Lebanon to Offer $120 Million Tender in 2009 for Port Expansion


Posted by Wires

The International Chamber of Navigation in Beirut said that the Lebanese government will offer a tender in early 2009 to start a $120 million project to expand Beirut Port, Al Mustaqbal reported, citing Elie Zakhour, the chamber’s president.

  Zakhour told the Lebanese newspaper that the plan will include increasing the capacity to 1.25 million containers and extending the length of some of its quays.

 He also said that revenue for the first 10 months of this year rose 13 percent to $107.2 million from the same period of 2007, the newspaper reported.

 SGBL’s Nine-Month Net Rose 121% on Loans, Assafir Says

Societe General de Banque du Liban SAL, a Beirut-based lender, said net profit for the first nine months of 2008 rose 121 percent to $31 million from $14 million in the same period last year, Assafir reported, citing George Saghbini, the bank’s deputy general manager.

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Financial Troubles In The Gulf Are Heavily Weighing On The Beirut Stock Exchange BLOM Says


Posted by Wires

The recent financial troubles in the Gulf are heavily weighing on the Beirut stock exchange as Gulf investors in Lebanese equities continue to liquidate their positions, raising concerns that the market, down 14.5% since the beginning of the year, may not have already reached the bottom. The BLOM stock index fell for a second consecutive day reaching a new low of 1272.54 down 1.66% from yesterday’s value. Five stocks out of the 26 listed went down, whereas only one rose. Solidere stocks constituted 98% of the total traded value, while Listed banks represented the remaining 2%.

Moreover, Lebanon’s Credit Default Swap(CDS) sustained yesterday’s value of 570-630bps. Thus, as the low activity on the eurobond market continued to mirror investor’s wait and see approach, the BLOM bond Index remained in sideways and marginally went up today by 0.36% to 92.98.

More than 400,000 Lebanese currently work in the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain. It is estimated that Lebanese expatriates send close to $6 billion to Lebanon each year, or 25 percent of the country’s GDP.

This massive cash injection has contributed to economic growth and an increased demand for properties. Central Bank chief Riad Salameh said recently that Lebanon can cope with a small drop in remittances because the government has agreed to raise minimum wages by LL200,000. He added that this step would boost consumer spending.

Lebanese banks and financial institutions are very liquid due to the steady flow of

Economists have noted signs of an economic slowdown in the oil-rich states.

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IMF Board Approves $37.6 Million in Emergency Loan to Lebanon; Boosts Government Fiscal Image


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Arab states urged to get serious about consumer protection

 Posted by BI-ME

The president of the Lebanese Consumers Association, Zouhair Berro, said over the weekend that Arab authorities have rarely issued consumer protection laws, and have generally done so only when it was necessary to meet the conditions of donor countries or certain trade agreements. (more…)

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DeFi Mobile and DoubleU join forces to market DeFi Global Access in MENA region

 Posted by BI-ME

Embracing one of the world’s fastest growing economic and mobile technology areas, DeFi Mobile and DoubleU have forged a new partnership, positioning DoubleU as the premier marketing and service provider for DeFi Mobile’s offerings in the Middle East and North African (MENA) region. (more…)

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CMCS launches operations in Lebanon and new markets

 Posted by BI-ME

Collaboration, Management and Control Solutions (CMCS), a leading provider of Project, Portfolio and Risk Management Information System solutions and the exclusive authorised representative of Primavera Solutions in the Middle East (excluding Saudi Arabia and Egypt), recently established its presence in Lebanon through the launch of its sister company, PMAG. (more…)

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Hezbollah backed over Shebaa farms

Lebanon’s new government has won a vote of confidence, approving a policy statement recognising Hezbollah’s right to use all means possible to regain Israeli-occupied land claimed by Lebanon. One hundred members of the 128-seat parliament voted in support of the cabinet proposal on Tuesday, allowing the cabinet to finally start work. (more…)

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Lebanon president heads to Syria

Michel Sleiman, Lebanon’s president, is set for a historic visit to Damascus, where the establishment of diplomatic ties will dominate the agenda of talks with Bashar al-Assad, his Syrian counterpart.

The two-day visit, beginning on Wednesday, is the first by a Lebanese head of state since Syrian troops withdrew from Lebanon in 2005.

Sleiman and al-Assad, whose states have not had official diplomatic relations since independence more than 60 years ago, finally agreed to establish ties last month in Paris.

The agenda at Wednesday’s talks also features complicated issues such as a border demarcation, a review of longstanding accords, Lebanese detainees in Syria and the presence of pro-Syrian Palestinian groups in Lebanon, diplomatic sources said.

“Syria wants a stable, united and Arab Lebanon which does not serve as a trampoline for hostile activities,” Elias Murad, editor-in-chief of the newspaper of Syria’s ruling Baath party, said.

Al-Hariri assassination

Syria dominated Lebanon for three decades until its forces left in the wake of massive protests by Lebanese after the assassination of Rafiq al-Hariri, the former prime minister.

Damascus has repeatedly denied accusations that it was involved in the bomb blast in Beirut which killed al-Hariri in February 2005.

The visit comes after Lebanon’s new government won a vote of confidence, allowing a power-sharing cabinet to finally start work after an agreement on a unity government was reached in Qatar in May.

The policy statement recognised the right of Lebanon, its government, people and armed movements to use all means possible to regain land claimed by Lebanon, a reference to the Shebaa Farms and nearby Israeli-held parts of Ghajjar village. (more…)

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