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The fund was set up in a Qatari account to circumvent sanctions in order to help the erstwhile rebels during the war against Muammar Gaddafi.It has swollen to more than half a billion U.S. dollars, but only a fraction of the money donated, unfrozen or on loan has been spent.The fund says it is no longer responsible for providing emergency cash and its current mandate is to invest in long-term projects, its manager Mazin Ramadan told Reuters. International aid organisations should tackle the humanitarian crisis, he said.”We want to fund civil society in Libya, we need to do a better job of communicating that,” Ramadan said.He said confusion had arisen because of the fund’s early involvement in emergency activities, but it was now focusing on designing a programme to fund future non-governmental organisations based in Libya.When Qatar set up the fund in April, the aim was to provide Libya with a lifeline down which other countries could channel funds without violating sanctions. Qatar was the first Arab state to recognise the then opposition and donated the first $100 million.Many Libyans are still desperate for money and it is no longer clear where they can hope to obtain cash, or who will help the swelling numbers of internally displaced people.”Unfrozen money has been put in the Temporary Financing Mechanism, but it takes a long time for them to use it,” secretary of finance Emraja Gaith told Reuters in an interview.Cash freed up by foreign governments should be transferred directly to the central bank, he said, because it could process urgent payments more effectively. [ID: nL5E7LA3NX]NO MONEYBut local authorities say they have only received a fraction of the money they need to cope with the flood of families escaping the fighting in the last two places where Gaddafi loyalists are still holding out; Sirte and Bani Walid.Some have even journeyed to the capital, cap in hand, to ask new government head Mustafa Abdel Jalil directly for funds.As Jalil met the Canadian ambassador, Hakim Badran from Mizdah council waited to see him and ask for money he said was urgently needed to cope with the thousands taking shelter in schools and homes in his village, just west of Bani Walid.”Jalil told me if I came here I could speak to him,” Badran said.In Tripoli, officials said the capital’s resources were also being tested by the arrival of thousands of internally displaced people and more money was needed to provide services in the capital.”In Tripoli we have only received a small amount of the money we asked for. We have 15 million dinar ($12.2 million) … this is not enough,” said Ahmed Al Tarhouni, an aide to the council’s head, Abderrazzaq Buhagiar.Officially the Temporary Financing Mechanism now tops $500 million, after $400 million was released from frozen Libyan assets in the United States, further donations were made from Bahrain and Kuwait and Germany made a loan in August.About $130 million has been spent so far; on fuel, hospital bills and salaries delivered to a remote mountain region that had been struggling without cash for months.Fund officials say further projects will go to non-governmental organisations able to meet the needs of Libyans who have lost their homes, incomes or family in the war, and decentralise some spending power to local government.But many of the councillors interviewed were unaware of the fund, or did not know whether they qualified for money.Most of Libya’s estimated $170 billion in frozen assets are still out of reach, and despite pledges by global powers to make money available, just one third of a promised $15 billion has been unfrozen.The National Transitional Council has spent $1.6 billion so far, the bulk of which has been handed to local councils to provide salaries in many areas which had not seen a pay packet since the uprising began in February. (£1 = 1.23 Libyan dinars)

