A Pan African News and Media Agency
A Pan African News and Media Agency
An offshore platform has run aground on Tunisia’s northern shoreline after breaking freed from its tow vessel throughout transit from Scotland to Turkey, maritime authorities confirmed.
The construction is presently stranded on Al-Huishat seashore, roughly 20 kilometers west of Bizerte, Tunisia’s northernmost port metropolis, in line with Agence France-Presse.
Maritime officers report the incident occurred when towing cables parted throughout adversarial climate situations, leaving the platform adrift earlier than it grounded on the seashore.
A Tunisian Maritime Guard spokesperson confirmed to native media that no environmental injury has been reported. However, efforts to refloat the platform have been suspended resulting from persevering with tough seas within the space.
The incident occurred alongside a serious maritime transit route connecting European and Mediterranean waters. Bizerte, which hosts vital maritime infrastructure, steadily sees heavy vessel visitors by means of its adjoining waters.
Maritime authorities are sustaining a watch on the grounded platform whereas awaiting improved climate situations to aim restoration operations.
The timeline for refloating and resuming the platform’s journey to Turkey stays depending on sea situations.
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The banking sector requires between 200,000 and 250,000 Point of Sale (POS) machines to fulfil market calls for, regardless of attaining “more than excellent” figures in digital providers throughout 2024, in accordance with former banking sector chief Musbah Al-Akkari.
Al-Akkari, former chairman of Jumhuria and National Commercial Banks, made these observations while commenting on statistics introduced on the Financial and Business Exhibition held in Benghazi from 5 to 7 January. His evaluation, as a earlier member of the Central Bank of Libya’s (CBL) Dinar Revaluation Committee throughout El-Kaber’s governorship, targeted significantly on the POS sector.
The present POS infrastructure reveals state-owned Moamalat Company working 64,000 machines, while personal sector firms have established vital presence, with Tadawul Company managing 16,881 machines and Masarat Company offering 44,000 items through cell functions.
The mixed complete of 124,881 POS machines represents what Al-Akkari characterises as “a very excellent figure to contribute to resolving the problem of liquidity in the banking sector.” This determine marks substantial progress in digital fee capabilities.
Year-on-year comparability signifies vital development, with Moamalat Company practically doubling its POS machines from 37,000 in 2023 to 64,000 in 2024, demonstrating fast growth within the monetary sector.
Recent measures by the Central Bank of Libya, together with lowered e-payments fee charges and promotion of digital banking providers, have created beneficial situations for additional growth. “After analysing the figures with colleagues in the banking sector, the target appears achievable this year,” Al-Akkari said.
The growth of digital fee providers continues as a key growth within the modernisation of the banking system, aimed toward addressing ongoing challenges within the monetary sector.
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Britain’s main retail chains are dashing to implement automation options as they face a staggering £7 billion ($8.8 billion) annual value enhance from new authorities insurance policies, highlighting mounting tensions between the nation’s Labour Party authorities and its enterprise sector.
The upcoming measures, scheduled for implementation this April, embrace will increase in employer social safety funds, a better nationwide minimal wage, new environmental packaging expenses, and elevated property tax charges recognized domestically as “business rates.” These rising prices have triggered a big drop in retail firm share costs on the London Stock Exchange and elevated the federal government’s borrowing bills.
Simon Wolfson, the Chief Executive of Next, one in every of Britain’s largest clothes retailers, defined the shift in the direction of automation: “With any mechanisation project, you’re examining the return on investment. When labour costs increase but automation expenses remain unchanged, more technological solutions become financially feasible.” His firm, Next, anticipates a £67 million ($84.4 million) rise in wage bills for the yr ending January 2026 however stays optimistic about revenue progress via effectivity enhancements.
The nation’s retail giants are utilizing their appreciable assets to handle these challenges. Tesco, the UK’s equal to a hypermarket chain and the nation’s largest meals retailer, should handle a £250 million ($315 million) yearly enhance in employer contributions. Despite this, the corporate is continuing with its automation plans, together with a brand new automated chilly storage facility in southeastern England. Their effectivity programme, referred to as “Save to Invest,” goals to cut back prices by £500 million ($630 million) by February 2025.
Sainsbury’s, Britain’s second-largest grocery store chain, has set a goal of £1 billion ($1.26 billion) in value reductions by March 2027 and is selling buyer use of self-scanning know-how. Another main retailer, Marks & Spencer, recognized domestically as M&S and dealing with £120 million ($151.2 million) in additional wage prices, is modernising its provide community to take care of revenue margins.
