Morocco’s trade minister rants against west’s trade protectionism – The North Africa Post
The West has for long advocated free trade, but as globalization wanes serious trade protectionist measures are implemented in the EU in particular, targeting industrial goods from Morocco and other developing nations, trade minister Ryad Mezzour said. Italy argues that the cars had Italian flags that could wrongfully indicate they were made in Italy. We should not depend on others and we have to work to reinforce our trade with African countries,” said the minister at the conference on the Atlantic initiative launched by Morocco’s King to bolster regional integration. Europe and the West which have advocated globalization are now sealing their markets as developing nations like Morocco start to export high value goods, he said. Morocco’s agricultural goods have also suffered from protectionist moves that verges on vandalism as trucks carrying Moroccan tomatoes have been attacked by angry French farmers last week.
Source:The North Africa Journal
May 24, 2024 17:05 UTC
Morocco Re-elected Chair of International Narcotics Control Board – The North Africa Post
Morocco has been re-elected Head of the International Narcotics Control Board (INCB) during the 140th session of this international body convening in Vienna May 20-31. The re-election of Moroccan Jallal Toufiq President of INCB for one year is an international recognition of the efforts made by the North African Kingdom in the global fight against drugs and its contributions to the implementation of the international drug control conventions. INCB is an independent treaty body, one of the four treaty-mandated bodies under international drug control law (alongside the Commission on Narcotic Drugs, UNODC on behalf of the Secretary-General, and the World Health Organization). The INCB is responsible for monitoring the control of substances pursuant to the three United Nations drug control conventions and for assisting Member States in their efforts to implement those conventions. It plays an important role in monitoring the production and trade of narcotics and psychotropics, as well as their availability for medical and scientific purposes, and in deciding which precursors should be regulated.
Source:The North Africa Journal
May 24, 2024 17:04 UTC
SGR and oil pipeline to Kampala now look certain to happen
When I watched the two presidents William Ruto and Yoweri Museveni announce a series of MOUs at State House last week, I became convinced that SGR extension from Naivasha to Kampala, and petroleum pipeline from Eldoret to Kampala will indeed happen. Priority regional linkage beyond Kampala should be Kigali which has a competing opportunity to link up with Central Corridor SGR from Dar. The oil pipeline extension from Eldoret is a logical development from the recently concluded plan for Uganda-funded direct imports from Arabian Gulf which, with the pipeline extension, will be transhipped direct from Mombasa to Jinja and Kampala. Economic downsides for Kenya are potential loss of Great Lakes exports which will shift to Jinja and Kampala. And should Kenya decide to commercialize Turkana oil with a refinery at Lokichar (with a pipeline linkage to Eldoret), it will be an opportunity for Kenya to export products to Uganda via the extended pipeline to Kampala.
Source:The North Africa Journal
May 24, 2024 16:43 UTC
Canon Central and North Africa Launches ‘Women Who Empower’ Campaign in Nigeria with WISCAR ...
Canon Central and North Africa, a global leader in imaging and print solutions, is proud to announce the launch of the Women Who Empower 2024 programme in Nigeria in collaboration with Women in Successful Careers (WISCAR). “We are thrilled to partner with WISCAR in Nigeria to unlock the potential of women in the imaging and printing industries in Africa. Skills development and empowerment of women are not just beneficial but critical for the advancement of our society and economy,” says Somesh Adukia, Managing Director of Canon Central and North Africa. Upon completion of the workshops, participants will receive certificates and valuable feedback from the trainers. The company looks forward to collaborating with WISCAR and other organisations to nurture the progress of women in the photography industry.
Source:The North Africa Journal
May 24, 2024 16:14 UTC
Former South African President Jacob Zuma criticizes top court over election disqualification
CAPE TOWN, South Africa — Former South African President Jacob Zuma on Thursday criticized the country’s highest court and his former allies in the ruling African National Congress over his disqualification from next week's election and said he would fight for his rights “in a disciplined way.”
