The World Bank published the “Global Economic Prospect” report, which presents world growth forecasts for 2018. The MENA region (Middle East and North Africa), according to World Bank experts, should record an economic growth of 3% this year, following the hoped-for attenuation of geo-political tensions and a slight increase in oil prices. Morocco, which recorded 4.1% GDP growth in 2017, is expected to see a positive trend of 3.1% this year. This slowdown in growth, also confirmed in the Moroccan Government’s forecasts (+ 3.2%), is mainly determined by the non-encouraging prospects in the agricultural sector, which is affected by atmospheric rainfall, which are significantly lower than the previous year. The World Bank recognizes the stability of the Moroccan economy and calls on the country’s authorities to continue the reform program aimed at improving the functioning of the labor market, the business environment and competitiveness. On this last aspect, it should be noted that Morocco is in 69th place in the “Doing Business 2018” ranking, one position less compared to the previous year in this world ranking of economic competitiveness. The Moroccan Government aims to reach the 50th place in this special ranking by 2020. The Government has identified some guidelines to enhance economic growth, including the development of the industrial sector (automotive, aeronautical components, electronics), the revival of tourism, the increase in trade and investment with the countries of West Africa, the strengthening of education and training programs.

Source: medNews

Spain received 82 million international tourists in 2017, an increase of 8.9% compared to the previous year. This is a new record that has led Spain to overtake the USA and position itself in second place in the world in terms of tourist arrivals, surpassed only by France.

The total expenditure made by tourists visiting Spain amounted to 87,000 million euros, a figure that exceeds the levels reached in 2016 by 12.4%. Among the main markets of origin of tourists, in the period January / November 2017, the United Kingdom with a total of 18 million tourists (+ 7% compared to the first 11 months of 2016) followed by Germany (11.4 million tourists / + 6.1%) and France (10.7 million tourists) / + 0.4%).

All the Spanish tourist areas, with the exception of Aragon, La Rioja and the autonomous cities of Ceuta and Melilla, have increased the number of international arrivals. Catalonia dominates the ranking of the most visited regions with 18.2 million followed by the Balearic Islands (approximately 13.7 million) and the Canary Islands (around 13 million). To highlight the excellent performance of areas such as Extremadura which, with a total of 350,026 tourists, showed a 50% increase compared to data for the period January / November 2016; also double-digit increases for Galicia, Castilla y León, Madrid, Valencian Community, Navarra and the Basque Country.

Source: medNews

While the Knesset Financial Committee analyzes agreements and policies for cryptocurrency use and operations, Israel Diamond CEO Eli Avidar displaces MPs by announcing that Ramat Gan’s Diamond Exchange will shortly issue a digital currency that will be supported by 25% of diamond purchases on the market and its volatility will be based on a transaction-specific index. The Israeli economic journal Globes reports it.

The Deputy Governor of the Bank of Israel, Nadine Baudot-Trajtenberg, noted that “the law defines a foreign currency as a banknote or promise of payment legally recognized abroad but which is not part of a legislative process in Israel, in which case the bitcoin and other cryptocurrencies do not meet the definition legal status of a currency or foreign currency”. In addition to this and regardless of the legal definition, when examining the economic parameters of virtual currencies, the same do not seem to respond to the main function of a currency and in particular to the degree of credibility that users give to the financial instrument.

Trajtenberg also said that from the point of view of currency risks, the Bank of Israel considers that cryptocurrencies run the same risks as money transfers and, for these reasons, they must be carefully monitored. The Central Bank has therefore set up an internal committee to examine the subject.

The President of the Securities Authority (ISA) of Israel, Shmuel Hauser, said that the main problem of digital currencies is to give investors the feeling of being protected. “I am not against virtual currencies, but it is necessary to create an appropriate regulatory framework before allowing companies involved in cryptocurrencies to operate on an exchange”, he added.

The Head of the Israeli Tax Authority, Moshe Asher, has declared, finally, that the institution he presided over is aligned on the positions of the ISA”.

(ITALPRESS/MNA).

