News from Cape Verde, Angola & Mozambique

Archive for August, 2013|Monthly archive page

Cape Verde Business News

In Cape Verde on August 29, 2013 at 10:04 am

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NEWS

The University of São Paulo, one of Brazil’s most prestigious universities, had issued a communiqué affirming that it will investigate an alleged case of racism against Cape Verdean student Wadmir Abreu Alves Barros at one of the institution’s sports facilities, A Semana reported.

The number of Chinese doctors to Cape Verde will increase in the next three years, Cape Verde’s Health Minister Christina Fontes said. The minister was giving an assessment of the five-day visit to China where she participated in a Sino-African ministerial forum on health with a theme of “The Priorities for Sino-African Cooperation in the Health Sector in the New Era” (People Daily).

The state appeals court has ruled that a Cape Verdean immigrant who admitted to an assault charge in Brockton District Court will be allowed to change his plea in an attempt to return to the United States (Patriot Ledger).

INTERVIEW –

Atlantico Weekly recently spoke with Cape Verde’s Prime Minister José Maria Neves about Cape Verde’s business opportunities, development strategy, privatisations, new property tax law, international relations and much more in: Islands of Sun and Freedom in a Sea of Opportunities

– ENTREVISTA –

Atlantico Weekly falou com o Primeiro-Ministro de Cabo Verde, Dr José Maria Neves, sobre as opportunidades de negócios em Cabo Verde, a stratégia de desenvolvimento, mudanças na tributação, as privatisações, as relações internacionais e muito mais em: Ilhas de Sol e Liberdade num Mar de Oportunidades

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

morabezacat

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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ECONOMY

All of Cape Verde’s business and commercial establishments, registered and unregistered, have been called upon to provide updated data this September for the National Statistics Institute’s fourth Business Census. Participation in the census is obligatory for all organizations and establishments carrying out economic activities in the country (A Semana).

Cape Verde will receive from the African Development Bank (ADB) a loan of 32 million euros (3.52 billion escudos) for the development of the Technological Center. The loan, granted under the project Framework for the Creation of a Technological Park (PT), includes the construction of a data center (whose works are in advanced stage), the construction of a business centre and common facilities, a hatchery and a centre for training and job qualification.

AVIATION

The Chief Executive Officer of Cape Verde’s flagship airway, TACV Cabo Verde Airlines, this week decided to reprimand all of the company’s officials who, contrary to the logic that should serve as the foundation for professional and responsible management, are currently on vacation, in the middle of TACV’s busiest season. CEO João Pereira Silva reminded administration that August is “high season” and demands the massive presence of TACV’s management in order to fulfill the contracts signed with tour operators and respond with what little means the company has to the huge demand from émigrés coming to spend vacation in their native land (A Semana).

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!

FOGO

The first sparkling wine produced in Cape Verde, “Espumante de Fogo”, is made from a muscatel grape variety from the Chã das Caldeiras wine region, local press reported. This new wine is a product of the Delgado-Egger-Fonseca company, owned by one Cape Verdean and two foreign investors. Production of the new sparkling wine will total just 400 0.75 litre bottles, so be quick!

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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

SANTIAGO

The first building phase for the Central Market of Praia, to be located in the old Coco’s stadium should be completed in the summer of next year. Initially, completion of the works was scheduled for August 2012, but due to delays in excavation works and lack of funding to retrieve the metallic structure of the customs caused some delay.

Judiciary Police are investigating a case of suspected fraud in the national lottery, known as Totoloto. Suspicions have focused on an employee of the lottery section of the Red Cross of Cape Verde and a lottery ticket sales spot in the city of Praia. Totoloto organizers ordered the prize money to the alleged winner withheld until Judiciary Police unravel the meanderings of the case (A Semana).

SAO VICENTE

São Vicente opened its doors to welcome the 3rd edition of Cape Verde Fashion Week. Fashion and photography set the tone for this event, which is intended to show Mindelo residents the new trends in the fashion world. Over the course of four days, organizers promise fashion shows exuding glamour to the sound of the live music of Boy Gê Mendes, among other local artists, A Semana reported.

The chairman of the PAICV’s Regional Political Commission on the island of São Vicente, Alcides Graça, denounced the sale of a five thousand square foot plot of land in the Monte Sossego, Torrada district for the expansion of a private business project. Graça accused the local municipal government, led by the MpD, of mismanaging public property by granting land that had previously been set aside for the construction of Judiciary Police and National Police installations to Copa, a private-sector company (A Semana).

