Salameh: More cash to stimulate economy

(BEIRUT, LEBANON) — Lebanon’s Central Bank is considering pumping more money into the economy after commercial banks used up most of the $800 million provided in credit facilities in 2014, its Governor Riad Salameh said Wednesday.

The Central Bank announced a $1.46 billion stimulus package in 2013 and followed it in 2014 by another $800 million in credit facilities to commercial banks at 1 percent interest rate. The stimulus mainly targeted the real estate sector with more than 50 percent of funds reserved for housing loans.

“The funds have been almost used completely and we are looking at increasing that package,” Salameh said at a joint conference with the International Monetary Fund. “This package provided 50 percent of the growth that we saw in 2013. We did the same for 2014 and we are pleased to see that the credit enhancement we did was successful this year.”

The Central Bank also played a role in creating employment by providing incentives to commercial banks to make equity investments in startups or venture capital funds, Salameh said.

Under circular 331 issued last year, the Central Bank guarantees up to 75 percent of the value of banks’ investments in startups or VC funds. A commercial bank that agrees to invest in startups receives seven-year interest-free credit from the Central Bank that can be invested in Treasury bonds.

The total contribution of the program to the economy could reach $400 million, provided that commercial banks invest 3 percent of their total capital, which is a limit set by the Central Bank.

The Central Bank will continue with the same strategy that helped create employment, according to Salameh, but will pay close attention not to trigger volatility in interest rates and maintain the stability of the Lebanese currency, he added.

“This trend is going to continue but we are doing it in a way that will not put at risk the stability of the Lebanese pound and will not expose the banks to unusual risks,” he said.

Lebanon’s economy has been hit hard as a result of the spillover of the Syrian conflict, according to the “Regional Economic Outlook: Middle East and Central Asia” report unveiled by Mohammad Elhage, director of the IMF-Middle East Regional Technical Assistance Center.

Real GDP growth has declined from an average 8 percent during 2009-10 to 2 percent in 2013, Salameh said.

Political paralysis and sporadic violence in Lebanon have deterred Gulf tourists and investors, hitting hard the real estate, tourism and service sectors.

“The travel bans pushed the Central Bank to take steps to stimulate local consumption,” Salameh said.

The influx of Syrian refugees to Lebanon, which has reached over 1 million, one-quarter of the country’s population, caused $2.6 billion in direct costs over the past two years and around $5 billion when taking into account lost opportunities, Salameh said.

However, the governor said several recent surveys are pointing to an improved economic sentiment, though the official growth forecasts for 2014 will not be released by the Central Bank before August.

 

Source: The Daily Star

Original Article

Beirut’s central district to close Wednesday and Thursday for Parliament

(BEIRUT, LEBANON) — Several roads in Beirut’s central district will close on Wednesday and Thursday as Parliament meets to discuss the presidential void.

According to the Internal Security Forces, the roads connecting Zoukak al-Blat to Markaziah Center and Annahar Newspaper to Banks Street will close starting at 7am both days.

Roads are expected to reopen both days at the end of each session.

Governor Rick Snyder visits the Arab American National Museum

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(DEARBORN, MI) — Michigan Governor Rick Snyder visited Dearborn on Monday to tour the Arab-American National Museum and meet with Middle Eastern community leaders and businesspeople.

ACCESS, the Arab Community Center for Economic and Social Services, co-hosted the governor for a town-hall style event following the tour. Snyder called10403775_10153003023904569_8127142933425621827_o ACCESS a “national treasure,” touting its continued efforts to help Arab-Americans in the workforce and in other human services. Executive Director Hassan Jaber delivered remarks thanking the governor for visiting and recognizing Arab-Americans.

Snyder, who used to live in Dearborn, said he was proud of his efforts to “diversify” the state over the last four years.

“Immigration is truly something that has made us unique,” he said. “We come from many different places, but we’re more powerful when we come together, and we learn from one another.”

Photos courtesy of the Arab American National Museum Facebook page.

