Latest news with #LD
Libya Herald
4 days ago
- Business
- Libya Herald
Libya Industry Union supports CBL initiative to complete stalled housing projects – through cheaper, locally manufactured raw materials
Ali Nuseer, the Executive Director of the Libyan Industry Union (LIU) told Libya Herald, in an exclusive interview today, that his union fully supports the Central Bank of Libya's (CBL) initiative to complete the hundreds of thousands of stalled housing projects through the supply by local manufacturers of materials. The LIU's support to the CBL initiative came in the form of an official letter sent to the CBL last Thursday (17 July). The letter came in response to the workshop held in Tripoli last Sunday (13 July) entitled 'The Role of the Banking Sector in Revitalizing Stalled Housing Projects and Urban Development'. The workshop was organised by the CBL in cooperation with the Tripoli based Libyan government. At the workshop, the CBL Governor, Naji Issa, announced that he was prepared to make available up to LD 5 billion for the completion of the hundreds of thousands of stalled (since the 2011 revolution) housing projects. It was also revealed at the workshop that the Tripoli government is aiming to complete 150,000 housing units by 2030. In response, LIU Executive Director Nuseer confirmed the contents of the letter revealing the LIU ''affirm their full support for the CBL Governor's initiative, through which the development, reconstruction and completion of thousands of housing units will be revived throughout Libya House-building raw materials can be manufactured locally at cost – plus a small margin The LIU's participation in the initiative, the letter to the CBL said, comes by providing a large portion of the project's needs, with a small profit margin covering administrative and general expenses. These can be manufactured locally at cost. More than 15 percent of value of housing units can be saved Production operations are expected to save more than 15% of the value of the housing units, which will positively impact the selling price for Libyan youth and families benefiting from this initiative. In light of the above, the letter's action point said ''we hope you (CBL) will kindly schedule a meeting with us (LIU) so we can present a presentation on the industrial companies that will participate in implementing this initiative''. Commenting on the letter, ''The LIU's initiative reinforces the Governor's and the Council of Ministers' initiatives. The goal is to ease the burden on housing programme beneficiaries'', Nuseer explained to Libya Herald . Local factories have international quality certification ''Because most of the project's needs can be manufactured locally, at cheaper and better prices than imported materials – the same quality as imported materials, and even better in some industries. Libyan factories have international and local certifications that enable them to manufacture excellent building materials at a lower price than imported materials'', Nuseer insisted. Saving on need for hard currency drain Stressing the logic of the savings, he added that ''The raw materials are local, and the skilled labour force is partly Libyan. This will in turn limit the drain on hard currency and provide jobs for local youth''. Therefore, ''the LIU decided to participate in this national programme where prices will be very competitive, and payment will be local (in local currency) made on an invoice-by-invoice basis. Local manufacturing and sourcing ''will reduce programme expenses in terms of warehousing, transportation, and security given that the local factory is the project's warehouse''. Affordable housing for youth and families Concluding, Nuseer said ''we will save on currency drain, reduce construction costs and benefit Libyan youth and families by obtaining affordable housing''. . Tripoli based Libyan government plans to complete 150,000 housing units by 2030 CBL workshop on 'The Role of the Banking Sector in Revitalising Stalled Housing Projects and Urban Development' to be held in Tripoli on 13 July ''Made in