Business conditions in Lebanon’s private sector deteriorated marginally in April even as export orders and purchasing activity rose.
The country's Blom purchasing managers’ index, a measure of the strength of its private sector, fell to 49.5 in April, from March’s seven-month high of 49.7.
A reading above the neutral level of 50 indicates growth while one below it points to a contraction.
The reading “reflected in higher export orders, employment, quantity and stock of purchases, and — perhaps most important of all — relative business confidence. That is in addition to lower input and output price inflation due to a better and stable exchange rate”, Ali Bolbol, chief economist and head of research at Blom Bank, said.
Lebanon, in the grip of its worst economic crisis in decades, continues to suffer from hyperinflation, which hit an annual rate of 264 per cent in March amid soaring communication, alcoholic beverage and tobacco costs, as well as food, water and energy rates, the Central Administration of Statistics' Consumer Price Index showed.
“That is not to say, however, that the Lebanese economy has turned the corner, but it does show that it is slowly adjusting upwards from the low equilibrium of the previous crisis years. And only a credible and well-governed reform programme can move this adjustment faster and to a much higher equilibrium level.”
Lebanon's central bank devalued the pound in early February, with the official exchange rate changing to 15,000 to the US dollar, compared with the peg in place since 1997 of 1,507.50 to the dollar.
This led to a surge in consumer prices in March and the Lebanese pound trading in the parallel market at as much as 140,000 to the dollar earlier this month.
Lebanon's worst economic and financial crises has been exacerbated by a political impasse that has blocked the formation of a new government and the enactment of reforms required to unlock billions of dollars in aid from the International Monetary Fund and other international donors.
The latest survey showed a fall in business activity across the Lebanese private sector at the beginning of the second quarter. However, there was an uplift in new orders from abroad, while purchasing activity and employment levels also expanded, the survey results show.
There was also a marked slowdown in the rate of input cost inflation and firms decreased their prices charged in April for the first time since December 2019.
The level of incoming new work received by the private sector also fell marginally as new business orders from overseas markets increased for the first time since July 2021.
The backlog of work also rose for the first time since August 2022 on the back of new business from abroad.
Employment rose for the first time in three months and purchasing activity increased for the first time since July 2022.
“Looking ahead, while firms were still pessimistic overall, business confidence rose to a 37-month high as some companies hoped for more stable operating conditions domestically,” the report said.
Health Valley
Founded in 2002 and set up as a foundation in 2006, Health Valley has been an innovation in healthcare for more than 10 years in Nijmegen, the Netherlands.
It serves as a place where companies, businesses, universities, healthcare providers and government agencies can collaborate, offering a platform where they can connect and work together on healthcare innovation.
Its partners work on technological innovation, new forms of diagnostics and other methods to make a difference in healthcare.
Its agency consists of eight people, four innovation managers and office managers, two communication advisers and one director. It gives innovation support to businesses and other parties in its network like a broker, connecting people with the right organisation to help them further
Results
Women finals: 48kg - Urantsetseg Munkhbat (MGL) bt Distria Krasniqi (KOS); 52kg - Odette Guiffrida (ITA) bt Majlinda Kelmendi (KOS); 57kg - Nora Gjakova (KOS) bt Anastasiia Konkina (Rus)
Men’s finals: 60kg - Amiran Papinashvili (GEO) bt Francisco Garrigos (ESP); 66kg - Vazha Margvelashvili (Geo) bt Yerlan Serikzhanov (KAZ)
England Test squad
Joe Root (captain), Moeen Ali, James Anderson, Jonny Bairstow (wicketkeeper), Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Dawid Malan, Jamie Porter, Adil Rashid, Ben Stokes.
The Scale for Clinical Actionability of Molecular Targets
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
Champions League Last 16
Red Bull Salzburg (AUT) v Bayern Munich (GER)
Sporting Lisbon (POR) v Manchester City (ENG)
Benfica (POR) v Ajax (NED)
Chelsea (ENG) v Lille (FRA)
Atletico Madrid (ESP) v Manchester United (ENG)
Villarreal (ESP) v Juventus (ITA)
Inter Milan (ITA) v Liverpool (ENG)
Paris Saint-Germain v Real Madrid (ESP)
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RESULTS
6.30pm: Longines Conquest Classic Dh150,000 Maiden 1,200m.
Winner: Halima Hatun, Antonio Fresu (jockey), Ismail Mohammed (trainer).
7.05pm: Longines Gents La Grande Classique Dh155,000 Handicap 1,200m.
Winner: Moosir, Dane O’Neill, Doug Watson.
7.40pm: Longines Equestrian Collection Dh150,000 Maiden 1,600m.
Winner: Mazeed, Richard Mullen, Satish Seemar.
8.15pm: Longines Gents Master Collection Dh175,000 Handicap.
Winner: Thegreatcollection, Pat Dobbs, Doug Watson.
8.50pm: Longines Ladies Master Collection Dh225,000 Conditions 1,600m.
Winner: Cosmo Charlie, Pat Dobbs, Doug Watson.
9.25pm: Longines Ladies La Grande Classique Dh155,000 Handicap 1,600m.
Winner: Secret Trade, Tadhg O’Shea, Ali Rashid Al Raihe.
10pm: Longines Moon Phase Master Collection Dh170,000 Handicap 2,000m.
Winner:
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
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How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
'C'mon C'mon'
Director:Mike Mills
Stars:Joaquin Phoenix, Gaby Hoffmann, Woody Norman
Rating: 4/5
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Company%C2%A0profile
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
UAE%20FIXTURES
%3Cp%3EWednesday%2019%20April%20%E2%80%93%20UAE%20v%20Kuwait%3Cbr%3EFriday%2021%20April%20%E2%80%93%20UAE%20v%20Hong%20Kong%3Cbr%3ESunday%2023%20April%20%E2%80%93%20UAE%20v%20Singapore%3Cbr%3EWednesday%2026%20April%20%E2%80%93%20UAE%20v%20Bahrain%3Cbr%3ESaturday%2029%20April%20%E2%80%93%20Semi-finals%3Cbr%3ESunday%2030%20April%20%E2%80%93%20Third%20position%20match%3Cbr%3EMonday%201%20May%20%E2%80%93%20Final%3C%2Fp%3E%0A
