News from Cape Verde, Angola & Mozambique

Archive for July, 2009|Monthly archive page

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Brazil news update, July 26th

In Uncategorized on July 26, 2009 at 11:59 am

IRON & STEEL

Spot iron ore vessel bookings from Brazil to China jumped to a record in July as Australia suspended spot sales following detentions of Rio Tinto’s top sales officials in China and as falling freight costs made longer haul trade attractive (Reuters).

Usiminas, Brazil’s second-biggest steelmaker, said local steel demand should tumble about 30 percent in the third quarter from the same period of 2008 (Reuters).

RETAIL

French luxury goods group Hermes will open its first Brazilian store in Sao Paulo after almost 30 years of trademark disputes and unsuccessful attempts to lure partners, newspaper Valor Economico reported (Reuters).

FINANCE

Brazil’s securities regulator has recommended that carbon credits be treated as investments separate from derivatives since they are used mainly as instruments to trim greenhouse gas emissions (Reuters).

Banco Santander SA, the Brazilian unit of Spain’s Santander, plans to sell up to 6 billion reais ($3.15 billion) in stock in local capital markets, Valor Economico newspaper reported (Reuters).

TRADE

President Obama said he wants stronger ties with Brazil, especially in the commercial area, a top aide and possible successor to Brazilian President Luiz Inacio Lula da Silva said (Reuters).

OIL

Transocean Ltd said it won a contract from Brazil’s Petrobras for its ultra-deepwater Cajun Express rig worth $558.5 million over three years starting in early 2010 (Reuters).

Brazilian President Lula wants Petrobras to reduce gasoline prices, O Globo newspaper reported, without saying where it got the information (Bloomberg).

ENERGY

Brazil agreed to triple to about $360 million the amount it pays annually to Paraguay for electricity generated by the jointly owned Itaipu dam, ending a feud over which country benefits more from the world’s largest hydroelectric dam by output (Bloomberg).

REAL ESTATE

Sam Zell’s Equity International is seeking new real estate-related investments in Brazil as record low interest rates accelerate growth in Latin America’s biggest economy (Bloomberg).

TELECOM

Brazil’s antitrust agency finedTelefonica SA 1.97 million reais ($1.03 million) for not disclosing a full list of Internet service providers to its broadband customers (Bloomberg).

Surinam news update, July 26th

In Uncategorized on July 26, 2009 at 11:36 am

Trade between the US and Surinam reached a total value of USD 3.5 billion over teh last ten years. Imports from the US were USD 2.1 billion worth and exports a mere USD 1.4 billion (DWT).

Surinam’s Movement for Ecotourism (Mets) and Blue Wing Airways started operating  flights to Albina in eastern Surinam, reducing a strenuous car journey of 2,5 hours to just 30 minutes flying time. Mets hopes to open up new markets among the Marron communities scattered over central and eastern Surinam (DWT).

New figures from Surinam’s National Statistics Bureau ABS show inflation down with 3.4 % in the twelve months from July 2008 till July 2009 (DWT).

Angola news update, July 25th

In Angola on July 25, 2009 at 11:02 am

HOUSING

The United States will loan $400-million to help Angola build one million homes for the poor in the next five years, the US ambassador to Angola, Dan Mozena, announced (Mail & Guardian).

FAIR

Luanda International Fair (FILDA)’s 26th edition ended with positive results and the organisation plans to project the construction of new premises for 2010, ANGOP learnt from the event’s manager, Matos Cardoso. Matos Cardoso said that the budget for FILDA’s new premises is already included in the State Budget for 2010 (ANGOP).

TELECOMS

Angola-Telecom has started offering an internet system that will solve internet access problems, as well as improve telephone quality. The system is dubbed SuperNet ADSL and is capable of dealing with a great flow of information and may be used by people that work with a high amount of data. This system will enable internet users to have a high speed service with favourable reflexes in their businesses (ANGOP).

BANKING & FINANCE

An office of the African Development Bank (ADB) is due to be opened this year in Luanda, Angola, as part of the re-launch of cooperation between the two sides, the PANA news agency reported from Tunis.

The Angolan State currently owes around US$2 billion to companies in the public works sector, the country’s Finance Minister, Severim de Morais told Portuguese news agency Lusa in Luanda (Macauhub).

INVESTMENT

General Cable Portugal, which exports electrical cables to several countries, plans to invest US$20 million in setting up a production unit in the Angolan province of Benguela, the company said (Lusa).

