News from Cape Verde, Angola & Mozambique

Archive for July, 2012|Monthly archive page

Cape Verde Politics & Regional News

In Cape Verde on July 26, 2012 at 5:59 pm

POLITICS

President Jorge Carlos Fonseca said that when election results are definitive, they should be accepted by all political parties, given the fact that Cape Verde is a country with democratic rules. The head of state made the statements while commenting on the results of the repetition of municipal elections at two polling stations in Santa Catarina de Santiago, which resulted in a win for the MpD in the municipal chamber and the PAICV in the municipal assembly (A Semana).

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BOA VISTA

Sal-based singer Uziel Sança has been ordered to pay a 26,000-escudo fine and 50,000 escudos in damages to Boa Vista district attorney Elisa Mendes. The singer was found guilty of first-degree slander and has not yet decided whether he will appeal the sentence (A Semana).

MAIO

Outside of the Cape Verdean capital city, the country’s traditional hospitality and friendliness seems to become more authentic. An example of this is the island of Maio, where this amicability is expressed by the perpetually open doors in its houses, which are one of its trademark images (A Semana).

THE GRAND TOUR OF CAPE VERDE

The Santiago, Sao Vicente and Sal chapters of The Grand Tour of Cape Verde, Atlantico Weekly’s travel guide to the country’s main islands, have been updated recently, so check them out!

SAL

Sal district court sentenced cook Uzang, who, in December of last year, stabbed a Chinese couple to death in the África 70 district of Espargos, to 25 years in prison – the maximum sentence allowed by Cape Verdean law (A Semana).

SOS Tartarugas have compiled a list of birds that can be found on Sal Island. You will be amazed by the diversity. Check it out here (pdf).

SANTIAGO

Two separate accidents at work sites in the city of Praia took the lives of two individuals in the capital. The first incident occurred in the central Plateau district, while the second took placed in Palmarejo. Both cases once again revealed the lack of security on worksites in Cape Verde and the irresponsibility of the institutions that are supposed to enforce labor laws in the country (A Semana).

SANTO ANTAO

Porto Novo district court sentenced Alcindo Rocha, the former manager of the Porto Novo branch of commercial bank Banco Comercial do Atlântico (BCA), to 13 years in prison for abuse of confidence, embezzlement and falsification of documents (A Semana).

SAO VICENTE

Five motorists with blood alcohol levels above the legal limit were identified by the National Police Traffic Brigade over the weekend on the island of São Vicente. A breathalyzer – a device new to Cape Verde – was used during a traffic stop operation carried out on the island. Four drivers were found to have blood alcohol contents above 1.08, while one had a blood alcohol content above 1.02 (A Semana).

 

Cape Verde Business & Economy News

In Cape Verde on July 26, 2012 at 5:58 pm

BEST RESTAURANT OF CAPE VERDE

Be welcome to check out the latest feature of Atlantico Weekly: Best Restaurant of Cape Verde 2012. Read about our candidates for best eatery of the country and vote for the ones you like! And if your favourite place is not on our list, send us your candidate for next year… Enjoy!

ECONOMY

The Cape Verdean government is seeking to secure funding from China of the US$500 million it needs to build infrastructure, Cape Verde Prime Minister José Maria Neves said in Macau, at the end of his official visit to China. The archipelago’s planned projects, he noted, include construction of the Mindelo deep water port, and other ports, “specifically on the islands of Maio and Sao Nicolau,” the Sao Vicente cruise liner terminal, development of the Cabnave port of Mindelo and, “an important fishing logistics base” (Macauhub).

Neves also confirmed that the projects of David Chow Kam Fai, Honorary Consul of Cape Verde in Macau along with those of local businessman to help set up the casino industry in Cape Verde are still up to date (Macau Daily Times).

The introduction of 3G mobile services in Cape Verde tripled the number of Internet subscribers in the first quarter of 2012, according to statistical data on electronic communications released by the National Communications Agency (ANAC), which believes that this year will see a takeoff of third-generation services in the country (A Semana).

