Author Archives: Executive Staff

Year of the bull

The year 2003 is history and, in the US, the market battle is now beginning again. For the month of January, we will have to struggle with summaries of what happened during the last year and predictions of how the major indices will perform in 2004. Neither times gone by nor anticipation will make us

The art of leadership

How can I become a leader? This question pops up quite often with the assumption that there is some magic formula for leadership lying around somewhere. There isn’t. People want us to tell them “the five easy steps to become a leader”. But, they don’t exist. How great it would be if leadership could be

In the red

It would not be difficult to state that 2003 did not witness the fulfillment of the economic and financial objectives, which had been announced at the time of Paris II meeting in November 2002. Indeed, the gap between the stated and realized objectives is quite wide. It might be recalled that by mid-2002 the Lebanese

Efficiency not mediocrity

In the first nine months of 2003, four main developments were observed: the unexpected rate of growth in bank’s deposits or in monetary aggregate M3, the sector’s participation in easing the state’s debt burden; the reduction of interest rates; the creation of a mechanism to review and settle non-performing loans. (I) Growth of M3 We

High hopes

The adversity of the past three-year bear market in US equities has been steadily forgotten over the course of 2003, as we enjoy the present blessings of a stronger economy and a nine-month-long rally. Investors and speculators are now stressed with the question of how much longer the good times will last. The major worry

Vital cover

April 2003 saw ACAL succeed in reaching a viable framework for the implementation of the 1972 law governing compulsory third party car insurance covering bodily damage. Although some may argue that the early period of implementation may not have been as smooth as one may have hoped for, it did not take long to appreciate

Industry woes

In 2003, the manufacturing sector witnessed some improvements, mainly related to healthier exports. By and large, though, 2003 has not been much different from previous years. The fact remains that Lebanese manufacturers are still operating in a moribund economy. Furthermore, mixing politics and economics is adding to our woes. Lebanon doesn’t know in which direction

Hot property

It is encouraging to be able to report that 2003 saw further movement and increased (mainly foreign and expatriate) demand for properties in the residential market, one which is expected to register as much as 15% annual growth in property transactions. This will come hard on the heels of the 30% growth witnessed in 2002,