Libya's stock exchange has reopened for the first time since the fall of Colonel Muammar Gaddafi's regime.
The exchange has 10 companies on it and trade on its first day was worth 3.9bn Libyan dinars ($3bn; £2bn), its general manager said.
Almost all of the country's publicly traded firms are banks and insurers, except for al-Ahliya Cement.
Foreign investors will be able to own up to 10% of shares, once the central bank has finalised the law.
A pro-Gaddafi brigade seized the former stock market building in June last year, and so many of the former traders and employees fled with documents and backups in their private cars.
"Before 17 February, there was no rule of law," Ahmed Karoud said, referring to the start of the uprising that overthrew Gaddafi.
There were 13 companies before his removal from power.
"This opening sends a sign to the world that Libya is now a stable country where the economy is kicking off again.
"We still don't have a government but we have the capacity and infrastructure necessary to become the financial hub of North Africa," he added.
The stock market was modelled on Abu Dhabi's, he added. Oil companies, telecoms and property firms are next in line to join.
The exchange also plans to open a second branch in Benghazi.
In December, the UN lifted sanctions on Libya's central bank and foreign investment bank, to help the country deal with a cash crisis, clearing the way for the new government to unlock billions of dollars of assets held abroad.
Col Gaddafi was killed on 20 October after being caught by rebels in his home town of Sirte.
Now in Libya kill more than at Kaddafi..... That stock exchanges were started.... Ridiculous argument....... Many ten thousand it is killed by forces of the NATO.... The country is stopped in the government a puppet from another's country..... Before this war and transformations the country was as a blossoming fine flower. All know about the program of export of revolutions..... When the armed provokers hid in crowd of peace citizens and started to sow chaos........ The whole world of it won't forget, punishment will return to invaders.
Can it is necessary to tell news about stock exchanges to lonely Libyan people.... Which have lost houses, property, the state, the government, social privileges and the family...... Thanks to fascists of the NATO
However the world already reacts to these events.... Some countries have considerably raised expenses on arms on current year... It is time to stop this disgrace.
My opinion is the truth of all the gods.
(This post was last modified: 03-15-2012 02:16 PM by USSR.)
Libya tweaks constitution in concession to regions
(AFP) – 1 day ago
Libyan authorities said on Thursday that they have amended the constitution-making process to allow for greater regional representation.
Libya is on track to elect a constituent assembly in June.
The assembly would appoint a committee of 60 experts to draft a new constitution which would be modelled on the 1951 charter, the ruling National Transitional Council said in a statement.
Committee representation would be evenly split between the regions of Tripolitana in the west, Cyrenaica in the east and Fezzan in the south, judicial committee chairman Salwa al-Deghili told AFP.
Libya was divided into three administrative regions until King Idriss al-Senussi abolished the federal system in 1963.
The decision to amend the constitutional declaration, which was adopted in August to map out governance during a transition period, reduces the influence of Tripolitana, which includes the capital of Tripoli.
The amendment aims to "diffuse the tensions" spawned by decades of harsh central government under Moamer Kadhafi which led to a feeling of marginalistion in the east and the south, Deghili added.
It comes hot at the heels of a bold bid by tribal and political leaders to carve out an autonomous territory in the oil-rich east which raised fears the country might split along regional lines.
Deghili said the allocation of seats in the 200-member constituent assembly was reconfigured, granting half of the seats to the capital (instead of 102), 60 to the east and 40 to the south.
Voting in the assembly will require a two-third majority, she added.
"This way no region will be able to pass a decision without the support of other regions," Deghili added.
Mauritania arrests ex-Libyan intelligence chief Abdullah al-Senoussi
Mauritania said Saturday it arrested former Libyan intelligence chief Abdullah al-Senoussi, who was one of the most prominent figures from the ousted regime of Moammar Gadhafi and is wanted by the International Criminal Court.
Al-Senoussi helped direct efforts to quash the rebellion against Gadhafi’s rule last year, and the ICC has indicted him along with Gadhafi’s son Seif al-Islam, on charges of crimes against humanity.
