Rabat – Government Chief Abdelilah Benkirane chaired, here Wednesday, the signing ceremony of the documents related to the investment contracts concerning the Safi thermal power plant at a total cost of 2.6 billion dollars (around 23 billion dirhams).The plant, the largest in Morocco, will provide an annual production covering around 25 percent of the national electricity demand by 2018, with an aggregate capacity of approximately 1,386 MW.This latest-generation plant, which is part of the national strategy to meet the growing electricity at the lowest cost and the environmental demand, is characterized by optimizing the environmental performance and efficiency high in comparison with conventional plants. It will enable a significant reduction in CO 2 and a reduction in costs associated with fuel. The plant will be built by the OEM South Korean Daewoo Engineering & Construction Co. The construction contract thereto, an amount of 1.8 billion U.S. dollars, was signed on August 9, 2013 between the manufacturer and the company SAFIEC.From the beginning of its construction, and throughout the period of its operation, the plant will contribute significantly to the dynamics of economic and social development of the Kingdom, and particularly that of the region of Safi and this, particularly in terms of job creation and use of the services of local SMEs.It will also allow the development of existing or under construction port, rail and power infrastructure, including the new port of Safi to house the coal dock that will supply the plant with coal and the construction works were initiated by King Mohammed VI in April 2013.The commercial operation of the plant will begin in 2017. read more

Canadian dollar declines ahead of Bank of Canada rate announcement by Malcolm Morrison, The Canadian Press Posted May 30, 2014 6:48 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email TORONTO – The Canadian dollar was lower Monday morning as traders digested a strong read on Chinese manufacturing and looked ahead to key domestic data coming out this week.The loonie slipped 0.15 of a cent to 92.08 cents US two days before the Bank of Canada delivers its next announcement on interest rates. The key rate will stay unchanged at one per cent, where it’s been since September 2010.Economists will look to see if the central bank continues to flag concerns about low inflation being the No.1 concern since inflation has been heading higher recently.Canada’s annual inflation rate climbed to its highest level in two years, reaching two per cent in April, largely driven by an unusually big jump in energy prices.Canadian job figures for May come out Friday and economists expect about 21,000 jobs were created after the economy shed 29,000 the previous month.Statistics Canada will also release the merchandise trade balance for April on Wednesday. Economists expect it to show a $100 million surplus.Meanwhile, copper prices got a lift from strong Chinese manufacturing data.The July copper contract was up four cents to US$3.16 a pound after the China Federation of Logistics and Purchasing said that its monthly manufacturing index rose to 50.8 points in May, up from April’s reading of 50.4 and was the highest level this year. Any reading above 50 indicates expansion.Elsewhere on the commodity markets, July crude in New York was up a dime to US$102.81 a barrel.July bullion headed 80 cents higher to US$1,246.80 after losing 3.5 per cent last week with markets feeling more comfortable about the Ukraine crisis and more concerned about deflation rather than inflation, particularly in Europe.It is widely expected that European Central Bank president Mario Draghi will announce measures on Thursday aimed at raising inflation from very low levels and encouraging a lacklustre economic recovery.It’s also a busy week for economic reports in the U.S.On Monday, traders will take in the latest reading on the health of the American manufacturing sector. Economists expect the Institute for Supply Management’s index for May to come in at 55.5, up from 54.9 in April.Economists also forecast another month of strong job gains in the U.S. They expect the government’s non-farm payrolls report coming out Friday will show that the American economy cranked out about 219,000 jobs following a much stronger expected 288,000 gain in April. read more