Libya’s $70bn wealth fund sees thaw in UN asset freeze by year-end

Crude oil storage tanks are seen at Azzawiya oil refinery, in Zawiyah, west of Tripoli, Libya July 23, 2020. (REUTERS)
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Updated 03 August 2024
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Libya’s $70bn wealth fund sees thaw in UN asset freeze by year-end

  • Of its estimated $70 billion in assets, the fund has $29 billion in global real estate, $23 billion in deposits invested in Europe and Bahrain and $8 billion in equities spread over more than 300 companies around the world

LONDON: The Libyan Investment Authority is expecting UN sign-off by the end of the year to actively manage its $70 billion in assets for the first time in more than a decade, its chief executive told Reuters.
The LIA, set up under Muammar Qaddafi in 2006 to manage the country’s oil wealth, has been under a United Nations asset freeze since the 2011 revolution that toppled Qaddafi.
This means that in order for Africa’s largest sovereign wealth fund to make new investments, or even move cash from negative interest rate accounts, where they have been losing money, the LIA needs UN Security Council sign-off.
Chief Executive Ali Mahmoud Mohamed said the authority is confident the council will provide the landmark approval by November or December for an investment plan it submitted in March.
“We believe our investment plan with be accepted ... we don’t think they will refuse it,” Mohamed told Reuters via a translator.
The first of LIA’s four-part plan is the “very simple” step of reinvesting money that has built up during the freeze, such as payouts from bond holdings.
The LIA has previously tried to actively manage its funds. But in the turmoil following Qaddafi’s ouster, it at one point had dueling chairmen, backed by different factions within the country. A British court ruled in 2020 in Mohamed’s favor. In 2020, the LIA said a Deloitte audit showed the freeze had cost it some $4.1 billion in potential equity returns.
He said transparency has since improved; the LIA released audited financial statements in 2021, covering 2019. It aims to publish the 2020 numbers in the coming months and provide them annually from next year.
And while the LIA was 98th out of 100 sovereign funds in a 2020 ranking of sustainability and governance by Global SWF, an industry data specialist, it stood at 51st this year.
Of its estimated $70 billion in assets, the fund has $29 billion in global real estate, $23 billion in deposits invested in Europe and Bahrain and $8 billion in equities spread over more than 300 companies around the world. It also has roughly $2 billion worth of matured bonds.
The UN Security Council Committee was not immediately available to comment. Last year, after meeting with the LIA, its members “noted the progress made on the implementation of the LIA’s Transformation Strategy” and stressed “the importance of guaranteeing the frozen funds for the benefit of the Libyan people.”
Mohamed said that it is also planning to request approval this year for two further investment plan “pillars” — one that covers its share portfolio and another that relates to domestic investment plan.
The LIA is targeting domestic investments in solar power and helping increase oil exports. Libya is one of Africa’s largest oil exporters, pumping roughly 1.2 million barrels per day.
If the UN does not approve its investment proposals, Mohamed said “we will keep trying...we will keep asking and requesting.”

 


Israel’s warfare in Gaza consistent with genocide, UN committee finds

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Israel’s warfare in Gaza consistent with genocide, UN committee finds

  • Committee’s report states ‘Israeli officials have publicly supported policies that strip Palestinians of the very necessities required to sustain life’
  • It raises ‘serious concern’ about Israel’s use of AI to choose targets ‘with minimal human oversight,’ resulting in ‘overwhelming’ casualties among women and children

NEW YORK: Israel’s methods of warfare in Gaza, including the use of starvation as a weapon, mass civilian casualties and life-threatening conditions deliberately inflicted on Palestinians in the territory, are consistent with the characteristics of genocide, the UN Special Committee to Investigate Israeli Practices said in a report published on Thursday.

“Since the beginning of the war, Israeli officials have publicly supported policies that strip Palestinians of the very necessities required to sustain life: food, water and fuel,” the committee said.

Statements from Israeli authorities and the “systematic and unlawful” blocking of humanitarian aid deliveries to Gaza make clear “Israel’s intent to instrumentalize life-saving supplies for political and military gains,” it added.

The committee, the full title of which is the UN Special Committee to Investigate Israeli Practices Affecting the Human Rights of the Palestinian people and other Arabs of the Occupied Territories, was established by the UN General Assembly in 1968 to monitor the human rights situation in the occupied Golan heights, the West Bank, including East Jerusalem, and the Gaza Strip. It comprises the permanent representatives to the UN from three member states, currently Malaysia, Senegal and Sri Lanka, who are appointed by the president of the General Assembly.