Mauritania’s state information agency said in a statement that al-Senoussi was arrested at the airport in the capital Nouakchott upon arrival from the Moroccan city of Casablanca. It said he was carrying a fake Malian passport.
Judges at the Netherlands-based ICC issued an arrest warrant for al-Senoussi last June on two counts of crimes against humanity — murder and persecution — for allegedly masterminding attacks on civilians in the early days of the uprising that eventually toppled Gadhafi from power.
If al-Senoussi is handed over to the Hague-based court, he would be the first suspect indicted for alleged atrocities in Libya to be taken into custody.
Libya's interim government on Wednesday (March 15th) approved a 2012 budget of 68.5 billion dinars (42 billion euros). The bulk of it will be allocated for salaries and subsidies, whereas the rest will go for reconstruction and development, government spokesman Nasser al-Manaa said.
About 19 billion dinars will be used to pay government wages, whereas 15 billion will go for food and fuel subsidies.
"The government seeks to achieve decentralisation," he said. "The presidential office will be launching its branch in the city of Benghazi within a few days. Another will be opened in Sabha so as to facilitate communication between the public and the government in those ministries and to limit the need to travel to the capital."
The National Transitional Council (NTC) is also preparing to transfer some companies and government offices from the capital, the spokesman added.
In another move to re-take control of the war-scarred country, the NTC took over seven prisons in different cities that can accommodate more than 23,000 inmates.
"The justice ministry hopes to integrate 6,000 rebels in the support unit of the judicial police so as to protect courts and prisons and enable the ministry to resume its work," al-Manaa said.
At the end of this month, Libya will host a training course on transitional justice in co-operation with the United Nations. About 300 international experts and judges are set to participate.
In terms of reconstruction work, he noted that 80% of the power grid restoration had been completed. Libya is now linked to an electrical connection network. The load for the city of Kufra was restored last week. Moreover, it was agreed to complete 6,500 residential units pending signing the contract, so as to proceed with the restoration of damaged and destroyed cities.
NATO failed to investigate deaths in Libya bombings: Amnesty
NATO has been accused of failing to investigate civilian deaths caused by its aerial bombardment of Libya last year. Amnesty International believes at least 55 people died who were unconnected to the military.
The Amnesty report said that in none of the 55 documented cases of civilian deaths had relatives been contacted by NATO officials or representatives of the Libyan interim government.
The claims will be an embarrassment to the British government and others who have cited the Libyan conflict as an example of "humanitarian intervention".
Amnesty researchers visited the sites of NATO air strikes earlier this year after the fighting had finished, and interviewed survivors. The death certificates of 55 victims were obtained, including those of three strikes on two houses west of Misrata in which 34 people, including eight women and eight children, died.
Family members said they had not been aware of any activities in or near the houses which might have explained the attack. The relatively small scale of the death toll given the extent of the bombing, which involved nearly 10,000 individual raids, reflects the growing accuracy of the West's high-tech weaponry. Prior warnings were also issued by NATO.
Donatella Rovera, an Amnesty spokesperson, said: "NATO officials repeatedly stressed their commitment to protecting civilians. They cannot now brush aside the deaths of scores of civilians with some vague statement of regret without properly investigating these deadly incidents."
A NATO spokesperson said it had no mandate to carry out any operations in Libya, including inquiries, after the end of October 2011.
She claimed that a review had found that all targets involving reports of civilian casualties had been assessed and found to be "legitimate".
Often led and bankrolled by businesspeople, they are setting up branch offices across the country, holding public forums at hotels and universities, publishing pamphlets, reaching out to local and international media and launching websites and social media platforms.
They are also trying to counter their Islamist rivals, whom they accuse of receiving money from abroad.
No exact date has been set for the elections. Under the electoral law enacted last month by the National Transitional Council, 120 of the 200 seats in parliament will be reserved for individuals running for office, with the rest dedicated to lists and parties, which must include equal numbers of male and female candidates.
Several dozen new political parties and lists are jostling for support, spanning a wide spectrum of ideological, political and regional interests. Individual candidates are also presenting themselves to the public, albeit tentatively in a country suspicious of charismatic politicians after the megalomaniacal rule of Colonel Muammer Gaddafi.
