News from Cape Verde, Angola & Mozambique

Cabo Verde Business News

In Cabo Verde on April 3, 2014 at 11:30 am

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NEWS

President Jorge Carlos Fonseca believes that the recent projections by Fitch Ratings, which estimate Cape Verde’s public debt will rise to more than 115% of GDP in 2015 and 120% in 2017, merit the attention of all Cape Verdeans, especially the government. Fonseca said that, regardless of the interpretations made by politicians, it is important to join forces to attenuate these numbers and create conditions that will allow the economy to grow (A Semana).

The Supreme Court of Justice has slightly reduced the sentence of those convicted by Praia district court in the Operation Speed Boat case and, in a surprise ruling, has also overturned the lower court’s acquittal of businessman José Teixeira, sentencing him to four years behind bars for money laundering (A Semana).

WHAT IS THE BEST RESTAURANT OF CAPE VERDE 2013?

Check out the results of Atlantico Weekly’s poll on the Best Restaurant of Cape Verde in 2013.

- INTERVIEW -

Atlantico Weekly recently spoke with Cape Verde’s Prime Minister José Maria Neves about Cape Verde’s business opportunities, development strategy, privatisations, new property tax law, international relations and much more in: Islands of Sun and Freedom in a Sea of Opportunities

- ENTREVISTA –

Atlantico Weekly falou com o Primeiro-Ministro de Cabo Verde, Dr José Maria Neves, sobre as opportunidades de negócios em Cabo Verde, a stratégia de desenvolvimento, mudanças na tributação, as privatisações, as relações internacionais e muito mais em: Ilhas de Sol e Liberdade num Mar de Oportunidades

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ECONOMY

The gross domestic product (GDP) of Cabo Verde (Cape Verde) in 2012 posted nominal growth of 1.9 percent and year-on-year growth of 1.2 percent, according to the National Accounts Estimates published by the National Statistics Institute (INE).

Cabo Verde had a total of 9,177 companies operating in 2012, which was a rise of 220 companies or 2.5 percent more than in 2011, INE also said. According to the 4th Business Census, for 2012, companies in operation at the end of 2012 posted turnover of 250.8 billion escudos, a drop of 7.6 billion escudos compared to 2011, and the number of jobs fell by almost 2,000 to 51,400 people employed.

The Directorate General of Customs has been clearing merchandise and proceeding with computerized registration of cargo ships prior to their arrival in Cape Verde. These measures, which will be tested throughout the coming quarter, are the results of the modernization of the services provided to business operators and are intended to improve the business environment in the country, according to the Ministry of Finances and Planning (A Semana).

Portuguese bank Caixa Geral de Depósitos has made a 30 million-euro line of credit available to Cape Verde to finance the second phase in the expansion of Sal Rei sea port, on the island of Boa Vista. The government justifies the loan, which falls within the framework of the General State Budget, with the infrastructure’s importance to the development of the island and the country (A Semana).

THE GRAND TOUR OF CAPE VERDE

Check out The Grand Tour of Cape Verde, Atlantico Weekly’s travel guide to the country’s main islands Santiago, Sal, Santo Antao, Boa Vista and Sao Vicente. Agora tambem em Portugues!

BEST MUSIC & BOOKS

Be welcome to check out Atlantico Weekly’s music cd and book store in cooperation with Amazon.com! Browse the Atlantico Store for the latest and best Angolan, Cape Verde and Mozambican music, like Waldemar Bastos, Bonga and many others…! Also use the Atlantico Store to find relevant maps, books on politics, economics and history as well as travel or tourist guides aboutthese countries. You order straight with Amazon, one of the best online stores in the world. Enjoy!

PROJECT OF THE WEEK

hotelexcelsiorpraia

Render of Hotel Excelsior, to be built in Praia.

TOURISM

With the motto “For sustainable and inclusive tourism,” business operators in the tourism sector all over the country and their international partners will meet on the island of Sal between May 23 and 25 for the sixth edition of the Expotur tourism trade fair (A Semana).

