Muslims and Christians.

This year’s vote is according to a new election law that is based on proportional representation, implemented for the first time since Lebanon’s independence in 1943. Voters will choose one list of allied candidates, as well as a preferred candidate from among them.

In the past, the winning list took all the seats in the electoral district.

Hezbollah and its allies are likely to add more seats, while Hariri is likely to lose several. Some of his Sunni supporters see him as being too soft on Hezbollah, and the billionaire businessman has also faced criticism after laying off scores of employees from his companies in Lebanon and Saudi Arabia.

Still, Hariri will most likely be named to form a national unity Cabinet after the vote. Rival sides can hardly govern effectively without each other, and are expected to recreate the unity government that currently exists, which includes Hezbollah.

The vote comes a week after Lebanese living oversees voted in 39 countries around the world for the first time ever.

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News Network
April 11,2020

Dubai, Apr 11: Saudi Arabia has reported another 382 new cases of coronavirus, bringing the total number of infections in the country to 4,033, the Ministry of Health announced on Saturday.

The ministry also confirmed five more deaths from the virus, pushing the death toll in Kingdom to 52.

A total of 35 people has made full recovery from the deadly disease, taking the tally of patients recovered to 720.

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News Network
January 12,2020

Dubai, Jan 12: Saudi Arabian oil giant Aramco announced Sunday that its initial public offering raised a record $29.4 billion, a figure higher than previously announced, after the company used a so-called "greenshoe option" to sell millions more shares to meet investor demand.

The company said that the sale of an additional 450 million shares took place during the initial public offering process.

The oil and gas company, which is majority owned by the state, began publicly trading on the local Saudi Tadawul exchange on December 11. It hit hit upwards of $10 a share on the second day of trading. This gave Aramco a market capitalization of $2 trillion, making it comfortably the world's most valuable company.

Aramco's additional sales mean the company has publicly floated 1.7% of its shares. It's IPO, even before the added sales, was the world's largest ever.

The shares sold in the over-allotment option "had been allocated to investors during the book-building process and therefore, no additional shares are being offered into the market today," Aramco said.

Company shares traded down on Sunday, dipping to around 34.7 riyals, or $9.25 a share, amid heightened tensions in the Persian Gulf between Iran and the United States. Aramco was a target of rising tensions over the summer when a missile and drone attack, which Saudi Arabia and the US blame on Iran, temporarily halved its production.

Sunday's trading figures value Aramco at $1.85 trillion, still well ahead of Apple, the second largest company in the world after Aramco, but below the $2 trillion mark sought by Crown Prince Mohammed bin Salman.

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Agencies
July 19,2020

Occupied Jerusalem, Jul 19: Israeli Prime Minister Benjamin Netanyahu’s corruption trial resumed on Sunday.

Netanyahu is charged with fraud, breach of trust and accepting bribes in a series of scandals in which he is alleged to have received lavish gifts from billionaire friends and exchanged regulatory favors with media moguls for more agreeable coverage of himself and his family.

Netanyahu denies wrongdoing, painting the accusations as a media-orchestrated witchhunt pursued by a biased law enforcement system.

The trial opened in May. Just before appearing in front of the judges, Netanyahu took to a podium inside the courthouse and flanked by his party members bashed the country’s legal institutions in an angry tirade.

Netanyahu was not expected to appear at Sunday’s hearing, which is taking place at an occupied Jerusalem court and is mostly a procedural deliberation.

The trial resumes as Netanyahu faces widespread anger over his government’s handling of the coronavirus crisis.

While the country appeared to have tamped down a first wave of infections, what’s emerged as a hasty and erratic reopening sent infections soaring. Yet even amid the rise in new cases Netanyahu and his emergency government — formed with the goal of dealing with the crisis — appeared to neglect the numbers and moved forward with other policy priorities and its reopening plans.

It has since paused them and even re-impose restrictions, including a weekend only lockdown set to begin later this week.

Netanyahu’s government has been criticized for a baffling, halting response to the new wave, which has seen daily cases rise to nearly 2,000. It has been slammed for its handling of the economic fallout of the crisis.

His trial thus comes at inopportune timing. Netanyahu had hoped to ride on the goodwill he gained from overcoming the first wave of infections going into his corruption trial, but the increasingly souring mood has affected his approval rating and may deny him the public backing he had hoped for. The anger has sparked protests over the past few weeks that have culminated in violent clashes with police.

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