News from Cape Verde, Angola & Mozambique

Archive for March, 2009|Monthly archive page

Brazil’s oilfields and the price per barrel

In Uncategorized on March 31, 2009 at 7:23 pm

Read the full story and analysis at Bloombergs

Panama growth at least 3 pct in 2009

In Uncategorized on March 31, 2009 at 6:58 pm

Panama’s economy will grow at least 3 percent this year and in the worst case scenario, the country could register a fiscal deficit of 1 percent of its gross domestic product in 2009, Economy Minister Hector Alexander said on Sunday.

Read the full story at Reuters

Angola: 92 percent growth in four years

In Angola on March 31, 2009 at 6:44 pm

Angolan minister of Economy, Manuel Nunes Júnior, said Monday in Luanda that the country’s economy recorded an average growth rate of 9.6 percent between 1989 and 2007 and a 92,4 percent real growth from 2004 to 2007.

Read the news feature at Angop

EIU forecast South Africa, March 30th

In Uncategorized on March 30, 2009 at 8:13 pm

Read the forecast at the Economist Intelligence Unit

EIU forecast for Brazil, March 11th

In Uncategorized on March 30, 2009 at 8:10 pm

Read the forecast at the Economist Intelligence Unit

Brazil’s oil industry has big hurdles to clear

In Uncategorized on March 30, 2009 at 8:08 pm

In the past two years Brazil has discovered the largest oil deposits in the country’s history and the world’s most promising fields since the discoveries made in Kashagan in Kazakhstan in 2000. This has put Brazil well on its way to becoming a major producer in the future, but technological and financial hurdles will have to be overcome first.

Read the full briefing in the Economist Intelligence Unit

SA Gautrain drives employment growth

In Uncategorized on March 29, 2009 at 1:44 pm

The Gautrain fast rail network around Johannesburg is expected to create about 148 000 direct, indirect and induced jobs over the next twenty years.

Read the full story at South Africa the good news

Surinam news update, March 29th

In Uncategorized on March 29, 2009 at 1:42 pm

TOURISM

Surinam is to get a national website dedicated to tourism promotion. The project will be funded by the EU.

BANKING

De Surinaamsche Bank N.V. (DSB) closed the year 2008 with a net profit of SRD 22,7 million.

BIOFUELS

Staatsolie, Surinam’s staterun oil company, is working on a future project to develop production of biofuels, together with Brazilian partners, Minister for Natural Resources Gregory Rusland announced.

ECONOMY

Surinam is in a much better position to survive negative effects of the global recession. A good position of the SRD, a comfortable monetary reserve and the prudent monetary policies of the last years are some of the reasons of the country’s “pole position“. This was the message of two IMF-economists, Gamal El Masri and Bernhard Fritz-Krockowoek, while presenting their publication ‘Suriname Toward Stability and Growth’.

(De Ware Tijd)

Angola news update, March 29th

In Angola on March 29, 2009 at 1:41 pm

BUSINESS

Angolan company Desco, a firm that deals in the supply of automatic power generators and constructions, invested about USD 60 million over the last few years in the country (Angop).

Dutch multinational Philips, world leader in manufacturing electronic products, intends to invest in Angola, setting a strategic agreement with the government and local enterprises said on Wednesday here, the company’s market manager, Jan Hoogstra (Angop).

INVESTMENT

Brazilian group Odebrecht plans to invest between US$800 million and US$1 billion in various economic sectors in Angola, the Angola press reported Thursday (Macauhub).

PORTS & LOGISTICS

The general director of Company Sabmiller/Angola, Samuel Jerónimo, suggested on Thursday greater effectiveness from staff of Luanda Port and the creation of work shift at the weekends in order to diminish the difficulties registered by entrepreneurs and port workers (ANGOP).

The Drago group has announced the launch on 4 April of the first logistics station integrated in Angola Business Park, a project which includes construction of production centres in all provinces, at an overall investment of some US$700 million (Macauhub).

The trading port of Lobito in Angola dealt with 564 million tonnes of cargo unloaded from 103 ships in the first quarter of the year, the port’s director, José Carlos Gomes said Tuesday (Macauhub).

