News from Cape Verde, Angola & Mozambique

Archive for April, 2011|Monthly archive page

Cape Verde Politics & Regional News

In Cape Verde on April 14, 2011 at 8:12 pm

POLITICS

The government began a two-day retreat at the ruins of the São Francisco Convent in Cidade Velha to reflect upon its governing program for the newly-begun legislature – a five-year period that is expected to be difficult. The members of the cabinet will prepare responses to the challenge of maintaining current levels of public investment as the debt crisis in Portugal and the aftermath of the natural disaster in Japan threaten to condition a number of projects in Cape Verde (A Semana).

The government program and the motion of confidence in the newly-sworn in government will be discussed and approved in a special session of the National Assembly scheduled for April 25, 26 and 27. Two days later, the nation’s legislators will meet again to form the specialized commissions for the newly-begun legislature (A Semana).

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INTERNATIONAL

Cape Verdean President Pedro Pires met with visiting senior Chinese legislator Chen Zhili. Pires said during the meeting that China has always been an indispensable strategic partner of Cape Verde, and he is confident that China’s National People’s Congress will further boost the mutual trust and understanding through this visit (People’s Daily).

SAO VICENTE

Speaking in a meeting with Carlos Veiga, the leader of opposition party MpD,  São Vicente mayor Isaura Gomes defended the need the move forward with an emergency plan for the island. Veiga expressed support for the mayor’s idea and said he was willing to serve as “the spokesman for São Vicente’s problems” in parliament (A Semana).

Cape Verde Business & Economy News

In Cape Verde on April 14, 2011 at 8:11 pm

PROJECT OF THE WEEK

Render of the Nadamais complex for the island of Boavista (source).

ECONOMY

Cape Verde will be one of Africa’s most stable countries in 2011 and 2012, according to forecasts from respected research and consulting company The Economist Intelligence Unit. In its analysis, the Economist Intelligence Unit predicts that the main motor of real GDP growth in the country, projected to stand at 6% in 2011 and 5.5% in 2012, will be direct foreign investment, especially in infrastructures and tourism (A Semana).

Water and electricity rates went up on April 12, by between 5% and 20%, according to the Economic Regulation Agency (ARE), which has justified this price hike with the “extraordinary increase in production costs and by the government’s decision to stop subsidizing these two sectors” (A Semana)

FROM THE EDITOR

PLEASE NOTE THAT THE ATLANTICO WEEKLY TEAM WILL BE ON VACATION AS OF TODAY. THE NEXT EDITION WILL THE MAY13TH EDITION

MEDIA

The lack of state subsidies for private media outlets, the small and poorly distributed advertising market, the shortage of electricity, the lack of a large-scale printing company and the lack of a distribution network are the main causes of the “amputation” of Cape Verdean media outlets, according to MpD legislator Abraão Vicente, who spoke following a visit to the various press outlets headquartered in Praia (A Semana).

BUSINESS

Prazer do Mar (“Pleasure of the Sea,” in Portuguese) is the name of the Italian company that will export fresh fish from Tarrafal de São Nicolau to Europe in order to make traditional fishing in the municipality more profitable (A Semana).

Cape Verde is the second largest of the international markets in which Portuguese beverage company Sumol Compal is present, according to the business group’s 2010 Accounting Report, which also reveals a 16.8% increase in sales in Africa (A Semana).

Portuguese construction company MonteAdriano has been awarded the tenders for six construction projects in Cape Verde, worth a total of 23.7 million euros (Macauhub).

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AVIATION

The French transport ministry has said that the ship Ile de Sein, which is equipped with a remotely-operated submarine, will leave Cape Verde on 21 April to begin retrieving parts of the wreckage of Air France flight 447 (BBC).

Angola Business News

In Angola on April 14, 2011 at 8:04 pm

ECONOMY

The Angolan economy is expected to return to two-digit growth in 2012, reaching 10.5 percent growth, which is much higher than the economic growth projected for the region, according to the latest forecasts from the International Monetary Fund (IMF) (Macauhub).