Source: medNews

According to the Algerian National Bureau of Statistics (ONS), the global growth of Algerian GDP was 1.4% in the third quarter of 2017, while the GDP growth rate outside the hydrocarbons was 3.1% compared to the same period of 2016. This growth rate was mainly driven by the industrial sectors (5.9%), agricultural sectors (3.2%) as well as by construction, public works and plumbing (3.9%). The evolution of volumes (+ 1.4%) and of the current values of GDP (+ 8%) has led to a global price increase of 6.5%. Besides hydrocarbons, the recorded price increase was 3.8% in the third quarter of 2017 compared to the same period of 2016.

(ITALPRESS/MNA).

Source: medNews

“We, the Heads of State and Government of the Republic of Cyprus, France, Greece, Italy, Malta, Portugal and Spain, have convened in Rome for the fourth Summit of the Southern European Union countries”. This is the declaration “Bringing the EU forward in 2018” after the summit of Rome.

“At the beginning of a year of full economic recovery after a decade of financial crisis, the EU is back to a path of growth. In times of hardship, the Union has developed new governance instruments and strengthened its capacity to react to global challenges. Much has been achieved following a combination of reforms at national level, fiscal discipline and investment. Europe is safer and stronger, but much remains to be done. A more sovereign, social and democratic Europe, which can be a leading model in the world, is our way forward. Together, we can address our citizens’ needs by setting a common ambition whilst being open to the involvement of all committed Member States, as we have just done in the field of defence. In Rome, in March 2017, we established an ambitious Agenda and pledged to work on all those issues that concern our citizens most: a safe and secure Europe, a prosperous and sustainable Europe, a social Europe, a stronger Europe on the global scene. In each area we have made concrete progress. We need to continue working in order to deliver tangible results in this direction. It will be key to fully combine economic growth and social wellbeing. Further steps to complete the Economic and Monetary Union (EMU) are necessary to achieve more sustainable and balanced growth, competitiveness, quality employment and convergence. The future EMU should be more resilient, growth-friendly and democratic, so as to further consolidate that area of prosperity which constitutes the basis of the European project. Completing and strengthening the Banking Union is a priority”.

“The management of migration flows will be a fundamental challenge for the European Union in the years to come. The Southern EU countries are particularly concerned and affected as they are at the forefront of the EU external borders. Our fundamental role and burden of protecting those borders must be acknowledged and shared by the EU. The EU will have to redouble its fight against human trafficking and new forms of slavery, guarantee human rights of all persons and protect those in need of international protection, particularly the most vulnerable groups. We are strongly committed to a common European migration policy, to prevent irregular flows as well as to address the root causes of mass migration in dialogue and cooperation with the countries of origin and transit. We are determined to strengthen our partnerships with those countries, particularly in Africa”.

(ITALPRESS/MNA)

Source: medNews

According to the Report on Albania published by the IMF in the context of the consultations under Article IV, the Albanian economy continues to improve by taking advantage of the increase in domestic demand, foreign direct investment and the recovery of the main EU trading partners. Attention is however suggested to the Albanian authorities regarding the management of the public debt. The positive economic trend, with growth of around 4% of GDP, and the clear political mandate of the government, after the last general elections, offer a good opportunity to continue on the path of reforms, strengthening the competitiveness of the economy and the financial system respecting fiscal discipline. The Fund is particularly interested in reducing the rate of public debt (extending the terms and diversifying investors) and in the direction of measures to guarantee fiscal equilibrium (curbing tax reduction, preferential policies and exemption for some sectors) and reduce risks. In terms of investments and with reference to the government’s “one billion euro” program to attract funding for public works through the private public partnership formula, the Fund stresses the need for an appropriate framework for public private partnership projects, in accordance with international best practices. The Fund also expresses its concern about the progress of the reforms in the energy sector which “after an impressive start, have then found delays”. With reference to the banking system, the IMF reiterates the need for “continuous vigilance”, appreciating “progress in restructuring bad debts”.

(ITALPRESS/MNA).

Source: medNews

Sicily is the historically oldest region for cases of leishmaniasis. The first manifestations of the disease on the island date back to the early 1900s.

In recent years, leishmaniasis has spread throughout the country and even in areas where it was previously non-existent, now there are several cases of the disease.

