The UN mission in Libya expressed deep concern about the deteriorating situation there, saying on Monday that Libya could be on the brink of economic collapse because of a central bank crisis.
“The mission believes that continuing with unilateral actions will come at a high cost for the Libyan people to resolve the protracted crisis, and risks precipitating the country's financial and economic collapse,” a mission statement read.
Disputes over control of Libya's Central Bank have raised alarm about possible misuse of the country's financial resources.
Libya's economy is heavily reliant on oil revenue, and there have been moves to impose force majeure on oilfields, effectively cutting off the country's primary source of income.
The statement added that the UN mission is convening an emergency meeting for all parties involved in the Central Bank of Libya crisis with hopes of reaching a “consensus based on political agreements, applicable laws and the principle of the central bank's independence".
The UN mission called for the suspension of all unilateral decisions related to the central bank, the lifting of force majeure on oilfields, an end to use of force to achieve political objectives or factional interests, and protection for the bank's employees.
It stressed that resolving the “emerging” crisis is an “urgent necessity” to create a conducive environment for an inclusive political process.
Earlier on Monday, Libya's eastern-based administration said it was shutting down oilfields it controls and suspending production amid rising tension with the UN-recognised government in Tripoli.
A statement the Benghazi administration posted on X said it was “suspending all oil production and exports until further notice”, citing “force majeure”.
It linked the move to “repeated attacks on the leaders, employees and administrations of the Central Bank” in Tripoli, which manages Libya's large oil resources and the state budget.
The eastern-based administration said “outlaw groups” were responsible in a bid to control “Libya's most important financial institution”, the statement said.
Libya continues to grapple with the effects of the 2011 Nato-backed uprising that removed long-time leader Muammar Qaddafi.
The country remains split between the UN-recognised government in Tripoli, led by Prime Minister Abdul Hamid Dbeibah, and a rival administration in the east, supported by military commander Field Marshal Khalifa Haftar. Most of Libya's oilfields fall under his control.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
UAE currency: the story behind the money in your pockets
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
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Your Guide to the Home
- Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
- Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
- Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.
Killing of Qassem Suleimani
