Skip to main content

Author: LS

IMF asks G20 to back doubling of its emergency financing to fight coronavirus

Written by LS on . Posted in News. No Comments on IMF asks G20 to back doubling of its emergency financing to fight coronavirus

Today, the International Monetary Fund asked G20 leaders to back a doubling of its emergency financing capacity to strengthen its response to the rapidly spreading coronavirus pandemic that is set to cause a global recession in 2020.

In a statement, IMF Managing Director Kristalina Georgieva said that the depth of the economic contraction and the speed of the recovery depended on containment of pandemic and “how strong and coordinated our monetary and fiscal policy actions are”, adding that it was paramount to support emerging markets and developing economies, which were particularly hard hit by the crisis, sudden economic stops, capital flight and, for some, sharp drops in commodity prices.

Oil majors slash 2020 spending 20% after prices slump

Written by LS on . Posted in News. No Comments on Oil majors slash 2020 spending 20% after prices slump

The world’s biggest oil and gas companies are slashing spending this year following a collapse in oil prices driven by a slump in demand because of coronavirus and a price war between the top exporters Saudi Arabia and Russia.

Cuts already announced by seven major oil companies including Saudi Aramco and Royal Dutch Shell come to a combined $25 billion, or a drop of 20% from their initial spending plans of $127 billion.

Norway’s Equinor said on Wednesday it would cut capital expenditure, or capex, by some $2 billion while Chevron said on Tuesday it would slash its capex this year by $4 billion.

Others such as U.S. giant Exxon Mobil Corp and Britain’s BP have said they will cut capital expenditure but haven’t given specific figures as yet.

Brazilian oil company Petrobras said it was dialing back short-term production, delaying a dividend payment and trimming its 2020 investment plan, among other measures aimed at reducing costs in the face of the coronavirus pandemic.

World food security in serious danger

Written by LS on . Posted in News. No Comments on World food security in serious danger

Global food security concerns are mounting with around a fifth of the world’s population already under lockdown to fight the widening coronavirus pandemic that has infected over 470,000 people across 200 countries, killing 21,000.

Panic buying of household staples like toilet paper and cleaning products have occurred in nearly every country hit by the virus, and empty shelves in supermarkets have been common.

Compounding the anxiety stemming from erratic consumer buying has been concern that some governments may move to restrict the flow of food staples to ensure their own populations have enough while supply chains get disrupted by the pandemic.

Vietnam, the third largest rice exporter, and Kazakhstan, the number nine wheat exporter, have already made moves to restrict sales of those staples amid concerns over domestic availability.

Elsewhere, Russia’s vegetable oil union has called for a restriction in sunflower seed exports, and palm oil output has slowed in the number two producer Malaysia.

On the importer side, Iraq announced it needs 1 million tonnes of wheat and 250,000 tonnes of rice after a “crisis committee” advised building up strategic food stocks.

Combined global production of rice and wheat – the most widely-traded food crops – is projected to be a record 1.26 billion tonnes this year, according United States Department of Agriculture data.

However, those projections assume normal crop flows from where they’re produced to where they’re consumed, as well as the usual availability of substitutes.

Oil prices sink

Written by LS on . Posted in News. No Comments on Oil prices sink

Oil prices fell today after three sessions of gains as restrictions on travel worldwide crimped fuel demand, with U.S. crude futures plunging about 4% after the United States scrapped plans to buy domestic oil for its emergency reserve.

Concerns about demand also overshadowed expectations that a $2 trillion U.S. stimulus package will bolster economic activity.

West Texas Intermediate (WTI) crude CLc1 futures dropped 91 cents, or 3.7%, to $23.58 a barrel by 15:11 GMT. Brent crude LCOc1 futures fell 11 cents to $27.28 a barrel. Both contracts are down about 60% this year.

Central Bank of Libya forwarded January and February salaries

Written by LS on . Posted in News. No Comments on Central Bank of Libya forwarded January and February salaries

Yesterday, the Central Bank of Libya issed a statement on its official Facebook page to confirm that salaries of government employees’ for the months of January and February have been forwarded to the accounts of public authorities in commercial banks. Nevertheless, the Bank asked all entities that have not yet forwarded the portfolios and financial instruments to commercial banks, to transfer them as soon as possible, in order to be implemented and deposited in the beneficiaries’ accounts

It sould be noted that procedures for disbursing the salaries for March are underway.

