This is Beirut - Economy

Raed Khoury: Eliminating Banks and Deposits Would Be a “Catastrophe”

Nadia Hallak, 08/11 09:00 - Reading : 4 minute(s)

As the financial collapse continues and losses keep mounting with no clear plan yet for their distribution, attention is once again turning to the stalled negotiations between the Lebanese government and the International Monetary Fund (IMF), amid conflicting official approaches on how to address the crisis and restructure the banking sector. The ...

Public Finances Recovering, but Stability Remains Fragile

Liliane Mokbel, 07/11 17:20 - Reading : 2 minute(s)

Central Bank of Lebanon EDL Lebanon economy finance

The rebound in Lebanese state deposits at the central bank (BDL), estimated at nearly $800 million, marks a rare financial upswing amid the prolonged crisis that began in 2019. It is a welcome breath of fresh air, but still far from a genuine structural recovery of public finances. Above all, this renewed momentum reflects the early stages of a ...

Bsat: IMF Seeks to Impose Losses on Banks... Say Goodbye to Deposits!

This is Beirut, 07/11 15:45 - Reading : 3 minute(s)

Lebanon IMF Banks Economy

Lebanese Economy and Trade Minister Amer Bsat made several key statements during his appearance on the television program “Sar El Waet.” He addressed multiple sensitive issues, including the financial-gap law, bank restructuring, and negotiations with the International Monetary Fund (IMF). Bsat emphasized that it is not possible to commit to ...

When Samir Hammoud Sacrifices Depositors to Please the IMF

This is Beirut, 07/11 15:20 - Reading : 4 minute(s)

Lebanon Economy Banks BDL IMF

Negotiation skills refer to the capacities and methods used by an individual when engaging in discussions with another party in order to reach an agreement that satisfies both sides, without sacrificing the rights or interests of either. Key negotiation skills include planning, managing expectations, persuasion, problem-solving, decision-making, ...

Writing Off Banks’ Capital Wipes Out Deposits

This is Beirut, 06/11 18:20 - Reading : 3 minute(s)

Lebanon Central Bank Karim Souhaid Yassine Jaber Economy Banks

The Governor of the Central Bank of Lebanon, Karim Souhaid, clarified the situation by declaring that Lebanon’s crisis is not purely a financial one but rather a systemic crisis in which the banking sector has become a victim. This is what Souhaid stated clearly during the parliamentary session dedicated to discussing the 2025 budget draft, ...

Syrians Furious at Major Hike in Electricity Prices

This is Beirut, 06/11 13:55 - Reading : 3 minute(s)

Syria electricity poverty economy

In his workshop near the Syrian capital, Ghassan Aama is at a loss following a recent decision to massively hike electricity prices, even as much of the country continues to face extensive outages. Last month, the energy ministry raised prices by at least 60 times compared to the previous tariff, sending shockwaves through a population already ...

Where Were You, Samir Hammoud?

This is Beirut, 05/11 16:35 - Reading : 1 minute(s)

Lebanon Banks Economy

High-level banking sources were surprised by comments made by the senior adviser to the Minister of Finance, Yassine Jaber, to the “Al-Markaziya” outlet regarding depositors’ accounts. According to Samir Hammoud’s statement, “If there are irregularities in depositors’ accounts, there are also irregularities in banks’ ...

Copper Price Hits Record High on US-China Hopes of Trade Truce

This is Beirut, 29/10 13:20 - Reading : 1 minute(s)

USA China Copper Economy Trade

The price of copper reached a record high in trading Wednesday, the industrial metal boosted by hopes of a truce in the US-China trade war. Copper hit $11,143 a tonne on the London Metal Exchange, also on concerns about tight global supply as a major mine in Indonesia remains shut following a deadly mudslide last month. The new high beat the ...

Amazon Says Cutting 14,000 Jobs Globally

This is Beirut, 28/10 13:25 - Reading : 1 minute(s)

Amazon AI Jobs economy

US online retail giant Amazon said Tuesday that it is eliminating 14,000 jobs to streamline its operations as it invests in artificial intelligence, without saying where the cuts will come. Amazon said in a statement the reductions were a "continuation" of its efforts "to get even stronger by further reducing bureaucracy, removing layers, and ...

Saudi Hosts World's Business Elite with Eyes on Gigaprojects, AI

This is Beirut, 28/10 09:05 - Reading : 3 minute(s)

Gulf Middle East Saudi Arabia Investment Economy FII

Saudi Arabia welcomes heads of state and the global business elite at a major investment conference this week as it seeks support for its sprawling "gigaprojects" and sky-high AI ambitions. Chinese Vice President Han Zheng, joined by several ministers and more than 150 business leaders, and Syria's interim president are among the guests at the ...

Trump Says He Won't Meet with Canada 'For a While,'

This is Beirut, 27/10 13:45 - Reading : 2 minute(s)

Donald Trump United States Canada Economy

US President Donald Trump said on Monday that he would not meet with Canada "for a while," as Prime Minister Mark Carney offered an olive branch to resume trade talks. Trump announced he would be hiking tariffs on Canadian goods by an additional 10 percent and terminated all trade talks following what he called a "fake" anti-tariff ad campaign ...

Syria Urges Banks to Provision Their Claims on Lebanon

Liliane Mokbel, 23/10 17:20 - Reading : 2 minute(s)

Banks Damascus Syria Lebanon economy

The Central Bank of Syria has given domestic banks a six-month deadline to fully provision their claims on the Lebanese banking sector, estimated at $1.6 billion, according to a circular cited by Reuters. The directive does not specify the exact nature of these claims – whether deposits, placements or financial investments – making their ...

Economy