Economy

Lagarde says ECB will continue to cut interest rates

This is Beirut 2024-12-16 14:00 - Reading : 2 minute(s)

Banks Donald Trump ECB Christine Lagarde

European Central Bank chief Christine Lagarde said Monday eurozone policymakers would keep cutting interest rates and warned that higher US tariffs under President-elect Donald Trump could hit growth in the bloc. "Even though we are not there yet, we are close to achieving our target" of two-percent inflation, Lagarde said in a speech at the Bank ...

Eurozone business activity contracts again in December

This is Beirut 2024-12-16 13:55 - Reading : 2 minute(s)

France

Business activity in the eurozone declined further in December, though less sharply than the previous month thanks to an upturn in the services sector, a closely-watched survey showed Monday. The HCOB Flash Eurozone purchasing managers' index (PMI) published by S&P Global stood at 49.5 compared to 48.3 in November, as companies in the ...

With Assad gone, Syrian pound starts to recover

This is Beirut 2024-12-16 13:45 - Reading : 2 minute(s)

Damascus USA dollar Syrian Pound

The Syrian pound has begun to recover against the dollar after president Bashar al-Assad's ouster, moneychangers and traders said Monday as foreign currencies again became available on the local market. On December 7 -- the day before Damascus fell to a rebel coalition led by the Islamist Hayat Tahrir al-Sham group – the rate had plunged to ...

MEA Crosses Syrian Airspace Again

This is Beirut 2024-12-15 11:30 - Reading : less than a minute

MEA Syrian Airspace

Aircraft of the national carrier Middle East Airlines (MEA) will once again be crossing Syrian airspace on their way to airports in Iraq and other Arab countries, as revealed by the caretaker Minister of Public Works and Transport, Ali Hamiye, on his X (ex-Twitter) account. This is the result of coordination with the International Civil Aviation ...

ReportSyrian Pubs Cautiously Reopen After Islamist Victory

This is Beirut 2024-12-15 11:15 - Reading : 4 minute(s)

Damascus HTS Syria

The citizens of Damascus largely celebrated the fall of Bashar al-Assad's hated regime with joy, after 13 long years of brutal civil war. But the city's drinking holes did have one concern. The rebel army that overthrew the former leader was led by Hayat Tahrir al-Sham (HTS), an Islamist group which some drinkers feared would forbid the sale of ...

Founder of Spain’s Mango Clothing Chain Dies in Accident

This is Beirut 2024-12-14 22:10 - Reading : 4 minute(s)

Spain Mango Retail Clothing Isak Andic

Isak Andic, the founder of Spanish clothing retailer Mango, one of Europe's largest fashion groups, with nearly 2,800 stores worldwide, died Saturday in an accident, the company said. While the company did not provide further details, Spanish media reports said the 71-year-old died after falling while hiking with several members of his family ...

Egypt inaugurates $500 million solar power plant in Aswan

This is Beirut 2024-12-14 16:30 - Reading : 2 minute(s)

Banks Middle East

Egypt inaugurated a $500 million solar plant in the southern city of Aswan on Saturday as part of its push to boost renewable energy production after last summer's severe power outages. The Abydos Solar PV Plant, which was developed by Dubai-based energy company AMEA Power, has a capacity of 500 megawatts and was completed in just 18 months. The ...

ExplainerSyria’s Empty Treasury Shifts Focus to Frozen Assets Abroad

Maurice Matta 2024-12-14 16:00 - Reading : 3 minute(s)

Economy Syria Lebanon

A few days after the fall of Bashar al-Assad’s regime, the Syrian pound made a dramatic recovery against the US dollar in local markets, trading between 13,000 and 15,000 pounds per dollar. This rebound followed months of sharp devaluation, with the exchange rate previously collapsing to nearly 60,000 pounds per dollar on the black ...

Numbers & FiguresFigure of the Week: $80 for a Meter of Glass, Driven by Reconstruction Needs

Liliane Mokbel 2024-12-14 12:00 - Reading : less than a minute

Hezbollah Israel damage reconstruction

The price of a meter of glass has surged to $80, up from $30 before the start of the conflict between Israel and Hezbollah. This price does not include the cost of labor for installation. Glaziers attribute the increase to a surge in demand, primarily driven by the reconstruction and repair of buildings and structures damaged by Israeli ...

Lebanese Agriculture Lacks a Gateway

Liliane Mokbel 2024-12-13 20:07 - Reading : 2 minute(s)

Syria Lebanon Bashar al-Assad

Lebanese farmers continue to endure substantial losses. Since the fall of Bashar al-Assad’s regime on December 8, the movement of refrigerated and covered trucks between Lebanon and the Arab hinterland has become increasingly irregular. All Lebanese exports and imports sent overland to and from the Arab world are reliant on transit through ...

Partnership Agreement Between Agriculture Ministry and Litani National Authority

This is Beirut 2024-12-13 19:20 - Reading : 1 minute(s)

Litani National Authority Ministry of Agriculture

A partnership agreement was signed on Friday between the Ministry of Agriculture, represented by caretaker Minister Abbas Al Hajj Hassan, and the Litani National Authority, represented by General Manager and Chairman of the Board of Directors Sami Alawieh. This partnership is part of the Ministry’s plan to expand and develop wheat ...

Asian Markets Retreat as China Pledges Fail to Spark Excitement

This is Beirut 2024-12-13 09:55 - Reading : 3 minute(s)

Banks Donald Trump New York

Asian markets fell Friday as China's latest vows to boost the beleaguered economy failed to stir much excitement, while traders looked ahead to a key Federal Reserve policy meeting next week. A tepid week was on course for a damp finish, with Wall Street offering a negative lead after fresh data pointing to a pick-up in inflation. Hong Kong and ...