Business

Vivendi (Paris:VIV) is carrying out a capital increase reserved for employees of the Group.

Vivendi intends to more closely associate its employees to the Group’s development and results.

The subscription period will take place from June 13 to June 28, 2013 inclusive. In Morocco it will take place on the same dates subject to the authorization of the CDVM.

The settlement-delivery of the shares is expected to occur on July 25, 2013. The principal terms and conditions of this offering are described below.
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With recovery prospects flagging in many countries, central banks are flooding the global economy with cheap money in an effort to revive growth. The first two weeks of May saw a wave of interest-rate cuts, betraying policymakers’ concerns about the growth environment. The extent to which monetary easing remains effective given the current climate is debatable, but the global economy is slowly repairing itself following the crises of the past few years. The Economist Intelligence Unit envisages at least some pick-up in momentum in major economies later in 2013, which will set the stage for a better 2014.

Our latest monthly forecast maintains the qualified narrative of recovery that we have set out in recent months, with slight revisions to specific projections. Most notably, we have adjusted our forecasts for growth in the US, Japan and China. Overall, we still expect world GDP at market exchange rates to grow by 2.1% in real terms in 2013, the same as in 2012. (On a purchasing-power parity or PPP basis, the picture is slightly brighter, as this measure gives a higher weighting to faster-growing emerging markets.)

Conditions in many economies are weaker than they were at the beginning of this year. China’s GDP growth eased to 7.7% year on year in the first quarter of 2013, from 7.9% in October-December. First–quarter growth in Russia was just 1.1%, the slowest pace since 2009. Above all, the euro zone’s economic woes still loom large. While the risk of a catastrophic break-up of the European single currency has subsided in the short term, debt and austerity are severely impeding growth. Unemployment is at record levels, and even previously resilient “core” economies such as France are showing more signs of stress. The uncomfortable truth is that the global economy cannot do well if its largest single economic bloc—the euro zone—is in recession. (more…)

Most people have heard of the health benefits of using olive oil instead of butter or other saturated animal fats. The monounsaturated fats in olive oil have been shown to reduce levels of harmful cholesterol, and as a result nutrition experts have touted it and other aspects of the Mediterranean Diet as heart healthy.

But olive oil isn’t the only celebrated oil from that region of the world. In Morocco, argan oil has been consumed by the Berber people for centuries. Berbers add the deep yellow, toasty-flavored oil to couscous, serve it alongside bread, or eat it on its own. (more…)

The jury may still be out on whether the “Arab Spring” has actually delivered better living conditions to the bulk of the Middle East and North African region’s formerly disenfranchised masses, but not many would argue that the resulting instability has been good for business. Which makes the recent announcement by Turkish supermarket group BIM that it plans to start operating in Egypt, opening as many as 30 new stores this year, all the more remarkable.

Despite continuing instability, BIM duly opened its first store in the Egyptian capital Cairo in early April, promising 13 more by the end of the month, having identified what it believes is a lack of sufficiently organised food retail. (more…)

Morocco added 500,00 mobile lines in the first quarter, increasing the installed base by 1.28 percent to 39.52 million, according to telecom regulator ANRT. Mobile customers grew by 9 percent from 36.24 million at the end of March 2012. The mobile penetration rate reached 121.51 percent in March, compared to 119.97 percent in December 2012 and 112.59 percent in March 2012. There was little movement in market share on the end of 2012. Maroc Telecom’s share dropped to 45.22 percent from 45.77 percent, Meditel slipped to 29.09 percent from 29.53 percent, and Wana’s rose to 25.69 percent from 24.7 percent. (more…)

Entitled Morocco Looks To Covered Bonds To Support Housing Finance, the report points out that under the proposed covered bond legislation, universal banks will be allowed to issue on-balance-sheet mortgage covered bonds called Obligations Sécurisées Hypothécaires (OSHs) and public sector covered bonds referred to as Obligations Sécurisées Territoriales (OSTs).

S&P says the proposed framework foresees a cover pool that’s monitored by an independent trustee and covered bonds that are clearly defined as a dual-recourse instrument. Bondholders have the first recourse to the issuing bank that’s tasked with ensuring a performing cover pool of eligible assets and maintenance of all stipulated requirements as long as the issuer is not in default. Bondholders also receive a priority claim on the assets in the cover pool in case of a default of the issuer. (more…)