Angola cut its benchmark rediscount rate by five percentage points on April 6. The rate the central bank charges commercial lenders to borrow money was lowered to 20 percent from 25 percent, the Luanda-based National Bank of Angola said (Bloomberg).

Angolan imports posted a drop of 12.5 percent in 2010, according to a report in Angolan newspaper O País (Macauhub).

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AVIATION

Angolan national airline TAAG has said that its three long-haul aircraft are now fully operational after the incidents that occurred last December on flights from Lisbon to Luanda and Luanda to Dubai (Macauhub).

BANKING

Standard Bank, Africa’s biggest bank by assets, plans to open 12 new branches in Angola this year (Reuters).

Angolan bank Banco Africano de Investimentos (BAI) ended 2010 with net assets of over US$8.38 billion (growth of around 1 percent against 2009) (Macauhub).

OIL

Indian Oil Corp., the nation’s largest refiner, bought about 4 million barrels of West African crude oil for loading in June. The company bought 2 million barrels from Vitol Group and a similar amount from Angola’s state-owned Sonangol (Bloomberg).

Cape Verde Politics & Regional News

In Cape Verde on April 7, 2011 at 7:54 pm

POLITICS

Prime Minister José Maria Neves submitted his government program to the directorship of the National Assembly. The document elaborated by the executive with the contribution of society at large has the economy as its main priority (A Semana).

Former freedom fighter Major Armando António Fortes passed away April 4, at João Morais Hospital in Ribeira Grande, on the island of Santo Antão, following a stroke. He was 72 (A Semana).

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SANTO ANTAO

Tests for the asphalting of the Porto Novo-Fundão road, on the island of Santo Antão, began April 4. The work is scheduled to be concluded on April 17, and the opening of the 5-kilometer-long road to traffic is expected to take place between 20 and 30 days after (A Semana).

 

Cape Verde Business & Economy News

In Cape Verde on April 7, 2011 at 7:52 pm

ECONOMY

Cape Verde participated for the first time in the Global Entrepreneurship Congress, which stimulates creative business practices throughout the world. And, based on what they saw in the Chinese city of Shanghai, the young Cape Verdean entrepreneurs returned home earlier this week with the impression that the country has a long way to go in terms of the promotion of enterprising practices (A Semana).

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PROJECT OF THE WEEK

Render of Bayview, on frontline Antonio Sousa Beach in Santa Maria, Sal Island (Source).

AVIATION

Portuguese airline TAP is currently offering promotional fares on flights originating in Praia, Sal and São Vicente and flying to the Portuguese cities of Lisbon, Porto and Faro. Alongside the promotion – 219 Euros plus taxes – the company is negotiating a special fare for the launch of its direct São Vicente-Lisbon flight (A Semana).

BANKING

Joaquim Coimbra, one of the main shareholders in the Sociedade Lusa de Negócios business corporation, which held scandal-ridden Portuguese bank BPN and its Cape Verdean subsidiary, Banco Insular, swears that he did not even know of the existence of Banco Insular prior to 2008, and blames the business group’s president, Oliveira e Costa, for the largest financial scandal in Portuguese history (A Semana).

Duarte Lima, the former parliamentary leader of Portuguese political party PSD, was granted a 2 million Euro loan from the now defunct bank Banco Insular de Cabo Verde in 2003, without having met basic bank requirements to benefit from such a loan. The information came to light Thursday, March 31, with the exhibition of a document shown by a witness in the BPN scandal (A Semana).

Angola Business News

In Angola on April 7, 2011 at 7:51 pm

ECONOMY

Almost $6 billion was spirited out of Angola in 2009, according to new data that highlight how much of the war-scarred African nation’s oil wealth is stolen by a corrupt elite (Reuters).

The Angolan Economy minister, Abraão Gourgel said that creation of private industrial development hubs were expected to be created as part of the industrialisation programme underway in the country (Macauhub).

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CONSTRUCTION

In 2010 Angola remained the main foreign market for Portuguese construction company Soares da Costa and turnover increased 5.5 percent, the company said when it published its accounts for 2010 (Macauhub).

