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Lebanon Opportunities

Lebanon Opportunities Mar 1 2015

Lebanon Opportunities is a quarterly 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.

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3 min
a time to care

by the editor-in-chief For six years, during the reign of the former President, we had an earful of how hollow the powers of the presidency are, that its prerogatives have been reduced to being just a ceremonial position, and that it has no bearing on how decisions are made in government. Now that there is no President, we hear quite the opposite. A State without a head is one that is practically decapitated, the imbalance created by the void at the top is untenable, and that before electing a new leader, nothing can, or should, be achieved. Flip-flopping is surely politics’ daily bread, and this case is no exception. In the meantime, we have a stagnated Cabinet and Parliament. Not that it was more productive when we actually had a President.…

2 min

BITS & BYTES SOUND BYTES There is web of corruption in Customs that is difficult to dismantle Ali Hassan Khalil, Minister of Finance Sooner or later, we will reach the abyss Rachid Derbasse, Minister of Social Affairs I am not covered by Social Security, neither are its own board members Sejaan Kazzi, Minister of Labor I accuse everyone of monopolizing fuel oil, until proven otherwise Alain Hakim, Minister of Economy and Trade Solidere had promised us rivers underneath the gardens of Eden. It delivered high-rises but the underlying antiquities had been stolen Walid Jumblat, Socialist MP Hezbollah has transformed Lebanon from a country which took pride in its tourism and banking sectors, to one whose citizens celebrate dignity in its resistance Nawaf Musawi, Hezbollah MP The minister of education needs an education Hady Hobeiche, Future MP The Rafic Hariri Public Hospital was under a rescue program.…

18 min
in good company

M1 GROUP BUYS SHARES IN PEPE JEANS AND HACKETT M1 Group is finalizing a deal to buy shares in the Spanish fashion brand, Pepe Jeans and in the British brand, Hackett London. According to Hisham Ramadan, General Manager of Emerge Distributions, an M1 Group company, “The deal’s value is around €700 million ($794 million),” and M1 is buying less than half of the shares in the two brands. Pepe Jeans, whose majority share is held by private equity firms Torreal, Arta Capital and L Capital, was launched in London as a weekend roadside stall on Portobello Road in 1973. Hackett was founded in 1979 by Jeremy Hackett and Ashley Lloyd-Jennings, also on Portobello Road. In 1992, Compagnie Financière Richemont, the Swiss-based luxury goods holding company founded in 1988, acquired Hackett. The…

7 min
money & banking

BDL: BANK CLIENTS TO GET BETTER DISCLOSURE The Central Bank (BDL) has issued a circular instructing banks and financial institutions to provide customers with full and accurate information about the terms, benefits and risks of their products and services. The circular said that banks and financial institutions should clarify the rights of customers by publishing programs of awareness and information at the banks and financial institutions’ headquarters, at all branches, in all websites and any other means of communication with clients. Banks and financial institutions have to make a list of the rights and obligations of clients. The clients’ rights include, for instance, knowing about the terms and details of the product and or service, having a clear and simple explanation about different risks related to financial products and services, or…

7 min
official business

$100 MILLION LOAN FOR LITANI’S CANAL 800 A $100 million loan agreement was signed between the Council for Development and Reconstruction (CDR) and the Kuwaiti Fund for Arab Economic Development (KFAED). The loan will be used to finance the development of Canal 800. The Litani River Authority launched works on the first phase of Canal 800 last year. The project would convey around 120 million cubic meters of water to irrigate 1,500 hectares of agricultural land below 800 meters of elevation. The project covers 98 villages in Nabatieh, the Marjayoun plain and South Litani to the southern borders. The agreement still needs the Cabinet’s approval. The overall cost of the project is estimated at $360 million. The first phase will be completed within two years. Canal 800 is co-financed by the…

7 min
matters of fact

TRIPOLI’S POVERTY RATE AT 57 PERCENT Tripoli is suffering from high poverty rates, according to a study, claiming 57 percent of the population is at or below the poverty line. The study, carried out by the Ministry of Social Affairs, in cooperation with the Economic and Social Commission for Western Asia (ESCWA) and the United Nations Development Programme (UNDP) noted a deterioration of the city’s potential growth, economy, society, culture and architecture. “The city has been facing big problems recently and it needs a big development workshop,” according to a statement by the Ministry of Social Affairs. The report said that 26 percent of Tripoli’s citizens are highly poor, while 77 percent are facing economic difficulties, 35 percent are suffering from health problems, and 25 percent are not receiving an education.…