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DesignSpecial Report

Human-centered design is central to modern day problem solving

by Tania Anaissie August 6, 2015
written by Tania Anaissie

Doug Dietz is a legend. He is the man that transformed the once miserable experience of receiving a MRI scan into a magical adventure. Doug is a design thinker.

He is an alumnus of our Stanford Hasso Plattner Institute of Design (d.school) Executive Education program. Doug was on the General Electric (GE) team that designed nuclear scanners (used to conduct MRIs). When they were first installed, he excitedly visited a hospital to observe them in use. What he saw was a small, 7-year old girl hiding behind her mother’s legs, terrified of the upcoming scan. The loud sounds, flashing lights, and deadly-looking stretcher brought her to tears. She was so upset, the family had to go home and reschedule the scan for another day. Hundreds of other children that year had to be sedated to undergo the MRI tests. As Doug describes it, “I went for kudos, but what I got was a kick in the ass.” He found it an incredibly heartbreaking and humbling experience.

Motivated to make a change after this encounter, he came to the Stanford University d.school to learn Design Thinking. He learned that by focusing on his users, he could make the largest impact. When his superiors at GE dismissed his request to conduct this work, he used his personal time after work and on weekends to move forward. He created an advisory board of children in Chicago, consulted experts at children’s museums, and spoke to a number of families in hospitals. As he progressed, his focus shifted many times until he reached a truly magical solution. He turned the MRI rooms into adventures that make children feel they are in forests, oceans, or cities. The machines and walls are painted with scenes, the technicians wear costumes and act, and children receive storybooks the night before preparing them for their upcoming “adventure.”

The results are incredible. When Doug visited after the change, he observed a small girl with her family. After the scan, she tugged on her mother’s skirt and asked, “Mommy, can we come back tomorrow?” The number of children needing sedation has dropped to almost zero.

Aside from the heart-warming change for families and children, Doug and his team have greatly improved the way teams design healthcare services. When talking to hospitals looking to buy either GE’s machines or a competitor’s, GE has secured multi-million dollar deals because the hospitals wanted Doug’s magical designs installed. And now within GE, engineering and marketing teams are asking Doug to join early discussions as they make changes to the machines. Engineers motivated by his story began to think, “How can we make the machines quieter and less scary?” As a result, GE will soon be releasing this new quiet MRI machine – an amazing advancement.

Doug’s story is a prime example that shows if you focus on your users and their deeper needs, you can transform people’s lives. This is so powerful that, naturally, more people will want your product/service. This can also transform how other groups in your organization work, scaling the desire for innovation.

Though you may not work in healthcare or work with children, we all have the ability to bring delight and novelty into our work. I truly believe that all people are inherently creative, but our school and work environments often stifle us. Design Thinking helps us re-engage our creativity. It is a problem-solving process that can be applied to any field. It consists of five process steps and a set of mindsets that radically shift how we work. The key element of design thinking is a focus on the user. Humans are the key to building successful solutions, and only by deeply understanding our end users can we truly innovate.

Design thinking as we know it came to life in Silicon Valley. Startups in the Valley are eagerly applying it to their work, and it has become a key element of many Startup ecosystems around the world. Now, large companies are doing the same. Organizations like Fidelity, Jet Blue, Procter & Gamble, Capitol One, and more have opened internal Design Thinking innovation labs. They are attracting top young talent, developing innovative new offerings, and transforming their industries.

Aside from focusing on your users, what does being a design thinker mean? It means you believe in a bias towards action (do instead of talk), you build on your teammates’ work and make them look good, you seek answers from others who have different life experiences than you (and you really listen), and you work with teammates who come from a diversity of backgrounds and value their perspective. You also believe in iterating quickly and often at low resolution to learn as fast as possible.

Wherever you are today, you can creatively solve problems in this human-centric way. You can start small, by interviewing one customer. Get to know them – what’s their story and how does your product or service fit into their lives? There are free resources on the d.school website. You can run a beginning crash course in design thinking for your colleagues or you can go through the Online Crash Course. The books “Creative Confidence” by Tom and David Kelley and “The Achievement Habit” by Bernie Roth are good reads on the topic. Also look for opportunities to access design thinking here in Lebanon. Every time I am here, I meet more people practicing it.

Design thinking is radically shifting how we work and disrupting industries across the world. And, maybe, with a little listening and prototyping, you’ll find yourself in an imaginative storybook of your own.

August 6, 2015 0 comments
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DesignSpecial Report

The evolution of ‘design’

by Matt Nash August 6, 2015
written by Matt Nash

Design is as old as humanity itself. In fact, there’s increasing evidence that it’s even older. Think Australopithecus with an iPhone.

Ok, not an iPhone but a stone purposefully smashed with other stones to create a sharp edge (an iStone, if you will), and maybe not Australopithecus, depending on which school of pre-human taxonomy you prefer. But just this year, scientists working in Kenya announced the 2012 discovery of the oldest known purpose-built stone tools, which date back as many as 3.3 million years, well before Homo Sapiens came into existence. Since then, the notion of design has evolved, even if its most advanced forms have not quite yet surfaced here in Lebanon.

What is design?

Based on numerous conversations had for this special report, which ranged from the specific to a level of abstraction that still somewhat boggle our minds, the most succinct definition of design seems to be ‘creativity with a purpose’. The purpose can be as mundane as getting food into our mouths or as corporate as creating a sense of brand loyalty among consumers by designing a friendly, hassle-free customer experience. Design was once the sole domain of the person creating an object, be it a blacksmith, cobbler or carpenter. Today, however, it has become a craft unto its own. And it’s just as important for selling things as it is for as it is for creating them.

Giulio Vinaccia, an Italian designer, working with the UN on a new design-oriented program in Lebanon says product designers today are being brought into the process of creating an item at a far earlier stage than before. Previously they were seen as “tailors,” he says, who were there to merely make something look nice. “Twenty years ago I received a brief of 20 pages to make a glass. The company said, ‘It’s a glass for red wine and this kind of glass needs to have the mouth very open to intake oxygen’ and we were only the ‘tailor’ to design the correct shape.” Now the same company will write to my office and say ‘Guilio, we’re not selling glasses, what should we do?’” Product designers are now being brought in earlier in the commodity creation life cycle, not only to make the creation look nice, but also to help give it a sexy story to make sure it sells. Outside the manufacturing plant, companies need slick websites and the bigger ones hire ad agencies and marketing firms, all of which employ legions of designers. There are designers in just about every field, and even those who may not call themselves designers – like educators and magazine writers – could be considered among the ilk.

