Libya’s ‘green gold’ olive industry hit by export ban

Libya’s ‘green gold’ olive industry hit by export ban
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A Libyan man sorts olives in the town of Tarhuna (80 kms) south of Tripoli, on November 11, 2018. (AFP)
Libya’s ‘green gold’ olive industry hit by export ban
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Libyans inspect the production of olive oil in the Libyan town of Tarhuna (80 kms) south of Tripoli, on November 11, 2018. (AFP)
Libya’s ‘green gold’ olive industry hit by export ban
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Libyan children help harvesting olives in the town of Tarhuna (80 kms) south of Tripoli, on November 11, 2018. (AFP)
Libya’s ‘green gold’ olive industry hit by export ban
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Libyans inspect the production of olive oil in the Libyan town of Tarhuna (80 kms) south of Tripoli, on November 11, 2018. (AFP)
Updated 27 December 2018

Libya’s ‘green gold’ olive industry hit by export ban

Libya’s ‘green gold’ olive industry hit by export ban
  • Exports of Libya’s most emblematic products — namely dates, honey and olive oil — have been halted since 2017
  • Only two percent of Libya’s 1.7 million square kilometers is arable land, in a country famed for vast swathes of desert

TARHUNA, Libya: Stretching as far as the eye can see, groves of gnarled olive trees in northwest Libya have proudly withstood the country’s devastating conflicts.
But the industry of extracting olive oil, often dubbed “green gold,” is now under threat after Libyan authorities halted exports in a bid to “protect” local produce.
Libya has depended heavily on exports of its ample crude oil reserves since the 2011 fall of longtime ruler Muammar Qaddafi.
The North African nation, mired in bitter internal conflicts since Qaddafi’s ouster, has failed to diversify its economy despite the enormous potential of its tourism and fisheries industries. Authorities repeatedly express their desire to develop the promising olive oil industry. But in Tarhuna, farmers and workers at olive presses view such pledges with skepticism. “We constantly have problems getting spare parts, which are getting expensive because of the collapse of the dinar against the dollar, but also because of the cost of the oil extraction process,” said Zahri Al-Bahri, owner of a press in Tarhuna. On his farm, olives heavy with oil are harvested by hand in order not to damage the trees.
Laid out on huge sheets, the ripened crop is transported in flour sacks to the presses where their rich, redolent oil is carefully extracted.
“There is enough production in Libya,” said Bahri. “I don’t understand why we can’t export anymore.” Exports of Libya’s most emblematic products — namely dates, honey and olive oil — have been halted since 2017. A decree at the time said the suspension would be “temporary” to meet domestic market needs.
But no date has yet been set to resume exports. Justifying the ban, an official in the agriculture ministry said produce had been “exported in bulk at low prices and without adding value for the Libyan economy,” leaving domestic demand for oil to be met by expensive imports.
Frustrated farmers continue to grapple with a dearth of specialized bottling and packaging plants, leaving them unable to climb the value chain.

Although olive trees have grown on the Libyan coast for centuries, most of the current groves were planted by Italian settlers in the 1930s.
“My farm has existed for almost 90 years when Italians occupied Libya and brought the land back to life,” Ali Al-Nuri, a farm owner in Tarhuna, told AFP, posing proudly in a grove. Libya, the 11th largest olive producer in the world, grows around 150,000 tons of the crop annually.
But only 20 percent is turned into oil, well behind neighbors Morocco, Tunisia and Algeria, according to the United Nations’ Food and Agriculture Organization.
Nuri emphasises the industry requires more attention and resources to prosper, beginning with better irrigation in this desert region, as well as state help to ensure quality control and set up bottling factories. And while cheaper, imported alternatives to olive oil — such as corn oil — have become part of Libyan cuisine, “olive oil remains (the) paramount” choice among householders, Nuri said.
Olive trees, he recalled, had “saved” Libyans during lean periods before the discovery of crude oil in the late 1950s. The olive tree was a “nourishing mother,” he maintained.
Among the hundreds of olive trees on Nuri’s vast farm, there is a particularly rare variety — white olives. Originating in Tuscany in northern Italy, the tree — known as olea leucocarpa — grows olives that keep their light color even when ripe. But Tarhuna only has five or six specimens, planted by the Italians.
In the absence of scalable production, the white olives — sweet, with a low acidic content and a distinct scent — are mixed with their bog-standard cousins to produce oil.

