Innholdsfortegnelse for October 2017 i Lebanon Opportunities

by the editor-in-chief The Constitutional Council’s slap in the face to the Parliament and Cabinet is the latest demonstration of the dismal state of governance. The decision, a first, and considered naively by many as a victory for the rule law, has injected havoc into a disarrayed management of public finance, and added to confusion among legislators, most of whom are neophytes when it comes to how the real economy works. WHAT HAS NOT BEEN SAID During the never-ending debates on how to raise revenues to cover the increase in public wages, none of the politicians and other stakeholders, such as groups representing business and labor, have made the point that imposing new taxes, or raising them, in the middle of a fiscal year, could have a catastrophic impact economically,…

Provided by €80 MILLION BDL-SUBSIDIZED ENERGY LOANS AT ZERO INTEREST The European Investment Bank (EIB) and Agence Française de Developpement (AFD) will provide a financing facility of €80 million ($95.8 million) through local banks to finance energy projects. The interest rate paid by the borrowers will be near zero as the credit hard Six, Senior Engineer at the Energy Efficiency and Small- Scale Energy Projects division of the EIB’s Energy Department. “It is a good opportunity for local companies to improve their energy efficiency and their performance in addition to enabling them to use more renewable energy,” Six said. LEEREFF aims to finance projects ranging from a minimum of $54,000 in investment to a maximum of $60 million. The scheme could also finance smaller projects if large demand for such…

DANIEL GLASER – SENIOR ADVISOR AT SGBL Daniel Glaser, the former Assistant Secretary for Terrorist Financing at the U.S. Department of the Treasury, has joined Société Générale de Banque au Liban (SGBL). He will be Senior Advisor to SGBL Chairman Antoun Sehnaoui. Glaser, whose job at the U.S. Treasury extended over 20 years, was involved in the formulation and coordination of policies and strategies pertaining to antimoney laundering and countering the financing of terrorism (AML/CFT). He was also the Head of the U.S. Delegation to the Financial Action Task Force that develops and monitors international standards on AML/CFT. Glaser said: “Banks are at the front lines in the global fight against illicit finance and the efforts to strengthen the global financial system from abuse.” He said he will be involved…

Universities are the main suppliers of young graduate job seekers. Large companies refer to universities when they have job openings for recent graduates. They participate in job fairs organized by universities, meet fresh graduates or young alumni, receive CVs, and determine who has the competencies they require. As a preselection process, companies also sign internship agreements with universities, and students can undergo training for a few months. This gives managers the opportunity to keep an eye on the most talented interns. Employers also visit some universities informally to present their company, talk about job openings, meet prospective graduates, and recruit on campus. PARTNERSHIPS Most large companies establish partnerships with leading universities to help them find outstanding students. Melina Harb, Director of Career and Placement Services at the American University of…

► Links:Click the article's entry in 'Table of Content' on our website The Cabinet has finally taken the long-awaited decision to turn the Beirut Stock Exchange (BSE) into an independent joint stock company. This will pave the way for its privatization and for setting up an electronic trading platform (ETP). The Cabinet’s decree has set a deadline of one year for selling the bourse to the private sector. The Capital Markets Authority (CMA) is looking for potential shareholders with financial clout and technical skills to operate the bourse. The CMA hopes that this project will help boost trading and expand the range of listed securities as the private sector, driven by the profit motive, will actively seek to develop its operations. The BSE will also allow the listing of small…

MATERIAL WORKS * Excluding VAT FIRE ALARM & FIRE FIGHTING WORKS ELECTRICAL WORKS Fire Alarm System • Supply, install, and connect fire alarm control and annunciator panel, including device boxes, batteries, fire alarm chime, rectifier, + outlet box, video display unit, printer $4,000-$8,000/No. •Supply, install, and connect the following fire alarm devices including device boxes, conduit and wiring between, and fire alarm control unit panel, fire alarm junction, box or master addressable elements as applicable •Manual fire alarm station $135/No. •Fire alarm bell $105/No. • Optical smoke detector (Detector only) $58/No. •Optical smoke detector (Conduits and wiring only) $75/No. •Heat detector (Detector only) $80/No. MECHANICAL WORKS Supply and install fire pipes (GSP with paint to BS 1387 ‘medium weight’ or ASTM A 120) • 2 1/2" diameter $53/M • 2"…

SOUND BYTES The number of refugees has become dangerous and poses economic and security difficulties President Michel Aoun The judgment of the Constitutional Council was not brought by angels Parliament Speaker Nabih Berri We are getting ready for the reconstruction of Syria Prime Minister Saad Hariri The implementation of the salary scale law without taxes will turn Lebanon into (another) Greece Melhem Riachi, Minister of Information Increasing taxes may lead to inflation Raed Khoury, Minister of Economy and Trade There is a conspiracy against Tripoli when it comes to electricity Mohamad Kabbara, Minister of Labor Corruption is estimated to be equivalent to nine percent of GDP Nicolas Nahas, former Minister of Economy and Trade By giving up taxes, the budget deficit will increase by about $1 billion and becomes a…

