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Author: LS

Ministry of Foreign Affairs commenting on Ghassan Salame’s resignation

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The Ministry of Foreign Affairs commented on the resignation of the United Nations envoy to Libya Ghassan Salame, claiming that it appreciates UNSMIL’s peace efforts and what the mission is trying to do for the sake of a cease-fire.

“We hope that these efforts will stop foreign parties’ efforts that attempt to destabilize Libya,” the ministry said on its Facebook page today.

In a tweet, Salame said ‘‘I have sought for two years and more to reunite Libyans and curb outside intervention and to preserve the unity of the country.”

“Today, the Berlin Summit was held, resolution 2510 was issued, and the Three Tracks were launched, despite the reluctance of some,” he added.

“I admit that my health no longer allows for this pace of stress, so I asked the Secretary-General to relieve me of my mission in the hope of peace and stability for Libya.’’

The Ministry of Foreign Affairs called on the international community to fulfill its commitments to support the civil state and the democratic path, pointing out that the Government of National Accord did its best to inject blood and preserve innocent lives.

Nevertheless, in a tweet, the Interior Minister Fathi Bashagha stated that he was sorry that Salame had resigned and that the resignation would make matters more difficult in Libya as it will be difficult to find another person who will accept the role of UNSMIL head.


Benghazi: New Board of Directors for Libyan Airlines

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The Board of Directors of the Libyan African Aviation Holding Company held a meeting on Sunday to reform a new board of directors and an oversight body of Libyan Airlines.

According to the media office of the General Board For Transportations, a new board of directors was chosen for Libyan Airlines in Benghazi.

Moreover, the Board of Directors of the Libyan African Aviation Holding Company pledged to work with the new board of directors of the Libyan Airlines in order to help him overcome difficulties, assist him in providing planes, and step up efforts to get back the hijacked plane in Misrata.

Algerian-Libyan Economic Forum

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Today, the Libyan Business Council (LBC) announced that the Algerian-Libyan Economic Forum will be held from 2 to 5 March 2020 in Algiers.

The event is organized under the auspices of the Algerian Minister of Commerce and will be attended by entrepreneurs, businesses and government officials in order to to open the areas of cooperation and partnership in the economy and bilateral trade between both countries.

The Libyan Business Council  stressed that, in this event, many specialized companies in the fields of food, electrical and household materials, agricultural materials, medicines and supplies, construction companies, oil services companies, waste recycling companies, as well as cement factories will be attending the forum too.

Rejection of a lawsuit against Mellitah Oil and Gas Company

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In a statement published on its official Facebook page, Mellitah Oil and Gas Company announced on February 29, that an Amsterdam court in Holland invalidated a lawsuit brought by the Pacific Offshore Holdings Company (POSH) against them in an attempt to seize their bank accounts.

Mellitah stated that the court struck out the case, and said that POSH had no right to seize the bank accounts of Mellitah.

Dollar takes “a back seat”

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The dollar was on the back foot on Monday as growing expectations of U.S. interest rate cuts to cushion the impact of the coronavirus stemmed some safety flows into the greenback.

Yet, the euro last traded 0.3% firmer at a month-high of $1.059, while the Australian dollar rose 0.4% to $0.6531, and the pound  edged 0.2% higher to $1.2939.

Oil prices pared losses

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Today, oil prices rebounded more than $1 a barrel on hopes that a bigger than expected production cut from OPEC and stimulus from central banks could offset economic gloom from the coronavirus outbreak.

Brent crude last traded at $51.3 per barrel, while U.S. crude at $46.1 per barrel.

Gold rose more than 1%

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Gold rose more than 1% today, rebounding from a steep decline across precious metals in the previous session, amid investor hopes the U.S. Federal Reserve will cut interest rates to cushion the impact of the fast-spreading coronavirus.

Spot gold gained 1.2% to $1,603.19 per ounce by 09:04 GMT. U.S. gold futures rose 2.5% to $1,606.00.

Gold prices plunged over 4.5% on Friday, with precious metals joining a broader market selloff as investors liquidated positions to meet margin calls in other assets.

NOC: Investigation on the pillage of Libyan fuel

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The NGOs Trial International and Public Eye have released a report looking at the smuggling of Libya’s fuel.

In a statement, Libya’s National Oil Corporation claimed that it supports this report as the NOC continues to put the fight against smuggling among its top priorities.  

NOC Chairman Mustafa Sanalla said that “every year the people of Libya are robbed of hundreds of millions of dollars by those who smuggle fuel out of the country, the criminals operate in all parts of Libya, East, West and South and unfortunately enjoy the support of politically influential groups across the country.”

“NOC has been working hard on the front lines to tackle smuggling. Today we welcome this new report that shines a bright light on this criminal practice that steals the prosperous future which Libyans deserve. The Libyan people should be compensated and we will use everything in our power to achieve that.” Sanalla added.

He also expressed that NOC members want to see every individual involved in smuggling brought to justice.