Report: 3 million Internet users in Lebanon by 2017

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(BEIRUT, LEBANON) — A recent study conducted by Dubai-based research firm, Madar Reserach and Development Center, says the number of internet users in Lebanon is expected to reach 3.2 million people by 2017. The report, which was published in a Byblos Bank report says that 69.2 percent of the Lebanese population will be using the internet by the end of 2017.

As of 2012, 2 million, or 45.1 percent of Lebanese actively used the internet.

Lebanon, according to the report, will have the 5th highest numbers of internet users in the Arab world in 2017, coming behind Bahrain (87.4 percent), Kuwait (73.7 percent), Morocco (72.4 percent) and the United Arab Emirates (72.2 percent).

Hariri, Jumblatt expected to meet and discuss presidential void

(BEIRUT, LEBANON) — Prime Minister Saad Hariri and MP Walid Jumblatt are expected to meet within the next two days to discuss the political turmoil that continues to plague Lebanon’s presidency, according to political sources.

Parliament has already failed to elect a president six times since April 23, leaving Lebanon without a president after Michel Sleiman’s departure. Hariri and Jumblatt are expected to speak about a possible consensus candidate that would be neither affiliated with March 8 and March 14.

These candidates could possibly be Central Bank Governor Riad Salmeh or Army commander Gen. Jean Kahwaji, according to the political source.

Meanwhile, Maronite Patriarch Beshara Rai criticized lawmakers for failing to elect a president.

“The Lebanese people reject their lawmakers’ failure to elect a new president and the ongoing violation of the constitution and the National Pact,” Rai said. “The Lebanese people are sick and tired of such political practices that run contrary to all democratic and constitutional rules.”

Lebanon reportedly in final stages to broadcast World Cup

(BEIRUT, LEBANON) — Lebanese government officials are reportedly in the “final stages” of negotiations to broadcast the World Cup, according to a Daily Star article on Sunday. Youth and Sports Minister Abdul-Muttaleb al-Hinawi told the daily newspaper that he is “optimistic” about securing a deal.

“We are still pushing for getting Tele Liban the rights to broadcast World Cup games and we are doing everything possible in this regard,” Hinnawi told The Daily Star. “We have intensified contacts with Qatari officials and hopefully we will get the approval for the state-run television as soon as possible, the entire government is working for this aim.”

Qatari company Sama was granted the exclusive rights to broadcast the World Cup games in the Middle East, through the beIN Sports television channel, previously known as Al-Jazeera Sports.

Last month, Qatari Emir Tamim bin Hamad al-Thani promised that Tele Liban would be able to broadcast the World Cup, but despite meetings and ongoing debate, a contract has yet to be signed.

Lebanese-American radio icon Casey Kasem dies

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Casey Kasem, a radio voice who connected generations of Americans to thousands of rock and pop acts, died Sunday morning, according to multiple media outlets. He was 82.

Kerri Kasem, Casey’s daughter, announced the news on her Facebook page.

“Early this Father’s Day morning, our dad Casey Kasem passed away surrounded by family and friends. Even though we know he is in a better place and no longer suffering, we are heartbroken,” she wrote in a Facebook post. “Thank you for all your love, support and prayers. The world will miss Casey Kasem, an incredible talent and humanitarian; we will miss our Dad.”

Kasem, hospitalized in Washington state since June 1, had been in declining health.

The longtime host of radio’s American Top 40, which he started in 1970, was a familiar voice to millions, known for his signature closing advice: “Keep your feet on the ground and keep reaching for the stars.” Over the years, he hosted other versions of the music countdown show on radio and television.

The Detroit native, a son of Lebanese immigrants, also was an actor who did frequent voiceover work, including commercials and cartoon characters, most memorably Shaggy from the Scooby-Doo series.

Kasem had been in the news recently with his care the focus of a litigious dispute between his wife, Jean Kasem, and his grown children. For a time earlier this year, his children did not know his whereabouts.

The retired host was taken to a hospital following a dispute between Kerri and Jean.

A judge ruled June 11 that Kerri was allowed to withhold medication, food and fluids from her father, who was ailing from sepsis and dementia, as well as Parkinson’s.

