Managing Divergent Recoveries - Bizweek
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CURRENCY MOVEMENT
March 2020 - 2021:
The year of the dollar
ÉDITION 337
ÉDITION 151 –– VENDREDI
VENDREDI09
23AVRIL 2021
JUIN 2017 L’HEBDOMADAIRE DIGITAL GRATUIT
L’ HEBDOMADAIRE ÉLECTRONIQUE GRATUIT
APRIL 2021 WORLD ECONOMIC OUTLOOK (WEO) GROWTH FORECASTS
Managing Divergent
Recoveries
It is one year into the COVID-19 pandemic and the global community still confronts extreme social and
economic strain as the human toll rises and millions remain unemployed. Yet, even with high uncertainty
about the path of the pandemic, a way out of this health and economic crisis is increasingly visible. Thanks
to the ingenuity of the scientific community hundreds of millions of people are being vaccinated and this is
expected to power recoveries in many countries later this year. Economies also continue to adapt to new ways
of working despite reduced mobility, leading to a stronger than anticipated rebound across regions. Addi-
tional fiscal support in large economies, particularly the United States, has further improved the outlook. In
the latest World Economic Outlook, the International Monetary Fund (IMF) is now projecting a stronger
recovery for the global economy compared with our January forecast, with growth projected to be 6 percent
in 2021 (0.5 percentage point upgrade) and 4.4 percent in 2022 (0.2 percentage point upgrade), after an
estimated historic contraction of -3.3 percent in 2020
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VENDREDI 09 AVRIL 2021 | BIZWEEK | ÉDITION 337 3
BIZ ALERT
CURRENCY MOVEMENT
March 2020 - 2021:
The year of the dollar
Last year was clearly the year of the dollar when it comes to analysing currency trends. With the dollar being the main anchor currency, the fortunes
of the United States economy were the drivers of all such movements. There have been phases of the dollar falling as the virus infection cases relent-
lessly went up and the government stood back without taking any major steps in terms of trying to prevent the same. Then there were the US Elec-
tions where the run-up was felt in the currency market all the time. And last, the growth forecasts of the US economy continued to improve over time
T
and now it does appear that the economy will only move in the upward direction
his scenario has been support-
ed by the Fed with the assur-
across geographies which can be seen in the
foreign investment trends especially in the
economy emitting the right signals.
• Among the developed markets the pound
Volatility
ances of buyback of bonds stock market which gets reflected in balance and euro gained by 10.9% and 7.1% Annualized monthly volatility during the
as well as maintaining a low of payments and hence currency value. against the dollar. year is a useful indicator to capture the noise
interest rate regime. However, A way to gauge how things have changed • The other currencies which went up on during the year and here the INR fared well
notwithstanding these positive impulses, the in the currency market is to look at averag- a point-to-point basis were Australian with 3.3%. The other currencies that had
bond yields have been rising of late with es for the months starting March 2020 till dollar (19.4%), rand (10.2%), renminbi volatility of less than 5% were pound, yen,
the 10-year yield now at 1.74%. last year it March 2021 and measuring the changes that (7.3%), Mexican peso and won (7.2%), renminbi, Hong Kong dollar, Singapore
was around 70 bps. Inflation concerns have have taken place over the year along with the Taiwan dollar (6.2%), rupiah (5.6%), dollar, ringgit, Philippine peso, won and Tai-
come in expectations. Hence there has been volatility. The former says whether the cur- Singapore dollar (5.3%), Philippine peso wan dollar.
an increase of around 100 bps during this rency is stronger or weaker against the dol- (5.2%), baht (4.2%), ringgit (4.5%) and Those with volatility between 5-10% were
period. lar, while the latter speaks more on the noise Indian rupee (2.3%). Quite clearly the rupiah, Australian dollar, ruble and baht.