OIL

French oil company Total is investing US$9 billion in Pazflor located in Angola’s offshore block 17, whose production is expected to begin in 2011 at depths of over 1,200 metres, according to information from the company.


Cape Verde news update, July 25th

In Cape Verde on July 25, 2009 at 10:43 am

POLITICS

The Constitutional Revision Commission will meet on July 27 in Praia to reach a consensus and establish a final accord between the PAICV and the MpD for the much-awaited revision of Cape Verde’s Constitution (A Semana).

REAL ESTATE

The municipality of Santa Cruz, on the island of Santiago, will soon see the emergence of a tourist real-estate enterprise that will modify its landscape, contribute toward its socio-economic development and provide a quality product in the tourist real-estate sector (A Semana).

STOCK EXCHANGE

The public sale offer of Cabo Verde Fast Ferry bonds, which will end on Friday, July 24, has been a success, according to Cape Verde Stock Exchange president Veríssimo Pinto, who spoke three days before the offer is set to wrap up (A Semana).

LAW ENFORCEMENT

National Police on the island of Brava arrested seven individuals last weekend for illegal possession of firearms, ammunition, currency and drugs. National Police officers also seized four vehicles as a part of their first operation within the context of the Summer Security Plan (A Semana).

A São Vicente district court judge released 59-year-old Austrian citizen Alfred Mandl on bail, after he was arrested last week upon receiving a postal package containing a product that tested positive as cocaine. In addition to the package, some 200 rounds of 22 caliber ammunition were seized in his home in the valley of Paúl, on the island of Santo Antão (A Semana).

Boa Vista district court has rejected a request for an injunction against the construction of a new hotel by the Riu Group in Santa Mónica-Lacacão filed by the Order of Architects of Cape Verde (OAC) (A Semana).

BANKING

Lybia is to open two banks in Cape Verde following the signing of a cooperation agreement between the two countries, Capeverdean president Pedro Pires announced (VisaoNews)


South Africa plans three nuclear power stations

In Uncategorized on July 25, 2009 at 10:30 am

South Africa is considering the construction of three nuclear power stations on its coastline despite objections from environmentalists.

Read the full report in the Mail & Guardian

The battle for South Africa has begun

In Uncategorized on July 23, 2009 at 7:05 pm

Will Jacob Zuma keep the poor happy and his leftwing allies at bay?

Read the full story in The Economist

Uncertain future for Brazil’s Petrobras

In Uncategorized on July 23, 2009 at 6:58 pm

Petrobras has vast oil reserves, commercial clout and excellent Chinese connections. But it faces political uncertainty.

Read the analysis in The Economist

China in Cape Verde: the Dragon’s paradise

In Cape Verde on July 22, 2009 at 2:52 pm

Read this interesting analysis of Chinese presence in Cape Verde by Loro Horta

Brazil news update, July 19th

In Uncategorized on July 19, 2009 at 11:03 am

BANKING & FINANCING

The antitrust unit of Brazil’s Justice Ministry said it has opened an investigation into credit card operator Redecard, sending the company’s shares down 2.56 percent. The Economic Law Secretariat at the Justice Ministry said Redecard would be investigated for imposing terms on online payments that might hamper free competition (Reuters).

Eletrobras, Brazil’s state-run power utility, plans to sell at least $500 million in 10-year dollar-denominated debt in international markets in July to fund investments, sources with direct knowledge of the deal told Reuters. Two investors who may participate in the deal said Eletrobras may pay a yield around 7 percent, underscoring strong appetite for Brazilian assets as the government nears winning investment-grade ratings from Moody’s Investors Service (Reuters).

Banco Bradesco SA, Brazil’s second- largest non-government bank, named Candido Leonelli and Mauricio Machado de Minas as executive directors after the departure of three long-serving directors, a spokesman said. This may be an indication the bank will become more agressive (Bloomberg).

Brazil’s state development bank BNDES has become a major player in government efforts to pull Latin America’s largest economy out of recession. Read the facts about the Rio de Janeiro-based bank, which has traditionally been considered Brazil’s main provider of long-term financing for large corporations, at Reuters.

