Morocco’s economic growth to improve to 3.2% in 2024 despite drought – The North Africa Post
Morocco’s economic growth would pick up to 3.2% in 2024 from 2.9% expected in 2023, amid persisting drought but improving exports, planning agency HCP said. The forecast is closer to that of the World Bank which sees the economy growing by 3.1% this year after 2.8% last year. The agency expects Morocco to reap a meagre cereals harvest amid late rainfall, auguring ill for a struggling farming sectorHowever, HCP expects foreign demand to grow amid a recovery in Europe, Morocco’s main trading partner. It also sees domestic demand recovering thanks to the distribution of cash subsidies to needy families which may cushion some of the impacts of persisting inflation. Inflation is expected to drop to 2.8% in 2024, down from 4.5% in 2023, when higher food prices, in particular, damaged the purchasing power of needy households, said the HCP.
Source:The North Africa Journal
January 12, 2024 11:41 UTC
Vedanta shares raised to ‘buy’ by Nuvama as debt restructuring frees up cash
Agreement by bondholders to restructure part of the debts of Indian and African mining major Vedanta clears the way for capital expenditure and sustained high dividends, analyst research argues. There's more to this story Get unlimited access to our exclusive journalism and features today. Our award-winning team of correspondents and editors report from over 54 African countries, from Cape Town to Cairo, from Abidjan to Abuja to Addis Ababa. Subscribe Now cancel anytime Already a a subscriber Sign In
Source:The North Africa Journal
January 12, 2024 10:24 UTC
North Africa: 2023 saw $2bn in AfDB funding for energy and climate
In 2023, North Africa received $2 billion from the African Development Bank to finance a series of key operations in a range of strategic sectors, including developing renewable energy and transmission infrastructure and boosting climate resilience. The power line will contribute to the expansion of solar energy and universal access to electricity in both countries. Mauritania-Mali interconnection power project for energy accessFunding for SMEs and climate resilienceThe AfDB has also approved almost $800m for projects in Morocco during 2023. North Africa to see an increase in economic growth with investment aidThe Bank’s total approvals reached nearly $178m in Tunisia. This project will help to improve the water balance and strengthen resilience to climate change.
Source:The North Africa Journal
January 12, 2024 09:57 UTC
Egyptian Online Tutoring Startup Orcas Acquired By Baims
Egyptian Online Tutoring Startup Orcas Acquired By BaimsEgyptian online tutoring startup Orcas has been acquired by Baims, one of the leading Kuwaiti edutech companies, in a strategic move to help the latter capture the flourishing education market in the Middle East and North Africa (MENA). The acquisition of Orcas establishes the new organization as the go-to provider of a holistic and adaptive edutech platform, catering to both K12 and university learning. Orcas is a one-on-one personalized tutoring platform designed to enhance the learning experience for students. Baims has also raised over USD 11 M, backed by prominent investors including Access Bridge Ventures, Algebra Ventures, NFX Ventures, AlWazzan Educational Group, Rasameel Investment Company, Seedstars International Ventures, and AK Holding, to help establish the new consolidated company as the number one edutech player in the MENA region.
Source:The North Africa Journal
January 12, 2024 09:37 UTC
Gabon abolishes Luxury Car Tax – The North Africa Post
Gabon has scrapped luxury car taxes that provided the State with $82,000 last year, ‘Gabon Review’ reports citing 2024 draft Budget Bill. On the contrary, the budget bill imposed taxes on brand new vehicles and the measure is set to provide the State with $95,000 in revenues. The previous regime of deposed leader Omar Bongo Odimba introduced luxury car tax in 2019 but decision was enacted the following year, the media notes. Insurance companies collected the taxes on behalf of the State, on motor vehicles with more than 10 fiscal horsepower, whether they are used for the land transport of people or goods, ‘Gabon Review’ reports. Insurance companies until last year collected XOF20,000 ($33.3) per additional tax horse for new luxury vehicles aged less than 5, and XOF30,000 ($50) for those over 5 years old.
