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Oct 16

Bank of America Reports Third-Quarter 2019 Financial Results

Bank of America Reports Third-Quarter 2019 Financial Results

Bank of America reported its third-quarter 2019 financial results today. The news release, supplemental filing and investor presentation can be accessed in the following ways:

This press release features multimedia."...

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Oct 15

Bank deposits drop despite interest rate hike

Bank deposits drop despite interest rate hike

Interest rates have risen substantially due to tightening monetary conditions since the crisis surrounding the Prime Minister’s resignation in November 2017, according to the World Bank’s ‘Lebanon's Economic Update October 2019’.

The average interest"...

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Oct 15

Struggling WeWork mulls bailout deals with SoftBank, JP Morgan

Struggling WeWork mulls bailout deals with SoftBank, JP Morgan

TOKYO: Under-pressure start-up WeWork is considering two huge bailout plans including a cash injection that could see Japanese investment titan SoftBank take control of the firm, according to reports.
The office-sharing giant had been on course for a massive initial public offering"...

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Oct 12

 Salame: USD available, no change to new circular

Salame: USD available, no change to new circular

NNA - Lebanese Central Bank Governor, Riad Salame, on Friday highlighted at the opening session of the International Conference of the ICC-FraudNet -- Global Human Rights Network, the Central Bank's relentless efforts ensure that the banking sector in Lebanon did not facilitate corruption"...

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Oct 09

Lebanese delivery apps eye growth in grocery e-commerce

Lebanese delivery apps eye growth in grocery e-commerce

In 2019, it seems almost any consumer good can be delivered to your door in Lebanon through a quick phone call, WhatsApp, or click online. E-commerce has been available in Lebanon since at least 2000, when the Buy Lebanese website went live in November that year. In the MENA region, the"...

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Oct 09

The financial engineering of Lebanon’s central bank

The financial engineering of Lebanon’s central bank

Lebanon’s current economic “situation” is not just a US dollar liquidity issue, it is the product of a unique monetary policy. The context of our current economy is a story of accounting acrobatics and regulatory arbitrage, the outcome of which will either be a Hail Mary"...

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Oct 08

World Bank Gives Lebanon a ‘Chance’: Energy Sector in Dire Need of Reform

World Bank Gives Lebanon a ‘Chance’: Energy Sector in Dire Need of Reform

The World Bank issued a clarification expressing readiness to lend a helping hand if the Lebanese government commits to a series of pledged reforms mainly focusing on the country’s ailing power sector, media reports said on Tuesday.

The"...

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Oct 08

In-Depth: Weaker dollar propels gold to the next level

In-Depth: Weaker dollar propels gold to the next level

The global fiscal panic which we gave special attention in our last quarterly outlook could, over the coming months, be joined by a weaker dollar — as our CIO Steen Jacobsen outlines in the introduction to this outlook for the final quarter of 2019.

The"...

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Oct 07

Is the Lebanese Pound at Risk of Devaluation?

Is the Lebanese Pound at Risk of Devaluation?

Fears of a monetary devaluation in Lebanon, where the exchange rate has been fixed for more than two decades, are on the increase following a dollar shortage and the downgrading of the country's sovereign credit rating.

-"...

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Oct 06

Central Bank to provide dollars for commodity imports

Central Bank to provide dollars for commodity imports

Banks providing documentary credits to finance the import of wheat, medicine, gasoline, diesel, and butane can ask the Central Bank (BDL) to supply them with the required dollar amounts, according to a new BDL circular.

The banks have to open special accounts at BDL for these"...

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