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 …!

 

Angola Business News

In Angola on August 29, 2013 at 10:03 am

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NEWS

President Jose Eduardo dos Santos may extend his 34 years in power because the people who he’d like to replace him lack support from the ruling party. Last year Dos Santos chose Manuel Domingos Vicente, 57, the former head of the national oil company, Sonangol, as his vice president and this year put his son, 35-year-old Jose Filomeno de Sousa dos Santos, in charge of a $5 billion sovereign wealth fund. While both would continue the economic policies that have made Angola sub-Saharan Africa’s third-biggest economy neither have won favor with senior members of the Popular Movement for the Liberation of Angola, Bloomberg reports.

SADC leaders are backing Angola’s candidature for a non-permanent seat on the UN Security Council for 2015/2016 (Southern Times).

– 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

SUBSCRIBE!

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ECONOMY

When heads of state met in Lilongwe, Malawi, for the Southern African Development Community (SADC) summit on 17 and 18 August 2013, one of their agenda items was the formation of a SADC Customs Union, which aims to take regional integration within the bloc one step beyond the existing Free Trade Area (FTA) that was launched in 2008. However, for all the good intentions about regional integration and all the roadmaps marking the way, there is a major obstacle: Angola. Read why on Afrika.no.

Russian-owned bank VTB-Africa is set to loan Angola over US$1 billion as a credit line, to be managed by the Finance Ministry, for projects included in the State Budget, international press reported.

BUSINESS

Spar Group Ltd., a South African food and liquor retailer, is working with an Angolan partner to open a store in the country’s capital, Luanda, in the next six months, Bloomberg reported.

The port of Cabinda processed at least 16,000 tons of container cargo in the first half of the year, exceeding the 11,500 tons handled in the same period of 2012. In that period the port of Cabinda management company registered 57 medium draught ships docked at the port, mostly from Europe, local press reported.

POST CHINA WORLD

China has become a metaphor. It represents a certain phase of economic development, which is driven by low wages, foreign appetite for investment and a chaotic and disorderly development, magnificent in scale but deeply flawed in many ways. Its magnificence spawned the flaws, and the flaws helped create the magnificence. The arcs along which nations rise and fall vary in length and slope. China’s has been long, as far as these things go, lasting for more than 30 years. The country will continue to exist and perhaps prosper, but this era of Chinese development — pyramiding on low wages to conquer global markets — is ending simply because there are now other nations with even lower wages and other advantages. China will have to behave differently from the way it does now, and thus other countries are poised to take its place. Read George Friedman’s analysis on Rotterdam Week.

BANKING

A foreign exchange law in Angola has halved the amount of dollars auctioned by the central bank since June as the country considers letting its currency trade on international markets, a central bank official said. The Banco de Nacional de Angola said the amount sold at auctions has fallen to $200 million a week from $400 million in June, before oil companies were required to pay some suppliers in kwanzas, the local currency (Bloomberg).

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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Are you planning on doing business in Angola? Get there with

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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.

OIL & GAS

Statoil, one of the most successful oil explorers in recent years, sees offshore Angola and Russian shale as the industry’s next big plays and considers U.S. shale oil overhyped (Reuters).

Fugro has been awarded a large three-year survey contract by Total E&P Angola, with an estimated value of USD 26 million, to support its development programs offshore Angola. The contract includes the provision of offshore positioning services and accurate navigation systems for Total E&P Angola’s drilling units, vessels and structures, together with onshore and offshore survey services. This contract is a continuation of services supplied to Total E&P Angola under a similar contract since 2008. The contract is one of the building blocks for the continued development and further investment into Fugro’s activities in Angola.

Angolan liquid natural gas company Angola LNG has sent its third shipment of LNG, which was loaded on the Lobito tanker ship headed for Southeast Asia, internatinal press reported.

 

Mozambique Business News

In Mozambique on August 29, 2013 at 10:01 am

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NEWS

Contrary to last week’s Bloomberg report, VTB Group, Russia’s second-largest bank, said it may consider investment banking opportunities in Mozambique even after rebel clashes with government troops (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.

Deon Meyer writes great thriller/action/crime stories set in post-apartheid South Africa, mainly in Cape Town. His realistic characters are fading police detectives, bodyguards or former hit men, each with his own problem (Rotterdam Week).

