Lebanon's Central Bank Governor Charged with Corruption in Final Months of Term

Lebanon's Central Bank Governor Riad Salameh. Reuters
Lebanon's Central Bank Governor Riad Salameh. Reuters
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Lebanon's Central Bank Governor Charged with Corruption in Final Months of Term

Lebanon's Central Bank Governor Riad Salameh. Reuters
Lebanon's Central Bank Governor Riad Salameh. Reuters

Beirut’s public prosecutor on Thursday charged the governor of Lebanon's Central Bank, Riad Salameh, his brother and an associate with corruption, Lebanese officials said.

According to two judicial officials, Beirut's Attorney General Raja Hamoush charged Salameh, his assistant Marianne Howaiyak, and his brother Raja Salameh with embezzling public funds, forgery, illicit enrichment, money-laundering, and violation of tax laws. The two officials spoke on condition of anonymity because they were not authorized to talk to the media.

One of the officials told The Associated Press the charges raised Thursday may delay an anticipated, follow-up visit by a European judicial delegation.

The delegation from France, Germany, and Luxembourg visited Lebanon to question Salameh and dozens of other individuals over suspected corruption after five European state opened cases against him.

Since 2019, Lebanon has been in the throes of the worst economic and financial crisis in its modern history, rooted in decades of corruption and mismanagement. Three quarters of the country’s population of 6 million now lives in poverty.

The governor, who has held the post since April 1993, still enjoys the backing of top politicians.

Just before the announcement Thursday, a German Embassy delegation showed up at the Justice Palace in Beirut to meet with Lebanon's chief prosecutor, Ghassan Oweidat. But Oweidat refused to meet with them, citing his work schedule, the official said.

No further details were provided and it wasn't immediately clear if Oweidat's action was connected to Hamoush's charges against Salameh, which were announced shortly after.

Activists, lawyers, and critics of Salameh have questioned the personal wealth the governor has amassed over the years, but he has repeatedly insisted he had earned it prior to his appointment as governor, while working as an investment banker for Merril Lynch for nearly two decades.

Salameh said his last salary as a banker was $2 million a year, and that he had a fortune worth $23 million, plus property he had acquired and “wisely invested” in to grow his wealth, before he became governor.

In comments to Reuters on Thursday, Salameh said the charges were "not an indictment" and pledged to abide by the judicial procedures.

"And as you know one is innocent till proven guilty by a court of law," he said in a written response to questions.

Salameh's current term is set to end in July. He said he will not seek to stay on but Lebanon's finance minister told Reuters that he would be difficult to replace.



Altman Says OpenAI Will Not Go Public in 2026

OpenAI CEO Sam Altman speaks to a reporter in the Hart Senate Office Building on Capitol Hill in Washington, DC, US, July 29, 2026. (Reuters)
OpenAI CEO Sam Altman speaks to a reporter in the Hart Senate Office Building on Capitol Hill in Washington, DC, US, July 29, 2026. (Reuters)
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Altman Says OpenAI Will Not Go Public in 2026

OpenAI CEO Sam Altman speaks to a reporter in the Hart Senate Office Building on Capitol Hill in Washington, DC, US, July 29, 2026. (Reuters)
OpenAI CEO Sam Altman speaks to a reporter in the Hart Senate Office Building on Capitol Hill in Washington, DC, US, July 29, 2026. (Reuters)

OpenAI will not go public this year, the company's chief executive Sam Altman said in an interview released on Saturday, citing safety concerns over artificial intelligence.

"Given everything happening with safety, right now would be an ill-advised moment to go public, and we don't feel pressure on that," Altman told Fortune business magazine on Friday.

"I would say not 2026, yeah. We got a lot of stuff to do," he said when asked if an initial public offering (IPO) was off the table for 2026.

The company had not announced an official date for its IPO.

OpenAI and its rival Anthropic have been racing to become public companies.

Both companies have filed confidential IPO documents with US regulators and are targeting public listings at valuations approaching $1 trillion.


Hyundai Motor to Roll Out In-House Driver-Assist System in 2029

The logo of Hyundai Motor India Limited is seen outside a car showroom, in Ahmedabad, India, October 7, 2024. (Reuters)
The logo of Hyundai Motor India Limited is seen outside a car showroom, in Ahmedabad, India, October 7, 2024. (Reuters)
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Hyundai Motor to Roll Out In-House Driver-Assist System in 2029

The logo of Hyundai Motor India Limited is seen outside a car showroom, in Ahmedabad, India, October 7, 2024. (Reuters)
The logo of Hyundai Motor India Limited is seen outside a car showroom, in Ahmedabad, India, October 7, 2024. (Reuters)

Hyundai Motor Group ‌will launch vehicles equipped with its proprietary driver-assistance software in late 2029, two years later than planned, turning to Nvidia in the interim to accelerate deployment.