Source:The North Africa Journal
May 24, 2024 16:08 UTC
PRESSR: EFG Hermes successfully concludes landmark $935mln accelerated equity offering for ADNOC Drilling
Abu Dhabi: EFG Hermes, an EFG Holding company and the leading investment bank in the Middle East and North Africa (MENA) region, announced today that its investment banking division successfully concluded a landmark USD 935 million Accelerated Equity Offering (AEO) for ADNOC Drilling Company PJSC ("ADNOC Drilling"), the biggest of its kind in the UAE. Placement constitutes a sale of 880 million shares priced at AED 3.90, representing 5.5% of ADNOC Drilling’s total share capital. EFG Hermes acted as a Joint Global Coordinator and Joint Bookrunner for the Offering. The AEO sets a new standard in the region due to its magnitude, reinforcing EFG Hermes's standing as the preferred advisor for significant landmark transactions. EFG Hermes, the leading investment bank in the Middle East and North Africa (MENA), offers an extensive array of financial services, encompassing advisory, asset management, securities brokerage, research, and private equity.
Source:The North Africa Journal
May 24, 2024 15:12 UTC
CMA CGM announces ESS from the Middle East Gulf to worldwide
CMA CGM announces ESS from the Middle East Gulf to worldwideShare This News Story:MARSEILLE : CMA CGM has announced an Emergency Space Surcharge (ESS/FRT59) effective from 5 June 2024, until further notice, applicable for shipments originating from the Middle East Gulf to North Europe (including Scandinavia, Baltic States, and Poland), the Mediterranean, and North Africa. This surcharge applies to Dry, OOG, and Paying empties cargo types, with a fee of US$250 per container.
Source:The North Africa Journal
May 24, 2024 14:38 UTC
$710K lottery ticket sold at North Attleboro store
NORTH ATTLEBORO, Mass. (WPRI) — Someone in Southern New England is holding onto a lottery ticket worth hundreds of thousands of dollars. The Massachusetts State Lottery announced Thursday that a Megabucks ticket sold at Pick ‘N Pay on South Washington Street in North Attleboro hit the $710,000 jackpot. A ticket worth $5.37 million was sold in Northborough in early May. The buyer of the North Attleboro ticket now has one year to claim their prize.
Source:The North Africa Journal
May 24, 2024 13:53 UTC
US adjusts military layout in Africa
As more African countries choose to part ways with the US, the US military may be forced to fully withdraw from the Sahel region, fundamentally weakening its military presence there. Some high-ranking US military officials admitted that these withdrawals will significantly impact the overall US military layout in Africa. Following the upheavals in North Africa in 2011, terrorist organizations like ISIS took the opportunity to expand in the Sahel region. It is worth noting that the current US military layout in Africa includes various deployments, security cooperation, joint exercises and training, high-level military interactions, and other types of military exchanges. As the US shifts its strategic focus in Africa towards major power competition, its military layout in Africa will also be adjusted accordingly.
Source:The North Africa Journal
May 24, 2024 13:28 UTC
MENA Digest: Egyptian startup OneOrder, Saudi SaaS firm Merit lead funding
MENA Digest: Egyptian startup OneOrder, Saudi SaaS firm Merit lead fundingDealmaking in the Middle East and North Africa region during the week was propelled by high-value, growth-stage fundraises by tech-led startups across the UAE, Egypt, Jordan, and Saudi Arabia. While Saudi Arabian SaaS startup Merit raised pre-Series B funding, Egyptian logistics player OneOrder secured Series A funding. MeritAdvertisementSaudi Arabian SaaS provider Merit raised $12 million in a pre-Series B funding round, led by Alistithmar Capital i-Cap to scale its operations and roll out new features. BirdnestBirdnest, an Egypt-based proptech startup raised pre-Series A funding of an undisclosed amount, led by Beltone Venture Capital and CI Venture Capital to geographically scale its business. According to Huspy, it raised funding at a higher valuation than the Series A round in 2022, when it raised $37 million.