PROJECT OF THE WEEK

Mares-Apartments2-1024x696

Render of the Marés Shopping Mall and appartments complex for Maputo.

BUSINESS

The 49th edition of the Maputo International Fair (FACIM), Mozambique’s biggest business fair, is due to open Monday in Ricatla, Marracuene, in Maputo province, with the participation of 480 foreign exhibitors representing 20 countries and territories. The fair will involve companies from South Africa, Tanzania, Kenya, Zambia, Malawi, Swaziland, Egypt, Indonesia, Japan, Thailand, China, Argentina, Brazil, Portugal, Turkey Germany, Sweden, Italy, Poland and Macau.

SUBSCRIBE!

You can subscribe to Atlantico Weekly here. It’s free! Atlantico Weekly is now also on Facebook. Be welcome to join our group! You can follow Atlantico Weekly on Twitter at atlanticoweekly. Also be welcome to join our Atlantico Weekly networking and discussion group on Linkedin.

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SPLIT SECOND POLLS

MINING

Indian company Coal India Africana formally launched its exploration project for a coal mine in Samoa, in the north of the Moatize district of Tete province, local press reported.

ADVERTISE NOW ON ATLANTICO WEEKLY AND GET HUGE DISCOUNTS!

Atlantico Weekly now offers huge discounts to companies wishing to promote their business on our website.

Rates for ads with picture, link and a bit of text in one of the three columns on our front page now start at only 499 Euros for a 26 weekly edition period or only 999 Euros for a 52 weekly edition period (excluding taxes and money transfer costs).

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

OIL & GAS

India’s Oil and Natural Gas Corp has agreed to buy 10 percent in a gas field offshore Mozambique from Anadarko Petroleum Corp for $2.64 billion, as the explorer looks to offset diminishing supplies from domestic gas fields by buying overseas assets (Reuters).

Jaya Holdings Ltd, a Singapore-based marine services company, has signed a contract to place the platform supply vessel (PSV) “Jaya Vigilant” in the Mozambican sea, international press reported.

TOURISM

Thailand’s Minor Hotel group has set up a partnership with Rani Investment of the United Arab Emirates under the terms of which it will own a stake in the Indigo Bay Resort & Spa, a tourist resort on Bazuruto Island, in Mozambique, local press reported.

BRAZIL WEEKLY

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

buzios

SPLIT SECOND POLL

OPINION

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

POST CHINA WORLD

China has become a metaphor. It represents a certain phase of economic development, which is driven by low wages, foreign appetite for investment and a chaotic and disorderly development, magnificent in scale but deeply flawed in many ways. Its magnificence spawned the flaws, and the flaws helped create the magnificence. The arcs along which nations rise and fall vary in length and slope. China’s has been long, as far as these things go, lasting for more than 30 years. The country will continue to exist and perhaps prosper, but this era of Chinese development — pyramiding on low wages to conquer global markets — is ending simply because there are now other nations with even lower wages and other advantages. China will have to behave differently from the way it does now, and thus other countries are poised to take its place. Read George Friedman’s analysis on Rotterdam Week.

Cape Verde Business News

In Cape Verde on August 22, 2013 at 9:10 am

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Are you planning on doing business in Cape Verde? Get there with

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more here.

NEWS

Former Cape Verdean President Pedro Pires is currently in Tunisia as Special Envoy of African Union Commission President Nkosazana Dlamini Zuma, A Semana reported..

INTERVIEW –

Atlantico Weekly recently spoke with Cape Verde’s Prime Minister José Maria Neves about Cape Verde’s business opportunities, development strategy, privatisations, new property tax law, international relations and much more in: Islands of Sun and Freedom in a Sea of Opportunities

– ENTREVISTA –

Atlantico Weekly falou com o Primeiro-Ministro de Cabo Verde, Dr José Maria Neves, sobre as opportunidades de negócios em Cabo Verde, a stratégia de desenvolvimento, mudanças na tributação, as privatisações, as relações internacionais e muito mais em: Ilhas de Sol e Liberdade num Mar de Oportunidades

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!

ADVERTISE NOW ON ATLANTICO WEEKLY AND GET HUGE DISCOUNTS!

Atlantico Weekly now offers huge discounts to companies wishing to promote their business on our website.

Rates for ads with picture, link and a bit of text in one of the three columns on our front page now start at only 499 Euros for a 26 weekly edition period or only 999 Euros for a 52 weekly edition period (excluding taxes and money transfer costs).

