Author Archives: Michele Hobeika

Credit rating downgrades on Lebanon and its banks during of February 2020 weighed down on future business expectations.

February’s PMI results revealed a stark pessimism in the private sectors’ sentiment towards the 1-year business outlook, such that the Future output index scored an unprecedented low of 31.00 in Feb. 2020 compared to a 32.7 during protest-hit November 2019.  The results came on the back of Moody’s February downgrade of Lebanon’s credit rating from

Bank Audi raises USD 210 Million in Common Equity

The Extraordinary General Assembly of Shareholders of Bank Audi sal convened earlier today and approved USD denominated cash contributions, from the Bank’s shareholders, in an amount of USD 210 million. The General Assembly also resolved to convert said cash contributions into ordinary shares of the Bank. The aforementioned actions remain subject to the approval of

Philip Morris International Inc. Formally Introduces IQOS 3 DUO in Lebanese Market

The Launch of the Most Advanced Version of IQOS, the World’s Leading Heated Tobacco Product, Will Help Accelerate Adult Smokers to Switch from Cigarettes to better Alternatives in Lebanon LEBANON, Feb. 20, 2020 — Philip Morris International (PMI) (NYSE: PM), the global leader in innovative, scientifically substantiated smoke-free products, today introduced IQOS 3 DUO, the

“Davos…Unsmoke your mind” Philip Morris International shares its transformational experience with world experts

Davos, Switzerland, The World Economic Forum in Davos, Switzerland, which took place last week, witnessed remarkable participation from global economic institutions and organizations, which have become key contributors to building and shaping the future.  Various panel discussions were hosted by major companies who invited economic experts, scientists, and political figures to deliberate around the world’s

Bank Audi Reinforces Its Financial Positioning Increase in core equity Negotiations to sell Bank Audi Egypt

Increase in Core Equity Bank Audi has started accepting US Dollar denominated cash contributions to capital from its shareholders (holders of common shares), in application of the first stage of Banque du Liban’s circular 532. Shareholders holding the majority of the Bank’s capital have already indicated their willingness to contribute, a valuable token of their

IPT is Recruiting Lebanese Workers at its Service Stations

n view of the difficult and exceptional circumstances in the country, IPT decided in an unprecedented and responsible initiative to hire Lebanese workers at its service stations that are directly managed by the company. The available openings are the ones that are currently occupied by foreign workers namely gas filling, car washing, oil change, and