AVIATION

Several Dutch tour operators have begun to advertise flights from Amsterdam to Sal by Transavia, a low cost airline owned by KLM. Though Transavia representatives were not availiable for comment and the flights are not yet visible on the Transavia site, preparations seem to be well under way. Flights may not start before November and (again unconfirmed by Transavia themselves) they may have stops at Faro Airport, Portugal. By the way, Transavia already carried out flights to Sal and Boa Vista from Berlin and Paris recently (AW).

LONDON OLYMPICS

Check out the three athletes fielded by Cape Verde at the 2012 London Olympics.

A dual American and Cape Verde citizen, Ruben Sanca will run the 5,000 meters in London after receiving an Olympic bid through a wild-card system in which a country is allotted a certain number of entries for their top athletes (Boston.com).

CAPE VERDE IN 2030

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ENTREPRENEURS OF CAPE VERDE

Check out Atlantico Weekly’s Entrepreneurs of Cape Verde, a series of short interviews with entrepreneurs in Cape Verde, both homegrown and foreign.  So far with Paulino Dias, Josephine Sturiale, Patone Lobo, Helen Hutchings and Steve Cooling, Emanuel Spencer, Djopan Oliveira, Alexandre Abade, Jacquie Cozens and Fatima Lima. This week with Paulo Noel Martins, a visionary entrepreneur in Cape Verde’s IT sector…

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Atlantico Weekly’s Angola Business News

In Angola on July 26, 2012 at 5:55 pm

PROJECT OF THE WEEK

Render of the Fisheries Academy for Namibe (Skyscrapercity).

INTERNATIONAL

South Africa and Angola signed a technical co-operation agreement to support infrastructure development in the rapidly growing African oil producer. The initiative was expected to create more economic development collaboration within the Southern African Development Community (Sadc) region by focusing on industrial development to integrate diverse economies (BusinessDay).

Check out the 35 athletes fielded by Angola at the 2012 London Olympics.

US entrepreneurs expressed in Lubango city their intention to invest in the sectors of mining, agriculture, agro-industry and civil engineering in the southern Huíla province. The chairwoman of the Angola/US chamber of commerce, Jeannine Scott, leads the American entrepreneurial delegation that is paying a two-day visit to Huíla province so as to identify areas for investments and establishment of eventual business partnerships with local entrepreneurs (AllAfrica).

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BANKING

South Africa’s Standard Bank said its Angolan unit has entered a strategic partnership with local insurance and fund management firm AAA Activos. The bank will hold 51 percent of the new shareholding structure in Angola under the agreement, with AAA Activos holding the remaining 49 percent (Reuters).

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INFRA

Trains are expected to start operating on the Moçâmedes Railroad in August, the chairman of the railroad’s management company, Daniel Quipaxe, said. During the inauguration of 17 new railway stations in the provinces of Huíla and Cuando Cubango, by Transport Minister Augusto da Silva Tomás, Quipaxe noted that trains running on the line once again would carry agricultural produce and passengers (Macauhub).

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MINING

OAO Alrosa’s Catoca diamond mine in Angola lowered its annual revenue forecast to $400 million from $500 million to $550 million, the Angolan press reported. Director Jose Ganga Jr. said he revised the company’s revenue forecast after diamond sales dropped about 5 percent in the first half of the year (Bloomberg).

Two diamond prospecting and exploration contracts were signed in Luanda, by Angolan diamond mining company Empresa Nacional de Diamantes (Endiama) and its partners, Endiama Mining, and Sitramal, Jall, Saccir, and Solaris (Macauhub).

OIL & GAS

Norwegian oil services firm Aker Solutions has won a contract from Total’s Angola unit to provide subsea intervention services. The deal is for two years with an aggregated value of $250 million and Total has an option for three one-year extensions (Reuters).