Shortly after the judge’s ruling, Kerri wrote on Facebook, “For people who do not understand the natural dying process: Giving food and water to a dying body creates pain and further suffering. The body does not want or require food or water anymore in the dying process. My father can no longer digest foods and fluids fill his lungs up and will suffocate him. My Dad IS on pain meds.”

Kasem, known for his sonorous voice and a member of the National Radio Hall of Fame and the National Association of Broadcasters Hall of Fame, served as a disc jockey and radio announcer while serving in the U.S. Army during the Korean War and he began his professional radio career in the 1950s.

In 1970, he started the iconic American Top 40, in which he introduced and then played the country’s top-selling singles, offering nuggets of information about the songs and performers and the occasional “long-distance dedication” from a fan. Top 40 ran until 1988, with Kasem reviving it in 1998 after hosting versions with other titles in the interim. Ryan Seacrest, a next-generation host, took over the franchise in 2004.

A spinoff of his popular radio show was the syndicated television series America’s Top 10, which Kasem hosted through the 1980s. The show recapped the top 10 songs on various music charts, including rock, country and soul. Kasem brought elements of the radio broadcast to television, including answering questions with sometimes obscure facts about musical acts.

Kasem was also an outspoken advocate on issues. A member of the American-Arab Anti-Discrimination Committee, he was critical of Hollywood’s portrayal of Arabs in film. His activism was not limited. In 1989, he told then-USA TODAY columnist Larry King that one of his “proudest moments” was being arrested for protesting a nuclear weapons installation. “I’d do it again, gladly,” Kasem told King.

USA Today

Christian Lebanese Foundation in the World hosts nationwide campaign to register Lebanese citizens

(WARREN, MI) — The Christian Lebanese Foundation in the World (CLFW) hosted a nationwide campaign this Sunday to register Lebanese-Americans as citizens. CLFW representatives in Houston, TX, Jacksonville, FL, and Warren, MI distributed promotional material and offered registration assistance to Lebanese-American parishioners nationwide, in an effort to increase Christian citizenship in the country.

CLFW is a non-profit organization that aims to re-connect Lebanese-Americans with their roots, by hosting citizenship drives and promoting civic engagement. This latest effort promises to register individuals and families free-of-charge.

The organization teamed up with the Lebanese Embassy and Consulates, the National Apostolate of Maronites (NAM), and several Lebanese-American organizations and clubs to promote the weekend citizenship drive. According to their Facebook page, those who register are entered into a chance to win free airline tickets to Lebanon.

Nano Rached, the regional coordinator for CLFW says it is particularly important to register because the Christian population in Lebanon “is going down.”

Watch the full video below for more information:

For those living in Metro Detroit, CLFW is hosting another registration opportunity at the Basilica of St. Mary in Livonia on June 22nd starting at 10am.

6 Father’s Day Gift Ideas for an Awesome Lebanese Dad

Your 2015 guide to 6 Father’s Day Gift Ideas for an Awesome Lebanese Dad:

1.) A watch

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Let’s face it, Lebanese men (and women) show up late to everything. This should help.

2.) Tarboosh

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A tarboosh to cover his bald spot, if applicable.

3.) BBQ Accessories

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Help the man improve his already superior skills at grilling.

4.) Backgammon Board

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Add these beads and your set is complete:

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5.) Arak

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Real Lebanese men drink real Lebanese Arak. He’ll definitely enjoy this.

6.) Lebanese Tie

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Help him show off his #LebanesePride.

 

Send us your Lebanese Father’s Day gift ideas on Twitter.

Happy Father’s Day!

Arab American museum to host visit by Governor Rick Snyder

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(DEARBORN, MI) – The Arab American National Museum plans to host Michigan Gov. Rick Snyder for a tour, meetings with community leaders and town hall-style event.

The museum in Dearborn says the visit is planned for Monday, including remarks by Snyder around midday.

Dearborn has large Arab and Muslim populations. The museum says Manal Saab, who is on the museum’s National Advisory Board, invited the governor to visit.

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