logo
Moroccan economy grew 4.8% in Q1

Moroccan economy grew 4.8% in Q1

Reutersa day ago
RABAT, June 30 (Reuters) - Morocco's economy grew 4.8% in the first quarter this year, compared with 3% the same period last year, the national statistics agency HCP said.
The growth was driven by an improvement in farming and industrial activities, which grew 4.6% and 4.5% respectively, HCP said in a report.
Growth was also supported by an 8% increase in domestic demand in the first three months this year, from 4% the same period last year, offsetting a negative contribution of foreign trade to economic growth, it said.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Iran has just reached another stage in its terrifying war against the West
Iran has just reached another stage in its terrifying war against the West

Telegraph

time2 hours ago

  • Telegraph

Iran has just reached another stage in its terrifying war against the West

As the Middle East collectively holds its breath to wait and see if the much-lauded ceasefire between Israel and Iran holds, the west must now be braced for the inevitable Iranian reaction to its month of humiliation at the hands of Israel and the US. Iran's options for such retribution are now diminished, having much of its conventional military capabilities decimated by the recent Israeli strikes – including much of its ballistic missile stocks being shot down over Israeli airspace. Increasingly the Iranians will come to rely once more on its unconventional capabilities: namely, their proxies across the wider Middle East and north Africa region. Whilst its traditional forces including Hezbollah in southern Lebanon and the Houthis in Yemen have been much diminished, the Houthis in particular can readily be redeployed with Iranian tactical control once more to threaten the shipping lanes in the Red Sea. This will naturally cause financial stocks to jitter and cause global instability. This is what the Iranians thrive in, but they may choose to be more cautious: they wouldn't want to upset their budding partner China, which imports over 45 per cent of its oil through those waters. Far more likely are new and emerging proxy forces, or those that have yet to gain the same international notoriety as the Shia militias in Iraq. One such group in particular is emerging at speed to sow instability and terror in north Africa – the Polisario Front. A Marxist militia backed by Iran, Hezbollah and Russia, the Polisario Front is a terrorist organisation that launches attacks against Morocco in the name of freedom for the disputed territory of Western Sahara. Administrated by Morocco since a UN-mandated ceasefire in 1991, Morocco enjoys the support of the US, France, and now the UK too in its administration of the territory. Its leader praised Hamas' terrorist attack against Israel on October 7 2023, expresses ideological solidarity with Iran's 'axis of resistance', and envisages a unified front stretching from Iran and the Golan Heights to Gaza and Western Sahara. They have been armed with missiles and rockets by the Iranian regime for several years; last week they used this to attack civilians next to a UN camp in Morocco. Plans to attack the Israeli embassy in Morocco, meanwhile, have been foiled – and it's not a step too far to imagine plots to attack the significant British interests in the region as part of the group's increasing terror alliance with Iran and their other proxies. Make no mistake: the UK is also firmly in the Iranian ayatollah's crosshairs for revenge, despite the UK Government being forced to sit on the sidelines of this war by an increasingly distrustful Washington and Tel Aviv. The time has come for the West to finally act. In Washington last week legislators from both sides of the House acted to proscribe the group as a terrorist organisation. The UK must now follow. Having recognised Moroccan sovereignty over the territory, the UK must support both its ally Morocco, our partner the US, and our own national security interests by proscribing the Polisario Front as a terrorist organisation.

Irish factory activity grows at fastest pace in over three years, survey shows
Irish factory activity grows at fastest pace in over three years, survey shows

BreakingNews.ie

time6 hours ago

  • BreakingNews.ie

Irish factory activity grows at fastest pace in over three years, survey shows

Manufacturing activity in the Republic grew at the fastest pace in more than three years in June as the sector brushed off concerns about global trade, hired more staff and increased purchasing, a survey showed on Tuesday. The AIB Ireland Manufacturing Purchasing Managers' Index (PMI) rose to 53.7 from 52.6 in May, marking the highest reading since May 2022 and staying above the 50.0 threshold separating expansion from contraction for the sixth successive month. Advertisement The increase was driven by a sharp increase in employment, with the rate of job creation reaching its strongest level since June 2022. Respondents attributed the rise to greater workloads and long-term expansion plans. Purchasing activity surged, with the rate of growth also hitting a more than three-year high, as firms aimed to rebuild inventories amid rising demand and longer supplier delivery times. Ireland Ireland's housing league table: Check if your area... Read More Despite this, backlogs of work fell for the fourth month in a row, suggesting a lack of pressure on business capacity and while new export orders continued to decline, they came close to returning to growth after a big dip in May. Looking ahead, manufacturers expressed optimism about future growth prospects, with 44% of respondents predicting an increase in production volumes over the next year, despite concerns over US tariffs and global economic uncertainty. The Department of Finance and the Central Bank recently cut their economic growth forecasts for the year on global trade concerns. As a member of the EU, the State currently faces tariffs of 10 per cent on around a quarter of its goods exports to the US.

