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SATURDAY, 26 MAY 2012

07:55 PM Beirut time

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Lebanon

Government to raise VAT, interest tax

By Mohamad El Amin | May 25, 2012 11:30 AM

A new 15-percent tax on profits made through real estate transactions and a 2-percent hike on both VAT and interest-revenue taxes are part of the revised 2012 budget draft announced by Minister Safadi Thursday.

Syria’s downtrodden flock to Lebanon for work

By Erika Solomon, Laila Bassam | May 25, 2012 01:23 AM

Huddled under Beirut’s concrete bridges and around street corners are thousands of Syrian men who have left home.

Solidere shares rebound in thin trading on BSE

May 25, 2012 01:24 AM

Solidere A and B shares gained 2 percent and 4.05 percent respectively to reach $12.75 and $12.84 in thin trading on the Beirut Stock Exchange.

Sarraf: looking beyond Lebanon for investments

By Mohamad El Amin | May 24, 2012 02:34 AM

Lebanese businesses should channel some of their investments to more promising regional economies to avert tougher economic conditions ahead.

Solidere shares continue to plunge

May 24, 2012 02:34 AM

Solidere A and B shares continued to fall during a thin trading on Beirut Stock Exchange as major shareholders of the real estate company.

Middle East

International

Analysis

Gulf shares down on Greece woes, Egypt sees gains

May 25, 2012 01:24 AM

Gulf markets extended declines in muted pre-weekend trade Thursday on worries over a possible Greek exit from the eurozone.

Syria envoy says U.N. mission can't get bank account

May 25, 2012 02:53 PM

Syria's U.N. ambassador complains that his mission is unable to open a U.S. bank account due to sanctions imposed on his country.

U.K. recession deepens as eurozone woes mount

Fiona Shaikh | May 25, 2012 01:20 AM

A slump in construction output drove Britain even deeper into recession than initially thought in the first quarter of this year.

China banks may miss loan targets for 2012, officials say

May 25, 2012 01:21 AM

China’s biggest banks may fall short of loan targets for the first time in at least seven years as an economic slowdown crimps credit demand.

Nightmare foretold if Greece heads for euro exit

Harry Papachristou | May 18, 2012 03:44 PM

Greece is close to breaking point as it struggles with austerity targets set by creditors.

JPMorgan faces new scrutiny after $2bn loss

Veronique Dupont | May 12, 2012 10:15 AM

One of the pillars of Wall Street -- bank JPMorgan Chase -- faces new scrutiny after it reports a shocking $2 billion derivatives loss that even its pugnacious chief executive calls "egregious."

More News

Fitch: Lebanon rating can absorb sporadic clashes

By Alaa Shahine | May 24, 2012 02:34 AM

Lebanon’s credit rating can absorb sporadic bouts of unrest similar to this week’s clashes in the most-indebted Arab country, Fitch Ratings Ltd. said.

Lebanon NSSF: a creaky social mainstay with a Herculean task

By T.K. Maloy | May 24, 2012 02:33 AM

A bloated and dilapidated behemoth that for decades has been suffering from waste, poor management and mounting losses, Lebanon’s NSSF drew the public’s attention during a recent standoff between the fund and private hospitals.

Bassil refuses to bow to striking EDL contractors

May 24, 2012 02:33 AM

Minister Bassil said that the open-ended strike staged by Electricite du Liban’s contract workers is undermining the authority of the government.

Gasoline prices down by LL1,000

May 23, 2012 08:33 AM

The price of 20 liters of gasoline declines by LL1,000 and that of diesel by LL 500 from last week's price, according to the Energy and Water Ministry.

Safadi: Private sector needed to reduce deficit

By Mohamad El Amin | May 23, 2012 01:31 AM

Adopting a public-private partnership law is not a matter of choice for Lebanon, Finance Minister Mohammad Safadi said Tuesday...

Audi: Syria’s impact on Lebanese economy offset by other gains

May 23, 2012 01:31 AM

The volatile situation in Syria has impacted the Lebanese economy, but the picture may not be as bleak as one may think, according to newly released economic data.

Solidere shares drop to lowest levels since 2005 after unrest

May 23, 2012 01:31 AM

Shares of real estate giant Solidere fell to their lowest levels since 2005, and brokers expect some major shareholders to intervene in a couple of days to boost the stock’s prices.

Transport unions call off strike but give Cabinet warning

May 23, 2012 01:31 AM

Lebanon’s transportation unions called off a strike scheduled for Thursday but warned they would resort to striking if the government fails to place a ceiling on gasoline prices by next week’s Cabinet session.

SGBL looking to sell Bank of Gambia: report

May 22, 2012 02:01 AM

Société Générale de Banques au Liban is eying the sale of Bank of Gambia in a deal that would be worth around $8 million, according to reports.

Kafalat loans extended to SMEs reach $44.5 mln

May 22, 2012 02:00 AM

Figures released by the Kafalat Corporation showed that loans extended to small and medium companies under the guarantee of Kafalat reached $44.5 million in the first four months of 2012.

Financial firms’ combined balance sheet at $1.1 bln

May 22, 2012 01:59 AM

Central Bank statistics showed that the consolidated balance sheet of financial institutions in Lebanon reached $1.1079 billion at end-March 2012, up by 6 percent from $1.0456 billion at end-March 2011.

Construction activity down 10 percent over 2011

May 22, 2012 01:59 AM

Construction activity in the first four months of this year recorded a slowdown as revealed by the second consecutive yearly drop of total permits.

Bankers: Demand for dollars heavy but not unprecedented

By Osama Habib | May 22, 2012 01:56 AM

The heightened tension which spilled over to the capital has prompted some concerned citizens to convert their Lebanese pound accounts to U.S. dollars.

Lebanon gas prices 13 highest in world as share of per capita income: report

May 22, 2012 01:56 AM

The price of 20 liters of gasoline in Lebanon as a share of per capita income in Lebanon is the 13th highest among 55 countries in the world, reported Byblos Bank Monday.

Security crisis takes toll on Beirut’s restaurants

By Mohamad El Amin | May 22, 2012 01:55 AM

Restaurants that eagerly await Arab tourists and Lebanese expatriates every summer are once more paying a hefty price because of heightened security fears and advisories by some countries warning against travel to Lebanon.

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