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Lebanon OpportunitiesLebanon Opportunities

Lebanon Opportunities March 2019

Lebanon Opportunities is a monthly business magazine that covers: Finance, Real estate, Economy, and Local business. Lebanon Opportunities has tens of thousands of readers in Lebanon and across the globe. It is the prime local business magazine in Lebanon in terms of readership, advertising, and name-awareness. Lebanon Opportunities is written to a target of small business owners, entrepreneurs and middle management, as well as to Lebanese living abroad. It aims at bringing complex business issues in a simple manner understandable by readers who are not experts and whose English language is not the mother tongue.

Land:
Lebanon
Sprache:
English
Verlag:
InfoPro Management SARL
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12 Ausgaben

IN DIESER AUSGABE

access_time2 Min.
a cabinet is born. so what?

Mabrouk! A Cabinet was born – almost a mirror image of the previous one. By some political miracle, on a clear night consensus was achieved, followed by the speedy adoption of a government statement to Parliament and a historic level of vote of confidence. Now, the real work must begin. Or so we are promised. BIPOLAR ECONOMIC PSYCHOLOGY The tumult has subsided in the money market following the formation of the government. This was preceded by several weeks of panic triggered by a misstatement by the minister of finance. It was the feather that broke the camel’s back. International rating agencies joined the frenzy and money started flowing out of the country. It was serious, but far from apocalyptic. Now, typical of the bipolar psychology of our economy, we are witnessing an…

access_time1 Min.
bits & bytes

SOUND BYTES We apologize to citizens Prime Minister Saad Hariri Gebran Bassil, Minister of Foreign Affairs Fady Jreissati, Minister of the Environment Europe must play an effective role in determining our maritime borders and exploring [for gas] Parliament Speaker Nabih Berry We are determined on the reforms adopted at CEDRE. Lebanon will become like Dubai Prime Minister Saad Hariri The $11 billion was spent on the needs of the State under the applicable laws, and no penny has been spent except in its proper place Former Prime Minister Fouad Siniora They are all discussing the financial accounts, but they don’t know what they’re talking about Ali Hassan Khalil, Minister of Finance Some bank managers need to be beheaded Elie Ferzli, Deputy Parliament Speaker The industrial sector has been neglected in a serious and wrong manner. I hope that no one will find subsidizing industry horrible Wael…

access_time4 Min.
in good company

THREE LOCAL DIGITAL PLATFORMS WIN WORLD SUMMIT AWARDS The three local digital platforms Scriptr, Proximie, and Tabshoura have won at the World Summit Awards (WSA). The WSA, which was launched in 2003 in the framework of the United Nations World Summit on the Information Society, promotes digital innovations from UN member states. These innovations must have a positive impact on society. The winners will receive their awards at the WSA’s global congress, which will be held in Portugal on March 11-13. They will also pitch their innovations and network with international thought-leaders and experts in information and communication technology. The WSA congress features 40 global winners divided over eight teams. The three platforms were selected by the WSA out of five projects nominated by Lebanon’s Professional Computer Association (PCA). Scriptr, which…

access_time2 Min.
money & banking

CENTRAL BANK FOREIGN ASSETS DROP BY $2.3 BILLION The value of foreign assets held by the Central Bank (BDL) dropped $2.3 billion last year to $39.7 billion. They fell a further $448 million this year, to $39.2 billion as of mid-February, according to BDL data. The decline in foreign assets last year was mainly due to the redemption of three sovereign bonds denominated in foreign currencies totaling $2.23 billion, and to a wave of foreign currency conversions amid mounting uncertainties regarding the formation of a new Cabinet, according to Bank Audi’s ‘Lebanon Economic Report’ for the last quarter of 2018. The fall in foreign assets resulted in a drop in the foreign assets-to-money supply coverage ratio to 77.1 percent at the end of 2018. This ratio, however, is still well above…

access_time6 Min.
official business

SAUDI ARABIA LIFTS TRAVEL ADVISORY Saudi Arabia has lifted a travel advisory warning its citizens against traveling to Lebanon. The decision was made after Saudi Arabia received assurances over the stable security situation in the country. “Given that the security reasons that called on Saudi Arabia to warn its citizens against traveling to Lebanon no longer exist, and based on the assurances that the kingdom received from the government about the stability of the security situation, and its permanent keenness on the safety of Saudi citizens, the kingdom of Saudi Arabia lifts its warning to its citizens traveling to Lebanon,” said Saudi Arabia’s Ambassador Walid al-Bukhari. Tourism officials welcomed the news. “The decision will revive the tourism sector in all its segments including hotels, restaurants, car rentals, and others. It will…

access_time7 Min.
matters of fact

NON-RESIDENTS BANK DEPOSITS SURGE Customer deposits in commercial banks grew 2.8 percent last year to $173.2 billion on the back of a jump in non-resident deposits and in foreign currency deposits, according to Central Bank data. Deposits denominated in foreign currencies, which account for 71 percent of total deposits, increased 5.8 percent. Deposits in the local currency dropped 3.6 percent over the same period. Deposits by non-resident customers, representing 22 percent of overall deposits, jumped 7.3 percent year-on-year. The deposit growth was mainly driven by the rise in interest rates, which is part of a global trend, according to Bank Audi’s ‘Lebanon Economic Report’ for the last quarter of 2018. Strong activity in December, partly derived from window-dressing, also contributed to the growth, the report said. Banks usually compete before the…

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