Members of the rescue teams from the Egyptian army carry a dead body as they walk in the mud between the destroyed buildings, after a powerful storm and heavy rainfall hit Libya, in Derna, Libya September 13, 2023.
Ahmed Elumami | Reuters
Storm Daniel has left Libya, a country grappling with conflict and economic crisis for over a decade, in catastrophe. With little resource for search and rescue, experts warn that humanitarian partners will need tens of millions of dollars to respond to the needs of those impacted on the ground.
According to the UN Development Programme, “humanitarian partners are requesting $71.4 million to respond to the most urgent needs of 250,000 people targeted out of the 884,000 people estimated to be in need, over the next three months.” Roula Abubaker, a spokesperson for UNDP, told CNBC the organization is still gathering data from the mission on the ground to determine the full cost of the damage.
Over 3,000 people have been killed and more than 9,000 remain missing with the toll expected to rise, according to the World Health Organization, but numbers have been difficult to verify. Meanwhile the International Organization for Migration estimates 40,000 people have been internally displaced following the storm. Medical centers are struggling to treat civilians and morgues are running out of space for the deceased.
Maxar satellite imagery of streets amd neighborhoods after the catastrophic flooding that struck the Libyan coastal city of Derna.
Maxar Technologies | Getty Images
“No matter how many pictures you see about Derna, you did not see anything. We don’t need water or food. We need specialized and experienced rescue teams,” Mohamed Elkwafi, a volunteer with the Eastern Libyan National Army Security Units in Derna, told CNBC.
The rare Mediterranean hurricane tore through dams in Libya’s eastern port city of Derna, Soussa, Benghazi, Albayda and several other cities, leaving a grim aftermath. The storm moved over land, resulting in severe flash floods and extreme rainfall that collapsed infrastructure and homes. Storm Daniel developed in early September over Greece causing fatalities before migrating to Turkey and Bulgaria and through North Africa.
Libya’s political challenge
Libya’s government has been marred by conflict since 2011 after the fall of dictator Moammar Gadhafi, who ruled the oil-rich North African country for four decades. The government was split into two administrations after renewed tensions from the rise of militias in 2014. One administration is based in the country’s east and the other in the capital Tripoli. A ceasefire was brokered in 2020 but Libya remains deeply fragmented after the Government of National Unity was formed in Tripoli in 2021.
A man sits on a damaged car, after a powerful storm and heavy rainfall hit Libya, in Derna, Libya September 12, 2023.
Esam Omran Al-Fetori | Reuters
Abdul Hamid Dbeibeh rules as the internationally recognized prime minister in Benghazi. Another rival government was formed in 2022 in the east called the Government of National Stability, leaving two parties vying for control.
Despite the deep divisions between the east and the west, when it comes to search and rescue, Mohamed Elkwafi told CNBC he has been working “with all the security units, medical teams, and rescue teams as one team.”
Libya’s reconstruction
The Central Bank of Libya convened an emergency meeting last Thursday to discuss support for the impacted areas. The bank shared the outcome on X, formerly known as Twitter: “The committee reached a number of recommendations, the most important of which is opening a bank account with the Central Bank of Libya, specifically dedicated to collecting donations from commercial banks.” The financial institution was previously split in two entities in 2014 for nearly a decade but reunified in August.
Libya’s economy has struggled since the fall of Gadhafi with decentralization, but the country’s vast oil and gas reserves, which are the biggest in Africa, remain its dominant source of revenue. While terminals initially closed, the storm has not impacted Libya’s output, which is around 1.2 million barrels per day. The World Bank projected this year a potential uptick in economic growth with help from monetary contributions if conflict ceases.
The International Monetary Fund has yet to announce financial aid but Managing Director Kristalina Georgieva tweeted: “The IMF stands ready to provide the Libyan authorities any assistance they may need.” The IMF began re-surveilling Libya in June after a decade-long hiatus.
General view of flood water covering the area as a powerful storm and heavy rainfall hit Al-Mukhaili, Libya September 11, 2023, in this handout picture.
