Search Results for: Libya

DEFERRED Prosecution Agreements (DPAs), that allow companies and individuals that admit to wrongdoing and cooperate with investigators and avoid prosecution, are becoming increasingly common worldwide, including for money laundering offences. The systems are particularly useful sticks to force erring financial and other corporate institutions to improve their anti-money laundering and combating the financing of terrorism systems (AML/CFT), with prosecuting agencies deferring criminal cases on condition of sustained AML/CFT reforms.…

STANDARD Chartered Bank has been hit by another enforcement action over past anti-money laundering (AML) failures, with the Monetary Authority of Singapore (MAS) announcing today (March 19) that it was fining local subsidiaries Singapore dollars SGD6.54 million (USD4.85 million). The fines break down to SGD5.2 million on the Standard Chartered Bank, Singapore Branch (SCBS) and SGD1.2 million on Standard Chartered Trust (Singapore) Ltd (SCTS).…

PROTECTIONISM and currency problems are posing challenges for north Africa’s beauty and personal care market, often forcing consumers to change their purchasing behaviour and turn to locally manufactured products, when they are available.

In Egypt, the region’s most populous country, the fall in value of the local currency, the Egyptian pound, against the Euro, has helped increase the price of imported products.…

THE FIVE month-long diplomatic and commercial dispute between Qatar and the so-called ‘anti-terror quartet – ATQ’ of Saudi Arabia, the Saudi Arabia, Bahrain, the United Arab Emirates (UAE) and Egypt) continues and revolves around Doha’s alleged financial support for terrorist groups.…

In a move that will disappoint many textile manufacturers and exporters, the government of Pakistan has decided to abandon its plans to build a Pakistan Textile City near Karachi.
A senior government official at Pakistan’s ministry of textile industry confirmed to just-style that the federal cabinet’s economic coordination committee had approved winding up a Pakistan Textile City Ltd (PTCL), a special purpose vehicle for the project, after clearing the company’s liabilities and transferring its land to the Port Qasim Authority (PQA).…

Italian state-controlled oil and gas producer ENI has cemented its role as a major gas player in Mozambique, after further defining in 2017 the scope of its Coral FLNG (floating liquified natural gas) project in this southern African country. However, doubts are emerging that ENI will actually deliver significant volumes of Mozambique’s huge gas reserves to Italy, and consequentially the rest of Europe, as an alternative and more secure source of natural gas.…

THE PAINT and coatings sector in Egypt is growing, but its progress has been unsteady, reflecting its bumpy political progress since its 2011 revolution that brought down long-standing President Hosni Mubarak. While a construction boom dominated by huge public private partnerships (PPPs) is driving up sales of decorative paint, according to industry analysts, a weak automotive sector is holding back overall growth with slow sales of refinishing paint.…

IF the Arab Spring has often disappointed in political terms, leading more to armed conflict, oppression and chaos than civic democracy, it is undeniable that citizens in north Africa at least have often been able to indulge more personal freedom. This is well illustrated by women’s smoking habits, with more women choosing to smoke openly – and whatever the health risks, it is clear that women themselves are making the choice to smoke, a sign of social change in one of the world’s most conservative regions.…

DEMAND for coatings for the Middle East’s oil and gas sector has been sluggish in the wake of lower energy prices. New infrastructure projects and maintenance is ongoing, but with government and national oil companies’ (NOCs) budgets getting tighter, so is the demand for innovative coating solutions.…

Civil war, currency instability and smuggling are hitting the Libyan sheep market and stocks of the key Libyan Barbary Sheep breed are decreasing. It is a key source for both meat and wool. Dr Abdulla Elmansoury, Professor of Physiology at Libyan International Medical University, in Benghazi, where he is Dean of the Faculty of Basic Medical Sciences, who is also a livestock farmer with holdings near Benghazi has seen his lamb business destroyed by the Libyan civil war that has continued since 2014.…