Business briefing: 29 Oct 2013

Lebanon GDP growth revised downwards, plus other news

Economics and Policy

The London-based Institute of International Finance has revised downward its projection for Lebanon’s 2013 GDP growth from 1.1 percent to 0.7 percent, a further indication that many international agencies do not share the government’s forecast of 2 percent.

More from The Daily Star

 

Libya’s efforts to end a three-month stranglehold on its oil industry were dealt a significant blow when exports dropped to 20 percent of capacity following new protests at the weekend at major western fields and ports.

More from Reuters

 

A Syrian state agency reissued two tenders Monday, seeking quantities of rice and sugar it has repeatedly tried and failed to obtain since June.

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Companies and Business

Saudi Arabia’s Kingdom Holding, the investment firm of billionaire Prince Alwaleed bin Talal, has posted a one per cent rise in third-quarter net profit.

More from Reuters

 

First Gulf Bank, the second-largest lender by market value in the United Arab Emirates, has posted a 13 per cent rise in third-quarter net profit on higher operating income.

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Lebanon's BLOM Bank’s third-quarter profits rose by 4.8 percent to $262.7 million, while Byblos Bank’s net income in the same period fell by 7 percent to $113.6 million.

More from The Daily Star

 

Etisalat, the Gulf’s No.1 telecom operator, has reported an 18 per cent drop in third-quarter profit.

More from Reuters

 

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