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Social Solidarity Fund Authority discusses with the Ministry of Finance precautionary measures to face COVID-19

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During yesterday’s meeting with the Chairman of the Social Solidarity Fund Authority, the Finance Minister Faraj Boumtari considered the precautionary measures needed to battle the coronavirus threat.

The head of the Social Security Fund expressed his complete readiness to provide all the necessary financial requirements in particular.

“It is most important to operationalize the competences conferred to the fund in cases of natural disasters and calamities stipulated in Article 7 of the commission’s Act, for its role in facing the dangers encountering the country.” Boumtari stressed.

Benghazi Municipality reviews its investment map

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On Tuesday, Benghazi Municipality held a meeting with the eastern branch of Libya’s Privatization and Investment Board in order to review its investment map.

Benghazi Municipality claimed that, during the meeting, they discussed the results of previous meetings on its investment map. It was also agreed to prepare and identify each investment opportunity available -individually- so that it will be completely studied.

These should include the required documents, specifications, criteria and requirements to be available, as well as all drawings and maps, in order to make it available for public investment bids for potential investors.

Gold prices rise as stocks plunge on U.S. travel ban

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Today, gold prices rose as investors shunned risky assets after the United States announced a travel ban from virus-hit Europe, exacerbating fears of a global economic downturn.

Spot gold was up 0.2% to $1,638.35 per ounce at 09:37 GMT. U.S. gold futures fell 0.3% to $1,637.80.

European shares sank to their lowest in almost four years after the United States announced a 30-day restriction on travel from Europe’s 26-country Schengen Area – which excludes Britain and Ireland – in an attempt to halt the fast-spreading coronavirus.

“There has been a massive sell-out in equity markets (…) gold is profiting from the insecurity in the markets, the huge volatility and the price slump in stocks,” said Commerzbank analyst Eugen Weinberg.

“It seems as if coronavirus is the black swan of 2020 (…) most of the actions by authorities don’t seem to reassure markets. The market is being driven by the news and sentiment, which is very downbeat and cautious.” Commerzbank added.

Nevertheless, “Palladium is one of the riskier assets,” said Vandana Bharti, assistant vice-president of commodity research at SMC Comtrade, adding reduced demand from the automobile sector was weighing on the metal.

On the other hand, Silver fell 0.6% to $16.65, while platinum shed 0.5% to $855.30.

The Libyan ISlamic Bank launches its third-largest local card

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Today, the Libyan Islamic Bank announced the launch of its third-largest local card (Gumla card) for all traders and shopkeepers.

This card is the first of its kind in the local market, the bank claimed.

The applicant is required to have a current account with the Libyan Islamic Bank, should fill in the form, and determine the value to be charged.

The bank also indicated that, starting from next Sunday, this product can be obtained through the bank branches in Abu Miliana, Al Siyahia, Al Sawani, Misrata, Benghazi and Houn.

Oil falls $2 as Trump surprises with travel ban

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Oil prices fell on Thursday following surprise travel restrictions imposed by U.S. President Donald Trump in an attempt to halt the spread of coronavirus after the World Health Organization described the outbreak as a pandemic.

The slump in oil is being compounded by the threat of a flood of cheap supply after Saudi Arabia and United Arab Emirates said they would raise output in a standoff with Russia.

Brent crude LCOc1 was down $2.01, or 5.6%, at $33.78 by around 09:30 GMT. U.S. crude CLc1 was down $1.77, or 5.4%, at $31.21.

Libya: A meeting to discuss the obstacles facing the education sector

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During a meeting with the acting Minister of Education Mohamed Amari Zayed, the Finance Minister, Faraj Bou Matari, discussed the obstacles facing the education sector, and the means of resolving them.

According to a statement published by the Ministry of Finance, the meeting was held on Tuesday at the Ministry of Finance headquarters.

It was also attended by the Undersecretary of the Ministry of Finance Abu Bakr Al-Jaffal, the Undersecretary of the Ministry of Education Adel Jumaa, in addition to a number of officials from both ministries.

