Cabym's Weblog

the Reference blog for financial investment in Lebanon

Archive for Business News

Customs receipts up 6% to $1.6bn in first 10 months of 2010

Customs revenues reached $1.63bn in the first 10 months of 2010, up 5.8% from $1.53bn in the same period last year. Custom revenues totaled $161.7m in October 2010 compared to $167.2m in September and to $166m in October 2009. The Port of Beirut continues to be the main point of customs receipts, accounting for 87.8% of the total in first 10 months of 2010, and was followed by the Hariri International Airport with 5.4%, the Port of Tripoli with 3.4%, and the Masnaa crossing point with 2% of the total. Customs receipts from the value-added tax totaled $1.25bn in the first 10 months of the year.
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Association of Banks amends reference rate on US dollar and Lebanese pound lending

The Association of Banks in Lebanon (ABL) recommended to its member banks to increase the Beirut Reference Rate in US dollars to 4.67% from 4.66% previously starting in December. The rate, considered as the reference rate for lending in foreign currency, replaced last year the London Inter-Bank Offering Rate (LIBOR) since the ABL considered that the LIBOR no longer accurately reflects the cost of funding and lending in Lebanon.
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Torbey: Lebanon gradually applying Basel III guidelines

Torbey: Lebanon gradually applying Basel III guidelines

The Lebanese banks will gradually and moderately apply Basel III recommendations to reduce risk management, the head of the Association of Banks in Lebanon, Joseph Torbey, said Friday.

“We have applied most of the recommendations of Basel I and II over the past few years and we intend to do the same in Basel III with the help of the regulatory and monetary authorities,” Torbey said. These remarks came during a lunch hosted by the association in honor of high ranking Turkish delegation which is visiting Lebanon

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Investing in the Lebanese Creative Economy yields future opportunities for younger generations

Lebanon has an opportunity to fuel its economic growth, by further investing in its creative ecosystem. Additionally, over the past few years the Creative Economy sector has witnessed a significant development in this region, in general and in Lebanon in particular, and there has been an increase in the size and quality of creative production. This makes it important to start addressing creativity from an economic perspective and to promote the understanding of creativity as a viable economic activity that generates wealth and jobs.
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Balance of payments posts surplus of $2.94bn

Central Bank figures show that Lebanon’s balance of payments posted a surplus of $2.94bn in the first 9 months of 2010 compared to a surplus of $4.84bn in the same period last year. The balance of payments posted a surplus of $186m in September compared to a surplus of $446.7m in August and a surplus of $475m in September 2009. The August 2010 surplus was caused by a surplus of $81m in the Central Bank’s net foreign assets and a surplus of $105m in those of banks and financial institutions.
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Lebanon ranks 49th globally for microfinance environment

The Economist Intelligence Unit’s Global Microfinance Index ranked Lebanon in 49th place among 54 countries worldwide and in last place among 14 countries in the Middle East and Africa (MENA) in terms of the environment for microfinance, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group. Also, Lebanon came 12th among 14 Upper Middle Income Countries (UMICs) included in the survey.
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Beirut Real Estate Market to Grow 15 Percent

Beirut real estate market predicted to grow 15 percent in next three yearsLebanon’s real estate market will grow by up to 15 percent in the next three years, director general of the Economy Ministry Fuad Fleifel said Thursday at the Beirut International Property Fair.
“Lebanon has gone against the current of the international financial crisis in the real estate sector,” said Fleifel. “Its [real estate] value has risen by 9 percent during the first eight months of 2009, with expectations that it will rise between 10 and 15 percent until the year 2013.”
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