Topics
Countries
Maldives News
Would you like to access news/blog content published by sources located in Maldives?
Code example
# If you'd like to do a POST request then call endpoint:
http://localhost:8070/api/v1/article/getArticles
Body:
{
"sourceLocationUri": "http://en.wikipedia.org/wiki/Maldives",
"resultType": "articles",
"apiKey": "API_KEY"
}
# If you'd like instead to do a GET request then call:
http://localhost:8070/api/v1/article/getArticles?sourceLocationUri=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FMaldives&resultType=articles&apiKey=API_KEY
Example of JSON response
Below is an example JSON object that you would receive as the result of the request. You can retrieve also additional properties such as concepts, categories, source details, etc. by specifying additional parameters in the request as described on the documentation page.
{
"articles": {
"results": [
{
"uri": "7441328955",
"lang": "eng",
"isDuplicate": true,
"date": "2023-03-11",
"time": "06:44:00",
"dateTime": "2023-03-11T06:44:00Z",
"dateTimePub": "2023-03-11T06:16:00Z",
"dataType": "news",
"sim": 0,
"url": "https://en.sun.mv/81409",
"title": "One of Silicon Valley's top banks fails; assets are seized",
"body": "NEW YORK (AP) -- Regulators rushed Friday to seize the assets of one of Silicon Valley's top banks, marking the largest failure of a U.S. financial institution since the height of the financial crisis almost 15 years ago.\n\nSilicon Valley Bank, the nation's 16th-largest bank, failed after depositors hurried to withdraw money this week amid anxiety over the bank's health. It was the second biggest bank failure in U.S. history after the collapse of Washington Mutual in 2008.\n\nThe bank served mostly technology workers and venture capital-backed companies, including some of the industry's best-known brands.\n\n\"This is an extinction-level event for startups,\" said Garry Tan, CEO of Y Combinator, a startup incubator that launched Airbnb, DoorDash and Dropbox and has referred hundreds of entrepreneurs to the bank.\n\n\"I literally have been hearing from hundreds of our founders asking for help on how they can get through this. They are asking, 'Do I have to furlough my workers?'\"\n\nThere appeared to be little chance of the chaos spreading in the broader banking sector, as it did in the months leading up to the Great Recession. The biggest banks -- those most likely to cause an economic meltdown -- have healthy balance sheets and plenty of capital.\n\nNearly half of the U.S. technology and health care companies that went public last year after getting early funding from venture capital firms were Silicon Valley Bank customers, according to the bank's website.\n\nThe bank also boasted of its connections to leading tech companies such as Shopify, ZipRecruiter and one of the top venture capital firms, Andreesson Horowitz.\n\nTan estimated that nearly one-third of Y Combinator's startups will not be able to make payroll at some point in the next month if they cannot access their money.\n\nInternet TV provider Roku was among casualties of the bank collapse. It said in a regulatory filing Friday that about 26% of its cash -- $487 million -- was deposited at Silicon Valley Bank.\n\nRoku said its deposits with SVB were largely uninsured and it didn't know \"to what extent\" it would be able to recover them.\n\nAs part of the seizure, California bank regulators and the FDIC transferred the bank's assets to a newly created institution -- the Deposit Insurance Bank of Santa Clara. The new bank will start paying out insured deposits on Monday. Then the FDIC and California regulators plan to sell off the rest of the assets to make other depositors whole.\n\nThere was unease in the banking sector all week, with shares tumbling by double digits. Then news of Silicon Valley Bank's distress pushed shares of almost all financial institutions even lower Friday.\n\nThe failure arrived with incredible speed. Some industry analysts suggested Friday that the bank was still a good company and a wise investment. Meanwhile, Silicon Valley Bank executives were trying to raise capital and find additional investors. However, trading in the bank's shares was halted before stock market's opening bell due to extreme volatility.\n\nShortly before noon, the FDIC moved to shutter the bank. Notably, the agency did not wait until the close of business, which is the typical approach. The FDIC could not immediately find a buyer for the bank's assets, signaling how fast depositors cashed out.