Skip to main content

Author: LS

The cost of war on Tripoli affects the payment of citizens’ salaries

Written by LS on . Posted in News. No Comments on The cost of war on Tripoli affects the payment of citizens’ salaries

The Governor of the parallel Central Bank of Libya, Ali Al-Hebri, said the cost of war on Tripoli affects the payment of citizens’ salaries in the eastern and southern regions, in addition to some western regions.

During an interview with Al-Hadath channel, Al-Hebri clarified that the high financial costs of war on Tripoli make them delay paying the salaries of employees.

Al-Hebri indicated that this delay put them in a difficult situation, as they could not pay the salaries of some citizens and leave the rest waiting for their salaries.

Nevertheless, he asked Tripoli-based CBL’s Governor to release the money related to citizens’ salaries in the eastern, southern and western regions.

Shahat Municipality waiting for the Government’s decision on suspending classes

Written by LS on . Posted in News. No Comments on Shahat Municipality waiting for the Government’s decision on suspending classes

In a statement to Tabadul, Mayor of Shahat Municipality Hossein Boudarweesha confirmed that they corresponded with the government regarding the measures to be taken in anticipation of the newly emerging Coronavirus, clarifying that the government should be the one to initiate these decisions.

Boudarweesha clarified that the measures to be applied are the same measures applied in the countries that witnessed the spread of this epidemic, mentioning that no cases of the disease have yet been confirmed in Libya. Consequently, the decision to be taken by the Government on suspending classes remains unraised.

It should be noted that the National Centre for Disease Control announced Libya is not in a position to confront the Coronavirus if it arrives, calling for greater support to prepare the war-stricken country’s health system for the disease.

“No cases of the disease have yet been confirmed in Libya and the country is screening international arrivals through ports and airports,” said Badereldine Al-Najar, head of the National Center for Disease Control.

A “double trauma” forced us to reduce the budget to about 38 billion dinars

Written by LS on . Posted in News. No Comments on A “double trauma” forced us to reduce the budget to about 38 billion dinars

The Minister of Economy and Industry, Ali Issawi, said that the government was forced to reduce the budget of 2020 by nearly one-third because of the “double trauma” of blocking the country’s oil production and lowering its global price.

In yesterday’s statement to AFP, Issawi clarified that the government intended to approve an ambitious budget in 2020, which was estimated at 55 billion dinars, but the “double trauma” forced the government to reduce it to about 38 billion dinars.

He also added that the budget reduction would greatly affect the public services and investment as constructing new schools and hospitals, as well as investments in the renewal of oil infrastructure would be postponed. Thus, the government should reduce the growth rate that it had estimated by 6 percent

Ali Issawi pointed out that the government’s priority now is to find alternative sources of funding in order to finance the state budget, and confirmed that the first Libyan bonds will be issued this year in the form of Islamic instruments with the support of the International Monetary Fund along with the World Bank.

East Libyan central bank will no longer lend to parallel government

Written by LS on . Posted in News. No Comments on East Libyan central bank will no longer lend to parallel government

Libya’s parallel government in the east can no longer borrow money from the central bank it set up in 2014 except to pay state salaries, the bank has said, suggesting the east may face significant financial problems.

The bank said on Monday that the Benghazi government could not continue to borrow from the bank and should seek alternative sources of funding to finance the budget.

It later clarified to Reuters that this would not affect government borrowing to cover public sector wages, but that the government must provide it with data on these.

The eastern central bank said that now it pays all public sector salaries in the east. The Tripoli-based Central Bank of Libya did not immediately respond to requests for comment.

The Ministry of Finance closes the bank account of the Medical Supply Organization

Written by LS on . Posted in News. No Comments on The Ministry of Finance closes the bank account of the Medical Supply Organization

The Ministry of Finance announced that it gave instructions to close the bank account of the Medical Supply Organization and transferred its assets to the Public Treasury accounts.

In a statement, the ministry said that the formation of a committee started yesterday through the Treasury Office of the Ministry of Finance for the Medical Supply Organization’s financial audit, as well as for tightening the Organization’s exchange control, expending on account of Part four, “the Organization’s allocated funds”.

The ministry stressed that the Medical Supply Organization must comply with the provisions of the Regulations on Administrative Contracts, in particular those ruling in case of direct contracting, the provisions of Articles 213-314 of the budget Regulations as well as Accounts and Stores, with the disbursement being 90% external and 10% internal.

