Lebanon appoints new central bank governor as it works to climb out of economic crisis [Yahoo! Finance]
HSBC Holdings, plc. (HSBC)
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Source: Yahoo! Finance
The country's economy has been in crisis for five years and desperately needs reforms to unlock international aid, and on top of that, Israel's 14-month war with Hezbollah caused what the World Bank estimates was $11 billion in damages and economic losses. The appointment was announced by Prime Minister Nawaf Salam , the International Court of Justice jurist who was named Lebanon's premier in January following the election of President Joseph Aoun earlier that month. Salam said that Souaid was chosen by more than two-thirds of the 24 members of Lebanon's reformist Cabinet, though the prime minister said he himself did not support the decision. “The Lebanese have asked us for reforms and we insist on reforms,” Salam told reporters after the government meeting. Souaid, an asset manager who previously was a senior executive at HSBC bank, is seen by critics as being sympathetic to the stance on economic reform taken by the country's banks, and fear he might sell what's left of Leba
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