lebanonnewsnetwork.com

22/5/2008- AP photo shows a Lebanese man holding white flowers during the release of balloons from Beirut’s Martyrs Square in celebration of the deal to end Lebanon’s long stalemate. (more…)

posted by washingtoninstitute.org

By David Schenker
May 9, 2008

This week, the democratically elected, pro-Western Lebanese government took the bold and unprecedented decision to confront Hizballah. Since its election in 2005, the government had avoided direct conflict with the well-armed Shiite militant political party, but several of the organization’s activities — including apparent preparations for yet another war with Israel — led the government to provoke a showdown. In response to a May 8 cabinet statement that focused on Hizballah’s “attack on the sovereignty of the state,” the Shiite organization took to the streets. In the ensuing violence — the most intense since Lebanon’s civil war — Hizballah began occupying parts of Beirut, leaving the future of Lebanon in doubt. (more…)

Arab League mediators announced a deal on Thursday to end Lebanon’s worst internal fighting since the civil war, after the U.S.-supported government backed down in its conflict with Hezbollah. Hamad bin Jassim bin Jabr al-Thani also summoned Lebanon’s government and Hezbollah-led opposition to Qatar for talks to resolve a broader political showdown which has paralyzed the country for 18 months. (more…)

 By Sana TahaLebanon’s financial markets seem to be overcoming the political and military one long week of turmoil. The Eurobond market absorbed well the May 2, 2008 new issue of $882M at 9% interest maturing 2014, BLOM Invest Bank’s brief stated.  It was swapped with close to 93% of the $250M issue maturing May 2008, close to 60% of the $250M issue maturing June 2008, and 47% of the $750M issue maturing August 2008. Otherwise, demand was stable and prices hardly changed, with the weighted offer yield increasing by 2 bps to 7.87%. As to the average offer spread, it declined by 10bps to 497bps, largely due to the rise in the benchmark yield of the 10-years US treasury to 3.92%. (more…)

By Sana Taha

Lebanon is hanging between fears of all-out war and hopes of political compromise as government supporters and opponents battled with rockets and machine guns in the mountains overlooking Beirut.Again, the U.S.S.Cole traspassed the waters through the Sinai canal, into the Mediterranean sea; on the other hand. The USS Cole left Malta on Tuesday for the eastern Mediterranean “in support of a U.S. commitment to regional stability,” according to one senior defense official, who also said President Bush is concerned about stability during Lebanon’s March 11 election, declared  Fox News. (more…)

The takeover of the Muslim half of Beirut by the Iranian-backed Lebanese group Hezbollah on Friday reflects heightened political tensions in the country but is already accounted for in the nation’s low credit rating, Moody’s Investors Service said. (more…)

By Maan Barazy

LNN- May 9, 2008- Beirut – No one would have imagined that the strike called for by the Labour Union would turn into a civil disobedience movement and an eruption of clashes degenerating into more confessional hatred and victims. For the third day in a row Friday, Hizbullah fighters advanced in Beirut in fierce clashes with MP Hariri backed Mustaqbal Movement partisans.The rain falling in the morning did not seem to appease the fighters will to fight back as Hibullah was successful to invade all of Beirut’s districts without the sunni bstronghold in Tarik al jedide and the contours of Kraytem residence of Hariri. Security reports said that most of the Moustaqbal movement MPs were vacant this morning as reports confirmed the occupation of the apartment of MP Ammar Houry, setting it ablaze. (more…)

By Ma’an Barazy

There has been international reaction to Lebanon’s clashes which took a new round of violence Thursday night.Fierce clashes with assault rifles and rocket-propelled grenade launchers raged in several Beirut districts shortly after Hizbullah leader Hassan Nasrallah vowed to use weapons to defend his party’s communications system (more…)

The Lebanese army has warned that its unity will be threatened if the political crisis in Beirut continues. The capital has been largely paralysed by roadblocks set up by opposition supporters during a second day of protests which started as a strike.The leader of the opposition Hezbollah group has meanwhile said the decision to close its private telecommunications network was a “declaration of war”.

Hassan Nasrallah promised to “cut off the hand” that tries to dismantle it.”We are now embarking on a totally new era,” he told a news conference in Beirut. (more…)