News from Cape Verde, Angola & Mozambique

Archive for June, 2013|Monthly archive page

Cape Verde Business News

In Cape Verde on June 27, 2013 at 10:42 am

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NEWS

The latest World Bank review of policies and institutions in Sub-Saharan Africa shows an overall stable environment for growth and poverty reduction despite divergence across countries. Cape Verde and Kenya had the highest scores, although Cape Verde saw a decline in its CPIA for the third year in a row (World Bank).

The company Cabeólica has won the 2013 edition of the prestigious Ashden Award in acknowledgement of the pioneering work it has been developing to generate wind energy through a public-private partnership in Cape Verde, A Semana reported.

Prime Minister José Maria Neves said that his government is preparing a new proposal for the Property Tax law (IUP) to be debated in Parliament.

Proud to be Cape Verdean: A Look at Cape Verdeans in the Golden State, a documentary about the Cape Verdean community in California, will screen on Friday, June 28 at 7 p.m. at the New Bedford Whaling National Historical Park theater, 33 William St., downtown New Bedford (Wareham).

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BEST RESTAURANT OF CAPE VERDE 2013!

Participate in this year’s poll! Vote for your candidates for Best Restaurant of Cape Verde in 2013.

BEST CAPE VERDE MUSIC & BOOKS

Be welcome to check out Atlantico Weekly’s music cd and book store in cooperation with Amazon.com! Browse the Atlantico Store for the latest and best Cape Verde and Angolan music, like Cesaria Evora, Tito Paris, Lura, Nancy Vieira, Mayra Andrade, Bonga and many others…! Also use the Atlantico Store to find relevant maps, books on politics, economics and history as well as travel or tourist guides about Cape Verde and Angola. You order straight with Amazon, one of the best online stores in the world. Enjoy!

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PROJECT OF THE WEEK

mediatecafogo

The new visitor’s centre for Fogo Island’s National Park (picture from A Semana).

ECONOMY

Risk rating agency Standard & Poor’s lowered its outlook for Cape Verde from “stable” to “negative” despite keeping the country’s long term credit rating at “B+” and its short term rating at “B”. S&P’s decision follows a similar one from Fitch Ratings, which also lowered the outlook for Cape Verde from stable to negative, due to lower than expected growth of the archipelago’s gross domestic product (GDP).

Postal service Correios de Cabo Verde in 2012 posted a loss of around 90 million Cape Verdean escudos (US$1.06 million), which was the worst performance since the company was spun off from Cabo Verde Telecom, local press reported. The negative results were possibly due to Correios de Cabo Verde’s 20 percent in Novo Banco, a micro-credit bank that last year posted a loss of 200 million escudos (US$2.36 million).

THE RISE OF THE PACS

Meet three booming Portuguese-speaking African Countries.

maputobridge

The rise of the what? Another acronym, you say? Well, why not… In Portuguese the countries are called PALOPs, the Paises Africanos de Lingua Oficial Portuguesa (or African Countries with Portuguese as Official Language). So we call them PACs. Three PACs have become booming economies and nobody is stopping them: Cape Verde, Angola and Mozambique. Check it out.

AVIATION

The Cape Verdean government and the African Development Bank signed a financing contract for some 32 million euros for the construction of the new passenger terminal at Nelson Mandela International Airport in Praia, A Semana reported.

THE GRAND TOUR OF CAPE VERDE

Check out The Grand Tour of Cape Verde, Atlantico Weekly’s travel guide to the country’s main islands Santiago, Sal, Santo Antao, Boa Vista and Sao Vicente. Agora tambem em Portugues!

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AGORA TAMBEM EM PORTUGUES!

O Grand Tour de Cabo Verde esta a ser traduzido em Portugues! Começamos na Ilha de Santiago e ja seguimos para a Ilha de Sao Vicente e a Ilha de Santo Antao

ENTREPRENEURS OF CAPE VERDE

donxavier2

Check out Atlantico Weekly’s Entrepreneurs of Cape Verde, a series of short interviews with entrepreneurs in Cape Verde, both homegrown and foreign!

SANTIAGO

The municipal government of Praia has contracted a private company to collect municipal taxes in an effort to reduce the congestion at the single cashier it has for the purpose in the Praia municipal chamber’s offices in the Fazenda district of the city, A Semana reported.

CAPE VERDE IN 2030

Atlantico Weekly is looking ahead! Check out our Cape Verde in 2030 with a realistic glimpse of how Cape Verde will look like in the next decades …!

OPINION

A reaction to a recent piece in The Economist: Can Brazil Conquer Africa’s Booming Markets?

Angola Business News

In Angola on June 27, 2013 at 10:42 am

NEWS

Angola won praise from the World Bank for improving controls over state finances and increasing transparency of crude sales, Bloomberg reported. “The government has improved collection and reporting processes for oil revenues and transfers,” the World Bank said. “The authorities have made significant strides in improving the transparency and accountability of public financial management, but challenges remain.”

ECONOMY

Angola’s $5 billion sovereign wealth fund will put half of its investments in fixed-income instruments and cash and the rest in alternative ventures including hotels, according to an investment policy. Jose Filomeno dos Santos, a son of President Jose Eduardo dos Santos, was appointed chairman of the board of directors of the fund known as Fundo Soberano de Angola, or FSDEA, Bloomberg reported.

African countries, led by South Africa and Angola, are stepping up their investment overseas, with FDI outflows from the continent nearly tripling from $5 billion in 2011 to $14 billion last year, Reuters reported.

Angola’s National Agency for Private Investment (ANIP) and the Luanda International Fair (FIL) have set up international business centre company Centro Internacional de Negócios (Anfil) to promote the Angolan market and promote business missions abroad, Angolan news agency Angop reported.

