Connect with us

Press Release

Unprecedented Financial Results Achieved by the Libyan Foreign Bank

Published

on

Through the combined efforts of everyone and the adoption of a comprehensive strategic transformation plan launched at the Libyan Foreign Bank three years ago in collaboration with major international consultancy firms, including Deloitte, Ernst & Young, and Curtis, we have started to achieve our set goals. 
 
 
We realized net profits of $804 million in 2022 and 2023, an unprecedented profit level in the history of the Libyan Foreign Bank. This achievement would not have been possible without the concerted efforts of the bank’s employees and our strategic partners. The exceptional profit rate can be attributed to several factors, notably:
  1. The regular flow of oil revenues due to the efforts of the National Oil Corporation, our strategic partner.
  2. Profits from some of the bank’s foreign investments.
  3. Improved performance of the bank’s investment portfolio.
When we took over the bank three years ago, it was burdened with a legacy of accumulated problems, primarily the historical losses in the bank’s investment portfolio, which exceeded $1 billion due to investments in non-listed bonds and deviations from the investment policy, as well as weak oversight and communication with the bank’s foreign investments, the lack of preparation of consolidated financial statements according to IFRS standards, and the underperformance of the three lines of defense (audit, risk, compliance) and the absence of a governance and transparency approach in the bank’s performance.
 
Over the past three years, we have focused on enforcing a comprehensive strategic transformation by partnering with leading international consultancy firms. Together, we conducted a bold assessment of the bank’s reality, analyzed gaps and shortcomings, identified strategic priorities, and adopted a project management approach to achieve our goals. The transformation covered two main axes: addressing the previous legacy and improving investment performance.
 
The efforts of the Attorney General and members of the prosecution played a pivotal role in the transformation by overseeing an international forensic audit of the bank’s investment portfolio, which revealed the flawed investment practices that led to past losses. We drew lessons from this to improve our portfolio and recover some of the losses.
 
We have ensured the implementation of a governance approach within the bank, with the Board of Directors operating through specialized committees, including Risk, Audit, IT Governance, Compliance, Legal, and Appointments. We increased disclosure and transparency rates by preparing consolidated and audited financial statements according to IFRS standards, working according to specific and timed plans, and protecting our foreign assets from seizure and execution. We also developed and adopted a set of policies and systems governing the bank’s work and rebuilt the three lines of defense.
 
We continue to execute the comprehensive strategic transformation, with our next focus on improving the performance of our foreign investments, ensuring their capital adequacy, and compliance with regulatory requirements in their respective countries. We aim to enhance their returns in a globally competitive and rapidly changing market.
 
Additionally, we seek to continue developing the performance of our investment portfolio by investing in financial products that yield significant returns without jeopardizing the safety of our investments. We also aim to fulfill our bank’s role in driving trade and investment domestically through our contributions to national banks and companies, which we strive to support in financing projects and introducing financial products needed in the Libyan market, such as leasing. We also rely on our bank to play a national role in encouraging foreign investors to enter Libya by overcoming investment guarantee challenges that hinder the targeted return of foreign capital.
 
As I stated three years ago, the transformation train at the Libyan Foreign Bank has started, and today I affirm that it has begun reaching its targeted profitability and return stages, with work continuing to achieve comprehensive transformation despite challenges and obstacles.
 
Mustafa Al-Mana
Member of the Management Committee and Chairman of the Governance Committee, Libyan Foreign Bank
Media Contact
Company Name : Libyan Foreign Bank
Email Id : info@laf.ly
Company Address : Dat El Imad Administrative Complex, Tripoli, Libya
Company Website : https://www.lfb.ly/en

About Author

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

Continue Reading

Press Release

ACTION Termite and Pest Control Expands Commercial Services Through Partnership with EcoServ Pest Elimination

Published

on

ACTION Termite & Pest Control increases its Phoenix MSA presence through Strategic Partnership with Phoenix-based, EcoServ Pest Elimination

Phoenix, AZ. – ACTION Termite and Pest Control (“ACTION”), a leading provider of pest control solutions in Arizona, is excited to announce its fifth strategic partnership with EcoServ Pest Elimination (“EcoServ”). EcoServ is a highly recognized commercial pest control company based in Phoenix, Arizona. This strategic collaboration marks a significant expansion into the commercial pest control sector and solidifies ACTION’s commitment to servicing commercial customers following its recent partnership with CimeX Control and the Phoenix Suns. ACTION is dedicated to becoming the premier provider of pest control services to residential and commercial customers across Phoenix and the surrounding areas.

