business

News

Lebanon's telecom regulator launches US-funded website
The Telecommunications Regulatory Authority (TRA) launched its new and improved website on Tuesday during a ceremony at the Phoenicia InterContinental Hotel. The ceremony was attended by Telecommunications Minister Jebran Bassil, TRA President Kamal Shehadi and officials from the United States Agency for International Development.
Source : dailystar.com.lb | 04-Dec-2008 01:15

Roundtable in Qoreitem tries to square Beirut's finances
Parliamentary majority leader Saad Hariri headed a second economic roundtable meeting at Qoreitem on Monday in an attempt to come up with solutions for Lebanon's economic problems. The meeting, which was attended by Central Bank Governor Riad Salameh, Finance Minister Mohammad Shatah.
Source : dailystar.com.lb | 02-Dec-2008 01:19

Lebanese deficit falls despite drain at power company
Lebanon's Finance Ministry said on Monday that the budget deficit in the first 10 months of the year fell slightly despite the mounting losses of Electricite du Liban (EDL). According to a statement by the ministry, the deficit in spending reached LL3.134 trillion ($2 billion) or 26.12 percent compared to 29.82 percent in the same period of last year.
Source : dailystar.com.lb | 02-Dec-2008 01:04

Axing of jobs in the Gulf adds to fears about recession hitting Lebanon
Economists and experts on Monday were divided on the impact of the global recession on Lebanon with some saying that the country is still immune from the crisis while others expect lower Gross Domestic Product (GDP) growth in 2009. The threat of a looming economic crisis in Lebanon has become more evident amid news.
Source : dailystar.com.lb | 02-Dec-2008 00:49

Dire Need to Expand Lebanese Economy: Economic Round Table
The round of discussions concerning the international economic crisis and its implication on the region...
Source : naharnet.com | 01-Dec-2008 18:22

Siniora says developed world caused meltdown
Premier Fouad Siniora said Sunday the global financial crisis was due to the erroneous policies by developed countries. Speaking at a UN-sponsored summit on the global financial crisis, Siniora warned that the credit crunch would spill over to other countries in the world and affect all economic sectors.
Source : dailystar.com.lb | 01-Dec-2008 01:03

Saniora Calls World Leaders to Confront Corruption
Prime Minister Fouad Saniora warned against implications of the world's financial and economic crisis...
Source : naharnet.com | 30-Nov-2008 19:11

Bassil vows to reduce cell phone rates by April 2009
Reducing the cellular rates, expanding the capacity of the mobile networks and improving the efficiency and services of the telecom sector are among the key elements in a plan announced by Lebanon's Telecommunication Minister Jebran Bassil on Friday. Speaking to reporters, Bassil also revealed details about the Cabinet's decision.
Source : dailystar.com.lb | 29-Nov-2008 01:22

Head of Beirut Merchants Association: Government Must Help Ease Financial Burden on Businesses
Beirut Merchants Association chief Nadim Assi has said that Lebanon could fall victim to the world financial...
Source : naharnet.com | 28-Nov-2008 07:10

'Lebanese state must help ease financial burden on businesses'
Lebanon will definitely be hit by the financial crisis prevailing in the world today, Beirut Merchants Association Nadim Assi chief said Thursday. "After the global financial crisis extended its reach into the Gulf states, there is a great possibility that the remittances of Lebanese working in the Gulf, estimated at $5 billion a year.
Source : dailystar.com.lb | 28-Nov-2008 01:04

Safadi to Combat Soaring Prices
Minister of Economy and Trade Mohammed Safadi on Wednesday vowed to combat high prices of basic commodities....
Source : naharnet.com | 28-Nov-2008 00:50

Solidere posts net profit of $83 million so far in 2008
Real estate giant Solidere announced on Thursday that is has a recorded a net profit of $83 million in the first half of this year, an increase of 37 percent compared to the same period last year. The company, which rebuilt the devastated Beirut Central District (BCD) after the 1975-90 Civil War, also projected net profits at the end of this year.
Source : dailystar.com.lb | 28-Nov-2008 00:49

Central Bank Governor: Lebanese Banks Growing
Lebanon's banking sector is weathering the global financial crisis and profits are expected to increase...
Source : naharnet.com | 27-Nov-2008 07:18

A case for the 'Umma' currency
Inter-Arab trade volumes are far more modest than they should be. Reasons for this are principally the lack of extensive distribution networks, the absence of comprehensive trade agreements that go beyond the existing accords and the fact that transactions have to go through the US dollar.
Source : dailystar.com.lb | 27-Nov-2008 01:16

Lebanese Group to Distribute Malta Oil for 100 Million Euros
Oil and gas group BB Energy BV, which is owned by Lebanese from the Bassatne family, has won a bidding...
Source : naharnet.com | 26-Nov-2008 07:20