Its latest report, which covers the period from October 2023 to July 2024, mostly focuses on the effects of the war in Gaza on the rights of Palestinians.

“Through its siege over Gaza, obstruction of humanitarian aid, alongside targeted attacks and killing of civilians and aid workers, despite repeated UN appeals, binding orders from the International Court of Justice and resolutions of the Security Council, Israel is intentionally causing death, starvation and serious injury, using starvation as a method of war and inflicting collective punishment on the Palestinian population,” the committee said.

The “extensive” Israeli bombing campaign has wiped out essential services in Gaza and caused an “environmental catastrophe” that will have “lasting health impacts,” it adds.

By early 2024, the report says, more than 25,000 tonnes of explosives, equivalent to two nuclear bombs, had been dropped on Gaza, causing “massive” destruction, the collapse of water and sanitation systems, agricultural devastation and toxic pollution. This has created a “lethal mix of crises that will inflict severe harm on generations to come,” the committee said.

The report notes “serious concern” about Israel’s use of artificial intelligence technology to choose its targets “with minimal human oversight,” the consequence of which has been “overwhelming” numbers of deaths of women and children. This underscores “Israel’s disregard of its obligation to distinguish between civilians and combatants and take adequate safeguards to prevent civilian deaths,” it adds.

In addition, Israel’s escalating censorship of the media and targeting of journalists are “deliberate efforts” to block global access to information, the committee found, and the report states that social media companies have disproportionately removed “pro-Palestinian content” in comparison with posts inciting violence against Palestinians.

The committee also condemned the continuing “smear campaign” and other attacks on the reputation of the UN Relief and Works Agency for Palestine Refugees, and the wider UN.

“This deliberate silencing of reporting, combined with disinformation and attacks on humanitarian workers, is a clear strategy to undermine the vital work of the UN, sever the lifeline of aid still reaching Gaza, and dismantle the international legal order,” it said.

It called on all states to honor their legal obligations to stop and prevent violations of international law by Israel, including the system of apartheid that operates in the West Bank and East Jerusalem, and to hold Israeli authorities accountable for their actions.

“Upholding international law and ensuring accountability for violations rests squarely on member states,” the committee said.

Failure to do this weakens “the very core of the international legal system and sets a dangerous precedent, allowing atrocities to go unchecked.”

The committee will officially present its report to the 79th Session of the UN General Assembly on Monday.


UN to bolster UNIFIL for post-truce support in Lebanon, peacekeeping chief says

Updated 7 min 20 sec ago
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UN to bolster UNIFIL for post-truce support in Lebanon, peacekeeping chief says

  • “I think that has to be very clear. Implementing the 1701 is the responsibility of the parties,” said Lacroix
  • Lacroix said the peacekeeping mission would work with the Lebanese army to “support the implementation of a settlement

BEIRUT: The United Nations intends to bolster its peacekeeping mission in Lebanon to better support the Lebanese army once a truce is agreed but would not directly enforce a ceasefire, UN peacekeeping chief Jean-Pierre Lacroix said on Thursday.
The peacekeeping mission known as UNIFIL is deployed in southern Lebanon to monitor the demarcation line with Israel, an area that has seen more than a year of hostilities between Israeli troops and Iran-backed Hezbollah fighters.
Diplomatic efforts to end the fighting have centered on UN resolution 1701, which ended the last round of conflict between the two heavily-armed foes in 2006 and requires Hezbollah to remove fighters and weapons from areas between the border and the Litani River, which runs about 30 km (around 20 miles) from Lebanon’s southern border.
Israel has for years accused UNIFIL of failing to implement the resolution, and now says peacekeepers must get out of the way as Israeli troops fight Hezbollah. UNIFIL troops have refused to leave their posts, despite repeated Israeli attacks that have wounded peacekeepers.
“I think that has to be very clear. Implementing the 1701 is the responsibility of the parties,” said Lacroix, speaking to reporters on a three-day visit to Lebanon. “UNIFIL has a supportive role, and there is a lot of substance in that supporting role.”
Lacroix said the peacekeeping mission would work with the Lebanese army to “support the implementation of a settlement” and was already in discussions with contributing nations to assess UNIFIL’s needs, including with advanced technology, without necessarily increasing troop numbers.
Following a truce, UNIFIL’s capacities could be expanded to include clearing explosive devices and reopening roads.
“We don’t necessarily think in terms of numbers, we think in terms of what would be the needs and how could they be fulfilled,” he said.
Lacroix said the UN and several member states have repeatedly called on all parties to ensure the safety of peacekeepers and that while incidents had not stopped, they had not increased following international condemnation.


