POLITICAL RISK
Angola’s ruling MPLA party emerged victorious from a 27-year civil war in 2002 promising a better life for Angolans but this dream is fading as corruption is rife and the government is seen failing to help the poor. Read the political risk analysis at Reuters.
ECONOMY
Angola’s foreign exchange reserves dropped slightly for the second straight month to $15.29 billion in July from $15.52 billion in June, the central bank said (Reuters).
Investment in Angola’s private sector in the first half totalled US$1.255 billion, almost three times the US$450 million invested in the same period of 2009 (Macauhub).
Public works, education and transport projects have benefited most from credit concession agreement between the China Export-Import Bank (Eximbank) and Angola, which now total US$4.547 billion (Macauhub).
OIL
Angolan authorities cut gasoline and diesel subsidies as a prelude to liberalising the country’s downstream oil sector, triggering a steep rise in pump prices and the threat of protests from irate motorists (Reuters).
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CONSTRUCTION
Portugal’s largest builder Mota-Engil expects Angola to settle its debt with the company by the end of the first quarter, Chief Financial Officer Luis Silva said (Reuters).
INFRA
The Angolan government asked for financial and technological support from Japan for the construction of a bridge between the provinces of Zaire and Cabinda, the National Private Investment Agency (ANIP) said (Macauhub).
The Luanda/Malanje railroad, which has been undergoing reconstruction since 2005, in the next two months will be able to operate an experimental freight train, the Deputy Transport Minister for the railway sector said (Macauhub).
BIOFUELS
Biofuels companies from the U.K. to Brazil and China are buying up large swaths of Africa including Angola, causing deforestation and diverting land from food to fuel production, the environmental group Friends of the Earth said (Bloomberg).
HOTELS
The Boavista neighbourhood of Angola’s capital, Luanda will soon have a new hotel called “Empreendimento Pestana Luanda Hotel e Suites,” with 230 rooms, 50 of which will be suites (Macauhub).