The ‘Creative Economy’

Because there seems to be a designer lurking in every office closet (or sitting next to you at the coffee shop and working remotely), it is difficult to put a figure on how much the industry as a whole is worth. They’re big players in the so-called “Creative Economy”, a sector which does not yet have a universally accepted definition. The UN Industrial Development Organization cites from the United Nations Conference on Trade and Development (UNCTAD) “Creative Economy Report 2010” that it contributes nearly 5 percent to Lebanon’s economy and accounts for over 4 percent of employment. The UN heaped praise on the state of creativity in this country, commenting on its website that “The strength and dynamism of cultural and creative industries in Lebanon are rooted in multifaceted cultural influences, deep-rooted private initiatives and the country’s privileged geographical location. Beirut, for instance, has been regaining and consolidating its role as a regional hub in design, advertising, architecture, fashion, gastronomy and publishing — even if the related value chains are often not completely covered and if some important linkages (such as collaborative work and initiatives, investments, etc.) are still weak.” Despite Lebanon’s reputation for innovation and creativity, design in its newest incarnation – as an inventive solution provider – has not taken off here. But the evangelists have arrived.

“New” design

Since the 1960s, there’s been a developing notion that designers simply think differently than, say, bankers or dockworkers. Around 15 years ago, a new industry was born: designers became problem-solving consultants. They began to think up creative ways to tackle social problems such as homelessness, offer government tips on how to more easily interact with and court the business world with a customer-centric sales pitch. Call it what you will – service design, experience design, strategic design, design thinking – what’s on offer is all pretty much the same. Designers use an innovative method when problem solving which can help a company’s bottom line, an approach which these “new” consultants claim executives, mid-level managers and traditional management gurus lack.

“Most traditional consultancies will always analyse from within the organization. They will look at your processes, your systems, and understand the people and the policies to see how we can optimize. And it’s great if that optimization, in the end, also benefits [a customer’s] experience. […] But it’s very analytical and it’s very numbers based,” says Anne Meijer, business development manager at Livework Studios, a service design company based in five major world cities, including Beirut, currently working with the local strategic consultancy Brand Cell. “Service design is more and more coming inward. We basically bring the customer into the organization. First we show and make the organization understand what the customer is experiencing. Then we imagine how we can use this experience, and understand what it means for an organization and the business.”

To understand this better, imagine a bank where customers complain they spend 15 to 20 minutes waiting to see a teller each time they come to a branch. A traditional consultant might suggest adding more tellers or instituting a policy whereby each teller must limit interactions with customers to a maximum of ten minutes. A design consultant, on the other hand, would interview customers to find out why they’re coming to the bank, and interview tellers to find out what their processes are for dealing with customers. This interview technique leads to “visualizing” ways to 1) reduce the need for people to enter a branch – which can involve using new technologies like websites, e-banking or even ATMs – and 2) speed up the process once they’re there. Visualizing means just that. Think post-it notes, storyboards and reducing often complex information into a visual, digestible form the way designers are renown to do. It’s all very right-brain and quite the contrast to the ruthless penny-pinching associated with the “old way” of business optimization. One of the leading firms in this new field, US-based IDEO, says in describing its work: “Nobody wants to run an organization on feeling, intuition, and inspiration, but an over-reliance on the rational and the analytical can be just as risky.” IDEO’s use of design as a problem solving tool, the company assures, “provides an integrated third way.”

Meijer also added that, as a consultancy, “we need to give [clients] short term benefits,” that are more tangible than abstract outcomes (like customer loyalty) which are hard to quantify. A prime example would be identifying redundancies and firing them along with other optimizations that more quickly prove a consultant’s bill is worth paying. Joe Ayoub, CEO of Brand Cell, adds that, with only one completed service design solution thus far offered in Lebanon, the company is charging “maybe not as much as we would love,” but is hopeful that “next year, we will command the price on service design.”

The Less profitable model

As noted above, the “design is different” gospel preached by this new wave of consultants has 50-year-old roots and it’s not just business in need of salvation. For an example of evolution in a petri dish, we once again turn to London (See: the Peppered Moth’s reaction to the Industrial Revolution). Seventy years ago, the government formed a council on design to keep the country competitive in industrial design. Today, the Design Council touts itself as “champion[ing] great design that improves lives.” They’re talking new designer meets social challenge, something Doreen Toutikian sees is sorely lacking in Lebanon. “What we don’t need is another chair,” she says. Toutikian directs the non-profit MENA Design Research Center, organizer of the annual Beirut Design Week, a seven-day orgy of all things design launched in 2012. That year, the MENA DRC hosted a program that let designers use their prowess to try tackling real-life problems people in Lebanon face. Ideas which were generated included a new traffic management system for Gemmazyeh; a “sustainable consumerism project” that would have turned plastic bags into other useable and sellable objects in Bourj Hammoud, and a device that lets users monitor how much electricity they use to avoid blowing a fuse when using the generator, and to conserve power. While almost none came to fruition, she argues the process helped change how participating designers think, so she considers it a success story anyway.

She says the MENA DRC trains young designers and will keep on spreading the word about design’s potential to transform the world, working from the bottom up to create an ecosystem focused on solving Lebanon’s myriad problems.

Tried and true

While the direct economic benefits of this new iteration of design are hard to quantify, there are continued efforts to use the more aesthetic aspects of the discipline to grow business and create employment in Lebanon. UNIDO’s creative and cultural industries cluster project is matching furniture manufactures and jewelry makers with young designers in an attempt to boost these traditional industries now in various states of disrepair (see story on page 36).

Still missing from the equation, however, is state support for any of these initiatives. While the UNIDO program shows promise, it is unclear whether the cluster will survive once the money from outside dries up. Foreign funding to help local creative industries and designers has come to Lebanon in the past. However, two prominent initiatives, the Lebanon Creative Cluster and the Beirut Creative Cluster, ceased functioning when the money dried up, according to Salim Tannous, former director of the BCC. The LCC launched in 2009 and, based on its time capsule of a website, died by 2010. It did not achieve its stated objectives (“increasing the coordination across the creative industry ecosystem,” “channeling government resources and programs,” and “enabling capital formation,” among others) and Executive was unable to reach someone directly involved in the project for further comment.

