** Libyan Assembly Elects Gadhafi Opponent as President **
Libya's new national assembly has elected former opposition leader Mohammed el-Megarif as its president.
Mr. Megarif received 113 votes from the 200-member Congress, defeating independent Ali Zidan, who won 85.
The vote late Thursday came just one day after Libya's transitional council handed power to the assembly, which was elected last month in the nation's first free election in 60 years.
Mr. Megarif was the leader of Libya's oldest opposition movement, the National Front for the Salvation of Libya, which tried several times to end the 42-year rule of late leader Moammar Gadhafi.
After living in exile since the 1980s, Mr. Megarif returned to Libya following the revolution last year that ousted Gadhafi.
Mr. Megarif, now head of the National Front party, will steer the nation to full parliamentary elections after a new constitution is drafted.
** China's Trade Growth Falters in July**
China's exports grew just one percent in July compared to the same period a year earlier, the latest sign of continued stagnation within the global economy.
The figures released Friday by China's customs bureau were far below the 11.3 percent rate posted in June, and well short of many economists' forecasts. Imports in July were also weak, rising just 4.7 percent from a year earlier compared to the 6.3 percent mark posted in June. Economists had forecast an increase of at least 7 percent.
China's trade surplus in July was $25.1 billion, down from $31.5 billion a year earlier. Beijing has set a goal of 10 percent growth in total trade this year.
These trade figures may prompt Chinese leaders to take more aggressive actions to stimulate the economy growth. The government has already cut interest rates twice this year and begun spending on a number of public works projects.