High oil prices to boost GDP but widen deficits. Will lead to inflation

Rising oil prices will indirectly boost economic growth said the Institute of International Finance (IIF) in a report released recently. It will also lead to a widening of the fiscal and current account deficits, and will increase inflationary pressures.

The 'MENA Oil Importers-Impact of Higher Oil Prices' report said that the rise in oil prices would lead to an increase in remittances and foreign direct investment from GCC countries. Lebanon would also benefit from an improvement in bila...

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FNB subsidizes housing loans. LL20 billion for 100 homes

First National Bank (FNB) has approved more than 100 housing loans worth over LL20 billion ($13.3 million) at an interest rate of 4.5 percent, said Najib Semaan, General Manager of FNB.

"We intend to launch soon a similar package of approximately the same size," Semaan said.

The interest subsidy cost will be assumed by FNB and the loans will be provided through the Public Corporation for Housing (PCH). The Central Bank (BDL) has approved the program. FNB and PCH have signed a proto...

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Mobile data usage grows more than 50 percent. Consumption compensates for decrease in voice revenues

Data consumption through mobile phones continues to increase annually for both mobile operator users, Touch and Alfa (MIC operators). Alfa users consumed 25,000 TB in 2017, a 78 percent increase compared to 2016. Data consumption through the Touch network increased by 66 percent and reached 28,000 TB in 2017.

Daily data traffic at Touch has risen to 100TB, almost double the rate in 2017. Nadim Khater, Chief Commercial Officer at Touch, said that annual data consumption is expected to app...

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Fransabank biometric card makes pin codes obsolete. High-tech Mastercard enters local market

Fransabank said it has launched, in partnership with Mastercard, a biometric payment card with an embedded fingerprint sensor.

The biometric authentication technology of the card, which has been introduced for the first time on the local market, allows cardholders to complete a purchase without having to use a pin code or signature.

"The deployment of biometric cards will be launched in phases to cover gradually our entire customer base," said Nadim Kassar, General Manager of Fran...

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Turnaround at Casino first profits in ten years. Target for 2020: $200 million in revenues

Casino du Liban's revenues increased 12 percent in the first half of the year, compared to the same period last year, according to Roland Khoury, General Manager.

This increase came after a ten percent year-to-year drop in revenues since 2010. "Within one year the casino was able to make profits after several years of losses," he said. Revenues reached $165 million last year, of which $2.5 million are net profits.

This growth is due to several measures and procedures that were re...

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