Skip to main content

Author: LS

U.S. crude hits 17-year low as lockdowns, restrictions spread

Written by LS on . Posted in News. No Comments on U.S. crude hits 17-year low as lockdowns, restrictions spread

Oil prices fell for a third session on Wednesday with U.S. crude futures tumbling to a 17-year low as travel and social lockdowns sparked by the coronavirus epidemic knocked the outlook for demand.

U.S. crude Clc1 was down $1.77 cents, or 6.57%, at $25.18 per barrel by 10:41 GMT, having earlier fallen to $25.06, its lowest since late April 2003.

The last time oil was trading that low, the United States had invaded Iraq and China had only begun its rise as a major global economic power that propelled the world’s oil consumption to record highs in subsequent years.

Brent crude LCOc1 was trading down 95 cents, or 3.31%, at $27.78 a barrel, after dropping to $27.56, its lowest since early 2016.

“The oil demand collapse from the spreading coronavirus looks increasingly sharp,” Goldman Sachs said in a note forecasting a fall in the price of Brent to as low as $20 in the second quarter, a level not seen since early 2002.

Gold reverses course to fall 1%

Written by LS on . Posted in News. No Comments on Gold reverses course to fall 1%

Gold erased early gains to fall more than 1% on Wednesday as mounting fears over the economic hit from the coronavirus overshadowed additional stimulus measures by the United States and prompted investors to sell precious metals to hoard cash.

Spot gold fell 1.1% to $1,511.72 per ounce by 07:01 GMT. U.S. gold futures were down 0.9% to $1,512.10 an ounce.

“The fact that equity markets are still falling is signalling deteriorating global sentiment, which means more investors are going for cash,” said Michael McCarthy, chief strategist at CMC Markets.

“Globally, we are lengthening our expectations of how long the economic interruptions from the virus will last and that’s another reason driving people to cash,” Michael McCarthy added.

U.S. stock futures and several Asian shares fell in choppy trade as worries about the virus eclipsed hopes broad policy support would combat the economic fallout of the outbreak.

Among other precious metals, palladium fell 0.7% to $1,631.42 per ounce, while platinum eased 0.1% to $660.75. Silver was 1.2% lower at $12.44.

Libya’s House of Representatives reduces its member’s salaries

Written by LS on . Posted in News. No Comments on Libya’s House of Representatives reduces its member’s salaries

During a meeting held in Tripoli, the House of Representatives voted to scale back the salaries of its members by 20% considering the hard situation Libya is facing at the moment, essencially the blockade of oil fields.

Moreover, the House of Representatives discussed the implications of the Coronavirus. Hence, the head of the Health and Environment Committee, Ayman Saif Al Nasr, presented a report on the latest developments and the preventive measures taken by the government to reduce the risk of an outbreak of the epidemic.

The International Organization for Migration prevents the return of migrants to Libya

Written by LS on . Posted in News. No Comments on The International Organization for Migration prevents the return of migrants to Libya

Upon receiving updated information indicating that a wooden boat with 49 illegal immigrants on board was returned from Malta to Libya immediately following its engine failure, the International Organization for Migration called on the International Community as well as the European Union to take prompt action in order to prevent the return of immigrants it described as “weak” to Libya, and to respect the non-refoulement principle.

According to a statement reported by the Italian news agency “Aki”, the International Organization for Migration stressed that responding to SOS calls at sea is a legal and moral responsibility.

GECOL’s losses due to assault and robberies of of high voltage cables

Written by LS on . Posted in News. No Comments on GECOL’s losses due to assault and robberies of of high voltage cables

Yesterday, the General Electricity Company of Libya claimed that, as a result of assault and robberies in six different regions, the company lost about 9.410 Km of copper wires.

The company also clarified that the last statistics included Zliten, Al Khums, Castelverde, the southern region, Jafara District and Al-Hae Al-Senaea (the industrial district) of Tajouar.

