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Abboud Says Lebanon Ready for Tourism Season, Vows to Make More Reforms

Tourism Minister Fadi Abboud said on Wednesday that Lebanon will enjoy an “excellent” summer season.

In remarks to al-Manar TV, Abboud said: “We are ready for this tourism season because it is going to be the best for Lebanon.”

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Oil Prices Edge Higher After Chinese Data

Oil prices rose slightly on Tuesday as the market digested news of an inflation spike in China, the world's biggest consumer of energy.

Brent North Sea crude for delivery in July edged up six cents $119.16 in early London trade.

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Volkswagen Sells Two Million Vehicles Since January

German auto company Volkswagen said on Tuesday it has sold more than two million vehicles between January and May, a twelve percent boost in sales from the same period last year.

The Volkswagen marque sold 2.09 million vehicles in five months against 1.86 million units in 2010, the company said in a statement.

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Oil Falls to Below $99 on Saudi Crude Output Boost

Oil prices fell to below $99 a barrel Monday in Asia, extending a big loss from Friday after a report said Saudi Arabia plans to boost its crude production.

Benchmark oil for July delivery was down 57 cents to $98.72 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost $2.64 to settle at $99.29 on Friday.

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Youssef Denies Halting DSL, HDSL Licenses: Requests on Hold over Lack of Modems

OGERO Telecom General Manager Abdul Monhem Youssef denied on Friday reports that he had halted granting DSL and HDSL licenses to the Telecommunications Ministry and private companies.

He told the Central News Agency that OGERO is waiting to accept new requests to install DSL internet connection because of a shortage of modems caused by the Telecom Ministry’s decision to stop funding the company.

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Nissan 350Z Most Deadly to Driver, SUVs Safer

Drivers of Nissan 350Z sports car and Titan pickup, as well as the humble Chevrolet Aveo run the most risk of dying in a crash, while Audi's luxury A6 cruised in relative safety, according to an insurance report Thursday.

Meanwhile sports utility vehicles (SUVs), formerly known as rollover death-traps, now have some of the best safety records in the industry, according to the Insurance Institute for Highway Safety.

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Abou Jaoude & Associates Awarded ‘Best Arab Law Firm 2011’

Abou Jaoude & Associates Law Firm has been awarded the coveted 'Best Law Firm of the Year' Award at the prestigious 2011 Arab Achievement Award Ceremony.

The ceremony was the highlight of the 2011 Annual Arab Investment Summit that took place on May 23-24 at the Yas Rotana Hotel in Abu Dhabi. This year’s highly attended summit delivered a focused agenda featuring over 20 expert speakers comprising many of the region's decision and policy makers, investors, financiers and service providers who discussed the various investment opportunities in the fast-growing markets in the Arab world. The Firm was represented by partner Souraya Machnouk whose presentation and panel discussion revolved around the topic “Private Equity: A Gateway to the Renaissance of the Capital Markets”.

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Arab Uprisings a Blow to Lebanese Economy

Unrest across the Arab world combined with a government void in Lebanon and upheaval in neighboring Syria have dealt a severe blow to Beirut's economy and dashed hopes of a record tourist season.

"Business has dropped 40 percent in the first six months of 2011," lamented Pierre Achkar, head of Lebanon's hotel syndicate.

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Stocks Rise, Euro Drops as ECB Holds Rate

The euro fell against the dollar while European stock markets bounced back Thursday as the European Central Bank and Bank of England resisted pressures to hike interest rates.

News that the U.S. trade deficit fell provided some support as the figures suggested exports were still doing well despite recent weaker economic data.

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Former BP Boss Hayward Launches Comeback

Tony Hayward, who resigned as boss of British energy giant BP over the Gulf of Mexico spill disaster, on Thursday launched a bid to raise £1.0 billion in his new role as part of an investment vehicle.

Hayward has helped to set up Vallares, which on Thursday said it plans to raise £1.0 billion (1.13 billion euros, $1.64 billion) via a stock market flotation in London later this month.

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