Only two percent of Libya’s 1.7 million square kilometers (650,000 square miles) is arable land, in a country famed for vast swathes of desert.
It boasts more than eight million olive trees, according to the agriculture ministry. To the east of Tarhuna lies the Msallata region known for its centuries-old olive trees that yield distinct sweet and strong-tasting oil. But it has been hit by urbanization in recent decades. Cutting down olive trees had been strictly forbidden before Qaddafi came to power in 1969, said Mokhtar Ali, whose farm includes 600-year-old specimens. And the chaos that has engulfed the country since Qaddafi’s fall has further diminished the stock of trees.
Nowadays “olive trees are torn up with impunity to make charcoal or to replace with concrete,” Ali said.
But he remains optimistic, seeing a silver lining in attempts by several farmers to preserve the country’s heritage, by either planting native species or importing new trees from Spain.


Big banks see more than half of staff in office in Q3

Big banks see more than half of staff in office in Q3
Updated 26 February 2021

Big banks see more than half of staff in office in Q3

Big banks see more than half of staff in office in Q3

COPENHAGEN: Global financial institutions plan to have more than half of staff back in offices during the third quarter, up from 10 percent-15 percent now, but none are envisaging a full return anytime soon, the head of Danish services group ISS said on Thursday.

ISS provides services ranging from call centers to office cleaning, catering and security to more than 200,000 companies in 60 countries, including UBS and Deutsche Telekom.

“Many of our customers in banking, consulting and service industries are now very eager to get employees back to the office,” Chief Executive Jacob Aarup-Andersen said in an interview.

“They tell us about lack of innovation, less engagement among employees working from home and the corporate culture suffering,” he said.

But while global banking customers in general expect to have more than 50 percent of employees back on site during the third quarter, none of ISS’ customers are yet speaking about returning 100 percent of the workforce to offices, Aarup-Andersen said.

HSBC said this week it planned to nearly halve its office space globally in a sign the pandemic could mean permanent changes to working patterns, as companies prepare to reduce office space and allow employees more flexibility in working from home.

Aarup-Andersen said earlier he expected office space globally to shrink by 10 percent-15 percent over the next three years.

ISS on Thursday said sales fell 10 percent last year to 69.8 billion Danish crowns ($11.5 billion), hit by weakness in catering, retail and hotel services.


Aston Martin says it is back on the road to profitability

Aston Martin says it is back on the road to profitability
Updated 26 February 2021

Aston Martin says it is back on the road to profitability

Aston Martin says it is back on the road to profitability
  • British carmaker expects ‘to see the first steps toward improved profitability’

LONDON: Aston Martin expects to almost double sales and move back toward profitability this year after sinking deeper into the red in 2020, when the luxury carmaker was hit by the pandemic, changed its boss and was forced to raise cash.

The British company’s shares jumped 9 percent in early Thursday trading after it kept a forecast for around 6,000 sales to dealers this year as new management turns around its performance.

The carmaker of choice for fictional secret agent James Bond has had a tough time since floating in 2018, as it failed to meet expectations and burned through cash, prompting it to seek fresh investment from billionaire Executive Chairman Lawrence Stroll.

The firm made a 466-million pound ($660 million) loss last year, compared with a 120 million pound loss in 2019, as sales to dealers fell by 42 percent to 3,394 vehicles, hit by the closure of showrooms and factories due to COVID-19.

FASTFACT

Aston said demand for its first sport utility vehicle, the DBX, which rolled off the production line at its Welsh plant in 2020, was strong in a lucrative segment of the market it entered to widen its appeal.

