Economy

Disney, in the midst of a political battle with Florida Governor Ron DeSantis, announced Thursday that the group was giving up building a nearly $900 million campus there which was to accommodate employees near its amusement park.

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The group, which recently initiated significant cost reductions, mainly puts forward economic reasons.

“Given the significant changes that have taken place since this project was announced, including new management and changing economic conditions, we have decided not to proceed with construction of the campus,” writes Josh D’Amaro, the amusement parks in the group, in a memo addressed to employees and consulted by AFP.

But the decision comes once morest a backdrop of strong tensions with local authorities.

Ron DeSantis, a rising star of the American hard right, ended the company’s special status in his state in February.

Disney responded by filing a complaint, saying it was “targeted revenge” once morest the group for denouncing a bill in 2022 that restricted the teaching of subjects related to sexual orientation and gender identity in Florida elementary schools.

The company had announced in July 2021 its intention to ask employees to move to settle in Florida on a new campus, the cost of which, according to press reports, was estimated at the time at $ 864 million.

“This decision was not easy to make, but I believe it is the right one,” noted Josh D’Amaro in the memo on Thursday.

According to the Competition Council, this practice has the effect of slowing down and hindering the development of growth and the digitalization of the national economy.

e-commerce : This appeal is, according to the Autorité, not economically justified, causing not the least competitive harm.

The Competition Council points the finger at the overcharging of online payment. Ahmed Rahhou’s department has issued a notice to this effect, warning companies that practice it. This appeal is, according to the Autorité, not economically justified, causing not the least competitive harm. “Some companies operating in different sectors of economic activity and using the service of online payment of their invoices via the Internet have their customers bear the cost of this service in addition to the invoice to be paid, while they take full advantage of it by significantly reducing their operating and investment costs related to the collection of these invoices”, can be noted from the Competition Council.

And to add that “this economically unjustified practice is abusive and might distort the free play of competition on the markets concerned by providing undue advantages to certain operators, allowing them to strengthen their positions on the said markets and this to the detriment of consumers. “. The Competition Council also sees this kind of practice as a threat to the development of digital at the national level. “In addition, this practice, which burdens the purchasing power of consumers, has the effect of slowing down and hindering the development of growth and the digitalization of our economy and is thus at odds with the national strategy for the development of digital in Morocco”, can we retain for this purpose.

In this regard, the Competition Council is sounding the alarm and encouraging companies to review their practices. It should be noted that through its decision-making power, the Competition Council reserves the right to initiate proceedings once morest companies that persist in this “practice that is detrimental to the development of competition in the digital markets of our economy. “. It should be noted that online payment is an important deposit in the digital economy. It is also considered to be one of the accelerators of financial inclusion.

This activity is more and more frequent in Morocco. Referring to the latest figures from the Center monétique interbancaire (CMI), payment via the Internet has shown double-digit growth in terms of both transactions and amounts generated. Thus, 28.1 million online payment transactions were carried out in 2022 via merchant sites and billing sites affiliated with the CMI, thus marking an increase of 35.6% compared to 2021. These transactions relate to a total amount of 9.6 billion dirhams, a consolidation of 24.3% year-on-year.

The UAE Central Bank announced that cash deposits increased to 654.6 billion dirhams last February, an increase of 6.7% year-on-year, or the equivalent of 41.2 billion dirhams, compared to 613.4 billion dirhams in February of last year.

Sharjah 24 – WAM:

The UAE Central Bank revealed that cash deposits increased to 654.6 billion dirhams last February, an increase year-on-year by 6.7%, or the equivalent of 41.2 billion dirhams, compared to 613.4 billion dirhams in February 2022.

And the Central Bank stated, in the statistics of the country’s monetary totals, that cash deposits increased on a monthly basis by 1.46%, equivalent to 9.4 billion dirhams, compared to regarding 645.2 billion dirhams in January 2023.

He stated that semi-cash deposits rose to 987.4 billion dirhams last February, an annual increase of regarding 15%, compared to 858.2 billion dirhams in February 2022, an increase equivalent to 129.2 billion dirhams.

OTTAWA – Disappointed that the federal government has still not made a competitive call for tenders to replace the army’s surveillance planes, Bombardier Defense is joining forces with General Dynamics Mission Systems–Canada to convince Ottawa not to dismiss the aeronautical industry here.

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“Bombardier and several other Canadian companies are disappointed that the Government of Canada has still not opened a competitive, fair and transparent procurement process,” spokeswoman for Quebec aircraft manufacturer Arevig Afarian told the Journal.

For several months, the Minister of National Defense, Anita Anand, has been flirting with Boeing, which is offering to sell 14 P-8 Poseidon surveillance planes to the Canadian Armed Forces. These aircraft would replace our aging fleet of CP-140 Auroras, which will have to be retired starting in 2030. The replacement contract for these aircraft, in service since 1980, is valued at more than $5 billion.

The Minister and her counterpart François Philippe Champagne, Minister of Industry, even met Boeing representatives during a recent visit to Washington.

In this context, General Dynamics Mission Systems-Canada and Bombardier fear that a contract will be concluded by mutual agreement with the American giant. They also want to be able to have the ear of the government.

To convince, General Dynamics relies on its reputation as an international supplier of anti-submarine warfare technologies and airborne solutions used for intelligence, surveillance and reconnaissance purposes. Its systems are notably found on board powerful nuclear submarines.

Not the same plane

The Global 6500 aircraft offered by the Quebec aircraft manufacturer is however very different from that of Boeing. Smaller, it is also not equipped to launch torpedoes in its original version, which would be necessary in a maritime combat situation. Bombardier says it is ready to adapt to needs by modifying its aircraft and will reveal more technical details at the end of the month.

But Norbert Cyr, formerly of the Ministry of Defense and Oerlikon Aerospace, doubts that the Quebec aircraft manufacturer and its ally can compete once morest Boeing’s “extremely advanced” aircraft, which is already deployed and used by our allies.

“Bombardier promises to integrate systems, but it has never been done. This creates risks, that is to say delays and additional costs, he explains. Whereas the Poseidon is turnkey.”

jobs here

But Bombardier and General Dynamics brandish the economic argument, including the creation of high-calibre jobs and many opportunities for small and medium-sized businesses and the scientific community in the country. The Global 6500 is manufactured in Montreal, Ottawa and Mississauga, then assembled in Toronto.

“Bombardier employs more than 11,000 people in Canada working in various sectors and has a significant impact on Canadian economic growth. Bombardier had a contribution of nearly $ 5.7 billion to GDP in 2021, and most of it being concentrated in the metropolitan areas of Montreal and Toronto, ”underlines Ms. Afarian.

However, Mr. Cyr warns that “spending a fortune to make it a Canadian contract is a false good investment”, if in the end it costs us more and we have to make concessions on performance.