Libya Al-Hadath | via Reuters
Jalel Harchaoui, a Libya specialist and fellow at the London-based think tank Royal United Services Institute says that Derna’s road to recovery will be an expensive one.
“The 2.5 billion dinars ($51M) carved out by the Tripoli authorities is a big amount to mobilize out of budget for rebuilding, but it’s still nothing compared to the damage that was experienced,” he told CNBC.
“I think you would have to multiply this number by probably 10 or 20 to rebuild all the other municipalities.”
Last week UN Secretary General for Humanitarian Affairs and Emergency Relief Coordinator Martin Griffiths announced a $10 million emergency financial aid package for Libya. Other countries that pledged support include the EU, U.S., UK, Egypt, Qatar, Jordan, Tunisia, Kuwait, Turkey, Italy, and the United Arab Emirates.
But Harchaoui is skeptical it will be enough, adding “I think if we don’t reach $5 billion dinars then it means that there’s no real possibility of dignified reconstruction efforts.”
The massive Greenlink West Transmission Project in Nevada got the final green light this week by the US Department of the Interior.
The project will create a new 525 kV transmission line that will stretch 350 miles from Las Vegas to Yerington, southwest of Reno, and greatly increase Nevada’s grid capacity. It will cross federal, state, Tribal, and private lands in seven counties.
Once completed, utility NV Energy’s Greenlink West will be able to carry up to 4,000 megawatts (MW) of clean energy – enough to power over 4.8 million homes. Greenlink West is a critical part of Nevada’s push to ramp up renewable energy production and modernize its aging power grid.
Construction is expected to begin early next year, and the goal is to bring it online by May 2027.
Currently, a lot of the solar, geothermal, and wind energy generated in rural parts of the state can’t be efficiently sent to cities like Las Vegas and Reno, where demand is high. Greenlink West will fix that by connecting clean energy sources to urban centers.
Along with the 210-mile-long, 525 kV Greenlink North, which will span from Ely to Yerington and is still under environmental review, the two lines will tie into the existing One Nevada Transmission Line. The entire $4.24 billion transmission project, which is expected to generate $690 million in economic activity and create nearly 4,000 good-paying jobs, will result in a continuous triangle of high-voltage transmission lines in the state, as per the video below:
The project will also include three 345 kV lines from Yerington to the Reno area.
Greenlink North is expected to be in service by December 2028.
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MicroStrategy founder Michael Saylor speaks at the Bitcoin 2021 Conference in Miami on June 4, 2021.
CFOTO | Nurphoto | Getty Images
MicroStrategy shares jumped more than 8% on Friday after founder Michael Saylor said the company purchased another $1.1 billion worth of bitcoin.
The stock jumped 24% for the week and is now up 124% this year.
Saylor said in a post on social media platform X that MicroStrategy’s average purchase price in the four years it has been buying bitcoin is $38,585 per coin. Bitcoin is currently trading at close to $60,000.
MicroStrategy’s stash of 244,800 bitcoins is worth $14.6 billion.
Founded in 1989, MicroStategy has a business in enterprise software and cloud-based services, but its value is now almost entirely tied to its bitcoin ownership, effectively making the company a proxy for the world’s biggest cryptocurrency. It is the biggest corporate holder of the asset, according to Bitcoin Treasuries.
Read more about tech and crypto from CNBC Pro
In Saylor’s Friday post, he added that the “BTC yield,” a metric introduced by MicroStrategy, is 17% for the year. The number suggests that the company has created 17% more value for shareholders by selling stock to buy bitcoin.
“We’re basically giving people different types of bitcoin exposure,” Saylor told CNBC in an interview this week. “MicroStrategy’s mission is to securitize bitcoin and serve as the institutional bridge between traditional, mainstream investors and bitcoin.”
Even after this week’s rally, MicroStrategy shares are about 26% off their March high. The stock closed Friday at $141.47.
But MicroStrategy is far outperforming bitcoin, which is up 35% for the year. Saylor said owning MicroStrategy is a way to invest in bitcoin but with a variety of attributes, such as increased leverage or downside protection.
“A lot of people, they don’t want to own or they can’t own bitcoin,” Saylor said. Some would say, “Give me the volatility of the S&P and half of the performance of bitcoin, and I’d be totally happy,” he said.
