ALGERIA

The Mattei Plan: why Giorgia Meloni is looking to Africa

Retrieved on: 
Thursday, April 25, 2024

Since coming to power, Giorgia Meloni’s government has been remarkably orthodox in its foreign policy.

Key Points: 
  • Since coming to power, Giorgia Meloni’s government has been remarkably orthodox in its foreign policy.
  • And yet on Africa, the prime minister has broken with convention, pointing to the intractability of the right-wing nationalist coalition’s foreign strategy.

The making of the Mattei plan

  • To answer such questions, it is worth returning to the first iterations of the Mattei Plan for Africa.
  • From then on, this Mattei plan for Africa has undergone much scrutiny and driven Italy’s partners wild as they tried to pin down the plan’s contents.

Venturing beyond the Mediterranean..

  • For a long time, Italy has conceptualised its foreign action by referring to the geographical area of the “enlarged Mediterranean” as its core focus.
  • In this way, the concept of African policy can be seen as a timely clarification on Italy’s part.

… In the steps of her conservative predecessors

  • Back in the days when he was head of government in 2014-2016, Matteo Renzi visited nine African countries, calling to invest in the continent in terms quite comparable to those of the Mattei Plan.
  • The idea of a correlation between the fight against immigration and the development of Africa appealed to the Meloni government, which associated it with the Mattei Plan.
  • The presence of European Commission President Ursula Von der Leyen further added a European dimension to the initiative, a point not lost on Italian President Sergio Mattarella.

Italy’s old ties with Africa

  • Italy is strongly rooted in Africa.
  • We’ve already mentioned the importance of ENI, the state-owned oil and gas company that plays a pre-eminent role on the continent.
  • We therefore observe a remarkable intensity in the relationship between Italian non-governmental actors and Africa.

Addressing the root causes of immigration

  • Italy’s African policy initiative thus corresponds to a necessity for Meloni, who has to deal with attempts by Matteo Salvini’s Lega party to outflank her on the right.
  • But it also responds to a series of wider influences that reflect the importance and complexity of the relationship between Italy and Africa.


Jean-Pierre Darnis a reçu des financements publics de recherche dans le cadre de l'Académie 5 de l'Université Côte d'Azur / financements IDEX

Dominant currency pricing in international trade of services

Retrieved on: 
Thursday, April 25, 2024

Abstract

Key Points: 
    • Abstract
      We analyze, for the first time, how firms choose the currency in which they price transactions
      in international trade of services and investigate, using direct evidence, whether the US dollar
      (USD) plays a dominant role in services trade.
    • JEL: F14, F31, F41
      Keywords: dominant currency paradigm, international trade, services.
    • Related research has
      shown that the US dollar (USD) exchange rate is a major source of swings in
      global trade in goods?a ?dominant currency pricing? (DCP) phenomenon?since
      most goods traded internationally are invoiced and sticky in USD.
    • Yet it is also key to look at dominant currency pricing in international trade
      in services for several reasons.
    • First, global trade in services is big?accounting for
      about a quarter of global gross trade flows and for around 40% in terms of valueadded trade.
    • Third, and relatedly, the
      future of globalisation might be in trade in intermediate services?as progress with
      digitech lowers technological barriers to such trade across borders.
    • But perhaps the main reason is that trade in services is conceptually different
      from trade in goods.
    • Our paper is the first, to our best knowledge, that analyzes how firms choose
      the currency in which they price transactions in international trade of services and
      that examines whether dominant currency pricing differs between trade in goods
      and services using direct evidence? hitherto unavailable?on patterns of currency
      choices in international transactions in services compared to goods.
    • Work on dominant currency pricing has
      almost exclusively focused on trade in goods.
    • One reason is that data on patterns
      in invoicing currency for trade in services are ?virtually nonexistent? (Adler et al.
    • Yet it is important to look at dominant currency pricing in international trade
      in services for several reasons.
    • Using the exporter?s (or producer) currency in exports is known in the literature as producer
      currency pricing (PCP), while using the importer?s currency is known as local currency pricing (LCP)
      and using a third currency is known as vehicle currency pricing (VCP).
    • Our paper is the first, to our best knowledge, that analyzes how firms choose the
      currency in which they price transactions in international trade of services and that
      examines whether dominant currency pricing differs between international trade in
      goods and services using direct evidence ? hitherto unavailable ? on patterns of
      currency choices in international transactions in services compared to goods.
    • First,
      we rule out compositional effects, that is that differences in the use of currencies
      reflect differences in trade partners in services vs. goods trade.
    • Both in extra-EU and intra-EU trade, the EUR is the
      most widely used currency, be it on the export or import side.
    • Based
      on the framework, we stress which factors should determine currency choices in
      international trade, and to what extent one should expect differences between
      services trade and goods trade.
    • Second, it can price in the importer?s currency
      (local currency pricing, LCP).4 Third, it can use a third currency, say currency
      v (vehicle currency pricing, VCP).
    • That is,
      the currency choice problem is equivalent to determining the currency in which the
      desired price is least volatile.
    • (2022)
      provide systematic empirical evidence ? firm size and exposure to foreign currencies
      in imported inputs ? should also shape currency choices in services trade.
    • Dominant currency pricing in USD ? services vs. goods trade
      Having established that currency choice in international trade of services is an
      active firm-level decision as well as the determinants of this decision, we now