Participants agreed on implementing mechanisms to ensure the smooth running of the educational process. Moreover, Mohamed Zayed praised the cooperation of the Ministry of Finance and its speedy response in dealing with the education sector problems, noting the importance of this sector and its potential for development.

Stephanie Turco Williams designated as Special Representative, Head of the United Nations Support Mission in Libya

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 United Nations Secretary-General António Guterres announced today the designation of Stephanie Turco Williams of the United States as his Acting Special Representative and Head of the United Nations Support Mission in Libya (UNSMIL).

 Ms. Williams will act as Special Representative in Libya until the appointment of a successor for Ghassan Salamé of Lebanon.  The Secretary-General is grateful to Mr. Salamé for his accomplishments at the helm of UNSMIL, and his tireless efforts to bring peace and stability back to Libya.

 Ms.Williams brings more than 24 years of experience in Government and International Affairs.  She has served as Deputy Special Representative (Political) in UNSMIL since 2018.  Prior to her appointment, she served as Chargé d’Affaires, a.i. at the United States Embassy in Tripoli (Libya External Office). 

She has held various positions, including as Deputy Chief of Mission at the U.S. Missions in Iraq (2016-2017), Jordan (2013-2015) and Bahrain (2010-2013), where she led the Embassy as Chargé d’Affaires for 10 months.

  She also served as a Senior Adviser on Syria and at the U.S. Embassies in the United Arab Emirates, Kuwait and Pakistan.  At the United States Department of State, Ms. Williams has served as the Jordan Desk Officer, the Deputy Director of Egypt and Levant Affairs, and the Director of the Maghreb Office.  She previously worked in the private sector in Bahrain.

Ms. Williams holds a master’s degree in Arab Studies from Georgetown University’s Center for Contemporary Arab Studies.  She is a Distinguished Graduate of the National War College, where she earned a master’s degree in National Security Studies in 2008.  She is a career Middle East specialist and an Arabic speaker.

Libya: theft of more than 9000 Km of high voltage cables

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Today, in a statement to “Sada” newspaper, the head of the Information Office in the General Electricity Company, Mohamed Takouri valued the huge losses as a result of stealing thousands of kilometers of high voltage cables from many cities in Libya over the past three years.

Takouri stated that more than 9000 Kilometer of high voltage cables across regions have been stolen; over 1950 kilos from Zlitnen municipality, 1670 Km from Al khoms municipality, 2390 Km from Jafara District, 3250 Km from the Southern District, in addition to 85 Km from Castelverde and 65 others from Al-Hae Al-Senaea, Tajoura.

“Power outages may last longer with such acts.” He added.

Gold jumps 1%

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Today, gold rose 1%, regaining some ground after the previous day’s near 2% slide, as fears over the economic toll of the coronavirus outweighed an uptick in equity markets following an interest rate cut from the Bank of England.

Spot gold was up 1% at $1,664.81 per ounce by 12:44 GMT, while U.S. gold futures gained 0.4% to $1,666.90.

“Gold remains driven by developments in global financial markets, which are driven by the further development of the coronavirus (outbreak),” Commerzbank analyst Carsten Fritsch said.

Elsewhere, palladium fell 2.2% to $2,367.95 per ounce, while platinum was up 0.8% at $876.13.

However, silver rose 0.6% to $16.96 per ounce.

Coronavirus: economic fallout and global markets

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Earnings of major global companies could fall 10% this year, Citigroup analysts said, citing the steep fall in oil prices and economic disruption due to the coronavirus.

China will modify the environmental supervision of companies to boost post-coronavirus recovery, giving firms more time to rectify environmental problems, but stressed it was not relaxing standards.

Italy will approve measures worth around 10 billion euros ($11.35 billion) to counteract the virus impact, the industry minister said on Tuesday.

Global luxury brands including Gucci and Louis Vuitton are scaling back orders with Italian suppliers, as the spread of the coronavirus from key market China to Italy hits business, industry sources said.

As far as Markets are concerned, Asian shares and Wall Street futures fell as growing scepticism about Washington’s stimulus package to fight the coronavirus outbreak knocked the steam out of an earlier rally.