Safadi sounds alarm on lower remittances from expatriates
Senior officials and financial analysts on Tuesday warned that capital inflows from Lebanese expatriates in the oil-rich Gulf Arab states may shrink next year as the global recession threatens most countries in the Middle East. Economy and Trade Minister Mohammed Safadi said that the Lebanese economy has managed so far.
Source : dailystar.com.lb | 26-Nov-2008 01:17

Lebanon Currently Steers Clear of Financial Crisis
As countries around the globe struggle to ride out the economic crisis, Lebanon's banking sector has...
Source : naharnet.com | 25-Nov-2008 19:03

Lebanon and Kuwait Ranked 1st on Economic Freedom of the Arab World Index
Lebanon and Kuwait are the most economically free Arab countries, according to a report released by...
Source : naharnet.com | 25-Nov-2008 07:16

When will the Internet get up to speed in Lebanon?
Amid rave reviews and the glow of high-definition television screens as far as the eye could see, the 13th edition of the Levant's Information Technology Exhibition at the Beirut International Exhibition and Leisure center is a look into Lebanon's potential as a future technology hot spot for the Middle East.
Source : dailystar.com.lb | 24-Nov-2008 01:11

New Business Linkages Initiative Program
USAID has launched a new program which supports the expansion of the agribusiness, tourism, and information...
Source : naharnet.com | 21-Nov-2008 07:17

Lebanon still lags on copyright rules - Microsoft exec
A senior Microsoft executive said on Wednesday that Lebanon and the Middle East need to get firmer in their fight against copy rights violations. "The intellectual property is not very well respected in all of the Middle East which is a crucial element to achieve growth in this sector as well," Ali Faramawy, vice president of Microsoft International, told .
Source : dailystar.com.lb | 21-Nov-2008 01:13

Salameh predicts higher GDP, lower inflation, stable pound for Lebanon
Central Bank Governor Riad Salameh said on Thursday that he expected higher GDP, lower inflation and a stable local currency in Lebanon in 2008 and 2009. "I expect inflation to drop by six percentage points to about 8 percent in 2008 and 6 percent in 2009. Lebanon's GDP is also expected to grow to $29 billion," Salameh told
Source : dailystar.com.lb | 21-Nov-2008 00:58

Friends of Lebanon Conference for Investment Launched
Friends of Lebanon Conference for Investment was launched at the Phoenicia hotel on Thursday in cooperation...
Source : naharnet.com | 20-Nov-2008 19:23

Economic Roundtable in Qoreitem: Lebanon Spared by Global Financial Crisis
An economic and financial dialogue was launched in Qoreitem on Wednesday. The conference on invitation...
Source : naharnet.com | 20-Nov-2008 13:17

IMF Approves $37.6 Million in Emergency Post-Conflict Assistance to Lebanon
The Executive Board of the International Monetary Fund has approved $37.6 million in Emergency Post-Conflict...
Source : naharnet.com | 20-Nov-2008 07:11

Recession in Gulf states would have dire consequences for Lebanon - experts
Participants in an economic conference in Beirut warned on Wednesday that Lebanon will be gravely affected if the oil-rich Arab Gulf states experience a recession. Speaking to dozens of participants, Mohammad Zaatari, the president of the Chamber of Commerce in Lebanon, said that Lebanon and some of the Arab countries.
Source : dailystar.com.lb | 20-Nov-2008 01:09

Drivers' unions call strike for better benefits
Most taxi- and bus-drivers' unions in Lebanon declared Tuesday a two-day strike to press the government to improve the government benefits of the drivers. The unions said that most taxi and bus drivers would stop working as of Wednesday. "The strike will cover most parts of the country and we appeal to all taxi drivers.
Source : dailystar.com.lb | 19-Nov-2008 01:05

Beirut hotels show signs of recovery
A survey of the Middle East hotel sector by Ernst & Young indicated that occupancy at hotels in Beirut was 50 percent in the first nine months of 2008, up 13 percent from 37 percent in the same period last year, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group.
Source : dailystar.com.lb | 19-Nov-2008 00:50

Bassil refuses to hang up on plans to revamp cellular sector
Telecommunications Minister Jebran Bassil on Tuesday accused his opponents of trying to torpedo his efforts to rehabilitate the cellular networks. "They'd rather see the entire cellular sector in Lebanon disappear instead of seeing the political group which I belong to make any reforms in this sector," Bassil told reporters.
Source : dailystar.com.lb | 19-Nov-2008 00:35

Saniora: I Support Bassil in Implementing Cabinet Cellular Decision
Prime Minister Fouad Saniora expressed his full support and that of the cabinet to Communications Minister...
Source : naharnet.com | 18-Nov-2008 18:17

200,000 Chinese Tourists Expected Next Summer
Tourism Minister Elie Marouni has announced that more than 200,000 Chinese tourists will visit Lebanon...
Source : naharnet.com | 18-Nov-2008 13:25