The BCC started work in 2012 and was more focused. Tannous explains that it catered to any company whose products end up on a screen, be it TV, cinema, computer, tablet or smartphone, but failed to become financially self-sufficient as a cluster, which prompted him to leave as manager earlier this year. Building an ecosystem for the creative economy in general or for a design economy specifically, therefore, will likely require government financing.

August 6, 2015 1 comment
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Editorial

It stinks

by Yasser Akkaoui August 5, 2015
written by Yasser Akkaoui

Driving home to Verdun after dinner in Badaro in late July, I thought I’d somehow slipped back in time to the 1980s. I looked down at my steering wheel. I was not in a DeLorean, so it wasn’t time travel. But it sure felt like a war zone. The streetlights were out, but the roads were glowing. Thick black smoke and bright orange flames made the few people on the street look menacing. I kept looking for debris caused by the bombs, but only saw burning mountains of garbage. It was a flashback to the most terrifying experiences I’ve had in this country.

Since then, I’ve seen reminders of the civil war in all the photos of blocked roads, angry demonstrators and trash fires. Protesters are even piling rubbish in front of banks, which they accuse of actively participating in the government’s corruption. This resentment towards the private sector and the feeling that it is a detestable part of the system is eerily similar to the general sentiment on the street back in 1975. People are once again being manipulated. The banking sector that has been dodging foreign attacks since 2006 is actually helping keep this country afloat economically, storing savings for both rich and poor alike. It’s clear to me that these protesters are following marching orders given by the politicians who are the designers of this crisis. Channeling their anger at one of our few productive sectors is lunacy intended to divert people’s attention from the truth.

But why am I surprised? Since the end of the civil war, waste management has been nothing but a well designed cash cow and you can be damn sure the warlords in power have gotten their milk. Whatever solution our politicians are pretending to find today is just a creative and innovative way to re-distribute our wealth. They don’t care about designing the best waste management plan for Lebanon. They are only creative when designing ways that will make them richer.

This month we’re calling on our readers to employ Design Thinking to imagine creative and innovative solutions to Lebanon’s problems. For a change, we want a human-centered approach to addressing this country’s woes that will truly benefit the people. Our politicians are doing the exact opposite with waste management. They spoke at the end of July of ‘temporary solutions’ – a quick fix. The only real quick fix would be getting rid of them once and for all and bringing to power people who actually care about this country and its citizens.

As we drown in trash and struggle to breathe, it is clear that our political class is even better than our foes at destroying our quality of life in pursuit of more personal illicit gain. Their strategy will backfire. And it will backfire soon.

August 5, 2015 1 comment
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LeadersOpinion

Wading knee deep in trash, literal and political

by Executive Editors August 5, 2015
written by Executive Editors

There’s nothing more frustrating for those of us who deal in facts to see rumor, opinion and plain horseshit posing as debate. The one thing that stinks more than the actual trash rotting on our streets is the national conversation about waste management. We demand real answers and vow to use these pages to showcase them for our readers in upcoming issues.

As evidenced by repeated, unsustainable promises that a ‘temporary solution’ was found while trash piles continued to grow, our politicians continue to not deal with us honestly concerning this matter. Not only did it take several days for the ‘solution’ to actually take hold, but let’s take a serious look at the very notion of a solution for garbage that is not long term. Waste is a health risk, and to dispose of it in an environmentally responsible way that does not poison the people living near it requires planning. You cannot simply burn it on the street, nor can you simply dump it into an abandoned quarry or open field. Both of these ‘temporary solutions’ harm the environment and pose risks to human health.

What many don’t know is that modern landfills are actually referred to as ‘sanitary landfills’ as they are engineered in a way to prevent rotting garbage from polluting groundwater and the surrounding landscape. (Naameh, by the way, is a sanitary landfill.) However, you cannot build one overnight – it takes months. Similarly, there are safe ways to incinerate refuse with little left over. Ironically, one byproduct of waste incineration is often electricity, but who in Lebanon needs more state-provided electricity? Waste incineration plants also take time to build. And money. So whatever ‘temporary’ solution is used, please know that it will hurt the environment and carry with it health risks. Not to mention the Lebanese penchant for ‘temporary’ to be a by-word for  long-lasting, if not permanent.

And remember, we’re only in this mess because of the government’s inability to manage waste properly. The plan for tendering new contracts proposed earlier this year could never have solved the Naameh problem even if companies had bid and won those contracts because of the state’s reactive decision to close Naameh by July 17. No replacement could have been realistically built in the timeframe the government imposed.

Moreover, the entire debate about the landfill deserves more robust investigation. Anyone who has been near Naameh knows that it stinks. It is unclear to us if the smell comes from the actual landfill itself or from the new truck-fulls of waste that came in an endless parade (i.e. an operational stink that would go away once the trucks stop bringing more garbage). While no one likes foul odors, they alone are not proof that Naameh is poisoning people. The government insists that Naameh is a sanitary landfill that expanded as its lifespan increased, meaning that all of the extra capacity waste is in a sanitary landfill, not simply strewn about in the general vicinity. Activists and residents, on the other hand, insist that Naameh is a filthy cancer causer. Neither have publically presented evidence to support their claims. We’ll do our best to find any evidence that’s out there. 

No discussion of garbage is complete, of course, without mentioning the commercial group, Averda, tasked with cleaning up after us. Averda has two companies; Sukleen which collects the waste and Sukomi which treats and landfills it. And yes, we said ‘treats.’ Sukomi does turn some organic waste into compost and does some recycling. Could it do more? For sure. But let’s make sure we have our basic facts right before we start making demands. Averda founder Maysarah Sukkar is allegedly a ‘Hariri man’ who won the contracts for cleaning up Beirut and most of Mount Lebanon in one corrupt way or another. Thus far, these allegations have neither been proven nor disproven, and we might not be able to offer a definitive answer either. What we will answer in future, however, is how the price Averda’s companies charge compare internationally. Let’s all be clear that this is not as straightforward as it may sound. First, we don’t have a confirmed figure on how much Beirut and most of Mount Lebanon pay for waste disposal. There are figures floating around, but the government is not transparent on this topic. In fact, back in 2010, there was a fight in the cabinet over extending contracts for Sukleen and Sukomi. Some politicians alleged the contracts were state secrets. They decried extending what they could not read. Earlier this year, Executive mentioned this episode to an official responsible for waste management. “Lies,” he cried. The official said that any parliamentarian or minister could read the contracts whenever the need arose. In fact, this official stressed how “anyone who has the right” to see them is welcome to. Executive was deemed to not have that right. More troubling, the official seemed ignorant to the idea that the public has the right to see them. We all pay taxes, right? Compounding the problem is the necessity to compare apples to apples. Even if we find a compelling reason to trust the oft-cited trash collection figure of $140 per ton, we must make sure that we compare it properly. Sukleen and Sukomi are paid to collect, treat and dispose of waste.  So the price per ton includes all three steps. When you hear someone say, “But in London/Cairo/Amman/New York it’s $X cheaper,” this is only true if the price abroad includes everything Averda is doing in Lebanon. Perhaps London only pays $35 per ton for street sweeping but much more for the rest of the trash death cycle. (Note that figure is purely an example. It did not result from even a basic Google search so don’t quote it.) We’ll do our best to find a reliable price-per-ton figure for waste management in Beirut and surrounding districts and attempt to put that price in context.

