Lebanon: Private Schools in Tough Spot Amid Worsening Economic Crisis

Lebanon: Private Schools in Tough Spot Amid Worsening Economic Crisis
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Lebanon: Private Schools in Tough Spot Amid Worsening Economic Crisis

Lebanon: Private Schools in Tough Spot Amid Worsening Economic Crisis

About 750,000 students and 60,000 teachers in private schools face an unknown fate amid a worsening economic crisis, which has been further exacerbated by forced disruption measures to prevent the spread of the coronavirus.

While parents complain that private schools expect them to pay the tuition in full at the risk of not registering their children for the next academic year, the administrations of most schools stressed their inability to maintain work unless the state takes initiatives in this regard.

In remarks to Asharq Al-Awsat, Education Minister Tarek al-Majzoub said: “The economic situation in Lebanon coincided with the coronavirus crisis, which has greatly affected the educational sector.”

He emphasized that parents were facing a dire financial situation, while teachers and administrators should not be left to bear additional burdens.

“It is our duty to work to secure their salaries. Therefore, we held several meetings with all educational partners in order to reach solutions, and a joint statement was signed to ensure the sustainability of education,” he revealed.

He continued: “We are working on several tracks to develop public education in Lebanon because we believe in the public sector and value its efficiency. The doors of public schools are open to everyone. We are working on an educational emergency plan that will see the light soon.”

On the other hand, Secretary-General of Catholic Schools, Father Boutros Azar, told Asharq Al-Awsat that the economic crisis was not something new.

“We have been warning about it since 2012… and we have demanded fair salaries. Today, some parents are unable to pay the tuition fees, while others, who are more privileged, abstain from paying. We have reached a dead end and we cannot continue,” Azar warned, saying that four Catholic schools have closed so far.



Oil Prices Ease but Remain Near 2-week Highs on Russia, Iran Tensions

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
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Oil Prices Ease but Remain Near 2-week Highs on Russia, Iran Tensions

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo

Oil prices retreated on Monday following 6% gains last week, but remained near two-week highs as geopolitical tensions grew between Western powers and major oil producers Russia and Iran, raising risks of supply disruption.
Brent crude futures slipped 26 cents, or 0.35%, to $74.91 a barrel by 0440 GMT, while US West Texas Intermediate crude futures were at $70.97 a barrel, down 27 cents, or 0.38%.
Both contracts last week notched their biggest weekly gains since late September to reach their highest settlement levels since Nov. 7 after Russia fired a hypersonic missile at Ukraine in a warning to the United States and UK following strikes by Kyiv on Russia using US and British weapons.
"Oil prices are starting the new week with some slight cool-off as market participants await more cues from geopolitical developments and the Fed’s policy outlook to set the tone," said Yeap Jun Rong, market strategist at IG.
"Tensions between Ukraine and Russia have edged up a notch lately, leading to some pricing for the risks of a wider escalation potentially impacting oil supplies."
As both Ukraine and Russia vie to gain some leverage ahead of any upcoming negotiations under a Trump administration, the tensions may likely persist into the year-end, keeping Brent prices supported around $70-$80, Yeap added.
In addition, Iran reacted to a resolution passed by the UN nuclear watchdog on Thursday by ordering measures such as activating various new and advanced centrifuges used in enriching uranium.
"The IAEA censure and Iran’s response heightens the likelihood that Trump will look to enforce sanctions against Iran’s oil exports when he comes into power," Vivek Dhar, a commodities strategist at Commonwealth Bank of Australia said in a note.
Enforced sanctions could sideline about 1 million barrels per day of Iran’s oil exports, about 1% of global oil supply, he said.
The Iranian foreign ministry said on Sunday that it will hold talks about its disputed nuclear program with three European powers on Nov. 29.
"Markets are concerned not only about damage to oil ports and infrastructure, but also the possibility of war contagion and involvement of more countries," said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Investors were also focused on rising crude oil demand at China and India, the world's top and third-largest importers, respectively.
China's crude imports rebounded in November as lower prices drew stockpiling demand while Indian refiners increased crude throughput by 3% on year to 5.04 million bpd in October, buoyed by fuel exports.
For the week, traders will be eyeing US personal consumption expenditures (PCE) data, due on Wednesday, as that will likely inform the Federal Reserve’s policy meeting scheduled for Dec. 17-18, Sachdeva said.