However, smaller companies are scuffling with fewer choices to handle these will increase. A survey by the British Chambers of Commerce revealed that 55% of companies, primarily these using fewer than 250 folks, might want to enhance their costs – a transfer that would additional complicate the nation’s efforts to manage rising inflation. Some smaller retailers, such because the finances footwear chain Shoe Zone, have already introduced they’ll shut shops which have turn out to be financially unsustainable beneath the brand new value construction.
The push towards automation represents a big shift in British retail operations. Greggs, a well-liked British bakery chain recognized for its inexpensive baked items and sandwiches, demonstrated this transformation final yr by launching an automatic manufacturing facility in Newcastle, a metropolis in northeastern England, boosting its weekly manufacturing capability by 40%.
While bigger retailers look like managing the transition, with Next planning to restrict worth will increase to simply 1% regardless of the broader inflation fee, the contrasting conditions between main retail chains and smaller retailers has raised considerations about elevated market focus in British retail.
The developments are unfolding because the UK’s Labour authorities, which got here to energy promising elevated public spending, defends its resolution to boost enterprise taxes to fund infrastructure enhancements and public companies. However, the robust detrimental response from the enterprise neighborhood suggests the federal government might face ongoing opposition to those insurance policies as they take impact.
For context, these adjustments in British retail practices come at a time when many international locations, together with Libya, are watching how developed economies steadiness automation with employment wants and authorities income necessities.
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Newly launched British authorities paperwork have revealed that Muammar Gaddafi’s regime supplied to dismantle its weapons of mass destruction (WMD) programmes in an try and ease worldwide strain over Libya’s human rights document.
The paperwork, launched by the British National Archives, present that round 20 years in the past, the UK authorities labored to persuade the US that bettering relations with Gaddafi might assist persuade different Middle Eastern regimes to desert their WMD ambitions.
In 2003, Gaddafi shocked the world by renouncing Libya’s WMD programmes and agreeing to permit worldwide inspectors into the nation. Western leaders, together with UK Prime Minister Tony Blair, praised this choice as a diplomatic success.
Blair, who had sought to normalise relations with Gaddafi for the reason that 9/11 assaults, visited Libya in March 2004, turning into the primary British chief to take action since Gaddafi got here to energy.
Blair hailed the go to as an indication of “remarkable progress.” However, shortly after, the US pressured Libya to handle its human rights points, significantly relating to the detention of activist Fathi Al-Jahmi.
Al-Jahmi, who was imprisoned after criticising Gaddafi’s regime, was launched in March 2004 following a US intervention, however was later detained once more. He died in 2009. The paperwork reveal that Blair’s advisers have been involved that human rights points might derail progress on WMD disarmament and warned of the potential penalties for US-Libya relations.
Blair’s staff additionally pushed the US to proceed supporting Libya’s disarmament, whereas recognising that political reforms and human rights enhancements would take time. The paperwork additional counsel that Blair used his relationship with Gaddafi to foyer for arms offers with British defence contractor BAE Systems.
These revelations come amid renewed criticism of Blair’s dealings with authoritarian regimes, significantly following the 2011 Arab uprisings.
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Officials at Libya’s Asswehly SC have expressed reservations concerning the monetary calls for made by Mahmoud Abdel-Moneim “Kahraba”, the Egyptian Al-Ahly striker, throughout ongoing negotiations for a possible January switch window transfer.
The Libyan outfit has been in talks with Ahmed Yahya, Kahraba’s agent, relating to a doable mortgage deal till the tip of the present season, with an choice to make the transfer everlasting.
Asswehly tabled a proposal of $350,000 (£275,000) for the six-month mortgage interval to the participant, while proposing a £315,000 price to Al-Ahly. However, each the participant and his consultant have deemed the monetary bundle inadequate.
Sources near the negotiations reveal that Kahraba’s camp has requested time till mid-January to think about their choices. The participant’s agent has reportedly demanded a complete bundle value $1 million (£787,000), to be cut up equally between the participant and Al-Ahly.
Al-Suwaihli officers have countered with a revised supply of $800,000 (£630,000) as their closing proposal for the winter switch window deal.
Meanwhile, Al-Ahly’s Swiss supervisor Marcel Koller is known to be open to Kahraba’s departure, following a number of controversies involving the participant.
These embrace a current incident throughout the CAF Champions League match in opposition to Algeria’s JS Belouizdad on the Cairo International Stadium.
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The Central Bank of Egypt (CBE) has introduced plans to situation treasury payments value EGP 65 billion (roughly £1.7 billion) on Sunday, 5 January 2025, cut up throughout two completely different maturities as a part of its ongoing financial coverage operations.
