Business

Libyan Foreign Bank finds leaked Audit Bureau strange, says ready to respond

  • 19 August 2018 - 15:44
Libyan Foreign Bank finds leaked Audit Bureau strange, says ready to respond

The Libyan Foreign Bank (LFB) said it had been bewildered to see a leaked Audit Bureau report draft prior to being discussed with the concerned departments at the LFB. “The leak comes despite the fact that the LFB has previously reviewed all Audit Bureau inquiries and responded accordingly,...

Libya’s Central Bank to carry out economic reforms next week

  • 18 August 2018 - 13:50
Libya’s Central Bank to carry out economic reforms next week

The Central Bank of Libya (CBL) has announced that the economic reforms will be carried out next week in the country. The CBL, according to sources reported by The New Arab, was waiting the Presidential Council's approval after doing some legal checks regarding the taxes to be imposed on selling...

Libya’s oil recovers to above a million bpd

  • 16 August 2018 - 13:26
Libya’s oil recovers to above a million bpd

Libya’s crude oil production has exceeded 1 million bpd for the first time since June, when port blockades and a kidnapping caused production outages that within a month brought production to as little as 670,000 bpd. S&P Global Platts cited sources from Libya’s oil industry as saying...

Libya’s giant oilfield Sharara recovers, produces 260.000 bpd

  • 15 August 2018 - 17:36
Libya’s giant oilfield Sharara recovers, produces 260.000 bpd

Libya’s giant Sharara oilfield is producing 260,000 barrels per day (bpd) after the restart of a control station that had been closed due to the kidnapping of two workers, an engineer at the field said on Wednesday. Station 186 was restarted on Sunday amid tightened security, and was...

Turkey’s central bank launches “rescue measures” as the lira slides

  • 13 August 2018 - 20:18
Turkey’s central bank launches “rescue measures” as the lira slides

Turkey's central bank on Monday announced it was taking all necessary measures to ensure financial stability after the collapse of the lira, promising to provide "all the liquidity the banks need". The Turkish currency reached a new record low of 7.24 against the US dollar in Asia Pacific trade...

Libya’s Brega oil and gas marketing company fires Al-Hijirsi

  • 13 August 2018 - 15:16
Libya’s Brega oil and gas marketing company fires Al-Hijirsi

The Libyan Brega oil and gas marketing company has closed the office of fuel and gas control committee headed by Milad Al-Hijirsi. The company announced on Sunday that it had fired Al-Hijirsi and ordered the redirection of the staffers of the committee to other departments of the company. The...

Libya’s Presidential Council and Central Bank agree to soon instate economic reforms

  • 2 August 2018 - 20:45
Libya’s Presidential Council and Central Bank agree to soon instate economic reforms

The Governor of the Central Bank of Libya (CBL) Al-Seddiq Al-Kabeer met in Tripoli on Wednesday with the Head of the Presidential Council Fayez Al-Sirraj and discussed the ways by which the package of economic reform will be implemented in Libya.  The two officials agreed, according to...

Turkey’s lira hits a record low against US dollar amid possible American sanctions

  • 1 August 2018 - 20:54
Turkey’s lira hits a record low against US dollar amid possible American sanctions

Turkey’s lira has weakened to a new record low against the dollar after a media report indicated that the US could be laying the groundwork for possible sanctions amid a diplomatic row between the two countries. The lira extended its fall to touch a new record of 5.00 against the dollar on...

DLA: Corruption lobby within Libyan Investment Authority is growing stronger

  • 30 July 2018 - 21:55
DLA: Corruption lobby within Libyan Investment Authority is growing stronger

  Digital Libya Agency (DLA) revealed that the current chairman of the Libyan Investment Authority (LIA) Ali Mahmoud has appointed himself a member of the board of directors of the First Energy Bank, which is headed by Mohammed Shoukry Ghanim on behalf of the LIA.   DLA...

Libya wins compensation lawsuit field by Turkish company

  • 30 July 2018 - 11:34
Libya wins compensation lawsuit field by Turkish company

Libya has won an international lawsuit against a Turkish company demanding financial compensation of 80 million euros (93.3 million U.S. dollars), said Libya's Justice Ministry's lawsuit department on Sunday. Libya won a lawsuit, at the International Chamber of Commerce (ICC) in Paris, filed by...