First-time representation at Biennale of Architecture. Historical photographs at a pavilion in Italy

A number of local institutions and individuals, architects, artists and researchers will participate in the 16th Biennale of Architecture exhibition, to be held in Venice, Italy in May. This is the first time local artists participate.

Under the theme: 'The place that remains', the 'Lebanese Pavilion' at the exhibition has been drafted by Hala Younes, Assistant Professor of Architecture at the Lebanese American University (LAU).

This project has been drafted with the support of th...

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Parliament hastily votes for 2018 budget. $4.82 billion projected record deficit

Parliament approved the 2018 budget after quick deliberations in committee and general session. Members of Parliament have been sharply critical of the budget, but ended up by voting in its favor. The passage of the budget was deemed a prerequisite to the upcoming Cèdre donor conference to be organized in Paris on April 6.

The projected deficit is estimated at a record $4.82 billion, up from $3.76 billion in 2017.

Total expenditure is anticipated at $15.8 billion, to which m...

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Régie lost half its sales due to smuggling. $200 million annual losses from illicit cigarettes

Sales by the Régie Libanaise des Tabacs et Tombacs (Régie), the State-owned tobacco monopoly, have dropped by 46 percent in the last five years. This is attributed to smuggling of imported cigarettes, which increased from six percent in 2012 to 30 percent last year, according to Régie.

Nassif Seklawi, Director General of Régie, said that the state's loss from the illicit trade of cigarettes is around $200 million annually. Around 7,000 violation tickets were i...

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Fiscal deficit drops 24 percent. Tax revenues rise 17 percent

The fiscal deficit narrowed 24 percent to $3.76 billion in 2017 as total revenues increased at a greater rate than expenditures, according to the Ministry of Finance (MoF).

Total revenues, mainly driven by tax revenues, jumped 16 percent to $10.8 billion while total spending rose nine percent to $14.1 billion.

Tax revenues surged by $1.2 billion or 17 percent. Non-tax revenues increased by $315 million or 14 percent.

The decrease in the fiscal deficit was the result of an i...

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Government plans $700 million bond issue. Move to unlock $4 billion in funding for infrastructure

The government plans to issue within one month special bonds on the local market in order to raise $700 million, said Nadim Munla, senior adviser to the Prime Minister.

This move will help the State unlock additional funding of $4 billion for 40 infrastructure projects from international financial institutions such as European Investment Bank and the World Bank. The $700 million represents the local contribution necessary to unlock these loans.

There has been an agreement between ...

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