Inflation slows, injured Irish trooper flown home, Kassatly eyes Cyprus: Everything you need to know to start your Thursday

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The Central Administration of Statistics (CAS) reported a fourfold month-to-month decrease in November’s inflation rate. Meanwhile the lira continued to slide on the parallel market and Banque du Liban extended circulars aimed at stabilizing the exchange rate. The CAS-compiled consumer price index showed an inflation rate of 3.74 percent month-on-month in November compared to 14.65 percent in October, showing a roughly fourfold decrease. The overall surge in prices is driven by an economic crisis now in its third year and marked by the steep depreciation of the local currency, which reached a new all-time low on the parallel market yesterday, trading at more than LL46,500 to the dollar. Meanwhile, the central bank announced an extension until June 30, 2023 to Circular No. 151, which allows depositors to access a limited portion of their US dollar denominated funds at a BDL-determined rate, currently set at LL8,000. The central bank also issued its 12th extension to Circular No. 161, which allows depositors to purchase dollars at the BDL exchange platform Sayrafa rate — now standing around LL15,500 lower than the parallel market rate.

“Trooper Shane Kearney will be medically evacuated from Beirut airport,” the Irish Defense Forces announced, after he was hospitalized last week during the same incident that killed fellow UN peacekeeper Sean Rooney. Kearney suffered severe wounds during an attack on a United Nations Interim Forces in Lebanon (UNIFIL) convoy as it passed through the South Lebanon village of al-Aaqbiya on the night of Dec. 14. Rooney, whose remains were repatriated earlier this week, died from bullet wounds, while Kearney and two other peacekeepers were injured when their vehicle hit a pylon, according to a judicial source. Ireland's Foreign Affairs and Defense Minister Simon Coveney promised last Thursday three investigations into the incident: one led by Ireland, one by the UN and a third by Lebanon.

Lebanese food and beverage group Kassatly Chtaura announced the opening of a factory in Cyprus scheduled for late next year. “This new plant will have the same capacity as the one in Lebanon, which will allow us to double our production,” CEO Nayef Kassatly said, estimating that 100 people will be employed in the overseas production center while maintaining that the group is “anchored” in Lebanon. The group’s only plant in Lebanon currently employs around 400 people, who could be encouraged to travel to the new branch. Kassatly denied Lebanon’s economic crisis was behind the move. While a number of Lebanese food and beverage companies have franchised across continents, outsourcing remains a rare phenomenon. In a similar expansion, the American University of Beirut recently announced it is opening a campus in Paphos, Cyprus.

Hezbollah denied ownership of a drone intercepted by the Israeli army. Israeli army spokesperson Avichay Adraee tweeted that the drone was shot down after it “infiltrated from inside Lebanon,” claiming that it was launched by Hezbollah. In response, a Hezbollah spokesperson told L’Orient Today that the drone "most probably belongs to an individual who might have launched it in a personal initiative," adding that Hezbollah has no further information about the incident.

In case you missed it, here's our must-read story from yesterday: "Presidential vacancy: Pressure in Washington to sanction those behind impasse"

Compiled by Abbas Mahfouz