ECONOMY

Brazil’s international reserves rose to a record as thecentral bank steps up its purchases of dollars to curb the appreciation of the Brazilian currency. International reserves climbed to $209.576 billion on July 16, compared with the previous high of $209.386 billion set Oct 6. Reserves have climbed 5 percent from this year’s low of $199.337 billion on Feb. 26 (Bloomberg).

Foreign direct investment inflows are signaling the Brazilian economy is gradually emerging from recession with little inflation risks, Central Bank President Henrique Meirelles said (Reuters).

OIL

BNDES will lend 25 billion reais ($12.8 billion) to Petrobras denominated in local Treasury notes, the first loan of its kind in Latin America’s largest economy, daily newspaper Valor Economico said (Reuters).

Brazil’s state-run oil company Petrobras said domestic oil production dropped 3.2 percent in June to 1.93 million barrels per day from 1.99 million bpd in May (Reuters).

Petrobras has completed seismic work in its leased Cuban offshore bloc and is studying whether to drill a well, the head of its Cuban operations said (Reuters).

Petrobras expects new local private investment funds to provide at least $5.2 billion to capitalize service companies, crucial for a push to develop massive offshore reserves (Reuters).

Galp Energia SGPS SA, Portugal’s biggest oil company, and Petrobras found more evidence of oil in an onshore block in Brazil’s Potiguar Basin, the Brazilian petroleum regulator said (Bloomberg).

Petrobras also discovered traces of oil in an onshore block in the Espirito Santo Basin (Bloomberg).

AIR TRAVEL

Brazilian prosecutors have asked the courts to halt expansion work at Sao Paulo’s Guarulhos airport, the country’s largest, on environmental concerns, a newspaper report said. In their request, state and federal prosecutors cited failures in the environmental studies used to approve the expansion, according to O Estado de S. Paulo paper (Reuters).

AUTOMOTIVE

Renault-Nissan must double its market share in Brazil to at least 10 percent to stay competitive and fend off rivals in Latin America’s largest economy, Chief Executive Carlos Ghosn said. The automaker needs to add new models to foster growth in a market that sells about 3 million units a year, Ghosn told journalists. He added, current models are “incompatible with a 10 percent to 20 percent market share,” which the company wants to attain (Reuters).

General Motors unveiled plans to spend about $1 billion in Brazil through 2012 to develop a new family of vehicles for South America, a priority market for the U.S. automaker as it looks to rebound from bankruptcy protection (Reuters).

MEAT

Brazil’s JBS SA, the world’s largest beef processor, said it had laid off 742 workers from three plants located in Sao Paulo state (Reuters).

Brazilian beef processor Independencia INDALI.UL will remove controlling shareholders from day-to-day management and seek 330 million reais (US$166 million) in loans as part of efforts to exit bankruptcy proceedings, newspaper Valor Economico reported (Reuters).

Brasil Foods, the Brazilian food giant to be formed by Perdigao’s  planned takeover of smaller rival Sadia, is a “tantalizing” investment opportunity according to the latest issue of weekly business publication Barron’s (Reuters).

Brazil plans to reduce taxes on beef producers, Valor Economico newspaper reported, citing Roberto Gianetti da Fonseca, director of foreign trade at the Sao Paulo State Federation of Industries. The government will cut the social security contribution tax, known as Cofins, and the social participation tax, known as PIS, for the entire beef-producing industry. Meatpackers will be exempt from both levies (Bloomberg).

MINING & TIMBER

Brazilian mining company Vale agreed to sell land and timber assets to paper and pulp maker Suzano Papel e Celulose for at least 235 million reais ($145 million), both companies said (Reuters).

RETAIL

CBD Grupo Pao de Acucar, Brazil’s biggest retailer, is eyeing further acquisitions in Brazil since the credit crisis has brought down valuations in Latin America’s largest economy, the company’s chief financial officer said (Reuters).

ETHANOL

Brazilian sugar and ethanol producer Cosan signed a long-term contract with Japanese group Mitsubishi to export fuel ethanol to Japan (Reuters).

TELECOMS

Portugal Telecom SGPS SA, a Portuguese telephone company, plans to help Brazil expand broadband services, Diario Economico reported, citing Portugal Telecom Chief Executive Officer Zeinal Bava (Bloomberg).

Lula the Lucky Leader

In Uncategorized on July 19, 2009 at 10:48 am

If someone handed out a prize for the world’s luckiest head of state, Brazil’s President Luiz Inacio “Lula” da Silva should win it hands down. Read the opinion of Alexandre Marinis at Bloomberg.