      8.

    • Services and goods exports: prevalence of different pricing strategies (percent)
      Notes: The table shows the shares (in value terms) of different pricing strategies: producer currency
      pricing (PCP), local currency pricing (LCP) and vehicle currency pricing (VCP).
    • To make comparisons with goods trade, we rely on Eurostat?s
      macro data on international trade in goods by invoivcing currency.
    • If intra-EU trade is more important in services than
      in goods trade, this could hence be an explanation for the lower prevalence of the
      USD in services trade.
    • We showed
      that while the USD is also extensively used as a vehicle currency in services trade, its
      prevalence is systematically lower than in goods trade.
    • Hence for all travel services exports
      the invoicing currency is the EUR; for travel imports it is the currency of the
      destination of travel (i.e.
    • Also for these

      ECB Working Paper Series No 2932

      33

      services it seems plausible that trade does not take place vis-?-vis all counterparts
      in each currency.

    • Figure B.2: Share of international trade in services in global GDP broken down by type (%)
      Notes: Authors? calculations using World Bank and World Trade Organization data.
    • An earlier version of this paper circulated under the title ?Currency choices and the role of the
      U.S. dollar in international services trade?.

Oncopeptides and Vector Pharma FZCO Announce Collaboration to Provide Pepaxti to Patients in the Middle East and North Africa 

Retrieved on: 
Wednesday, March 27, 2024

Under the terms of this exclusive agreement, Vector will distribute Pepaxti to patients in the MENA region for the treatment of patients with multiple myeloma.

Key Points: 
  • Under the terms of this exclusive agreement, Vector will distribute Pepaxti to patients in the MENA region for the treatment of patients with multiple myeloma.
  • The two parties have agreed on a revenue split on all Pepaxti sales in the region, with Vector carrying all costs through their existing structure in the region.
  • “I am excited to announce this regional agreement with Oncopeptides,” says Vector Pharma FZCO Managing Partner Patrick Jordan.
  • “We are happy for our partnership with Vector and look forward to working together as we enter this promising region together.

Essential Pharma and AcedrA Biopharmaceuticals sign Distribution Agreement to commercialize essential medicines in the Middle East and North Africa region

Retrieved on: 
Tuesday, March 26, 2024

This strategic collaboration aims to address unmet commercial and medical needs by allowing AcedrA to register, promote, and commercialize a portfolio of 36 Essential Medicines across various therapeutic areas within 12 countries in the Middle East and North Africa Region.