Japanese group Sumitomo Mitsui is interested in onshore oil exploration in Angola, weekly newspaper Expansão said, citing sources from the Angolan Oil Ministry (Macauhub).

Cape Verde Politics & Regional News

In Cape Verde on July 19, 2012 at 6:37 pm

INTERNATIONAL

President Jorge Carlos Fonseca said that the election of South Africa’s Nkosazana Dlamini-Zuma as the head of the African Union Commission was “a relief” and would help pave the way toward resolving many of the Pan-African organization’s problems (A Semana).

The Economist however reckons the appointment is controversial.

Chinese Premier Wen Jiabao announced an increase in the country’s financial aid to Cape Verde, which is to total US$ 21 million, during a meeting with Cape Verdean Prime Minister José Maria Neves. The aid will be channeled into new development programs to be identified during the next meeting of the two countries’ mixed commission, the date of which will be announced shortly (A Semana).

Testimony from high-level United Nations officials to the Security Council indicates growth in the activities and “influence of drug trafficking networks in Guinea Bissau” in the wake of the April 12 coup d’état in the country (A Semana).

An accord is being developed between Cape Verde and Luxembourg on Migratory Flow Management and Solidarity-Based Development between Cape Verde and Luxembourg, aimed at extending the period of certain types of visas, defining labor categories that could be the object of facilitated work authorization. This was one of the themes debated at the Joint Task Force meeting between Cape Verde and Luxembourg that took place during a two-day visit by Luxembourg’s Director of Immigration, Sylvain Wagner, to Cape Verde (A Semana).

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THE GRAND TOUR OF CAPE VERDE

The Santiago, Sao Vicente and Sal chapters of The Grand Tour of Cape Verde, Atlantico Weekly’s travel guide to the country’s main islands, have been updated recently, so check them out!

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CULTURE

The lineup for the three-day jazz festival that will get Angolan capital Luanda tapping its feet between July 27 and 29 has been concluded, and includes two singers of Cape Verdean descent, Sara Tavares and Carmen Souza (A Semana).

 

Cape Verde Business & Economy News

In Cape Verde on July 19, 2012 at 6:36 pm

BEST RESTAURANT OF CAPE VERDE

Be welcome to check out the latest feature of Atlantico Weekly: Best Restaurant of Cape Verde 2012. Read about our candidates for best eatery of the country and vote for the ones you like! And if your favourite place is not on our list, send us your candidate for next year… Enjoy!

ECONOMY

In the second quarter of 2012, it appears that the climate indicator bucked the trend upward in the last quarter, ie, the pace of economic growth was again slow in the second quarter of 2012 with the indicator recorded the lowest value of the last eight (8) consecutive quarters and placing below the series average (INE).

In June 2012 the rate of change recorded by the CPI was 1.6%, down 0.4 percentage points (pp) from the value recorded in the previous month (INE).

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BANKING & FINANCE

Portuguese bank BIC is interested in acquiring the international financial institution BPN Cape Verde, as well as BPN Brazil, both of which are in the hands of the Portuguese state, which took them over following the outbreak of the banking scandal involving their mother institution, BPN (Banco Português de Negócios) (A Semana). By the way Banco BIC Portugal is owned by Banco BIC Angola.

CAPE VERDE IN 2030

Atlantico Weekly is looking ahead!

Check out our Cape Verde in 2030 with a realistic glimpse of where and how Cape Verde will look like in the next decades …!

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ENTREPRENEURS OF CAPE VERDE

Check out Atlantico Weekly’s Entrepreneurs of Cape Verde, a series of short interviews with entrepreneurs in Cape Verde, both homegrown and foreign.  So far with Paulino Dias, Josephine Sturiale, Patone Lobo, Helen Hutchings and Steve Cooling, Emanuel Spencer, Djopan Oliveira, Alexandre Abade and Jacquie Cozens. Now with Fatima Lima of Divin’Art, passionate for the development of tourism on Santo Antao….

