logo
Morocco's king calls for addressing regional inequalities

Morocco's king calls for addressing regional inequalities

Reuters16 hours ago
RABAT, July 29 (Reuters) - Morocco's King Mohammed VI urged on Tuesday the government to elaborate a new generation of reforms to ensure equal development between the country's regions.
"It is not acceptable for Morocco – today or at any time in the future – to be a two-speed country," the king, who has final say over the country's strategic policies, said in an annual speech marking 26 years of his reign.
While the level of poverty has dropped in Morocco from 11.9% in 2014 to 6.8% in 2024, some inner regions show above-average poverty levels, according to the national statistics agency.
Morocco has attracted industrial investments in sectors such as aerospace and car manufacturing, which now top its exports.
However, most of the country's GDP, industry and critical infrastructure are concentrated in the northwestern areas, leaving the rest of Morocco dependent on farming, fisheries and tourism.
"Some regions - particularly in rural areas - are still suffering from poverty and vulnerability, due to a lack of infrastructure and basic facilities," the king said.
The new reforms should aim at improving social services, education, health care and water management as well as promoting employment, he said.
Morocco created just 82,000 jobs last year, which falls short of reducing the country's high unemployment rate at 13.3%, according to the central bank.
In his speech, the king also reaffirmed Morocco's readiness for "a frank, responsible, fraternal and sincere dialogue on the various issues pending" with Algeria.
Algeria cut ties with Morocco in 2021, halted the flow of gas, banned Moroccan flights from crossing its airspace and imposed visas on Moroccans, after the kingdom resumed ties with Israel.
The two most populous countries in the Maghreb are at loggerheads over the status of Western Sahara. Morocco considers the territory its own, while Algeria hosts and backs the Polisario Front, which seeks its own state there.
The king also thanked the UK and Portugal, the most recent Western nations to back Morocco's autonomy plan for the territory.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

US Treasury keeps notes, bonds auction sizes steady, increases debt buybacks
US Treasury keeps notes, bonds auction sizes steady, increases debt buybacks

Reuters

timea few seconds ago

  • Reuters

US Treasury keeps notes, bonds auction sizes steady, increases debt buybacks

NEW YORK, July 30 (Reuters) - The U.S. Treasury Department said on Wednesday it does not anticipate increasing auction sizes for notes and bonds for at least the next several quarters, in line with market expectations, as it announced a $125 billion refunding from August to October 2025. It will, however, continue to make incremental increases to the size of Treasury Inflation-Protected Securities (TIPS) and T-bill auctions. "We use T-bills as a shock absorber for unexpected, seasonal or short term variations in borrowing needs as part of our regular and predictable issuance plan," a senior Treasury official said in a call with reporters on Wednesday. "That's because we believe ... changes in borrowing needs and addressing them in the people market is the most effective way to borrow at the least cost over time because of the ability of that market to absorb those kind of short-term changes. We think that the level of bill issuance offered today is very consistent with those plans and has helped us in light of the changes." In a statement, department will further sell $58 billion in U.S. three-year notes, $42 billion in 10-year notes, and $25 billion in 30-year bonds next week. These were the same auction sizes for the same securities announced at the February refunding. The Treasury also announced it will double the frequency of long-end nominal buybacks and increase the size of cash management buybacks, all aimed at improving liquidity in the market. The changes to the buybacks will take effect on August 13. "The Treasury will be focusing more on bill supply and they are trying to help market liquidity by increasing the sizes and frequency of buybacks, especially in the long end of the curve," said Gennadiy Goldberg, head of U.S. rates strategy, at TD Securities in New York. "So net net, this should be slightly positive for the long end." Long-dated Treasuries briefly rallied after the refunding announcement, pushing their yields lower. But their yields were last higher on the day as the initial impact from the refunding was muddied by the strong U.S. gross domestic product number. U.S. 10-year yields were last up 4.4 basis points at 4.372% . The Treasury announced that it's increasing the frequency of liquidity support buybacks in both the 10- to 20-year and 20- to 30-year nominal buckets to four times per quarter from two currently. But it will keep the current $2 billion maximum purchase per operation in both sectors. With respect to the other nominal coupon pairs, the department will continue to conduct one liquidity support operation per quarter for up to $4 billion. All told, the changes will lift total size of liquidity support buybacks from a maximum par amount of $30 billion per quarter to $38 billion. The Treasury is also increasing the size of cash management buybacks from a maximum $120 billion per year to $150 billion. For this quarter, however, it does not expect conducting cash management buybacks around the September tax date due to the ongoing rebuilding of the Treasury's cash balance. Cash management buybacks will resume in December, the Treasury said. Overall, the Treasury's financing plan will refund about $89.8 billion of privately-held Treasury notes and bonds maturing on August 15 and raise new cash of $35.2 billion from private investors. The Treasury also stressed the focus on T-bill issuance this quarter. It expects further marginal increases in T-bill auction sizes in coming days and then maintaining sizes at or near those levels through the end of September. It added that further increases in T-bill auction sizes are anticipated in October. "This guidance (on T-bill issuance) will continue to be the focal point of future refunding announcements," wrote Tom Simons, chief economist at Jefferies in a research note. "(Treasury) Secretary (Scott) Bessent has made it clear that he is carefully considering the best strategy and timing for terming out the debt versus continuing to lean on the front-end. At some point, perhaps after a few Fed (Federal Reserve) rate cuts, issuance of more coupons will be more attractive." Median forecasts from primary dealers estimated that Treasury could increase bill supply by $260 billion over a month and by $600 billion over a quarter without causing significant price deviations in bills relative to fair value, according to minutes of the meeting on Tuesday of the Treasury Borrowing Advisory Committee released on Wednesday. With respect to TIPS, Treasury plans to maintain the 30-year TIPS reopening auction size at $8 billion for August, increase the 10-year TIPS reopening auction size to $19 billion in September, and increase the October 5-year TIPS new issue auction size to $26 billion.