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

ECONOMY

In July 2013 Cape Verde’s Consumer Price Index reached 0,7%, down 0,5% from the previous month. The average rate of the past 12 months went down 0,2% and ended up at 2,6% (INE). INE also noted that consumer confidence in the country is still declining.

AVIATION

The 68-seat ATR 72-500 owned by TACV Cabo Verde Airlines is finally back in Cape Verdean skies, following the maintenance it underwent on the recommendation of the manufacturer. With the aircraft’s return, TACV will now be able to return the ATR it rented last week from Spanish company Hellit to respond to the demand for domestic flights (A Semana).

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

SAL

Aa number of people attacked the Santa Maria National Police station with stones and various shots were fired into the air following the arrest of a man. Six people were detained following the disturbances, A Semana reported.

TOURISM

Nearly 15,000 tourists visited the islands of Sal and Boa Vista in the first two weeks of August, a figure slightly higher than that registered in the same period last year, according to data from the National Police’s Foreigner and Border Service. The numbers confirm the upward trend in terms of passenger traffic at the two islands’ international airports. Despite this increase, however, hotel occupation rates have been better, and are currently situated at between 70% and 80%, a percentage lower than that seen last year, especially on the island of Boa Vista, where during the same period in 2012 the occupation rate was above 90% (A Semana).

SPLIT SECOND POLL

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 …!

BRAZIL WEEKLY

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

buzios

 

Angola Business News

In Angola on August 22, 2013 at 9:10 am

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Atlantico Weekly now offers huge discounts to companies wishing to promote their business on our website.

Rates for ads with picture, link and a bit of text in one of the three columns on our front page now start at only 499 Euros for a 26 weekly edition period or only 999 Euros for a 52 weekly edition period (excluding taxes and money transfer costs).

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NEWS

Angola will only join the Free Trade Area of the Southern African Development community (SADC) in 2014 or 2015, the Angolan trade minister, Rosa Pacavira said to local press.

– 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

SUBSCRIBE!

You can subscribe to Atlantico Weekly here. It’s free! Atlantico Weekly is now also on Facebook. Be welcome to join our group! You can follow Atlantico Weekly on Twitter at atlanticoweekly. Also be welcome to join our Atlantico Weekly networking and discussion group on Linkedin.

BUSINESS

Angolan investors are the foreigners that hold the largest interest in companies included in the Portuguese PSI20 index, the main index of the Euronext Lisbon Stock exchange, according to Portuguese financial daily newspaper Diário Económico. The newspaper calculated that Angolans have so far invested 2.86 billion euros in Portugal’s top 20 listed companies.

Angolan businessman António Mosquito is set to inject 70 million euros into Portuguese construction company Soares da Costa Construções thus becoming its biggest shareholder with a total of 66.7 percent, the Portuguese press reported.

BANKING

Standard Chartered Plc will probably be awarded a banking license in Angola by the end of the year, allowing it to compete with local and Portuguese banks in Africa’s second-biggest oil producer, a central bank official said (Bloomberg).

South Africa’s Standard Bank Group’s Angolan unit is targeting corporate clients with annual revenue of more than $100 million as it benefits from the lowering of the credit ratings of Portuguese competitors due to the economic crisis in the African country’s former ruler, Bloomberg reported.

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!

ADVERTISEMENT


 

MEET OUR CONSULTANCY

Are you planning on doing business in Angola? Get there with

Atlantico Business Development

  • business diplomacy
  • economic intelligence
  • political risk assessment
  • market scans

more here.

PROJECT OF THE WEEK

luandaskycenter

The Escom group at the end of July finished construction work on the four-building “Sky Tower”, in which it invested 65 billion kwanzas (US$674.4 million). The four high rise buildings are for housing, offices and retail spaces, local press reported.

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.

TOURISM

Angola may post tourism sector revenues of around US$5 billion by 2020, local press reported. The Angolan Secretary of State for Tourism, Paulino Baptista, also announced, for the same period, the creation of 1 million jobs. According to Baptista the government plans to attract 5 million tourists.

OPINION

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

SPLIT SECOND POLL

Mozambique Business News

In Mozambique on August 22, 2013 at 9:08 am

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NEWS

The Mozambican government has said it plans to stick to a schedule for elections later this year and in 2014 even though the main opposition party warns it will boycott the process. Jose Pacheco, the government’s head of negotiations with the opposition, said Monday that elections will be held whether or not the opposition Renamo group participates. Municipal elections are scheduled for Nov. 20, and presidential and parliamentary elections are to be held on Oct. 15 next year (Yahoo).