Key Points: 
  • This strategic collaboration aims to address unmet commercial and medical needs by allowing AcedrA to register, promote, and commercialize a portfolio of 36 Essential Medicines across various therapeutic areas within 12 countries in the Middle East and North Africa Region.
  • Essential Pharma specializes in ensuring sustainable access to clinically differentiated, low-volume, and difficult-to-manufacture medicines for chronic diseases and acute care.
  • As a global leader in acquiring, integrating, and maintaining Essential medicines at risk of shortages or discontinuation, Essential Pharma works collaboratively with partners worldwide to uphold the highest standards of pharmaceutical manufacturing.
  • Emma Johnson, CEO of Essential Pharma, commented: “As we continue our mission to provide sustainable access to vital medicines, we are thrilled to announce our partnership with AcedrA BioPharmaceuticals.

Texas Cardiac Arrhythmia Institute at St. David's Medical Center first in U.S. to use FDA-approved pulsed field ablation system

Retrieved on: 
Tuesday, April 9, 2024

The first procedure was performed by Andrea Natale, M.D., F.H.R.S., F.A.C.C., F.E.S.C., cardiac electrophysiologist and executive medical director of TCAI, and Amin Al-Ahmad, M.D., clinical cardiac electrophysiologist.

Key Points: 
  • The first procedure was performed by Andrea Natale, M.D., F.H.R.S., F.A.C.C., F.E.S.C., cardiac electrophysiologist and executive medical director of TCAI, and Amin Al-Ahmad, M.D., clinical cardiac electrophysiologist.
  • Dr. Natale and Dr. Al-Ahmad were two of 67 global operators to participate in the trial that led to FDA approval.
  • The novel PFA system delivers short-duration, high-energy electrical pulses to the cardiac tissue to destroy cells that cause irregular heart rhythms without using excess heat or cold.
  • "Our team is honored to have played a part in piloting this new era of global innovation for cardiac arrhythmia."

GACA: GLOBAL AVIATION LEADERS TO ADDRESS AVIATION CHALLENGES AND OPPORTUNITIES AT 2024 FUTURE AVIATION FORUM IN RIYADH, MAY 20-22

Retrieved on: 
Tuesday, April 9, 2024

FAF24 will propose a plan to solve aviation's biggest challenge, and feature awards recognizing achievements and innovations in global aviation.

Key Points: 
  • FAF24 will propose a plan to solve aviation's biggest challenge, and feature awards recognizing achievements and innovations in global aviation.
  • RIYADH, Kingdom of Saudi Arabia, April 9, 2024 /PRNewswire/ -- The Future Aviation Forum (FAF) returns to Riyadh from 20-22 May 2024, bringing together 5,000 experts and aviation leaders from over 100 countries, including ministers, regulators, manufacturers, airlines, and airports.
  • His Excellency the President of GACA, Abdulaziz-Al Duailej, said:
    "The 2024 Future Aviation Forum will once again unite global aviation leaders to solve aviation's biggest challenges, including manufacturing supply chain issues, capacity constraints and the development of human capital across the world.
  • The Forum will also progress the Saudi Aviation Strategy's (SAS) transformation of the Kingdom into the Middle East's leading aviation hub.

GACA: GLOBAL AVIATION LEADERS TO ADDRESS AVIATION CHALLENGES AND OPPORTUNITIES AT 2024 FUTURE AVIATION FORUM IN RIYADH, MAY 20-22

Retrieved on: 
Tuesday, April 9, 2024

FAF24 will propose a plan to solve aviation's biggest challenge, and feature awards recognizing achievements and innovations in global aviation.

