Morocco Financial News

World Bank President Ajay Banga said on Tuesday that the Israel-Gaza conflict is an unnecessary global economic shock that will make it harder for central banks to achieve soft landings in many economies if it spreads. «It's a humanitarian tragedy and it's an economic shock we don't need,» Banga told Reuters on the sidelines of the World Bank-International Monetary Fund annual meetings in Morocco. Central banks were «beginning to feel a little more confident that there was an opportunity for a soft landing, and this just makes it harder», Banga said. Banga said there was less immediate economic impact than at the start of Russia's invasion of Ukraine last year because the Israel-Gaza conflict does not impact exports of oil, grains and fertilizers. But it does transmit through financial markets, with dollar assets suddenly rising, he said. Inflation has come down in recent months, prices and wages were stabilizing and markets had become used to the idea that rates would stay higher for longer, Banga said, adding that another prolonged conflict could upset those dynamics. «It's the side effects of all that.

MARRAKECH, Morocco (Reuters) — World Bank President Ajay Banga said on Tuesday that the Israel-Gaza conflict is an unnecessary global economic shock that will make it harder for central banks to achieve soft landings in many economies if it spreads.

Investing.com — European stock markets rose Tuesday, with investors returning their focus to potential central bank moves while keeping an eye on the conflict in the Middle East.

The International Monetary Fund warns that the world economy has lost momentum from the impact of higher interest rates, the invasion in Ukraine and widening geopolitical rifts

The annual meetings of the International Monetary Fund and World Bank kick off this week against a backdrop of escalating global conflict and debt distress.

The International Monetary Fund and World Bank are holding their annual meetings in Morocco, one month after an earthquake killed nearly 3,000 people in the North African country

By Andrea Shalal and David Lawder

Finance ministers and central bank governors are all set to meet for the final time under India’s G20 presidency on October 12 and 13 in Marrakesh, Morocco. 

By Howard Schneider

Oil prices fell in early trade on Friday after a recent rally, as profit-taking and expectations of supply increases by Russia and Saudi Arabia outweighed forecasts of positive demand from China during its Golden Week holiday. Brent November futures which expire on Friday were down 21 cents to $95.17 per barrel. Brent December futures lost 10 cents to trade at $93.00 per barrel at 0055 GMT. U.S.

International Monetary Fund said on Thursday it is seeing some signs of stabilization in China's economy from recent data but believes it can grow at a faster pace over the medium term if it takes steps reforms its economy to rebalance growth from investment towards consumer spending. Chief spokesperson Julie Kozack told a regular news briefing that the IMF continues to believe that China can achieve around 5% growth this year, with detailed projections due when the IMF publishes its World Economic Outlook during IMF-World Bank annual meetings in Marrakech, Morocco on Oct. 10.

Zug, a small Swiss canton nestled by a shimmering lake and framed by the Alps, is famous for its traditional cherry pie - which was particularly loved by actress Audrey Hepburn - and for its blockchain start-up hub.

Click here! Initially, the ruling Shia tribe in Egypt start celebrating this festival, but it gradually spread to Syria, Morocco, Turkey, and Spain in the 12th century. Sunni Muslim sects also started celebrating it later on.

By David Lawder

Just a couple of months ago, emerging-market assets were all the rage as inflation eased and interest rate-cut bets surfaced. The trade has all but fizzled out. 

The I2U2 - Israel, India, UAE, and the United States - announced a new initiative on space cooperation this month on the sidelines of the UN General Assembly session in New York. The four-nation grouping, termed the “West Asia Quad" by some, has attracted attention in recent years. Mint looks at what I2U2 is.

LG Chem Ltd has entered a partnership with China's Huayou Group's subsidiary Youshan, it said on Sunday, to build a joint electric vehicle (EV) battery material plant in Morocco to diversify its portfolio. Huayou has joined the growing number of Chinese electric vehicle and battery companies seeking to expand overseas to get closer to their foreign clients and benefit from local incentives.

Nirmala Sitharaman on Saturday met the G20 Independent Expert Group on strengthening of Multilateral Development Banks (MDBs). The G20 Independent Expert Group (IEG) is co-convened by former American treasury secretary Lawrence Summers and ex-chairman of the 15th Finance Commission N K Singh. The IEG set up by G20 India Presidency has focused on strengthening MDBs and delivered Volume 1 of its report which was acknowledged by G20 leaders in New Delhi Leaders Declaration earlier this month. «The #G20IEG members are currently in India working on Volume 2 of their report to be discussed in #G20 meetings scheduled to be held under the Indian Presidency in #Marrakech on sidelines of @IMFNews @WorldBank #AnnualMeetings,» the finance ministry said in a post on X. The fourth and final Finance Ministers and Central Bank Governors (FMCBG) Meeting under India's G20 Presidency is taking place next month in Morocco. MDBs need to provide an additional USD 260 billion annually to fund sustainable infrastructure and help nations achieve SDG targets, the group said in its Vol 1 report. Additional spending of some USD 3 trillion per year is needed by 2030, of which USD 1.8 trillion represents additional investments in climate action, mostly in sustainable infrastructure, and USD 1.2 trillion in additional spending to attain other sustainable development goals (SDGs), it said. The major MDBs are World Bank, International Finance Corporation (IFC), Asian Development Bank, Asian Infrastructure Investment Bank (AIIB), Inter-American Development Bank (IDB) and African Development Bank (AfDB).

The board of Australia’s largest fruit and vegetable company, Costa Group, has agreed to a cut-price $1.5 billion takeover offer from a consortium headed by private equity firm Paine Schwartz Partners.

Australia’s largest fruit and vegetable processor is set to bid farewell to public life.

Paine Schwartz Partners has cut the amount it is prepared to pay for Costa Group, Australia’s largest fruit and vegetable processor.