Surinam news update, July 18th

In Uncategorized on July 19, 2009 at 10:06 am

DEBTS & INVESTMENTS

By eliminating its debt with Brazil, Surinam is positioning itself for better international credit reatings. Surinam now has B+ rating, but is aiming now for BBB, which would make it easier to borrow funds for its development with international capital markets and which would make the country more attractive to investors.

The Netherlands and Surinam have agreed to allocate remaining Dutch development funds to pay up for Surinam’s debts with Brazil. As these early payments in effect will result in a larger Surinam national budget, the government now is planning to use these funds for large infrastructural projects, such as bridges, road rehabilitation, as well as the upgrading of the national airport at Zanderij to A-1 status.

MICRO FINANCING

Finatrust de Trustbank NV is expected to book 6 % more profits for 2008 compared to the previous year.  With a market share of around 5 % in Surinam’s banking sector, this small 20-year old bank mainly caters to “non-bancables”, people who are normally not welcome at other banks.

Finatrust, de Trustbank NV this year will open a new branch in north Paramaribo. The bank was recently designated as Micro-Financieringsinstituut (MFI) with the Mikro-Kredieten programma (MKP), operated by the Surinam government. Research has shown that between 35.000 and 40.000 people in and around the capital have a need for small credits.

CARICOM

Caricom has selected Surinam to house the Caribbean Health and Safety Agency (CAHFSA). This institute will focus on the standardisation of agricultural and fisheries products that are traded within the region as well as with the EU and the US. The choice for Surinam means that the country will become the scientific hub for standards for animals, fish and plants.

(DWT)

Angola news update, July 18th

In Angola on July 18, 2009 at 10:16 am

OIL

CNOOC and Sinopec have agreed to purchase a stake in an oil block offshore Angola from Marathon Oil as the Chinese state-owned companies continue to buy up overseas energy assets (Reuters).

An oil exploration well in deepwater Block 16 off Angola has shown positive results, Denmark’s Maersk Oil and Gas said (Reuters).

The oil and gas division of Brazilian construction company Odebrecht also announced the oil discovery on the Angolan coast, in a prospection operated by Maersk Oil (with 50 percent), newspaper Estado de São Paulo reported. “It is light oil, of good quality, which was found at a depth of 4,725 metres, 315 kilometres of the Luanda coast,” the company’s chairman, Miguel Gradin told the Brazilian newspaper (Macauhub).

POLITICS

Prospects of Angola’s post-war presidential poll taking place in 2009 receded after the group in charge of drafting a new constitution, a precondition for the vote, said it was likely to need more time. The Constitutional Commission said that work on a new constitution could take longer than expected. The group requested an 180-day delay from the initial deadline of September 23 (Reuters).

TELECOMS

Unitel, Angola’s biggest mobile- phone operator, said it will spend $1.7 billion over the next four years upgrading infrastructure and expanding its network (Bloomberg).

TRADE

The commercial exchanges between Spain and Angola have recorded a significant growth in the past five years, and currently they reached a volume of about one billion euros (ANGOP).

VEHICLES

The CSG car manufacturing factory, located in Viana district, Luanda, announced that it will supply all makes of vehicles such as jeeps, pick-ups and small, medium and large capacity buses, as well as spare parts processing, trading and rent cars (ANGOP).

BANKING

The director of the northern region of Savings and Credit Bank (BPC), Ilda Silva, said that her institution will open six more counters in the provinces of Kwanza Norte, Malanje, Cabinda and Zaire this year. The province of Kwanza Norte will benefit from an agency, Cabinda (2), Zaire (2), including one in the city of Soyo and the other in Mbanza Congo, and Malanje (1), in the town of Cangandala (ANGOP).

INVESTMENTS

Portugal’s direct investment in Angola rose three-fold in the 2008/2009 period, from 210 million euros to 634 million euros, said Portugal’s ambassador to Angola, Francisco Ribeiro Teles in Luanda (Macauhub).

Angolan Banco de Desenvolvimento de Angola (BDA) has, since it started operating in 2007, provided loans totalling US$200 million to Angolan businesspeople in the non-oil sector (Macauhub).

AIR TRAVEL

Taag, Angola’s flagship airline plans to re-launch its flights to Lisbon, Portugal on 1 August after the European Commission decided Tuesday on a partial lift on the carrier’s ban from flying in European air space (Macauhub).