\n\nThe White House said Treasury Secretary Janet Yellen was \"watching closely.\" The administration sought to reassure the public that the banking system is much healthier than during the Great Recession.\n\n\"Our banking system is in a fundamentally different place than it was, you know, a decade ago,\" said Cecilia Rouse, chair of the White House Council of Economic Advisers. \"The reforms that were put in place back then really provide the kind of resilience that we'd like to see.\"\n\nIn 2007, the biggest financial crisis since the Great Depression rippled across the globe after mortgage-backed securities tied to ill-advised housing loans collapsed in value. The panic on Wall Street led to the demise of Lehman Brothers, a firm founded in 1847. Because major banks had extensive exposure to one another, the crisis led to a cascading breakdown in the global financial system, putting millions out of work.\n\nAt the time of its failure, Silicon Valley Bank, which is based in Santa Clara, California, had $209 billion in total assets, the FDIC said. It was unclear how many of its deposits were above the $250,000 insurance limit, but previous regulatory reports showed that lots of accounts exceeded that amount.\n\nThe bank announced plans Thursday to raise up to $1.75 billion in order to strengthen its capital position. That sent investors scurrying and shares plunged 60%. They tumbled lower still Friday before the opening of the Nasdaq, where the bank's shares were traded.\n\nAs its name implied, Silicon Valley Bank was a major financial conduit between the technology sector, startups and tech workers. It was seen as good business sense to develop a relationship with the bank if a startup founder wanted to find new investors or go public.\n\nConceived in 1983 by co-founders Bill Biggerstaff and Robert Medearis during a poker game, the bank leveraged its Silicon Valley roots to become a financial cornerstone in the tech industry.\n\nBill Tyler, the CEO of TWG Supply in Grapevine, Texas, said he first realized something was wrong when his employees texted him at 6:30 a.m. Friday to complain that they did not receive their paychecks.\n\nTWG, which has just 18 employees, had already sent the money for the checks to a payroll services provider that used Silicon Valley Bank. Tyler was scrambling to figure out how to pay his workers.\n\n\"We're waiting on roughly $27,000,\" he said. \"It's already not a timely payment. It's already an uncomfortable position. I don't want to ask any employees, to say, 'Hey, can you wait until mid-next week to get paid?'\"\n\nSilicon Valley Bank's ties to the tech sector added to its troubles. Technology stocks have been hit hard in the past 18 months after a growth surge during the pandemic, and layoffs have spread throughout the industry. Venture capital funding has also been declining.\n\nAt the same time, the bank was hit hard by the Federal Reserve's fight against inflation and an aggressive series of interest rate hikes to cool the economy.\n\nAs the Fed raises its benchmark interest rate, the value of generally stable bonds starts to fall. That is not typically a problem, but when depositors grow anxious and begin withdrawing their money, banks sometimes have to sell those bonds before they mature to cover the exodus.\n\nThat is exactly what happened to Silicon Valley Bank, which had to sell $21 billion in highly liquid assets to cover the sudden withdrawals. It took a $1.8 billion loss on that sale.\n\nAshley Tyrner, CEO of FarmboxRx, said she had spoken to several friends whose businesses are backed by venture capital. She described them as being \"beside themselves\" over the bank's failure. Tyrner's chief operating officer tried to withdraw her company's funds on Thursday but failed to do so in time.\n\n\"One friend said they couldn't make payroll today and cried when they had to inform 200 employees because of this issue,\" Tyrner said.",
"source": {
"uri": "en.sun.mv",
"dataType": "news",
"title": "SunOnline International"
},
"authors": [],
"concepts": [
{
"uri": "http://en.wikipedia.org/wiki/Silicon_Valley_Bank",
"type": "org",
"score": 5,
"label": {
"eng": "Silicon Valley Bank"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Startup_company",
"type": "wiki",
"score": 5,