The South Korean automaker will partner with the US chipmaker to roll out advanced driver-assistance systems (ADAS), known as Level 2+ and Level 2++, in 2028, a Hyundai executive said.

The shift underscores the challenges Hyundai faces in developing automated driving software in-house, a project originally slated for a late-2027 debut, while raising concerns over its deepening reliance on Nvidia.

The delay has fuelled worries that the automaker could ‌fall further behind Tesla ‌and Chinese rivals in the race to commercialise ‌vehicle ⁠autonomy.

"Our partnership with ⁠Nvidia is not about leaving our destiny entirely in their hands," Park Min-woo, a president at Hyundai Motor Group, told a media briefing.

Park said Hyundai will co-design the technology with Nvidia and use the data from the system to train and refine its own software platform, dubbed Atria.

Park, a former Nvidia executive who joined Hyundai in January, ⁠has spearheaded the automaker's deepening ties with the chipmaker. ‌His strategy marks a shift ‌from that of his predecessor, Song Chang-hyeon, who focused heavily on internal software development ‌before his abrupt departure in December.

Hyundai vehicles powered by ‌Nvidia's Hyperion 10 platform will initially bypass expensive lidar sensors in favour of cameras, ultrasonic sensors and a radar, Park said.

However, Hyundai is considering lidar for its Level 3 automated systems, which allow hands-off driving under specific conditions.

"To ‌truly ensure safety, we believe sensor redundancy is critical: if one sensor fails, others must be able ⁠to maintain safe ⁠operation," Park said, without providing a timeline for Level 3 commercialisation.

Hyundai and affiliate Kia Corp, which together rank as the world's third-largest automaker with annual sales exceeding 7 million vehicles, plan to use their global fleet scale to harvest data to train their autonomous driving technology, Park said. Hyundai said it expects to surpass competitors in accumulated driving data by 2033.

Hyundai Motor Group is deepening collaboration with Nvidia spanning autonomous driving, artificial intelligence data centers and humanoid robots developed by Hyundai-owned Boston Dynamics.

"Level 2+" generally refers to more capable driver-assistance systems that work on highways, while "Level 2++" systems can handle more complex urban driving, similar to Tesla's Full Self-Driving system. Both still require driver supervision.


S&P Global Ratings Affirms Saudi Arabia Credit Rating at A+ with Stable Outlook

An aerial view of the Financial District in Riyadh (SPA)
An aerial view of the Financial District in Riyadh (SPA)
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S&P Global Ratings Affirms Saudi Arabia Credit Rating at A+ with Stable Outlook

An aerial view of the Financial District in Riyadh (SPA)
An aerial view of the Financial District in Riyadh (SPA)

Credit rating agency S&P Global affirmed Saudi Arabia's credit rating at A+ with a stable outlook, according to its latest report.

It stated that the stable outlook reflects its view that Saudi Arabia will be able to withstand pressures stemming from the ongoing Middle East conflict.

This takes into account the Kingdom's diversified energy export infrastructure, including its ability to redirect crude oil exports to the Red Sea through the East-West oil pipeline, as well as its substantial oil storage and refining capacity both domestically and abroad.

The agency also noted that the stable outlook reflects continued non-oil growth momentum and associated non-oil revenue, together with the government's ability to calibrate investment expenditure linked to Saudi Vision 2030, which should continue to support the economy and fiscal trajectory.

Despite the conflict, non-oil activity has remained reasonably resilient, supported by consumer spending.

S&P expects real GDP to contract by 0.9% in 2026 before rebounding sharply by 8.2% in 2027, supported by an increase in oil production, and to average 3.3% in 2028-2029.

The non-oil sector, including government activities, now accounts for about 70% of GDP, up from 65% in 2018, reflecting continued structural progress in economic diversification.

The agency further highlighted Saudi Arabia's substantial net general government asset position as a key strength and noted that foreign-exchange reserves reached their highest level since early 2020.

It stated that the ongoing recalibration of Saudi Vision 2030 project implementation should support fiscal resilience. S&P also expects the Kingdom to continue adopting a prudent and flexible approach in this regard, having stressed its commitment to achieving Saudi Vision 2030 goals without jeopardizing public finances.

The agency noted that ongoing structural reforms will remain important in supporting non-oil growth.