Lebanon's restaurants charge in scarce dollars as pound sinks to new low

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By Nada Maucourant Atallah  -- thenationalnews.com -- Imagine ordering a coffee for one price, then three hours later being charged more for the same hot drink. You'd think it was a scam but it's an unfortunate reality for Lebanese living through an unprecedented currency crisis. A customer at Goro, a restaurant in Beirut's Gemmayzeh neighbourhood, experienced precisely this feeling while visiting one of the popular haunts of Beirut nightlife and dining. Within three hours, the price of his coffee jumped by 9 000 Lebanese pounds, the equivalent of $0.18 on the parallel market, where the national currency topped the symbolic 50,000 mark on Thursday, the first time such an unwelcome milestone has been reached. "Ordered my first coffee at 10.30am, the second one at 1pm. The Lebanese Lira lost value during that time, resulting in two different charges", he wrote in a tweet on Friday, widely shared on social media. The sudden increase is due to the restaurant pricing its menu in dollars.

Customers can pay the bill in dollars or in the local currency, but at the parallel market rate, which remains highly volatile and can undergo sudden changes in mere hours. Once pegged at 1,500 against the US currency, the Lebanese pound has now lost 97 per cent of its value since the start of the crisis caused by a drastic shortage of dollars, which plunged 80 per cent of the population into poverty and led the country to the verge of financial collapse. More and more restaurants have switched to the dollar instead of the Lebanese pound, which is gradually disappearing from menus. Restaurateurs say they have no choice. "Because of the volatility of the Lebanese pound, our suppliers are only accepting dollars," said Kamal Darwich, a manager at Onno in Beirut. He said the price increases also covered rocketing expenses such as gas and electricity, as restaurants have to rely on expensive private generator suppliers in the near absence of state electricity. Salaries, however, are not entirely in dollars but are paid as a mix of both currencies.

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What is the difference between AI and a parrot? Top AI startups for investors

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(by Malek el Khazen) Disclaimer: (My opinions are my own) - 

The “general” in artificial general intelligence is not characterized by the number of different problems it can solve, but by the ability to solve many types of problems. A general intelligence agent must be able to autonomously formulate its own representations. It has to invent its own approach to solving problems, selecting its own goals, representations, methods, and so on. To create truly intelligent systems, we need to move beyond data and model-centric approaches, and instead build systems that can mimic the brain's processing of information to understand the 'real world.

Current Approaches that are being used to Create an AI models:

The first is to create an AI that is able to understand and learn like a child by using reinforcement learning. However, this method has its limitations, as it is difficult to create a rich environment for the AI to learn. In many cases, you cannot use rewards as an efficient way of learning. For example, a human can clearly communicate the abstract meaning of an article vs through Reinforcement learning this becomes much more complex.

Another popular idea for creating Artificial General Intelligence (AGI) is to continue to scale deep learning. Bigger neural networks will eventually crack the code of general intelligence. And the evidence shows that adding more layers and parameters to neural networks yields incremental improvements, especially in language models such as GPT-3.

· Nevertheless, critics such as PyTorch Tabular creator Manu Joseph was quoted during a conference: “The lack of high-quality test data and a majority of the internet content are duplicates make it difficult to gather enough data for LLM training.” Additionally, the fact that meta's Galactica LLM was trained based exclusively on scientific research makes its output even worse. This resulted in the public demo being discontinued within three days.

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Lebanon church leader calls for repatriation of 1.5 million Syrian refugees

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NNA - Maronite Patriarch, Cardinal Beshara Boutros Al-Rahi, strongly criticized the nature of the presidential election sessions, describing the scene in Parliament as a "continuing farce." "The farce of the election sessions continues, officials must take a stand of conscience before the oppressed people and the condition of the state that is disintegrating," Patriarch Al-Rahi said. During his homily on Sunday, the Patriarch held ministers and MPs responsible for the stigma attached to Lebanon by making it lose its right to vote in the United Nations. "The dollar has exceeded fifty thousand, and the gasoline is hitting one million soon, so how will the people live?" he questioned.

By Simon Caldwell -- catholicherald.co.uk -- -- The leader of the Maronite Church has appealed to the international community to begin the repatriation of 1.5 million Syrian refugees from Lebanon because they threaten to destabilise the country. Cardinal Bechara Boutros al-Raï, Patriarch of Antioch and All the East, said the refugees, who are overwhelmingly Sunni Muslim, represented a “real demographic, political and security threat”. “The presence of more than a million and a half Syrian refugees who emigrated and were displaced since 2011 have multiplied and turned into a heavy burden economically and financially on a country already in deep crisis,” he said. “We ask that they be repatriated to their country Syria to protect and rebuild it,” he said during a visit to London. “We demand also that the international donor agencies offer them assistance inside their own country, not in Lebanon.”

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Economic crisis: Is Egypt the 'new Lebanon?'

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by Cathrin Schaer - dw -- Food prices doubled, salaries halved, banks restricting withdrawals: Egyptians now have the same problems as the Lebanese. But if things get worse here, the fallout will be far more damaging. As the value of the Egyptian pound plummets, grocery shopping has changed for many middle-class Egyptians, becoming a strict exercise in currency control. "Instead of buying three kilograms of rice when we go shopping, we just buy a kilo or a half kilo," explained Ahmed Hassan, 40, an accountant and father-of-three from the Shoubra neighborhood in Cairo. "We're trying to reduce our expenditures. Unfortunately we can't limit everything because our children need certain things," he told DW.

