EDL headquarters in Beirut. (Credit: Sandrine Frem)
- Caretaker Energy Minister Walid Fayad announced Wednesday evening that Iraq has greenlit supplying Lebanon with fuel. This decision comes as Lebanon's two remaining operational power plants have either suspended or rationed production due to a financial dispute over fuel purchases.
The risk of a blackout loomed over the country after the Deir Ammar plant ceased operations on July 6, followed by the partial shutdown of the Zahrani plant the next day.
- The Association of Banks in Lebanon (ABL) was supposed to hold an “extraordinary” general assembly on Wednesday to discuss one main point on its agenda: the amendment of Article 13 of its statute, which would extend the term of the current board of directors, led by president Salim Sfeir, and potentially expand the board from 12 to 14 members.
However, the meeting fell through when the association failed to secure a quorum, requiring the presence of at least 75 percent of its 44 members. This leaves Sfeir, first elected in 2019 and had his term extended until July 2023, unable to run for a third term without the association’s bylaws being amended.
- Following the acquisition of the Monoprix franchise in Lebanon in mid-February, Gray Mackenzie Retail Lebanon (GMRL) has announced the acquisition of the mobile application NokNok, which, launched in early 2020, was Lebanon’s first online supermarket. Unlike the delivery applications that existed at the time, which acted as intermediaries between customers and retailers, NokNok acted as a virtual supermarket, with its own warehouses and fleet of couriers.
Although this transaction has only now been made official, the GMRL group stated in a press release that it had "signed (this agreement) in the first quarter of 2024".
- Wassim Mansouri, caretaker governor of the Banque du Liban (BDL), has described his meetings with U.S. officials as "positive," as he traveled to Washington to try to obtain a further reprieve for Lebanon, which is in danger of once again finding itself on the Financial Action Task Force (FATF) watch list next fall.
In a statement, Mansouri described his meetings with officials from the U.S. State and Treasury Departments and the International Monetary Fund (IMF) as "positive."
- Fuel prices in Lebanon increased slightly on Friday morning, while prices for generator diesel and domestic gas canisters remained stable, according to the latest data from the Energy and Water Ministry. Here are the new rates:
Analysis of the week
Since his departure from the Banque du Liban (BDL) in July 2023, former governor Riad Salameh has been facing numerous legal proceedings. The most significant development is that BDL, represented by its lawyer in Paris, has officially requested to join the case as a civil party. This move positions BDL as a victim of Salameh’s actions and preserves its right to recover any potential seizures at the end of the trial and after the judgments are rendered. Read Mounir Younes’ piece here.