Provided by POWER BARGE TENDER TO BE RELAUNCHED The Cabinet has referred the terms of reference for two additional power barges to the Department of Tenders, for the second time. Both barges are required to have the capacity to produce 425 megawatts. The Department of Tenders will relaunch the tender once it receives instructions from the Cabinet. The tender will call for power plants that have the ability to produce 400 megawatts within three months, and an additional 400 megawatts over six months. Jean Ellieh, Director-General at the Department of Tenders, said: “We expect that the Ministry of Energy and Water has not fixed the gaps we have previously highlighted in the terms of reference.” The terms of reference are expected to be amended to allow more competitors to participate.…

The Parliament recently ratified the oil tax bill suggested by the Lebanese Petroleum Administration (LPA) and approved by the government, with a number of amendments. The law sets the corporate tax on the profit of companies operating offshore oil explorations at 20 percent. Regular corporate income tax is 15 percent (to be increased to 17 percent in the law currently under review). Malek Takieddine, Partner at Al Jad law firm, said that the new law complements the decrees initially issued by the government to organize the business procedures of companies in the field. AN ESSENTIAL MOVE The approved tax law was essential to allow bidders to simulate their commercial offers, according to Rabih Yaghi, an expert in the oil and gas field. The 20 percent tax is considered moderate compared…

Alpha 1 Pro Entertainment Detachable and replaceable battery, USB port, Bluetooth, visual programming at PC terminal, controlled via app, iOS and Android compatible $449 Dobot Magician Educational USB port, wireless connectivity, Bluetooth, robot arm, gripper, 3-D printing kit, writing and drawing kit, voice control, gesture control, remote-control mode via PC or phone, laser, visual programming $2,000 Virgin Megastore Explorer Entertainment Interactive building block kit (fewer options than the Inventor), 3-D illustrative construction instructions, preprogrammed actions, remote-control mode via Bluetooth, app compatible with iOS and Android $220 Hexy Educational Laser-cut pieces, ultrasonic distance sensor eyes, Bluetooth, USB cable, two battery holders and cables $407 Virgin Megastore Inventor Entertainment Interactive Lego-like building block kit, 3-D illustrative construction instructions, preprogrammed actions, remote-control mode via Bluetooth, app compatible with iOS and Android $413 KarBot…

Provided by AL ETTIHAD NEWSPAPER TO BE LAUNCHED A new Arabic language newspaper by the name of Al Ettihad Al Loubnani will be launched this month, according the Founder and Editorin- Chief Moustafa Nasser. The electronic version of the daily will be begin operation about three weeks later. The newspaper and company is owned by Nasser and other shareholders. Nasser said claims that print media is facing a difficult future are exaggerated. Even if it is challenging, there is no reason not to embark on this venture, he said. Al Ettihad has hired journalists from the defunct Assafir and from other newspapers, according to Nasser. Assafir went out of print in December 2016. Talal Salman, Publisher of Assafir, will not be on the team of the new daily. The license…

Provided by HOTEL REVENUES AND OCCUPANCY UP Revenue per available room in Beirut is forecasted to increase by almost 20 percent this year, reaching $87, according to a survey conducted by Colliers International. Occupancy rates are expected to reach 59 percent, up from an estimated 50 percent in 2016. The average daily room rate is forecast to remain stable at $146. This analysis is based on operating data from a sample of three-, four-, and five-star hotels and quality serviced apartments. Pierre Achkar, Chairman of the Syndicate of Hotel Owners, said, “Occupancy rates increased by ten percent in summer compared to the same period last year.” But, according to Achkar, hotels, especially three- and four-star, did not witness an increase in room rates in comparison to historic highs. “Room prices…

A number of traditional and technical tools are being used by companies to find and select employees for vacant positions. One of the most common methods remains word of mouth, where employers or their managers find employees through their own personal and professional networks. Well-known companies also use their corporate website, or public online platforms. Job fairs at wellknown universities are also an opportunity to find and select the masterminds of the future. These go along with general job fair events organized by independent, specialized companies. Recruitment agencies are consulted as a last resort for high-profile positions – not because they are inefficient, but because they cost more money. However, having qualified employees is not only about recruiting, it is also about retention. WORD OF MOUTH In such a small…

Makram Sader, Secretary-General of the Association of Banks in Lebanon (ABL) Reading or listening to what certain experts or journalists were recently saying, the country would seem to be on the brink of disaster regarding its currency, banks, and Treasury. Public opinion will surely not be misled by these statements. Citizens have enough awareness and experience to make them immune to these extremely pessimistic views. Those making these statements, although welleducated and well-informed, are reluctant to objectively tackle the available statistics, data, and developments. In the game of numbers, to name just one example, it is claimed that the gold and foreign currency reserves of the Central Bank (BDL) record a deficit of over $1 billion notwithstanding the banks’ deposits of foreign currencies at BDL. This computation ignores BDL’s portfolio…

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