Home The Buzz Morning briefing: 3 May 2013

Morning briefing: 3 May 2013

Big drop in Lebanon budget deficit, plus other news

by Executive Staff

Economics and Policy

Lebanon’s budget deficit decreased to LL27 billion ($18 million) in January 2013 or 1.71 percent of expenditures compared to LL265 billion ($176 million) or 14.94 percent of expenditures during the same month last year.

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British geological surveyor Spectrum has started a new phase of its 3-D survey of offshore oil and gas reserves off Lebanon, covering parts of four blocks involved in the first licensing round for exploration.

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Companies and Business
The Turkish operator of the shuttered electricity barge said Electricite du Liban would be providing new fuel to restart production, while an Energy Minister source confirmed the previous shipment was tainted.

Facebook's mobile advertising revenue growth gained momentum in the first three months of the year as the social network sold more ads to users on smartphones and tablets, partially offsetting higher spending which weighed on profits.

More from Reuters


Shares of Egyptian investment bank EFG Hermes dropped 5.5 percent on Thursday after its planned tie-up with Qatar's QInvest failed the previous day.

More from Reuters


The JW Marriott Jeddah will open in 2016, Marriott International confirmed today.

More from Gulf Business


Real estate developer Deyaar Development on Thursday declared around 100 per cent increase in its net profit, citing the reason of improving market conditions in Dubai.

More from Khaleej Times


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