Economy

Now a believer, Trump hosts White House crypto summit

This is Beirut 07/03 18:25 - Reading : 3 minute(s)

Donald Trump White House USA Republicans cryptocurrency

Donald Trump on Friday hosts top cryptocurrency players at the White House, a political boost for an industry that has struggled to gain legitimacy -- and where the Republican president faces conflict of interest concerns. US crypto investors were major supporters of Trump's presidential campaign, contributing millions of dollars toward his ...

World Bank says Lebanon needs $11 bn for post-war reconstruction

This is Beirut 07/03 15:25 - Reading : 1 minute(s)

Banks Hezbollah Israel USA

The World Bank on Friday estimated Lebanon's recovery and reconstruction costs at $11 billion following the war between Israel and Hezbollah, which ended with a ceasefire last November. "Reconstruction and recovery needs following the conflict that affected Lebanon are estimated at US$11 billion," the World Bank said in a report assessing damage ...

Launch of the “Digital Gates” Project at Beirut Airport

This is Beirut 07/03 15:00 - Reading : 1 minute(s)

Beirut-Rafic Hariri International Airport Automated Gates Project Security Lebanon

The Minister of Public Works and Transport, Fayez Rassamni, inaugurated the automatic gates project at Beirut-Rafic Hariri International Airport on Friday morning, in partnership with the International Organization for Migration (IOM) and with the support of the German Federal Police. The project aims to enhance security and facilitate airport ...

Asian Stocks, Bitcoin Down as Trade Uncertainty Roils Markets

This is Beirut 07/03 08:25 - Reading : 2 minute(s)

Donald Trump New York United States US Congress USA

Asian stocks tumbled at the open Friday following a tough day on Wall Street as uncertainty over US President Donald Trump's trade policies roiled markets and traders awaited key US jobs data. Bitcoin plunged 5.7 percent after Trump signed an executive order to establish a "Strategic Bitcoin Reserve" without planning any public purchases of the ...

Trump Backs off Mexico Tariffs While Canada Tensions Simmer

This is Beirut 06/03 19:55 - Reading : 3 minute(s)

Donald Trump United States Mexico Canada Tarifs on imports

US President Donald Trump said Thursday that he was pausing sweeping tariffs recently imposed on Mexican imports after talks with Mexican President Claudia Sheinbaum, while tensions with Canada continued to simmer amid strong blowback on world markets. Trump said fresh tariffs targeting Mexico would not apply to trade falling under a pact between ...

Microsoft Says to Make 298 million dollars AI Investment in South Africa

This is Beirut 06/03 19:55 - Reading : 1 minute(s)

Microsoft Artificial intelligence AI South Africa

Tech giant Microsoft will invest $298 million on artificial intelligence (AI) and data centre infrastructure in South Africa, the company's vice-chair said on Thursday. The multinational announced in January it would provide one million South Africans with AI and cyber security training opportunities by 2026. "We are investing more money to ...

Without a Salary Adjustment, Civil Servants Face an Uncertain Future

Liliane Mokbel 06/03 19:39 - Reading : 2 minute(s)

Salary civil servants Minimum salary public sector private sector

The issue of raising the minimum wage is back on the table, highlighting a stark wage gap between the private and public sectors. Despite a 95% devaluation of the Lebanese pound since October 2019, the minimum wage in the public sector remains set at 6,750,000 pounds, while it has reached 18,000,000 pounds in the private sector. This disparity ...

Jaber Reaffirms the Government's Commitment to Financial and Customs Reforms

This is Beirut 06/03 16:45 - Reading : 2 minute(s)

economy Yassin Jaber finance Taxes revenues

Yassine Jaber, the Minister of Finance, reiterated that “the ministry is resolutely pursuing the necessary and fundamental reforms to improve the country's financial and customs systems.” He emphasized that “the government remains fully committed to advancing reforms aimed at enhancing financial transparency, improving the business ...

ECB Lowers Rates Again but Hints More Cuts in Doubt

This is Beirut 06/03 16:15 - Reading : 3 minute(s)

European Union Ukraine ECB

The European Central Bank cut interest rates again Thursday to boost the struggling eurozone but suggested easing could be nearing an end and warned of "rising uncertainty" amid massive German spending plans and US tariff threats. It was the central bank's six reduction since June last year, with its focus having shifted from tackling inflation ...

Global Trade War... Trump's Tariffs Upsetting the World

Maurice Matta 06/03 11:00 - Reading : 7 minute(s)

Donald Trump United States Canada Mexico Tariffs Trade

In his longest-ever speech before Congress, US President Donald Trump addressed several domestic and foreign issues, calling for the beginning of the “America’s Golden Age” and the strengthening of its sovereignty and independence. He emphasized that the United States “will remain free and independent.” As he delivered his speech, Trump ...

BDL’s Gold: An Untouchable Treasure or a Last Resort?

Liliane Mokbel 05/03 19:10 - Reading : 3 minute(s)

Banks Central Bank of Lebanon Gold Reserves Lebanon

Following the government’s policy statement and the president’s inaugural speech, it is clear that a new momentum is emerging to address the pending economic issues. Controversial proposals are emerging, notably the idea of using Lebanon's Central Bank gold reserves (BDL) to partially bridge the financial deficit. However, it is evident that ...

Brent Oil Falls to Lowest Price Since 2021 as US Crude Stocks Surge

This is Beirut 05/03 19:05 - Reading : less than a minute

USA

The price of the major international oil contract, Brent crude, fell to its lowest level since 2021 following data showing that US crude stocks surged. Around 1610 GMT the price of Brent crude was down 3.36 percent to $68.65, shortly after the release of data showing a higher-than-expected increase of 3.6 million barrels in US crude stocks last ...