This becomes important for the rest of elements during the year. Both of them pro- rupee was managed well to ensure there Currencies with volatility of above 10%
the world as global investment flows are vide fairly revealing pictures. was no sharp appreciation which could were real, rand, Turkish lira and Mexican
driven by these factors. When the US econ- have exacerbated problems with declin-
omy is doing well and bond yields go up, Currency movements ing exports.
peso.
there is a tendency for investors to invest in • The currencies which depreciated against
domestic markets. Also, with growth pros- The dollar over the year had declined, but the dollar were yen (1%), real (15.4%),
[Source: Analysis by CARE
pects improving investment in physical as- interestingly has been strengthening since Turkish lira (21%), Mauritian Rupee.
RATINGS (AFRICA) PRIVATE
sets open up thus making the US market at- February mainly due to the concerns that • Hong Kong dollar and ruble remained vir-
were there earlier being addressed and the LIMITED - April 2021]
tractive. This leads to a reallocation of funds tually unchanged.
VENDREDI 09 AVRIL 2021 | BIZWEEK | ÉDITION 337 4
LA TOUR
APRIL 2021 WORLD ECONOMIC OUTLOOK (WEO) GROWTH FORECASTS
Managing Divergent
Recoveries
It is one year into the COVID-19 pandemic and the global community still confronts extreme social and economic strain as the human toll rises and
millions remain unemployed. Yet, even with high uncertainty about the path of the pandemic, a way out of this health and economic crisis is increas-
ingly visible. Thanks to the ingenuity of the scientific community hundreds of millions of people are being vaccinated and this is expected to power
recoveries in many countries later this year. Economies also continue to adapt to new ways of working despite reduced mobility, leading to a stronger
than anticipated rebound across regions. Additional fiscal support in large economies, particularly the United States, has further improved the out-
look. In the latest World Economic Outlook, the International Monetary Fund (IMF) is now projecting a stronger recovery for the global economy
compared with our January forecast, with growth projected to be 6 percent in 2021 (0.5 percentage point upgrade) and 4.4 percent in 2022 (0.2
percentage point upgrade), after an estimated historic contraction of -3.3 percent in 2020
Asset Purchase
Programs and Mauritius
The COVID-19 crisis saw
an unprecedented use of
unconventional monetary policy
instruments among emerging
market and developing economies.
Twenty-seven emerging market
and developing economies
launched Asset Purchase Programs
(APPs), with most announcing
them for the first time—starting with
Indonesia on March 2, 2020. Most
emerging market and developing
economy central banks justified
APPs as a means to counter market
dysfunction, with only a handful
(Ghana, Indonesia, Mauritius) also
stating the support of government
financing as a motivation for the
program.23 The vast majority of
countries announced that their
purchases were confined to
government bonds; only a few
also announced purchases of
corporate or bank bonds (Brazil,
Chile, Hungary, Mauritius) or equities
(Egypt).
formative forces of digitalization and auto-
mation, many of the jobs lost are unlikely to
return, requiring worker reallocation across
sectors—which often comes with severe
earnings penalties.
Swift policy action worldwide, including
$16 trillion in fiscal support, prevented far
worse outcomes. Our estimates suggest last
year’s severe collapse could have been three
times worse had it not been for such support.
Because a financial crisis was averted, me-
dium-term losses are expected to be smaller
N
than after the 2008 global financial crisis, at
around 3 percent. However, unlike after the
onetheless, the future pre- the level of GDP it was forecast to have in tations. The average annual loss in per capita 2008 crisis, it is emerging markets and low-in-
sents daunting challenges. 2022 in the absence of this pandemic. Other GDP over 2020-24, relative to pre-pandem- come countries that are expected to suffer
The pandemic is yet to be de- advanced economies, including the euro area, ic forecasts, is projected to be 5.7 percent greater scarring given their more limited pol-
feated and virus cases are ac- will also rebound this year but at a slower in low-income countries and 4.7 percent in icy space.
