Economy

IMF chief tells Europe to take page out of US book

This is Beirut 24/01 16:00 - Reading : 2 minute(s)

International Monetary Fund Europe USA Donald Trump Davos

With the European economy lagging behind the United States, the head of the International Monetary Fund had a piece advice for the continent on Friday: "Believe in yourself." There was much handwringing about Europe losing its competitive edge at the World Economic Forum in Davos this week, with the European Union racing to act to catch up with ...

Eurozone business activity rebounds in January

This is Beirut 24/01 15:25 - Reading : 2 minute(s)

Banks

Business activity in the eurozone bounced back in January after a two-month contraction, as the pace of decline eased in the manufacturing sector, a closely watched survey showed Friday. The HCOB Flash Eurozone purchasing managers' index (PMI) published by S&P Global registered a figure of 50.2 for the single-currency area, after 49.6 in ...

Saudis showcase charm offensive in Davos

This is Beirut 24/01 15:20 - Reading : 3 minute(s)

Formula One International Monetary Fund Saudi Arabia Davos Diplomacy

Two buildings branded "Saudi House" and "Saudi At Davos" stand out on the chic main street of the Swiss Alpine village hosting the World Economic Forum, showcasing the kingdom's growing presence at major international events. Saudi officials and business leaders make the annual pilgrimage to the meeting of the world's global elites every year, ...

Climate change cooks up Japanese 'cabbage shock'

This is Beirut 24/01 15:10 - Reading : 2 minute(s)

agriculture Japan

Japan's much-loved "tonkatsu" pork cutlets come with a mound of freshly shredded cabbage, but a surge in the price of the humble vegetable has prompted chef Katsumi Shinagawa to skimp on servings. The culprit is a changing climate. Last year's record summer heat and heavy rain ruined crops, driving up the cost of the leafy green in what media ...

Lebanon Launches National Drought Management Plan to Address Climate Challenges

This is Beirut 23/01 21:25 - Reading : 1 minute(s)

climate drought lebanon Agriculture

On Thursday, caretaker Minister of Agriculture Abbas al-Hajj Hassan launched Lebanon’s National Drought Management Plan, in collaboration with the Arab Organization for Agricultural Development. This plan is the first of its kind in Lebanon’s efforts to combat drought, positioning Lebanon among the last Arab countries to implement such a ...

Alfa and Touch Employees Near Agreement With Management

This is Beirut 23/01 17:00 - Reading : 1 minute(s)

Alfa Touch Lebanon

The management teams of mobile operators Alfa and Touch, along with the employee union, have developed a clear vision to address issues that have remained unresolved for nearly a year, including the signing of the collective labor agreement and salary adjustments. During a Thursday meeting between the management of Alfa and Touch and members of ...

Syria's Economy Reborn After Being Freed from Assad

This is Beirut 23/01 16:25 - Reading : 4 minute(s)

US Treasury Economy Syria imports foreign trade

When Bashar al-Assad ruled Syria, merchants like Youssef Rajab kept much of their imported stock hidden for fear of arrest for breaking the law. But after an Islamist-led coalition toppled Assad in a lightning offensive last month, Rajab put previously banned foreign goods such as chocolate, biscuits and shampoo back on the shelf. Such products ...

Turkey Cuts benchmark Interest Rate to 45%

This is Beirut 23/01 16:25 - Reading : 1 minute(s)

Turkey

Turkey's central bank on Thursday lowered its key interest rate to 45 percent after inflation weakened further last month, though it said prices could have started rising again in January. The move came after the central bank cut its rate for the first time in two years in December, saying its efforts to tame sky-high inflation were starting to ...

Billionaire Bloomberg Pledges to Cover U.S. Climate Contributions After Trump’s Withdrawal

This is Beirut 23/01 14:45 - Reading : 2 minute(s)

Donald Trump United Nations Republicans UN-Climate Michael Bloomberg

After Donald Trump’s announcement of a new U.S. withdrawal from the Paris Climate Agreement, American billionaire Michael Bloomberg committed on Thursday to cover, on behalf of the federal government, any unpaid U.S. contributions to the UN Climate body. Just like during Trump's first term, the businessman, who is opposed to the Republican and ...

BDL’s Foreign Reserve Assets Stand at $10.35B After a $210.47M Rise in the First Two Weeks of January 2025

This is Beirut 23/01 13:50 - Reading : 2 minute(s)

Central Bank of Lebanon Balance sheet of BDL Foreign Reserve Assests

According to the balance sheet of Lebanon’s Central Bank (BDL), the Bank’s total assets declined by 13.44% annually, to reach $93.22 billion by mid-January 2025, under the 89,500 LBP/USD official rate maintained by BDL since February 1, 2024. The fall was mainly due to the 80.60% and 24.49% year-on-year (YOY) drop in deferred open market ...

Appointment of Lebanese Commercial Attachés: A Recurring Theme

Liliane Mokbel 23/01 11:50 - Reading : 2 minute(s)

Abdallah Bou Habib Kuwait Washington

While this request appears valid and justified at first glance, it seems these organizations have forgotten what transpired just six years ago. Back then, the government responded to a similar request by appointing commercial attachés in about 20 countries deemed "strategic" for Lebanese exports. This initiative, however, was short-lived, likely ...

Invalid 2025 Draft Budget to Be Returned to Cabinet Urgently

Maurice Matta 22/01 12:55 - Reading : 4 minute(s)

Central Bank of Lebanon 2025 Budget parliament Draft Budget

On October 4, 2024, Caretaker Prime Minister Najib Mikati's government issued Decree No. 14076, submitting the 2025 draft budget to Parliament. Signed by Mikati and Finance Minister Youssef Khalil, it has since been left untouched, pending review by key committees, notably the Finance and Budget Committee and the Administration and Justice ...