The Angolan economy is expected to post growth of 7.2 percent in 2013 and 7.5 percent in 2014, the World Bank said, while warning of Angola’s vulnerability due to its dependence on the oil sector. According to the “Angola Economic Update” for 2013, on Angola’s economic and financial circumstances, growth expected in 2013 and 2014 will still be based on “growth in oil production and high export prices.”

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BUSINESS

The Angolan government is designing a programme for companies to be started more quickly, local press reported. Aim of the programme is to make it possible for a business to be set up in 24 hours.

Angola has expressed a desire to become a technological and internet hub in Africa. The commercial and marketing director of Angola Cable, Artur Mendes stressed the importance of developing the country (IT News Africa).

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– INTERVIEW –

ANGOLA BEYOND OIL & GAS

maria luisa abrantes

Check out our first feature story about Angola, an interview with Maria Luisa Abrantes, Director of ANIP, Angola’s Investment Agency: Angola Beyond Oil & Gas

BEST ANGOLA MUSIC & BOOKS

Be welcome to check out Atlantico Weekly’s music cd and book store in cooperation with Amazon.com! Browse the Atlantico Store for the latest and best Angolan music, like Waldemar Bastos, Bonga and many others…! Also use the Atlantico Store to find relevant maps, books on politics, economics and history as well as travel or tourist guides about Angola. You order straight with Amazon, one of the best online stores in the world. Enjoy!

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OIL & GAS

Angola will keep crude exports in August unchanged at 56 cargoes, according to a final loading program obtained by Bloomberg News. Exports will be 53.69 million barrels, or 1.73 million barrels a day. That compares with revised shipments of 53.81 million barrels, or 1.74 million barrels a day, in July.

China Petrochemical Corp. bought a 10 percent stake in an oil and gas field in Angola from U.S.-based Marathon Oil for $1.52 billion. The purchase brings China Petrochemical’s stake in Block 31 to 15 percent, the parent of China Petroleum and Chemical Corp., or Sinopec, said. China Petrochemical bought a 5 percent stake in the block from Total SA in 2011 for $983 million. Increasing its stake in the block, currently operated by BP Plc (BP/), will add 14,600 barrels of oil per day for China Petrochemical. The deal is pending approval from the governments of China and Angola, Bloomberg reported.

Angola and the Republic of Congo have agreed joint exploration of the Lianzi oil block on the sea border between the Angolan province of Cabinda and the Congolese region of Kouilou. The area is to be explored by Chevron, local press reported.

The value of investments to be made by BP Angola will total over US$20 billion by the end of the decade, or around US$3 billion per year, local press reported. The company plans to increase daily production from 190,000 barrels to 250,000 barrels, as a result of exploration projects it is carrying out with its partners in Blocks 15 and 17 and its reserves in Blocks 18 and 31.

BRAZIL WEEKLY

Check out our sister publication Brazil Weekly, with editions appearing every Friday!

REAL ESTATE

Angola’s real estate market is experiencing a period of greater stability, which is reflected in its prices, but still has “enormous potential growth,” according to the 5th edition of the Angola Real estate Market Study, local press reported.

Mozambique Business News

In Mozambique on June 27, 2013 at 10:40 am

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NEWS

President Armando Guebuza called for peace after attacks that have killed at least 13 people since April, Bloomberg reported. “The country is at peace and is stable and what happened in the last days are small incidents that will not threaten the peace,” Guebuza said. Passenger trains were suspended in central Mozambique after two convoys were assaulted on the EN1 freeway in the country’s center.

President Guebuza has also fired his army chief Paulino Jose Macaringue. No explanation was given for the axing. He was replaced by ruling party Frelimo loyalist and former independence fighter Graca Tomas Chongo (News24).

In any case, a new round of talks opened on Monday between Renamo and the government over a list of grievances raised by the ex-rebels (News24).

The difficulty now is for President Armando Guebuza to calculate an appropriate response to armed violence by Renamo, while also looking for some common ground with the party’s demands – Mozambique is not at war, and this should be treated as a police matter. Read Alex Vines’opinion on CNN.

BEST MOZAMBIQUE MUSIC & BOOKS

cantora

Check out our Atlantico Store, now with an interesting collection of books about Mozambique as well as music from the country, all available through Amazon. Browse our collection here.

BUSINESS

Royal HaskoningDHV together with international water utilities company Vitens Evides International (VEI) of the Netherlands will develop a new water distribution system for northern Maputo. This distribution system will ultimately supply safe drinking water to 550,000 residents and 20,000 households. The Royal HaskoningDHV lead consortium has been commissioned by Fundo de Investimento e Patrimonio do Asbestecimento de Agua of Mozambique (FIPAG) to implement all services required for the Development Phase of this project that will be funded by the Netherlands Government via an ORIO Grant. The contract value for Royal HaskoningDHV and VEI’s services amounts to 2.2 million Euro (RoyalHaskoningDHV).

AGRI ETC

A company hired by Mozambican beer maker Cervejas de Moçambique (CdM) is buying large quantities of cassava in the Muanza district of Sofala province, with a view to using it to make beer, local press reported.

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SPLIT SECOND POLLS

MINING

Rio Tinto has suspended using the vital rail line that it and other mining companies operating in Mozambique rely on to export coal in the wake of threats made by former rebels to sabotage the network. Last week, Renamo, which fought a 15-year civil war with the governing Frelimo party, was blamed for several attacks in the central Sofala province, after it had threatened to disrupt the Sena rail line and roads in the area (FT).

Rio Tinto is now considering a whole or partial sale of its troubled coal unit in Mozambique and has run a contest among several investment banks, known as a beauty parade, to select a financial adviser to assist with the process, the Wall Street Journal reported.