celerating in many countries. pace. Among emerging markets and devel- emerging markets, while in advanced econ- “A high degree of uncertainty surrounds our pro-
Recoveries are also diverging dangerously oping economies, China is projected to grow omies the losses are expected to be smaller jections. Faster progress with vaccinations can uplift
across and within countries, as economies this year at 8.4 percent. While China’s econ- at 2.3 percent. Such losses are reversing gains the forecast, while a more prolonged pandemic with
with slower vaccine rollout, more limited pol- omy had already returned to pre-pandemic in poverty reduction, with an additional 95 virus variants that evade vaccines can lead to a sharp
icy support, and more reliant on tourism do GDP in 2020, many other countries are not million people expected to have entered the downgrade. Multi-speed recoveries could pose financial
less well. expected to do so until 2023. ranks of the extreme poor in 2020 compared risks if interest rates in the United States rise further
The upgrades in global growth for 2021 with pre-pandemic projections. in unexpected ways. This could cause inflated asset
and 2022 are mainly due to upgrades for ad- Daunting challenges Uneven recoveries are also occurring valuations to unwind in a disorderly manner, financial
vanced economies, particularly to a sizeable
upgrade for the United States (1.3 percentage
ahead within countries as young and lower-skilled
workers remain more heavily affected. Wom-
conditions to tighten sharply, and recovery prospects to
deteriorate, especially for some highly leveraged”, says
points) that is expected to grow at 6.4 per- en have also suffered more, especially in Gita Gopinath, the Economic Counsellor
These divergent recovery paths are likely to
cent this year. This makes the United States emerging market and developing economies. and Director of the Research Department at
create wider gaps in living standards across
the only large economy projected to surpass Because the crisis has accelerated the trans- the International Monetary Fund.
countries compared to pre-pandemic expec-
Cont’d on page 5
VENDREDI 09 AVRIL 2021 | BIZWEEK | ÉDITION 337 5
LA TOUR
High uncertainty
surrounds the global
outlook
Future developments will depend on the
path of the health crisis, including whether
the new COVID-19 strains prove susceptible
to vaccines or they prolong the pandemic; the
effectiveness of policy actions to limit persis-
tent economic damage (scarring); the evolu-
tion of financial conditions and commodity
prices; and the adjustment capacity of the
economy. The ebb and flow of these drivers
and their interaction with country-specific
characteristics will determine the pace of
the recovery and the extent of medium-term
scarring across countries. In many aspects,
this crisis is unique. In certain countries,
policy support and lack of spending oppor-
tunities have led to large increases in savings
that could be unleashed very quickly should
uncertainty dissipate. At the same time, it is
unclear how much of these savings will be
spent, given the deterioration of many firms’
and households’ balance sheets (particularly
among those with a high propensity to con-
sume out of income) and the expiration of
loan repayment moratoria. In sum, risks are
assessed as balanced in the short term, but
tilted to the upside later on.
VENDREDI 09 AVRIL 2021 | BIZWEEK | ÉDITION 337 6
ACTA PUBLICA
ONLINE RETAILING
How to navigate
the new normal
After a year of exponential growth, online retailing is among the sectors best placed to succeed in 2021. However, with the coronavirus (Covid-19)
pandemic persisting in many countries, companies will not find it easy to capitalise on the opportunities presented by the new retail environment. As
well as responding to changed consumer needs, companies will need to explore which markets offer most potential, all the while navigating increased
regulatory barriers, as well as cyber-security and labour risks. In this special report published on the 7th of April, The Economist Intelligence Unit
dives deep into the opportunities and threats facing online retailing and highlights the key factors to consider while preparing for success in a fiercely
T
competitive sub-sector
he pandemic transformed re-
tail in 2020. In its new report, In a fiercely competitive sector, there will
the Economic Intelligence Unit be both winners and losers from the market
(EIU) estimates that global on- transformation, depending on retailers’ abili-
line retail sales expanded by ty to shift online and retain customers. Suc-
32% in that year, to US$2.6trn, even while cess will be underpinned by several factors,
the overall retail market contracted by over including: - Competitive product positioning