The air carrier for Sao Tome and Principe, STP Airways, is due on 29 July to start flying to Angola, with a flight to Luanda that will be linked to the Lisbon-Sao Tome flight, the company’s public relations director said (Macauhub).

LOGISTICS

Spanish company Mercasa will create over 2,000 jobs in Angola by 2010, with the conclusion of a logistics centre that is being built in the municipality of Viana, Luanda (Macauhub).

Cape Verde news update, July 18th

In Cape Verde on July 18, 2009 at 9:52 am

POLITICS

Cape Verdean President Pedro Pires reaffirmed his desire this week to retire from politics in 2010, at the end of his second five-year term as the nation’s head of state. According to statements he made in Paris, he plans to write his memoirs following his retirement (A Semana).

PORTS & AIRPORTS

The government of Cape Verde said it would invest 300 million euros in the port sector on the islands of Fogo, Sal, Santiago, Boavista, Sao Vicente and Santo Antao, adding that a new airport would also be built on the latter (Macauhub).

BORDER CONTROL

Minister of Internal Administration Lívio Lopes and his Portuguese counterpart, José Magalhães, launched the pilot phase of the PASSE (Secure Automatic Exit and Entry Process) system. The system will control Cape Verde’s exit and entry points using information technology (A Semana).

AIR TRAVEL

The Banjul Accord Group Accident Investigation Agency (BAGAIA), which will be headquartered in Cape Verde. The installation of this type of institution will increase the country’s technical capacities, as high-level civil aviation specialists will be permanently placed in Cape Verde (A Semana),

REAL ESTATE

The Cape Verdean Association of Tourist Real-Estate Promoters (Promitur) is asking its associates to adjust their business plans in order to weather the financial crisis that has begun to be felt in the country (A Semana).

TOURISM

Yet another sign that the opening of Boa Vista’s international airport is having an influence on tourist agencies, even in the midst of the financial crisis, is the fact that Portuguese travel agency Soltrópico saw its revenues jump 56.5% in the first half of 2009 thanks to the sale of tourist packages to the island, which shot up 75.6% (A Semana).

LAW ENFORCEMENT

A postal control operation carried out by the National Police and Judiciary Police detected a product sent through the mail that reacted positively to cocaine detection tests. According to information gathered by A Semana Online, the 300 grams of cocaine seized had as their intended recipient a well-known grogue (sugar cane brandy) producer in Paúl, Santo Antão, Alfred Mendl, locally known as “Alfred the German.”

Two of Praia’s most active thieves, believed to be responsible for a considerable portion of the robberies registered in the capital city’s companies and homes in recent times, are now behind bars at São Martinho prison after Judiciary Police arrested the two men, aged 25 and 26, on charges of having committed more than 10 violent robberies in Praia retail establishments (A Semana).

EIU Angola forecast

In Angola on July 17, 2009 at 10:24 am

Check out the latest Angola forecast at the Economist Intelligence Unit

EIU Brazil forecast

In Uncategorized on July 17, 2009 at 10:23 am

Check out the new Brazil forecast by the Economist Intelligence Unit

Brazil news update, July 12th

In Uncategorized on July 12, 2009 at 8:43 pm

RATINGS & ECONOMICS

Moody’s Investors Service put Brazil’s foreign and local currency credit ratings on review for possible upgrade, citing the economy’s resilience to economic shocks from the global financial crisis (Reuters).

Brazil’s currency and benchmark stock index are poised for synchronized declines as technical indicators for the BRIC nations, also including Russia, India and China, show signs of stress, according to Citigroup Inc (Bloomberg).

Brazil’s exports may surpass the government’s official estimate of $160 billion this year as the global economy recovers, spurring demand for commodities and other Brazilian goods, Trade Secretary Welber Barral said (Bloomberg).

Brazil’s economy will rebound from recession next year faster than was previously expected as the local currency strengthens, Itau Unibanco Holding SA said (Bloomberg).

POLITICS

Fresh reports of alleged fraud and embezzlement by Brazil Senate chief Jose Sarney in Brazil’s weekend press are fueling an ongoing Senate ethics scandal and have renewed pressure for Sarney to resign (Reuters).

Brazil’s Senate agreed to move ahead with a long-delayed corruption probe of state oil company Petrobras that is unlikely to harm the company’s massive offshore oil developments, but could slow key energy legislation. The inquiry was originally announced in May, but partisan wrangling delayed the proceedings (Reuters).

