UN envoy: Libya unstable but moving to democracy

The top U.N. envoy in Libya said Thursday there are positive signs that the country is moving toward democracy but longstanding tensions have escalated into armed conflicts, detainees are still being tortured, and there is rising discontent among former revolutionary fighters. Less than seven months after the end of Moammar Gadhafi’s 42-year dictatorship, Libyans are […]

Higher oil prices, Libya ops boost Repsol profit

Spanish oil company Repsol YPF SA said Thursday its first-quarter net profit–including its Argentine unit–grew 3.5% on the year, largely due to higher oil prices and production in Libya returning to relatively normal levels. Operations restarted late last year in Libya after ceasing in early 2011 and for the duration of that country’s civil war. […]

Libya’s escalating gun problem

Tuesday’s attack by gunmen on the headquarters of Libya’s interim government was not the first time when former revolutionaries had used their weapons to enforce their demands and it probably won’t be the last. Around 200 ex-fighters with 50 vehicles armed with multiple rocket launchers and anti-aircraft guns surrounded the headquarters of the government. The clash […]

OPEC says oil plentiful, supply above market needs

OPEC is pumping enough oil to keep world markets more than satisfied and oil prices have been high largely due to geopolitical risk, the oil producing group said on Thursday. The Organization of the Petroleum Exporting Countries (OPEC) said its own production had risen in April to 31.62 million barrels per day (bpd) as Iraq […]

Turkish Exports to Libya on the Increase

According to figures issued by Turkey’s country’s statistics authority, TurkStat, Turkish exports to Libya, Russia, Jordan, Syria, and Albania were up in the last three years after visa exemption. Turkey and Libya launched visa exemption on April 19, 2009. Exports rose to 1.9 billion from 1.8 billion between 2009 and 2010. However, Turkish exports to […]

Cyprus Wants Involvement in Libya’s Construction Industry

Cyprus’ Commerce, Industry and Tourism Minister Neoklis Sylikiotis has expressed his country’s great interest in getting involved in activities in Libya’s construction industry, in a period in which the country is in a process of reconstruction. Asked about the results of the visit that a Cypriot delegation paid to Libya, at the end of April, […]

$1.5 billion class action suit launched against SNC-Lavalin

Embattled engineering giant SNC-Lavalin is facing its second-class action lawsuit in months with a Toronto firm seeking $1.5 billion on behalf of investors outside of Quebec. Rochon Genova LLP announced the lawsuit Wednesday, alleging the Montreal-based company violated securities law by misrepresenting that it had adequate controls and procedures to ensure accurate disclosure and financial […]