UTILITIES

Water and electricity utility Electra has more than 5,000 complaints filed with courts regarding electricity theft, according to the company’s CEO, Alexandre Fontes (A Semana).

 

Atlantico Weekly’s Angola Business News

In Angola on July 19, 2012 at 6:34 pm

PROJECT OF THE WEEK

Render of the Intercontinental Hotel & Casino, currently nearing completion in Luanda (Source).

POLITICS

Angolan police arrested 10 youth protesters and two journalists at an anti-government demonstration in the capital Luanda, as tensions rise ahead of August’s presidential election. A youth movement has staged several demonstrations since March last year calling for long-serving President Jose Eduardo dos Santos to resign after 32 years at the helm (Reuters).

Angola will allocate a total 788.5 million kwanza ($8.3 million) to political parties before the Aug. 31 election, Angop reported, citing a presidential statement (Bloomberg).

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INTERNATIONAL

There is not enough evidence to charge anyone over the death of an Angolan man who collapsed while being deported, the Crown Prosecution Service has said. Jimmy Mubenga, 46, collapsed while being restrained on a British Airways flight preparing to leave Heathrow Airport for Angola on 12 October 2010 (BBC).

The Angolan government is in the final stages of preparing a report of the measures to be adopted in order to remove the country from the list of the least developed countries, the secretary of State for Cooperation, Exalgina Gamboa said according to the United Nations Conference on Trade and Development (UNCTAD) (Macauhub).

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ECONOMY

Angola is reaping the fruits of the diversification of its economy, which has historically been focused on oil, by increasing its tax revenues from the non-oil sector, according to the Economist Intelligence Unit (EIU) (Macauhub).

Angola’s economic prospects this year “remain favorable” despite a recent easing in global oil prices, the International Monetary Fund said, and called on the government to improve the transparency of how it manages its oil profits (Reuters).

BUSINESS

Indonesia, Malaysia, Senegal, and Singapore are due to take part for the first time in the Luanda International Fair (Filda) this year, which is taking place from 17 to 22 July in the Angolan capital. As well as the host country, Angola, and the four countries mentioned above, this year the following countries will also take part: Germany, Argentina, Brazil, Cape Verde, China, south Korea, Cuba, Egypt, Spain, USA, France, India, Italy, Ghana, Equatorial Guinea, Mozambique, Nigeria, Norway, the Netherlands, Pakistan, Kenya, United Kingdom, Thailand, Tunisia, Turkey, and Zambia. Macau will also take part in the fair and the guest country for this year is South Africa (Macauhub).

OIL & GAS

Angolan state oil company Songanol was offering September-loading crude at higher prices this week, traders said, a day after the release of an export programme showing the lowest shipments in 15 months (Reuters).

Cape Verde Politics & Regional News

In Cape Verde on July 12, 2012 at 5:29 pm

MUNICIPAL ELECTIONS

The municipal election process in Santa Catarina de Santiago has seen a new development, as elections will be repeated at polling stations in Boa Entrada and Cruz Grande in the municipality, where the Supreme Court of Justice confirmed the existence of grave irregularities in the July 1 suffrage. The repetition of the elections at the two polling stations in question will take place on Sunday, July 22 (A Semana).

INDEPENDENCE DAY

The speaker of the National Assembly highlighted stability as a heritage to be preserved in Cape Verde. In his opening speech at the solemn session of parliament celebrating the 37th anniversary of the country’s independence from Portugal, Basílio Mosso Ramos enumerated the achievements made and the challenges still faced, while criticizing the relatively scant participation of women in political life and the evidence of attempts at vote-buying in the last municipal elections (A Semana).

Bostonians celebrate Cape Verdean’s Independence Day in the plaza of Boston’s City Hall. The crowd browsed vendor’s native wares, ate traditional Cape Verdean food, and danced to DJs and live performances (Boston.com).