Rebel clashes with government forces in Mozambique has prompted VTB Group, Russia’s second-largest bank, to halt a proposed sovereign debt transaction in the country. Rebels tied to the opposition Mozambique National Resistance party, known as Renamo, said they killed 36 soldiers in a clash earlier this month, a claim refuted by the government, which said only two people died (Bloomberg).

The Mozambican police claims that it is in possession of clues that will lead to the arrest of the group that murdered a policeman in the Liberdade neighbourhood of the southern city of Matola. The policeman was murdered during an assault against a sales post belonging to the electricity company EDM (AllAfrica).

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

Standard & Poor’s said it had lowered the ratings outlook on Mozambique to negative from stable, citing revisions to data that showed the country had a much higher current account deficit than previously thought, Reuters reported.

Trade between Mozambique and China totalled US$707.89 million in the first six month of the year, which was a rise of 10.66 percent year on year, Chinese officals reported.

BUSINESS

Mozambique received US$724.5 million in foreign direct investment (FDI), in the first half of this year, with South Africa the biggest foreign investor on a list of 29 countries, Macauhub learned from the Mozambican Centre for Investment Promotion (CPI).

SUBSCRIBE!

You can subscribe to Atlantico Weekly here. It’s free! Atlantico Weekly is now also on Facebook. Be welcome to join our group! You can follow Atlantico Weekly on Twitter at atlanticoweekly. Also be welcome to join our Atlantico Weekly networking and discussion group on Linkedin.

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SPLIT SECOND POLLS

INFRA

In race for an ambitious $6 billion railway infrastructure project in Mozambique, Patel Engineering has sought clarity from the African nation on certain changes in the bidding criteria at an advanced stage. While the Indian infrastructure firm had earlier emerged as a successful bidder, the Mozambique government later decided to call for global tenders for the project and a Thai government entity is now said to be leading the race, ET reported.

MINING

Australian company Baobab Resources has signed a partnership agreement with another Australian company, Auroch Minerals, for mining of the northern area of the Mundonguara project, in Mozambique’s Manica province, the compnay reported.

The President of Mozambique, Armando Guebuza, last week officially inaugurated the coal mining and export business of Indian group Jindal Steel and Power Limited (JSPL) in the Changara district of Tete province. The operations of the JSPL group, which began in the first quarter of the year, are expected to achieve production of 3 million tons per year.

The Mozambican government approved two new coal mining concessions, each to last for 25 years, in Moatize district, in the western province of Tete. One of the concessions was granted to the Indian company Midwest Africa, covering an area of 15,840 hectares about 50 kilometres from Tete city. The viability study on this area showed reserves of about 480 million tonnes of coal. Of this, 363 million tonnes is coking coal, and the rest thermal coal. The second concession was granted to Rio Tinto-Mozambique, the local subsidiary of the Anglo-Australian Rio Tinto group. This concession is known as the “Zambeze Project”, and is just ten kilometres outside Tete city, covering an area of 9,700 hectares (AllAfrica).

ADVERTISE NOW ON ATLANTICO WEEKLY AND GET HUGE DISCOUNTS!

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Rates for ads with picture, link and a bit of text in one of the three columns on our front page now start at only 499 Euros for a 26 weekly edition period or only 999 Euros for a 52 weekly edition period (excluding taxes and money transfer costs).

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

OIL & GAS

ONGC Videsh, the foreign business unit of Indian oil group Oil and Natural Gas Corporation (ONGC), plans to buy a further 10 percent stake in the Area 1 oil block, in Mozambique, which US group Anadarko petroleum plans to sell, international press reported.

Cape Verde Business News

In Cape Verde on August 15, 2013 at 10:11 am

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NEWS

The French frigate “Germinal” docked at the harbor of Praia to fulfill a mission within the framework of the existing cooperation between Cape Verde and France and to conduct a joint exercise with the coast guard.