“We are thrilled to welcome EcoServ Pest Control to the ACTION team! With decades of commercial pest control expertise, EcoServ will be instrumental in helping us scale our commercial services throughout the Southwest region,” said Brent Agee, CEO of ACTION Termite and Pest Control, “Steve Fisk, founder and former owner of EcoServ, will continue his leadership as Vice President of Commercial Services, ensuring the continued growth of our commercial division. EcoServ’s impressive portfolio, which includes large commercial accounts from resorts, food chains, malls, colleges, and more, aligns perfectly with our vision for expansion. We are excited for the future as we combine forces to deliver even greater service to our clients.”

ACTION’s fifth partnership will be seamlessly transitioned, with EcoServ’s operations and client relationships fully absorbed into the ACTION brand, ensuring a unified approach to service and customer experience. ACTION commends Steve Fisk, owner of EcoServ, and the rest of his team for their commitment to quality services for their customers and look forward to continuing the

high standards of service. ACTION looks forward to working with Steve in his new role where he will continue to develop and build commercial relationships for the brand.

“Over the past eight years, witnessing the EcoServ journey has been an incredible experience, and joining forces with ACTION is the perfect next step for our growth. I am thrilled to continue my role as VP of Commercial, inspired by ACTION’s leadership team, who are deeply committed to delivering exceptional service to our customers and fostering a dynamic, positive culture in their daily operations,” commented EcoServ Pest Elimination’s owner, Steve Fisk, “With access to more resources, cutting-edge technology, and the strongest team in the valley, I am excited to be part of expanding our company’s presence throughout Arizona and into neighboring states. EcoServ has always been known for its personalized, tailor-made service for our valued customers. Through this merger, we promise our customers an even higher level of service and care – Get ready for an exciting new chapter!”

This partnership underscore’s ACTION’s enthusiasm in delivering the highest level of service to all customers across Phoenix and consistently expanding on capabilities and offerings. By combining ACTION and EcoServ’s strengths, ACTION will be able to offer a comprehensive range of pest control services tailored to commercial properties, while continuing to deliver outstanding residential pest management services. The alignment of the two brands together ensures both company’s standards and values will be upheld under the new partnership.

To learn more about ACTION’s differentiated partnership approach and how you can be part of its winning team, connect with Chief Development Officer, Brian Marks at brianmarks@actiontermitecontrol.com.

About ACTION Termite and Pest Control

Founded in 1969, ACTION Termite and Pest Control is a leading provider of pest management services, offering comprehensive solutions to residential and commercial clients. With a focus on delivering customer satisfaction, ACTION Termite and Pest Control has become a trusted name in the pest control industry. Headquartered in Phoenix, Arizona, ACTION is actively seeking strategic partners who are excited for their next stage of growth. To learn more about ACTION Termite and Pest Control, please visit https://www.actiontermitecontrol.com. ACTION Termite & Pest Control 1101 W Melinda Ln STE B, Phoenix, AZ 85027 Phone: 602-899-2222

About EcoServ Pest Elimination

Founded in 2015 and based out of Phoenix, Arizona, EcoServ Pest Elimination is a pest control business focused on serving commercial customers throughout the Phoenix MSA. Owned by Steve Fisk and Michael Borden, the Company is a known provider of pest and termite control, rodent proofing, and bird management to commercial customers. To learn more about EcoServ Pest Elimination, please visit https://www.ecoservpest.com.

About Author

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

Continue Reading

Press Release

Giloba by Mega We Care: A Natural Supplement for Cognitive Health

Published

on

Giloba is a popular herbal supplement from Mega We Care, known for its potential benefits in supporting cognitive function and overall brain health. Derived from the Ginkgo biloba plant, one of the oldest living tree species, Giloba is primarily used to enhance memory, improve concentration, and support mental clarity. With a long history in traditional medicine, Ginkgo biloba has gained popularity in modern health supplements due to its natural properties that may promote brain health and reduce the effects of aging on the mind.

In this article, we’ll explore what Giloba is, its key benefits, how it works, and why it has become a trusted choice for those looking to support their cognitive function. We’ll also discuss other related supplements such as Nat C, Eugica Herbal Infusion, Naprofazt, Enat Cream, Zirin, Ferrovit, Zeman SX, Calcivita and Enat, to provide a comprehensive look at health and wellness options.

