This Is Beirut 2024-02-16 22:08 - Reading : 2 minute(s)
The board of directors of the 'Mouvement international des chefs d'entreprises libanais', or the international movement of Lebanese heads of enterprises (MIDEL), under the chairmanship of Fouad Zmokhol, discussed the 2024 budget, recently approved by Parliament, and its application to private sector companies. Participants pointed out that "taxes ...
This Is Beirut 2024-02-16 21:51 - Reading : 1 minute(s)
"Agricultural exports are down 40% compared to the same period last year due to the shipping crisis in the Red Sea,” according to Mounir El-Tini, Vice President of the Zahleh and Bekaa Chamber of Commerce. He pointed out that citrus fruits are the hardest hit, in addition to the leftovers from the apple and potato seasons. He also pointed out ...
Liliane Mokbel 2024-02-16 21:40 - Reading : 4 minute(s)
The Council of State's decision to invalidate the article related to the suppression of a significant portion of the state's foreign currency commitments to the Central Bank of Lebanon (BDL), as outlined in the government's economic recovery plan dated 20/5/2022, brings some relief to depositors and bankers. However, questions concerning the ...
This Is Beirut 2024-02-16 16:13 - Reading : 2 minute(s)
Caretaker Prime Minister Najib Mikati acknowledged for the first time that "depositors' funds have evaporated" and that "the state is 100% responsible for (evaporated) bank deposits." During a meeting with economic journalists, reported by An-Nahar’s Sabine Oueiss, Mikati emphasized that the state's responsibility regarding these deposits "is ...
This Is Beirut 2024-02-16 15:19 - Reading : 1 minute(s)
The chain Monoprix is back in Beirut. Gray Mackenzie Retail Group announced on Friday that it had "officially signed a franchise agreement with the French retail chain Monoprix, based on the management of the company's operations in Lebanon and its expansion through the opening of new stores, as part of the strengthening of strategic partnerships ...
This Is Beirut 2024-02-15 22:55 - Reading : 1 minute(s)
Following their meeting on Thursday, economic organisms issued a communiqué expressing their opposition to any projects proposed by the authorities aimed at remedying the financial and monetary situation, unless the absolute priority is ensuring depositors can retrieve their deposits. “Retrieving depositors' money is a sacred right guaranteed ...
This Is Beirut 2024-02-15 20:49 - Reading : 4 minute(s)
The World Bank's Board of Directors approved on Wednesday a $34 million project to assist Lebanon in restoring essential budget management functions within the public administration. This initiative aims to reinstate public services, ensure citizen welfare and facilitate sustainable economic recovery. According to a communiqué issued by the ...
This Is Beirut 2024-02-15 17:36 - Reading : less than a minute
Circular 166, which allows certain depositors to withdraw $150 a month from their accounts, came into force on Thursday. Those concerned can now submit their applications to the banks. Lebanon's Central Bank (BDL) has informed banks of the application mechanism and sent them the form to be used in order to lift the banking secrecy of the accounts ...
Nicolas Sbeih 2024-02-15 09:00 - Reading : 4 minute(s)
The chaos that has prevailed over the Lebanese financial sector for four years has recently jumped to a new level. It has become an economic concept, just like capitalism or socialism. And it is governing the country. The newly-coined concept of “financial chaos” involves this sticky mess surrounding the value of the lollar, the dollar, ...
Liliane Mokbel 2024-02-14 10:31 - Reading : 3 minute(s)
On Tuesday, the administrative court ruled on the dispute between the Association of Banks in Lebanon (ABL) and the State. The Council of State invalidated the government's plan to abolish bank reserves at the Banque du Liban (BDL). A major blow, which calls into question the validity of the banking resolution proposed by the government. On ...
Maurice Matta 2024-02-13 22:59 - Reading : 6 minute(s)
In its final "constitutional" session before transitioning into a caretaker government, on May 20, 2022, Najib Mikati’s Cabinet endorsed a plan for financial and economic recovery. It included a document titled "Strategy for Financial Sector Revitalization," which, in its third clause, outlined the cancelation of a significant portion of the ...
2024-02-13 14:29 - Reading : 2 minute(s)
Following an intervention by MP Farid el-Khazen, the employees of Alfa and Touch decided to take a break in their dispute with the caretaker Minister of Telecommunications, Johnny Corm, by suspending the open strike they began on February 5. In a bid to defuse the prevailing crisis in the cell phone sector, Keserwan MP Farid el-Khazen received a ...