* Canadian equity futures pointed to a lower open.* U.S. stock index futures fell after weaker-than-expected economic data in China reawakened global economic worry and earnings from JPMorgan Chase.* European shares slipped in choppy trading, after recent strong gains, with mining stocks among the biggest casualties after Chinese trade data was weaker than expected.* Asian stocks rose on progress in euro zone rescueCOMMODITY PRICE MOVES* The Thomson Reuters-Jefferies CRB index , a global commodities benchmark, fell 0.42 percent in early trade.* Oil slipped with Brent snapping a six-day rally, after trade data from China pointed to slower demand in the world’s second-largest oil consumer.* Gold held near four-week highs as support from further evidence of consumer demand in Asia was offset by the strength of the dollar, although investor nerves over the euro zone should insulate the price from any steep declines.* Copper prices sagged after soft Chinese trade data reinforced a gloomy outlook for global economic growth, but signs of stronger industrial metals demand from the country helped limit losses.CANADIAN STOCKS TO WATCH* Research In Motion : The company’s BlackBerry services across Europe, the Middle East, Africa and India have improved significantly, the company said, after a three-day global service disruption hit millions of its customers.Separately, Colombia’s chief consumer watchdog urged telecoms service providers to compensate customers locally for lost service as a result of the global BlackBerry outage, promising an investigation into the breakdown.* Harry Winston Diamond : The diamond miner and retailer said it recovered 8 percent more carats in the third quarter as it processed higher grade ore from its Diavik mine in Canada.* Magna International : The auto-parts maker said it was cooperating with a U.S. Department of Justice anti-trust investigation of the automobile tooling industry.* Air Canada  : The airline’s flight attendants canceled their planned strike just hours before it was due to start after the federal government asked a labor board to step into the dispute.* Northstar Aerospace Inc. : The company said union workers at its manufacturing facility in Milton, Ontario, began a strike on Thursday.* Compass Petroleum Ltd. : The junior oil and gas company said it would explore strategic alternatives, including a possible sale.ANALYST RECOMMENDATIONSFollowing is a summary of research actions on Canadian companies reported by Reuters.* Air Canada rating cut to sector performer from sector outperformer at CIBC* Canadian National price target cut to C$82 from C$85; ratng sector performer at CIBC* Canadian Pacific price target cut to C$60 from C$68; ratng sector performer at CIBC* Chorus Aviation price target cut to C$5 from C$6; ratng sector outperformer at CIBC* Contrans rating raised to sector outperformer from sector performer at CIBC* Surge Energy rating raised to sector outperformer from sector performer at CIBC; coverage resumed with outperform, price target of C$11.50 at National Bank* Transat AT rating cut to sector underperformer from sector performer at CIBC* TransForce price target cut to C$14.50 from C$18.50 at CIBC* Westjet Airlines price target cut to C$17 from C$19.50 at CIBC ($1= $1.02 Canadian)

* Etisalat Misr, the Egyptian arm of Abu Dhabi-based telecoms group Etisalat , has delayed a listing on Egypt’s stock exchange until market conditions improve, daily newspaper al-Mal quoted the head of Etisalat Misr as saying.* Belgian drug ingredients-to-dental device company Arseus has received a takeover approach, although it is at a very early stage, Belgium’s two main business dailies reported, without citing sources.* AEA Investors, a U.S.-based private equity group, has tabled an offer for Asco Group, the fast-growing oil and gas logistics business, the Financial Times reported.Deals of the day:

Cummings, who was the head of global equity capital markets prior to the announcement, will continue to be based in New York. A spokesman for Bank of America Merrill Lynch confirmed the contents of the memo, which was written by Tom Montag, the co-chief operating officer of BofA who oversees the global banking & markets group.Montag’s memo said that Cummings had been appointed to the new role(s) “in order to drive stronger connections between our global distribution network and the international wealth management business.”Cummings will head up international wealth management to “develop a cohesive global strategy that builds stronger relationships with global banking and markets and continues to strengthen interaction with the US Wealth Management business,” the memo continues.The position as head of global equity sales is a new role and Cummings will report to Fabrizio Gallo, head of global equities and EMEA global markets.Cummings previous position as head of global equity capital markets is going to be left vacant, thereby reducing a layer of management, according to a separate memo written by Alastair Borthwick and Lisa Carnoy, co heads of global capital markets.The regional equity capital markets heads - Mary Ann Deignan for the Americas, Craig Coben for EMEA and Jason Cox and James Fleming for Asia ex Japan - will now report to Borthwick and Carnoy.The changes come a month after other senior staffing changes at BofA. Montag’s role was expanded. He was named co-chief operating officer with oversight of all commercial banking operations in September after previously serving as the head of global banking and markets.Sallie Krawcheck, who was the head of global wealth and investment management, and Joe Price, a long-serving employee who was head of consumer and small business banking, both resigned at that time.(Christian Murray is a senior reporter at IFR)