Cabo Verde (Cape Verde) had 222 hotel establishments in 2013, which was rise of 7.2 percent compared to the number of units at the end of 2012, according to an annual inventory conducted by the National Statistics Institute (INE).

Angola Business News

In Angola on April 3, 2014 at 11:29 am

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NEWS

SBM Offshore presented today the findings of its internal investigation, which it started in the first quarter of 2012, in reaction to allegations of bribery in Brazil, Angola and other countries (Rotterdam Week).

Angola could ease inequality by diverting 10 percent of petroleum revenue to the poor, the World Bank said. Payments would amount to $326 per person a year for those living on less than $1.25 a day, Francisco Ferreira, the Washington-based lender’s chief economist for Africa, said in a March 21 presentation to the Catholic University of Angola in Luanda, the capital. The concept hasn’t been discussed with the government, Ferreira said in an interview afterward (Bloomberg).

- INTERVIEW -

ANGOLA BEYOND OIL & GAS

maria luisa abrantes

Check out our first feature story about Angola, an interview with Maria Luisa Abrantes, Director of ANIP, Angola’s Investment Agency: Angola Beyond Oil & Gas

ECONOMY

Economic growth in Angola will slow in 2017 as oil output declines, the International Monetary Fund said. The southwest African country’s $122 billion economy is forecast to expand by 5.3 percent this year, and by 5.5 percent and 5.9 percent in the following two years before the rate slows to 3.3 percent in 2017, IMF data shows. Crude oil production will decline to 1.77 million barrels a day from 1.9 million in 2016, according to the Washington-based lender (Bloomberg).

Angola plans to take advantage of the interest it has attracted from international financial investors to net up to US$2.6 billion, which it plans to use to build infrastructure, according to the Economist Intelligence Unit (EIU). In its latest report on Angola, the EIU said there was “interest from investors in increasing their exposure to Angolan debt,” in a scenario that allows “the Angolan government to capitalize on a favourable macroeconomic climate,” after delayed payments accumulated in 2008 and 2009 have been practically paid off.

Angola’s central bank has left its benchmark interest rate unchanged at 9.25 percent on Monday after a meeting of its monetary policy committee. The committee last changed the lending rate in November, when it cut it from 9.75 percent, Reuters reported.

Planned tax changes in Angola are hindered by inaccurate budget targets and perceptions the measures will hurt the economy, the Christian Michelsen Institute said. The country has yet to approve three new tax codes first submitted to the government in 2011. President Jose Eduardo dos Santos in October cut an estimate of last year’s economic expansion to 5.1 percent from 7.1 percent, while the 2012 budget projecting a 12.8 percent increase to the $114 billion economy was later lowered to 7.1 percent (Bloomberg).

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BUSINESS

The opening of the first Continente hypermarket in Angola still has no scheduled date, said Paulo Azevedo, the chief executive of Portuguese group Sonae, “due to delays in the real estate component,” of the project.

The Sky Gallery, the new luxury shopping centre under construction in Luanda, is scheduled to start operating in June. It will offer customers goods from prestigious brands that will be on sale in Angola for the first time, Angolan newspaper Expansão reported.

Rental prices on commercial properties in Luanda currently cost between US$60 and US$130 per square metre, according to a study published recently by the Abacus consultancy in partnership with Jones Lang LaSalle.

MINING

De Beers, the world’s largest diamond miner by market value, hopes to obtain a concession to explore in Angola by the end of this year, chief executive Philippe Mellier said. The London-based company, majority-owned by global miner Anglo American, is also holding initial talks with India about exploring in some areas in the centre-north of the country (Reuters).

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OIL & GAS

Angolan oil exports fell by 8.5 percent year-on-year in January to 49.2 million barrels, which is the lowest monthly amount since 2011, local press reported.

