🪙🚫 UAE Suspends 32 Gold Refineries in Anti-Money Laundering Sweep

Marhaba folks! 🌞

In today's edition, we cover the UAE’s suspension of 32 gold refineries in an anti-money laundering crackdown, Lebanon’s economic challenges amid ongoing conflict, and Etihad Airways’ strong first-half 2024 profit and ambitious expansion plans. Yalla, let’s dive in 🏃🏻‍♀️

🪙🚫 UAE Suspends 32 Gold Refineries in Anti-Money Laundering Sweep

What is it about:

• The UAE has suspended 32 gold refineries from July 24 to October 24.

• The refineries make up 5% of the country’s gold sector.

• The suspension follows 256 regulatory violations.

Why does it matter:

• The refineries failed to comply with important financial laws.

• Issues included not reporting suspicious transactions and inadequate client screening against terrorism watch lists.

• The crackdown aims to enhance regulatory compliance and improve the UAE's global standing in the gold market.

What is next:

• The suspended refineries will be closed during the inspection period.

• The UAE's Ministry of Economy will continue to enforce regulations to ensure compliance.

• The gold market in the UAE is expected to remain robust despite the temporary suspension.

📈 Markets

📉 A War Could Push Lebanon to Complete [Economic] Collapse

What is it about:

• Amin Salam, Lebanon's economy minister, warns of imminent economic collapse if a war occurs.

• Despite an expected growth margin of 1.5 to 2.5%, Lebanon's economy is deteriorating.

• The 10-month conflict with Israel has already severely impacted Lebanon's economy, affecting agriculture and tourism.

Why does it matter:

• Tourism revenue is projected to drop by 50% compared to 2023 due to the conflict.

• Israeli shelling has resulted in estimated losses of $2.5 billion to $4 billion in agriculture.

• The Lebanese government is focusing on essential sectors like food security, energy, healthcare, and education to prepare for potential escalation.

• Diesel supplies could last only one to six weeks, affecting supermarkets, hospitals, and telecommunications.

• Lebanon's foreign reserves are inadequate, making international assistance crucial if the situation worsens.

What is next:

• The Lebanese government will continue to prepare for possible war, emphasizing critical sectors.

• The country will seek international aid to address potential shortages and economic challenges.

• Monitoring of the conflict’s impact on Lebanon’s economy and infrastructure will be essential to gauge further needs and responses.

Quote of the day

"Every problem is a gift—without problems we would not grow." — Tony Robbins

✈️ 💰️ Etihad Airways Reports $232M Profit for First Half of 2024

What is it about:

• Etihad Airways reported a profit of $232 million for the first half of 2024.

• This marks an increase from $156 million in the same period last year.

• The airline is on track for its third consecutive profitable year.

Why does it matter:

• The profit increase reflects strong financial performance amid industry challenges.

• Etihad is focusing on expanding its fleet and capacity to support future growth.

• The airline plans to receive 20 new jets starting July 2025 and is managing capacity issues by reactivating some A380s and leasing new A321 Neos.

What is next:

• Etihad Airways will continue to optimize its fleet, including reactivating more A380s if needed.

• The airline is counting on Boeing’s new CEO to ensure timely delivery of aircraft.

• Etihad aims to triple its passenger numbers to 33 million and double its fleet to 150 planes by the end of the decade.

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