Finance & Economy

HPS, a multinational leader in the provision of payment solutions and services, announces today that Bank of Cyprus, the largest banking and financial services group in Cyprus, has finalized the migration and replacement of its legacy systems to PowerCARD, the HPS software solution. After successfully migrating its Base24 Switch to …

Indian giant Samvardhana Motherson Group (SMG) settles in Tanger Automotive City. While waiting to build its second production site there, SMG is working to obtain administrative permits related to the environmental impact of such a project. India’s Samvardhana Motherson Group (SMG) will soon begin construction of a second factory in …

Attijariwafa bank launches a new online assistance service accessible 24/7, based on artificial intelligence, allowing customers to conduct an interactive dialogue, to obtain answers to their questions quickly, efficiently and on time that suits them. This virtual assistant constitutes real added value for the Customer Relations Center, which was in …

Already stuck in an unprecedented crisis in its history, the national airline Royal Air Maroc (RAM) has not stopped suffering from the suspension of the airlines. Thus, in addition to the difficulty of reaching an agreement with its pilots, it is a summons which threatens the company, on the part …

Silicon Valley Venture Capital (VC) company Plug and Play plans to open its first African office in Morocco this year as well as another in Johannesburg (South Africa). The accelerator – which is behind names such as Google, Logitech and PayPal – made the announcement in a series of Covid-19 …

The Fitch Ratings Agency has just revised the ratings of Attijariwafa bank, Bank of Africa and CIH from stable to negative, while confirming to “BB +” the rating of long-term issuer default in foreign and local currencies of the three banks. The rating actions follow Fitch’s review of Morocco’s sovereign …

The Ministry of Economy, Finance and Administration Reform said on Tuesday that the two months of confinement, imposed by the new coronavirus (Covid-19), should cost the Moroccan economy 6 points growth of its Gross Domestic Product (GDP) for the year 2020, which means a loss of 1 billion dirhams per …

Taqa Morocco’s financial indicators declined in the 1st quarter. Taqa Morocco’s Net Income Group Share (NIGS) stood at MAD 152 million compared to MAD 265 million in the same period last year, a drop of 42.8%. The NIGS reached 152 million in Q1-2020 against 265  million dirhams at the end …

The effects of the health crisis are sparing no airline. After RAM which loses MAD 50 million per day, it is around Air Arabia in Morocco to announce to its personnel deductions from wages. The company has just informed the pilots, the captains and the co-pilots that their incomes will …

Within Royal Air Maroc (RAM), hit hard by the closure of Morocco’s borders as part of the health emergency, the time has come for dialogue to allow the national airline to see the end of the tunnel. Thus, a meeting was held Friday between the top management of the RAM …