Lebanon says at least three killed in Israeli strike on Baalbek

Updated 14 November 2024
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Lebanon says at least three killed in Israeli strike on Baalbek

  • A ministry statement said body parts were recovered from the site

BEIRUT: Lebanon’s health ministry said at least three people were killed in an Israeli strike Thursday on the main eastern city of Baalbek.
“The Israeli enemy strike... in Baalbek killed three people, in an initial toll,” a ministry statement said, adding that “body parts were recovered from the site and their identities are being verified.”


Cafe in Libya champions recycling and sustainability

Updated 14 November 2024
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Cafe in Libya champions recycling and sustainability

  • Lamma, which means “gathering” or “hangout” in Arabic, has become a cultural hub for locals and other visitors
  • Its central mission, its owner said, is raising awareness of an eco-friendly lifestyle in Libya

TRIPOLI: In Libya’s capital, a cafe’s sleek exterior gives little hint of the vibrant space inside, built entirely from recycled materials to promote sustainability in a country recovering from years of war.
Lamma, which means “gathering” or “hangout” in Arabic, has become a cultural hub for locals and other visitors, featuring an art gallery that showcases Libyan artists, and hosts events and workshops.
But its central mission, its owner said, is raising awareness of an eco-friendly lifestyle in Libya, where green initiatives are scarce as people grapple with the aftermath of a gruelling conflict.
“We use materials that were abandoned in the streets, such as rubber from tires, wood from trees and construction waste” to build the cafe, said Louay Omran Burwais, an architect who designed and founded Lamma.
“The idea is to show people that what is thrown in the street and may seem ugly or useless is actually still valuable,” he told AFP.
Libya was hurled into war after a NATO-backed uprising led to the overthrow and killing of dictator Muammar Qaddafi, followed by years of fighting between militias, mercenaries and jihadists.
Power remains split between a UN-recognized government and a rival authority in the east.
Behind the long, narrow door into Lamma, visitors are greeted with a kaleidoscope of colors and shapes.
The plant-covered walls contrast with a web of suspended metal scraps, alcoves and slide tunnels that children swoop down through.
“There are no places like this in Libya,” said Roula Ajjawi, Lamma’s art director. “We base everything on one aspect that we consider very important: recycling.”
Families gather at Lamma on Thursdays, the start of the Libyan weekend, when the cafe holds art workshops for children.
Others borrow books from the venue’s small library.
Burwais says his team hopes recycling and other eco-friendly practices, which remain rare, start up in Libya, which currently has no recycling facilities.
Visitors to Lamma will recognize familiar everyday objects repurposed throughout the space, Burwais said, but they will “start seeing them differently. We are here to foster a new mindset.”
In Libya, the plastic, metal, and glass left from over a decade of civil war destruction are rarely, if ever, reused or recycled, Ajjawi said.
More often, they are abandoned in nature and on the streets, occasionally washed into the Mediterranean by rain and wind.
But with initiatives like Lamma, objects once destined for the landfill are transformed into works of art — a concept now catching on with locals.
“I love this place,” said Riyad Youssef, now a Lamma regular. “The food is great, the service is excellent, and I appreciate the commitment to reducing waste. Every idea here is amazing.”


Turkiye probes event spending in opposition-run cities

Updated 14 November 2024
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Turkiye probes event spending in opposition-run cities

  • The office said late on Wednesday it would investigate “irregular spendings“
  • The Ankara chief prosecutor’s office has also launched an investigation into two concerts

ISTANBUL: The Istanbul chief prosecutor’s office has opened a probe into allegations of illicit expenditures at some public events organized by the Istanbul municipality, marking the latest legal challenge to opposition-run districts in Turkiye.
The office said late on Wednesday it would investigate “irregular spendings” to determine whether the public experienced financial harm, without elaborating.
The Ankara chief prosecutor’s office has also launched an investigation into two concerts organized by the Ankara municipality on Republic Day celebrations on Oct. 29.
The municipalities, which are Turkiye’s two largest cities and both run by the main opposition Republican People’s Party (CHP), deny the allegations.
Speaking at a career fair on Thursday, Istanbul Mayor Ekrem Imamoglu — who is seen as a potential future challenger to President Tayyip Erdogan — said the probes amounted to “reputation assassination.” The Istanbul municipality did not comment further on the probe when contacted by Reuters.
Late last month the CHP mayor of Istanbul’s Esenyurt district was arrested and accused of belonging to the outlawed Kurdistan Workers’ Party (PKK), charges he and his party reject.
Since then, the interior ministry dismissed and replaced elected mayors from the pro-Kurdish DEM party in some southeastern cities for alleged ties to militants, charges they and their party also deny.