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INTERNATIONAL

Portugal’s State Secretary of Foreign Affairs and Cooperation, Luís Brites Pereira, is in Cape Verde for a work visit, during which he will sign a memorandum of understanding with Cape Verdean State Secretary of Foreign Affairs José Luís Rocha in the area of direct budget aid (A Semana).

In 2002, when Dana Mohler-Faria became president of Bridgewater State, he was only the second person of Cape Verdean descent to lead a US college. José Maria Neves, prime minister of Cape Verde, requested a meeting, and that encounter led to a surprising request: Neves wanted help not only in bolstering his country’s economic development, but ­also with establishing a public university. Read what happened next in a 6-page long article on Boston Globe.

THE GRAND TOUR OF CAPE VERDE

The Santiago, Sao Vicente and Sal chapters of The Grand Tour of Cape Verde, Atlantico Weekly’s travel guide to the country’s main islands, have been updated!

LAW ENFORCEMENT

The National Police (PN) received two quad bikes and some equipment for sensing forged documents and surveillance from the French Embassy in Praia (AW).

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Cape Verde Business & Economy News

In Cape Verde on July 12, 2012 at 5:29 pm

PROJECT OF THE WEEK

Render of the the 5 star Hilton resort for Santa Maria on the island of Sal,  signalling a trend towards higher quality development in Cape Verde. This resort combines 240 luxurious rooms, several restaurants, a concert hall and a casino. The launch of this high class hotel was made possible by French financiers  Pierre Bastid and Jacques Monnier (AW).

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ECONOMY

Standard & Poor affirms Cape Verde ‘B+/B’ ratings and says economic outlook is stable. Read their assessment of the country’s economy at Reuters.

AGRI ETC.

The agricultural season has begun on the islands of Fogo and Brava. With the first rainfall of the year at several spots on Fogo, farmers have begun sowing their seeds, thus opening up positive perspectives for this year’s season (A Semana).

CAPE VERDE IN 2030

Atlantico Weekly is looking ahead!

Check out our Cape Verde in 2030 with a realistic glimpse of where and how Cape Verde will look like in the next decades …!

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ENTREPRENEURS OF CAPE VERDE

Check out Atlantico Weekly’s Entrepreneurs of Cape Verde, a series of short interviews with entrepreneurs in Cape Verde, both homegrown and foreign.  So far with Paulino Dias, Josephine Sturiale, Patone Lobo, Helen Hutchings and Steve Cooling, Emanuel Spencer, Djopan Oliveira, Alexandre Abade and Jacquie Cozens. This week with Fatima Lima of Divin’Art, passionate for the development of tourism on Santo Antao….

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TOURISM

Boa Vista made it to second and Santa Maria to fifth place on Tripadvisor’s election of best beach destination in Africa (Tripadvisor).

Atlantico Weekly’s Angola Business News

In Angola on July 12, 2012 at 5:27 pm

POLITICS

A decade after the end of Angola’s brutal civil war, veterans are threatening to block general elections in seven weeks if authorities fail to pay them their promised pensions (News24).

Human Rights Watch criticised Angola for its “alarming” crackdown on anti-government protestors amid a growing public show of dissent in the run-up to next month’s elections (News24).

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ECONOMY

Angola’s foreign exchange reserves rose to $30.71 billion in May from a revised $28.54 billion in April, the central bank said (Reuters).

Angola and China’s Eximbank signed 17 loan agreements valued at more than $500m to finance various post-war reconstruction projects, the finance minister said (News24).

BUSINESS

Thirty three countries have confirmed their presence at the 29th edition of the Luanda International Fair (Filda), taking place from 17 to 22 July, in the Angolan capital, the president of the fair, Matos Cardoso said (Macauhub).

AGRI ETC.

Vietnam, the world’s second-largest coffee producer after Brazil, will help Angola revitalise its war-ravaged coffee production by planting the commodity on 100,000 hectares over the next decade (Reuters).

