A 200%-Plus Bond Rally Sours as Lebanon's Reform Story Stalls
Emerging-market bond investors' most profitable bet of the past year is now handing them double-digit losses — as Lebanon's stalled banking reforms sink its sovereign debt.
The defaulted dollar bonds of the Lebanese government had returned 229% between late September and early March, beating 67 other countries in a Bloomberg index for the asset class. The gains were sparked by a breakthrough in the country's politics, with a functional government formed for the first time in more than two years and reform-friendly leaders appointed to key posts.
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CNN
12 minutes ago
- CNN
The US has toppled an Iranian government before. Here's what happened
Since Israel began its concerted attack on Iran, calls for regime change have grown louder, with US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu raising the possibility of targeting Tehran's all-powerful leader, Ayatollah Ali Khamenei. Many Iranians have firsthand experience with the United States enforcing a regime change in their country. Oil fields: In 1953, the US helped stage a coup to overthrow Iran's democratically elected prime minister Mohammad Mossadegh. He had pledged to nationalize the country's oil fields – a move the US and Great Britain saw as a serious blow, given their dependence on oil from the Middle East. Height of the Cold War: The move to nationalize was seen as popular in Iran and a victory for the then-USSR. Strengthen Shah rule: The coup's goal was to support Iran's monarch, Mohammad Reza Pahlavi, to rule as Shah of Iran, and appoint a new prime minister, Gen. Fazlollah Zahedi. The coup: Before the coup, the CIA, along with the British Secret Intelligence Service (SIS), helped foment anti-Mossadegh fervor using propaganda. In 1953, the CIA and SIS helped pull pro-Shah forces together and organized large protests against Mossadegh, which were soon joined by the army. US cash: To provide Zahedi, the country's new prime minister, with some stability, the CIA covertly made $5,000,000 available within two days of him taking power, documents showed. US acknowledgement: In 2013, declassified CIA documents were released, confirming the agency's involvement for the first time. But the US role was known: Former President Barack Obama acknowledged involvement in the coup in 2009. It backfired: After toppling Mossadegh, the US strengthened its support for Pahlavi to rule as Shah. Iranians resented the foreign interference, fueling anti-American sentiment in the country for decades. Islamic Revolution: The Shah became a close ally of the US. But in the late 1970s, millions of Iranians took to the streets against his regime, which they viewed as corrupt and illegitimate. Secular protesters opposed his authoritarianism, while Islamist protesters opposed his modernization agenda. The Shah was toppled in the 1979 Islamic revolution, which ended the country's Western-backed monarchy and ushered in the start of the Islamic Republic and clerical rule.
Forbes
13 minutes ago
- Forbes
Embed Sustainability And Resilience Into Infrastructure, Experts Say
Urban planners and stakeholders must redouble their efforts to embed sustainability and resilience into infrastructure planning over the coming decades, as more of humankind opts to live in cities, according to industry experts participating in a global summit in Abu Dhabi. Speaking at the Abu Dhabi Infrastructure Summit being held in the Emirate on Tuesday, industry leaders noted that rapid urbanization would demand strategic alignment of international best practices on sustainable construction and energy efficiency. But all the while, such efforts would need to remain cognizant of regional priorities which would be very different from country to country. Mounir Haidar, managing partner at LEAD Development, a real estate development firm in the UAE, said: 'Infrastructure planning, designing, and building is a collective journey taken by multiple stakeholders. It's not a one size fits all scenario. "It would need collaboration in many forms, from public private partnerships to partnerships between various private sector developers, and a consortium of private entities with the public sector.' For Carlos Wakim, chief executive officer of Bloom Holding, another UAE developer such a level of collaboration is mission critical because the ultimate goal of any and every urban housing developer is not to merely stack up bricks and mortar but to 'develop communities.' 'This has to be done by consent because human beings are social creatures. We look to develop whole communities not just dwellings with resilience to climate factors and sustainability at the heart of the process. It is something every residential developer in the world needs to be aware of.' That can only be achieved with the collaboration of multiple stakeholders including energy sector developers and suppliers. For electricity is the most critical infrastructural aspect of embedding both resilience and sustainability in urban construction, said Abdulaziz Alobaidli, Chief Operating Officer, Masdar, the UAE's global flagship developer and operator of utility-scale renewable energy projects, community grid projects, and energy services. 'Energy is the backbone of modern human civilization. Its arguably in many ways where building resilience and sustainability must start. We view it as an immense opportunity as part of our mandate. Masdar is actively building global grid resilience by expanding its renewable energy portfolio and incorporating energy storage solutions.' These include large-scale solar projects with battery energy storage systems, which enhance grid stability and enable 24-hour power supply. "Currently, we are developing projects in over 40 countries across six continents, with an aim of achieving a 100GW renewable energy portfolio by 2030. 