For 2021, it expects “to see the first steps toward improved profitability” but is still likely to post a pre-tax loss, the carmaker said.

“I am extremely pleased with the progress to date despite operating in these most challenging of times,” Stroll said.

Aston said demand for its first sport utility vehicle, the DBX, which rolled off the production line at its Welsh plant in 2020, was strong in a lucrative segment of the market it entered to widen its appeal.

The model accounted for 1,516 of deliveries to dealers last year and the company expects further growth in its first full-year of sales, including in the key market of China, where rivals such as Bentley are also seeing high demand.

“We had not even a half-year DBX production in wholesome so probably we are going to see over-proportional growth in China,” Chief Executive Tobias Moers, who took over in August, told Reuters.


Diamond tycoon Modi loses bid to avoid extradition to India

Diamond tycoon Modi loses bid to avoid extradition to India
Updated 26 February 2021

Diamond tycoon Modi loses bid to avoid extradition to India

Diamond tycoon Modi loses bid to avoid extradition to India
  • District Judge Samuel Goozee ruled in London that the fugitive jeweler has a case to answer before the Indian courts

LONDON: Diamond tycoon Nirav Modi lost his bid Thursday to avoid extradition from Britain to India to face allegations he was involved in a $1.8 billion bank fraud.

District Judge Samuel Goozee ruled in London that the fugitive jeweler has a case to answer before the Indian courts. Modi, whose jewels once adorned stars from Bollywood to Hollywood, has been held without bail in London since he was arrested in the capital in 2019.

Goozee ruled that there was enough evidence to prosecute him in his homeland, and dismissed Modi’s argument that he would not be treated fairly in India.

Indian authorities have sought Modi’s arrest since February 2018, when they alleged companies he controlled defrauded the state-owned Punjab National Bank by using fake financial documents to get loans to buy and import jewels.

Modi is also accused of witness intimidation and destroying evidence. Police in India later raided the homes and offices of Modi and business partner Mehul Choksi, seizing nearly $800 million in jewels and gold.

Modi, 49, has refused to submit to extradition to India and denies the fraud allegations. He sought political asylum in the UK

The extradition matter now goes to the UK Home Office, which will make the final decision. Modi has 14 days from that decision to appeal.

Modi, who wore a dark suit for Thursday’s hearing, showed little emotion as he appeared by video link from Wandsworth Prison in southwest London.

Amit Malviya, a spokesman for India’s governing Bharatiya Janata Party, said Thursday’s ruling was “a shot in the arm for the agencies pursuing the fugitive,” adding that the Indian government is committed to “bring all economic offenders to book.”

The son of a diamond merchant, Modi built an international jewelry empire that stretched from India to New York and Hong Kong. Bollywood star Priyanka Chopra became the face of his eponymous brand and Hollywood actress Naomi Watts appeared with Modi at the opening of his first US boutique in 2015.

Forbes magazine estimated Modi’s wealth at $1.8 billion in 2017, but he was removed from the publication’s billionaires’ list after the fraud allegations.


Oil hovers near 13-month highs as storm dents US output

Oil hovers near 13-month  highs as storm dents US output
Updated 26 February 2021

Oil hovers near 13-month highs as storm dents US output

Oil hovers near 13-month  highs as storm dents US output
  • Severe winter storm in Texas caused US crude production to drop by more than 10 percent

LONDON: Oil prices extended gains for a fourth session on Thursday to reach the highest levels in more than 13 months, underpinned by an assurance that US interest rates will stay low, and a sharp drop in US crude output last week due to the storm in Texas.

Brent crude futures for April gained 33 cents, 0.49 percent, to $67.37 a barrel by 0925 GMT, while US West Texas Intermediate crude for April was at $63.45 a barrel, up 23 cents, 0.36 percent.

Both contracts hit their highest since Jan. 8, 2020, earlier in the session with Brent at $67.70 and WTI at $63.79. The April Brent contract expires on Friday.