Source:The North Africa Journal
January 12, 2024 08:51 UTC
Middle East crisis - latest: US and UK 'trying to turn Red Sea into sea of blood'; footage shows moment RAF jet hits targets in Yemen
Military action by UK and US 'prevents escalation', MP arguesThe actions taken by the UK and US against Houthi targets in Yemen "prevent escalation" and there would have been consequences if the countries did not do anything, former chair of the defence select committee Tobias Ellwood has said. The MP said many will have woken up this morning "horrified" that the UK had bombed another country. Mr Ellwood added: "It is important to appreciate that the Houthis had been warned to not attack international shipping but they continued to do so." "The actions taken here, which is limited, is actually to prevent an escalation," he said. "There are consequences of us not doing anything and by turning a blind eye."
Source:The North Africa Journal
January 12, 2024 07:50 UTC
The Ministry of Foreign Affairs Encourages Collaboration in Higher Education with Friendly Countries in Asia and Africa
In an effort to strengthen collaboration in higher education and research, the Ministry of Foreign Affairs collaborated with Universitas Padjajaran (Unpad) to organise the Ambassadors’ Afternoon Tea at Universitas Padjajaran in Bandung on Monday (01/08). The meeting is expected to open possibilities for workable partnerships in higher education and research between Asia and Africa as two dynamic regions. Moving forward, the Ministry of Foreign Affairs and Universitas Padjajaran are committed to organising follow-up activities to build on the collaborative momentum generated during this session. The Ministry stands ready to facilitate and enhance collaboration in higher education and research between Indonesian universities and friendly nations. Distributed by APO Group on behalf of Ministry of Foreign Affairs Republic of Indonesia.
Source:The North Africa Journal
January 12, 2024 07:41 UTC
Algeria : Cevital gains a toehold in South America
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Source:The North Africa Journal
January 12, 2024 07:37 UTC
Wood Mackenzie's Vision: 'Super Region' Proposes Africa, Middle East, and South Asia as Global Pioneers in Energy Transition with a $400 Billion Minerals Roadmap
Wood Mackenzie, in collaboration with the Future Minerals Forum, has unveiled a white paper proposing the creation of a minerals “Super Region” comprising Africa, the Middle East, Central Asia, and South Asia. This initiative is positioned to significantly contribute to a successful energy transition by establishing the Super Region as a global leader in minerals and clean energy technologies production. Africa, with its vast mineral resources including 79% of global cobalt reserves, 44% of global manganese, and 21% of global graphite, emerges as a key player in the Super Region. The Middle East is identified as a potential financial and experiential hub, offering solutions to some of Africa’s challenges. With sovereign wealth funds controlling trillions of dollars and experience in foreign investments, the Middle East can play a pivotal role.
Source:The North Africa Journal
January 12, 2024 07:02 UTC
Ivory Coast-based eyecare startup Lapaire secures $3m to expand across Africa
Ivory Coast-based eyecare startup Lapaire has secures US$3 million in equity funding to fuel its growth and expand across Africa. Founded in 2018, Lapaire offers a trusted and accessible eyecare experience, leveraging a one-stop-shop customer-centric approach to provide stylish quality eyeglasses at fair prices. So far, the startup has tested the eyesight of more than 300,000 people and improved the lives of 180,000 of them. Lapaire fully operates 58 branches in six countries in Africa – Ivory Coast, Togo, Benin, Mali, Burkina Faso and Uganda. Lapaire’s US$3 million funding round was led by Investisseurs & Partenaires (I&P), with participation from AAIC, FINCA Ventures and Beyond Capital.
