Lebanese tycoon Najib Mikati chosen as new PM-designate

The latest development in Lebanon is raising hopes for an urgently needed viable government to tackle a crippling financial catastrophe.

"I don't have a magic wand and can't perform miracles ... but I have studied the situation for a while and have international guarantees," Mikati said after he won a majority of votes in parliamentary consultations to be chosen.

Mikati aimed that he would work to form a government and implement a French plan to save the country from its crippling financial crisis.

France's plan includes a government of specialists capable of initiating enough reforms to attract foreign aid.

Mikati has been prime minister twice before and unlike many Lebanese leaders do not hail from a political partnership or dynasty.

The newly to be PM got 72 votes out of a total of 118 members of parliament.

Like the previous nominee, Saad al-Hariri, he now faces major challenges in navigating Lebanon's sectarian, power-sharing structure to secure agreement on a cabinet equipped to address the country's financial meltdown.