2%. After such a record year for online re- and pricing strategies; - User-friendly digital
tail, growth will inevitably slow from 2021, platforms; - Efficient inventory management;
but online retailers will not easily give up the - Fast and efficient fulfilment processes
ground they have gained. Beyond thinking about their customer bas-
The uncertainties over the rollout of coro- es and product offerings, retailers will need to
navirus (Covid-19) vaccines and the emer- devise new strategies in three key areas:
gence of new strains of the virus will keep Next-generation technologies: After
social distancing measures in place in many slashing inventories early in 2020, many US
countries in 2021. Moreover, the ease of on- retailers faced a shortage of goods in sectors for click-and-collect or online fulfilment) or expand their physical presences and reach a
line shopping and home delivery has made such as apparel and electronics during the micro-fulfilment areas. In the US, Amazon larger customer base. However, they will face
them attractive options to many consumers, holiday season. Striking a good demand-sup- and Walmart were opening dark stores even challenges in the new retail landscape. Small-
who will continue to use these methods even ply balance amid increased uncertainty will before the pandemic struck and have since er franchise partners are unlikely to be capa-
when they can walk into shops again. Com- be challenging but crucial to success in 2021, amplified these efforts. Online grocery retail- ble (financially or otherwise) of building and
bining data and forecasts that cover 58 mar- encouraging investment in data analytics. Us- ing gained popularity in Europe during the running specialised flagship outlets. Those
kets worldwide, the EIU forecasts that global ing the latest technologies to collect and an- lockdowns, and retailers who were previously running fast-food chains may shift to oper-
online retail sales will increase their share of alyse user data in real time will be helpful in servicing online orders from physical shops ating cloud kitchens, for instance, but starting
total retail sales to nearly 20% by 2025, up framing both online and offline strategies. An might find that approach unsustainable in the a new business after facing steep losses amid
from 10.3% in 2019. Much of this growth increasing number of retailers (such as Nike) longer term, forcing investment in dedicated a global recession will be challenging. Big-
will be driven by two factors. are already collecting customer data directly, fulfilment centres. ger franchises might also see their business
Developing markets: The pandemic has besides collecting insights from tech giants The power of platforms: Online market- shrink, as companies in the fashion or luxury
helped to narrow the gap between Asian and such as Facebook or Google. places and multi-brand retailers will need to space move to service online orders from out
North American consumer markets and has Retailers will also need to make the most explore ways to widen their seller networks of the country and seek more control over
shown the former to be more resilient. Out- of developments in machine learning and after the pandemic. A new generation of dig- pricing and inventory.
side Asia, there will be opportunities for ex- AI-powered chatbots to personalise custom- ital entrepreneurs, forced to start their own Employees: Lockdowns, the rising li-
pansion in the Middle East and Latin Amer- er interactions. Online fashion retailing will businesses following job losses, might pro- quidity crisis among retailers, and the fall in
ica, where online retail surged in 2020 but increasingly involve AI to allow customers vide new opportunities. The popularity of consumer demand for non-essentials have
much of these markets remains in the hands to visualise themselves wearing the products online shopping, wider adoption of digital resulted in furloughs and lay-offs across the
of unorganised players. they wish to buy. Over time, tech-heavy retail- payments and increased use of social media retail sector over the past year. Some former
Online food and grocery delivery: In ers will seek new modes of revenue via dig- (such as Instagram and TikTok) for market- retail workers will find new opportunities in
a year that led to a decline of nearly 4% in ital advertising (as Amazon and Walmart are ing have given many entrepreneurs the option warehousing, logistics and courier services,
global consumer spending, expenditure on doing) or selling their digital technologies (as to trade from home, without having to invest which are expanding to support the surge in
food and beverages still rose by 5%. Online Ocado has) to a new generation of online re- capital in renting stores or office spaces. online sales.