Mining group Coal India Ltd has consigned US$42 million to social spending in Mozambique in order to overcome some obstacles that are apparently preventing it from commercial coal exploration. The spending includes construction of two professional training institutes, Indian press reported.

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Contact us for more info and our range of other advertising and promotion offers!

OIL & GAS

Oil & Natural Gas Corp. and Oil India Ltd., India’s biggest state-run explorers, will pay $2.5 billion to buy a stake in a Mozambique natural gas field from Videocon Industries Ltd. The two Indian companies will buy Videocon Mozambique Rovuma 1 Ltd., which owns 10 percent of the Rovuma-1 field in the waters off the African nation, Bloomberg reported. The transaction, expected to close in the last quarter of 2013, was first announced by ONGC on June 10 and withdrawn the same day for being “premature.”

For the next five years, the game will be as much diplomacy as it will be commercial. We also need to be mindful of the hard reality: there is no “equity gas” in Mozambique. This means that India, with a 20% economic interest via BPCLand now OVL-OIL, does not have the right to ship back an equal quantum of LNG, commensurate with the companies’ stakes. They only have a revenue upside. But being the second-largest shareholder after the operator Anadarko, the Indian consortium will have a seat – and a significant one too – at the high table. That is leverage worth using to the hilt when it comes to the marketing and gas offtake negotiations that are to crystallise in the coming months (The Economic Times).

PORTS & LOGISTICS

During the third week of June, there was an unexpected vessel coming from the Far East en-route to West Africa (Luanda, Lagos), that had to change their way to Maputo Port bringing 5000 units of vehicles, 4000 for direct transship and 1000 for indirect transship. The current park became small to fit them, reason why the vehicles flooded all the quayside along berth number 1.

Cape Verde Business News

In Cape Verde on June 19, 2013 at 5:29 pm

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NEWS

The Consulate General of Cape Verde has moved its offices from Boston to 300  Congress St. in the Crown Colony Office Park.

VOTE NOW

FOR

BEST RESTAURANT OF CAPE VERDE 2013!

Participate in this year’s poll! Vote for your candidates for Best Restaurant of Cape Verde in 2013.

BEST CAPE VERDE MUSIC & BOOKS

mayra

Be welcome to check out Atlantico Weekly’s music cd and book store in cooperation with Amazon.com! Browse the Atlantico Store for the latest and best Cape Verde and Angolan music, like Cesaria Evora, Tito Paris, Lura, Nancy Vieira, Mayra Andrade, Bonga and many others…! Also use the Atlantico Store to find relevant maps, books on politics, economics and history as well as travel or tourist guides about Cape Verde and Angola. You order straight with Amazon, one of the best online stores in the world. Enjoy!

ECONOMY

The Bank of Cape Verde’s Patrimonial and Financial Situation Report indicates that, as of May 31, its net assets, which is made up of all of the products it has available to it in dealing with other institutions, stood at 43,470,059,000 escudos, a 0.96% drop in comparison to the month of April. The decrease comes due to the unfavorable evolution of external assets (A Semana).

Around 92 percent of companies in Cape Verde that handed in their Reports and Accounts by 31 May of this year posted reduced profits, local press reported. This is the first time since 2001 and the situation “may be even worse when all the companies hand in their reports and accounts, especially those of owned by the state.

AVIATION

TACV Cape Verde Airlines will carry out 16 weekly flights between Portugal and Cape Verde in the months of June to September, including three from Porto and 13 from Lisbon.

THE GRAND TOUR OF CAPE VERDE

Check out The Grand Tour of Cape Verde, Atlantico Weekly’s travel guide to the country’s main islands Santiago, Sal, Santo Antao, Boa Vista and Sao Vicente. Agora tambem em Portugues!

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AGORA TAMBEM EM PORTUGUES!

O Grand Tour de Cabo Verde esta a ser traduzido em Portugues! Começamos na Ilha de Santiago e ja seguimos para a Ilha de Sao Vicente e a Ilha de Santo Antao

ENTREPRENEURS OF CAPE VERDE

gerry

Check out Atlantico Weekly’s Entrepreneurs of Cape Verde, a series of short interviews with entrepreneurs in Cape Verde, both homegrown and foreign!

SAL

The Inspectorate General of Fisheries seized some 80 kilograms of Lobster this Thursday, June 13, at Palmeira sea port, on the Island of Sal. The catch, which had arrived from the island of São Nicolau, was confiscated when its alleged owners were being given the merchandise. The particular species of lobster in question is currently during its breeding season, during which time its capture is prohibited (A Semana).

SANTIAGO

Portuguese construction company Monte Adriano is this to sign a contract to carry out the Planning Project for the Flamengos and Principal Water Basins, on Santiago Island. The work is funded by the Arab Bank for Economic Development of Africa (BADEA), with a loan of US$10 million, which will allow the company to build two dams, 19 dykes for surface water and 25 dykes for underground water, local press reported.

SANTO ANTAO

Porto Novo district court will assess the total value of the assets held by cement company Cabocem, which is headquartered in the municipality, on the coming days. The measure is aimed at forcing the company to fulfill its obligations to workers, who have not been paid in nine months. The court order comes on the heels of a request by Santo Antão-based labor union SLTSA following several months of negotiations that failed to produce a solution that was agreeable to both parties (A Semana).

Porto Novo City Council is conducting  surveys in order to build a decent road to Tarrafal Monte Trigo from Porto Novo itself.

CAPE VERDE IN 2030

Atlantico Weekly is looking ahead! Check out our Cape Verde in 2030 with a realistic glimpse of how Cape Verde will look like in the next decades …!

OPINION

A reaction to a recent piece in The Economist: Can Brazil Conquer Africa’s Booming Markets?