In the period 2013-2014 there has been a peak of human visceral leishmaniasis that has affected the hilly and pedestrian areas of the provinces of Reggio Emilia, Modena and especially Bologna, probably due to an increase in the density of the carrier caused in turn by particular climatic aspects environmental.

In Sicily leishmaniasis is constantly present over time. In the province of Palermo and Agrigento, this year there have been two cases of visceral leishmaniasis (the most dangerous, which can invade organs in particular the spleen and may even be fatal) and several cases of cutaneous leishmaniasis that produces an ulcer to epidermal level.

These are some of the data that emerged during the training event “The Leishmaniasis basin: new Insights into the Epidemiology of a Neglected Disease” which ended at the Istituto Zooprofilattico of Sicily.

Leishmaniasis is a complex disease, transmissible to humans by the bite of infected insects, the phlebotomist, which grows in damp and shady places, occupied by organic debris (undergrowth foliage, dens of small mammals, manure, heaps of stones and cracks of dry walls). They are the females that sting the host because they need to feed themselves with blood for the maturation of the eggs: they act more often at twilight, pricking the smooth areas of the skin, and they feed on the blood coming out of the wound.

Cutaneous leishmaniasis affect all age groups, especially males, adolescents and young adults, while visceral ones affect children, who are often in contact with tank dogs, but also non-immune or immunosuppressed adults.

Most infections are inapparent and often resolve spontaneously. Only a small part of cases evolve towards the full-blown form. Factors that favor evolution are genetic and also affect age, malnutrition, immunosuppression.

Leishmaniasis arrives in Sicily from the hottest countries, particularly from Tunisia. In the North African state, the leishmania mayor is very widespread, producing lepers and having as its animal the rodent. Since Sicily is a cross-border region, concerns emerge that the mayor may enter Sicily. At the moment, in Sicily, no case has been registered.

(ITALPRESS/MNA).

Source: medNews

Eni has produced its first gas from the supergiant Zohr field in a record time for this type of field of less than two and a half years. The discovery, which is located in the Shorouk Block, offshore Egypt approximately 190 km north of Port Said, has a potential in excess of 30 Tcf of gas in place (about 5.5 billion barrels of oil equivalent).

Zohr, discovered in August 2015, obtained the investment authorization after just six months in February 2016. It is the largest gas discovery ever made in Egypt and in the Mediterranean Sea, and will be able to satisfy a part of Egypt’s natural gas demand for decades to come.

Zohr is one of Eni’s seven record-breaking projects, which have involved rapid development and production, and is testament to the success of Eni’s Dual Exploration Model, adopted by 2013. The approach is based on a simple principle: while the reserves of hydrocarbons grow through the exploration successes, Eni can benefit from early monetization thanks to the sale of minority stakes, all while maintaining operatorship of the asset. By parallelizing exploration, appraisal and development phases, the time-tomarket is quicker, equity development cost are lowered, and Eni achieves an accelerated 2 cash flow. This winning combination allowed Eni to generate $9bn from its exploration activities between 2014 and 2017.

Eni’s CEO, Claudio Descalzi, commented: «Today is a historic day for us. It further confirms the capability of Eni’s women and men to turn challenging opportunities into unprecedented achievements. The start-up of Zohr is the direct result of our unique knowhow, our ability to innovate in technology and of our tenacity in pursuing even the most challenging goals, of which we are very proud. This project has been possible exploiting to the maximum level the competences, the skills as well as the human and infrastructural capabilities that this Country offers in terms of local content. It will completely transform Egypt’s energy landscape, allowing it to become self-sufficient and to turn from an importer of natural gas into a future exporter. I would like to thank the Egyptian Authorities and all our Partners in this incredible project for their all-important contributions and the whole Egyptian petroleum sector which provided full support to achieve Zohr project in a record time».

Eni holds a 60% stake in Shorouk Block, Rosneft 30% and BP 10%. The company is coOperator of the project through Petrobel, jointly held by Eni and the state corporation Egyptian General Petroleum Corporation (EGPC), on behalf of Petroshorouk, jointly held by Eni and the state company Egyptian Natural Gas holding Company (EGAS).

Source: medNews