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Lebanon: A report by the UN Economic and Social Commission for Western Asia has said layoffs, slumping tourism, falling construction activity and declining remittances from Lebanese expatriates have marred the performance of the economy of Lebanon in 2011, The Daily Star has reported. "[This was] a result of the halving of outward investments and a substantial drop in portfolio investments in the country," the report said. At the same time, remittances sent home by Lebanese expatriates shrank significantly, the report said. "After peaking at $7.5bn in 2009, remittances inflows to Lebanon declined to $5.1bn in 2010," it said.
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Lebanon: Lebanese lender, BLOM has said the country's three largest banks have managed to maintain relatively high profits in 2011 despite adverse economic conditions and mounting political and security tension in neighbouring Syria, The Daily Star has reported. The banks, BLOM, Audi, and Byblos, proved highly resilient, growing their earnings in a year filled with uncertainty and dramatic changes in the region despite reporting a combined $94m in net collective provisions, BLOM said. On an individual basis, Bank Audi reported the highest absolute level of net profits at $365m, growing by 3.7% over 2010. BLOM Bank came second, growing by 0.3% to reach net profits of $332m, while Byblos profits grew by 1.2% to $180m, it said.
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Lebanon: After eight years of success, excellence, innovation and achievement, the Emirates Women Award (EWA) has been able to move beyond the UAE borders to identify successful businesswomen and professionals. This will allow Lebanon to recognise the success to date and provide inspiration for the next generation in the Arab world.
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Lebanon: The world's 250 largest retailers recorded sales growth in excess of 5% (between June 2010 and June 2011), according to the 2012 Global Powers of Retailing report from Deloitte, in conjunction with STORES Media.
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Lebanon: Misys plc, the global application software and services company, announces that the Lebanon-based commercial bank, BBAC, has successfully implemented Misys BankFusion Equation across 38 branches. The bank can now develop applications and introduce new products to market more quickly to cater for the rapidly changing demands of its customers.
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