"label": {
"eng": "Startup company"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation",
"type": "org",
"score": 5,
"label": {
"eng": "Federal Deposit Insurance Corporation"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Bank",
"type": "wiki",
"score": 5,
"label": {
"eng": "Bank"
}
},
{
"uri": "http://en.wikipedia.org/wiki/United_States",
"type": "loc",
"score": 5,
"label": {
"eng": "United States"
},
"location": {
"type": "country",
"label": {
"eng": "United States"
}
}
},
{
"uri": "http://en.wikipedia.org/wiki/Y_Combinator",
"type": "wiki",
"score": 4,
"label": {
"eng": "Y Combinator"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Financial_crisis_of_2007–2008",
"type": "wiki",
"score": 4,
"label": {
"eng": "Financial crisis of 2007–2008"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Roku",
"type": "org",
"score": 4,
"label": {
"eng": "Roku"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Venture_capital",
"type": "wiki",
"score": 4,
"label": {
"eng": "Venture capital"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Financial_institution",
"type": "wiki",
"score": 4,
"label": {
"eng": "Financial institution"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Insurance",
"type": "wiki",
"score": 4,
"label": {
"eng": "Insurance"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Silicon_Valley",
"type": "loc",
"score": 4,
"label": {
"eng": "Silicon Valley"
},
"location": null
},
{
"uri": "http://en.wikipedia.org/wiki/California",
"type": "loc",
"score": 4,
"label": {
"eng": "California"
},
"location": {
"type": "place",
"label": {
"eng": "California"
},
"country": {
"type": "country",
"label": {
"eng": "United States"
}
}
}
},
{
"uri": "http://en.wikipedia.org/wiki/DoorDash",
"type": "wiki",
"score": 3,
"label": {
"eng": "DoorDash"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Washington_Mutual",
"type": "org",
"score": 3,
"label": {
"eng": "Washington Mutual"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Bank_failure",
"type": "wiki",
"score": 3,
"label": {
"eng": "Bank failure"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Shopify",
"type": "wiki",
"score": 3,
"label": {
"eng": "Shopify"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Airbnb",
"type": "org",
"score": 3,
"label": {
"eng": "Airbnb"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Great_Recession",
"type": "wiki",
"score": 3,
"label": {
"eng": "Great Recession"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Initial_public_offering",
"type": "wiki",
"score": 3,
"label": {
"eng": "Initial public offering"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Business_incubator",
"type": "wiki",
"score": 3,
"label": {
"eng": "Business incubator"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Entrepreneurship",
"type": "wiki",
"score": 3,
"label": {
"eng": "Entrepreneurship"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Balance_sheet",
"type": "wiki",
"score": 3,
"label": {
"eng": "Balance sheet"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Health_care",
"type": "wiki",
"score": 3,
"label": {
"eng": "Health care"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Internet",
"type": "wiki",
"score": 3,
"label": {
"eng": "Internet"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Chief_executive_officer",
"type": "wiki",
"score": 3,
"label": {
"eng": "Chief executive officer"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Santa_Clara,_California",
"type": "loc",
"score": 3,
"label": {
"eng": "Santa Clara, California"
},
"location": {
"type": "place",
"label": {
"eng": "Santa Clara, California"
},
"country": {
"type": "country",
"label": {
"eng": "United States"
}
}
}
},
{
"uri": "http://en.wikipedia.org/wiki/New_York_City",
"type": "loc",
"score": 3,
"label": {
"eng": "New York City"
},
"location": {
"type": "place",
"label": {
"eng": "New York City"
},
"country": {
"type": "country",
"label": {
"eng": "United States"
}
}
}
},
{
"uri": "http://en.wikipedia.org/wiki/Council_of_Economic_Advisers",
"type": "org",
"score": 2,
"label": {
"eng": "Council of Economic Advisers"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Janet_Yellen",
"type": "person",
"score": 2,
"label": {
"eng": "Janet Yellen"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Great_Depression",
"type": "wiki",
"score": 2,
"label": {
"eng": "Great Depression"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Mortgage-backed_security",
