EgyptAir resumes flights to Benghazi on 5 November
EgyptAir will resume flights from Cairo to Benghazi on 5 November following a gap of seven months caused by Libya’s civil war, the chairman of the national carrier’s holding company said on Thursday. Chairman Masoud Al Hussein said the airline will provide four services a week — on Saturday, Monday, Tuesday and Thursday — from […]
Eni Profit Rises 7% as Higher Oil Prices Counter Lost Output
Eni SpA, Italy’s largest oil producer, reported better-than-estimated third-quarter earnings as higher oil prices countered lower production from Libya. Adjusted net income rose 7 percent to 1.8 billion euros ($2.5 billion) from 1.7 billion euros a year earlier, the company said in a statement. That beat the 1.5 billion-euro average estimate of 15 analysts surveyed […]
Experts eye impact of Sharia law on Maltese business with Libya
It is too early to determine the implications of Libya’s plans for an Islamic banking structure for Maltese firms operating there, but they will certainly have to heighten their cultural awareness, Islamic finance expert Reuben Buttigieg told The Times Business. Declaring Libya liberated on Sunday, three days after the death of Colonel Muammar Gaddafi, transitional […]
Pragmatic China goes to work in new Libya
China faces mounting challenges in its struggle to build favour and protect its business interests and infrastructure projects in Libya after being seen to be slow-moving in its support for the African oil-producing country’s transitional government. Analysts say Beijing has been subtly changing its tone and tactics since the death of Colonel Muammar Gaddafi last […]
Libyan Economy to Contract More Than 50% This Year, IMF Says
Libya’s economy will contract more than 50 percent in 2011 after eight months of fighting that paralyzed its oil industry, the International Monetary Fund said. “The conflict has had a severe impact on economic activity heavily dependent on hydrocarbons,” which account for more than 70 percent of output and 95 percent of exports, the fund […]
Conoco earnings fall on Libyan instability
ConocoPhillips, the third-biggest US oil company by market capitalisation, reported a 16 per cent drop in third-quarter earnings, citing a range of factors, including suspended operations in Libya and offshore China. The company, which next year will split its exploration and production and its refining operations into two separate companies, on Wednesday reported earnings of […]
Switzerland eases sanctions on Libya
Switzerland will on Thursday unblock some frozen Libyan assets and allow the transfer of money to some state institutions, the Swiss government said on Wednesday. The move will allow the transfer of money and other assets to the Central Bank of Libya, the Libyan Investment Authority, the Libyan Foreign Bank and the Libyan Africa Investment […]
Libya dispels fears over adopting Islamic rule
Libya’s interim leader yesterday sought to dispel fears that the North African nation would adopt hardline Islamic rule, a day after he declared Sharia the primary source for future legislation. “I would like to assure the international community that we as Libyans are Muslims but moderate Muslims,” Mustafa Abdul Jalil said at a news conference […]