OTHER NEWS

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Will the DA break through? South Africa’s Democratic Alliance and the 2014 elections (Rotterdam Week).

Julius Malema’s Economic Freedom Fighters have arrived. Will they succeed in capturing voters? Who will benefit from them? Check it out at Rotterdam Week.

Mozambique Business News

In Mozambique on April 3, 2014 at 10:44 am

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NEWS

Mozambique is likely to miss a deadline to rid the country of landmines laid during the bloody civil war due to skirmishes between the army and former rebels. Mozambique was supposed to clear the last tracts of mined land by the end of this year, but clashes between government forces and the revived Renamo rebel movement could make that impossible (BusinessDay).

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You can subscribe to Atlantico Weekly here. It’s free! Atlantico Weekly is now also on Facebook. Be welcome to join our group! You can follow Atlantico Weekly on Twitter at atlanticoweekly. Also be welcome to join our Atlantico Weekly networking and discussion group on Linkedin.

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AND GET HUGE DISCOUNTS

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Rates for ads with picture, link and a bit of text in one of the three columns on our front page now start at only 499 Euros for a 26 weekly edition period or only 999 Euros for a 52 weekly edition period (excluding taxes and money transfer costs).

Contact us for more info and our range of other advertising and promotion offers!

ECONOMY

Mozambique may struggle to find all the investment finance it needs for its ambitious liquefied natural gas (LNG) projects as it must compete with top-rated developed economies with similar big LNG export plans, regional energy and finance experts said. Lacking the capital to develop multi-billion dollar LNG export terminals by itself, Mozambique must attract foreign investment for financing. To encourage this investment, the government is planning to introduce new energy and mining laws that will set a clear regulatory and taxation environment (Reuters).

AVIATION

Nacala International Airport in Mozambique is expected to start operating in August of this year after work to convert the former Nacala Air Base is finished, local press reported.

The monopoly on the airline market by Mozambique’s flagship airline, Linhas Aéreas de Moçambique (LAM) is preventing development of civil aviation and tourism in Mozambique, said Hipólito Hamela, the economic advisor of the Confederation of Economic Associations of Mozambique (CTA).

OIL & GAS

Anadarko Petroleum Corp has sold two-thirds of the capacity of its planned Mozambique liquefied natural gas (LNG) project to Asian customers and hopes to have the rest sold soon. The company is the primary operator of Mozambique’s Rovuma Offshore Area 1, which is estimated to hold more than 65 trillion cubic feet of natural gas. LNG, gas chilled to liquid form for sea transport, is a key fuel source and many Asian nations have been hungry to find steady sources. To develop massive LNG projects though, financiers often require customers to be lined up well in advance (Reuters).

Mozambique has signaled it would approve a move by Eni to reduce its stake in a natural gas field. State-controlled Eni holds a 50 percent stake in the gas-rich Area 4 field which contains reserves of around 90 trillion cubic feet (tcf). Last year, Eni sold a 20 percent stake in the field to Chinese oil company CNPC in a deal worth around $4 billion (Reuters).

MINING

Brazil’s Vale SA expects to line up a partner for its coal operations in Australia and Mozambique despite weak conditions facing the industry. Vale booked a loss of $480 million on its coal business in 2013, mostly from Moatize in Mozambique, which was hit by a sharp rise in rail usage fees and export disruptions due to security threats, while coal prices slumped. This week, the company suspended operations on its Moatize-Beira coal rail line after one of its trains was hit by gunfire, injuring the driver (Reuters).

Mozambique’s government said it’s in talks with Rio Tinto Group over capital gains tax on the company’s $4.2 billion acquisition of Benga coal mines from Riversdale Mining Ltd. in 2011. “The Riversdale-Rio Tinto business is still on the table,” Mozambique Tax Authority President Rosario Fernandes told reporters. “At some stage they have to follow local law” as the acquisition involved mining assets in Mozambique, she said (Bloomberg).

 

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