The new parliament will devise a mechanism for drawing up a new constitution as well as serve as a caretaker ahead of elections in 2013 or later.
Reconstruction is proceeding across Libya in a variety of vital sectors. Magharebia recently sat down with an official from the state telecom provider to see where things stand.
Engineer Mourad Belal, head of the media and documentation department at Libya Telecom and Technology, told Magharebia that under the old regime, the company was prevented from making necessary improvements in Libya's internet infrastructure.
"In the past, repression was gradual starting with blocking websites, to reducing speed and then completely turning off internet services in an attempt to hide facts that show the stark violation of all religious and humanitarian values and traditions," Belal said. "Service was restricted to a few people."
Belal noted that the company has completed several technical missions that have restored service to many areas, such as Misrata, Bani Walid and Sirte, which were among the cities that sustained some of the heaviest damage during the revolution.
At first, the telecom company offered service free of charge and without monthly limits. But the restoration of service has also led to an unprecedented growth in internet usage, forcing the state telecom provider to impose monthly bandwidth caps of 7 GB.
March 19, 2012 - Hundreds of Libyan army conscripts participate in a military parade to mark the first anniversary of their triumph when rebel fighters pushed back forces loyal to the then leader Colonel Muammar Gaddafi.
Libya has been 'abandoned' by Europe - says country's former PM
Claims that Libya has been abandoned by western allies including those in Europe, since the collapse of Colonel Gaddafi's regime – leading to chaos and violence on the streets - have been repudiated by Catherine Ashton. Former prime minister of Libya Mahmoud Gebril made the accusations of western neglect at the Brussels Forum, hosted by the German Marshall Fund of the United States think-tank.
"Our partners forgot that when the regime in Libya fell down, the state fell down as well," Gebril told delegates. "The country is in a political and security vacuum; everybody has disappeared from the scene. To say that Libya has been abandoned is not far from the truth." Gebril warned western leaders that their failure to engage with the "dot.com generation" that had led the revolution would lead to further instability in the future. "Our old tools are totally irrelevant," he said. "The new generation is connected to the rest of the world in a way that my generation wasn't." The former prime minister praised the EU for its early work in Libya, but called for a renewed focus on "reconciling priorities if we are talking about creating order on the streets and elections in June".
This website exists for fun and discussion only. The reader is responsible for discerning the validity, factuality
or implications of information posted here, be it fictional or based on real events.
The content of posts on this site, including but not limited to links to other web sites,
are the expressed opinion of the original poster and are in no way
representative of or endorsed by the owners or administration of this
website. The posts on this website are the opinion of the specific
author and are not statements of advice, opinion, or factual
information on behalf of the owner or administration of
LunaticOutPost.Com. The owners or administration of this website can't
be hold responsible for content hosted on sites that posters link to
in; including, but not limited to, posts, signatures, private messages and such.
This site may contain content not suitable for minors and if you feel
you might be offended by such content, you should log off immediately.
Fair Use Notice:
This site may contain copyrighted material the use
of which has not always been specifically authorized by the copyright
owner. Users may make such material available in an effort to advance
awareness and understanding of issues relating to civil rights,
economics, individual rights, international affairs, liberty, science
& technology, etc. We believe this constitutes a 'fair use' of any
such copyrighted material. The
material on this site is distributed without profit to those who have
expressed a prior interest in receiving the included information for
research and educational purposes.
In accordance with industry accepted best practices we ask that users
limit their copy / paste of copyrighted material to the relevant
portions of the article you wish to discuss (no more than 50% of the
source material) provide a link back to the original article and provide
your original comments / criticism in your post with the article. If you are a legal copyright holder or a designated agent for such and
you believe a post on this website falls outside the boundaries of "Fair
Use" and legitimately infringes on yours or your clients copyright please contact [email protected]
This website is owned by :
2516 XR The Hague
I will not rent, sell, share or otherwise disclose your personal information to any third party.
We might contact you from time to time
regarding your purchases or the services (like forums and announcement
lists) you have subscribed to.
to track peformance and/or to serve relevant ads.
If you wish to read more and/or opt out of such cookies, please visit: http://www.networkadvertising.org/choices/