Seven years into the crisis, Lebanon’s retirees are selling property, considering returning to work, or turning to their children. Their savings remain illegally trapped and their retirement plans shattered, while the state, banks and BDL wrangle over prerogatives, sectarian considerations and who should bear the financial sector’s losses. Many saved for decades because they could not count on a regular pension. That safety net is now beyond their reach, as inflation, soaring bills and medical insurance costs eat into what little they have. The pension system adopted in 2023 has yet to take effect and will exclude those who have already reached retirement age. “The situation has become catastrophic,” one retiree tells me. Another no longer has hope of recovering his savings in his lifetime: “The money will probably go to my children … even to my children’s children.” My report @LOrientLeJour @lorienttoday today.lorientlejour.com/arti…

While we’re at it, is it just my phone, or is 4G mobile internet also evaporating in the span of a week after every recharge? And is it just me or ever since 5G roll-out was announced, mobile internet has been reverting on and off to 3G?

Gasoline prices in Lebanon fell for the 8th consecutive time, extending a downward trend that began in late September. The price of 20L of 95-octane gasoline dropped to $29.55, its lowest level since Sep. 8, down 6.8% from its Sept. 25 peak of $31.72. The figure includes the excise tax of $3.5 imposed by government in February to fund salary increases for public sector employees.

‘Lebanese armed group Hezbollah has spent three months preparing for a possible resumption of hostilities with Israel, after receiving an infusion of cash from Iran, according to Lebanese security personnel briefed on its activities.’ ‘One of the sources, and another close to Hezbollah, said the group had ⁠received tens of millions of dollars from Iran to help boost its military capabilities. That is in addition to around $200 million that the group received from Tehran.’

Your Monday morning econ recap ☀️ of what moved Lebanon and the world this past week ⏪: ⚡ Lebanon’s annual inflation rose to 17.53% in September: today.lorientlejour.com/arti… ⚡ Qatar is weighing a plan to build two 825 MW gas-fired power plants in Lebanon within three years and supply LNG for 20 years, alongside solar and wind projects: today.lorientlejour.com/arti… ⚡ EDL warned it will cut power to public institutions with unpaid bills, including water utilities, from Nov. 2, exempting public hospitals: lorientlejour.com/article/15… ⚡ Glow Paradise sold more than 20,000 of its controversial $13 Chic Taouk sandwiches in just 11 days, despite social media backlash, its managing partner said: reuters.com/world/middle-eas… ⚡ The Constitutional Council annulled Article 3 of the amendments to the bank restructuring law, leaving unresolved a power struggle between BDL and the Higher Banking Commission over who controls restructuring: today.lorientlejour.com/arti… ⚡ Solidere is seeking a 25-year extension until 2054, as Lebanon prepares to shift stock trading from “lollars” to fresh dollars in early 2027: today.lorientlejour.com/arti… 📊 $200 million+: what public institutions owe EDL in unpaid electricity bills. 🌎 Gold fell around 4% last week, slipping below $4,000 an ounce in its steepest weekly decline since June; US tech stocks dropped sharply amid jitters over the sustainability of companies’ enormous investments in AI; oil eased Monday on hopes of US-Iran de-escalation after Brent gained 6% last week; euro zone private-sector growth slowed to a four-month low in October amid rising energy costs and French political turmoil. ‼️ Things to look out for: FATF plenary outcomes on Friday (updates on its grey list); The Fed’s interest-rate decision on Wednesday.

المتقاعدون اليوم في مواجهة مصيرٍ قاس/ Lebanon’s retirees face an increasingly precarious situation ⬇️⬇️⬇️

After 3 long hours of stress and anxiety, my account has been retrieved! 😊 I also heard of at least 2 other people who’ve experienced this in recent weeks. Two-factor authentication and WhatsApp support are your friends!

⚠️My WhatsApp account has been hacked and I have no immediate access to it. If you receive anything suspicious from me please disregard it as we work on getting my account back. 🙏🏻

Lebanon’s annual inflation continued to rise in September, reaching 17.53%, up from 16.66% in August, according to the Central Administration of Statistics (CAS). Consumer prices rose 1.35% month-on-month.

J.P. Morgan helped Syria issue its first letter of credit in more than a decade, facilitating the country’s first commercial oil agreement with Saudi Aramco. reuters.com/world/middle-eas…