Libya’s oil exports plunge in Sept

LONDON: Libya’s crude oil exports have slumped to about 400,000 barrels per day (bpd) this month from August’s 1.02 million bpd, port and shipping data show, as the OPEC member grapples with a political crisis that has slashed output. The bulk of Libya’s crude exports this month were destined for Italy and Greece, data from oil analytics firm Kpler and port agent data show, with some heading to China and Canada. The crisis began last month when western Libyan factions moved to oust central bank governor Sadiq Al-Kabir, prompting eastern factions to declare a shutdown to all oil output. —Reuters

Greece to sell National Bank stake

ATHENS: Greece’s bank bailout fund HFSF will start the process to sell a stake of up to 12 percent in National Bank of Greece early next week, two officials with knowledge of the matter said on Tuesday. “Our plan is to start the process for the sale of 10 percent-12 percent on Monday and conclude by Wednesday,” one of the officials told Reuters. A second official confirmed the timing of the sale. HFSF holds a 18.4 percent stake in National Bank, Greece’s second largest lender by market value. —Reuters

Akzonobel slashes 2,000 jobs

THE HAGUE: AkzoNobel, the world’s leading paintmaker and manufacturer of Dulux paint, said Tuesday it was cutting 2,000 jobs globally, more than five percent of its workforce, as it strives to cut costs. Chief Executive Greg Poux-Guillaume said the job losses would allow the Dutch company to “become more agile in volatile markets and offset headwinds such as rising labor cost.” — AFP

The announcement drove AkzoNobel stock higher at the opening of the Amsterdam exchange, rising 1.5 percent and beating the wider market which was up 0.6 percent. — AFP

Nigeria CB hikes rate to 27.25%

ABUJA: Nigeria’s central bank surprised the market by raising its benchmark lending rate to 27.25 percent from 26.75 percent on Tuesday, with governor Olayemi Cardoso adding that the decision of the monetary policy committee (MPC) was unanimous. The decision by the committee is the fifth straight rate hike this year, after increases of 50 basis points (bps) in July, 150 bps in May, 200 bps in March and 400 bps in February, its largest in around 17 years. Analysts had widely predicted the central bank would keep rates unchanged after inflation fell for a second consecutive month in August. — Reuters