THE
NORTH AFRICA JOURNAL
161st. Issue
Week Ended October 19, 2004
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Crisis
of Confidence in the Private Banking Sector in Algeria
The
collapse of the El-Khalifa Bank and the BCIA Bank in Algeria underscores
the fragility of the private banking system in the North African
country. Their disappearance from the market has further magnified
the state of mistrust the general public and institutions have had
toward a banking sector under the control of private interests.
An assessment on the sector was made before parliament this week
by the governor of the central bank Banque d’Algerie Mohamed Laksaci.
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Elections
V Day for Ben Ali and the Ruling RCD Party and What’s Ahead for the Tunisian Economy
There is not much to report about this event, except that it turned out exactly as predicted and that the opposition has finally shown some willingness to oppose, although it was too little, too late. In power for 17 years, the 68 year old president Zine al-Abidine Ben Ali has been reelected, as expected, for a fourth five-year term. According to the Tunisian interior minister, President Ben Ali received 94% of the votes. The turnout was 91% of the voting population. The Tunisians have also voted for their representatives at the parliament but the main opposition party, the Parti Démocrate Progressiste (PDP), withdrew its 89 candidates from the race, citing major issues and fraud in the process. Ben Ali’s party, the Constitutional Democratic Rally (RCD) has been in power for the past 40 years and is once again maintaining its control of parliament with 80% of the seats.
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Business and Politics
Malaise and Battle for Leadership at the Moroccan Business Federation CGEM
The Moroccan business federation CGEM, a powerful organization that unifies Morocco’s largest enterprises is going through rough time. There is an ongoing battle on who will take over the leadership and guide it into the future and the battle is said to engage powerful men with close ties to government and the monarchy. The story is about the relationship that exists between the regime and the economic power base. Local analysts and political commentators speak of the existence of an Economic Makhzen, a sort of feudal system in which economic power is controlled by a few who are linked to the monarchy. And this is how analysts explain the ongoing malaise at the CGEM business federation.
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Corporate Affairs
Is Batam of Tunisia Moving Toward Liquidation?
The recovery through the restructuring of the Tunisian home appliances distributor Batam is not happening. Hailed twice as the best model of corporate restructuring, the effort to fix Batam’s problems has thus far collapsed as the company failed to make a payment installment on its debt. Today there is a strong likelihood of a complete collapse, which will inevitably lead to final liquidation if its situation persists.
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Relations
A Look at South Africa-Algeria Economic Ties
Despite differences in the styles and in the way business is conducted in both countries, Algeria and South Africa have managed to remove many obstacles to improving trade and investments in the extreme ends of the African continent. Their leading corporations, from Sonatrach and Sonelgaz on the Algerian side to the Central Energy Fund and Eskom on the South African side, have been discussing ways to cooperate and partner in their respective industries ever since the two governments set up a bilateral commission in 2000.
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To Catch Up With Lost Opportunities, Belgium Launches Business Offensive in Algeria
Seeking to expand trade links with Algeria, the Belgian government organized a trade mission to Algiers with the participation of 150 business executives, and included Prince Philippe of Belgium. This was Belgium’s biggest trade mission ever organized for the North Africa region. For more than a decade, Algeria maintained a surplus in its trade exchange with Belgium. But the surplus has been declining overtime, falling from $500 million in 1992 to $150 million in 2002. However, with higher oil prices, Algeria managed to re-grow its surplus to $401 million in 2003.
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