Angola Business News

In Angola on June 19, 2013 at 5:29 pm

NEWS

Angola has almost eliminated illegal money transfers exiting the country after enforcing new laws over six years, a finance ministry official said. Illicit capital flight declined to $17.5 million in 2011 from $1.64 billion in 2007, Bloomberg reported.

The New Law for State Contracts in Angola is intended to establish rules for state institutions to have transparent contracting processes, seeking out the best goods and services on the market at the cheapest prices, Minister Edeltrudes Costa said.

– INTERVIEW –

ANGOLA BEYOND OIL & GAS

maria luisa abrantes

Check out our first feature story about Angola, an interview with Maria Luisa Abrantes, Director of ANIP, Angola’s Investment Agency: Angola Beyond Oil & Gas

SPLIT SECOND POLL

BEST ANGOLA MUSIC & BOOKS

Be welcome to check out Atlantico Weekly’s music cd and book store in cooperation with Amazon.com! Browse the Atlantico Store for the latest and best Angolan music, like Waldemar Bastos, Bonga and many others…! Also use the Atlantico Store to find relevant maps, books on politics, economics and history as well as travel or tourist guides about Angola. You order straight with Amazon, one of the best online stores in the world. Enjoy!

BUSINESS

Angola’s National Agency for Private Investment (ANIP) signed 13 private investment contracts with foreign companies mainly linked to the industrial and services sectors. This was the first time that some foreign investment projects would be focused on provinces other than Luanda, specifically in Huambo and Huila, ANGOP reported.

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OIL & GAS

Grupo BTG Pactual SA, the Brazilian bank led by billionaire Andre Esteves, agreed to pay $1.5 billion to form a joint venture in Africa with Petroleo Brasileiro SA as part of an incursion into the oil industry. The agreement sees BTG taking 50 percent of Petrobras’s assets in Angola, Benin, Gabon, Namibia, Nigeria and Tanzania and the two companies teaming up to explore and produce oil and gas, Bloomberg reported.

Brazil was the destination of the first ever shipment of liquid natural gas from Angola, produced by Angola LNG at its processing unit in Soyo, Cabinda province, which plans to have Asian countries amongst its main customers. Following years of preparation, including a delay of at least 18 months and an investment of US$10 billion, the sale of the first shipment was made to Sonangol for export to Brazil on the Sonangol Sambizanga ship.

Production of oil group Total in Angola, which stands at 600,000 barrels per day, will be increased by 160.000 barrels in 2014 when the company’s fourth production, storage and
unloading unit goes into operation.

BRAZIL WEEKLY

Check out our sister publication Brazil Weekly, with editions appearing every Friday!

THE RISE OF THE PACS

Meet three booming Portuguese-speaking African Countries.

maputobridge

The rise of the what? Another acronym, you say? Well, why not… In Portuguese the countries are called PALOPs, the Paises Africanos de Lingua Oficial Portuguesa (or African Countries with Portuguese as Official Language). So we call them PACs. Three PACs have become booming economies and nobody is stopping them: Cape Verde, Angola and Mozambique. Check it out.

Mozambique Business News

In Mozambique on June 19, 2013 at 5:27 pm

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NEWS

The Renamo opposition party, a former guerrilla organisation, threatened to paralyse the only railway line out of Mozambique’s vast coalfields in an effort to hurt the government. Renamo information chief Jeronimo Malagueta said that disruption of the Sena line connecting the northwest region of Tete to the Indian Ocean port of Beira would last “as long as it takes”. Renamo would “paralyse the movement of trains”. The Sena line runs through “Renamo country” and skirts the group’s semi-militarised stronghold in the Gorongosa Mountains, where it is believed to have around 1,000 men under arms. The line was frequently blown up during the civil war (Reuters).

Seven soldiers were shot dead when gunmen raided a weapons depot in Mozambique, the latest ambush and attack on security forces to rekindle memories of the 1975-1992 civil war. The assault forced hundreds to flee the central town of Savane and interrupted rail traffic on the nearby Sena line, Reuters reported.

BEST MOZAMBIQUE MUSIC & BOOKS

cantora

Check out our Atlantico Store, now with an interesting collection of books about Mozambique as well as music from the country, all available through Amazon. Browse our collection here.

ECONOMY

Namibia is due to start receiving electricity produced in Mozambique at Parque Gigawatt in Ressano Garcia generated from natural gas from the Pande and Temane gas fields, in Inhambane province, Mozambican daily newspaper Notícias reported.

BUSINESS

The two shareholders of Mozambican bank Moza Banco are expected to increase the bank’s capital by US$5 million to US$50 million. The bank would open a unit to finance development projects as well as setting up an associated insurance company, local press reported.

Over 1,000 new brands and patents on products and services were registered in Mozambique in the first five months of 2013, the director of the Industrial Property Institute said.

Burger King will soon look to open outlets in Mozambique, among other countries in the region, Bloomberg reported.

The Economist discusses Maputo’s proerty market.

AGRI ETC

Cashew nut production in Mozambique is this year expected to total 110,000 tons, and the sales campaign has already sold 85,000 tons, the director of the National Cashew Institute (INCAJU) said.

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SPLIT SECOND POLLS

MINING

Rio Tinto is considering a sale of at least part of its coal business in Mozambique, which it acquired for $4.1 billion in 2011, after flagging a $3 billion writedown of the value of the project, Bloomberg reported.

OIL & GAS

Statoil and Tullow Oil are finishing a well aimed at achieving the first commercial oil discovery in Mozambique. The partners’ Cachalote well off Mozambique is drilling past potential gas fields and looking for crude discoveries further under the seabed, Bloomberg reported. The well is expected to be finished later this month.