BANKING & FINANCE

The issue of Angolan Treasury Bonds approved Wednesday by the Council of Ministers, will be carried out in stages and subject to the conditions of free subscription by investors, the Angolan Finance Minister, Severim de Morais said in Luanda (Macauhub).

The Standard Bank is looking for acquisition opportunities to expand its operations in Angola and Brazil, amongst other markets, the chiefexecutive of the South African bank said in Accra Thursday (Macauhub).

Angola’s Banco de Comércio e Indústria (BCI) plans to provide funding of uS$400 million for investments by small, medium and large Angolan companies, the bank’s chairman, Adriano Pascoal said Tuesday (Macauhub).

Cape Verde news update, March 29th

In Cape Verde on March 29, 2009 at 1:41 pm

SECURITY

In 2008, Cape Verde’s Judiciary Police seized 36% more drugs that the year before, mostly cocaine and cannabis. The information comes from Judiciary Police director Óscar Tavares and was announced during last week’s Coordination and Strategic Planning meeting, which took place in Praia (A Semana).

AIR TRAVEL

São Pedro Airport on the island of São Vicente will close between 8:30 am and 6:30 pm beginning today, March 25, for construction work in the airport’s maneuvering zone. Between today and May 9, all flights to and from the island will take place at night (A Semana).

BIOFUELS

Geocapital is negotiating the set up of a biofuel research and development centre in Cape Verde, the Macau-based holding company’s chairman and shareholder, Jorge Ferro Ribeiro said Thursday (Macauhub).

PORTS & LOGISTICS

The Cape Verdean government is “very soon” due to launch the public tender to award the contract for construction work to expand and modernise the Port Novo dock, a source from national ports management company, Enapor told Cape Verdean news agency Inforpress (Macauhub).

REAL ESTATE

uthorities linked to the tourist real estate sector in Cape Verde called Friday for an investment fund of 100 million Euros to be set up and listed on the local stock exchange, to support companies in difficulty (Macauhub).

Brazil news update, March 29th

In Uncategorized on March 29, 2009 at 1:40 pm

ECONOMY

BRASILIA, March 27 (Reuters) – Brazil’s government will announce in the coming days the extension of tax breaks for the automobile industry that were set to expire next week, a source at the presidential palace said on Friday (Reuters).

Brazil’s government unveiled an ambitious $15 billion housing plan on Wednesday for low-income families, President Luiz Inacio Lula da Silva’s latest bid to create jobs and prevent Latin America’s largest economy from falling into recession (Reuters).

BUILDING

Police in Brazil arrested several executives at major construction firm Camargo Correa on Wednesday to investigate their participation in an alleged money laundering scheme within the company (Reuters).

Brazilian group Odebrecht plans to invest between US$800 million and US$1 billion in various economic sectors in Angola, the Angola press reported Thursday (Macauhub).

SECURITY

The government of Rio de Janeiro is building concrete walls to prevent sprawling slums from spreading farther into the picturesque hills of this world-famous tourist destination, an official said on Saturday (Reuters).

MINING

Brazilian mining giant Vale on Friday launched the construction of a $1.3 billion coal project in northern Mozambique, with a capacity to produce 11 million tonnes of coal per year (Reuters).

BANKING & FINANCE

Brazil’s government agreed on Thursday to increase its support for small- and medium-sized banks in a bid to boost lending in local financial markets (Reuters).

Citigroup raised 2.21 billion reais ($984.8 million) from the sale of a stake in Redecard, the Brazilian credit card processing company said in a securities filing on Tuesday (Reuters).

Brazil’s Vale, the world’s biggest iron ore miner, wants sovereign wealth funds to invest much more in its business after thus far hesitant steps into the mining industry, a senior executive said on Tuesday (Reuters).

The Standard Bank is looking for acquisition opportunities to expand its operations in Angola and Brazil, amongst other markets, the chiefexecutive of the South African bank said in Accra Thursday (Macauhub).

Banco Sofisa S.A., controlled by Brazil’s Burmaian family, expects to increase loans by 5 percent this year after reporting no growth in 2008 because of the credit crisis (Bloomberg).

