Libyan-Owned Tropical Bank of Uganda Posts Loss as Deposits Drop

Tropical Bank Ltd., the Libyan- owned lender seized by Uganda’s central bank last year, said it posted a loss in 2011 after customer deposits declined. The loss totaled 624.2 million shillings ($249,256) in the 12 months through December, compared with a profit of 5.6 billion shillings a year earlier, the Kampala-based bank said in a […]

Libyan radio channel to promote Turkey

A Libyan radio channel, established through contributions from Turkey, will promote Turkey. The radio channel, established with contributions from the Turkish International Cooperation and Development Agency (TİKA), will begin broadcasting soon on the FM band. TİKA provided all the necessary equipment for the radio channel, which will broadcast in Arabic and will promote Turkey as […]

Libya’s Gaddafi-era oil chief found floating dead in Danube

Libya’s former top oil industry official, Shokri Ghanem, has been found floating dead in the River Danube in Austria, police said on Sunday. Ghanem, 69, had been chairman of Libya’s state-owned National Oil Corporation (NOC) before defecting last year several months after opponents of Muammar Gaddafi had risen up against the Libyan leader and begun […]

Libya leader says government to stay put until elections

Libya’s ruling National Transitional Council (NTC) decided on Sunday to keep the interim government in power in the run up to a June election, its leader said, quashing rumors of a reshuffle that has sowed uncertainty in the strife-torn state. The NTC is the unelected body internationally recognized as the ultimate power in the country […]

US and Malta to develop partnership to stimulate business in Libya

Finance Minister Tonio Fenech welcomed Lorraine Hariton, US State Department Special Representative for Commercial and Business Affairs, to discuss possible areas of cooperation between Malta and the US with a view to social, political and commercial activity in Libya. Ms Hariton is responsible for State Department outreach to the business community and commercial advocacy efforts. […]

Libya oil production boosts BASF profit

BASF reported growing profit from its oil and gas unit as production ramped up in Libya, helping to offset the lower volumes and high raw material prices that weighed on its legacy chemicals and plastics businesses. The world’s largest chemicals maker by sales said first-quarter earnings before interest and tax (EBIT) adjusted for one-off items […]

Libya’s ruling council fires cabinet

Libya’s interim ruling council has fired the nation’s cabinet just five months after it took office, citing incompetence. National Transitional Council official Fathi Baja told The Associated Press on Thursday that 65 of the NTC’s 72-members approved a no-confidence motion against Prime Minister Abdurrahim el-Keib in a meeting on Wednesday. It’s the latest blow to […]

Libya helps give Italy’s Eni a Q1 profit boost

Italy’s largest energy company Eni SpA said Friday that its first-quarter profits rose 42 percent on increased production in Libya and higher prices. The Rome-based company said net profit for the first three months of 2012 was €3.62 billion ($4.78 billion), up from €2.55 billion in the same period last year, even though oil and […]