2024-08-09 12:28 - Reading : 2 minute(s)
According to Lebanon’s consolidated commercial banks’ balance sheet, total assets declined annually by 10.4% to stand at $104.32B by June 2024 amid BDL’s adoption of a new exchange rate of LBP 89,500 per USD, effective 31/01/2024. On the assets side, currency and deposits with the Central Bank represented a high figure of 78.38% of total ...
2024-08-09 10:21 - Reading : less than a minute
As a result of the raging war in southern Lebanon, the losses in the tourism sector amount to more than 3 billion dollars, according to an initial estimate. The Secretary General of Lebanon's tourism institutions, Jean Beyrouthi, has stated that "the decline in the hotel sector is very significant, as the occupancy rate has fallen to less than ...
2024-08-09 10:16 - Reading : less than a minute
Caretaker Minister of the Environment, Nasser Yassine, said that Lebanon needs 100 million dollars a month to implement the emergency plan drawn up in the event of war. In an interview with the Voice of Lebanon, he said that "the government has been drawing up an emergency plan since last October in coordination with international organizations ...
2024-08-08 17:43 - Reading : less than a minute
The caretaker Minister of Economy and Trade, Amin Salam, assured on Thursday that Lebanon has sufficient stocks of food products for five months. In a statement, he said that the various unions concerned with food security and the strategic stock of goods and raw materials had assured him that food products and raw materials would be sufficient ...
gdeveloper 2024-08-07 21:03 - Reading : 2 minute(s)
Despite preventive measures implemented since July 27 to avert a blackout in Lebanon, Électricité du Liban (EDL) announced on Wednesday the complete shutdown of the Deir Ammar power plant due to the depletion of its diesel fuel reserves. In a statement, the public utility supplier explained that following the peak in consumption on July 26, it ...
2024-08-07 18:31 - Reading : less than a minute
Caretaker Finance Minister Youssef Khalil signed a decision, on Wednesday, under which “15 million tax stamps, valued at LBP 20,000, will be put into circulation.” The stamps feature a photo from the town of Kfardonin, in the Bint Jbeil district. Tax stamps have been in short supply for some time now and were being sold secretly in local ...
2024-08-07 18:27 - Reading : less than a minute
The Union of Employees of Lebanon's electricity company, Electricite du Liban (EDL), announced on Wednesday, that they will maintain the warning strike which they started today until Monday, August 12. During this period, no bills will be issued, and only maintenance services and employees at the main relay stations and the coordination ...
Liliane Mokbel 2024-08-07 12:38 - Reading : 3 minute(s)
If the current tensions escalate into war, Lebanon will face severe turmoil. In a scenario of widespread conflict, Lebanese citizens will need to fear uncontrollable inflation more than a further devaluation of the pound against the dollar. The country would experience chaos and significant volatility in the prices of goods and services if the ...
Maurice Matta 2024-08-07 09:17 - Reading : 4 minute(s)
A major tsunami hit global markets at the beginning of the week, driven by fears that the US, the world’s largest economy, is heading towards a recession. This followed Thursday night’s disclosure of official data regarding unemployment figures, which indicated that an unexpectedly high number of Americans were jobless. These figures ...
This Is Beirut 2024-08-06 19:29 - Reading : less than a minute
The Électricité du Liban (EDL) employees have announced that they will observe a warning strike on Wednesday, August 7. In a statement, the union of EDL employees indicated that "the decision was made after the Minister of Finance refused to approve the implementation of decree 13020 concerning the employees' salary demands." The statement ...
Liliane Mokbel 2024-08-05 16:00 - Reading : 8 minute(s)
Since 2010, Hodema, a consulting and research company specializing in the restaurant and hospitality sectors, has been investigating, analyzing, and studying the dining options in Beirut, which are divided into 11 zones. To compile the Hodema 2024 report, its experts visited 810 establishments including restaurants, cafés, bars, nightclubs, ...
This Is Beirut 2024-08-05 15:52 - Reading : 1 minute(s)
The Purchasing Managers' Index (PMI), published by BlomInvest, rose to 48.3 points in July from 47.8 the previous month. This marks the highest level recorded in three months. However, "commercial conditions remain difficult," according to the index results. Commenting on the result, BLOM Bank's Director of Economic Research, Dr. Ali Bolbol, said ...