Coronavirus: Latest economic impact

Written by LS on . Posted in News. No Comments on Coronavirus: Latest economic impact

ECONOMIC FALLOUT

The Indonesian government has prepared a 120 trillion rupiah ($8.1 billion) stimulus package to support its economy as the spread of coronavirus disrupts global activities.

Spain placed four towns under quarantine and announced measures to tackle the economic impact.

Canada will spend C$1 billion ($728 million) to fight the spread of coronavirus and stands ready to do more, Prime Minister Justin Trudeau said.

Italy will ramp up spending to help the economy, earmarking 25 billion euros ($28.3 billion) to tackle the growing crisis, its Prime Minister said on Wednesday.

Japan’s government is expected to cut its assessment of the economy in a monthly report due later this month.

MARKETS

Global stock markets crashed, ending a years-long bull run, with coronavirus panic selling hitting almost every asset class and leaving investors nowhere to hide. [MKTS/GLOB]

EVENT CANCELED, POSTPONED, PARED BACK

Top Japanese government officials said they were determined to hold “safe and secure” Olympics on schedule, a day after U.S. President Donald Trump said Tokyo should consider delaying them for a year because of the pandemic.

Walt Disney Co will close its theme parks in California and Florida and its resort in Paris from this weekend through the end of the month, the company said on Thursday.

The impact of the coronavirus on sport swept into the southern hemisphere, with the cancellation of the Australian Formula One Grand Prix adding to an unprecedented shutdown of elite events and competitions around the globe.

The World Trade Organization’s major biennial meeting, due to be held in Kazakhstan in June, was canceled, dealing a blow to its efforts to update the global rules of commerce.

Bob Dylan’s upcoming concerts in Japan have been canceled because of the coronavirus outbreak, the tour organizer said.

The Australian Formula One Grand Prix was canceled on Friday due to worries about the coronavirus outbreak.

The Tokyo 2020 Olympics torch was lit behind closed doors in ancient Olympia.

India ordered upcoming international cricket matches to be played in empty stadiums.

The World Endurance Championship (WEC) has canceled Sebring 1,000 Miles race in Florida.

The National Basketball Association (NBA) said on Wednesday it was suspending the season until further notice after a Utah Jazz player tested positive.

A meeting of G20 Agriculture and Water ministers scheduled for March 17-19 in Saudi Arabia has been postponed.

FIFA has postponed its annual Congress, due to be held in Ethiopia in June, for three months.

The inaugural edition of the multi-nation Fed Cup finals that were scheduled to be held in Budapest next month was postponed on Wednesday.

The world figure skating championships, scheduled to be held in Montreal from March 16-22, have been canceled.

The International Weightlifting Federation postponed the European championship from April to June.

Latest on the spread of coronavirus around the world

Written by LS on . Posted in News. No Comments on Latest on the spread of coronavirus around the world

 The alarm over the coronavirus intensified and governments from Ireland to Italy unveiled measures to try to slow the spread of a disease that has infected more than 134,500 people worldwide.

DEATHS/INFECTIONS

More than 134,500 people have been infected globally and over 4,900 have died, according to a Reuters tally of government announcements.

Mainland China had eight new cases by Thursday, down from 15 cases a day earlier. That brings the total number of cases in mainland China to 80,813. The death toll touched 3,176, up by seven from the previous day.

EUROPE

Poland has reported its first death from coronavirus. So far, 47 cases have been confirmed in the country.

Greece reported its first fatality, a 66 year-old-man who had returned from a religious pilgrimage to Israel and Egypt at the end of February.

Italy’s death toll from the coronavirus epidemic shot past 1,000 as the economic impact worsened. The total number of infections rose to 15,113.

The number of confirmed cases across the UK rose 29% to 590 over the past 24 hours. Ten people have died.

The death toll in France rose to 61 from Wednesday’s 48. The country will close all nurseries, schools and universities from Monday.

Turkish schools will be closed for one week and universities for three weeks from March 16 and sports events will be held without spectators until end-April.

Austria will deny entry to people arriving from Italy, ban indoor events of more than 100 people and close schools from next week until April, along with the Czech Republic which is also closing schools and universities.

Bulgaria plans to declare a state of emergency as the country’s confirmed cases rose sharply to 23.

Ukraine said it would restrict mass events and close schools and universities in capital Kiev.

AMERICAS

U.S. President Donald Trump ordered the suspension of European travel to the United States for 30 days to help curb the spread of a coronavirus pandemic.