Angolan coffee producers are expected to harvest 13,900 tons of coffee in the current campaign, as compared to 12,000 tons harvested in the previous agricultural campaign the minister for Agriculture, Afonso Pedro Canga said (Macauhub).

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MINING

Brazilian investment bank BTG Pactual will provide most of a $500 million investment to form a new mining company with Roger Agnelli, the former chief executive of mining giant Vale. Agnelli will run the operation and bring along options to buy mining projects for Chilean copper and Brazilian titanium, phosphate and potassium, the paper reported, without citing sources. Agnelli is also negotiating the purchase of copper and iron ore projects in Angola (Reuters).

OIL & GAS

U.S. oil group ExxonMobil said its Esso Angola unit had started oil production from the Kizomba Satellites project located offshore Angola. The initial phase of the project was expected to produce 100,000 barrels of oil per day, and recover a total of about 250 million barrels from the Mavacola and Clochas fields, 150 kilometres off the coast of Angola (Reuters).

Angolan natural gas company, Sonangol Gás Natural (Sonagás) posted a net profit for the first time in 2011, of US$125 million (Macauhub).

REAL ESTATE

The ghost towns of China, Ireland and Spain – full of large empty house estates – may be a phenomenon that is on its way to Africa. Built for people who never move in, they leave those who did with a worthless property they cannot sell. Perched in an isolated spot some 30km (18 miles) outside Angola’s capital, Luanda, Nova Cidade de Kilamba is a brand-new mixed residential development of 750 eight-storey apartment buildings, a dozen schools and more than 100 retail units (BBC).

Cape Verde Politics & Regional News

In Cape Verde on July 4, 2012 at 6:51 pm

LOCAL ELECTIONS

(Updated Monday July 9th) Cape Verde´s July 1st local elections were a clear victory for the opposition Movimento para Democracia or MpD. Though abstention rates were substantially higher than in 2008, the MpD managed to increase its share of the vote slightly and it now controls 13 municipalities.

MpD Mayor Ulisses da Silva easily maintained his position in the country´s capital, Praia, positioning himself even stronger as a possible successor to Carlos Veiga as the party´s leader.

The MpD also won on Sao Vicente, though without full control of the city´s assembly.

In Santa Catarina, Cape Verde´s third biggest town, on Santiago, the results were to close to call between votes cast for the PAICV and MpD mayoral candidates. After a recount in a tense atmosphere (with National Police presence boosted, the MpD was finally declared the winner with a thin margin. However, Jose Maria Veiga, the PAICV candidate, announced he was going to fight the results in court, blaming the MpD for some irregularities at two isolated polling stations.

On Santo Antao Island, Ribeira Grande remained in MpD hands, while that party also and surprisingly took over the town of Paul from Mayor Vera Almeida (PAICV), but it (less surprisingly) lost Porto Novo to the PAICV.

All three towns on Fogo meanwhile remain in PAICV hands, despite an attempt by a local renegade PAICV dinosaur in Sao Filipe to remain in power with his own newly created party. In that town the reuslts of the elections may still lead to instability. Sal remains as expected by many fully in the hands of the flamboyant Jorge Figuereido, who took 53% of the votes with his independent GIMCS party.

The PAICV is widely considered as have lost face in these polls, not only because of the number of votes cast, but also because the many political heavyweights if fielded (among which several former ministers) did not manage to hold their ground (AW).

Full results can be found here. By the way, you, readers of Atlantico Weekly, predicted the outcome of the elections correctly in the poll we ran for several weeks.

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LAW ENFORCEMENT

Judge Júlio Afonso rejected the allegations of all eight defendants in the Operation Speed Boat case who had requested a Preliminary Contradictory Hearing, and, in the cases of Djoy Gonçalves and Jacinto Mariano, decided to reinforce the measures aimed at keeping them under the eye of the law (A Semana).