'We are also focused on energy efficiency in building design and wider collaboration with urban developers. Neither we nor them can take the next step in isolation which is why industry-wide collaboration is essential. Masdar has proven to the world that renewable energy can be competitive compared to conventional fuels when servicing the energy needs of the planet and we seek allies in that effort.' Alobaidli also said his sector was increasingly turning to artificial intelligence, including its use to optimize asset management and predict potential issues. In fact, the deployment of AI, predictive modelling and digital twins of project sites is spreading across the infrastructure world. 'Infrastructure development is all about conviction, and getting the right resources at the right time. It's about executing a vision at a competitive economic price - on time and on budget. Digital is firmly part of that operating ecosystem,' said Haidar, of LEAD Development. Turkiye, a country known for the global footprint of its construction firms, is keenly eyeing AI and allied digital tools to improve both project margins, infrastructural benchmarks, sustainability and better post-completion efficacy, according to Fuat Kasimcan, secretary general of Turkish Contractors Association. "Turkish construction firms are well known over the world. Since 1972, Turkish firms have been looking overseas and have built projects in 178 countries. Inevitably technology has become a huge driver of the business and the end-outcomes for some years now. 'But this goes beyond project delivery. For instance, the construction sector is one of the largest emitters of carbon monoxide and CO2. Technology is helping us both monitor as well as mitigate the industry's carbon emissions.' All four experts agreed that the road ahead for embedding sustainability and resilience into infrastructure planning would depend a lot on securing effective supply chains, establishing conformity standards and quality control, fortifying digital connectivity, and enhancing climate change mitigation measures into the building and construction process.
Fox News
15 minutes ago
- Fox News
Tugboats, cruise ships and flights: Israel begins emergency evacuation of citizens amid Iran war
JERUSALEM – An emergency flight carrying Israelis stranded overseas due to the fighting with Iran landed in Tel Aviv on Wednesday morning, part of a special government operation to get them home. Some 100,000 to 150,000 Israelis were abroad when Israel Defense Forces fighter jets began striking Iran overnight on Thursday - seeking to destroy the Islamic Republic's nuclear program and its cache of conventional weapons. Israel immediately closed its airspace, halting all flights into the country, but some people have been so desperate to get home - despite the volleys of deadly ballistic missiles that have caused widespread damage and fatalities – that they have found some unconventional routes. Yaakov Katz, an author and former editor-in-chief of The Jerusalem Post, had his flight from the U.S. rerouted to Cyprus on Thursday night as Israel launched its opening strike on Iran. In a lengthy social media post, he described being stuck for two days before finding a tugboat to take him and eight others back to Israel. "Nine of us squeezed onto a vessel captained by Eli, a veteran Israeli sailor who didn't ask questions - just took the wheel," he wrote in the post. Speaking to Fox News Digital, Katz said the boat ride was not simple. "I can't say it was the best conditions, but it was definitely doable for 17 hours," he described, adding that he wanted to be with his wife and four children while "our country is at war." "The thought of not being at home and not being with my family was very difficult, and despite the risks and, of course, the war itself, there's no place I think any Israeli would want to be at a time like this," said Katz. Shimi Grossman, a volunteer with rescue agency Zaka, also said he could not wait. He has spent the last two days making his way from the U.S. to London, then to Sharm al-Sheikh in Egypt. Speaking to Fox News Digital from there, Grossman said he was now planning to take a taxi to Israel's southern border crossing in Taba. "I needed to get back so I could help the people in Israel," said the medical volunteer. Others have waited tensely, watching as the missiles hit the country, sending civilians running into shelters, toppling buildings and killing more than 20 people. "It's torture," Josh Hantman, who was watching from London, told Fox News Digital. On Tuesday, a missile hit a bus depot less than a mile from his home. "Watching a ballistic missile, the size of a bus falling near your home where you know your wife and small kids are, it's incredibly difficult," he said. Transport Minister Miri Regev said the government was working on a detailed plan to bring all Israel's citizens home. Domestic airlines, she said, had already been relocated abroad and were waiting for an all-clear to return with passengers. Regev also said a "maritime route" from Cyprus and Greece would soon open. Israelis have been warned from traveling through neighboring Egypt and Jordan. For Uzi Sofer, the rescue flights came too late. On a business trip to Boston last week, he was returning to celebrate his daughter's wedding on Wednesday. "I was supposed to fly back on Friday for the wedding this week," he said, describing how he managed to reach Budapest, Hungary, but was now waiting for a rescue flight. Realizing her father would not make it back in time, however, his daughter decided to postpone her nuptials until next month. "I'm not stressed now, but I still want to be in Israel, I want to be with my family," he said, adding, "God willing, in July, I will get to celebrate twice – the wedding and Israel's victory over Iran."