grocery has been the biggest beneficiary, ex- tailers, blurring the line between retailers and Indeed, data from the US show a record In the US alone, a net figure of 751,000
panding from a small base pre-Covid to ac- technology companies. increase in new business applications (24%, retail jobs was lost in 2020, while warehous-
count for the lion’s share of online sales in Commercial real estate: While low foot- year on year), especially in retail (54%). Many ing and courier services gained 115,000 and
most markets. Online grocery is expected to fall has shut down several bricks-and-mortar of these entrepreneurs will rely on online 124,000 jobs, respectively. However, stocking
retain its momentum over other categories of outlets, retailers still need to store their goods marketplaces in which to expand and pro- products in warehouses or delivering orders
goods until at least 2023, when non-food re- in a way that allows them to fulfil the maxi- mote their businesses. Providing digital and to customers can be more physically demand-
tailing will start to accelerate again. mum number of online orders in the short- logistics support to small and local businesses ing and less enticing for a cashier or shop
est time possible. This creates opportunities will be a good way for marketplaces not only assistant who enjoyed interacting with cus-
How to build winning to turn vacant shops or shopping centres to expand their product variety, but also to
placate regulators, who are keen to support
tomers. Working conditions in warehouses
are definitely challenging, while delivery jobs
strategies? into “dark stores” (warehouse spaces used
small sellers. are mostly contractual and involve no securi-
ty. Pay is often lower than in retail jobs, too.
Who stands to lose? In the short term, with the supply of work-
ers high, online retailers will have little incen-
Amid all the opportunities thrown up by tive to improve working conditions or raise
online retailing, there will also be losers from pay. Even as recruitment markets tighten, this
the transition. may not be financially viable for many online
Franchise operators: As retail chains step companies, which are already struggling to
up investment in digitalisation in 2021, the widen margins. Instead, they may increase
need to cut costs elsewhere will require many investment in automating fulfilment and
to adjust their physical footprint; pull out of warehousing jobs, while courier services will
unprofitable markets; and operate fewer, but explore alternatives such as drone deliveries.
more specialised stores offering personalised Although unwelcome with employees, this
experiences. Companies are now more likely move away from reliance on people could al-
to bypass third parties and build direct rela- low retailers to accelerate productivity growth
tionships with customers via digital channels. and profitability.
The franchise business model has been a [Source: A report by The Economist
popular and efficient way for retail chains to Intelligence Unit - 07 April 2021]
VENDREDI 09 AVRIL 2021 | BIZWEEK | ÉDITION 337 7
POST SCRIPTUM
Pandemic: Commercial
Real Estate at a Crossroads
Empty office buildings. Reduced store hours. Unbelievably low hotel room rates. All are signs
of the times. The containment measures put in place last year in response to the pandemic
ANDREA DEGHI,
shuttered businesses and offices, and dealt a severe blow to the demand for commercial real
Financial Sector Expert estate—especially, in the retail, hotel, and office segments
in the Global Financial
Stability Analysis Division
of the IMF’s Monetary and
Capital Markets Department
FABIO M. NATALUCCI,
Deputy Director of the same
Department
B
eyond its immediate impact, The risk of a fall in prices grows when we 5 percentage points (due to a change in
the pandemic has also clouded can observe large price misalignments— consumer and corporate preferences) could
the outlook for commercial that is, when prices in the commercial real lead to a drop in fair values by 15 percent
real estate, given the advent of estate market deviate from those implied by after five years.
trends such as the decline in economic fundamentals, or “fair values.” One must keep in mind, however, that
demand for traditional brick-and-mortar Our recent analysis shows that these price there is huge uncertainty about the outlook
retail in favor of e-commerce, or for offices misalignments magnify downside risks for commercial real estate, making a
as work-from-home policies gain traction. to future GDP growth. For instance, a definitive assessment of price misalignments
Recent IMF analysis finds these trends 50-basis-point drop in the capitalization extremely difficult.
