KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
Libya’s oil production has been severely impacted as authorities in the country’s east enforced a shutdown, intensifying a political crisis that the United Nations has warned could lead to economic collapse. The shutdown, which has already halted production at the El-Feel oil field in southwestern Libya, is part of a broader move by eastern Libyan authorities to freeze all oil output and exports in response to a decision by the internationally recognized government in the west to replace Central Bank Governor Sadiq Al-Kabir.
Key Points:
Oil Production Halted: Libya, which possesses Africa’s largest oil reserves and has been producing about 1.2 million barrels of crude per day, is now seeing a significant drop in output. The eastern Libyan authorities’ decision to halt production is a direct response to the western government’s attempt to replace the central bank governor, a move that has been resisted by Al-Kabir, who has held the position since 2011.
Power Struggle and Economic Risks: The conflict over control of the central bank is the latest in a series of disputes between the competing governments in the east and west of Libya. The central bank, which manages billions of dollars in oil revenue, is a critical institution in the country’s fractured political landscape. The UN has warned that these unilateral actions could precipitate Libya’s financial and economic collapse, and has called for an emergency meeting to resolve the crisis.
Historical Context and Political Tensions: Libya has been in turmoil since the 2011 overthrow of Moammar Al Qaddafi, with frequent disruptions to its energy sector as different factions vie for control. The ongoing conflict reflects deep-seated grievances, particularly from eastern Libyans who feel marginalized and believe they have been denied a fair share of the country’s oil wealth. The situation has been further complicated by the involvement of Khalifa Haftar, the powerful leader of the Libyan National Army, who controls much of the east and south of the country.
International and Domestic Responses: The government in Tripoli, which is internationally recognized, has called for a return to a UN-brokered agreement and is urging the east to work toward holding long-delayed nationwide elections by February 17. However, the eastern government and Haftar have rejected the recent moves by Tripoli, describing them as illegitimate.
In summary, the shutdown of Libya’s oil production is the latest flashpoint in a long-standing power struggle between its eastern and western governments. The situation poses severe risks to the country’s economy and stability, with the potential for further conflict if a resolution is not reached.
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