What Is Giloba?

Giloba is a Ginkgo biloba-based supplement produced by Mega We Care, a reputable health and wellness company that specializes in natural and pharmaceutical products. The main active ingredient in Giloba is an extract of Ginkgo biloba leaves, which are rich in powerful compounds called flavonoids and terpenoids. These compounds are believed to possess antioxidant and anti-inflammatory properties, making Ginkgo biloba a widely used natural remedy for a variety of health concerns, particularly those related to the brain and cognitive function.

Key Benefits of Giloba

The primary appeal of Giloba lies in its potential to support mental and cognitive health. Here are some of the top benefits associated with the use of Giloba:

Improves Memory and Focus

One of the most well-known benefits of Ginkgo biloba is its ability to enhance memory, particularly in older adults. Giloba may help improve both short-term and long-term memory retention, making it a popular supplement for those seeking to boost mental clarity and focus. It may also be useful for students and professionals who need sustained concentration during study or work.

Boosts Circulation and Brain Health

Ginkgo biloba has been shown to improve blood circulation, particularly to the brain. By enhancing blood flow, Giloba helps deliver oxygen and nutrients to brain cells, which may support overall cognitive function and protect against age-related cognitive decline.

Reduces Symptoms of Cognitive Decline

Studies suggest that Ginkgo biloba supplements like Giloba may help alleviate symptoms of cognitive decline, such as confusion, forgetfulness, and lack of focus. This makes it a potential natural option for individuals dealing with early stages of dementia or other memory-related disorders.

Supports Mental Well-Being

Giloba may also have a positive impact on mental well-being by reducing anxiety and promoting a sense of calm. The antioxidant properties of Ginkgo biloba may help lower

stress levels, making it a useful supplement for individuals dealing with mental fatigue or anxiety.

May Help with Tinnitus

Some studies suggest that Ginkgo biloba could help relieve symptoms of tinnitus (ringing in the ears), a condition often linked to poor blood circulation in the inner ear. By improving blood flow, Giloba may potentially offer relief from the discomfort associated with this condition.

How Does Giloba Work?

Giloba works by leveraging the potent natural compounds found in Ginkgo biloba leaves. These compounds, particularly flavonoids and terpenoids, act as antioxidants that help protect the brain and body from oxidative stress caused by free radicals. Oxidative stress is a major factor in the aging process and can contribute to cognitive decline, memory loss, and other neurological issues.

By enhancing blood circulation to the brain, Giloba helps ensure that the brain receives a steady supply of oxygen and essential nutrients. This improved blood flow is crucial for maintaining healthy cognitive function and reducing the risk of age-related mental decline.

Additionally, Giloba’s antioxidant properties may help reduce inflammation in the brain, further supporting mental clarity and reducing the risk of cognitive disorders.

Complementary Health Products

While Giloba offers significant benefits, it’s worth considering other supplements and products that can complement your health and wellness routine:

  • Nat C: A high-quality vitamin C supplement that supports immune function and overall health. It can work synergistically with Giloba to boost general well-being and enhance the body’s defense mechanisms.
  • Eugica Herbal Infusion: This herbal infusion provides a natural way to support respiratory health and overall wellness. It can be a great addition to a health regimen that includes cognitive support from Giloba.
  • Naprofazt: An anti-inflammatory supplement that can help manage inflammation in the body, potentially supporting overall health alongside Giloba.
  • Enat Cream: A topical product known for its benefits in skin health. While not directly related to cognitive function, maintaining overall health and wellness can complement the effects of Giloba.
  • Zirin: A supplement aimed at improving joint health and mobility. Keeping the body healthy and active can support cognitive function indirectly.
  • Ferrovit: An iron supplement that helps maintain healthy blood levels. Good circulation supports brain health, making Ferrovit a useful complementary supplement.
  • Zeman SX: A supplement that supports general health and well-being. It can be used alongside Giloba to maintain overall vitality.
  • Enat: Another supplement that may contribute to overall health. Combining it with Giloba can provide a comprehensive approach to well-being.

Is Giloba Safe to Use?

Giloba by Mega We Care is considered safe for most people when taken as directed. However, like any supplement, it’s important to use it responsibly and consult with a healthcare professional, especially if you have pre-existing health conditions or are taking other medications.

