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Lebanese economy may grow at more than 4 percent this year
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January 27, 2012 01:53 AM
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Lebanon’s economy could grow more than 4 percent this year if the country is politically stable and unrest subsides in the Middle East, central bank Governor Riad Salameh said. “We can get over that if we have the proper conditions, political stability and less tension in the...
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Syria plans managed float of currency: central bank
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January 21, 2012 02:23 AM
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Syria will introduce a managed float of its currency next week, central bank Governor Adib Mayaleh said. The move will allow the pound to devalue after demand for foreign currency drove a surge in black-market rates. “We will have a partial managed float, allow the rate to be determined by...
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Assad spending spree may backfire as Syria runs short of cash
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November 18, 2011 02:06 AM
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President Bashar Assad is paying Syrians, via subsidies and higher government salaries, to stay loyal to his government as it clamps down on an eight-month uprising. He may not be able to afford that policy for long. A month after the unrest began, Assad dismissed a Cabinet that had been tasked...
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Syria says it spent $3 billion on pound defense since revolt
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October 22, 2011 12:56 AM
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BEIRUT: Syria has spent about $3 billion defending its currency and financing trade since the start of an uprising seven months ago against the rule of President Bashar Assad, said Adib Mayaleh, governor of the central bank. The money was from a government fund created in 2007 that had $5 billion...
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Syria spent $3 billion on pound defense since revolt
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October 21, 2011 05:57 PM
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BEIRUT: Syria has spent about $3 billion defending its currency and financing trade since the start of an uprising seven months ago against the rule of President Bashar al-Assad, said Adib Mayaleh, governor of the central bank. The money was from a government fund created in 2007 that had $5...
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Syria spends $2 billion to back pound amid unrest
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August 27, 2011 01:46 AM
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BEIRUT: Syria has spent $2 billion defending its currency since the start of an uprising five months ago against the rule of President Bashar Assad, said Adib Mayaleh, governor of the central bank. The money came from a fund the government created two years ago that had $5 billion when the revolt...
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Lebanon said to hire Citigroup, Blom to refinance $950 mln
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July 20, 2011 11:43 AM
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BEIRUT: Lebanon plans to hire Blom Bank SAL and Citigroup Inc. to advise on refinancing about $950 million in Eurobonds and interest payments due next month, according to two people familiar with the matter. Lebanon’s Finance Ministry and the banks will sign the agreement either today or...
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Lebanese lenders at risk from Middle East’s lowest-rated bonds
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July 15, 2011 01:37 AM
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Lebanese banks and majority holders of the Middle East’s lowest-rated bonds, may be at risk should Syria’s popular uprising hurt Lebanon’s political stability and economic growth. “The main risk for the banking sector is that rich Lebanese expatriates who deposit their cash...
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Syrian Central Bank governor: Unrest has not hurt economy
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June 01, 2011 01:33 AM
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DAMASCUS: Syria’s economy hasn’t been badly hurt by the uprising against the government that began in mid-March, said Adib Mayaleh, the governor of the Central Bank. “There was economic interference, yes; however, the situation is returning to normal” and the impact so far is “not very large,”...
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Assad ends decades-old state of emergency
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April 22, 2011 02:00 AM
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BEIRUT: President Bashar Assad ordered Syria’s 48-year-old state of emergency lifted and abolished the Supreme State Security Court, moves that some anti-government activists said fell short of what is needed to resolve the country’s political crisis. The Syrian leader also issued a decree that...
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Lebanon’s Mikati, Hariri Families on Forbes Billionaire List
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March 11, 2011 12:00 AM
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BEIRUT: Lebanese Prime Minister-designate Najib Mikati, currently trying to form a new government in Lebanon, was ranked by Forbes magazine as the 409th richest person in the world with $2.8 billion. Mikati 55, and his brother Taha, 62, who founded M1 Group, and is also ranked at 409th with the...
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Salameh says Central Bank prepared to ensure Lebanese state remains solvent
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January 14, 2011 12:00 AM
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By Massoud A Derhally Bloomberg BEIRUT: Lebanon’s Central Bank will ensure that the country’s currency remains stable and the government stays solvent after national unity Cabinet collapsed Wednesday, Governor Riad Salameh said. “We will be present in the market whenever...
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We must put hate-filled 'Londonistan' behind us
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August 11, 2005 12:00 AM
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To say that I am elated at the prospect of seeing radicals like Omar Bakri getting their comeuppance would be an understatement. He is the founder of the London-based extremist Al-Muhajiroun movement, who has said he would support hostage-taking at British schools if carried out by people with a...
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Lebanon is the hotbed of a new, liberal Arab awakening
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March 22, 2005 12:00 AM
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When I came to Lebanon two weeks ago, I watched with awe, and at times envy, as the Lebanese took to the streets striving to recapture the freedom they were robbed of for so long. Their efforts represented to me an epic struggle against the impotence of the Arab world and a condemnation of the...
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Can Arafat's mistakes be learned from?
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November 13, 2004 12:00 AM
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Analysis AMMAN: Yasser Arafat, also called Abu Ammar, was a man of many intricacies, whose fabric encompassed many layers of the Palestinian cause and struggle for recognition. One former aide said that although Arafat was religious, "he allied himself with the Soviets and Communism." The point,...
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