Starting now, Executive will do three things concerning waste management in Lebanon: Investigate claims about how clean Naameh is or is not; report on international best practice for both technology and pricing in waste management; and raise a stink until we see a sustainable solution that will work. This won’t be an easy task, but we’re happy with the challenge. Stay tuned for what we find, and in the mean time, stay clean.

August 5, 2015 0 comments
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Design

Executive Design Challenge August 2015

by Executive Staff July 31, 2015
written by Executive Staff

Are you passionate about initiating real change? Do you have ideas but don’t know how to translate them into action? If yes, enter Executive Magazine’s human-centered design challenge to win the exclusive chance to turn your idea into a reality!

 

The #ExecutiveDesignChallenge is based around the principle of human-centered design. We want you to think of a problem that you are interested in and design a practical solution to it. The concept of human focus differentiates human-centered design from other conventional problem-solving techniques; if you understand the people at the center of an issue, the solution you create will be more effective. Essentially, we want you to design with purpose!

This challenge has three steps to it. Firstly, identify and outline a problem that is important to you. Secondly, come up with an innovative solution which is based around the principle of human-centered design. Finally, upload your solution onto our Facebook event page (see link below).

 

We have provided some guidelines to help clarify the process:

  1. Make sure you have the front cover of Executive’s August Issue and the provided sketch pencil ready to use for the design challenge.
  2. Think about a problem you wish to solve which is central to Lebanon and to human needs. This could be anything – from the rubbish collection crisis to the electricity shortage. Remember to place people at the center of your problem; what is it about these problems that affects people the most? How will they use the solution you provide for these problems? Some scrap paper might also come in handy for drafts or preliminary sketches, and drawings can be good conversation starters. Use the people around you to gain clearer answers, simply asking your family members or neighbors about what they think would be a good start!
  3. Design a possible solution to your chosen problem which uses Executive’s August issue front cover as a frame. This design solution could come in many different forms, including a drawing, a photograph, graphics, text, sculpture or even code! For example, if you design a sculpture prototype, you could take a photo of it and place it onto Executive’s front cover. Feel free to add extra sketches or text to help explain your solution if necessary. You may submit more than one entry.
  4. Once your design solution is on the front cover, upload it onto the Executive Design Challenge Facebook event page: bit.ly/executivedesignchallenge, accompanied by the hashtag “#ExecutiveDesignChallenge”.

 

Who can enter

The contest is open to Lebanese residents who are eighteen years of age or older at the time of entry. The organizer has the right to verify the eligibility of each entrant.

 

Selection of Winner

The number of “likes” each entry receives on Facebook will count for 50% of the final grade. A panel of judges chosen by Executive Magazine will be comprised of experienced design industry professionals whose decision will count for the remaining 50% of the final grade. All judges’ decisions are final and binding. The participant whose entry receives the highest score wins the competition.

 

Prize

The winner will be rewarded with a full-page spread of their design solution in one of Executive’s upcoming issues. Furthermore, the design solution will subsequently be turned into a more in-depth white paper to be presented to the relevant ministry concerned. Executive will do its utmost to promote the proposed solution with the aim of bringing about substantial, concrete change.

The winner will be announced in early September, 2015.

 

General rules

Deadline for submission is on the August 25, 2015. Entries uploaded past this date will not be considered.

By entering the contest, each entrant grants Executive Magazine the right to use all statements and designs submitted on its social media platforms or in any advertising without compensation or approval.

 

Thank you for taking part in Executive’s Design Challenge. Enjoy and good luck!

 

July 31, 2015 0 comments
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Economics & Policy

Mixing oil and insurance

by Jeremy Arbid July 31, 2015
written by Jeremy Arbid

Not even a political shutdown of the oil and gas file can discourage Lebanese insurers from preparing for this industry — they, after all, do know a thing or two about risk. But as local insurers gathered at a June conference to discuss the finer points of oil and gas indemnity, a lack of consensus surfaced as to whether they will have priority to assure the assets of exploration companies when they come to town — a right granted as per Lebanon’s insurance law. The government is due to debate this aspect of the legal framework ironing out the details with Lebanon’s insurance association.

While that all plays out, a more interesting aspect to ponder is whether local insurers will have the financial leverage to assure oil and gas projects. Together, Lebanese firms generate annual premiums of $1.5 billion and are liquid enough with equities totaling around $1 billion. One oil rig, for example, valued at around $150 million would have liabilities in the hundreds of millions of dollars. Talk of forming an insurance pool will allow them to share more risk limiting exposure and liability. Lebanese insurers want their piece of the cake, but it is yet unclear how much net premiums the local players might reap from an oil and gas industry.

Compromise between internal and Lebanese firms

Confusion over whether local companies will have insurance priority is the immediate point in a developing debate between ACAL — Lebanon’s association of insurance companies — and the government. Lebanon’s petroleum activities regulation — a collection of application decrees filling out the offshore petroleum resources law — says that oil and gas exploration companies will be free to self insure their operating risk through a wholly owned unit. Many international oil companies (IOCs) have captive insurance subsidiaries that they use to insure their operating risk. For them, it makes more sense economically to insource risk management because it allows profits generated from premium payments to float back up to the parent organization. In other words, self insuring would allow IOCs to skirt premium payments to Lebanese insurance firms. That, says ACAL, conflicts with the country’s indemnity law stipulating the financial protection of any asset through a local insurer.