Some individuals may experience mild side effects such as headaches, dizziness, or gastrointestinal issues when using Ginkgo biloba supplements. Additionally, people with bleeding disorders or those taking blood-thinning medications should be cautious when using Giloba, as Ginkgo biloba can have mild blood-thinning effects.

Who Can Benefit from Giloba?

Giloba is ideal for a wide range of individuals, especially those who are looking to support their cognitive health, improve memory and focus, or manage symptoms of mental fatigue. The supplement may be particularly beneficial for:

  • Older adults experiencing age-related memory decline or mild cognitive impairment
  • Students and professionals seeking enhanced concentration and mental clarity
  • Individuals experiencing mental fatigue or stress-related cognitive issues
  • Those looking for natural support in managing mild symptoms of anxiety or tinnitus

How to Take Giloba

Giloba is available in capsule form, making it easy to incorporate into your daily routine. It’s important to follow the dosage instructions provided on the packaging or consult with a healthcare provider to determine the appropriate dosage for your specific needs.

Conclusion

Giloba by Mega We Care offers a natural and effective way to support cognitive health and improve mental clarity. With its Ginkgo biloba-based formula, Giloba helps enhance memory, focus, and overall brain function by improving blood circulation and protecting the brain from oxidative stress. While generally considered safe, it’s important to consult with a healthcare professional to ensure Giloba is right for you, especially if you have any underlying health concerns or are taking medications.

By incorporating Giloba into your daily wellness routine, you may experience improved mental sharpness, reduced mental fatigue, and better overall cognitive well-being.

Additionally, consider complementing your health regimen with other beneficial products like Nat C, Eugica Herbal Infusion, Naprofazt, Enat Cream, Zirin, Ferrovit, Zeman SX, and Enat to support a holistic approach to wellness.

About Author

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

Continue Reading

Press Release

St. Paul’s PACE Hosts Annual Donation Event for National PACE Month

Published

on

In honor of National PACE Month, St. Paul’s PACE – Program of All-Inclusive Care for the Elderly – hosted its annual St. Paul’s Essential Needs Drive (SPEND) at the St. Paul’s Conference Center in Bankers Hill. The event aimed to raise awareness for the growing segment of low-income seniors struggling to afford items essential for daily living.

El Cajon, CA, United States, 21st Sep 2024 Each year, SPEND collects supplies for PACE participants in need, from toiletries and cleaning products to new clothing and non-perishable food items. Donations are distributed across St. Paul’s PACE locations in San Diego County, including Chula Vista, El Cajon, Downtown, and Encinitas.

 “We received well over 500 donation items this year, thanks to the generosity of our neighbors and industry partners,” said Jennifer Romero, Marketing Director for St. Paul’s. “It was especially moving to witness staff members and even residents from our local senior communities come out to support the cause.”

At St. Paul’s, SPEND is a key initiative of National PACE Month, which highlights how PACE helps seniors thrive independently in their communities. This year’s theme from the National PACE Association, “Simplify Your Life: At Your PACE,” emphasizes the advantages of PACE’s personalized care plans tailored to seniors’ unique needs.

To qualify for St. Paul’s PACE, seniors must be over 55, have a chronic medical condition, and be enrolled in Medi-Cal. With many PACE participants living below the poverty line in California, donations from events like SPEND can make a significant impact.

St. Paul’s PACE continues to accept donations of non-perishable food, toiletries, personal hygiene products, and clothing for SPEND. Those who wish to contribute can do so through their Amazon Wish List or by visiting StPaulSeniors.org/SPEND for more ways to give. 

St. Paul’s PACE supports seniors so they can continue to live independently at home by providing personalized medical services, social services, transportation, and home care. Seniors who are over 55 years years old with chronic medical conditions that make it difficult to live at home may qualify for services. For more information on St. Paul’s PACE, please visit StPaulsPACE.org or call 1(833) PACE NOW. Press contact:  Nicole Antonacci, St. Paul’s Senior Services Communications Specialist, 619-239-6900

Media Contact

Organization: St. Paul’s PACE

Contact Person: Nicole Antonacci

Website: https://www.stpaulspace.org

Email: Send Email

Contact Number: +16195517400

Address: 1306 Broadway

City: El Cajon

State: CA

Country: United States

Release Id: 21092417214

The post St. Paul’s PACE Hosts Annual Donation Event for National PACE Month appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

About Author

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

Continue Reading

LATEST POST