Fitch Ratings downgrades Lebanon To CCC from B-

Fitch Ratings downgraded Lebanon's ratings to CCC from B-, while S&P gave us a grace period before eventually downgrading us. So we jumped from "B : financial situation varies noticeably" to "CCC : currently vulnerable and dependent on favorable economic conditions to meet its commitments", while our government continues to waste time and behave as if our economy is booming. “The government is largely relying on financing from the central bank, both in domestic debt…

Lebanon’s Debt Increases $21,000 Every Minute

In 2018, Lebanon's national debt increased by $6.6 Billion Dollars, which amounts to almost $12,500 every minute. This year, the debt is expected to increase by $11 Billion Dollars, which means that that it will increase roughly by $21,000 every minute. If we look at January only, the national debt reached $85.32 billion — nearly 150% of the gross domestic product — an increase of $4.93 billion compared to January 2018. The reasons behind this…
Automotive

Uber Set to Buy Careem

6 months ago
I heard rumors about this acquisition few months back and it looks like it’s finally happening. According to Bloomberg, Endadget and several other sources, “Uber is set to announce a $3.1 billion cash-and-share deal to ...
Business

LCPS 2018 Report: 95% of Lebanese Think We’re Headed in The Wrong Direction

7 months ago
The Lebanese Center for Policy Studies (LCPS) released its Feb 2019 report and revealed some interesting finds after conducting a survey back in October 2018 with 1,200 respondents. According to the repot, The survey was ...
Business

Lebanese Candidate Ziad Hayek to Challenge U.S. President Trump’s Choice

7 months ago
World Bank elections are nearing and Lebanon has put forward a candidate that may challenge U.S. President Trump’s Choice David Malpass. In fact, the status-quo in picking the world bank president, which relied on a ...
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Areeba’s Campaigns Promoting a #Cashless Culture in #Lebanon

7 months ago
It goes without saying that non-cash payments are on the rise worldwide and I’ve witnessed that first hand ever since I moved to Montreal back in December. In fact, after enabling Apple Pay and installing ...
Business

Moody’s Downgraded Lebanon’s Credit Rating To Caa1

8 months ago
Mabrouk! We’re three spots away from the lowest ranking awarded by Moody’s. Yesterday, Moody’s Investors Service has downgraded the Government of Lebanon’s issuer ratings to Caa1 and changed the outlook from negative to stable. Here’s ...
Business

Latest Central Bank Circular: All Money Transfers from Abroad to be Paid out in LBP

8 months ago
Lebanon’s Central Bank issued a circular yesterday stating that all electronic money transfers from abroad be exclusively paid out in Lebanese pounds, in an attempt to limit the outpour of US dollars. The circular does ...
Business

The McKinsey Report for #Lebanon is Out!

9 months ago
The Ministry of Economy has uploaded the McKinsey full report entitled “Lebanon Economic Vision” on its website. It’s a 1274 pages long report with a long and comprehensive executive summary of around 150 pages. You ...
Business

Facebook appoints Lebanese Ramez Shehadi as its managing director for the MENA region

10 months ago
In a press release issued on November 20, Facebook has announced the appointment of Lebanese Ramez Shehadi, as its managing director for the Middle East and North Africa (MENA) region. Shehadi has been an outstanding ...
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