"type": "wiki",
"score": 2,
"label": {
"eng": "Mortgage-backed security"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Wall_Street",
"type": "org",
"score": 2,
"label": {
"eng": "Wall Street"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Nasdaq",
"type": "org",
"score": 1,
"label": {
"eng": "Nasdaq"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Federal_Reserve",
"type": "org",
"score": 1,
"label": {
"eng": "Federal Reserve"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Lehman_Brothers",
"type": "org",
"score": 1,
"label": {
"eng": "Lehman Brothers"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Associated_Press",
"type": "org",
"score": 1,
"label": {
"eng": "Associated Press"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Texas",
"type": "loc",
"score": 1,
"label": {
"eng": "Texas"
},
"location": {
"type": "place",
"label": {
"eng": "Texas"
},
"country": {
"type": "country",
"label": {
"eng": "United States"
}
}
}
}
],
"categories": [
{
"uri": "dmoz/Society/Government/Finance",
"label": "dmoz/Society/Government/Finance",
"wgt": 100
},
{
"uri": "dmoz/Business/Financial_Services/Banking_Services",
"label": "dmoz/Business/Financial Services/Banking Services",
"wgt": 100
},
{
"uri": "dmoz/Business/Financial_Services/Investment_Banks",
"label": "dmoz/Business/Financial Services/Investment Banks",
"wgt": 100
},
{
"uri": "dmoz/Business/Financial_Services/Holding_Companies",
"label": "dmoz/Business/Financial Services/Holding Companies",
"wgt": 100
},
{
"uri": "dmoz/Shopping/Auctions/Boats",
"label": "dmoz/Shopping/Auctions/Boats",
"wgt": 100
},
{
"uri": "news/Business",
"label": "news/Business",
"wgt": 97
}
],
"image": "https://s3-ap-southeast-1.amazonaws.com/sun.assets/uploads/l_2023_03_11_093919_hc2sbynozt1iqpfreadm94xl6ujvw58g73k_EN_.jpg",
"eventUri": null,
"sentiment": -0.08235294117647063,
"wgt": 416213040,
"relevance": 1
},
{
"uri": "7418562671",
"lang": "eng",
"isDuplicate": true,
"date": "2023-02-25",
"time": "06:41:00",
"dateTime": "2023-02-25T06:41:00Z",
"dateTimePub": "2023-02-25T06:23:00Z",
"dataType": "news",
"sim": 0,
"url": "https://en.sun.mv/81152",
"title": "Lebanese banks suspend open-ended strike at PM's request",
"body": "BEIRUT (AP) -- Lebanon's struggling banks on Friday decided to suspend their strike, which started earlier this month, for one week, at the request of caretaker Prime Minister Najib Mikati.\n\nThe Association of Banks in Lebanon did not give further details about the suspension. The strike began on Feb. 7 in protest of a recent court ruling that forced one of the country's largest banks to pay out two of its depositors their trapped savings in cash.\n\nThe decision comes as many Lebanese, including civil servants, are expecting to get their monthly pay. Salaries are typically paid out toward the end of the month, through bank accounts.\n\nLebanon's banks have been hard hit by the country's historic economic meltdown that began in October 2019 and have since imposed informal capital controls under which depositors have been able to withdraw only small amounts of their savings at an exchange rate far lower than the one used on the market.\n\nThe economic crisis -- rooted in decades of corruption and mismanagement by the country's political class -- has left more than three quarters of Lebanon's population of 6 million in poverty. The Lebanese pound has lost 97% of its value against the dollar.\n\nThe informal capital controls have prompted some overseas depositors, locked out of their savings, to launch lawsuits overseas and in Lebnanon to pressure banks to release their savings in full. In Lebanon, some depositors opted to break into banks, armed, and forced cashiers to hand over their money. Several such armed actions last year prompted the banks to go on strike in September 2022 and close down amid security fears for a week.\n\nEarlier this month, Lebanon's Court of Cassation overturned a 2022 verdict in favor of Fransabank, sued by two depositors demanding their money in cash. The ruling threw out the previous verdict, which allowed the bank to pay them with a check. That would not have allowed them to retrieve their money in full since they would have had to deposit the check in a bank account, where the money would get stuck all over again.\n\nIn mid-February, angry Lebanese smashed windows and set tires on fire outside two of the country's biggest banks in the capital, Beirut, as the value of the Lebanese pound hit a new low.