Egypt's currency has devalued by around one-third since late October and inflation currently stands at over 20%. Some economists suspect it's even worse than that. They put the unofficial rate — which includes Egypt's huge informal economy — as high as 101%. Food prices doubled, salaries halved and banks that restrict how much cash you can take out of your accounts: The financial freefall that many ordinary people in Egypt are experiencing today sounds very similar to the catastrophic economic crisis citizens in nearby Lebanon have been dealing with since 2019.

'Remarkable similarities' between Lebanon and Egypt

In Lebanon, desperate locals have gone so far as to rob their own banks simply to withdraw their savings, cities have been plunged into darkness as fuel for power stations has run out and the country's middle class is being pushed into debt. Things haven't gone that far in Egypt yet. But as the bad economic news keeps coming, some are asking: Could Egypt soon become "the new Lebanon?" "There are remarkable similarities between Lebanon's now abjectly failed economy and Egypt's struggling one," Robert Springborg, an adjunct professor at Canada's Simon Fraser University, wrote in a 2022 report for the Washington-based non-profit organization Project on Middle East Democracy (POMED). "The consequences of the collapse of confidence in Lebanon have been devastating but they would pale into near insignificance if repeated on an Egyptian scale," he warned. Egypt's current economic problems are the result of a number of internal issues — including political unrest, corruption and government mismanagement — which have more recently combined with external crises, like the COVID-19 pandemic, the war in Ukraine and the threat of a global recession.

Economic mismanagement

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Why Corruption Is So Widespread in the Middle East

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By Sam Sweeney - The nationalreview.com -- I chuckled at the question but wasn’t surprised. I had just purchased about $1,500 worth of manufactured agricultural products directly from the factory for a small NGO I run in northeastern Syria. I was sitting in the factory’s office, which was bustling with potential customers and workers coming and going. In these situations, it isn’t the corruption that is surprising, it’s how normal it has become, with no hush-hush or backroom whispering. In a room full of strangers, the manager was asking me if I wanted him to doctor the receipts for the NGO so I could take a cut. No one batted an eye. Given that I founded the NGO and run it as a volunteer, my main thought was that if I did steal this money from the NGO, I would just be making more work for myself, because we would need to do more fundraising to replace the lost money, as we were already cutting it close on the budget needed to finish the project. For me, playing it straight was as much a practical move as a moral choice. But if I were an employee of a large international NGO whose management rarely traveled into Syria, it would have been a great opportunity to pocket a few hundred dollars.

I mentioned this anecdote to a Western employee of a large NGO working in Syria. This person said it validated what they already suspected, that corruption among their local staff was the rule, not the exception. Millions of dollars are pouring into northeast Syria via dozens of international and local NGOs to fund displaced-person camps, infrastructure projects, education and health initiatives, and other needs — urgent or otherwise. Oversight is almost impossible, despite the many checks in place that are meant to prevent corruption or nepotism. The management of these NGOs comes from an array of mostly Western countries, and if they visit Syria, their movements are heavily restricted, and they are usually confined to a compound or villa, allowing for limited interaction with the broader society. Few speak Arabic (or Kurdish or Syriac or any of the other languages used in northeast Syria), and they have little access to information outside of what they are told by their local staff.

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Lebanon to restore UN payments ‘immediately’ after losing voting rights in General Assembly

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By Celine Alkhaldi -- cnn -- Lebanon vowed to restore its payments to the UN’s operating budget on Friday after losing its right to vote in the 193-member UN General Assembly, according to the country’s state-owned National News Agency (NNA). Lebanon is one of six countries to lose its right to vote for not meeting minimum contributions, along with Venezuela, South Sudan, Gabon, Dominica and Equatorial Guinea, UN Secretary General Antonio Guterres said in a letter on Thursday. In response to the suspension, Lebanon’s Foreign Ministry said on Friday that the payment process “will take place immediately,” NNA said. “The Ministry of Foreign Affairs and Emigrants would like to clarify that all the payment stages of the required amount have been completed,” the ministry said in a statement, according to NNA. “After the necessary contacts with each of the Lebanese Prime Minister and Minister of Finance, it has been confirmed that the final payment process will take place immediately in a manner that preserves Lebanon’s rights in the United Nations.”

Former Lebanese ambassador holds sit-in at Beirut bank amid new wave of heists Under Article 19 of the UN Charter, members with arrears that equal or exceed the amount of their contributions for the preceding two full years lose their voting rights. The General Assembly also has the authority to decide “if failure to pay is due to conditions beyond the control of the Member,” in which case the country will not lose its voting rights. The minimum payments needed to restore voting rights for Lebanon is $1,835,303, the secretary general’s letter said. For more than three years, Lebanon has seen “the most devastating, multi-pronged crisis in its modern history,” as described by the World Bank. In a report on Lebanon, the International Monetary Fund (IMF) described the situation in the country as the “deepest economic crisis since the end of the civil war.”

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