A compromise is in the works says Max Zaccar, president of ACAL. He told a conference audience in early June that an insurance pool might be formed, “We are putting in place a system so that all the insurances of the oil and gas industry are placed with the 50 insurance companies in Lebanon [through] international reinsurers.” But the particulars of ACAL’s ongoing discussion with the government, he said, were too precious for the public’s ears. Wissam Zahabi, the Lebanese Petroleum Administration’s economic pointman, told Executive on the sidelines of the conference that local insurers “retaining a percentage [of risk]” would add value and compound returns to Lebanon’s economy. “This is an industry that has huge application,” he says, adding that “ACAL is proposing a scheme and we are working with them to make sure [local insurers] are liable jointly and to ensure they have the solvency and the capacity.”

Local solvency

Whether local insurers do have the solvency or expertise to take on financially massive exploration projects in Lebanese waters is a different question entirely. They will most likely form an insurance pool to spread risk across the 50 insurance companies operating in Lebanon. According to expert brokers of international oil and gas insurance contracts, none or next to none of the local insurers have enough capital to insure the bigger projects of oil exploration. Lebanese insurance companies are too small to go it alone. Pooling their resources together would allow them to take on a greater share of risk, but at this point it’s not really clear how much.

The likelihood is that such a pool might take on only a fraction of the risk while passing a greater portion of risk to the larger, more global insurance players. “We’ll definitely need a reinsurance market,” says Jalal Tabaja, a senior manager specialized in marine and energy reinsurance at Chedid Re, a regional firm. “We’re talking about billions of dollars in assets. Each one is a billion or $500 million or so, and it’s not easy to cover it locally. So we do need a reinsurance market to distribute the risk.”

Insurance would indeed represent a lust-worthy opportunity for the local economy, but nobody really knows how much in gross premiums an oil and gas insurance industry might be generated in the Lebanese market. The greater potential is for follow-on business not directly related to operating risk, the type of commercial activities not currently insured in Lebanon. These insurance demands may appear as companies spring up to facilitate oil and gas exploration — those companies servicing rigs and production facilities — and, possibly later, a refining industry.

Lebanese technocrats have taken note of the insurance experience from the Gulf oil producers. In most instances, Arab companies passed on all the risk to international reinsurers. Even later on they did not build these capabilities, with the possible exception of Saudi Aramco, which built its own risk management business line, but generally they have not been very strong in capability because their insurance markets are not robust.

Lebanese insurers have time on their side — we can thank politicians, for once, for the ongoing delay. Lebanon’s insurance industry will need to prepare its human and financial capital needs. There are yet further, more difficult hurdles to leap. Sharing information among competitors is currently a big barrier — an insurance pool will require certain levels of information sharing and collaboration among companies, a battle likely to unfold once an insurance pool is set up.

July 31, 2015 0 comments
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BusinessFinance

A fine time for fintech

by Thomas Schellen July 31, 2015
written by Thomas Schellen

No, fintech is not the code name for the joint research and development capabilities of Finland based Nokia and France’s Alcatel-Lucent. And for those who are troubled by the idea of being unaware of the latest buzzword, the term is not actually all that new. Blending the words financial and technology, fintech has been around for years as a descriptor of bland, back office information technology solutions provided to firms in the financial industry. As of late, however, the term is buzzing with redefinitions, and startups all over the planet appear bent to hire backend developers for fintech projects.

One cuddly definition of fintech ventures is that “they build and implement technology which is used to make financial markets and systems more efficient.” According to its authors at the student-led fintech club at the Wharton Business School in the United States, this entails companies in areas ranging from crowdfunding and peer-to-peer lending to algorithmic asset management and thematic investing, as well as payments, data collection, credit scoring, education lending, digital currency, exchanges, working capital management, cyber security “and even quantum computing.”

Other definitions of fintech are more aggressive, emphasizing that companies in this area are commonly tech startups out to push the buttons of established banking and financial services companies by being more agile, cheaper and absolutely superior in innovating information technology products and services when compared with the big banks.

Whatever definition one favors, the sector of entrepreneurial ventures is receiving international attention, not in the least due to optimistic consulting reports that investments in fintech startups have tripled twice in the past four years — to over $12 billion in 2014. The list of new companies is long and growing globally as well as in Lebanon, albeit at a comparatively subdued rate in the latter case. Local startups such as PinPay, Bnooki and Via Mobile — all companies which Executive has reported on under our entrepreneurship coverage — are alive and progressing well along their various tracks of development.

As Via Mobile’s chief executive Karim Khoury tells Executive, his venture — which was part of our Top 20 Entrepreneurs in 2014 — is growing as planned and has been helped by maturing market conditions where the e-payments concept is increasingly being accepted. Competition among fintech companies according to him is currently playing out in a smallish field of eight local companies. New contenders are expected to enter the fray but candidates are playing their cards close. The competition among the actors is overall healthy but consumers tend to get confused by the different new apps and solutions, he says, yet adds optimistically, “The market will start to consolidate soon. I expect mergers in the very near future.”

In Khoury’s view, the current high media focus on anything fintech is something of a hype and reminiscent of the time a few years ago when everybody was obsessing with talking about “the cloud.”

Fintech itself as an investment opportunity on the other hand is anything but hype, says Henri Asseily, managing partner at newly formed Leap Ventures, a late-stage venture capital firm dedicated to the Lebanese market.

“We have already seen a number of companies that are in the fintech space. I don’t think it is hype. I think it’s warranted. Fintech is there and it is key, but whether the entrepreneurs in Lebanon are going to do something that is world class, I don’t know yet. It really depends on if we see companies that are worth investing in,” he tells Executive on the sidelines of Leap Venture’s launch in Beirut last month.

Leap Ventures has received fintech funding requests in the $5 million range, and that is interesting to the VC firm, Asseily adds, but has yet to examine these proposals. While Leap Ventures’ limited partners are all from the Lebanese banking sector, he sees no reason why the firm would not invest in a qualified fintech company, as long as there is no existing strategic investor involved that is too close to the target company. “This [connection to the banks] is no conflict of interest,” he exclaims. “It is a great opportunity for fintech companies. [If] they come to us and if they have a great product, we call up all our banks and say, ‘try the product, pilot it!’ Our job is to put the product on the market.”

The idea, promoted in numerous fintech descriptions, of disrupting banks, attacking their high fees and taking financial business down to “the people” sounds hip. But in reality, new fintech contenders will often find themselves at least in the longer run having to aim for a symbiotic relationship with the established financial giants. This message that traditional lenders and tech entrepreneurs need each other is increasingly reverberating with the banking industry and analysts in developed markets.