OIL

Brazil’s state-owned oil company Petrobras is not interested in buying Valero Energy Corp’s 275,000 barrel per day Aruba refinery and will instead focus on expanding domestic production, a Petrobras executive said Wednesday (Reuters).

Brazil’s Maranhao state in the northeastern part of the country may have offshore oil deposits similar in size to the Campos Basin, which produces 85 percent of the country’s oil, Maranhao Governor Jackson Lago said (Bloomberg).

GALP, Portugal’s biggest oil company, and Petrobras, Brazil’s state- controlled crude producer, found evidence of oil in an onshore block in Brazil’s Potiguar Basin, the country’s petroleum regulator said (Bloomberg).

Petrobras expects cash flow to almost double in 2009-2013 from the previous five-year period (Bloomberg).

TRAVEL

El Al Israel Airlines expects 60,000 passengers a year to fly on its new direct flight to Sao Paulo, the company’s chief executive officer, Haim Romano, said on Monday (Reuters).

TELECOM

Telemig Celular would be incorporated in Telemig Celular Participações which in turn would be incorporated in Vivo Participações in order to simplify the organizational structure of Vivo and reduce the number of companies listed on the stock exchange, said Portugal Telecom in Lisbon Monday (Macauhub).

Oi, Brazil’s largest telecommunications company, has secured a US$300-million loan from the China Development Bank, the company said Thursday in a statement (Macauhub).

INVESTMENT

MAN AG, Europe’s third-largest truckmaker, plans to invest 330 million euros ($448 million) in the next five years to expand production at a Brazil-based plant, a spokesman said today (Bloomberg).

Rio ready for 2016 Olympics

In Uncategorized on March 29, 2009 at 1:21 pm

Rio de Janeiro organizers trying to lure the 2016 Olympics are trumpeting the Brazilian city as the sensible and sentimental choice. Rio is trying to bring the Summer Games to South America for the first time, competing against Chicago, Madrid and Tokyo, whose countries have hosted a combined 14 Olympics, including seven in the summer.

Read the full story in the International Herald Tribune

Brazil’s central banker eyes politics

In Uncategorized on March 29, 2009 at 12:50 pm

Henrique Meirelles, the longest serving central bank president in Brazilian history, is considering stepping down after more than six years on the job to pursue a career in politics.

Read the full story at Reuters

Zuma dismisses fear of lurch to left

In Uncategorized on March 29, 2009 at 12:34 pm

Ruling party leader Jacob Zuma on Friday dismissed fears that South Africa’s economic policy would lurch to the left after elections next month and said a new dissident group would have no impact.

Read the full article at Reuters

South African brewer now global giant

In Uncategorized on March 29, 2009 at 12:04 pm

A decade ago, the company that would become SABMiller was set to return to the London Stock Exchange, but critics had little faith in the dusty little South African company.

Read the full article in Business Day

Brazilian governors under fire

In Uncategorized on March 29, 2009 at 11:52 am

A rash of impeachment cases against state governors is probably a good sign.

Read the full article in The Economist

Angola exempts gas exploration from tax

In Angola on March 25, 2009 at 1:47 pm

Angola’s parliament exempted companies exploring for natural gas from paying taxes, in order to stimulate investment in the industry, Angop reported, citing the Oil Ministry.

Read the news feature at Bloomberg

Brazil invited to join OPEC

In Uncategorized on March 25, 2009 at 1:39 pm

Brazil’s Mines and Energy minister says Latin America’s largest country has been invited to join the Organization of Petroleum Exporting Countries, or OPEC.

Read the news feature in the International Herald Tribune

South American regional bank expected in May

In Uncategorized on March 25, 2009 at 1:37 pm

The Bank of the South, a regional bank that Venezuelan President Hugo Chavez envisions as South America’s answer to U.S.-influenced international lenders, will be launched with $10 billion in startup capital, Venezuela’s finance chief says.

Read the news feature in the International Herald Tribune

Who funds the ANC’s campaigns?

In Angola on March 25, 2009 at 1:28 pm

The ANC is keeping mum on its funding sources for the election campaign, but party insiders involved in fundraising say its election effort is heavily subsidised by the ruling parties in Libya, Angola, China and India.

Read the full article in the Mail & Guardian