Monday, March 30, 2020

AfricanManager

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    A new mobile application called “Flouss” will be launched at the beginning of next week, the Central Bank of Tunisia (BCT) announced in a press release published on Thursday.

    The aim of this application, created by the BCT and developed by the Tunisian startup “Digital Cultural eXperience”, is to introduce a new communication on the new contemporary generation of Tunisian banknotes.

    By using augmented reality technology in this application, the BCT aims to present the cultural aspects as well as the security features of the banknotes.

    It also offers, to the visually impaired, a service of audio identification of the value of all banknotes in circulation, including the new 10-dinar banknote (type 2020) which will be put into circulation as of March 27, 2020.

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      The coronavirus could cause the Tunisian economy to lose 0.5% growth and affect several key sectors including tourism, air and sea transport, reveals the National Observatory of Agriculture in a study entitled “Impacts of COVID-19 on the evolution of agricultural products in Tunisia”.

      Based on recent studies conducted by experts Hakim Ben Hammouda and Mohamed Hédi Bechir, the study foresees 4 possible scenarios.

      The first scenario (a situation under control) reveals a growth rate of about 1.75% while the fourth scenario (a situation out of control) predicts a growth of -1.86%.

      According to the study, local consumption could fall from -1.56% to -5.23%. This is also the case for exports, which should decline from -1.98% to 10.34%.

      As far as the local market is concerned, the Observatory forecasts a fall in demand for fresh agricultural products, particularly those with added value (fish, meat, etc.).

      According to the same source, this fall is due to the decline in tourism and catering activities.

      The Observatory stressed the importance of monitoring the evolution of supply and demand for the coming period, bearing in mind that local markets are currently abundant in fruit, vegetables and fish.

      With regard to exports, the study estimates that if the spread of COVID-19 is controlled, the Tunisian olive oil market could replace the Italian and Spanish markets.

      The demand for dates will decline, the same source indicates, specifying that this decline will be accentuated by the application of measures related to air transport restrictions in some markets, particularly the European market.

      The Observatory forecasts losses in fish exports by about 652 tons, or 13.3 million dinars (prices in the first quarter of 2019).

      Vegetable exports will fall considerably, such as wild tomatoes and certain geothermal products such as cucurbits, 50% of which are destined for European Union countries.

      It is therefore essential, according to the observatory, to attract new markets

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        The Central Bank of Tunisia will put into circulation, as from March 27, 2020, a new banknote of ten dinars (type 2020) that is current and legal tender, it said in a statement Thursday.

        This new banknote will feature as main character, the late Doctor Tawhida Ben Cheikh” (1909-2010), it added

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          Foreign exchange reserves of the Central Bank of Tunisia (BCT), in terms of days of imports hit the 115-day bar for the first time since October 2016.

          According to daily data from the BCT, as of 25 March 2020, net foreign exchange reserves amounted to 20.06 billion dinars, up 5.5 billion dinars compared to last year, the equivalent of 30 days of imports.

          This growth in foreign currency assets is the result of the continued increase in tourism receipts which have accumulated 883.6 million dinars as of March 20, 2020, posting a rise of 102.7 million dinars compared to the same date of the previous year.

          Similarly, labor income (mainly made up of remittances from Tunisians residing abroad) continued its upward curve, reaching 1 billion dinars on March 20, 2020, against 929 million dinars on the same date last year.

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            Holders of innovative agricultural ideas in Tunisia could apply for financial support from the Agricultural Innovation Fund of the German Agency for International Cooperation (GIZ).

            Three winners could receive up to €50,000, or about 157 thousand dinars, from this fund, which promotes efficiency and sustainability in agriculture, according to the German agency.

            Applicants, among start-ups and small businesses, from more than thirty countries in Africa, including Tunisia, Algeria and Morocco, will be able to benefit from this support for agricultural innovation.

            They will be able to present, before March 31, innovations that “aim to make the agricultural and food sector more efficient and sustainable,” it was noted, specifying that the sectors concerned are mechanization, digitization and renewable energies.

            The three winners in each category will receive a support package that will be individually tailored to their innovation for a total value of up to €50,000 (about 157 thousand dinars).

            The package for the second-place winners is worth up to €20,000 (about 63 thousand dinars) and those in third place up to €10,000 (about 31.4 thousand dinars).

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              Reported investment in industry went up 23.2% to 792.2 million dinars during the first two months of 2020, as against 590 million dinars in the same period in 2019, according to the Agency for the Promotion of Industry and Innovation (APII).

              This boom highlights the still decisive weight of the mechanical and electrical industries, which have seen a 151.3% growth in investments, rising from 121.8 million dinars in the first two months of 2019 to 306.2 million dinars in the same period in 2020.

              The construction sector also saw its investments rise by 59.8% to 191.7 million dinars.

              It must be said that the drivers of this growth are numerous since the leather and footwear industries are witnessing a real boom (+116.8%).

              However, this evolution is to be taken with caution since the amount of investments has risen from 0.7 to 1.5 million dinars between the first two months of 2019 and those of 2020.

              The industries that are experiencing a drastic drop in investment are those of textiles and clothing (-75.9%), chemical industries (-50.3%) and food processing (-45.2%).

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                The BH Insurance company closed the year 2019 with a gross profit of 13.7 million dinars (MD), which represents an increase by 26.7% compared to 2018.

                The company specified, in a press release published on the Tunis Stock Exchange website, that the net result of the fiscal year 2019 stood at 9.5 MD, against 7.6 MD in 2018, i.e. a 24.4% rise.

                BH Assurance also reported a 14% increase in turnover, at the end of 2019, compared to 2018, to 116.7 MD.

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                  The company INOPLAST (Industrie Nouvelle du Plastique), a subsidiary of the Hachicha group, leader in the plastics industry in Tunisia, has increased its capital by 13.75 million dinars to 27.5 million dinars.

                  INOPLAST, specialized in the manufacture and marketing of PVC and PE pipes, garden furniture, boxes, technical parts and in subcontracting has succeeded throughout its four decades of existence to be at the forefront of the field of plastics processing.

                  The company has been able to take advantage of its experience, its technical innovations and its strategic acquisitions to position itself today as a leading Tunisian company in the transformation of thermoplastic materials based on the techniques of extrusion and injection.

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                    Prime Minister Elyes Fakhfakh said on Thursday the government will have to find additional funds to cope with the economic, social and health consequences of the coronavirus pandemic.

                    Speaking at a plenary session of the House of People’s Representatives, he added that the 2.5 billion dinars mobilized will not be enough for the task and to meet the country’s needs.

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                      The company Carthage Cement would have closed its capital increase for an amount of 206 million dinars, or 77% of the initial amount of the operation (268.5 million dinars), ilboursa reported.

                      This represents a great success for the cement manufacturer given the circumstances in which the operation took place but also for its shareholders, its management and all the team who believed in the company and in their ability to make a success of the capital increase of the Tunisian market leader.

                      This capital increase, carried out through stock market intermediary MAC SA, will serve to rebalance the company’s financial structure by significantly reducing the level of debt.

                      The company’s capital would therefore be increased to 343.6 million dinars.

                      It should be recalled that the amount of the operation initially amounts to 268.5 million dinars (including 68.1 million to be released by offsetting the claims accruing to BINA Corp (associated current account) and Al KARAMA Holding.

                      The amount to be raised on the financial market will stand at 200.4 million dinars

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