Billionaire Named Premier of Lebanon
Billionaire Rafik Hariri was named prime minister Thursday, igniting hopes that his wealth, drive and connections would lead war-shattered Lebanon out of economic distress.
Many Lebanese believe that Hariri’s business savvy can help him get things done in politics. The Lebanese pound rose to 2,000 to the dollar, 205 pounds higher than its Wednesday close, after Hariri had emerged as the likely head of the new government.
The tycoon’s links to oil-rich Persian Gulf nations could help bring in investment and resume badly needed aid to shore up the war-shattered nation. Hariri also has the backing of Syria, the main powerbroker in Lebanon.
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