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
TT

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.



Meta Buys China-founded AI Agent Manus

FILE PHOTO: The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo/File Photo
FILE PHOTO: The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo/File Photo
TT

Meta Buys China-founded AI Agent Manus

FILE PHOTO: The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo/File Photo
FILE PHOTO: The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo/File Photo

Facebook owner Meta has agreed to acquire Manus, an artificial intelligence agent created by a company founded in China but now based in Singapore, the two firms said.

However, analysts warned the deal could fall foul of regulators at a time of fierce technological rivalry between Washington and Beijing.

Exceeding the capabilities of AI chatbots like ChatGPT, AI agents can autonomously perform complex tasks for users, and are seen as having huge potential.

Manus, created by startup Butterfly Effect, can for example sift through and summarize resumes or create a stock analysis website, according to its website.

Meta said Monday that the deal -- the financial details of which were not disclosed -- will "bring a leading agent to billions of people and unlock opportunities for businesses across our products".

"The era of AI that doesn't just talk, but acts, creates, and delivers, is only beginning," Manus chief executive Xiao Hong said on X.

"And now (with Meta), we get to build it at a scale we never could have imagined."

Meta CEO Mark Zuckerberg is making a huge push into AI, spending billions of dollars on acquisitions, hiring engineers and building data centers.

Bloomberg Intelligence analysts said the purchase is likely aimed at expanding Meta's AI agent task capabilities, and that it could be worth more than $2 billion.

However, "it could draw regulatory scrutiny given that Singapore-based Manus was founded in China", the analysts said.


Precious Metals Fall again, Asian Stocks Swing as Traders Wind Down

Gold and silver prices have fallen from record highs this week. DAVID GRAY / AFP/File
Gold and silver prices have fallen from record highs this week. DAVID GRAY / AFP/File
TT

Precious Metals Fall again, Asian Stocks Swing as Traders Wind Down

Gold and silver prices have fallen from record highs this week. DAVID GRAY / AFP/File
Gold and silver prices have fallen from record highs this week. DAVID GRAY / AFP/File

Precious metals extended losses Tuesday on profit-taking after hitting recent records, while equities fluctuated in quiet trade as investors wound down ahead of the New Year break.

Traders were taking it easy in the last few days of 2025 following a stellar 12 months that have seen tech firms push several stock markets to all-time highs, while bitcoin, gold and silver have also enjoyed multiple peaks, said AFP.

Minutes from the Federal Reserve's most recent policy meeting -- at which it cut interest rates a third straight time -- are due to be released later in the day and will be scanned for an idea about whether a fourth can be expected in January.

The US central bank's monetary easing in the back end of this year has been a key driver of the markets' rally, compounding a surge in the tech sector on the back of the vast amounts of cash pumped into all things AI.

It has also helped offset recent worries about a possible tech bubble and warnings that traders might not see a return on their investments in artificial intelligence for some time.

Still, Asian markets have enjoyed a healthy year, with Seoul's Kospi piling on more than 75 percent and Tokyo's Nikkei 225 more than 25 percent -- both having hit records earlier in the year.

Still, both edged down Tuesday, with Shanghai, Sydney and Taipei also lower. Hong Kong, Singapore, Wellington and Jakarta rose.

The mixed performance followed losses for all three main indexes on Wall Street.

The big moves of late have been seen in precious metals, with gold hitting a record just shy of $4,550. Silver, meanwhile, topped out at $84 after soaring around 150 percent this year.

Investors have been piling into the commodities on bets for more US rate cuts, a weaker dollar and geopolitical tensions.

Silver has also been boosted by increased central bank purchases and supply concerns.

However, both metals have pulled back sharply this week on profit-taking, with gold now around $4,340 and silver at $73.50.

Oil dipped, having jumped more than two percent Monday when investors rowed back bets on peace talks to end Russia's war with Ukraine as a meeting between US President Donald Trump and Ukrainian counterpart Volodymyr Zelensky ended with little progress.

That surge followed Friday's similar-sized rally on optimism for a breakthrough to end the nearly four-year conflict.

An end to the war could see sanctions on Russian oil removed, which would see a huge fresh supply hit the market.

Bitcoin, which has tumbled since spiking above $126,000 in October, was stabilizing just below $90,000 after a shaky end to the year.


Quality of Life Program Center Launches 'Smart Cities' Report

The Quality of Life Program Center has launched its new report on "Smart Cities". (SPA)
The Quality of Life Program Center has launched its new report on "Smart Cities". (SPA)
TT

Quality of Life Program Center Launches 'Smart Cities' Report

The Quality of Life Program Center has launched its new report on "Smart Cities". (SPA)
The Quality of Life Program Center has launched its new report on "Smart Cities". (SPA)

The Quality of Life Program Center has launched its new report on "Smart Cities," highlighting key global trends in the development of smart cities and their role in improving quality of life and enhancing urban sustainability.

This launch aims to promote human-centered cities and advance smart urban development, in line with Saudi Vision 2030 objectives, the Saudi Press Agency reported on Tuesday.

The report notes that smart cities are among the most important pillars of modern urban development, as they rely on the use of advanced technologies, data analytics, and the Internet of Things to improve service efficiency, enhance quality of life, and address growing urban challenges such as traffic congestion, pollution, and resource management.

It also reviews several global indicators demonstrating the ability of smart solutions to reduce emergency response times, improve educational outcomes, increase residents' satisfaction with public services, and reduce energy consumption and carbon emissions through smart grids and advanced transportation systems.

The report emphasizes that adopting smart city concepts constitutes a fundamental pillar for achieving sustainable urban development, improving quality of life, and building more resilient and prosperous communities, thereby enhancing the competitiveness of Saudi cities at the regional and global levels.