Economy

Most Asian Markets Track Wall St Gains, Bitcoin Closes on $100,000

This is Beirut 22/11 09:05 - Reading : 3 minute(s)

New York Ukraine USA Vladimir Putin Volodymyr Zelensky White House

Most Asian markets gained Friday after a bounce on Wall Street, while bitcoin continued its march higher to move within touching distance of the $100,000 mark. Rising geopolitical tensions tempered the atmosphere and pushed oil higher after Russia hit Ukraine with a new-generation intermediate-range missile and sent a warning to the West. The ...

Free Mobile Internet for Public Sector Students and Teachers

This is Beirut 21/11 18:00 - Reading : less than a minute

Lebanese University

Teachers and students in public institutions can now take advantage of a free 20 GB package from mobile providers Alfa and Touch. Alfa and Touch have started offering a free 20 GB package to teachers and students whose names are on the Ministry of Education’s lists, according to a press statement released by the Ministry of Telecommunications ...

Fayad: Fuel Distribution to Shelters Within Hours

This is Beirut 21/11 17:40 - Reading : 1 minute(s)

EDL

The Ministry of Energy will start distributing diesel fuel to shelters hosting displaced people in the coming hours in anticipation of a severe drop in temperature forecast for next week. Caretaker Energy Minister Walid Fayad said in an interview with Voice of All Lebanon Radio on Thursday that the ministry is seeking to speed up the distribution ...

ExplainerAssessment of Infrastructure Damage: A Collaboration Between the Government and the World Bank

Liliane Mokbel 20/11 18:00 - Reading : 2 minute(s)

Economy World Bank

Even before rebuilding residential and commercial units, priority will be given to restoring infrastructure as soon as hostilities end. This step is crucial to reestablishing the normal functioning of the social and economic fabric within any community. In this context, the caretaker government led by Najib Mikati, with the support of the World ...

20 Lebanese Among Forbes’ 30 Under 30: A Breath of Hope for the Youth

Christiane Tager 20/11 14:45 - Reading : 2 minute(s)

Middle East

Twenty Lebanese have been named to Forbes Middle East’s list of influential people under 30 for the year 2024, among 153 laureates from 24 different countries who are notable for their inventiveness and impact in the Middle East and North Africa (MENA) on the list. The 153 outstanding talents under 30 from 24 different countries were revealed ...

Numbers & FiguresThe IMF Raises Its 2023 Growth Forecast for Lebanon's GDP

This is Beirut 20/11 12:55 - Reading : 2 minute(s)

International Monetary Fund Lebanon GDP

The International Monetary Fund (IMF) has raised its 2023 GDP forecast for Lebanon, now estimating it at $24 billion, up from $16.2 billion in its June 2023 report. This upward revision reflects the adoption of a new methodology for calculating national accounts, leading to a 50% increase in the estimated GDP value. The update is part of the ...

Salam: 'Daily Losses of Hundreds of Millions of Dollars as War Continues'

This is Beirut 20/11 11:25 - Reading : less than a minute

Israel

Caretaker Minister of Economy Amin Salam indicated that "Lebanon's losses resulting from the ongoing war with Israel currently range between 15 and 20 billion dollars." In an interview with Al-Arabiya TV channel on Wednesday, he explained that the military escalation led to "the destruction of Lebanon's infrastructure and the elimination of ...

Freight Insurance: The Impact of War on Prices

Christiane Tager 20/11 10:00 - Reading : 2 minute(s)

Economy Lebanon War

Due to the ongoing war between Hezbollah and Israel, freight insurance premiums have surged, adding further pressure on Lebanese trade and, consequently, on consumers. Armed conflicts significantly increase the risks associated with maritime and land transport. Ships and cargo can be targeted or suffer collateral damage from hostilities. ...

SpotlightBattling for Survival: Lebanon’s Tourism Sector Amid War and Crisis

Maurice Matta 20/11 09:00 - Reading : 5 minute(s)

Lebanon Economy Tourism Restaurants

Before the war, 60 airlines flew to Beirut; only Middle East Airlines remains today. Flights that once operated at 80-90% capacity now barely reach 20%, especially during peak seasons like Christmas and New Year. Travel to Lebanon has decreased by 80% compared to previous years, largely due to the ongoing conflict. The tourism sector, one of the ...

ExplainerIn the Wake of War: How Conflict Is Shaping Consumer Choices in Lebanon

Liliane Mokbel 17/11 19:15 - Reading : 2 minute(s)

Hezbollah Israel economy consumption displaced

Many Lebanese have begun purchasing fruits and vegetables individually, a practice rarely seen in a culture that traditionally favors buying by the kilo. Grocery baskets have shrunk in both quantity and variety. Testimonies from mothers gathered by This is Beirut reveal a shift toward prioritizing legumes, which are more affordable than meat, ...

ReportBeirut's Businesses Struggle to Stay Afloat under Bombardment

This is Beirut 17/11 11:50 - Reading : 4 minute(s)

Banks Hezbollah Israel Palestine

Lina al-Khalil has fled her south Beirut home to escape escalating Israeli attacks on Hezbollah, but she still returns daily to the bombarded area to keep the family business running. "It's more important than my house," said the pharmacist, in her 50s, of the business she inherited from her father in Haret Hreik, a southern suburb ...

2025 Budget: A Looming Fiscal Crisis

Liliane Mokbel 15/11 18:30 - Reading : 4 minute(s)

Central Bank of Lebanon Hezbollah International Monetary Fund Israel Budget 2025

With spending on the rise and revenues falling short of expectations, the 2025 budget proposal is now effectively obsolete. The government must act swiftly to withdraw it from Parliament, where it was submitted on time, to prevent a deepening crisis. Why is a crisis inevitable? The current draft budget relies on unrealistic revenue projections, ...