With more options than ever, driving an electric vehicle has never been more affordable. As new EVs hit the market, the lease deals are heating up. Here are all the EVs you can lease for under $300 a month this September.
A record 330,463 electric vehicles were sold in the US in the second quarter. According to Kelley Blue Book, EVs accounted for 8% of total new vehicle sales in Q2, up from 7.1% in the first three months of 2024.
The growth was driven by the influx of new models, massive discounts, and higher leasing rates. A big factor behind leasing is the ability to pass on the $7,500 federal tax credit to lessees.
Most automakers are slapping the $7,500 on top of additional incentives like lease bonus cash, conquest, and loyalty offers. In total, the savings amount to over $10,000 in many cases.
According to Motor Intelligence, Kia’s new three-row EV9 SUV sold with an average discount of over $19,700 in July. The Honda Prologue and Volkswagen sold with an average discount of $7,035 and $13,015, respectively.
EVs you can lease for under $300 a month in September
As the discounts continue to pile up, several EVs are available to lease for under $300, even $200 a month this September. According to an analysis from online auto research firm CarsDirect, here are some of the best electric vehicle lease deals this month (find deals in your area at the bottom).
For smaller (subcompact) SUVs, the 2024 Kia Niro Wind EV is listed at $169 for 24 months. With $3,999 due at signing, it has an effective cost of $336 per month.
Although that may sound intriguing, other electric models are available at even more affordable monthly rates.
For example, the 2024 Honda Prologue EX at $269 for 36 months. With only $1,999 due at signing, Honda’s electric SUV can be leased for an effective rate of $325 a month.
The Prologue EX also has a range of up to 296 miles, compared to the Niro EV, which has an EPA-estimated 253-mile driving range. Despite the Prologue’s higher starting price ($47,400 vs $39,600), Honda offers more incentives, including a loyalty (or conquest) bonus.
Volkswagen’s ID.4 is available for $219 for 36 months. With $3,499 due at signing, the 2024 Volkswagen ID.4 Standard has an effective cost of $316 per month.
Electric Vehicle
Monthly Rate
Term (months)
Due at Signing
2024 Kia Niro Wind EV
$169
24
$3,999
2024 VinFast VF 8
$199
36
$894
2024 Kia EV6
$209
24
$3,999
2024 Hyundai IONIQ 5
$209
33
$3,999
2024 Volkswagen ID.4
$219
36
$3,499
2024 Honda Prologue
$269
36
$1,999
2024 Hyundai IONIQ 6
$299
33
$3,999
EVs for lease under $300 per month in September 2024
After unveiling the updated US-built 2025 model, Hyundai’s IONIQ 5 is one of the best EVs to lease in September.
The 2024 Hyundai IONIQ 5 SEL RWD is listed at $209 for 33 months. With $3,999 due upfront, you can drive off in a new IONIQ 5 for $330 a month.
Hyundai’s electric fastback, the IONIQ 6, is listed at $299 for 33 months. The 2024 IONIQ 6 SEL RWD, with $3,999 due at signing, has an effective cost of $420 per month.
Its third EV, the Kona Electric, is slightly more expensive at $362 for 24 months. That’s for the 2025 Kona SEL EV with up to 261 miles range. With $1,991 due upfront, the Kona EV costs $445 a month.
Kia’s EV6 is another top EV lease option this month. The 2024 Kia EV6 Light Long Range RWD is listed at just $209 for 24 months. Kia states that $3,999 is due at signing, amounting to a $376 monthly rate.
After Kia introduced a new Tesla Conquest Cash discount, Tesla drivers (buyers and lessees) can score an extra $1,500 off the EV9 and $1,000 off the EV6.
With the discount, Kia’s EV6 is even cheaper to lease than a Soul at just $179 per month ($346 effective rate) despite costing more than double.
Although not on the list, the Subaru Solterra is also a steal in September. The 2024 Subaru Solterra Premium starts at $329 per month (36 months) with no money down.
Ready to save big? We can help you get started. Check out our links below to find deals on EVs in your area.
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