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 Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices were little changed on Monday, while investors awaited a slew of US economic data including the December nonfarm payrolls report for further guidance on the Federal Reserve's stance on interest rates.
Spot gold held its ground at $2,635.39 per ounce by 0510 GMT. US gold futures dropped 0.2% to $2,646.80.
How the US jobs data fares this week could hold the key to whether gold breaks out of its recent range, said Tim Waterer, chief market analyst at KCM Trade.
"There is a plethora of US data due for release this week (including ISM Services PMI data), and any downside misses could hurt the USD and help gold."
The US jobs report, due on Friday, is expected to provide more clues to the Fed's rate outlook after the US central bank rattled markets last month by reducing its projected cuts for 2025.
Investors are also awaiting ADP hiring and job openings data, as well as minutes of the Fed's last policy meeting for further direction.
Gold flourishes in a low-interest-rate environment and serves as a hedge against geopolitical uncertainties and inflation.
US President-elect Donald Trump is set to return to office on Jan. 20 and his proposed tariffs and protectionist policies are expected to fuel inflation.
This could prompt the Fed to go slow on rate cuts, limiting gold's upside. After three rate cuts in 2024, the Fed has projected only two reductions for 2025 due to persistent inflation.
The US central bank's benchmark policy rate should stay restrictive until it is more certain that inflation is returning to its 2% target, Richmond Federal Reserve President Thomas Barkin said on Friday.
Spot silver was down 0.2% at $29.57 per ounce, platinum dipped 0.7% to $931.30 and palladium fell 0.4% to $918.22.