U.S Embassy in Libya calls for humanitarian cessation of hostilities in light of Coronavirus

Written by LS on . Posted in News. No Comments on U.S Embassy in Libya calls for humanitarian cessation of hostilities in light of Coronavirus

After the Embassies of Algeria, France, Germany,  Italy, the Netherlands, Turkey, the United Kingdom, and the United States, along with the Delegation of the European Union and the Governments of Tunisia and the United Arab Emirates called on all parties in the Libya conflict to declare an immediate, humanitarian cessation of hostilities as well as a halt to the continuing transfer of all military equipment and personnel into Libya in order to allow local authorities to respond to the unprecedented public health challenge posed by COVID-19,

 U.S. Embassy in Libya issued a statement in which it strongly supported the efforts of Libyan health authorities across the country “as they come together in a spirit of national cohesion”, and urged them to take all necessary measures to support the health and well-being of all Libyans.

“Such a truce would also enable combatants to return home to provide care for relatives who may be at higher risk. We express strong hopes that a humanitarian truce will facilitate both Libyan parties’ leadership agreeing to the UN-facilitated February 23 draft ceasefire reached in Geneva in the framework of the 5+5 intra-Libyan Joint Military Commission and returning to political dialogue.” the Embassy stated.

Faiez Al Serraj helds a meeting with Tripoli’s mayors

Written by LS on . Posted in News. No Comments on Faiez Al Serraj helds a meeting with Tripoli’s mayors

Yesterday, the Chairman of Presidential Council Faiez Al Serraj met with mayors in the western region in Tripoli.

According to the council’s statement, the meeting discussed the financial needs of municipalities to face Coronavirus as well as meeting the needs of displaced persons. Moreover, the meeting highlighted the requirements of handling the issue of rubbish accumulation.

The meeting was held in the presence of the spokesman for the House of Representatives (HoR) in Tripoli Hamouda Sayala, the Deputy Chairman of the Presidential Council Ahmed Maiteq, the Deputy Chairman of the Presidential Council Abdulsalam Kajman, in addition to Mohammad Amari Zayed and Ahmed Hamza.

According to the statement, Al Serraj stressed that the municipalities were provided with the necessary allocations in order to play their role in executing the agreed upon measures during the current period.

Libyan truce would aid war on coronavirus, say western, Arab nations

Written by LS on . Posted in News. No Comments on Libyan truce would aid war on coronavirus, say western, Arab nations

Western and Arab countries in a statement today urged Libya’s warring factions to stop fighting to allow the country’s authorities to respond to the threat posed by the coronavirus.

Although Libya has yet to record any confirmed cases, the World Health Organisation representative in Tripoli has warned of the great risks faced if the virus spreads in a country fragmented by conflict.

In response to the coronavirus pandemic, both the Tripoli and Benghazi administrations have pledged money to local health services and closed ports and airports.

A joint statement today from Algeria, Britain, France, Germany, Italy, the Netherlands, the United States, the European Union, Tunisia and the United Arab Emirates said a truce would help efforts to tackle the virus.

“We strongly support the efforts of Libyan health authorities across the country as they come together in a spirit of national cohesion and urge them to take all necessary measures to support the health and well-being of all Libyans,” the statement said.

“A truce would also enable combatants to return home to provide care for relatives who may be at higher risk,” it added. 

UNSMIL stands ready to continue to support Libyans in facing COVID-19

Written by LS on . Posted in News. No Comments on UNSMIL stands ready to continue to support Libyans in facing COVID-19

 Today, UNSMIL claimed that it welcomes and joins the call by international partners on all parties to the Libyan conflict to declare an immediate humanitarian cessation of hostilities as well as a halt to the continuing transfer of all military equipment and personnel into Libya, in order to allow local authorities to rapidly respond to the unprecedented public health challenge posed by COVID-19.

“We urge all parties in Libya to take the bold step in unifying their efforts in facing this pandemic”, UNSMIL stated.

“COVID-19 has no affiliation and breaks through all frontlines. We call on all Libyans to join forces immediately before it is too late to face this overwhelming, fast-spreading threat, which requires consolidating all resources and efforts for the prevention, awareness and treatment of possible victims.” UNSMIL added.

It also encourages the implementation of a consolidated mechanism to face COVID-19 in Libya in close collaboration with WHO and other UN agencies on the ground, and the friends of Libya.