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Recession first started in 2018

in English/إقتصاد عام

The gross domestic product (GDP) at constant prices dropped by 1.9 percent in 2018 driven by a decline in household consumption and in the construction and trade sectors, according to the National Accounts report for 2018 released by the Central Administration of Statistics (CAS). “This reflects the tough conditions experienced by the Lebanese economy in…

Property sales: 50,000 transactions in 2019

in English/إقتصاد عام

The number of real estate sales transactions reached 50,000 at a value of $6.8 billion in 2019, according to figures released by the General Directorate of Land Registry and Cadastre (GDLRC). Sales are down 17 percent from 2018. The average value per transaction in 2019 reached $135,873, almost two percent increase compared to 2018. The…

مطلوب لبنانيين لمحطات “أي بي تي”

in English/إقتصاد عام

نظرًا للظروف الصعبة والاستثنائيةِ التي يعيشها الوطن، تتوجه “أي بي تي” بمبادرةٍ مسؤولة وغير مسبوقةٍ تتمثّل في توظيف لبنانيين في المحطات التي تديرها مباشرةً وتحديدًا اليد العاملة التي عادةً ما يتولاها العمال من الجنسيات الأجنبية من تعبئة البنزين وغسيل السيارات وغيار الزيت، وخدمات أخرى. وتسعى “أي بي تي” من خلال هذه الخطوة الى مواجهةِ الانعكاسات…

New car sales drop more than 33%

in English/إقتصاد عام

New car sales in Lebanon took a severe hit in 2019 as the number of registered vehicles plunged by 33.4 percent compared to the same period of 2018, according to data compiled by the Association of Car Importers. The association said that registered passenger cars stood at 21,991 in 2019, falling by 33.4 percent from…

Capital controls drastically cut imports

in English/أعمال وأسواق مالية

Elie Zakhour, the president of the International Chambers of Navigation, said the strict capital controls imposed by banks have dealt a severe blow to shipping agencies, importers and industrialists. “Companies, importers and industrialists will suffer heavy financial losses if the banks refuse to issue letters of credit or open new accounts to import raw materials…

BLOM Bank approves 10 percent capital increase

in English/أعمال وأسواق مالية

BLOM Bank has approved the terms and conditions of an increase to its Tier 1 capital by 10 percent, an amount equivalent to $261.94 million, it said in a statement Wednesday. Banque du Liban instructed banks in November to raise their Common Equity Tier 1 capital, a key measure of financial strength, by 10 percent…

The various ways Lebanon could default

in English/أعمال وأسواق مالية

(Reuters) – Lebanon’s caretaker finance minister has asked the central bank governor to hold off on a proposed swap of 2020 Eurobonds after ratings agencies warned it could constitute a selective default, a source familiar with the matter said on Wednesday. One of the most heavily indebted countries in the world, Lebanon has $2.5 billion…

Bank Audi open to sale of Egyptian unit

in English/أعمال وأسواق مالية

Bank Audi is considering selling its Egyptian subsidiary after receiving interest from lenders, its chief financial officer told Reuters, indicating a possible strategy rethink as Lebanon grapples with a financial crisis. Bank Audi is also proceeding with an equity increase which the Central Bank has instructed all Lebanese banks to implement to help weather the…

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