Indian state company ONGC withdrew a statement saying it and Oil India Ltd had signed an agreement to buy a 10 percent stake in a Mozambique gas field from India’s Videocon Group for $2.48 billion (Reuters).

PORTS & LOGISTICS

The new Macuti dredger arrived at the port of Beira and is expected to solve the problem of silting in the port’s access channel once and for all, Mozambican press reported. The dredger, which was acquired from a shipyard in Lithuania for 35 million euros, is expected to start operating in the next few days on the so-called Macuti bend, where a high concentration of silt totals an average of 3 million cubic metres.

The new cargo terminal at the Ressano Garcia border between Mozambique and South Africa, which is due to start operating in December, will speed up the customs clearance process, said the managing director of Matola Cargo Terminal, local press reported.

Cape Verde Business News

In Cape Verde on June 13, 2013 at 12:52 pm

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NEWS

Pedro Sapinho has been chosen by TACV Cabo Verde Airlines’ board of directors as the company’s new commercial director, replacing Maria da Luz “Lu” Spencer, who since 2008 had been at the helm of this service, considered crucial to the carrier’s administration. This is the first major change felt at TACV since the new board of directors headed by João Pereira Silva took the reigns of the airline, putting into practice the new commercial strategies outlined by the administration (A Semana).

The funding granted by Japan for water supply and energy projects in Cape Verde is expected to total US$224 million, which is substantially more than the US$88.4 million previously outlined. Japan will provide funding of US$160 million for a water desalination, storage and transport project on the island of Santiago, where over 56 percent of the population lives. Japan also plans to fund another project, worth some US$64 million, to ensure better energy distribution across six islands (Santiago, Sao Vicente, Sal, Fogo, Maio and Santo Antao), international press reported.

BEST RESTAURANT OF CAPE VERDE 2013

Participate in this year’s poll! Nominate your candidates for Best Restaurant of Cape Verde in 2013. Please go to the Best Restaurant page and fill in the form, thank you! Tambem em Portugues!

BEST CAPE VERDE MUSIC & BOOKS

Be welcome to check out Atlantico Weekly’s music cd and book store in cooperation with Amazon.com! Browse the Atlantico Store for the latest and best Cape Verde and Angolan music, like Cesaria Evora, Tito Paris, Lura, Nancy Vieira, Mayra Andrade, Bonga and many others…! Also use the Atlantico Store to find relevant maps, books on politics, economics and history as well as travel or tourist guides about Cape Verde and Angola. You order straight with Amazon, one of the best online stores in the world. Enjoy!

ECONOMY

The Bank of Cape Verde has suspended the distribution of dividends to shareholders of the Cape Verde’s banks so they can boost their own capital, local press reported. As well as vulnerabilities detected through stress tests, a high level of loan defaults is present and therefore boosting capital would reduce risks and freeze consumption.

The president of Cape Verde’s National Statistics Institute (INE) has sounded a warning cry, saying that the institution needs to double its number of employees and be given more financial resources in order to be able to produce annual and quarterly accounts without difficulties. The appeal is António Duarte’s response to the recommendations made by the IMF about the lack of real up-to-date GDP data after 2010, as well as the Budget Support Group’s recommendations on the capacities needed to monitor and assess Cape Verde’s economic indicators (A Semana).

A Cape Verde government mission will move to South Africa soon as part of the “re-invigorating” of economic diplomacy between the two coutries, Prime Minister José Maria Neves announced.

THE GRAND TOUR OF CAPE VERDE

Check out The Grand Tour of Cape Verde, Atlantico Weekly’s travel guide to the country’s main islands Santiago, Sal, Santo Antao, Boa Vista and Sao Vicente. Agora tambem em Portugues!

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AGORA TAMBEM EM PORTUGUES!

O Grand Tour de Cabo Verde esta a ser traduzido em Portugues! Começamos na Ilha de Santiago e ja seguimos para a Ilha de Sao Vicente e a Ilha de Santo Antao

ENTREPRENEURS OF CAPE VERDE

donxavier2

Check out Atlantico Weekly’s Entrepreneurs of Cape Verde, a series of short interviews with entrepreneurs in Cape Verde, both homegrown and foreign!

SAL

The Director for Environment and Sanitation of Sal City Council appeals to people to register their dogs, a process that started two weeks ago while putting into practice the Municipal Regulation for Registration and Licensing of Dogs.

SANTIAGO

The theft of energy has caused losses of about 30 percent of all energy produced in Cape Verde, and in some neighborhoods of Praia that figure reaches 80 percent, local press reported.

TOURISM

On June 28, Cidade Velha will host an international colloquium featuring the participation of Cape Verdean, Brazilian and Portuguese specialists, who will analyze the gains and challenges of the municipality of Ribeira Grande de Santiago, which has been visited by some 15,000 tourists so far this year and which may soon begin giving other tourist destinations in the country, such as Boa Vista and Sal, a run for their money. Cidade Velha, considered the cradle of Cape Verdean culture and society, will celebrate four years as a UNESCO World Heritage Site on June 26 (A Semana).

The construction works of the first phase of the Salinas Resort in Salinas area, will begin later this year, as soon as the project is approved by the Technical Office of the City Council of Fogo.

CAPE VERDE IN 2030

Atlantico Weekly is looking ahead! Check out our Cape Verde in 2030 with a realistic glimpse of how Cape Verde will look like in the next decades …!

OPINION

A reaction to a recent piece in The Economist: Can Brazil Conquer Africa’s Booming Markets?