Fintech Ramp valued at $22.5 billion in late-stage funding round
Fintech Ramp valued at $22.5 billion in late-stage funding round

Reuters

time2 minutes ago

  • Reuters

Fintech Ramp valued at $22.5 billion in late-stage funding round

July 30 (Reuters) - Ramp has secured a valuation of $22.5 billion in a late-stage round, it said on Wednesday, marking a nearly 41% jump in just over a month as fintech funding rebounds after a years-long slump. The New York-based company — which offers corporate cards, payment services and expense management applications — raised $500 million in the latest funding round, led by investment firm ICONIQ, taking its total equity financing to $1.9 billion. Existing investors Founders Fund, GIC, Coatue and General Catalyst also participated in the fundraising. Ramp's valuation has climbed from $13 billion in March to $16 billion in June and to $22.5 billion now, indicating renewed investor interest in financial platforms that offer digital and artificial intelligence-based services. The company said it began generating cash flow earlier this year. "Ramp's spectacular ramp in such a short period is another indicator that the fintech ice age has thawed, especially for firms already printing cash and selling AI-flavored picks-and-shovels to CFOs," said Michael Ashley Schulman, chief investment officer at Running Point Capital. Earlier this month, the company launched its first set of AI agents, which help clients in flagging fraud, updating policies as well as reviewing and approving transactions. It said it aims to accelerate the rollout with the fresh capital. Industry leaders have hailed the transformative potential of AI agents, given their ability to automate complex business processes. Ramp has more specialized agents coming in the next year as it looks to reduce manual tasks faced by finance teams. "Pair positive cash flow with a credible AI story and your valuation can ramp fast," Schulman said. Founded in 2019, Ramp enables tens of billions in purchases annually. It caters to more than 40,000 companies, including commercial real estate firm CBRE (CBRE.N), opens new tab, and defense technology company Anduril.

Coffee chain Black Rock Coffee confidentially files to go public, sources say
Coffee chain Black Rock Coffee confidentially files to go public, sources say

Reuters

time2 minutes ago

  • Reuters

Coffee chain Black Rock Coffee confidentially files to go public, sources say

NEW YORK, July 30 (Reuters) - Black Rock Coffee Bar has filed confidentially for an initial public offering in New York that could value the cafe chain at more than $1 billion, according to four people familiar with the matter. The founder-owned restaurant has tapped investment banks JPMorgan Chase (JPM.N), opens new tab, Jefferies Financial (JEF.N), opens new tab, and Morgan Stanley (MS.N), opens new tab to work on its listing, which could happen as soon as this year, the sources said. Confidential filings allow companies to keep financial and strategic information private while engaging with regulators and assessing investor appetite ahead of a formal, public launch. The sources cautioned that the plans could change, depending on market conditions, and spoke on condition of anonymity to discuss private deliberations. Black Rock Coffee, JPMorgan, Jefferies, and Morgan Stanley declined to comment. Earlier expectations for a sharp rebound in U.S. IPOs this year have been dampened by geopolitical tensions and economic uncertainty, including concerns over tariffs. Still, recent signs of market stabilization have encouraged bankers and companies to press ahead with listings, raising hopes for an increase in IPOs in the second half of the year. Investor appetite for new listings, in particular for select high-growth names, is also providing a boost. Design software company Figma raised the indicative price range for its upcoming IPO this week, and shares of AI cloud computing firm CoreWeave (CRWV.O), opens new tab have jumped nearly 170% since their debut in March. Smaller coffee chains with loyal customers have been taking share from larger players such as Starbucks (SBUX.O), opens new tab. Another regional chain, Scooter's Coffee, is exploring a sale that could value it at close to $1 billion, Reuters reported this month. Co-founders Jeff Hernandez and Daniel Brand launched Black Rock Coffee in 2008 in Oregon. It has over 150 locations across Arizona, California, Colorado, Idaho, Oregon, Texas, and Washington. The Scottsdale, Arizona-based company has drive-through locations and sells hot and iced coffees and energy drinks. Another drive-through coffee chain, Dutch Bros (BROS.N), opens new tab, went public in 2021 at a more than $5-billion valuation.

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