US-Africa Business Summit in Marrakech Seeks to Create Sustainable Partnerships

Marrakech will host the US-Africa Business Summit 2022 next week. (Asharq Al-Awsat)
Marrakech will host the US-Africa Business Summit 2022 next week. (Asharq Al-Awsat)
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US-Africa Business Summit in Marrakech Seeks to Create Sustainable Partnerships

Marrakech will host the US-Africa Business Summit 2022 next week. (Asharq Al-Awsat)
Marrakech will host the US-Africa Business Summit 2022 next week. (Asharq Al-Awsat)

Morocco’s Marrakech city is scheduled to host the US-Africa Business Summit 2022 between July 19 and 22.

The event, which will be held under the patronage of King Mohammed VI, will bring together more than one thousand participants, including entrepreneurs and prime ministers.

It aims to create resilient and sustainable partnerships among key decision makers in the public and private sectors in the United States and Africa.

It is expected to provide an opportunity for various organizations to explore new horizons to enhance the economic partnership, while underlining the next phase of the partnership, which mainly concerns US-African regional trade, energy, digital transformation, and trade finance.

The summit, themed “Building Forward Together” will explore a renewed commitment by both public and private sector stakeholders to building stronger US-Africa trade, investment, and commercial ties as they emerge from unprecedented health and economic challenges.

Its highlights will include plenary sessions and sector-focused panels as an exceptional line up of more than 100 business and government leaders will discuss industry-tested solutions to today's business challenges in agribusiness, finance, energy, health, infrastructure, ICT, security, and more.

Session topics will include “Building a Just Transition to Net Zero in Africa,” “Innovation for Agriculture Transformation,” and “SMEs: Fueling the Recovery and Economic Growth,” to name few.

It will also include an opening session, public meetings and dialogues.



Gold Eases on Firmer Dollar, Solid US Data

A person passes by a gold shop in Ankara, Turkey May 29, 2023. REUTERS/Yves Herman/File Photo
A person passes by a gold shop in Ankara, Turkey May 29, 2023. REUTERS/Yves Herman/File Photo
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Gold Eases on Firmer Dollar, Solid US Data

A person passes by a gold shop in Ankara, Turkey May 29, 2023. REUTERS/Yves Herman/File Photo
A person passes by a gold shop in Ankara, Turkey May 29, 2023. REUTERS/Yves Herman/File Photo

Gold prices edged lower on Thursday, weighed down by a stronger dollar and robust US economic data, while caution persisted as markets awaited clarity on tariff developments.

Spot gold fell 0.3% to $3,337.43 per ounce by 0155 p.m. EDT (1755 GMT) after hitting a session low of $3,309.59.

US gold futures settled 0.4% lower at $3,345.3.

Following the latest US data, "there was a bit of rise in the dollar and US Treasury yields are higher. So, it's put a little weakness in the gold market," said Bob Haberkorn, senior market strategist at RJO Futures, Reuters reported.

The dollar gained 0.3%, making the greenback-priced gold more expensive for foreign currency holders.

US jobless claims fell last week, pointing to steady job growth in July, while retail sales data beat expectations, adding 0.6% last month, though some of the gain likely reflected tariff-driven price increases.

Fed Governor Adriana Kugler said the Fed should not cut interest rates "for some time" as the impact of Trump administration tariffs begins to pass through to prices.

Gold is often regarded as a hedge against uncertainty and inflation, but higher interest rates diminish its appeal, as it yields no interest.

On the trade front, Japan's top trade negotiator held talks with the US Commerce Secretary on US tariffs, as Tokyo races to avert a 25% levy that will be imposed unless a deal is clinched by an August 1 deadline.

"If Trump follows through on his threats and trade tensions escalate, it’s not a stretch to imagine gold challenging — and potentially breaking- its record highs again," said Fawad Razaq, market analyst at City Index and FOREX.com.

Meanwhile, gold exports from Switzerland jumped 44% month-on-month in June as bullion flew back to the vaults in the United Kingdom from the US via Swiss refineries, Swiss customs data showed on Thursday.

Palladium was up 3.8% at $1,277.78, reaching its highest level since September 2023.

Fears of an escalating war in Russia, a major palladium exporter, are fuelling supply concerns and driving prices higher, Haberkorn said.

Elsewhere, spot silver added 0.3% to $38.07 per ounce and platinum gained 3.1% to $1,460.13.