Given its prominent and, in regional terms, very sophisticated banking sector, Lebanon seems bound to adopt such a symbiotic view as the fintech sphere expands beyond its currently very minor dimension. However, budding fintech operators are still confronted with perception barriers, says fintech hopeful Elise Moussa. Having spotted an entrepreneurial opportunity in facilitating mobile payments for retail goods after moving from Boston to Beirut in 2012, she initially contacted banks to present her photo-based solution enabling consumers to make goods purchases of up to $25, which she called Snapay. But finding banks to be “scared of anything that has to do with payments on a mobile phone,” she says she iterated her concept and shifted to telecommunications operators as target partners.

[pullquote]The market will start to consolidate soon. I expect mergers in the very near future[/pullquote]

Her approach is to bootstrap her company until it has “some traction” before seeking major funding. Money is not the top problem in achieving an entrepreneurial opportunity in Lebanon, she says. “The number one issue is if we can apply the old rules and regulations to new technologies, and the answer is absolutely not. No amount of money can really solve this problem and it is a delicate dance between what the market needs and wants and what regulation is doing.”

Findex and fintech

Fintech entrepreneurs like Khoury and Moussa have no problem thinking big and envision possibilities to serve hundreds of millions of un- or under-banked people with mobile financial services in the Middle East and beyond. And indeed, the real measure of success for fintech as an industry may well not lie in the development of another convenience-enhancing tool for bank clients but in how effective they can contribute to the growth of financial inclusion.

Measured by the Financial Inclusion Index (Findex), almost 40 percent of the world’s adults in 2014 did not have access to financial services via either a conventional bank account or a mobile account, according to a World Bank survey finding released this April. It was the second survey of this type after 2011 and showed — although probably not yet highly robust on all statistical fronts — an estimated 700 million persons increase in the number of people holding financial access via a formal financial institution or mobile account.

According to a review of the second Findex survey by advocates of microfinance and financial inclusion, the increase in the number of people with financial access over only three years comprises over 500 million people who used a traditional channel, plus 160 million who came in as part of population growth and some 41 million from mobile accounts.

Analysis by Gallup, which conducted the survey for the World Bank’s Global Financial Inclusion database, shows a comparably low account penetration of 14 percent for conventional and less than 1 percent for mobile access in the Middle East. In sub-Saharan Africa, where overall financial access is the second lowest in the world after the Middle East, mobile accounts were particularly strong drivers of financial inclusion and almost one third of all adults with formal financial access relied on their mobiles as entry point to the financial system.

The World Bank sees access to regulated financial services as a potential bridge out of poverty and has set itself a hyper ambitious target of 100 percent universal financial access by 2020. The measurements of financial inclusion can be expected to improve over the next few years and deliver an increasingly sharp picture on the respective Findex success rates of traditional channels versus mobile accounts via fintech companies. This will be the litmus test if fintech entrepreneurs can make true on their visions of being positive disruptors to the economies of developing countries.

July 31, 2015 0 comments
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Economics & Policy

Looking good

by Matt Nash July 30, 2015
written by Matt Nash

While some locals have allegedly found small amounts of oil or gas in the Bekaa Valley while looking for an entirely different resource, namely water, there is no Lebanese version of Jed Clampett — the fictitious US hillbilly-turned-millionaire who accidentally struck oil while not so skillfully “shootin’ at some food.” That said, data from a new hydrocarbon exploration survey that focused on the northern half of Lebanon as well as the coast suggest that buried a bit deeper than an errant bullet could travel, Lebanon may have onshore oil and gas deposits. Nothing is certain before drilling begins and not all deposits are necessarily commercially recoverable reserves, but prospects in the portions of the Bekaa surveyed look good. The question moving forward will be when drilling will begin and under what legal framework will it happen.

Oil, oil everywhere

Jim Hollis, CEO of NEOS GeoSolutions, likes to tell a joke. “This goes back to something I said [at a conference] yesterday, ‘The first thing they teach us is: The best place to find oil is where there’s oil,’” he quips in an interview with Executive some 17 hours before trotting the one-liner out again at a survey data presentation event. “We look for patterns, and what’s awesome about Lebanon is, if you look around the neighborhood, there are lots of plays,” he continues.

Indeed, oil and gas finds in Syria seem to follow a southwest path from the north east of the country right up to the Lebanese border. There are oil and gas fields in Israel, too. And while the geopolitical differences among the three countries are vast, NEOS GeoSolutions — the American company that completed a survey of 6,000 square kilometers on- and offshore Lebanon — believes that geologically Lebanon has a lot in common with both Syria and Israel. Beneath the borders none actually agree on are two resource-rich basins that all three can potentially exploit or further develop, as the case may be.

Like Wissam Chbat — an official from Lebanon’s Petroleum Administration (LPA) who gave a speech at the launch of the survey’s results — Hollis spoke rather definitively about the presence of onshore oil and gas without playing a guessing game about the amount of what might be where. Both have an interest in talking up prospectivity — Hollis wants to sell survey data and Chbat wants to attract oil and gas companies — that is, however, constrained by a need to maintain credibility in the future. As part of the survey results package — which are now on sale for interested oil and gas companies — NEOS produced a map of what Hollis described as “hot spots” or “sweet spots” deemed worthy of further investigation.

[pullquote]Currently, the legal framework is basically suitable[/pullquote]

The next step from a resource development perspective would be to bring in oil and gas companies to either conduct additional, targeted surveying or to simply begin drilling, depending on a company or consortium’s risk appetite. While the LPA drafted a new law that would apply to onshore exploration and production — as the 2010 legislation that created the LPA applies only offshore — Chbat explains that the existing legal framework allows the Cabinet to sign contracts with companies to explore and, potentially, produce whenever it sees fit. In fact, he says, in the 1950s the government granted onshore exploration and production concessions — which never resulted in any commercially viable finds and were canceled in the 1990s. Today’s Cabinet could very well do so again.