Health Minister visits Libya’s first Coronavirus case

Written by LS on . Posted in News. No Comments on Health Minister visits Libya’s first Coronavirus case

 Today, GNA’s Minister of Health Ehmeed Ben Omar visited Libya’s first Coronavirus case, accompanied by the head of Tripoli University Hospital Bahlul Bin Ramadan.

It should be reminded tha the patient is a 73-year-old man who had returned from a visit to Saudi Arabia on 5 March.

The National Center for Disease Control announced late Tuesday the first confirmed case of novel coronavirus in Libya.

“The patient underwent the Coivd-19 tests and proved positive,” the Health Minister said in a brief statement late Tuesday.

The Libyan Investment Authority wins a landmark legal case

Written by LS on . Posted in News. No Comments on The Libyan Investment Authority wins a landmark legal case

Yesterday, the Libyan Investment Authority and its chairman, Ali Mahmoud, won a landmark legal case before the English Commercial Court in London which confirms his status as the sole validly-appointed chairman of the Libyan Investment Authority .

In a statement, the Libyan Investment Authority stressed that this conclusive ruling will now enable the Libyan Investment Authority to focus all its efforts on protecting and enhancing the assets of the Libyan people, adding that, now, it can concentrate on its transformation strategy to improve governance through the support of international experts, administrative reform and continued transparency.

The Libyan Investment Authority highlighted the impoetance of this victory, stating that the long legal battle has been unnecessary and detrimental to them. It also added that the judgment allows to focus on delivering its mission to improve the lives of the Libyan people.

India bans export of drug being tested for coronavirus treatment

Written by LS on . Posted in News. No Comments on India bans export of drug being tested for coronavirus treatment

Quoting Reuters, India said on Wednesday it had banned the export of hydroxychloroquine and formulations of the malaria drug while experts test its efficacy in helping treat patients infected with coronavirus.

There are currently no approved treatments, or preventive vaccines for COVID-19, the highly contagious, sometimes deadly respiratory illness caused by coronavirus.

Researchers are studying existing treatments and working on experimental ones, but most current patients receive only supportive care such as breathing assistance.

Hydroxychloroquine, a malaria drug, is among the medications undergoing testing as a potential treatment for patients with the disease. Earlier this week, the American Society of Health-System Pharmacists (ASHP), which maintains a list of drug shortages, said there was a shortage of hydroxychloroquine.

“Chloroquine has demonstrated toxicity in certain patients,” Dinesh Dua, chairman of the Pharmaceuticals Export Promotion Council of India, told Reuters. “You have to tread with caution because there is no comprehensive data to prove it works.”

The group said India, the world’s largest supplier of generic drugs, was not short of the drug but that companies were acutely short of staff to run operations.

Cadila Healthcare Ltd, part of the Zydus group and one of India’s top makers of the drug, said it was ramping up production to about 200 million pills a month.

“The priority is to work with the government in these challenging times and do all that we can in combating the coronavirus,” a spokesman said.

Earlier on Wednesday, Cadila Healthcare’s stock fell more than 5% after the export ban was announced.

Late on Tuesday, India ordered a 21-day lockdown of its 1.3 billion people to try to protect the world’s second most populous country from the fast-spreading coronavirus.

“It is impossible to maintain operations due to lockdown, because employees don’t want to come (to work),” Dua said.

India has already banned the export of ventilators, sanitizers and personal protection equipment such as masks and clothing used in the fight against the virus, which has so far infected more than 500 people and killed nine in the country.

Progress in building and preparing quarantine centres

Written by LS on . Posted in News. No Comments on Progress in building and preparing quarantine centres

Yesterday, the Ministry of Health claimed it is establishing the seventh quarantine centre which will be in Ghadames, northwest of Libya.The ministry stated that this step comes in the framework of the national plan prepared to confront COVID-19.

It should be reminded that two quarantine centres are already set to be used; one in Tripoli and the other in Zuwara, while a third quarantine will be established in Tripoli.

There has also been a nationwide effort to spray roads, buildings and markets with disinfectant in order to kill the virus in public places. There has also been nationwide media campaign by most government departments beyond the obvious Health Ministry and the Anti Infectious Diseases Department.

Sterilization campaigns targeting accomodation centres

Written by LS on . Posted in News. No Comments on Sterilization campaigns targeting accomodation centres

In cooperation with the International Organization for Migration (IOM), the Anti Illegal Immigration conducted the first sterilization and cleaning campaigns targeting accomodation centres in West Al Zawia. Hence, not only the centre’s components were sterilized and cleaned, but also personal hygiene materials were distributed to migrants.