Lebanon is hurtling towards a social and economic catastrophe as the country’s resources to cover subsidies of basic goods are expected to dry up within two months, UNICEF and the ILO warned, according to Reuters. The Lebanese central bank had been subsidizing basic goods by providing foreign currency to importers at a discount amid the country’s worst economic crisis since the civil war, with the World Bank predicting more than half the Lebanese population could fall under the poverty line by 2021.

Trump administration prepares parting China sanctions: The US could impose financial sanctions and asset freezes on up to 14 Chinese officials in the coming days over their alleged role in disqualifying opposition lawmakers in Hong Kong, according to Reuters. The possible move comes as Donald Trump looks to maintain pressure on Beijing during his last weeks in office. Stock markets in Asia inched downwards as investors anticipated further deterioration in US-Sino relations.