Key Points: 
  • FAF24 will propose a plan to solve aviation's biggest challenge, and feature awards recognizing achievements and innovations in global aviation.
  • RIYADH, Kingdom of Saudi Arabia, April 9, 2024 /PRNewswire/ -- The Future Aviation Forum (FAF) returns to Riyadh from 20-22 May 2024, bringing together 5,000 experts and aviation leaders from over 100 countries, including ministers, regulators, manufacturers, airlines, and airports.
  • His Excellency the President of GACA, Abdulaziz-Al Duailej, said:
    "The 2024 Future Aviation Forum will once again unite global aviation leaders to solve aviation's biggest challenges, including manufacturing supply chain issues, capacity constraints and the development of human capital across the world.
  • The Forum will also progress the Saudi Aviation Strategy's (SAS) transformation of the Kingdom into the Middle East's leading aviation hub.

Real Madrid World's Official Opening Day is Today

Retrieved on: 
Tuesday, April 9, 2024

have announced the much-anticipated opening of Real Madrid World (RMW), the first ever Real Madrid-themed park celebrating football and basketball the Real Madrid way, today, 9 April 2024.

Key Points: 
  • have announced the much-anticipated opening of Real Madrid World (RMW), the first ever Real Madrid-themed park celebrating football and basketball the Real Madrid way, today, 9 April 2024.
  • Fans will explore an impressive collection of official Real Madrid retail and merchandise in Dubai at Real Madrid World, where fans are invited to personalize the Club's shirts and other collectibles to celebrate football the Real Madrid way as well as enjoy numerous dining venues and carts offering flavourful treats with Spanish twists.
  • Real Madrid World will showcase the winning spirit of Real Madrid, embodying the deep passion that brings the club to life."
  • Moreover, Real Madrid fans will explore an impressive collection of official Real Madrid retail and merchandise that offers an exclusive opportunity to personalize the Club's shirts and other collectibles to celebrate football the Real Madrid way.

Real Madrid World's Official Opening Day is Today

Retrieved on: 
Tuesday, April 9, 2024

have announced the much-anticipated opening of Real Madrid World (RMW), the first ever Real Madrid-themed park celebrating football and basketball the Real Madrid way, today, 9 April 2024.

Key Points: 
  • have announced the much-anticipated opening of Real Madrid World (RMW), the first ever Real Madrid-themed park celebrating football and basketball the Real Madrid way, today, 9 April 2024.
  • Fans will explore an impressive collection of official Real Madrid retail and merchandise in Dubai at Real Madrid World, where fans are invited to personalize the Club's shirts and other collectibles to celebrate football the Real Madrid way as well as enjoy numerous dining venues and carts offering flavourful treats with Spanish twists.
  • Real Madrid World will showcase the winning spirit of Real Madrid, embodying the deep passion that brings the club to life."
  • Moreover, Real Madrid fans will explore an impressive collection of official Real Madrid retail and merchandise that offers an exclusive opportunity to personalize the Club's shirts and other collectibles to celebrate football the Real Madrid way.

Texas Cardiac Arrhythmia Institute at St. David's Medical Center first in U.S. to use FDA-approved pulsed field ablation system

Retrieved on: 
Tuesday, April 9, 2024

The first procedure was performed by Andrea Natale, M.D., F.H.R.S., F.A.C.C., F.E.S.C., cardiac electrophysiologist and executive medical director of TCAI, and Amin Al-Ahmad, M.D., clinical cardiac electrophysiologist.

Key Points: 
  • The first procedure was performed by Andrea Natale, M.D., F.H.R.S., F.A.C.C., F.E.S.C., cardiac electrophysiologist and executive medical director of TCAI, and Amin Al-Ahmad, M.D., clinical cardiac electrophysiologist.
  • Dr. Natale and Dr. Al-Ahmad were two of 67 global operators to participate in the trial that led to FDA approval.
  • The novel PFA system delivers short-duration, high-energy electrical pulses to the cardiac tissue to destroy cells that cause irregular heart rhythms without using excess heat or cold.
  • "Our team is honored to have played a part in piloting this new era of global innovation for cardiac arrhythmia."