Source:The North Africa Journal
January 12, 2024 06:41 UTC
Settled Australians set sights on South Africa
Selectors today named a 15-player squad for the white-ball legs of the series, which is unchanged from that which has just returned from touring India. "South Africa were formidable opponents in the 2023 ICC T20 World Cup final in Cape Town and we look forward to the challenge of hosting the Proteas in a multi-format series in Australia," said selector Shawn Flegler. "The squads for the upcoming T20s and ODIs are very similar to the one that travelled to India recently. The 12-player squad also includes Private Kayla Stuchbree, a medium-pace bowler and middle-order batter who will represent the Australian Defence Force. Women's CommBank T20I Series v South AfricaJanuary 27: Manuka Oval, Canberra 10.45amJanuary 28: Manuka Oval, Canberra 10.45amJanuary 30: Blundstone Arena, Hobart 7.05pmWomen's CommBank ODI Series v South AfricaFebruary 3: Adelaide Oval, 2.10pmFebruary 7: North Sydney Oval, 2.40pmFebruary 10: North Sydney Oval, 2.40pmWomen's CommBank Test Match v South AfricaFebruary 15-18: Only Test, WACA Ground, Perth 11.00am
Source:The North Africa Journal
January 12, 2024 01:19 UTC
Surging Tanker Rates Make U.S Oil Too Expensive for Asia
New Threat To Global Oil TradeThen came the Hamas-Israel war that began in early October, shifting the market focus to the most vital oil shipping lanes in the world, in the Middle East. The Suez Canal, the SUMED pipeline, and the Strait are strategic routes for Gulf oil and natural gas shipments to Europe and North America and for U.S. oil to Asia. U.S. Oil Becomes Too Expensive for Asian BuyersThese higher costs have already upended global crude trade patterns. U.S. crude such as WTI Midland, is now more expensive for Asian refiners compared to the crude grades from the Middle Eastern producers as tanker rates have surged in recent weeks. U.S. crude can’t compete now in Asia because freight rates have made it too expensive.
Source:The North Africa Journal
January 12, 2024 01:05 UTC
World has failed Gaza in 'livestreamed genocide', South Africa's delegation says at ICJ – video
Blinne Ní Ghrálaigh, an adviser to South Africa’s legal team, said the international community had failed Palestinians despite 'dehumanising, genocidal rhetoric' by Israeli governmental officials, praising South Africa for initiating proceedings against Israel at the international court of justice. Ghrálaigh told the court that this was 'the first genocide in history where its victims are broadcasting their own destruction in real time in the desperate so far vain hope that the world might do something'. Israel has rejected South Africa's allegations
Source:The North Africa Journal
January 11, 2024 22:57 UTC
Wagner clashes with rebels opposed to CAR regime in power – The North Africa Post
The fighting has forced local populations to flee into the bush. The Russian mercenaries backed by Central African Republic armed forces, pounded the rebel positions in the village and managed to take control of the area. Touadera, in power since 2016 has been facing rebels backed by former President François Bozizé ousted from power in 2013 amid a civil war. To prop up his power, Touadera turned to Moscow-backed Wagner in 2018. At 1,000 Wagner mercenaries are reportedly present in the African country which has slid into chaos since 2013.
Source:The North Africa Journal
January 11, 2024 22:20 UTC
North Europe ports face capacity crunch as carriers race for berths
By Mike Wackett 11/01/2024North European container ports are facing a potential capacity crunch in early February, as the armada of alliance vessels from Asia that have been re-routed around Africa reach the Channel. Vessel ETAs have been pushed back by 10 days or more, depending on whether voyages were paused, with alliance carriers fighting to secure arrival slots at hub terminals. “At that time, terminals were already chock-a-block full from the pandemic demand surge, the land side was stuffed and quayside work was painfully slow. Nevertheless, carriers are keeping a watchful eye on the situation in Germany, in case there is an escalation of industrial action, affecting intermodal operations for longer periods. Indeed, with market rates going through the roof and said to be reaching $10,000 per 40ft for prompt shipments from China to North Europe, the deployment of smaller, ad-hoc tonnage by HMM and others will be highly lucrative.
Source:The North Africa Journal
January 11, 2024 19:50 UTC