could disrupt the market for commercial rate from its historical trend—a commonly
real estate and potentially threaten financial used measure of misalignment—could Policymakers’ role in
stability. raise downside risks to GDP growth by countering financial
1.4 percentage points in the short term
stability risks
The financial stability (cumulatively over 4 quarters) and 2.5
connection percentage points in the medium term
Low rates and easy money will help
(cumulatively over 12 quarters).
nonfinancial firms continue to be able to
The commercial real estate sector has
COVID-19’s heavy toll access credit, thereby helping the nascent
the potential to affect broader financial recovery in the commercial real estate
stability: the sector is large; its price sector. However, if these easy financial
movements tend to reflect the broader Looking at the impact of the pandemic, conditions encourage too much risk-
macro-financial picture; and, it relies our analysis also shows that price taking and contribute to the pricing
heavily on debt funding. misalignments have increased. Unlike misalignments, then policymakers could
In many economies, commercial real estate previous episodes, however, this time around turn to their macroprudential policy toolkit.
loans constitute a significant part of banks’ the misalignment does not stem from Tools like limits on the loan-to-value or
lending portfolios. In some jurisdictions, excessive leverage build-up, but rather from debt service coverage ratios could be used
nonbank financial intermediaries (e.g., a sharp drop in both operating revenues to address these vulnerabilities. Moreover,
insurance firms, pension funds, or and the overall demand for commercial real policymakers could look to broaden the
investment funds) also play an important estate. reach of macroprudential policy to cover
role despite the fact that banks remain As the economy gains momentum, nonbank financial institutions, which
the largest providers of debt funding to the misalignment is likely to diminish. are increasingly important players in
the commercial real estate sector globally. Nevertheless, the potential structural commercial real estate funding markets.
An adverse shock to the sector can put changes in the commercial real estate Finally, to ensure the banking sector
downward pressure on commercial real market due to evolving preferences in stays strong, stress testing exercises
estate prices, adversely affecting the credit our society will challenge the sector. could help inform decisions on whether
quality of borrowers and weighing on the For example, a permanent increase in adequate capital has been set aside to cover
balance sheets of lenders. commercial property vacancy rates of commercial real estate exposures.
VENDREDI 09 AVRIL 2021 | BIZWEEK | ÉDITION 337 8
DEBRIEF
LUTTE CONTRE LE BLANCHIMENT DE CAPITAUX
ET LE FINANCEMENT DU TERRORISME
Réouverture partielle : Cim Finance
soutient ses clients avec une période
Konformitas de grâce
Afin de ne pas pénaliser les clients qui n’ont pas pu effectuer leurs
aux côtés des
paiements dus à la fin du mois de mars, Cim Finance applique une
période de grâce jusqu’au 16 avril 2021 pour les paiements à effectuer.
« Nous sommes conscients que certains de nos clients n’ont pas pu effec-
entreprises pour leur
tuer leurs paiements pour la fin du mois de mars en raison des restrictions
sanitaires en place. C’est pour cela que nous avons décidé qu’aucun intérêt
supplémentaire ne leur sera facturé pour les montants dus, et ce, jusqu’au
16 avril 2021. Nos clients ayant les cartes de crédit Cim verront un ajust-
mise en conformité
ement des frais de paiements tardifs sur leurs relevés du mois d’avril.
Les clients faisant face à des difficultés financières peuvent contacter nos
équipes en appelant au 203 6698 pour toute assistance », explique Roger
Li, Head of Consumer Finance de Cim Finance.