Canadian Prime Minister Justin Trudeau will be in isolation for two weeks after his wife, Sophie, tested positive on Thursday. The country on Thursday reported 138 confirmed cases, a 34% increase from Wednesday and a three-fold gain from a week ago.

Costa Rica, which has reported 22 cases, has ordered all university classes suspended.

ASIA

South Korea reported more recoveries than new infections on Friday for the first time since its outbreak emerged in January. The country recorded 110 new cases, compared with 114 a day earlier, taking the national tally to 7,979.

A female diplomat from the Philippines mission to the United Nations tested positive on Thursday, according to a note sent to U.N. missions.

An 80-year old man became the fourth patient in Hong Kong to die due to the coronavirus.

China’s Hubei province said public transport workers in Wuhan and those engaged in making medical supplies and daily necessities could return to work along with some industries that impact national or global supply chains.

India said it will suspend a vast majority of visas to the country in a wide-reaching attempt to prevent the spread of coronavirus.

Total infections in Japan rose to 1,380.

Thailand reported five new coronavirus cases, bringing the total cases to 75.

Weeks after Vietnam declared that all its 16 cases had recovered, the number of infections is on the rise following a flight from Britain.

MIDDLE EAST AND AFRICA

Saudi Arabia detected 17 new cases, 11 of whom were Egyptians.

Iran on Thursday reported 75 new deaths in the past 24 hours, bringing the death toll to 429 in the worst-hit country in the Middle East.

Gabon and Ghana confirmed their first cases on Thursday, becoming the ninth and 10th countries in sub-Saharan Africa to register positive cases.

South Africa reported its first case of local transmission of the coronavirus on Thursday.

AUSTRALIA

Australia’s government said it would pump A$17.6 billion ($11.4 billion) into the economy to prevent the outbreak from pushing the country into its first recession in nearly 30 years.

Dollar holds gains as European markets rebound after crash

Written by LS on . Posted in News. No Comments on Dollar holds gains as European markets rebound after crash

The dollar stood tall today as investors rushed to buy the currency amid deepening panic over the coronavirus epidemic, while the euro nursed losses after the European Central Bank underwhelmed investors by not cutting rates.

The greenback held gains against most currencies after a blowout in swap spreads on Thursday signalled that investors want dollars.

Equity markets in Europe clawed back some ground in early trading to steady nerves after plunging on Thursday.

The euro traded at $1.12035, following a 0.7% decline on Thursday in the wake of the ECB decision. For the week, the common currency is on course for a 0.7% decline.

Against the pound, the dollar fell slightly to $1.2596 today, following its biggest one-day gain against sterling since July 2016.

However, the dollar rose 1.1% to 105.81 yen on course for a 0.5% weekly advance.

Oil rises over 3% but set for biggest weekly thumping since 2008

Written by LS on . Posted in News. No Comments on Oil rises over 3% but set for biggest weekly thumping since 2008

Today, oil prices were set for their worst weekly drubbing since the 2008 financial crisis, despite rising over 3%, as investors fretted over evaporating demand from the coronavirus pandemic and a production ramp-up by top producers.

Brent crude LCOc1 was up $1.12, or 3.4%, at $34.33 a barrel by 07:28 GMT after falling more than 7% on Thursday.

For the week, Brent is set to fall around 24%, the biggest weekly decline since December 2008, when it fell nearly 26%.

U.S. West Texas Intermediate (WTI) crude CLc1 rose $1.17 cents, or 3.7%, to $32.66 per barrel after falling more than $1 earlier in the session.

WTI is set to drop nearly 21% this week, also the most since the height of the financial crisis.

Oil blockade in Libya: losses exceed $3 Billion

Written by LS on . Posted in News. No Comments on Oil blockade in Libya: losses exceed $3 Billion

Yesterday, the National Oil Corporation published an official notice trhat summarises the situation across Libya for the oil and gas sector.

NOC stated that Oil and gas production in Libya have been consistently down. Hence, the current levels of production are 97,508 barrels a day, as of Wednesday March 11, 2020.

Forced restriction of production has resulted in financial losses exceeding 3,086,823,264 USD since January 17, 2020.

NOC stressed that it is concerned about a likely fuel shortage in the near future after the forced reduction of local production, the Zawiya refinery shut down and the lack of government funding to import sufficient fuel to serve the basic needs of Libyans. All this is a result of the illegal blockade of oil facilities.

NOC called on those responsible for the closure to immediately lift the imposed blockade and spare oil sector workers and citizens from more suffering.

“We call on the rest of the state’s bodies to maintain the remaining reserves and reduce their expenses as well,” NOC added.