In publishing a “practical guide” to the global economy, American economic researcher Andrew Vonnegut provides a toolset for better understanding the ways in which it is prone to be influenced by “big shifts.” According to Vonnegut, such shifts can be demographic or ecological, but can also involve issues related to inequality, information technology, and emerging…
Inside the global economy
The essential view
Executive sat down with Riad Salameh, the governer of Banque du Liban (BDL) to discuss the prospects for the country’s GDP, the role of the central bank, and the external and internal challenges that lie ahead. E Thank you for sitting down with Executive at this crucial time for Lebanon. I understand that you…
The impact of GDPR on Lebanese businesses
With the continuous digitization of human life and economy, questions around the ownership and privacy of our personal information need urgent attention. From June, it will be crucial for Lebanese companies to understand the implications of new European regulations on the ownership and limits to exploitation of personal information, which came into force at the…
Aphrodite’s blues
As the final preparations for the May 8 trilateral summit between the heads of state of Cyprus, Israel, and Greece were being laid out—the fourth such summit in just over two years, with so far, more words than actions—news broke that Cyprus and Israel might resort to international arbitration to resolve a dispute over Aphrodite,…
Securing our energy future
Worldwide electricity consumption is estimated to grow from around 20,000 terawatt hours (TWh) today to 35,000 TWh in 2030, putting energy security at the forefront of future planning. While in the past, energy security was largely focused on oil supply, and natural gas supplies were not globally integrated, today a global market in natural gas…
The noose around Lebanon
Over 300 days have passed since Saad Hariri, Lebanon’s prime minister, stood on the White House lawn next to Donald Trump as the US President promised an answer to the “menace” of Hezbollah within 24 hours. That answer did not materialize in the form of a comprehensive foreign policy or as diplomatic niceties, at least…
IT in banking
Some business success stories surprise like new gourmet recipes. It occasionally happens that culinary innovations start with ingredients which by and in themselves do not appeal to everyone as superb delights for the senses—for example liverwurst and artichokes, or Brussels sprouts and tofu—but make a winning dish when combined. Likewise, hardcore banking and software development…
The breakdown
It has been one of the most reassuring factors in the Lebanese economy—some might be inclined to say nearly the only one—that local banks maintained their strong financial standings during the past years and have been perfectly assuming their role in financing the economy. Beyond their financial performance, which is highlighted in the analysis below,…
Strongest linkage or missing links?
The list of infrastructure needs is long, yet the wish list of these projects for Lebanon is still very rough, and as Executive noted last month, looks methodologically as messy as a disorganized teenager’s room waiting for an encounter with neatness. As the projects in the vast national infrastructure file may contain some old and…
News on the house of Saradar
Over the past three to four years, Saradar Bank was being developed as a universal bank with a full range of services in corporate, private, and retail banking. The process was aimed at engineering one differentiated banking entity out of two smaller banks, Near East Commercial Bank and Banque de l’Industrie et du Travail. Although,…
Buoyed by banks
The relationship between the Lebanese economy and its banks is not quite as simple as the numbers suggest. Banking aggregates are improving every year. But the economy in Lebanon cannot be assumed to be sturdy just because the banking sector is jogging on and on. There are far too many risks and alarm signals on…
Pursuit of excellence
The vicious survival cycle that Lebanese corporates are stuck in comes at a price. To sustain their existence, they have to constantly bend the rules and outsmart the system, while suffering the inefficiencies and lack of vision that come from the absence of the state. In short, corporates adhere to a short-term management style, winging…
Closing the infrastructure gap in Lebanon
With the world’s population expected to grow by 2 billion—reaching almost 9.5 billion by 2040—one of the major structural changes that would need to keep pace is the development of infrastructure. The world is expected to need close to 100 trillion dollars worth of infrastructure investment by 2040, mainly in developing countries, according to estimates…
The patriarchy problem
Lebanese voters will head to the ballot boxes in just a few days. One of the major changes to the electoral scene after thrice-delayed parliamentary elections has been the increase in the number of female candidates, up from 3 percent of overall candidates in 2009 to 14 percent this election. This time around 111 women…
A dynamic heart
Executive sat down with Mounir Douaidy, board member and general manager of Solidere, to discuss progress in the company’s master plan for Beirut Central District (BCD), and how the planned developments could contribute to the revitalization of BCD as a tourist destination that encompasses the essential pillars of hospitality, retail, and cultural activities. E …