Brazil’s chief climate negotiator criticised the Group of Eight rich nations on Thursday for not taking more forceful steps to curb global warming, saying proposed long-term targets were meaningless (Reuters).

Brazil said it would give Cuba up to $300 million in credits to start rebuilding the island’s port of Mariel, better known as the site of a 1980 Cuban exodus to the United States. Brazilian Industry and Trade Minister Miguel Jorge said $110 million had been approved by his government and the rest would likely be, as Brazil strengthens its ties with communist-led Cuba (Reuters).

Brazilian President Luiz Inacio Lula da Silva said the U.S. dollar would remain important for decades but he believed it was possible to develop new trade relations not dependent on the dollar (Reuters).

BUSINESS

Celesio AG’s supervisory board gave the green light on Friday for the German drug distributor’s contested takeover of a Brazilian peer, which had exposed a rift between its management and main shareholder. Celesio said directors cleared the acquisition of 50.1 percent in Panpharma, down from the 54 percent it had initially said it would purchase as part of a planned capital increase at Brasil’s largest drug distributor (Reuters).

Brazil’s antitrust regulator imposed temporary restrictions on Perdigao’s 1.4-billion-real ($710 million) takeover of rival foodmaker Sadia until a final ruling on the transaction is made (Reuters).

OIL

A consortium of companies failed to find oil in deep waters off Brazil’s coast, a sign the South American nation’s push to become an energy exporter is still fraught with risks (Reuters).

Hess Corp did not file a discovery of oil after drilling a well in Brazil’s offshore Santos Basin BM-S-22 bloc (Reuters).

BANKING

Banco Bradesco, Brazil’s second-largest private sector bank, said it would book a pretax gain of 410 million reais ($206 million) from the sale of a stake in credit card company VisaNet (Reuters).

Banco Nossa Caixa, the Brazilian lender recently purchased by state-owned giant Banco do Brasil, said it expects loan concessions to rise about 50 percent this year and add 60,000 corporate customers (Reuters).

AIR TRAVEL & AERONAUTICS

Foreign capital limits in Brazilian airline companies could rise to 49 percent from a present cap of 20 percent, according to a draft bill that the Civil Aviation Advisory Council said it is sending to the government (Reuters).

Brazilian aircraft maker Embraer said it delivered 56 planes in the second quarter, bringing the total for the first six months of the year to 96 (Reuters).

Boeing is prepared to have Brazilian companies supply a “big portion” of components for its Super Hornet jetfighter, creating as many as 5,000 local jobs, to sell 36 of the warplanes to the Latin American nation (Bloomberg).

STEEL

Germany’s largest steelmaker, ThyssenKrupp, will have to delay again the start-up of a coking operation at a new Brazilian plant but a spokesman said it should not affect the timing of its steel blast furnace (Reuters).

Brazil’s national development bank, BNDES, has granted a credit line of 1.5 billion reais ($753 million) to Gerdau, the country’s largest steelmaker (Reuters).

REAL ESTATE

Controlling shareholders of Brazilian real estate developer Abyara offered to pay up to 30 million reais ($15 million) to repurchase all its stock in circulation (Reuters).

ELECTRIC CARS

The first of many roadside electric charging stations in Brazil is set to be installed in the Barra de Tijuca neighborhood in Rio de Janeiro, and it’ll be solar-powered (Reuters).

LAW ENFORCEMENT

Public prosecutors in Rio de Janeiro have requested the imprisonment of 30 police officers accused of killing young men in “death squad” type executions (Reuters).

TELECOMS

Telecom Italia will invest 3 billion euros ($4.2 billion) in Brazil through 2011 to boost its Internet broadband services operation (Reuters).

Brazil’s Development Bank to buy stakes in Brazilian companies’ overseas operations

In Uncategorized on July 12, 2009 at 8:35 pm

Brazil’s state development bank plans to take equity stakes in joint ventures and subsidiaries that Brazilian companies are setting up overseas, said Jaime Gornsztejn, head of the bank’s London office.

Read more at Bloomberg

Angola news update, July 11th

In Angola on July 11, 2009 at 12:50 pm

TELECOMS

Revenue in Angola’s mobile-phone industry may more than quadruple over the next seven years amid “high” demand for services.  Sales in the country may increase to $5.7 billion by 2015, from $1.26 billion last year (Bloomberg).

