PROJECT OF THE WEEK
Portuguese construction company Soares da Costa is due to hand over the Sana Luanda Royal Hotel, which will be inaugurated on 4 February (Macauhub).
POLITICS
Angola’s president has moved the head of state oil firm Sonangol into the government to coordinate economic policy, state news agency Angop reported, a move likely to fuel speculation that Manuel Vicente has been selected to succeed Eduardo dos Santos (Reuters).
A fierce political row is brewing in Angola where opposition parties accuse the ruling MPLA of exerting too much influence over the organisation of the country’s upcoming general election (News24).
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DEFENSE & SECURITY
Damen Shipyards Galati is building the Ngola Kiluange, a Fishery Inspection Surveillance Vessel (FISV) 6210, for the Angolan Ministry of Agriculture, Rural Development and Fisheries. With another two ships under construction, the Angolan government is set to strengthen its knowledge of and control over its rich fishing grounds (Forbes).
ECONOMY
When you think of the world’s most expensive cities, the dusty Angolan capital of Luanda seems an unlikely contender. Potholed, chaotic and still scarred by decades of civil war, the city has little of the glitz and glamour of Tokyo, New York or Moscow, and an estimated half of Angolans live on less than $2 a day. But despite the obvious poverty and sprawling slums, Luanda still manages to boast some eye-wateringly high prices (BBC).
The Angolan government paid debts in the amount of US$2.653 billion to Angolan and foreign creditors between 2003 and 2010, the Finance Minister, Carlos Lopes said (Macauhub).
BUSINESS
Shareholders in Portuguese-pay TV provider Zon Multimedia have abandoned limits on voting rights, opening the way for investors to increase their stakes and raising the chances of a merger deal. Analysts said the move could open the way for Angolan investor Isabel dos Santos, the daughter of Angola’s president, to boost her 10 percent holding in Zon (Reuters).
Two American music promoters were detained for fraud in Angola after US rap star Nas failed to pitch up for a New Year’s concert, their business partner’s lawyer said. Patrick Allocco and his son are being held responsible after Nas didn’t perform though he was paid up front, said Joao Barros, who represents their long-time Angolan business partner Henrique Miguel (News24).
BANKING
Portugal’s Competition Authority has approved the acquisition by Angolan bank Banco Internacional de Crédito (BIC) of 100 percent of Portuguese bank Banco Português de Negócios (BPN) (Macauhub).
Angola’s state-controlled oil company Sonangol — the largest single shareholder in Portugal’s Millennium bcp — wants the bank to gain global scale in a restructuring that involves a management shakeup (Reuters).
OIL & GAS
Sonangol Starfish has made its first discovery of traces of oil in the sea, in Brazil’s Campos Basin, in a block that had already been unsuccessfully drilled, the company said in a statement sent to the National Oil Agency (ANP) (Macauhub).