Powerful earthquake strikes Morocco, damaging some buildings and sending people into the streets Sep 8, 2023 | 6:22 PMRABAT, Morocco (AP) — A powerful earthquake struck Morocco late Friday, damaging buildings in major cities and sending panicked people pouring into streets and alleyways from Rabat to Marrakech. There was no immediate word on any casualties. Variations in early measurements are common, although either reading would be Morocco’s strongest since 1960, when a magnitude 5.8 earthquake struck near Agadir and caused thousands of deaths. The epicenter of Friday’s tremor was high in the Atlas Mountains south of Marrakech and west of Oukaimeden, a popular Moroccan ski resort. It was also near Toubkal, the highest peak in North Africa.

An earthquake has hit on Friday night several countries in Western North Africa, including Morocco, Mauritania and Algeria and Southern Europe. Residents of several Moroccan cities, from Rabat to Agadir, via Casablanca and Marrakech, felt the tremor at around 11.14pm on Friday night. Several inhabitants left their homes to gather in the streets. Google alerts reported a 6.8 magnitude earthquake in Western North Africa, estimating it will affect Morocco, Mauritania, and Algeria, as well as Gibraltar, Spain, and Portugal. No casualties have been reported so far.

Informality, Labor Market Dynamics, and Business Cycles in North AfricaAuthor/Editor:Olivier Bizimana ; Shant ArzoumanianPublication Date:September 8, 2023Electronic Access:Free Download. This paper aims to shed light on the role played by the informal sector in labor market adjustments over the business cycle. The analysis also confirms that informal employment is countercyclical and acts as a buffer during economic downturns in countries with relatively higher informality. By contrast, employment informality tends to fall modestly or increase during economic upturns, including the post-pandemic recovery. This finding presages the persistence of a large informal sector in the post-covid era in medium- and high-informality countries.

Date: 20 – 21 SeptemberVenue: CTICC 2, Cape TownThe Africa Renewables Investment Summit (ARIS) is a marketplace for renewable energy investment opportunities in Africa, with a conference, exhibition, project pitching platform, startup pitching platform and AI-powered business matchmaking. ARIS seeks to help accelerate renewable energy investment in Africa by connecting investors with potential renewable energy project investment opportunities in Africa. ESI Africa is proud to be a Media Partner at the Africa Renewables Investment Summit

Cover Image Attribute: People attend what North Korean state media have described as the nation's inaugural ceremony for a recently unveiled tactical nuclear attack submarine in North Korea. Also, it might be capable of carrying and launching up to 10 North Korean Pukgoksong-3 missiles from underwater. Image Attribute: North Korean leader Kim Jong Un was present at what state media have announced as a launch event for a fresh tactical nuclear attack submarine in North Korea. This photograph was made available by North Korea's Korean Central News Agency (KCNA) on September 8, 2023. Note 2: North Korea's pursuit of nuclear weapons and ballistic missile development is in violation of multiple United Nations Security Council resolutions.

Companies The Central African Finance Company Limited FollowLONDON, Sept 7 - (This Sept. 7 story has been corrected to fix AFC's ownership structure based on updated guidance from the AFC in paragraph 5)The Africa Finance Corporation (AFC), which is owned by Nigeria's central bank and other African financial institutions, has no intention of backing away from fossil fuel investments, a senior executive said on Thursday. While governments and U.N. leaders at Africa's first-ever climate summit in Nairobi this week sought to promote the continent as a source of renewable energy solutions, the development of fossil fuel projects remains firmly on the agenda for many countries. "The world still needs energy security, the world still needs energy source diversity. The Lagos-based AFC is a pan-African multilateral development institution, with 40 member states. It is 43.1%-owned by Nigeria’s central bank and 42% by other African financial institutions, according to its website.

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An Abu Dhabi company has partnered with a pan-African infrastructure investment platform to develop clean energy projects across the continent. The initiative encompasses public, private, and development capital from UAE institutions – Abu Dhabi Fund for Development (ADFD), Etihad Credit Insurance (ECI), Masdar, and AMEA Power. Global clean energy investment to outstrip fossil fuel spend in 2023Funding breakdown for clean energy projects:The Abu Dhabi Fund for Development will provide $1bn of financial assistance. It will look to mobilise an additional $8bn in project finance targeted to deliver 10GW of clean energy capacity in Africa by 2030. Scaling clean energy investment into emerging and developing economiesAl Jaber said: “We need the public and private sectors to work together to deliver clean energy access across Africa – a key mission and objective of Africa50.