Exclusive:  DOGE now targeting SEC policy, eyes SPAC rules, sources say
Exclusive:  DOGE now targeting SEC policy, eyes SPAC rules, sources say

Reuters

time6 hours ago

  • Reuters

Exclusive:  DOGE now targeting SEC policy, eyes SPAC rules, sources say

WASHINGTON/NEW YORK, July 1 (Reuters) - President Donald Trump's Department of Government Efficiency initiative has pushed the U.S. markets watchdog to loosen Wall Street rules around blank-check companies and confidential reporting by private investment funds, according to two people familiar with the matter. DOGE officials at the SEC, who have so far focused on cutting costs, have in recent weeks sought meetings with staff to explore relaxing what some companies have described as burdensome and unnecessary regulations, including reworking Biden-era rules adopted last year on so-called Special Purpose Acquisition Companies, or SPACs, and requirements that private investment advisers confidentially disclose more data so regulators can better spot systemic risk, the sources said. The efforts, which have not been previously reported, are part of a broader deregulatory push by the administration, which has said it wants to spur economic growth by slashing government oversight. In a February executive order, opens new tab, Trump directed DOGE officials at federal agencies to identify regulations the administration may seek to eliminate for any of a range of different reasons, such as imposing "undue burdens" or costs on businesses. But the same sources, who requested anonymity to speak about confidential discussions, said DOGE's involvement in crafting new policy has rankled some SEC officials, raising concerns over whether a White House initiative should be involved in the core work of an agency long seen as independent. Under the Biden administration, the SEC adopted the SPAC and private funds regulations to protect investors from potentially unscrupulous claims by investment promoters and prevent the unchecked buildup of risks to financial stability in the private funds sector. Taylor Rogers, a White House spokesperson, said DOGE was working with the SEC "to more efficiently maintain fair and orderly markets while protecting everyday investors." "Under President Trump's leadership, Chairman [Paul] Atkins and the SEC will ensure that the United States remains the best and most secure place in the world to invest and do business." A spokesperson for the SEC said: "The SEC is working with DOGE to find cost efficiencies and ensure public funds are being used as effectively as possible." The SEC and White House did not comment further on Reuters' questions for this story. To be sure, the commission is led by a presidentially appointed chairman who guides the agency's regulatory agenda, making it rare for the agency to depart drastically from White House priorities, current and former officials told Reuters. But the SEC, like other financial regulators, has long been treated as independent from the White House - both through legal protections and decades of norms, those experts said. The agency has traditionally limited communications with the White House over rules to avoid political interference, or the appearance of it. Trump and key players in his administration have taken a view that these agencies should be under direct supervision of the White House and Trump has fired officials who say they are legally shielded from dismissal in most cases. Amanda Fischer, policy director and chief operating officer at financial reform advocacy group Better Markets, said any DOGE involvement in SEC rulemaking raises serious concerns about potential conflicts of interest and political influence overriding staff expertise. "It's outrageous that outside designees to the agency, who presumably were not selected by the chair, would have a say in rulemaking activities," said Fischer, who previously served as chief of staff to former SEC Chair Gary Gensler. It is unclear what impact, if any, the DOGE efforts will have. Much of the deregulatory pressure appears in line with traditional Republican views that the SEC may have pursued under new leadership anyway. Indeed, Republican SEC Commissioners Mark Uyeda and Hester Peirce have in the past both objected to what they said were needless regulatory burdens for SPACs and private funds. Some movement on dismantling such regulations is already underway. The SEC has been in talks with U.S. exchange operators to loosen some regulatory requirements for SPACs, in which shell companies raise funds through a listing with the intention of acquiring a private company, already under discussion, Reuters reported earlier this week. SPACs are listed shell companies that raise funds to acquire a private company with the purpose of taking it public, allowing such targets to sidestep a traditional initial public offering. Taking companies public via SPAC had been booming business and a strategy deployed by Lucid Motors, DraftKings and Trump's social media operation. The SEC under Biden cracked down on the sector amid concerns over weak diligence compared to the more rigorous IPO process, and over hidden costs to retail investors. But interest in SPACs has again risen. In one instance, several of the people involved in the Trump Media transaction disclosed plans earlier this year to pursue a SPAC deal in the tech sector, possibly involving cryptocurrency. They did not respond to requests for comment. SPAC advocates warned against the SEC's stricter rules, concerned over changes such as the removal of a "safe harbor" that had helped shield SPAC sponsors from legal liability for unrealistic or potentially misleading financial projections. Uyeda and Peirce at the time both objected to the changes, saying the rule would unduly inhibit a potentially valuable investor tool. The Republican commissioners also objected to additional reporting requirements for private funds the SEC and another agency voted for in February 2024, known as Form PF. The SEC earlier this month decided to delay firms' compliance with those new requirements. Some experts told Reuters they support a push to reduce old or outdated regulations, even if DOGE is involved. "I daresay it is a departure from past practice, but whether White House influence is a 'risk' or an opportunity depends on your perspective," said Adam Pritchard, a law professor at the University of Michigan. "I am quite open to the idea that the staff could use a good kick in the pants to get them to repeal a few [rules]. I'll bet Paul Atkins agrees with that instinct."

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store