Angola Business News

In Angola on June 13, 2013 at 12:51 pm

– INTERVIEW –

ANGOLA BEYOND OIL & GAS

maria luisa abrantes

Check out our first feature story about Angola, an interview with Maria Luisa Abrantes, Director of ANIP, Angola’s Investment Agency: Angola Beyond Oil & Gas

NEWS

Angolan President Jose Eduardo dos Santos, Africa’s second-longest serving ruler, said he’s thought about a transition of power almost 12 months after winning another five-year term. The 70-year-old won a new term at the helm of Africa’s second-largest oil producer in August 2012 in the first national elections to determine a president in 20 years. Manuel Domingos Vicente, the former head of state oil company Sonangol EP, was named vice president (Bloomberg).

Dos Santos also dismissed recent anti-government youth protests, saying the risk of social upheaval in the oil-producing country is inexistent despite a large rich-poor wealth gap (Reuters).

Angola plans to merge agencies for tax collection and customs by 2017 to help reduce its dependence on petroleum, according to an analyst at the London School of Economics. Tariffs on oil will account for about 80 percent of tax revenue this year. The government is integrating its agencies to help boost tax earnings from non-oil industries to 20 percent of gross domestic product within four years from 7.5 percent in 2011 (Bloomberg).

The government of Angola plans to make the central Angolan coastal region comprising the cities of Benguela, Baía Farta, Catumbela and Lobito the country’s second biggest urban population centre, local press reported.

SPLIT SECOND POLL

BEST ANGOLA MUSIC & BOOKS

Be welcome to check out Atlantico Weekly’s music cd and book store in cooperation with Amazon.com! Browse the Atlantico Store for the latest and best Angolan music, like Waldemar Bastos, Bonga and many others…! Also use the Atlantico Store to find relevant maps, books on politics, economics and history as well as travel or tourist guides about Angola. You order straight with Amazon, one of the best online stores in the world. Enjoy!

BUSINESS

Angola is spending $1 billion to revamp three fabric plants that will employ 2,700 people, said the local unit of Marubeni Corp. (8002), Japan’s biggest trader of grains and food products, which is rehabilitating the factories. Reconstruction of the $270 million Textang II facility, which will be able to produce 9 million meters (30 million feet) of fabric annually, may be completed in two months, Bloomberg reported.

MINING

Iron ore exploration at the Cassala/Quitungo mining project, in Angola’s Kwanza Norte province, is due to begin in 2017, with initial production of 6 million tons, local press reported.

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BRAZIL WEEKLY

Check out our sister publication Brazil Weekly, with editions appearing every Friday!

THE RISE OF THE PACS

Meet three booming Portuguese-speaking African Countries.

maputobridge

The rise of the what? Another acronym, you say? Well, why not… In Portuguese the countries are called PALOPs, the Paises Africanos de Lingua Oficial Portuguesa (or African Countries with Portuguese as Official Language). So we call them PACs. Three PACs have become booming economies and nobody is stopping them: Cape Verde, Angola and Mozambique. Check it out.

Mozambique Business News

In Mozambique on June 13, 2013 at 12:50 pm

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NEWS

South Africa is assessing the costs of rebuilding a fence between the Kruger National Park and Mozambique to deter poachers who’ve killed 350 rhinos this year. A request was received from South African National Parks, or SANParks, to re-erect the boundary (Bloomberg).

BEST MOZAMBIQUE MUSIC & BOOKS

cantora

Check out our Atlantico Store, now with an interesting collection of books about Mozambique as well as music from the country, all available through Amazon. Browse our collection here.

ECONOMY

Mozambique’s Gross Domestic Product is expected to grow by an annual average of 6.88 percent between 2012 and 2017, according to projections published recently by the Ernst and Young consultancy.

Mozambique’s central bank cut its benchmark interest rate by half a percentage point, the first reduction in seven months. The rate was lowered to 9 percent, Bloomberg reported.

PROJECT OF THE WEEK

maputostandardbank

Render of the new Standard Bank Office for Maputo.

BUSINESS

Nedbank Group’s purchase of an initial 36.4 percent stake in Mozambique’s Banco Unico is expected to be approved by regulators in two to three months, the chief executive of the Mozambican lender said (Reuters).

Actis LLP, a private-equity company, will lead investment of as much as $1.5 billion in African commercial property to meet rising demand from international companies targeting a growing middle class. The company is adding industrial and logistics parks to its African property portfolio in response to a “complete lack” of that kind of infrastructure. The company sees opportunities in key markets such as Mozambique, Zambia, Ghana (Bloomberg).

AGRI ETC

Bananalândia, a company located in the Boane district of the coastal Mozambican province of Maputo, plans to expand into Middle Eastern markets, which will require production to increase. The company, which has been operating in Mozambique since 2002, is consolidating its position as a regional banana supplier, local press reported.

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SPLIT SECOND POLLS

MINING

Encouraging results from the first round of exploration at Coal India’s Mozambique coal blocks have prompted the company to embark on the second round of exploration at an investment of $60 million (The Economic Times).

OIL & GAS

Uncertainty over government policy is keeping Japanese buyers from signing contracts for fuel from the world’s second-largest liquefied natural gas plant planned in Mozambique, according to Anadarko. Buyers from the Asian nation have been reluctant to commit to buying fuel from the African country because of pending Japanese government decisions on nuclear plant restarts and power grid policies that will affect future demand (Bloomberg).

Mozambique’s state-backed petroleum company said it’s not interested in selling its stake in the Rovuma offshore gas field to international producers. Empresa Nacional de Hidrocarbonetos, known as ENH, has a 15 percent interest in the Rovuma-1 block, whose reserves are larger than those of Libya, according to Anadarko Petroleum Corp.,the operator of the block (Bloomberg).

Oil & Natural Gas Corp. and Oil India Ltd., India’s biggest state-run explorers, will pay $2.5 billion to buy a stake in a Mozambique natural gas field from Videocon Industries Ltd.. The two Indian explorers will buy Videocon Mozambique Rovuma 1 Ltd., which owns 10 percent in the Rovuma-1 field in the waters off the African nation, ONGC said . The transaction is expected to close in the last quarter of 2013 (Bloomberg).