In 2022 there were only three public listings, raising 1.3 billion rupees ($4.3 million) - the lowest in nine years. "The board has authorised the management to appoint HBL and KTrade to initiate the process of an IPO," Hussain told Reuters. Pakistani manufacturers use imported raw material and in 2022, $3.7 billion worth of soyabean and palm oil was imported. This year, Dalda, Pakistan's biggest consumer staple, announced plans for an IPO to raise between 3.3 to 4.6 billion rupees. At 4.6 billion rupees, it would be the largest IPO by a consumer staple company.

On the wings of this, both companies have officially started the commercial collaboration between Certhon and DENSO Sales Middle East & North Africa FZE. Certhon representatives Damion Schwarzkachel and Don Kester travelled to Dubai for the annual DENSO MEA distributors conference. Don Kester provided insight in the collaboration between DENSO and Certhon, with a presentation. Both Certhon and DENSO are looking forward to bringing the best horticultural solutions to the Middle East and Africa. Commercial coordination will be approached from out of the regional HQ of DENSO in Dubai next to Certhon HQ in The Netherlands.

The African Legal Awards 2023 took place late last week, with the African legal community coming together to celebrate the achievements of law firms, legal teams and individuals over the past year. Webber Wentzel was the top winner of the night, scooping an impressive five awards, whilst fellow regional firms Bowmans, Olaniwun Ajayi, Aluko & Oyebode and G.Elias won two awards each.

The Arab League Council of Foreign Ministers endorsed on Thursday September 7 Egypt’s former tourism and antiquities minister Khaled Enany as the Pan-Arab candidate for the post of Director-general of the UN Educational, Scientific, and Cultural Organization (UNESCO), Ahram Online reports. Enany who holds a PHD in Egyptology, UPV, Montpellier III University in 2001, was the country’s Tourism and Antiquities minister from December 2019 to August 2022. He also served as the Minister of Antiquities from March 2016, to December 2019. He has been a Professor of Egyptology at Helwan University’s College of Tourism and Hotel Management (FTH) since 1993. The current Chief of the organization Audrey Azoulay was first elected in 2017 and her tenure was extended following an overwhelming re-election in 2021.

African Intelligence notes that Ali Bongo gave the verbal permission to his Chinese counterpart Xi Jinping for the strategic project. The project irked France, the former colonial power and the U.S.A., the media notes. Stephen J. Townsend, Commander of the United States Africa Command from 26 July 2019 to 8 August 2022, reportedly warned the U.S. Congress against Chinese military presence in the Gulf of Guinea in the Atlantic Ocean. Ali Bongo met with Xi in April during a state visit to Beijing. Beijing called on the transitional power to guarantee the safety of the man that Xi qualified during the April visit as an “old friend”.

North Korea has launched its latest submarine, with the ceremony attended by leader Kim Jong Un. The Sinpo-C class submarine is the latest and most potent addition to North Korea’s nuclear arsenal. Diesel-electric propulsion is a decades-old technology, but North Korea has radically altered the design, stretching the sail to include some missile launch tubes. This is a huge leap in capabilities for North Korea. All signs indicate that North Korea now intends to modernise and expand its missile submarine fleet.

Soya Supreme, set up in 1991, will determine the IPO’s timing based on market conditions, Ahmad Ghulam Hussain, CEO of Agro Processors and Atmospheric Gases (APAG), the parent company of the brand Soya Supreme, told Reuters. The board has authorised the management to appoint Habib Bank Limited (HBL) and KTrade, a brokerage, to initiate the process of an IPO, Hussain told Reuters. It is also exporting specialised fats to the Middle East and North Africa region, Hussain said. This year, Dalda, the country’s biggest consumer staple, announced plans for an IPO to raise between Rs3.3bn to Rs4.6bn. At Rs4.6bn, it would be the largest IPO by a consumer staple company.