This Is Beirut 2024-02-15 22:55 - Reading : 1 minute(s)
Following their meeting on Thursday, economic organisms issued a communiqué expressing their opposition to any projects proposed by the authorities aimed at remedying the financial and monetary situation, unless the absolute priority is ensuring depositors can retrieve their deposits. “Retrieving depositors' money is a sacred right guaranteed ...
This Is Beirut 2024-02-15 20:49 - Reading : 4 minute(s)
The World Bank's Board of Directors approved on Wednesday a $34 million project to assist Lebanon in restoring essential budget management functions within the public administration. This initiative aims to reinstate public services, ensure citizen welfare and facilitate sustainable economic recovery. According to a communiqué issued by the ...
This Is Beirut 2024-02-15 17:36 - Reading : less than a minute
Circular 166, which allows certain depositors to withdraw $150 a month from their accounts, came into force on Thursday. Those concerned can now submit their applications to the banks. Lebanon's Central Bank (BDL) has informed banks of the application mechanism and sent them the form to be used in order to lift the banking secrecy of the accounts ...
Nicolas Sbeih 2024-02-15 09:00 - Reading : 4 minute(s)
The chaos that has prevailed over the Lebanese financial sector for four years has recently jumped to a new level. It has become an economic concept, just like capitalism or socialism. And it is governing the country. The newly-coined concept of “financial chaos” involves this sticky mess surrounding the value of the lollar, the dollar, ...
Liliane Mokbel 2024-02-14 10:31 - Reading : 3 minute(s)
On Tuesday, the administrative court ruled on the dispute between the Association of Banks in Lebanon (ABL) and the State. The Council of State invalidated the government's plan to abolish bank reserves at the Banque du Liban (BDL). A major blow, which calls into question the validity of the banking resolution proposed by the government. On ...
Maurice Matta 2024-02-13 22:59 - Reading : 6 minute(s)
In its final "constitutional" session before transitioning into a caretaker government, on May 20, 2022, Najib Mikati’s Cabinet endorsed a plan for financial and economic recovery. It included a document titled "Strategy for Financial Sector Revitalization," which, in its third clause, outlined the cancelation of a significant portion of the ...
2024-02-13 14:29 - Reading : 2 minute(s)
Following an intervention by MP Farid el-Khazen, the employees of Alfa and Touch decided to take a break in their dispute with the caretaker Minister of Telecommunications, Johnny Corm, by suspending the open strike they began on February 5. In a bid to defuse the prevailing crisis in the cell phone sector, Keserwan MP Farid el-Khazen received a ...
Liliane Mokbel 2024-02-11 22:19 - Reading : 5 minute(s)
Should the approval of the Finance Law within constitutional deadlines be enough to presume that "the country is operating effectively"? Taxes and fees have increased by 10 to 46 times, while Lebanese citizens struggle to keep their heads above water. Under the Finance Law, taxes on goods and services, the primary revenue source, are estimated at ...
Maurice Matta 2024-02-11 17:36 - Reading : 8 minute(s)
No signs of a solution loom on the horizon for the escalating crisis between the Caretaker Minister of Telecommunications, Johnny Corm, and the unions of employees of the telecommunications companies in Lebanon, Alfa and Touch. So far, the Minister has refused to sign the new collective labor contract requested by the employees, arguing that given ...
2024-02-10 18:52 - Reading : less than a minute
According to information obtained by This is Beirut, the strike observed by employees of Lebanon's cell phone companies, Alfa and Touch, has led to the shutdown of several transmission stations, which is beginning to affect cell phone networks. At the same time, there is a shortage of top-up cards on the market. Against this backdrop, the Alfa ...
Mario Chartouni 2024-02-09 17:47 - Reading : 3 minute(s)
Lebanese cannabis is often hailed as among the finest in the world, a sentiment echoed by former Minister of Economy Raëd Khoury, MP of Baalbek-Hermel, Antoine Habchi, and supported by a 2018 report from the consulting agency McKinsey & Co. Let’s focus on showcasing the profitability of legalizing cannabis for medicinal purposes. National ...
This Is Beirut 2024-02-09 16:00 - Reading : 1 minute(s)
Million, a revolutionary content monetization platform, was launched on February 8 in the Middle East. Promising to revolutionize the digital content creation landscape, Million aims to fundamentally change the dynamics between creators and their audiences. Conceived by CEO Julien Hawari, Million is driven by the desire to empower creators and ...