Cape Verde Business News

In Cape Verde on June 5, 2013 at 6:24 pm

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NEWS

A new way of engaging in politics and exercising power in Cape Verde is the proposal from Ulisses Correia e Silva, who is the only candidate in the race to succeed Carlos Veiga as chairman of opposition party MpD in direct internal elections on June 16. In the public presentation of his candidacy, the current Praia mayor outlined the path for people-centered “durable development” (A Semana).

Portugal remains available to maintain police technical cooperation with Cape Verde, through the strengthening of border control and training of different police, the Portuguese Minister of Internal Administration said in Praia.

CAPE VERDE FLIGHT GUIDE WINTER 2012/2013

Welcome on Board! Check out Atlantico Weekly’s latest feature, the Cape Verde Flight Guide, with TACV Cape Verde Airlines Winter 2012-13 timetable and an overview of all flights to and from Cape Verde. Coming soon is the 2013 Summer Edition!

BEST RESTAURANT OF CAPE VERDE 2013

Participate in this year’s poll! Nominate your candidates for Best Restaurant of Cape Verde in 2013. Please go to the Best Restaurant page and fill in the form, thank you! Tambem em Portugues!

BEST CAPE VERDE MUSIC & BOOKS

manuelcandinho

Be welcome to check out Atlantico Weekly’s music cd and book store in cooperation with Amazon.com! Browse the Atlantico Store for the latest and best Cape Verde and Angolan music, like Cesaria Evora, Tito Paris, Lura, Nancy Vieira, Mayra Andrade, Bonga and many others…! Also use the Atlantico Store to find relevant maps, books on politics, economics and history as well as travel or tourist guides about Cape Verde and Angola. You order straight with Amazon, one of the best online stores in the world. Enjoy!

ECONOMY

Japanese Prime Minister Shinzu Abe announced the Japanese government’s support for various projects in areas crucial to development, such as water, energy and the sea cluster, during a bilateral meeting with Cape Verdean Prime Minister José Maria Neves. The aid in question amounts to more than US$ 60 million, A Semana reported.

THE GRAND TOUR OF CAPE VERDE

Check out The Grand Tour of Cape Verde, Atlantico Weekly’s travel guide to the country’s main islands Santiago, Sal, Santo Antao, Boa Vista and Sao Vicente. Agora tambem em Portugues!

ADVERTISEMENT


AGORA TAMBEM EM PORTUGUES!

O Grand Tour de Cabo Verde esta a ser traduzido em Portugues! Começamos na Ilha de Santiago e ja seguimos para a Ilha de Sao Vicente e a Ilha de Santo Antao

ENTREPRENEURS OF CAPE VERDE

spencerlima

Check out Atlantico Weekly’s Entrepreneurs of Cape Verde, a series of short interviews with entrepreneurs in Cape Verde, both homegrown and foreign!

BUSINESS

Novo Banco will this year open new service counters on the islands of Sal and Boa Vista within the framework of its expansion policy and diversification of products. local press reported.

SANTIAGO

A group of Praia residents led is organizing a protest the introduction of parking meters in the city’s central historic district of Plateau, A Semana reported.

SAO VICENTE

Island Seafoods, a Norwegian funded company, is expected to start construction of a fishing dock in Mindelo in the final quarter of 2013, A Semana reported. The project will take an estimated 18 months to build. At the end of construction the facility will include a fishing dock with equipment for pumping fish directly from boats into the factory, with capacity to unload 50 tons of fish per hour. The future dock will be located in the Cova d’Inglesa area, just 25 metres from the current fishing complex and will occupy an area of 20,000 square metres, 11,000 of which on shore. Island Seafoods plans to invest 72 million euros in infrastructure and equipment using funding from the Norwegian government.

CAPE VERDE IN 2030

Atlantico Weekly is looking ahead! Check out our Cape Verde in 2030 with a realistic glimpse of how Cape Verde will look like in the next decades …!

OPINION

Our latest opinion article is a reaction to a recent piece in The Economist: Can Brazil Conquer Africa’s Booming Markets?

THE RISE OF THE PACS

Meet three booming Portuguese-speaking African Countries.

maputobridge

The rise of the what? Another acronym, you say? Well, why not… In Portuguese the countries are called PALOPs, the Paises Africanos de Lingua Oficial Portuguesa (or African Countries with Portuguese as Official Language). So we call them PACs. Three PACs have become booming economies and nobody is stopping them: Cape Verde, Angola and Mozambique. Check it out.

Angola Business News

In Angola on June 5, 2013 at 6:24 pm

– INTERVIEW –

ANGOLA BEYOND OIL & GAS

maria luisa abrantes

Check out our first feature story about Angola, an interview with Maria Luisa Abrantes, Director of ANIP, Angola’s Investment Agency: Angola Beyond Oil & Gas

NEWS

Angola, exhibiting for the first time at the Venice Biennale, has been awarded the prestigious Golden Lion for the best national pavilion (Mail & Guardian).

Sea turtles are swimming in larger numbers off the coast of Angola after a conservation program educated fishermen about the endangered species. The $200,000-a-year Kitabanga Project over the past decade has protected about 9,000 nests, Bloomberg reported.

Angola plans this year to put forward a report to allow it to extend its continental platform to beyond 200 nautical miles, based on the United Nations Convention on the Law of the Sea (UNCLOS), local press reported.