Economic, Financial Dialogue in the Works by Hariri
MP Saad Hariri was preparing to launch an economic and financial dialogue mid this week to give this...
Source : naharnet.com | 17-Nov-2008 12:40

Safadi for Modernization of Investment Laws
Lebanese Economy and Trade Minister Mohammed Safadi has urged a modernization of labor and investment...
Source : naharnet.com | 17-Nov-2008 07:02

Berro stresses need to get serious about consumer protection
The president of the Lebanese Consumers Association, Zouhair Berro, said over the weekend that Arab authorities have rarely issued consumer protection laws, and have generally done so only when it was necessary to meet the conditions of donor countries or certain trade agreements.
Source : dailystar.com.lb | 17-Nov-2008 01:18

March 14 MP dials in new accusations against Bassil
March 14 Deputy Ghazi Youssif renewed his campaign against Telecommunication Minister Jebran Bassil Friday, accusing him of violating the law regarding Lebanon's two cellular companies. Youssif alleged that Bassil negotiated with a French consultancy firm without proper authorization from the Cabinet and prime minister.
Source : dailystar.com.lb | 15-Nov-2008 01:18

Tabourian says Lebanon may need to shop for affordable power in Jordan
Energy and Water Minister Alain Tabourian said Friday that Lebanon is now considering buying electricity from Jordan because the rates offered by Egypt are too expensive. Speaking to the Central News Agency, the minister said Electricite du Liban (EDL) sent a letter to the Egyptians inquiring about the rates for power.
Source : dailystar.com.lb | 15-Nov-2008 01:03

WTO Membership on the Horizon
Lebanese officials are confident the country will be granted admission to the World Trade Organization...
Source : naharnet.com | 14-Nov-2008 07:10

MIT forum launches competition for best business plan
The MIT Enterprise Forum of the Pan Arab Region launched on Thursday a competition on the best business plan in the region for 2008 and 2009. This announcement came during a press conference at Beirut's Monroe Hotel.
Source : dailystar.com.lb | 14-Nov-2008 01:05

Beirut's new labor fee may violate deal with Cairo
The Egyptian Embassy suggested on Thursday that the recent decision to register Egyptian workers with the Lebanese National Social Security Fund (NSSF) is not in line with the agreements signed by both governments. In a statement, the embassy said Egyptian Ambassador to Lebanon Ahmad Biddawi had discussed the decision of the Labor Ministry with Premier Fouad Siniora.
Source : dailystar.com.lb | 14-Nov-2008 00:50

Bassil denies deal to hand over Lebanese cellular grid to French firm
Telecommunications Minister Jebran Bassil denied on Thursday that he signed any agreement with a French company to replace one of the existing firms that are operating Lebanon's cellular networks. "This is an absolute lie. All that I am asking for is to rehabilitate the GSM networks and if the Cabinet refused my request.
Source : dailystar.com.lb | 14-Nov-2008 00:35

Salameh issues call for Arab monetary union
Banque du Liban Governor Riad Salameh on Thursday recommended a single currency for the Arab countries and further expansion of the banks in the region to counter the negative effects of the global credit crunch. "Our banks will face challenges in the future in view of the financial crisis around the world."
Source : dailystar.com.lb | 14-Nov-2008 00:20

USAID Allocates $6 Million to Help Villages Affected by Nahr al-Bared Fighting
The U.S. embassy has launched an assistance program to help communities surrounding the northern Palestinian...
Source : naharnet.com | 13-Nov-2008 07:05

UNDP, NGO hope to spread bright ideas
The Lebanese Center for Energy Conservation (LCEC) and the United Nations Development Program (UNDP) announced a media campaign on Wednesday aimed at encouraging consumers to use energy-efficient light-bulbs. "The importance of this campaign is to inform people about the benefit of the compact fluorescent lamp (CFL).
Source : dailystar.com.lb | 13-Nov-2008 01:15

Beirut's end-of-service bill draws fire
The controversial end-of-service bill which aims to provide better benefits to retired employees came under harsh criticism again from both the private sector and trade unions on Wednesday. The Economic Committee, a group representing private companies and institutions, said the government and the Labor Ministry.
Source : dailystar.com.lb | 13-Nov-2008 01:00

Salameh advises caution to fend off worldwide recession
Banque du Liban Governor Riad Salameh said on Monday that Lebanon should be extra-cautious in the near future because the world will experience a deep recession. Speaking at a luncheon held in his honor by the Association of Banks in Lebanon, Salameh warned that the global recession may continue for a long time.
Source : dailystar.com.lb | 12-Nov-2008 01:06

Lebanese state 'to pay off all NSSF dues for 2008'
Lebanon's Finance Ministry said Tuesday it will pay all the government's outstanding dues to the National Social Security Fund (NSSF) for 2008. The statement came after a meeting between Finance Minister Mohammad Shatah and Labor Minister Mohammad Fneish.
Source : dailystar.com.lb | 12-Nov-2008 00:51