US Tariffs to Take Effect August 1 Without Trade Deals, Says Treasury Secretary

This is Beirut 06/07 18:10 - Reading : 3 minute(s)

Scott Bessent Donald Trump Tariffs United States

US tariffs will kick in on August 1 if trading partners from Taiwan to the European Union do not strike deals with Washington, Treasury Secretary Scott Bessent said Sunday. The rates will "boomerang back" to the sometimes very high levels that President Donald Trump had announced on April 2, before he suspended the levies to allow for ...

Figure of the weekThe Rise of Lebanese Wine

Liliane Mokbel 05/07 14:00 - Reading : less than a minute

Lebanon produces 12 million bottles of wine each year — an impressive figure for a small country, with nearly half exported to around 30 countries worldwide. This vibrant industry generates over $20 million in annual revenue, according to the National Institute of Vine and Wine (INVV). Behind this success is steady, long-term growth: in 2000, ...

The Electricity Challenge in Lebanon

Christiane Tager 04/07 09:15 - Reading : 2 minute(s)

Liban Electricité Joe Saddi EDL

As summer sets in, the heat rises, and so does electricity consumption. According to Energy Ministry officials, consumption climbs by around 30 to 40% from winter to summer, largely due to air conditioning and the resumption of use of secondary homes. Add to that the arrival of thousands of expats, who promptly power up houses that have been shut ...

Lebanon Relaunches PPPs to Rescue Airports and Ports

Liliane Mokbel 03/07 16:25 - Reading : 3 minute(s)

lebanon PPP BOT DBOT Privatization

With public finances exhausted, Nawaf Salam’s government is turning to public-private partnerships (PPPs) to revive Lebanon’s airports and ports. The list of planned projects is extensive, including Beirut Rafic Hariri International Airport, Kleiat Airport, and the ports of Beirut, Tripoli, and Saida. But the shift toward private ...

Skyward Conflict: Israel and Iran Fuel Soaring Aviation Expenses

Christiane Tager 02/07 19:40 - Reading : 2 minute(s)

Lebanon Israel Iran Conflict Aviation

During the Israeli airstrikes on Tehran that started on June 13, airlines steered clear of Iranian airspace and several strategic zones in the Gulf. Over the 12 days of war, more than 3,000 flights were cancelled each day, according to Flightradar24. Those that managed to take off were forced into long detours, north, east or south, to avoid the ...

Global Fashion Industry Valued at $1.84 Trillion

This is Beirut 02/07 17:05 - Reading : less than a minute

Uniform Market Fashion industry

The global fashion industry has cemented its place as a powerhouse of the world economy, with a current market value of $1.84 trillion, according to the specialist platform UniformMarket (2024). Beyond its staggering economic weight, the sector provides employment to approximately 430 million people worldwide, making it one of the largest sources ...

Washington Moves Toward Easing Economic Pressure on Syria

Liliane Mokbel 02/07 10:00 - Reading : 2 minute(s)

Syria Donald Trump Sanctions

In a move that could signal a turning point in Washington-Damascus relations, United States President Donald Trump signed an executive order on June 30, 2025, partially lifting economic sanctions against Syria. These measures, in place for more than two decades, had severely isolated the Syrian economy and disrupted the functioning of most public ...

Big Beautiful Bill: America’s Divisive Tax Overhaul

Mario Chartouni 02/07 08:25 - Reading : 5 minute(s)

Donald Trump Republicans US House of Representatives Democrats Budget US

Passed by the US Senate last Tuesday by a majority of 51 votes to 50, thanks to the decisive vote of Vice President J.D. Vance, the One Big Beautiful Bill Act (OBBBA), nicknamed the “Big Beautiful Bill” (BBB), is currently the most ambitious and polarizing budget bill championed by Donald Trump since his return to the political ...

BDL Issues Circular to Regulate Foreign Transfers

This is Beirut 01/07 18:15 - Reading : less than a minute

Banks Banque du Liban Central Bank of Lebanon lebanon

Banque du Liban (BDL) issued Circular No. 169 on Tuesday, introducing new restrictions on the transfer of deposits abroad in a bid to promote fairness among depositors amid Lebanon’s ongoing financial crisis. Under the new directive, banks are prohibited from transferring deposits outside Lebanon without prior approval from BDL. The measure is ...

SpotlightBanking Reform Heats Up as Souhaid Pushes to Clarify Commission Powers

This is Beirut 01/07 11:00 - Reading : 4 minute(s)

Lebanon Banks Banque du Liban Economy

Most members of the Finance and Budget Committee’s subcommittee tasked with reviewing the draft Banking Reform Law agree on the need to protect the legislative reform process from both endless debate and political divisions, which could undermine the urgent financial restructuring Lebanon requires domestically and internationally. Participants ...

Souhaid Concludes Reform-Focused Consultations in Paris and Washington

This is Beirut 30/06 16:20 - Reading : 1 minute(s)

Washington International Monetary Fund Banks Central Bank of Lebanon Karim Souhaid

Central Bank Governor Karim Souhaid wrapped up a round of high-level technical consultations in Paris and Washington focused on advancing structural reforms in the banking sector, according to a statement issued by Banque du Liban (BDL). The meetings aimed to lay the groundwork for a comprehensive reform plan supported by legislative and ...

Khalaf Warns: “Comprehensive Plan Urgently Needed”

This is Beirut 30/06 12:15 - Reading : 2 minute(s)

Fadi Khalaf Central Bank Lebanon Bank Association Lebanon

In an op-ed published ahead of the Association of Banks in Lebanon’s (ABL) monthly report, Secretary General Fadi Khalaf once again sounded the alarm, warning that the absence of a comprehensive solution remains the greatest threat to Lebanon’s economic and financial future. With the country’s systemic crisis entering its sixth year, Khalaf ...