Cape Verde Politics & Regional News

In Cape Verde on April 1, 2011 at 6:52 pm

POLITICS

According to José Maria Neves, although Cape Verde is a small country, the new international situation requires Cape Verdeans to think “big, with a great deal of intelligence, innovation and daring, to respond to the new demands of its development” (A Semana).

The ruling PAICV party reiterated its support for Manuel Inocêncio Sousa in this year’s presidential election in Cape Verde, after the former President of the National Assembly, Aristides Lima, announced his candidacy too (Inforpress).

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INTERNATIONAL

Spain’s ambassador to Cape Verde, José Miguel Corvinos, said in Praia that his country planned to increase investments in the archipelago, mainly in the areas of tourism and fishing (Macauhub).

DIASPORA

The murder of 32-year-old Maria Almeida, better known as Di, by her own husband, António dos Santos, has left the Cape Verdean community in Pawtucket, Rhode Island (in the United States) in shock (A Semana).

Cape Verde Business & Economy Mews

In Cape Verde on April 1, 2011 at 6:51 pm

AGRI

Cape Verde is optimistic regarding the coming years’ rainy seasons. With total corn production of more than eight metric tons last year, the perspectives for this year appear even better, thanks to the large-scale mobilization of water for irrigation purposes (A Semana).

AVIATION

The first international flight to depart from Beja airport in Portugal’s Alentejo region, which will have Cape Verde as its destination, has been pushed ahead to April 13 (A Semana).

TAAG Angola Airlines increased its number of weekly flights between Luanda and Praia from one to two. Praia TAAG delegate Henrique Batalha says that a market study carried out some time ago recommended the reinforcement in flights along the Luanda-São Tomé-Praia route (A Semana).

BANKING

The Bank of Cape Verde’s biannual bulletin has confirmed the robustness and stability of the banking system in the country. The financial sector, according to the bulletin, shows signs of stability and enjoys a comfortable level of confidence on the part of economic agents (A Semana).

Cape Verdean bank Novo Banco is preparing to enter the microcredit business in Cape Verde, the bank’s chairwoman, Marli Cruz told Rádiotelevisão Caboverdiana (Macauhub).

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INVESTMENT

Portuguese beverage company Sociedade Central de Cervejas (SCC) will begin its internationalization plan in June in Cape Verde and Angola. The project could include the construction of a factory in Cape Verde (A Semana).

TOURISM

TUIFly, Germany’s largest tourism company, will increase the number of charter flights it operates to Cape Verde this summer in response to the growing demand o the part of people wishing to visit the country (A Semana).

Cape Verde is the most recent destiny offered by Portuguese tourism company Jade Travel, an agency that specializes in expeditions, cultural tourism and diving safaris (A Semana).

Angola Business News

In Angola on April 1, 2011 at 6:41 pm

PROJECT OF THE WEEK

Render of the Torres Magestic for Luanda, currently under construction (Skyscrapercity).

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ECONOMY

Angola’s 2012 customs duties list, the updating of which brought together in Luanda the country’s main and importers and exporters, will further protect Angolan businesspeople and encourage domestic production, said the head of the tariff and trade department of the National Customs Service, Garcia Afonso (Macauhub).

CONSTRUCTION

Nova Cimangola, Angola’s biggest cement maker, plans to build a factory to produce as much as 2 million metric tons of the building material a year (Bloomberg).

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OIL

Sonangol SA, Angola’s state oil company, will build another 200 gasoline filling stations by 2015, adding to the 439 it already operates (Bloomberg).

Sonangol began working on the Najma (Najmah) and Qaiyara (Qaiyarah) oil fields in the Ninewa region, in Iraq, and is due to start drilling next April (Macauhub).

China Sonangol has been awarded stakes in four of the 11 pre-salt layer Angolan oil blocks recently licensed for exploration, which in total are expected to require investment of some US$1.32 billion according to the Economist Intelligence Unit (EIU), of The Economist group (Macauhub).