Careem insists business as usual in Egypt despite legal row

Careem said it had full confidence in Egypt’s judicial system following a legal move to halt the operations of the company alongside rival Uber. (Reuters)
Updated 21 March 2018
0

Careem insists business as usual in Egypt despite legal row

LONDON: Careem said it had full confidence in Egypt’s judicial system following a legal move to halt the operations of the company alongside rival Uber.
The pair are the focus of protests by Egyptian taxi drivers who say that their drivers are not required to pay fees to operate transportation services.
An Egyptian court this week accepted a petition that demanded the government stop licensing Uber and Careem activities in Egypt, including their online applications, state-owned newspaper Al-Ahram reported.
The lawyer representing taxi drivers, Khaled Al-Gamal, told AFP that the ruling would have to be implemented by the government even if Uber and UAE-based Careem appeal.
“They have to stop operations and block their mobile applications on the Internet,” he told AFP.
But both companies said their operations have not been officially suspended.
“We have full confidence in the Egyptian judicial system and should any verdict be reached against the ride-hailing industry, we will follow the requisite judicial procedures available under Egyptian Law,” said Careem in a statement to Arab News. “For now, we will continue as business as usual.”


Lebanon president: negative rumors about the economy harm country

Updated 19 September 2018
0

Lebanon president: negative rumors about the economy harm country

  • Lebanon has been without a government for four months since a national election
  • “The Lebanese pound is not in danger and Lebanon is not on the road to bankruptcy," Aoun said

BEIRUT: Lebanon’s currency is not in danger and rumors about the economy are causing harm, President Michel Aoun said on Wednesday, amid concern that a political deadlock has blocked urgent reforms and left the heavily indebted country vulnerable.
Lebanon has been without a government for four months since a national election. The central bank has issued repeated assurances about the soundness of the Lebanese pound’s peg to the dollar and the size of its foreign currency reserves, in response to speculation over the currency’s future.
“The Lebanese pound is not in danger and Lebanon is not on the road to bankruptcy. The economic situation is difficult but the things being spread as rumors are harming Lebanon,” Aoun said, in comments published by his office.
“We do not deny that there is a crisis,” Aoun said, but added that the country was working to address it.
Lebanon had the world’s third highest debt-to-GDP ratio, at over 150 percent, at the end of 2017. The International Monetary Fund wants to see immediate and substantial fiscal adjustment to improve debt sustainability.
The failure of politicians to form a government needed to undertake the necessary reforms following the parliamentary election in May has added to concern for the economy.
Leaders from across the political spectrum have in recent months said the political stalemate is harming the economy and a government needs to be formed. Parliament Speaker Nabih Berri this month said the country was in “intensive care” and the economic situation was “very dangerous.”
While politicians have stopped short of saying the peg is in danger, some economic analysts abroad have been considering the possibility of a devaluation.
“Lebanon’s ongoing political stalemate has renewed market concerns over the country’s frail balance sheets which could propel the government to devalue the Lebanese Pound ... Under this scenario, the authorities would find it increasingly challenging to service their large foreign currency debts,” Japan’s MUFG Bank said in a report on Wednesday.