\n\nDespite the economic meltdown, Lebanese authorities have not implemented reforms demanded by the international community in order to release billions of dollars in loans and grants. The International Monetary Fund has criticized Lebanon for its sluggish progress on the reforms since talks between the government and the IMF began in May 2020.\n\nAt the same time, banks have refused attempts to make their shareholders assume responsibility for the crisis -- as envisaged under a proposed economic recovery plan -- and have insisted that the government and their own depositors share the biggest burden for the losses.",
"source": {
"uri": "en.sun.mv",
"dataType": "news",
"title": "SunOnline International"
},
"authors": [],
"concepts": [
{
"uri": "http://en.wikipedia.org/wiki/Strike_action",
"type": "wiki",
"score": 5,
"label": {
"eng": "Strike action"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Lebanon",
"type": "loc",
"score": 5,
"label": {
"eng": "Lebanon"
},
"location": {
"type": "country",
"label": {
"eng": "Lebanon"
}
}
},
{
"uri": "http://en.wikipedia.org/wiki/Caretaker_government",
"type": "org",
"score": 3,
"label": {
"eng": "Caretaker government"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Capital_control",
"type": "wiki",
"score": 3,
"label": {
"eng": "Capital control"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Najib_Mikati",
"type": "person",
"score": 3,
"label": {
"eng": "Najib Mikati"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Civil_service",
"type": "wiki",
"score": 3,
"label": {
"eng": "Civil service"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Bank",
"type": "wiki",
"score": 3,
"label": {
"eng": "Bank"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Beirut",
"type": "loc",
"score": 3,
"label": {
"eng": "Beirut"
},
"location": {
"type": "place",
"label": {
"eng": "Beirut"
},
"country": {
"type": "country",
"label": {
"eng": "Lebanon"
}
}
}
},
{
"uri": "http://en.wikipedia.org/wiki/Lebanese_pound",
"type": "wiki",
"score": 2,
"label": {
"eng": "Lebanese pound"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Great_Recession",
"type": "wiki",
"score": 2,
"label": {
"eng": "Great Recession"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Exchange_rate",
"type": "wiki",
"score": 2,
"label": {
"eng": "Exchange rate"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Corruption",
"type": "wiki",
"score": 2,
"label": {
"eng": "Corruption"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Lawsuit",
"type": "wiki",
"score": 2,
"label": {
"eng": "Lawsuit"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Poverty",
"type": "wiki",
"score": 2,
"label": {
"eng": "Poverty"
}
},
{
"uri": "http://en.wikipedia.org/wiki/International_Monetary_Fund",
"type": "org",
"score": 1,
"label": {
"eng": "International Monetary Fund"
}
},
{
"uri": "http://en.wikipedia.org/wiki/International_community",
"type": "wiki",
"score": 1,
"label": {
"eng": "International community"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Associated_Press",
"type": "org",
"score": 1,
"label": {
"eng": "Associated Press"
}
},
{
"uri": "http://en.wikipedia.org/wiki/Shareholder",
"type": "wiki",
"score": 1,
"label": {
"eng": "Shareholder"
}
}
],
"categories": [
{
"uri": "dmoz/Society/Government/Finance",
"label": "dmoz/Society/Government/Finance",
"wgt": 100
},
{
"uri": "dmoz/Business/Financial_Services/Banking_Services",
"label": "dmoz/Business/Financial Services/Banking Services",
"wgt": 100
},
{
"uri": "dmoz/Business/Financial_Services/Holding_Companies",
"label": "dmoz/Business/Financial Services/Holding Companies",
"wgt": 100
},
{
"uri": "dmoz/Shopping/Auctions/Boats",
"label": "dmoz/Shopping/Auctions/Boats",
"wgt": 100
},
{
"uri": "dmoz/Business/Investing/Payment_Associations",
"label": "dmoz/Business/Investing/Payment Associations",
"wgt": 100
},
{
"uri": "news/Business",
"label": "news/Business",
"wgt": 89
}
],
"image": "https://s3-ap-southeast-1.amazonaws.com/sun.assets/uploads/l_2023_02_25_094524_zupsmiq61rxftjh4ke3ano87lyw9dv5g2cb_EN_.jpg",
"eventUri": null,
"sentiment": -0.3254901960784313,
"wgt": 415003260,
"relevance": 1
},
{
"uri": "7405839491",
"lang": "eng",
"isDuplicate": true,
"date": "2023-02-17",
"time": "11:23:00",
"dateTime": "2023-02-17T11:23:00Z",
"dateTimePub": "2023-02-17T11:14:00Z",
"dataType": "news",
