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Beirut unrest hits local businesses


Published: May 10, 2008 at 8:24 AM
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BEIRUT, Lebanon, May 10 (UPI) -- Lebanese business activity has ground to virtual halt thanks to the four days of violence that have swept through Beirut this week, local merchants say.

Many businesses in the capital were shuttered on Friday as gunmen opposed to the Western-backed Lebanese government battled for control of West Beirut, but merchants and traders nevertheless hoped to get back to business quickly, according to the Daily Star.

"I am optimistic that the situation will be back to normal very soon," Beirut Traders Association President Nadim Assi told the newspaper, which reported that while banks and businesses outside of West Beirut were open Friday, traffic was "very light."

Despite the violence between the government and fighters loyal to Shiite militant group Hezbollah, Lebanese business interests seem to believe the sectarian conflict won't last too long. The Daily Star said that all the bankers it interviewed reported no unusual demand for U.S. dollars, which could indicate a high level of confidence that the latest civil unrest won't have any long-term consequences for the country.

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