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Libya’s Central Bank Resumes Operations After Kidnapped Official Released

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Libya's Central Bank Resumes Operations After Kidnapped Official Released

Libya’s Central Bank (CBL) has resumed its operations after the safe return of Musaab Muslamm, the head of its information technology department, who was abducted from his home in Tripoli. The abduction, which occurred on Sunday by an unidentified group, had led the bank to halt all work until Mr. Muslamm was freed.

In a brief statement released on Monday afternoon, CBL confirmed that Mr. Muslamm had returned safely, allowing the bank to resume its normal functions. The central bank, crucial for managing Libya’s oil revenues, is the only internationally recognized institution handling the nation’s vital economic resources.

The kidnapping of Mr. Muslamm occurred just a week after the central bank faced a siege by armed men. According to reports from AFP, the armed group sought to force the resignation of the bank’s governor, Seddik al-Kabir. Governor al-Kabir, who has been in office since 2012, has faced ongoing criticism regarding the management of Libya’s oil wealth and the state budget.

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Following the release of Mr. Muslamm, Governor al-Kabir met with the British ambassador to Libya, Martin Longden, to discuss the increasing threats to the security of the central bank, its employees, and its systems.

The incident highlights the ongoing instability in Libya, a nation divided between two rival governments in Tripoli and Benghazi, with the central bank caught in the midst of the country’s broader political and economic turmoil.

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Iceland Demands Supermarket Rivals Stop Selling Prawn Rings

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Iceland Demands Supermarket Rivals Stop Selling Prawn Rings

Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.

In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”

Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”

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Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”

The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.

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Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says

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Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says

The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”

This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.

However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.

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China Unveils Bold Measures to Revive Economy Amid Growth Concerns

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China Unveils Bold Measures to Revive Economy Amid Growth Concerns

China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.

With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.

The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.

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Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.

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