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Author: LS

After huge losses: Word stocks jump

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Today, global markets stabilized further after recording serious damages as a result of china’s coronavirus.

World stocks were nearly flat despite a 3% fall in Hong Kong, and remained just 2% off recent record highs following yesterday’s bounce on Wall Street.

European shares opened firmer after Tuesday’s 0.8% rise, while mainland Chinese markets remain closed.

Chinese equity futures traded in Singapore rebounded from two days of losses to rise 1.79%, the biggest gain in almost seven weeks.

“There appears to be more transparency, communication in terms of the virus, and that makes it easier to start assessing the economic fallout. So the markets took some comfort from that,” announced Rainer Guntermann, a rates strategist at Commerzbank in Frankfurt.

Libyan Female Entrepreneurs: innovative business ideas

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Twelve Libyan female entrepreneurs across Libya were awarded a prize of 5,000 euros at the awards ceremony “Women Female Entrepreneurs Contest” held in Tunis.

This was part of the framework of the project European Union for Private Sector in Libya (EU4PSL) funded by the European Union.

In total, 30 women from all regions of Libya participated in the contest, with innovative and creative business ideas.

The winning business ideas cover organic foods, ceramics, waste management, photography, services, dental prothesis, organic soaps and finally paramedical assistance.

The contest took place in the context of EUPSL’s component on supporting women’s economic empowerment in Libya, with a set of activities including capacity building, mentoring and seed funding.

The 30 participants of this event will continue to benefit from a full year of capacity building from local civil society organizations who partnered with EU4PSL.

The event was attended by prominent Libyan stakeholders, representatives of the Delegation of the European Union to Libya and many other partners and guests whose presence supports the importance of entrepreneurship as a tool to restart the Libyan economy and empower women.

Libya 2019: Casualties of Armed Clashes

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Human Rights Solidarity reported that 2019 witnessed continuation of casualties of civilians and combatants since the beginning of the attack on Tripoli.

During these last three months, 1116 people were victims of armed clashes in Libya, nearly half of them. 544 victims were killed, 499 injuries and 73 people abducted or captured.

Overall, most of the casualties in 2019 occurred during the second quarter of the year; approximately 5700 victims, accounting for 70% of the total number of victims during 2019.

In terms of months, April was the most violent month 30%, nearly a third of the victims of armed confrontations this year, followed by June with 25%.

Geographically, incidents were documented across different regions of Libya; majority of the victims were the result of armed aggression against the capital Tripoli and its environs. Approximately 88% of them (7179 people) were victims of clashes around Tripoli and some surrounding towns and cities.

Ministry of Defence: allocation of its budget

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The Presidential Council of the Government of National Accord allocated one billion dinars to the Defense Ministry to be cut from the 2020 extraordinary financial arrangements.

The billion dinars will be spent as follows: half a million dinars for urgent security equipment, 300 million to support the military and security operations of fighting terrorism, 100 million dinars to secure the institutions and fight crime and 100 million dinars to support health facilities.

It should be noted that the Presidential Council spent billions on fighting but was unable to hail the economy for years as Libyans are still flocking to banks to withdraw few dinars to keep them alive.

Dollar perches at eight-week highs

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Today, the dollar rose 0.1% to 98.01, its highest level since early December and taking its gains so far to 1.7%.

“The market is taking a step back from the selloff earlier due to the virus concerns though the dollar is unlikely to weaken substantially as there is safe-haven demand for the greenback,” announced Morten Lund, a senior FX strategist at Nordea.

Recent Oil statistics

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Oil futures are set for a sixth day of losses as the death toll from a virus in China rose, but the heavy sell-off of recent sessions was curbed by output outages in Libya and OPEC comments designed to calm demand fears.

Brent crude LCOc1 was down 51 cents at $58.81 a barrel at 09:25 GMT, hitting a three-month low of $58.50 yesterday.

U.S. West Texas Intermediate CLc1 was down 32 cents at $52.82 a barrel, after slipping to its lowest since early October in the previous session at $52.13.

The United States and other countries warned against travelling to China as the coronavirus death toll rose to more than 100 and after the virus was detected in more than a dozen countries outside China.

Libya:UAE drone shot down

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Quoting Anadolu agency, Libya’s GNA announced that ,today, it downed an armed drone belonging to the United Arab Emirates.

The forces of the GNA claimed in a statement that the armed drone was hit by ground defense systems over the city of Misurata.

With photos of the drone, the statement clarified that the drone targeted several civilian locations in Misurata.

Algeria: launching the Algerian-Libyan Business Forum

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The first Algerian-Libyan Business Forum started today in Algeria, with the participation of the Algerian and Libyan Businessmen along with the Chamber of Commerce, Industry and Agriculture in Sabha.

The Forum aims to create a communication space between Algerian economic businessmen and their Libyan counterparts.

It also represents an opportunity for traders and businessmen in the southern region to contact Algerian officials, try to open closed crossings on borders, facilitate the passage of goods and products, and restore trade through land crossings that have been suspended for years.

UN report urges accountability for Libya airstrike deaths

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In a new report on the July 2019 airstrikes in Libya that killed at least 53 migrants and refugees at the Tajoura detention centre – one of the deadliest incidents since a new round of hostilities broke out in April 2019 – the UN renewed its call on all parties of the conflict to conduct independent, impartial and thorough investigations to ensure accountability for violations of international law.

The 13-page report, published today by the UN Support Mission in Libya and the UN Human Rights Office, also calls for urgent action to prevent a similar tragedy from happening in a conflict in which at least 287 civilians were killed and some 369 civilians injured in 2019, with 60 percent of these casualties attributed to airstrikes.

The report finds that on 2 July, an air-delivered bomb struck a vehicle repair workshop operated by the Daman Brigade, an armed group allied with Libya’s Government of National Accord (GNA).

A second airstrike 11 minutes later hit the Tajoura Detention Centre, a large hangar located in the same complex where 616 migrants and refugees were held. The second section of the hangar, where 126 people were detained took a direct hit, killing at least 47 men and six boys.

“The July 2019 attack at Tajoura is a tragic example of how the use of air power became a dominant feature in Libya’s civil conflict, and of the dangers and direct consequences on civilians of foreign interference,” claimed Ghassan Salame.

The report stressed that UNSMIL repeatedly called for the closure of all migrant detention centres in Libya, where UN human rights staff documented severe overcrowding, torture, ill-treatment, forced labour, rape, and acute malnutrition, among other serious human rights violations. Urgent priority should be given to closing centres in or next to compounds controlled by parties to the conflict.  

Following the airstrikes in July, all migrants and refugees were released from the Tajoura Detention Centre. On 1 August 2019, the GNA announced its intention to close three detention centres, including Tajoura. However, according to the latest information they received, the Tajoura Detention Centre remains open.