DIASPORA

Thousands turned out in New Bedford for the step dancers, steel drums and bowls of creamy chicken soup that mean home to the Cape Verdeans celebrating the 40th annual Cape Verdean Recognition Parade (South Coast Today).

THE GRAND TOUR OF CAPE VERDE

The Santiago, Sao Vicente and Sal chapters of The Grand Tour of Cape Verde, Atlantico Weekly’s travel guide to the country’s main islands, have been updated!

Cape Verde Business & Economy news

In Cape Verde on July 4, 2012 at 6:50 pm

ECONOMY

The Cape Verde Stock Exchange and its Portuguese counterpart Euronext Lisboa signed a partnership protocol (A Semana).

CAPE VERDE IN 2030

Atlantico Weekly is looking ahead!

Check out our Cape Verde in 2030 with a realistic glimpse of where and how Cape Verde will look like in the next decades …!

SPLIT SECOND POLLS

ENTREPRENEURS OF CAPE VERDE

Check out Atlantico Weekly’s Entrepreneurs of Cape Verde, a series of short interviews with entrepreneurs in Cape Verde, both homegrown and foreign.  So far with Paulino Dias, Josephine Sturiale, Patone Lobo, Helen Hutchings and Steve Cooling, Emanuel Spencer, Djopan Oliveira, Alexandre Abade and Jacquie Cozens…

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TOURISM

The number of tourist entries into Cape Verde rose 14 percent in the first quarter of this year against the same period of 2011 when nearly 500,000 people visited the country, the Cape Verdean Tourism Minister said (Macauhub).

Tourism activities in Cape Verde last year grew by 27.4 percent, which was much more than the world (4.4 percent) and African (unchanged) average, according to the annual report of the Bank of Cape Verde (BCV) (Macauhub).

Atlantico Weekly´s Angola Business News

In Angola on July 4, 2012 at 6:48 pm

PROJECT OF THE WEEK

Render of the four star Spa Por do Sol Hotel for Huambo (Skyscrapercity).

POLITICS

Nine Angolan parties and coalitions will battle it out in upcoming parliamentary elections, the oil-rich nation’s third since independence in 1975, its top constitutional authority said (News24).

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ECONOMY

The Economist analyses how booming Angola´s oil money may be trickling down to the country´s poor (The Economist).

AVIATION

FastJet, the African discount airline startup backed EasyJet´s Stelios Haji-Ioannou, said it aims to operate 15 leased Airbus SAS aircraft within a year and will be a prospective customer for new models from the European planemaker and U.S. rival Boeing Co. (Bloomberg).

BANKING

Stake-holding company Santoro Finance – Prestação de Serviços now owns 19.336 percent of Portuguese bank BPI after acquiring 9.436 percent of the bank’s shares from Spanish bank Caixa Bank (Macauhub).

INFRA

The Angolan government has spent over US$3.3 billion on the programme to rebuild and modernise the Luanda, Moçâmedes and Benguela railroads, said the country’s transport minister Augusto da Silva Tomás (Macauhub).

OIL & GAS

Angola is planning to launch a bidding round for onshore oil exploration rights next year in a bid to double production by the end of the decade, the Financial Times reported (Reuters).

MINING & STEEL

A court battle between two multi-millionaires who fell out after making a fortune from Angolan diamonds ended when Arkady Gaydamak lost his bid to reclaim hundreds of millions of dollars he said he was owed by “king of diamonds” Lev Leviev (Reuters).

The Mining Code in place in Angola since 2011 will make its possible for investors to take a majority stake in mining companies, to reduce their tax burden from 35 percent to 25 percent and allow a single contract to be signed covering prospecting and exploration, the chairman of diamond mining company Endiama said (Macauhub).

TOURISM

Angola, by 2020, may achieve its target of 4.6 million tourists per year and 1 million direct jobs, the deputy Hotels and Tourism Minister, Paulino Baptista said (Macauhub).