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Cyprus government makes deposit in Co-op Bank ahead of sale

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The Cyprus government deposited Tuesday 2.5 billion euros ($3.1 billion) into the island-nation’s troubled Cooperative Bank in an attempt to dispel any uncertainty over its future. Government Spokesman Prodromos Prodromou said he hoped the deposit, mainly in the form of a bond issue, aimed to protect savers and quash any ...

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Bankers lament pound-only ATMs idea nixed

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Some bankers said Thursday they do not object to the idea of confining cash withdrawals from ATMs to Lebanese currency only, disputing claims that such a proposal would cause a panic in the market. “There was an idea to promote the Lebanese pound notes and that the ATMs will only ...

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Sidon gets $1M to treat waste

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The Sidon Municipality received $1 million from the Beirut Municipality to assist the city in managing waste from the capital. Beirut Mayor Jamal Itani denied the municipality had “given” Sidon $1 million but said it was to cover the costs of Beirut’s waste. “As part of the plan by Cabinet ...

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Dar al-Handasah pitches $200M airport upgrade

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Proposals to expand the Rafik Hariri International Airport in Beirut will cost at least $200 million, representatives of Middle East Airlines and an Arab contractor and consulting firm told the prime minister Tuesday. During the meeting with Prime Minister Saad Hariri, Dar al-Handasah (Shair & Partners) consultancy proposed a plan ...

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Chinese trade agency selects Beirut for MENA headquarters

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Lebanon was chosen as the Middle East and North Africa regional headquarters for the China Council for the Promotion of International Trade, Lebanon’s Foreign Ministry announced Tuesday. Lebanon was chosen due to its strategic location, free economy and openness to investment, according to the statement. “CCPIT has 30 representative offices ...

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World Bank issues warnings on interest rates and inflation

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After better than expected growth in the global economy, Bank says financial markets are vulnerable to unforeseen negative news   Financial markets are complacent about the risks of sharply higher interest rates that could be triggered by better than expected growth in the global economy this year, the World Bank ...

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