"sim": 0,
"url": "https://en.sun.mv/81017",
"title": "Protesters in Beirut smash banks as Lebanese pound spirals",
"body": "BEIRUT (AP) -- Angry protesters in Lebanon Thursday smashed windows and set tires on fire outside two of the country's biggest banks in the capital city, as the value of the local currency hit a new low and poverty deepens.\n\nLebanon's economic meltdown and unprecedented financial crisis erupted in 2019 following years of corruption and mismanagement by the country's rulers. Over three quarters of Lebanon's population of 6 million has been plunged into poverty, and the Lebanese pound lost about 97% of its value against the dollar.\n\nLebanon's struggling banks, which have restricted cash withdrawals since late 2019, were shuttered for a tenth day on Thursday in what they call an \"open-ended strike\", following a court case that ruled in favor of a Lebanese depositor demanding their trapped savings.\n\nPolitical paralysis has also made matters worse for the country, without a president since October 2022, and only with a caretaker government with limited functions. Gas shortages and rampant power cuts have also led to the further deterioration of government services and raised worries over the crumbling of public institutions.\n\nIn less than a week the Lebanese pound's value against the dollar plummeted to a new low from 66,000 to 80,000 at the black market rate, the exchange rate used for buying and selling most goods and services in the country. There are several mobile exchange rate applications that have been the reference for the black market rate for years.\n\nThough the country's pegged exchange rate against the dollar was officially devalued to 15,000 earlier this month, the black market rate has reflected a more realistic market rate for years, but rapidly fluctuates with no transparency.\n\nThe value of the Lebanese pound, at times swinging in value several times daily, has led to businesses pricing their items in dollars, where customers pay in the local currency based on black market rates. Other businesses have started charging their goods and services in hard U.S. currency. Economists and residents fear Lebanon might move towards the latter, which they call dollarization.\n\nCaretaker Economy Minister Amin Salam announced Friday a new pricing mechanism for grocery stores, where goods will be priced in dollars based on what he described as a \"modest\" interpretation of the black market rate.\n\nLebanese authorities for years have failed to curtail the black market's hold on the currency's value, even as they have attempted to shut down informal exchange rate websites and mobile applications.\n\nLast month, Lebanon's chief prosecutor called for security agencies to crack down on illegal exchangers. A legal official told The Associated Press that the financial prosecutor prepared a list of dozens of black market money exchangers for the security agencies to pursue. However, after the list was leaked, the exchangers laundered their money or left the country, said the official, speaking on the condition of anonymity because they were not cleared to speak to the press.\n\nSome exchangers turned themselves in, but were soon released given that their currency holdings were no longer in the country, the official added, while security agencies raided exchangers who ran small shops and only had \"modest\" sums of money.\n\nElsewhere, protesters tried to break into the home of chief of Lebanon's bank association, Salim Sfeir, who is also CEO of Bank of Beirut.\n\nProtesters have accused the banks and affiliated political leaders of obstructing economic reforms and an economic recovery plan approved by the International Monetary Fund. As banks have enforced strict withdrawal limits that have locked away many people's money, some depositors have opted to break into the banks and take their own money by force. The banks in turn say the government is to blame for the financial crisis and their withdrawal limits, and say the state should bear the burden of paying off the country's massive debts.\n\nAlso on Thursday, clashes erupted in the eastern Bekaa Valley province after the Lebanese Army raided homes of suspected drug smugglers. The clashes led to the deaths of three soldiers and three armed men from a cartel, the Lebanese military said in a statement.",
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