COFFEE

Angola should take advantage of the shortage of robusta coffee in the world market to relaunch production, according to the secretary general of the Inter African Coffee Organisation (IACO), Josefa Correia Sacko (ANGOP).

TRADE & BUSINESS

Trade between Angola and Italy may reach one billion US Dollars by 2010, Angop learned in L’Aquila, the scene of the G-8 summit, to be attended by Angolan president, Jose Eduardo dos Santos, as “Guest of Honour” of italian prime-minister, Silvio Berlusconi, the chairman of the conference (ANGOP).

The German ambassador to Angola, Bernd Morast, on Tuesday announced here that his country wants to open a business office meant to boost co-operation and increase talks between both sides (ANGOP).

INFRASTRUCTURE

The repair of the Luanda-Malanje Railway, started in 2003, will be concluded this year, Transport Minister, Augusto Tomás, disclosed. According to the minister, the repairs of the Moçamedes and Benguela railways are set to finish in 2010 and 2011 respectively (ANGOP).

INVESTMENT

Direct French investment in Angola is estimated to total 10 billion euros, according to a document from the French embassy (Angop).

OIL & GAS

Angolan oil company Sonangol and its Italian counterpart ENI have signed a deal for joint natural gas exploration in the Angolan province of Zaire for a 20-year period (Angop).

AIR TRAVEL

The new arrivals terminal at Luanda’s 4 de Fevereiro International Airport was opened Saturday after five months of work and investment of US$9.5 million (Angop).

CONSTRUCTION

Angolan cement company Nova Cimangola plans to increase its production this year to 1.2 million tonnes of cement, the board’s management advisor, Luís Silva said. In 2008 the company produced 1.05 million tonnes of cement, with a market share of 30 percent, Silva said, adding that the estimated rise for 2009 was part of an efficient and effective management model that the company was applying (Macauhub).

Cape Verde news update, July 11th

In Angola, Cape Verde on July 11, 2009 at 12:31 pm

TELECOMS

Mobile phone and Internet services have been presenting anomalies for several days, with frequent cuts in Internet connections and difficulties making phone calls using the CV Móvel network (A Semana).

SOUTH ATLANTIC

Bilateral relations between Angola and Cape Verde have shown very significant results, according to affirmations made last week by Cape Verde’s ambassador in Luanda, Domingos Mascarenhas (A Semana).

A group of Cape Verdean businesspeople from the handicraft sector are taking part in the 10th National Handicraft Business Fair – Fenearte in Recife, the capital of the Brazilian state of Pernambuco (Macauhub).

LAW ENFORCEMENT

Lawyer Manuel Barbosa, who was arrested on the island of Sal on Friday, July 3, and ordered held in preventative detention pending trial on drug trafficking charges, was transferred Tuesday, July 7, to São Martinho prison on the island of Santiago. The lack of security and overcrowding at Sal’s jail were the reasons for the transfer (A Semana).

Customs inspectors at Manaus port, in the Brazilian state of Amazonas, seized a loudspeaker on Monday, June 29, with more than a kilogram of cocaine hidden inside. The merchandise was to be shipped to the city of Praia (A Semana).

The external audit carried out by Price Waterhouse Cooper on the administration of former Praia mayor Felisberto Vieira, who lost his bid for a third term in office in May of last year, has revealed “breakdowns in the system of internal control with regards to accounting and serious breaches of legality and of procedures established in the law,” (A Semana).

TRANSPORT & INFRASTRUCTURE

A new boat is slated to begin plying the waters between the islands of Fogo and Brava and the rest of Cape Verde in August. With a capacity for 580 passengers and 600 metric tons of cargo, the vessel is expected to minimize the isolation the two islands have been subjected to over the past several years and help them become more integrated with the rest of Cape Verde (A Semana).

The road connecting the villages of Calhau and Norte de Baía, on the island of São Vicente, has been opened to traffic. The road, which completes the island’s highway ring, was unveiled by Prime Minister José Maria Neves (A Semana).

TOURISM

Travel agency Solplan, part of the Orizonia group, introduced its first vacation packages to the islands of Sal and Boa Vista last week, with flights on airlines White and TACV from Lisbon. The introduction comes as Orizonia prepares to open its Iberostar Resort in Cape Verde (A Semana).