The Finance Ministry is set to pay Alvarez & Marsal $150,000 in a few days in order to allow the firm to conduct extensive forensic auditing of all Central Bank accounts, a government source said. “The company will resume full forensic auditing once the contract with the Lebanese state is signed. BDL has already provided […] Read more
For the past few months, 14 Beirutis and 14 Pittsburghers have been trading letters. This transatlantic exchange will now serve as the basis for a new virtual play, starting Thursday, which seeks to bridge the empathy gap between strangers and commemorate the fading use of handwritten letters. Written by Molly Rice and directed by Rusty […] Read more
The ship holding toxic chemicals from Beirut Port has departed Lebanese shores to be safely disposed of in Germany, nine months after the devastating explosion rocked the capital, the caretaker prime minister’s office said Wednesday. Fifty-nine containers of chemical waste have been safely packaged and sent to Germany by Combi Lift, a German heavy lift […] Read more
Scattering spinach and hot chilli onto fluffy flatbread in Lebanon’s capital, 54-year-old Abu Shadi bemoans better times before the economic crisis when all Lebanese could afford his simple meals. The veteran baker is famed for his take on Lebanon’s manousheh, a circle of freshly baked dough sprinkled with anything from thyme to meat, then folded […] Read more
Nike posted mixed quarterly results on Thursday, as sales fell short, hurt by U.S. port congestion, which led to inventory delays, and stores faced temporary closures in Europe. Its shares were down around 1% in after-hours trading. Here’s how Nike did during the quarter ended Feb. 28, compared with what analysts were expecting, based on a […] Read more
The Lebanese pound rose slightly against the dollar on the black market for the second straight day Wednesday, after reports that Prime Minister-designate Saad Hariri was in Paris for talks with French officials on Lebanon’s government impasse Exchange dealers were selling the greenback for LL8,850 and buying it for LL8,750, compared to LL8,900-8,800 Tuesday. Dealers […] Read more
Protesters have blocked roads in the Lebanese capital Beirut over reports that government subsidies for some basic goods will be cut. Demonstrators burned tyres in the city centre, and some also attempted to reach the parliament building. The head of the country’s central bank earlier said the subsidies on flour, fuel and medicines could not […] Read more
The Lebanese pound dropped further against the dollar Sunday, trading at LL8,225 on the black market, a day after Prime Minister-designate Mustapha Adib excused himself from the responsibility of forming a new government due to a monthlong deadlock. Black market exchangers were selling the dollar for around LL8,300 and buying it for LL8,150. The dollar […] Read more
Lebanon’s central bank governor told http://beirutblogpost.com/ this week that he wants to help the country in its time of distress — and he won’t resign. “You cannot resign … in an environment of a crisis, because it would look like going away from the task you have to perform,” Riad Salameh said. “I don’t want to […] Read more
Customer deposits in the banking sector dropped by $25.3 billion, or 15 percent, from the end of August 2019, when they first started declining, to the end of April 2020. Deposits, which stood at $148 billion at the end of April, were declining as a result of the bank run that was triggered by concerns […] Read more