Libya'', Niamey, Niger 6 to 11 March 2023: to aid exports, transit trade and economic diversification ( Preparations for the second ''Made in Libya'' edition in Niamey, Niger progressing ( Libya prepares for ''Made in Libya 2'' exhibition in Niamey, Niger – exports and transit trade to Africa discussed ( Most of the ''Made in Libya'' exhibition space already allocated: Libya Industrial Union ( Minister of Industry and Minerals discusses cooperation with Military Industrialization Authority and latest preparations for the Made in Libya exhibition ( Libyan Industrial Union to co-organize a ''Made in Libya'' fair in Tunis in September ( Over 150 Libyan companies to participate in ''Made in Libya'' exhibition to be held in Tunis (
Hypebeast
11-07-2025
- Entertainment
- Hypebeast
Larry David Reunites With HBO for New Sketch Comedy Limited Series
Summary Larry Davidis back atHBOfor a new limited series, marking his return to the network after the end ofCurb Your Enthusiasm. Varietyreports that the upcoming project will be 'a sketch comedy limited series about American history.' LD will star in the six-episode show as well as write with Jeff Schaffer, the showrunner, executive producer and regular director onCurb. Schaffer will direct, as well as executive produce alongside David andBarackandMichelle Obamaunder their Higher Ground Productions banner. Vinnie Malhotra and Ethan Lewis will also executive produce. The logline reads, 'President and Mrs. Obama wanted to honor America's 250th anniversary and celebrate the unique history of our nation on this special occasion…But then Larry David called.' 'Once 'Curb' ended, I celebrated with a three-day foam party,' LD said. 'After a violent allergic reaction to the suds, I yearned to return to my simple life as a beekeeper, harvesting organic honey from the wildflowers in my meadow. Alas, one day my bees mysteriously vanished. And so, it is with a heavy heart that I return to television, hoping to ease the loss of my beloved hive.' 'I've sat across the table from some of the world's most difficult leaders and wrestled with some of our most intractable problems. Nothing has prepared me for working with Larry David,' added former President Obama. 'The characters Larry is playing didn't change history. In fact, they were largely ignored by history. And that's a good thing,' Schaffer stated. 'It's hard to remember a time before 'Curb,' or without Larry David's perspective on modern life,' said Amy Gravitt, executive vice President and head of HBO & HBO Max Comedy Programming. 'We're thrilled that Larry is coming back to HBO, this time with Higher Ground, to give us a glimpse at our shared history as we celebrate our Semiquincentennial.' Curb Your Enthusiasmaired for a total of 12 seasons between 2000 and 2024, with long breaks in between. During its run, it garnered over 50 Emmy and Golden Globe nominations. Stay tuned for an official traile and release date.
Libya Herald
01-07-2025
- Business
- Libya Herald
Ministry of Economy warns against currency speculation
The Tripoli based Libyan Ministry of Economy and Trade warned all in Libyan against currency speculation or buying foreign currencies for non-productive or legitimate consumer purposes. In a statement issued last Sunday (29 June), the ministry urged everyone to exercise caution, protect their savings, and not be swayed by market rumours or unofficial recommendations. Economic stability is a shared responsibility, it added, beginning with citizen awareness and ending with the proper implementation of official policies. At the time of publication of this article one USD purchased LD 7.70 on the black-market while the official exchange rate at banks is one dollar to LD 5.5677. The loss of value of the Libyan dinar on the black market is causing a major strain on the Libyan economy. Successive Central Bank of Libya Governors and governments have attempted unsuccessfully to retain the value of the dinar. Libya is a very centralised, undiversified rentier economy depending on hydrocarbon revenues for over 90 percent of its hard currency revenues.