According to the CBE’s official assertion, the issuance contains two tranches: a three-month invoice value EGP 25 billion, maturing on 8 April 2025, and a nine-month invoice valued at EGP 40 billion, with maturity set for 7 October 2025. Both tranches can be issued on 7 January 2025.
This announcement follows the central financial institution’s important liquidity administration operation final Tuesday, the place it withdrew EGP 639.150 billion from 27 banks by open market operations. This withdrawal was executed at an rate of interest of 27.75%, reflecting the financial institution’s latest coverage changes.
The sizeable treasury invoice issuance comes as Egypt continues to handle its financial coverage amid ongoing financial challenges. The CBE’s aggressive liquidity administration technique indicators its dedication to controlling inflation and stabilising the Egyptian pound.
Market analysts notice that the excessive rate of interest atmosphere displays the central financial institution’s efforts to draw traders and handle home liquidity, whereas additionally addressing broader financial pressures.
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The Libya Herald first appeared on 17 February 2012 – the primary anniversary of the Libyan Revolution. Since then, it has grow to be a favorite go-to supply on information about Libya, for a lot of in Libya and all over the world, frequently attracting tens of millions of hits.
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Sudan has successfully grow to be a “two-currency country” following the implementation of a partial forex swap on December tenth, elevating alarming issues about potential nationwide division, based on a report printed in London’s Asharq Al-Awsat newspaper.
The controversial measure has created a stark financial divide between areas managed by opposing forces. Seven states underneath military management have ceased accepting outdated 500 and 1,000 Sudanese pound notes, while 11 states managed wholly or partially by the Rapid Support Forces (RSF) face extreme banking restrictions, with the RSF explicitly prohibiting new forex circulation of their territories.
As the December twenty third trade deadline looms, civilians in RSF-controlled areas face mounting nervousness over their financial savings, sophisticated by non-functioning banks, poor communication networks, and vital safety dangers related to cross-state journey carrying money.
“This measure prematurely consecrates the country’s division,” warns analyst Mohamed Latif, noting that RSF-controlled areas, which maintain vital financial reserves in manufacturing areas, danger isolation from the nationwide financial system.
Banks in army-controlled areas report overwhelming crowds as residents rush to deposit outdated notes, topic to a every day withdrawal restrict of 200,000 kilos. The RSF has denounced the brand new forex as a “malicious conspiracy” geared toward nationwide division, pointing fingers on the “Islamic movement” for orchestrating the plan.
Economic professional Abdul Latif Othman criticises the timing of the forex swap, describing it as “pouring oil on the fire of war” at a value of roughly $138 million. Ahmed Khalil, one other financial analyst, cautions that this case would possibly compel the RSF to print various forex or undertake neighbouring international locations’ currencies, probably chief to the emergence of a parallel authorities.
The scenario attracts uncomfortable parallels with South Sudan’s 2011 secession, the place a “one country with two systems” strategy in the end resulted in two unstable states.
“Citizens are the primary victims,” the report concludes, highlighting the twin threats of financial savings loss amid banking system collapse and private danger throughout forex trade makes an attempt.
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Omnicom Group and Interpublic Group (IPG) have introduced a definitive merger settlement, unanimously accepted by each corporations’ boards, creating the world’s largest promoting holding firm.
The all-stock transaction will see IPG shareholders obtain 0.344 Omnicom shares for every IPG share held. Post-merger, Omnicom shareholders will management 60.6% of the mixed entity, with IPG shareholders proudly owning 39.4% on a totally diluted foundation.
The merged firm, which can preserve the Omnicom identify and OMC ticker image on the NYSE, tasks annual price synergies of $750 million. The tax-free transaction is anticipated to shut within the second half of 2025, pending shareholder and regulatory approvals.
The mixed group will make use of over 100,000 individuals, providing companies throughout media, precision advertising and marketing, CRM, knowledge, digital commerce, promoting, healthcare, public relations, and branding.
In the brand new construction, John Wren will proceed as Chairman and CEO, whereas Phil Angelastro stays EVP and CFO. Philippe Krakowsky, present IPG CEO, will change into co-president and co-COO alongside Daryl Simm. Three IPG board members, together with Krakowsky, will be part of the Omnicom board.
“This strategic acquisition combines world-class, highly complementary data and technology platforms,” mentioned Wren. Krakowsky famous the merger “represents a tremendous strategic opportunity” that can create “a uniquely comprehensive portfolio of services.”
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