Proposer des conseils et un accompagnement de qualité aux entreprises en matière de
mise en conformité avec les lois relatives à la lutte contre le blanchiment de capitaux MC Vision redouble de vigilance pour
et le financement du terrorisme (AML/CFT). C’est la mission que s’est donnée la réouverture de neuf Canal+ Stores
Dans l’optique de protéger son personnel, ses collaborateurs et le
Konformitas, une société de conseil nouvellement créée
L
grand public, MC Vision a renforcé son protocole sanitaire et sécuri-
a capacité des entreprises à veiller au respect taire pour la réouverture de neuf de ses CANAL+ STORES dans le
des normes et des règlements est désormais un cadre du déconfinement progressif, annoncé par l’État. Ainsi, depuis
facteur clé pour leur croissance à long terme. le 1er avril, ces succursales sont ouvertes du lundi au samedi et les
D’où la mission de cette société, basée à Ebène, qui clients y ont accès selon le même ordre alphabétique établi pour les
proposera des services complets, allant de l’évaluation supermarchés et autres commerces, à savoir A – F : lundi et jeudi, G –
à la mise en place de procédures internes, en passant N : mardi et vendredi et O – Z – mercredi et samedi.
par la formation.
La lutte contre le blanchiment de capitaux et le
financement du terrorisme s’est considérablement LUX* La Baraquette Resort &
renforcée au cours de ces dernières années. Cela a eu Residences présente un monde de
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financières, les entreprises et professions non-fi-
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« Les entreprises privées ont un rôle important à jouer dans
la lutte contre le blanchiment de capitaux pour aider le pays à
sortir de la liste noire de l’Union européenne. De plus, le non-re-
spect des lois en vigueur peut avoir de graves conséquences sur
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Lalji Venketasawmy, Chief Executive Officer (CEO) notamment les agents immobiliers, les négociants en
de Konformitas Consulting Ltd. métaux précieux et pierres précieuses, les casinos et les Situé dans la pittoresque ville portuaire de Marseillan, LUX* La
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tutions financières ainsi qu’aux Entreprises et Profes- notaires, etc.), les comptables, ainsi que les prestataires plombe un vignoble privé et l’impressionnant étang de Thau, long de
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tectural mixte, construit en partenariat avec le principal promoteur
Propriétés & Co, propose 133 appartements élégants, allant du studio
Performance du Groupe ENL :
à la chambre à coucher, 30 villas avec patio méditerranéen ainsi que 4
villas spectaculaires en front de mer. Les propriétaires de résidences ne
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pandémie de Covid-19 ont lourde-
ment impacté la performance du
groupe ENL. Le rapport annuel de MC Vision lance une chasse aux
l’entreprise pour l’exercice financi- œufs… virtuelle
er 2020 fait état d’une perte opéra- MC Vision a or-
tionnelle de près d’un milliard de ganisé une chasse
roupies, due essentiellement à l’ar- aux œufs virtuelle
rêt de ses activités hôtelières. sur son profil Ins-
Dans une analyse détaillée, pub- tagram CANAL+
liée dans le rapport annuel sous Maurice du 2 au 5
forme d’interview, le CEO d’ENL, avril, dans le cadre
Hector Espitalier-Noël, relève que de la célébration de la
toutes les activités du groupe ont Pâques. Les abonnés
fait preuve de résilience à l’issue étaient ainsi invités
à s’amuser en famille
du premier confinement, à l’ex- er le tourisme. Selon lui, l’exercice en cherchant ces pe-
ception notable de l’hôtellerie, qui financier en cours s’annonce diffi- tits œufs de Pâques
continue d’être affectée par l’inac- cile, avec ce deuxième confinement bien dissimulés.
tivité due à la fermeture des fron- national qui ne fait qu’exacerber « En sus de l’ouverture
tières nationales. Les plans d’aide l’environnement incertain dans le- des chaînes pendant ce-
mis en place par le gouvernement, quel évolue le groupe. tte période particulière,
notamment avec la création de la Le CEO d’ENL s’attend à ce nous avons voulu venir
Mauritius Investment Corpora- que le groupe retrouve sa rentabil- avec un concept atypique de chasse aux œufs virtuelle pour permettre à nos
tion, sont d’un soutien précieux, ité en 2022, sauf pour l’hôtellerie abonnés de se divertir en famille », rappelle Ghislaine Tchibozo, CEO
mais ne pallient pas l’urgence de où la reprise ne serait pas prévue de MC Vision.
rouvrir les frontières et de relanc- avant 2023.
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