Playing by the book

“If investors want to proceed, how?” Chbat asks rhetorically while addressing an audience at the survey’s data delivery ceremony. He explains that a mining law from 1933, coupled with another piece of legislation from 1975, and taken in conjunction with a 2011 Cabinet decision and a 2013 decision by the Minister of Energy and Water, together provide a legal path for the Cabinet to act without need for a completely new legal text. Passing a new legal text would require parliamentary approval, which tends to follow what experience shows can be over a decade of “debate.” The Cabinet’s power to move unilaterally towards onshore exploration and production is significant because, particularly in the Lebanese context, drilling onshore would be both technically easier and significantly cheaper than drilling in the country’s ultra-deep offshore. “The council of ministers can issue a decree for an [onshore] exploration and production sharing agreement” similar to the one for offshore that the Cabinet has been studying for years now, Chbat says. The LPA is still pushing for totally new legislation to have a firmer legal footing down the road. However, Chbat notes, “Currently, the legal framework is basically suitable.” Whether the Cabinet seizes this opportunity in light of the promising new data, though, is anybody’s guess.

July 30, 2015 0 comments
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DesignFashionJewelery and watches

Vanina

by Sara Ghorra July 30, 2015
written by Sara Ghorra

A beautiful piece of jewelry is aesthetically appealing. A beautiful piece of jewelry with a story behind it is even more interesting. And when the story is fueled by talent, creativity, entrepreneurial drive and a spirit of activism, a piece of jewelry can evolve into a tangible testimonial.

VANINA’s range is an exquisitely crafted collection of stories; an assortment of subtle yet powerful statements embodied in unique handmade pieces, all echoing a single message: “Fashion is a Tool”. Although the brand labels itself as ‘Responsibly Capricious’, anyone who takes a closer look would agree that it is first and foremost ‘responsible’, and only ‘capricious’ in as much as its creators are continuously inspired to raise awareness of ecological, social and cultural issues through the creation of novel designs.

Joanne-&-Tatiana-1

Tatiana & Joanne

Joanne Hayek and Tatiana Fayad, the duo behind VANINA, are childhood friends who have always shared a ‘creative complicity’. They spontaneously designed their first piece of jewelry when they were 19, while experimenting with old, devalued Lebanese Lira coins. This developed into a collection they later named ‘COINED’. The ladies had not planned to become jewelry designers as neither of their academic paths were related to fashion. Joanne studied architecture at the American University Of Beirut (AUB), while Tatiana pursued a business degree from Saint-Joseph University (USJ). And yet, what started as just a hobby back in 2007 is today a lifestyle brand recognized in some of the world’s most prestigious cities, as well as a wholly integrated business with a personality that one can’t help but admire. Over the course of eight years, VANINA has tastefully matured into a truly principled company with unshakable values, one of which is patriotism.

Joanne & Tatiana have made a point of producing every piece here in Lebanon, even if it has meant sacrificing monetary rewards which could have been gained by outsourcing. This contribution to the sustainability and growth of local communities and small businesses is perhaps what they are most fervent about. This positive involvement has not only benefitted the skilled craftsmen and women they partner with, but has also given a beautiful soul to their designs, one that is proving very attractive, especially to international clients.

Patches

PATCHES Collection

Behind each of VANINA’s jewelry collections lies a different mission, but all of them echo one of the many causes they defend, among which are social responsibility, sustainable development and heritage conservation. Social responsibility, concerned with maintaining an equilibrium between the economy and the ecosystem, is apparent through most of their designs.Their collections  ‘DISCARDED’ (based on CDs), ‘COINED’ (based on coins), ‘UNLOCKED’ (based on keys) and ‘PATCHES’ (based on cloth remains) to name but a few,  saw the pair transform useless or discarded materials into beautiful modern pieces, while simultaneously reducing the impact of waste upon the environment.

 

s-opera-pearls-1200

CONSERV’ED Collection

This creative reuse was, and still is, one of the strongest traits of the brand, and one that they have endeavored to develop while collaborating with other parties who share their vision. Through Arcenciel’s environmental program, for instance, they were able to turn tin cans into fancy evening bags, which saw the creation of ‘CONSERV’ED’. As part of their ‘STILL LIFE’ collection, and with Swarovski’s support for Eco-jewelry, they also designed luxury pieces by matching non-biodegradable plastic bags with Swarovski crystals.

Swarovski

STILL LIFE Collection

A creative collaboration with NK (Nour Kays) enabled them to develop the technique of creating patterns by layering and fusing sheets of plastic bags. This resulted in the creation of a new material and a collection of the same name – ‘PLASTILE’. Their innovative use of technology is also expressed in the edgy ‘LEAVES’ collection of stylish jewelry made from used paper sheets. Thanks to a partnership with ‘More Than Printing’ (MTP) and ‘Arab Printing Press’ (APP) and through MCor’s special 3D printing technique, paper sheets were transformed into superb, geometrically-shaped jewelry pieces.

VANINA-c-sparkles-red+box-1200

CEASE-FIRE Collection

All these collections, impressive as they are, only make up part of the passion the two women share. They care not only about protecting the environment, but also about maintaining traditions. For their ‘90s we love you’ line of shirts (individually stitched by Palestinians who live in the camps), they aimed to help preserve the heritage of Palestinian embroidery in collaboration with the NGO Inaash. In partnership with ‘L’Artisan Du Liban’, they also created the ‘HALFA’ collection of hand-woven shoulder bags made from local straw that grows in Akkar in the village of Koueishra.

shop

VANINA’s Mar Mikhael Boutique

Through VANINA, Joanne & Tatiana are ‘using fashion as a tool’, and are truly succeeding. They are transforming trite materials into pieces of art that are trendy, funky and modern, yet created in the most traditional ways. They are using technology in the direct service of environmental protection and waste minimization by creatively merging it with design. They are creating jobs and venturing into projects that raise awareness for the NGOs they collaborate  with. They are always refining the process of ‘standardized customization’ they developed to make sure their clients get unique pieces even when the demand is high. And finally, they are attempting to grow as steadily and healthily as possible so as not to compromise the essence of their mission.

It isn’t everyday that one has the pleasure to discover that beneath the surface of a glamorous jewelry brand lies a local business with a noble mission. If more companies adopted only some of the methods VANINA is using, we would surely witness a change on a much wider scale in Lebanon.

Vanina-Apparel

VANINA Apparel

 

July 30, 2015 0 comments
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LeadersOpinion

Taming the central bank

by Executive Editors July 30, 2015
written by Executive Editors

There is a deep rooted intuition or cultural knowledge that monetary power is extremely risky. Long before things like fiat money and central banking made their first appearances, this cultural DNA has come to expression in both prescriptive behavioral myths — such as Aristotle’s telling of Midas’ self-destructive fixation on the exchange value of everything instead of the use value.