Source:The North Africa Journal
May 24, 2024 12:17 UTC
The Gaza War's Main Impacts on Egypt
The Gaza war poses several challenges for Egypt – from the prospect that Israeli military operations might end up pushing masses of Palestinians into the Sinai Peninsula to its repercussions for the already precarious Egyptian economy. In this video, Crisis Group’s Project Director for North Africa Riccardo Fabiani discusses how Cairo has turned the crisis somewhat to its advantage, leveraging Western fears that what is happening in Gaza could destabilise Egypt. But the risk of spillover remains, and the cash infusions Egypt has received could paper over economic problems whose solutions require structural change. Read the full briefing on the topic here.
Source:The North Africa Journal
May 24, 2024 12:16 UTC
Why Kenya’s non-Nato ally status is crucial for regional security
The announcement came as Kenya's President William Ruto embarked on a historic state visit to the US to discuss with President Joe Biden the much-awaited deployment to the Caribbean nation and other bilateral issues. Kenya becomes just the fourth African nation to attain the status, and the first in sub-Saharan Africa, cementing Kenya’s status as one of the US’s closest allies on the continent. As a non-Nato ally, Kenya will have privileged access to sophisticated military equipment, training and loans to augment defence spending. The elevated security status could improve Kenya’s focus on intelligence gathering and strategic deployments. The non-Nato ally status remarkably upgraded the militaries of Tunisia, Morocco and Egypt.
Source:The North Africa Journal
May 24, 2024 11:57 UTC
Morocco’s experience in integrating fiscal, monetary policies to strengthen resilience highlighted in Cairo – The North Africa Post
These external pressures were gradually reflected in production costs and local products, and turned into internal pressures, exacerbated by internal supply shocks that affected certain foodstuffs due to the successive years of drought and water stress experienced by Morocco, added the Moroccan official. In this context, she noted, Bank Al-Maghrib (Morocco’s central bank) changed the orientation of its monetary policy for the first time in 14 years, starting in September 2022, by raising the key interest rate three times in a row by a total of 150 basis points to 3%. This restrictive approach to monetary policy, in line with the global trend among central banks, prevented inflation forecasts from worsening in order to facilitate their return to desired levels, she explained. Referring to the government’s fiscal policy, the official noted that in order to contain the negative effects of economic shocks, including inflationary pressures, emergency and targeted budgetary measures had been adopted to mitigate the effects of rising prices on families’ purchasing power. The government intervened at the very first signs of inflation with a series of urgent measures, notably through continuing to subsidize certain basic products by the Compensation Fund and granting exceptional support to professionals in the road transport sector, she recalled.
Source:The North Africa Journal
May 24, 2024 11:45 UTC
Japan, South Korea announce sanctions over Russia-North Korea arms trade
Japan and South Korea have announced separate sanctions packages targeting companies, vessels or individuals allegedly involved in supplying North Korean weapons to Russia for use in Ukraine, in violation of United Nations resolutions. Friday’s announcements come just days before the leaders of South Korea, Japan and China meet in Seoul for their first trilateral summit in nearly five years. The vessels were “carrying a large quantity of containers between Russia and North Korea transporting military supplies,” Seoul’s foreign ministry said in a statement. But North Korea recently bolstered ties with Moscow. Another was engaged in bringing diesel – a critical material for Pyongyang’s nuclear and missile development programmes – from Russia into North Korea, it added.
Source:The North Africa Journal
May 24, 2024 11:41 UTC
Russian spy chief says Ukraine was directly involved in Moscow concert hall attack
Moscow: Ukrainian military intelligence was directly involved in a deadly attack on a concert hall near Moscow in which over 140 people were killed, the head of Russia's Federal Security Service (FSB) Alexander Bortnikov said, TASS reported on Friday. Russia has made such allegations before. Bortnikov did not provide evidence to underpin his assertion. "The investigation is ongoing, but it is already safe to say that Ukrainian military intelligence is directly involved in this attack," the state news agency quoted Bortnikov as saying.
Source:The North Africa Journal
May 24, 2024 09:51 UTC