Mercer opens new hub in Casablanca

Mercer opens new hub in Casablanca

Mercer opens new hub in Casablanca

Mercer, a consultant in health, wealth and career, is expanding its francophone Africa footprint. It has plans to strengthen service to the francophone region of Africa, through its new Casablanca Financial City hub in Morocco. Mercer, a wholly owned subsidiary of Marsh & McLennan, will bolster its health business and further penetrate the African market with wealth and career solutions.…

Fitch affirms both Cameroon and Tunisia, but political risks remain

Fitch affirms both Cameroon and Tunisia, but political risks remain

Fitch affirms both Cameroon and Tunisia, but political risks remain

Fitch Ratings has affirmed Cameroon’s long-term foreign-currency issuer default rating (IDR) at B with a stable outlook and has affirmed Tunisia’s IDRs at B+, also with a stable outlook. In both countries, political risks still loom large, said Fitch. In Cameroon, uncertainty surrounding succession to the 84-year-old President Paul Biya is a political risk. Presidential elections are set to take place…

Court calls halt to action on Libyan bribery claims

Court calls halt to action on Libyan bribery claims

Court calls halt to action on Libyan bribery claims

This time last year, the UK High Court rejected a claim by the Libyan Investment Authority (LIA) that dealings between it and Goldman Sachs (GSI) crossed the line from an ordinary arm’s length bank-customer relationship to a relationship that gave rise to duties of candour and fairness. It held that, in the absence of any such protected relationship: 1) GSI…

Companies face payment delays in Morocco

Companies face payment delays in Morocco

Companies face payment delays in Morocco

Companies face increasing payment delays when doing business in Morocco, with corporate insolvencies also rising, despite an uptick in the economy generally. According to the annual payment delay survey from Coface, extended payment periods across practically all sectors are 99 days on average in 2017, up from 82 days in 2016. The survey covered 256 companies in different sectors of…

Africa’s hotel sector adding 11% more rooms

Africa’s hotel sector adding 11% more rooms

Africa’s hotel sector adding 11% more rooms

Africa currently has 301 hotel projects in the pipeline, accounting for 57,011 rooms, or 11.0% of the continent’s existing room supply, according to STR. Thomas Emanuel, STR’s director of business development, said: “Across Africa, we’ve seen mixed performance results to date. In local currencies, rates are up in several countries, including Egypt, Morocco and South Africa, but in many instances…

South Africa mirrors global trend on unemployment risk

South Africa mirrors global trend on unemployment risk

South Africa mirrors global trend on unemployment risk

South Africa has reflected global concerns in citing unemployment as its larget risk, according to a new survey from the World Economic Forum (WEF). Publishing its Global Risks Report in partnership with Zurich Insurance and Marsh & McLennan, the WEF said societal risks also scored highly and cyber risks are becoming more important to the 12,400 executives from 136 countries…

New CEO in Africa and Asia for Ed

New CEO in Africa and Asia for Ed

New CEO in Africa and Asia for Ed

Ed, the global reinsurance, wholesale and specialty broker, has appointed Minesh Jani as chief executive of Middle East and North Africa (MENA), India and Indian sub-continent. Mr Jani brings more than two decades of reinsurance experience to Ed. He joins from Aashvaasanam Analytics in Mumbai, a business he founded to support the launch and build of an international reinsurance business.…

AIG places first Shariah-compliant warranty and indemnity policy in MENA

AIG places first Shariah-compliant warranty and indemnity policy in MENA

AIG places first Shariah-compliant warranty and indemnity policy in MENA

The first Shariah-compliant insurance policy in the Middle East and north Africa region (MENA) for merger and acquisitions activity has been placed by American International Group (AIG), advised by global law firm Norton Rose Fulbright. AIG said it offers a range of Islamic insurance solutions for M&A transactions through its partnership with Shariah-compliant managing general agent Cobalt Underwriting. Mark Storrie,…

World Bank boosts job opportunities in Tunisia

World Bank boosts job opportunities in Tunisia

World Bank boosts job opportunities in Tunisia

A new World Bank project in Tunisia is to help firms meet demands in national and international markets as a way of boosting employment in the country. The new $60m project aims to help address the jobs challenge in Tunisia, with support for government efforts to better target employment programmes and create more and better opportunities. The Tunisia Youth Economic…

Allianz wins approval in Casablanca

Allianz wins approval in Casablanca

Allianz wins approval in Casablanca

Allianz has been granted the status of Casablanca Finance City (CFC) for Marofinac, the group’s financial services subsidiary in Africa. It said: “This step underlines the company’s strategic vision to increase its presence in the Moroccan market and across the continent.” Allianz’s regional chief executive officer for Africa, Coenraad Vrolijk, explained: “We are pleased to have joined Casablanca Finance City,…

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