There are enough indications to suggest that the power of central banks has been on a stiff growth trajectory. Testimonials, data points and indirect indications for this stretching of central bank mandates can be found aplenty — just a look at the rise in diverse central bank balance sheets in absolute numbers and in ratio to GDPs is enough to cause some wonderment. Central bank media coverage, academic papers and speeches by central bankers themselves provide ample corroboration.

Even assessing the idea from the opposite perspective is viable. In his recent work “The End of Power”, scholar (Carnegie Endowment), political figure (one-time government minister in Venezuela), editor-in-chief (Foreign Policy), former World Bank executive director Moisés Naím argues that the power of mega-players in the realms of politics, religion, business, culture, union labor and media is weakening. One subset of institutions that is not mentioned once in Naím’s book for weakening of its power are central banks.

Lebanon’s Banque du Liban (BDL) fits the pattern of central bank power growth in both a general and a very peculiar sense. The size of BDL assets at the end of May 2015 was LBP 136.8 trillion ($90.74 billion) — not far from twice the country’s estimated GDP. When compared with five years ago, end of May 2010, the BDL balance sheet ballooned by almost 60 percent. And when compared with the same month in 1995, the increase was in excess of 1,100 percent.

A hint of more peculiar growth comes from BDL lending to investment banks and financial institutions in 2014. From LBP 102.6 billion ($68M) at the end of 2013, this infusion of funds shot up to more than LBP 580 billion ($385M) at the end of 2014.

Of course, my dear Oliver Twist, money doesn’t simply grow on trees and the money to finance economic growth in Lebanon must come from somewhere. The national government has been totally consistent in not incentivizing growth. Thus it is nothing but logical that BDL has been growing its reach into the economy.

As politically thinking economists in the conversations about monetary policy for this issue of Executive tell us, the largest current danger is not actually the dollar peg but the nation’s outsized expansion of debt when compared with Lebanon’s economic growth. There is a relationship of dangerous credit growth with the country’s imported monetary policy but, as the economists in our conversation also agree, the lever Lebanon has to seek is the one of economic growth.

The diagnosis is that the central bank was right to enter the arena of economic policymaking and fiscal incentive packages because the government had backed down from making its stand in this arena. BDL was right in stepping into the fray because in the presence of such perils as Lebanon faces today, not doing anything is a greater risk than the risks that are represented by doing something without following standard procedures and the protocols regarding the institutional division of labor.

It does not surprise us therefore that the World Bank just published a mid-June valentine to BDL. If there ever was a multilateral agency declaration of love to any partner institution, this paragraph on page 57 in the World Bank’s new Systematic Country Diagnostic on Lebanon must qualify: “Institutions in Lebanon are extremely weak, characterized by both inefficiency and corruption. [… However,] Banque du Liban stands out as an effective and respected institution, because its considerable powers are legally ringfenced, including being financially independent of the government.”

[pullquote]We are still not absorbing the burden of the debt[/pullquote]

But this to us means also that it is time to bark, and bark insistently, at the tallest and strongest cedar in the national institutional forest. Because there is quite a bit to bark about — and because there is nobody else in the public space worth barking at. And so we want to share our barking space in the confidence that Lebanon’s one institution with a “ya Habibi” declaration from the World Bank will become more interactive with the Lebanese sovereign.

We agree that, as the World Bank says, BDL’s financial independence from the government is all fine but isn’t the real scenario, and problem, that the Lebanese government appears dependent on the central bank? As economist Ghassan Hasbani tells Executive, the bank “becomes an operator of the sector and starts replacing the ministry of finance as an executive power and that’s a concern.”

Central bank management of Lebanon’s economic growth efforts is not providing sufficient results to put concerns over the balance of payments at ease, economist Sami Nader adds. “We are still not absorbing the burden of the debt,” he cautions.

In another concern we share, long term recipes for growth cannot be delivered by a central bank. But structural reform is the central need, as economist Joseph Gemayel highlights. “The solution would be to enhance our competitiveness and increase our exports by way of structural reforms, which would require that we reduce our cost of production and/or become more competitive via higher quality or other measures.”

For economic and political thinker Roger Eddé, the situation needs drilling down to the fundamentals of the Lebanese system. “The worst thing that is happening in this country Lebanon, this failed country Lebanon, is that everything is political. That spoils the very idea of independent central bankers. We need not only an independent central bank but we need every appointment to be non-political,” he says.

We have concerns, from both practical and principled economic perspectives, that rigid currency pegs are costly and ultimately unsustainable. We want to keep talking about ways to loosen the total dollar dependency. The country is entwined in more than enough other import dependencies. But we acknowledge that doctrinal purism has no space in the management of serial emergencies, which describe Lebanon.

In agreeing that there is a faint chance for Lebanon to switch to a domestically engineered monetary policy, and in consciously adjusting our metaphors to include both our environment loving and our car-hugging readership segments, we accept that the Lebanese pound will have to tailgate the dollar in convoy driving at least for several further quarters. Yeah, we are stuck with driving according to the Fed’s cruise control.

But then we want to have a cleaner windshield and a better conversation with the team that drives BDL. What BDL communicates today is better than what it used to provide 10 years ago. Forward guidance on monetary policy is not the only thing worth hearing from a central bank but even when there is not too much to say, such a conversation will be useful to keep the information juices flowing.

Knowing full well that transparency in central banking is not a panacea and can even become an obstacle to decision processes, we still call for a new constructive dialogue and for broadening the stakeholder base in dialogue with BDL. This dialogue, if it engages political economists, academic economists and analysts on a regular basis, including intellectual and social interactions, can for example be a starting point for the formulation of economic platforms and visions by one layer of public interest organizations that Lebanon sorely lacks — political parties that could get into habits of thinking macroeconomically by informed and interactive communication.

We call for more transparency at BDL, because there are still deficits in information flows to analysts, media and the interested public — some of these lacks are extremely basic, such as real time provision of authorized translations of new intermediate circulars or even posting of the Code of Money and Credit with good visibility beyond Arabic speaking stakeholders.

We call for pit stops with the BDL departments, for regular power breakfasts with the vice governors and for High Economic Tea with the governor.

July 30, 2015 1 comment
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Since its first edition emerged on the newsstands in 1999, Executive Magazine has been dedicated to providing its readers with the most up-to-date local and regional business news. Executive is a monthly business magazine that offers readers in-depth analyses on the Lebanese world of commerce, covering all the major sectors – from banking, finance, and insurance to technology, tourism, hospitality, media, and retail.

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