ECONOMY

Angola has enough foreign reserves to cover almost eight months of imports the country’s Economy Minister said. Abraão Gourgel said that at the end of 2009, at the height of the world financial crisis, foreign reserves totalled US$19 billion, and last April stood at US$35 billion, which is the equivalent of around 30 percent of Angola’s Gross Domestic Product (GDP), Macauhub reported.

SPLIT SECOND POLL

BEST ANGOLA MUSIC & BOOKS

Be welcome to check out Atlantico Weekly’s music cd and book store in cooperation with Amazon.com! Browse the Atlantico Store for the latest and best Angolan music, like Waldemar Bastos, Bonga and many others…! Also use the Atlantico Store to find relevant maps, books on politics, economics and history as well as travel or tourist guides about Angola. You order straight with Amazon, one of the best online stores in the world. Enjoy!

PROJECT OF THE WEEK

shoppingfortalezaluanda

Render of the SHopping Fortaleza, currently under construction near Luanda’s fortress.

BUSINESS

The sale of Portugal’s Escom, which is active in Angola’s diamond sector, to Angolan state investors is in its final stages, more than two years after an initial agreement was reached, an international newsletter reported. Escom’s buyer may be the sovereign fund itself, either directly or through a subsidiary company.

Two four star hotels will be inaugurated in August in Lubango City, southern Huíla Province, ANGOP reported. The hotels are Chick-Chick, with 115 rooms and 221 beds, and one out of the three being financed by the “AAA” insurance company, which is being building in Lubango City, with 180 rooms.

AGRI ETC.

Angola, the world’s third-largest coffee producer before independence from Portugal in 1975, will produce the same amount of beans this year as in 2012 after a drought restrained output, the National Coffee Institute said. The southwest African nation may produce 15,000 metric tons, Casimiro Cardoso, deputy director of the institute, said according to Bloomberg.

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OIL & GAS

Angola’s long-delayed liquefied natural gas (LNG) plant has finally started production and the first cargo is due to be exported later this month, a senior Total executive said (Reuters).

Rates to ship liquefied natural gas will benefit from the startup of the Angola
LNG export facility as vessels dedicated to the project stop competing for spot
cargoes, Bloomberg reported.

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BRAZIL WEEKLY

Check out our sister publication Brazil Weekly, with editions appearing every Friday!

Mozambique Business News

In Mozambique on June 5, 2013 at 6:22 pm

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NEWS

Japan signed an investment agreement with Mozambique, its first with a country in sub-Saharan Africa, the Foreign Ministry said in a statement. The accord details rules for promoting and liberalizing bilateral investment, as well as for compensation in the case of expropriation. Mozambique boasts one of the world’s largest natural gas reserves and Africa’s largest coking coal reserves, the ministry said in its statement (Bloomberg).

Hundreds of Mozambique health workers wearing face masks marched through the streets of the capital as their strike for higher salaries extended into a third week (News24).

BEST MOZAMBIQUE MUSIC & BOOKS

cantora

Check out our Atlantico Store, now with an interesting collection of books about Mozambique as well as music from the country, all available through Amazon. Browse our collection here.

BUSINESS

Sky-high rents are a nasty surprise for expatriates coming to live in Mozambique’s capital, which has become one of Africa’s most expensive cities. Companies drawn by the country’s hydrocarbon resources are prepared to pay through the nose and some properties now fetch more than R100,000 a month, BusinessDay reports.

AGRI ETC.

While Japan advocated investment and private sector-led growth in Africa at the big aid conference this weekend, concern mounted among citizens’ groups that an agriculture project in Mozambique that Tokyo is pushing as one of its key projects in Africa, may end up depriving local farmers of their land. The program, dubbed ProSavana, which is promoted by the Japanese, Brazilian and Mozambican governments, is about developing a vast area of intact savanna in northern Mozambique, encompassing more than 10 million hectares of land in three provinces (Japan Times).

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SPLIT SECOND POLLS

MINING

Coal India is considering ceding two coal blocks in Mozambique due to a lack of infrastructure. The world’s biggest coal company by output has been scouting for overseas assets over the past three years to work around mine startup delays in India. A decision to quit Mozambique would crimp plans to jump-start its output growth through acquisitions abroad (Wall Street Journal).

Australian mining company Syrah Resources has raised its estimates of graphite deposits in the Balama mining project in Mozambique to 117 million tons, along with 2.7 million tones of vanadium pentoxide, international press reported.

PORTS & INFRA

South Africa and Mozambique have signed a memorandum of understanding, which will result in their ports collaborating in business. The memorandum opens up collaboration on matters of common interest in areas of infrastructure development, engineering, training and marine services. The memorandum was signed between the TNPA and the Maputo Ports Development Company (MPDC) (News24).

The Mozambican state rail and port company Portos e Caminhos de Ferro de Mozambique (CFM) has launched a public tender for the reconstruction of two railway bridges on the Ressano Garcia line, which links the south of Mozambique to South Africa (Mining Review).

OIL & GAS

Mozambique’s state-backed petroleum company is considering selling a stake valued at about $2 billion in the Rovuma offshore gas field as the country seeks to bolster public finances, Bloomberg reported.

How much revenue will Mozambique get from natural gas in the Rovuma Basin? Some say as much as $4-5 billion annually by the mid-2020s. But the producers of these projections, the Gas Master Plan and the IMF, are now backtracking. Realistic assumptions on the tim¬ing of first exports and pace of development suggest only about $1.2 billion in 2026. And many additional deductions that will reduce company payments have yet to be taken into account, the Mozambique Public Integrity Centre reports.

India’s biggest oil and gas exploration company, Oil and Natural Gas Corp (ONGC), has said it can go alone for the $5-6 billion acquisition of a 20% stake in the Rovuma basin gas block in Mozambique and it was not in talks with any global major to share the cost of acquisition as funds were not a constraint (Hindustan Times).