Business

Lebanon’s efforts to tackle drug trafficking, especially to Gulf nations, have recently led to a significant seizure of narcotics intended for Kuwait. The country’s law enforcement agencies confiscated approximately 800 kilograms of drugs that were en route to Kuwait via the Netherlands. This update was provided in a statement from the office of Interior Minister Bassam Mawlawi, as reported by …

The International Monetary Fund (IMF) has advised European policymakers, including the European Central Bank (ECB), to maintain the current high interest rates until they are certain that inflation is under control, despite slow economic growth. This recommendation, issued on Wednesday, cautions against celebrating too early as inflation shows signs of declining from its peak. According to the IMF, underestimating the …

Saudi Arabia is poised to host the 2034 Men’s World Cup following Australia’s withdrawal from the bid, a move that aligns with FIFA’s preferences and elevates the oil-rich nation’s global sports profile. The Australian football federation, assessing various factors, opted not to participate in the bidding process for the 2034 World Cup. This decision effectively leaves Saudi Arabia as the …

During a productive discussion on Tuesday with Lebanon’s Parliament Speaker Nabih Berri, U.S. envoy Amos Hochstein received positive feedback, according to parliamentary insiders. These sources, speaking to Asharq al-Awsat and quoted on Wednesday, highlighted the active role the U.S. is playing to avert further escalation in the region. Lebanese authorities indicate that while the situation on their end is under …

BEIRUT: The Lebanese pound resumed its fall Wednesday after a brief respite, trading at LL17,750 to the dollar on the black market, exchange dealers said. They said they were buying the greenback for LL17,700 and selling it for LL17,800, compared to LL17,750 over the last two days. The pound has now shed over the past three weeks almost all its …

BEIRUT: The Lebanese pound rose on the black market Friday, trading at LL16,850 to the dollar, ending a six-day losing streak. Exchange dealers said they were buying the greenback for LL16,800 and selling it for LL16,900, compared to LL17,400-LL17,500 Thursday. The pound’s respite came after Lebanon named members of its team to conduct negotiations with the International Monetary Fund, whose …

In 2020, Lebanon’s Central Bank (Banque du Liban, BDL) announced it would end its subsidies on basic commodities, triggering fears of a dramatic rise in prices. Economists and consumer protection groups warned that prices could soar by as much as 400% if alternative measures are not implemented. The subsidies, which had provided essential goods at lower prices by offering importers …

BEIRUT: With most of its natural and mineral resources having fallen under rebel control, Syrian state revenues have shrunk, leaving the government dependent on unstable sources of income for its survival. Four years of conflict have decimated the state coffers. Now the government’s only revenues are drawn from dwindling customs and income taxes, heavily bolstered by lines of credit from …