Britain on Monday committed £100-million ($147-million) to boost key trade routes in sub-Saharan Africa, saying a further $1-billionhad been pledged by partners.
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Archive for April, 2009|Monthly archive page
Britain finances southern African trade route
In Economy, Foreign Trade, Infrastructure, Investments, South Africa on April 10, 2009 at 7:51 amBrazil news update, April 3rd
In Agriculture, Airports, Brazil, Economy, Mining, Oil, Retail, Tourism, Travel on April 3, 2009 at 9:33 amECONOMY
Brazil’s government on Monday extended tax breaks for the automobile sector and cut taxes on cement, paint and other construction materials in a bid to revive key sectors in Latin America’s largest economy (Reuters).
TRAVEL
Brazil’s leading airline, TAM Linhas Aereas, posted a large fourth-quarter loss on Tuesday, reversing a profit in the year-earlier period because of steep losses on fuel hedges and a weaker currency (Reuters).
STEEL
Net profit at Brazilian steelmaker CSN soared more than seven-fold in the fourth quarter of 2008, boosted by the sale of part of its iron ore mining subsidiary Namisa, it said late Sunday (Reuters). The company, Brazil’s third-largest steelmaker, said the price of Brazilian iron ore will probably fall 20 percent in annual contract agreements this year (Bloomberg).
MMX Mineracao e Metalicos SA, the iron-ore mining company controlled by Brazilian billionaire Eike Batista, may sell all or part of its assets or voting shares (Bloomberg).
Brazilian mining giant Vale said on Wednesday it had completed the acquisition of some coal assets in Colombia for $305.8 million (Reuters).
MEAT
Sadia SA, Brazil’s second- largest foodmaker, expects a decision on merger talks with competitor Perdigao SA by June, Chairman Luiz Furlan said. Sadia shareholders are discussing the possible structure of a new company, Furlan told reporters today in Sao Paulo (Bloomberg).
Brazilian beef processor Independencia SA is shutting three units and laying off 1,400 workers in response to lower demand for beef and falling prices, the privately-owned company said on Wednesday (Reuters).
SUGAR
India’s sugar output may fall 45 percent this year as farmers in the world’s second-largest producing nation divert sugar cane to more profitable jaggery, an industry group said (Bloomberg).
COFFEE
Vietnam, the world’s second-biggest grower of coffee, may produce less than 16 million bags in the 2009-10 year because of premature flowering, according to the Vietnam Coffee and Cocoa Association (Bloomberg).
OIL
A commission reviewing Brazil’s oil rules has dropped plans to swap unleased offshore oil blocks for stock in Petrobras, Brazil’s state-controlled oil company, the Folha de Sao Paulo newspaper said (Bloomberg).
Petrobras also had its profit estimates boosted at Morgan Stanley on the prospect of higher oil prices (Bloomberg).
RETAIL
Lojas Americanas SA, Brazil’s biggest discount retailer, is more likely to acquire the Ponte Frio chain of electronics and home-appliances stores than Pao de Acucar, Citigroup analysts said (Bloomberg).
Surinam news update, April 3rd
In Banking, Hotels, Investments, Surinam, Tourism, Travel on April 3, 2009 at 9:32 amHOTELS
Paramaribo is to get another 4-star hotel by March 2010. The Wyndham Garden Hotel is to be built in downtown Domineestraat. Total coast of the project will be 22 million USD. The project will be developed by the local City Group, together with Hakrinbank, the Fatum insurance company and the Aruba Investment Bank. The Chinese Anhui Foreign Construction Group, also responsible for the new Chinese Embassy in Surinam, has been contracted to build the hotel.
WATER
Experts and officials have been discussing the possibilities for the export of Surinamese water at the Waterforum. The potential for the export of bulkwater is enormous: 330 billion cubic metres per year of rain and huge sweetwater reserves are waiting for international investors and customers.
(De Ware Tijd)
Angola news update, April 3rd
In Angola, Economy, Foreign Trade, Investments, Oil on April 2, 2009 at 10:03 pmINVESTMENT
Coca-Cola Bottling/Angola wants to invest this year in the production of bottled juice and water, two business segments expanding rapidly in the Angolan market (Angop).
Angola Development Bank (BDA) will invest this year USD 350 million in the farming sector, of which USD 150 million will go to credit campaigns and USD 200 million in investment, ANGOP learnt Tuesday from the institution’s CEO, Paixão Franco (Angop).
JOBS
At least 1,500 engineers of various specialities are needed to meet the demands of the employment market in Angola, announced on Monday here the provost of the Agostinho Neto University (UAN), João Serôdio (Angop).
OIL & GAS
The Dutch minister of Economy, Maria van der Hoeven, said Monday in Luanda her country is very interested to purchase Angolan gas from the Liquefied Natural Gas (LNG) Project that will start production in 2012 (Angop).
TRADE
Netherlands exports to Angola rose from 121 million Euros in 2004 to 231.0 million in 2007, said Monday in Luanda the minister of Economy, Manuel Nunes Júnior, during the Angola-Netherlands Economic-Business Forum (Angop).
South Africa news update, April 3rd
In Banking, Biofuels, Investments, South Africa, Telecom on April 2, 2009 at 10:02 pmFINANCE
Africa’s biggest bank by assets, Standard Bank Group, will get a $400 million credit line from the World Bank’s private sector branch to fund trade in sub-Saharan Africa, it said on Thursday (Reuters).
South African insurer Liberty Group LGLJ.J said on Tuesday it would acquire a 35 percent equity stake in Nigerian health insurance firm Total Health Trust (Reuters).
TELECOM
MTN, Africa’s biggest mobile company by subscribers, is looking to buy Kenya’s fourth mobile phone provider Econet Wireless Kenya for $450 million, Kenya’s Standard newspaper said on Tuesday (Reuters). But Econet Wireless Kenya said the same day it had no intention of selling out to South Africa’s MTN and would continue to build its customer base (Reuters).
BIOFUELS
PetroSA’s plan to build an oil refinery on South Africa’s eastern coast will “squash” local development of biofuels, said Kevin Baart, senior manager at Deloitte (Bloomberg).
Cabo Verde Airlines in trouble
In Airports, Cape Verde, Tourism, Travel on April 2, 2009 at 9:42 pmTACV – Cabo Verde Airlines is in a situation of “technical insolvency,” its board having asked the government to take measures to restructure the company.
Read the full story at Macauhub
Germany’s Bayer uses barter in Brazil trade
In Agriculture, Brazil, Foreign Trade on April 2, 2009 at 9:30 pmGermany’s Bayer AG is accepting coffee, sugar and grains as payment for its agrochemicals and inputs as a way to stave off a slowdown in sales as farmers struggle to obtain bank loans to raise cash.
Read the full story at Reuters
Cape Verde swears in 120 new cops
In Cape Verde, Security on April 2, 2009 at 9:24 pmThe National Police will put 120 newly-trained police officers on patrol. The new officers were sworn in as agents of the law on Tuesday in a ceremony presided over by Minister of Internal Administration Lívio Lopes
Cape Verde could produce ARVs for West Africa
In Cape Verde on April 2, 2009 at 9:21 pmThe West African Health Organization and Cape Verdean drug production laboratory Inpharma are studying the possibility of producing antiretrovirals (ARVs) for the local market and for export to the rest of West Africa. Cape Verde is one of the four countries in the region with laboratories that have been in contact with the WEHO in order to develop ways to allow the local market to be locally supplied with ARVs.
Read the full story at A Semana