Libya Herald
01-07-2025
- Business
- Libya Herald
CBL demands imports are conducted through official banking instruments and the elimination of the FX black market
In a series of letters leaked by credible Libyan media sites, the Central Bank of Libya (CBL) continues its efforts to positively affect the Libyan economy through retaining the value of the Libyan dinar by controlling the black-market trade in foreign exchange. Restricting imports through import licences – prerequisite payments through banks – no cash In one letter, the Governor of the Central Bank of Libya, Naji Issa, addresses the Minister of Economy and Trade regarding the resumption of the suspended decision on approving an import and export ruling, which prohibits the practice of import, export and re-export activity except through banking operations approved by the Central Bank of Libya. Opening foreign currency accounts for FX Bureaux The Central Bank of Libya instructed in another leaked letter commercial banks to open foreign exchange denominated accounts for recently CBL licenced foreign exchange bureaux and companies, and to replenish these accounts in foreign currency by the Central Bank of Libya and any other sources approved by it. Eliminating the foreign currency black-market In another letter, the CBL stressed the importance of eliminating the parallel (black) market for the transfer, sale and purchase of currency that have serious repercussions and damage on the Libyan economy. CBL's recall of LD and LD 20 denominations it will be recalled that last Sunday (29 June) the CBL had announced that during its recent recall of the old LD 50-dinar denominations (second series) printed by the eastern based authorities in Russia, it had discovered more than LD 3.5 billion in counterfeit notes. It said this constitutes serious damage to the national economy. The bank explained that what was issued from the first issue in denomination of 50 dinars amounted to 7 billion dinars, while the amounts supplied to the Central Bank of Libya amounted to approximately 6.828 billion dinars. Risk of money laundering and terrorist financing The bank said that printing this denomination in large quantities outside its control negatively affected the value of the Libyan dinar, contributed to increasing the demand for foreign currencies at significant levels in the parallel / black market, and doubled the risks of money laundering and terrorist financing. . CBL reveals discovery of LD 3.5 billion in counterfeit 50-dinar notes printed in Russia – PM calls on Attorney General to open investigation
Libya Herald
30-06-2025
- Business
- Libya Herald
CBL reveals discovery of LD 3.5 billion in counterfeit 50-dinar notes printed in Russia – PM calls on Attorney General to open investigation
The Central Bank of Libya (CBL) announced today that during its recent recall of the old LD 50-dinar denominations (second series) printed by the eastern based authorities in Russia, it had discovered more than LD 3.5 billion in counterfeit notes. The CBL explained in its statement that what was issued in this category printed in Russia amounted to 6.650 billion dinars, while the amounts supplied to the Central Bank of Libya amounted to approximately 10.211 billion dinars, which is in excess of the amounts that were officially issued according to the CBL Benghazi issuance management. It said this constitutes serious damage to the national economy. The bank explained that what was issued from the first issue in denomination of 50 dinars amounted to 7 billion dinars, while the amounts supplied to the Central Bank of Libya amounted to approximately 6.828 billion dinars. The bank said that printing this denomination in large quantities outside its control negatively affected the value of the Libyan dinar, contributed to increasing the demand for foreign currencies at significant levels in the parallel / black market, and doubled the risks of money laundering and terrorist financing. It further pointed out that this matter prompted the Board of Directors of the Central Bank of Libya to issue its decision to withdraw the 20 dinar denomination from the first issue printed in Britain and the second issue printed in Russia and replace it with a safer currency, for fear of the presence of printed quantities of this denomination outside the bank, and set September 30, 2025 as the last date for its circulation, in order to maintain the structure and strength of the currency. The Central Bank of Libya confirmed that it has taken all necessary legal measures regarding the above, including submitting a report to the Attorney General, as well as informing the House of Representatives of the incident, noting that it will announce the final results as soon as its competent departments complete the final counting process. Aldabaiba calls on Attorney General to investigate In an immediate reaction to the CBL revelation, the Tripoli based Libyan Prime Minister Abd Alhamid Aldabaiba said, 'The Central Bank of Libya's acknowledgment of a difference of 3.5 billion dinars in excess of the officially printed amount in the 50 dinars denomination it recently withdraws proves the sincerity of our repeated warnings about the existence of counterfeit currencies that flooded the Libyan market to buy hard currency and thus finance the authorities supervising this counterfeiting. It is dangerous and affects the basis of economic stability (the country's currency), affecting people's lives and livelihoods. I call on the Attorney General to move to open a comprehensive investigation to hold accountable all those involved in this crime, which cannot tolerate silence or transgression.' It will be recalled that the eastern based Libyan authorities printed their separate money in Russia – in contravention of the CBL's rules and regulations. This move was opposed by the whole international community – except Russia.
