Economy

Saudi ‘Davos in the Desert’ Opens With Region on War Footing

This is Beirut 2024-10-29 12:10 - Reading : 4 minute(s)

Banks Gulf Middle East Saudi Arabia Tik Tok United States

Global business leaders gathered in Saudi Arabia on Tuesday for a glitzy investor forum as conflict shakes the region and scepticism mounts over the Gulf kingdom's most ambitious development projects. The Future Investment Initiative (FII) debuted in 2017 as a showcase for de facto ruler Crown Prince Mohammed bin Salman's dream of diversifying ...

Lebanon's Grey List Status: No Reason to Panic!

Liliane Mokbel 2024-10-25 19:10 - Reading : 3 minute(s)

Banks Central Bank of Lebanon United States lebanon

Lebanon has been officially placed on the Financial Action Task Force (FATF) grey list, as announced on Friday. This expected decision came as no surprise. “Of course, we are aware of the extremely dramatic situation in Lebanon, currently,” said Mexican Gafi President Elisa de Anda Madrazo, following the FATF meeting in Paris. “I would like ...

Numbers & FiguresIn Numbers: The Endangered Sectors

Christiane Tager 2024-10-25 09:35 - Reading : 3 minute(s)

United Nations war infrastructure private sector

Lebanon, already grappling with severe economic and political crises, is now facing the devastating impact of the ongoing military conflict between Hezbollah and Israel. This war has plunged nearly every sector of the country into a critical state, from infrastructures, the private sector, and agriculture to energy, water, and trade. The ...

ChronicleQlayaat Airport: It's Time to Open It to Air Traffic!

Liliane Mokbel 2024-10-24 14:20 - Reading : 4 minute(s)

Lebanese Army Middle East United States

“The Qlayaat René Mouawad Airport could be opened for air traffic in emergencies to reduce the risks faced by crews and passengers at Beirut Rafic Hariri International Airport,” stated Sajih Attieh, chairman of the Parliamentary Committee on Public Works and Transport, in an interview with This is Beirut. The President of the Private Pilots ...

AnalysisWFP Meals for Displaced at Risk—A Minister’s Greed!

Maurice Matta 2024-10-24 10:40 - Reading : 5 minute(s)

United Nations war mikati hajjar aids

On October 1, caretaker Prime Minister Najib Mikati and UN Humanitarian Coordinator Omran Riza launched an urgent appeal for $426 million to address the immediate humanitarian needs of civilians affected by the war and the resulting crisis. To date, the United Nations has secured commitments totaling approximately $150 million, with continued ...

PoliticsAbboud: Decreased Bookings at BIA

This is Beirut 2024-10-23 18:35 - Reading : less than a minute

Beirut International Airport Middle East

Jean Abboud, President of the Lebanese Tourist and Travel Agency Owners’ Union, revealed that flight bookings departing from Beirut, via Beirut Rafic Hariri International Airport, have decreased over the last ten days by around 20-30% compared to the previous period. In a press release on Wednesday, he stated that the number of flights will ...

Numbers & FiguresGlobal Stock Markets Mixed Amid Earnings Season and U.S. Election Uncertainty

This is Beirut 2024-10-23 13:10 - Reading : 3 minute(s)

Stock Market presidential elections

In Europe, as of 7:30 AM GMT, stock indices were relatively stable, with Paris (−0.02%), Milan (+0.07%), and Frankfurt (+0.04%). Meanwhile, Asian markets diverged: Tokyo closed down (−0.55%), while Shanghai (+0.52%) and Hong Kong (+1.28%) surged in late trading. On Wall Street on Tuesday, indices ended the day mixed, with the Dow Jones ...

Telecom Sector Faces $67 Million in Damages

This is Beirut 2024-10-22 19:58 - Reading : 1 minute(s)

Telecom Lebanon War

The ongoing war has caused approximately $67 million in damages to the public telecom operator, Ogero, and the mobile phone operators Alfa and Touch, according to a report from the Ministry of Telecommunications. In a statement, the ministry explained that the study aims to identify the funds needed to support the southern populations who ...

Gold Hits New Record Highs Amid Market Surge

This is Beirut 2024-10-22 17:46 - Reading : less than a minute

gold Market

The gold market reached another milestone on Tuesday morning, trading at $2,729 per ounce, while US gold futures soared to $2,741. This unprecedented boom led to new record prices for the yellow metal, with analysts predicting that gold will continue to hit historically high levels. According to CNBC, “Gold has entered a new bull run, driven ...

Oil Prices Rise Amid Geopolitical Tensions

This is Beirut 2024-10-22 17:46 - Reading : 2 minute(s)

Middle East Tehran United Nations Oil

Oil prices have surged amid renewed concerns over a potential Israeli retaliation against Iran following Tehran’s missile attack on Israel on October 1. Brent North Sea crude for December delivery rose by 1.68%, reaching $74.29 a barrel, while US West Texas Intermediate (WTI) for November delivery increased by 1.94%, settling at $70.56 a ...

Lebanon's Poultry Sector Faces Insurmountable Losses Amid Ongoing Crises

This is Beirut 2024-10-22 17:46 - Reading : 1 minute(s)

Lebanon Poultry Sector

The poultry sector in Lebanon has suffered severe losses, primarily due to falling chicken prices, which have dropped below the cost of production. Compounding the issue, Israeli airstrikes in southern Lebanon and the Bekaa Valley have forced a halt to farm operations and production units, according to William Boutros, president of the Poultry ...

Lebanon’s Consumer Prices Drop 0.18% in September

This is Beirut 2024-10-22 16:08 - Reading : less than a minute

South Lebanon Lebanon CPI Beirut

The Central Administration of Statistics (CAS) reported on Monday that Lebanon’s Consumer Price Index (CPI) fell by 0.18% in September 2024 compared to August 2024, marking the first decrease in over a year. In contrast, record inflation was observed in 2023, with the CPI surging 33.27% in March and 5.35% in May. Despite the slight monthly ...