An assurance from the US Federal Reserve that interest rates would stay low for a while weakened the US dollar, while boosting investors’ risk appetite and global equity markets.

A severe winter storm in Texas has caused US crude production to drop by more than 10 percent, or 1 million barrels per day (bpd) last week, the Energy Information Administration said on Wednesday.

“Combined with a dovish Jerome Powell and an already tight physical market, oil prices exploded higher,” Jeffrey Halley, senior market analyst for Asia Pacific at OANDA said.

Combined with a dovish Jerome Powell and an already tight physical market, oil prices exploded higher.

Jeffrey Halle, senior market analyst at OANDA

Fuel supplies in the world’s largest oil consumer could also tighten as its refinery crude inputs had dropped to the lowest since September 2008, EIA’s data showed.

ING analysts said US crude stocks could rise in weeks ahead as production has recovered fairly quickly while refinery capacity is expected to take longer to return to normal.

Barclays, which raised its oil price forecasts on Thursday, said it is seeing staying power in the recent oil price rally on a weaker-than-expected supply response by US tight oil operators to higher prices.

“However, we remain cautious over the near term on easing OPEC+ support, risks from more transmissible COVID-19 variants and elevated positioning,” Barclays said.

The Organization of the Petroleum Exporting Countries and their allies including Russia, a group known as OPEC+, is due to meet on March 4.

The group will discuss a modest easing of oil supply curbs from April given a recovery in prices, OPEC+ sources said, although some suggest holding steady for now given the risk of new setbacks in the battle against the pandemic.

Extra voluntary cuts by Saudi Arabia in February and March have tightened global supplies and supported prices.


Experts discuss WhatsApp’s new privacy update

Experts discuss WhatsApp’s new privacy update
Updated 26 February 2021

Experts discuss WhatsApp’s new privacy update

Experts discuss WhatsApp’s new privacy update
  • “People have made this into a bigger issue than it really is”: cybersecurity expert

JEDDAH: As WhatsApp launches a new in-app banner in response to the backlash over its privacy issue, Saudi experts and users weigh in on the company’s strategy.

“Harvesting user data is part of Facebook’s strategy,” Abdullah Al-Gumaijan, cybersecurity expert, told Arab News.

“It seems this will never change, even if it costs them millions of users, like what happened to WhatsApp last month when they updated their policy,” he said. “Today, WhatsApp will force their users to accept a similar policy. However, this time around they made it very clear they will not share users’ actual conversations.”

As long as WhatsApp remains a free app, he added, Facebook will make sure to get what it can from its users’ data.

Fahd Naseem, a WhatsApp user, said: “People have made this into a bigger issue than it really is. Facebook and other social media platforms are already using the data; there’s nothing wrong in WhatsApp using it too.”

He told Arab News that this data helps the apps deliver better and more personalized ads to their users.

Fatimah Al-Maddah, owner of Labothecaire, said that the privacy issue does not concern her and her team. “We use services like Dropbox for sensitive matters, and if we need to discuss something, we normally call. So, we don’t risk our information to begin with.”

WhatsApp will allow users to review its privacy policy, and users will have to agree to the new terms or risk losing access to the app. The firm said that it was facing issues because of “misinformation” regarding the changes, which led users to believe that their information was accessible by WhatsApp’s parent firm, Facebook.

However, WhatsApp said that it would never allow that to happen and that its end-to-end encryption ensures that people on both ends of the conversation are the only ones who can read those texts; not even the company has the access to them.

In a blog post, the company clarified that it would be working hard to clear up confusion and that it would be sharing the updated plan for how it will ask users to review the terms of service and privacy policy.

“In the coming weeks, we’ll display a banner in WhatsApp providing more information that people can read at their own pace,” the blog post read.

The company also faced backlash because of the poorly worded terms in the previous update, which caused confusion and concern and resulted in users abandoning the app entirely and moving onto other platforms.