Nassib Ghobril News
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Syrian consumer prices surged the most in at least six months in June as sanctions gripped the economy and violence intensified between President Bashar al- Assad’s army and rebels.
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Lebanon’s fourth year of strong economic growth should reduce public debt to 139 percent of gross domestic product from about 147 percent, Central Bank Governor Riad Salameh said.
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Lebanon’s pound is stable and demand for foreign currency is normal even as the political deadlock in the country deepens after the collapse of the government, Central Bank Governor Riad Salameh said.
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Lebanon is safer than Dubai for the first time since June in the market for credit default swaps as foreign investors bet demand from the country’s banks will offset the risk of buying the debt.
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Lebanon’s Cabinet approved a draft 2010 budget, the first budget to be endorsed in five years by a government, in a country marred by political differences that have obstructed policy-making decisions.
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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.
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Five years after the murder of former Lebanese premier Rafiq Hariri , his son’s government of national unity has sought to stabilize a country torn for decades by sectarian war. The search for Hariri’s killers puts that goal at risk.
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Lebanon sold 1.5 trillion Lebanese pounds ($1 billion) of seven-year government bonds today, its longest maturity for domestic borrowing.
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Lebanon’s Finance Ministry said next year’s budget will increase value-added tax and income from financial and real-estate investments and boost current expenditures by 13 percent.
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EFG-Hermes Holding SAE , the biggest publicly traded Arab investment bank, agreed to acquire a 65 percent stake in Beirut-based Credit Libanais SAL for $542 million to expand in consumer and commercial banking.
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