INTERVIEW –

Atlantico Weekly recently spoke with Cape Verde’s Prime Minister José Maria Neves about Cape Verde’s business opportunities, development strategy, privatisations, new property tax law, international relations and much more in: Islands of Sun and Freedom in a Sea of Opportunities

– ENTREVISTA –

Atlantico Weekly falou com o Primeiro-Ministro de Cabo Verde, Dr José Maria Neves, sobre as opportunidades de negócios em Cabo Verde, a stratégia de desenvolvimento, mudanças na tributação, as privatisações, as relações internacionais e muito mais em: Ilhas de Sol e Liberdade num Mar de Oportunidades

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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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ECONOMY

Cape Verde’s large-scale taxpayers will be able to enjoy “high quality” personalized service before the end of the year, according to Odete Andrade of the Taxpayer Assistance and Fiscal Citizenship Unit. The unit, which is a part of the new organizational structure of the Directorate General of Contributions and Taxes, comes out of a recommendation made by the International Monetary Fund in September of last year and reiterated on its most recent mission, A Semana reported.

Gas, kerosene, diesel, gasoline and fuel oil saw mild price hikes beginning today, July 8, with the highest increase seen in butane gas, whose price rose 5.5%. Upwards price variations in the international market in the month of June, with a more pronounced effect on butane, explain the increases, according to the Economic Regulation Agency (ARE), which sets the price of fuel in Cape Verde (A Semana).

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!

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SANTO ANTAO

Ribeira da Cruz, in the municipality of Porto Novo, and Garça, in Ribeira Grande, will receive two Automatic weather stations (EMA).

SPLIT SECOND POLL

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 …!

BRAZIL WEEKLY

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Angola Business News

In Angola on August 15, 2013 at 10:10 am

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NEWS

The first Angolan telecommunications satellite, Angosat, which is being built by Russia, will only be launched into space in 2016, after a year-long delay, local press reported.

The 11 lawsuits brought against Marques – Angola’s most prominent investigative journalist, human rights defender, and anti-corruption campaigner – are the latest attempt by Angolan officials to silence his reporting. Marques has exposed a range of high-level corruption cases and human rights violations in his blog, and pursued sensitive investigations into human rights violations in Angola’s diamond areas.

– 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

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BUSINESS

For the past year Forbes has been tracing Isabel dos Santos’ path to riches, reviewing a score of documents and speaking with dozens of people on the ground.

Assets at Angolan banks increased by almost 50 percent between 2010 and 2012 with BESA and BAI banks vying for leadership of the market by total assets, although profits fell in the last year. According to figures from Price Waterhouse Cooper (PwC) published by Angolan newspaper Expansão, total assets in the Angolan banking sector rose from 4.308 trillion kwanzas to 6.301 trillion kwanzas, between 2010 and 2012.

Russian company UralVagonZavod, which manufactures railway cars or wagons, is interested in setting up a factory in Angola to produce stock for Angola’s railways, local press reported. The company is prepared to invest 10 billion kwanzas (US$104 million) and plans to find partners in Angola.

BEST ANGOLA MUSIC & BOOKS

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PROJECT OF THE WEEK

amilcarluanda

Render of the Amilcar Cabral building for Luanda.

OIL & GAS

China will receive a first spot cargo of liquefied natural gas from Angola LNG delivered by the Cubal over the weekend, according to Bloomberg. The vessel, with a capacity of about 155,000 cubic meters, is en route to China and scheduled to dock Aug. 18. It loaded the supercooled gas at Angola LNG’s terminal in Soyo, northern Angola, July 14.

Scientists have found a new type of crocodile that trundled across Angola millions of years ago while the crude oil that it now pumps as Africa’s second-largest producer was forming. PaleoAngola, a team of fossil-hunters from the U.S., Portugal, Angola and the Netherlands, found the reptile’s 30 million-year-old remains this year on a beach within sight of oil rigs drilling into the same rocks offshore Cabinda province north of the Congo River (Bloomberg).

BP Plc, ConocoPhillips and Statoil are among oil explorers investing at least $3 billion in wells off Angola next year in the country’s biggest deepwater drilling campaign, Wood Mackenzie Ltd. said. The companies will drill 20 wells beneath a layer of salt about 3 miles (5 kilometers) under the seabed at a cost of about $150 million each, Bloomberg reported.

Vietnam’s Foreign Relations Minister Pham Binh Minh, said in Luanda at the end of an official visit to Angola that a joint venture would be set up between Sonangol and Petro-Vietnam to operate in the oil sector of both countries, local press reported.

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.

OPINION

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

Mozambique Business News

In Mozambique on August 15, 2013 at 10:09 am

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NEWS

Mozambican government forces attacked a guerrilla camp of the Renamo opposition group in a flareup of violence ahead of local and presidential elections between former foes from the country’s devastating 17-year civil war. The latest clash occurred at the weekend in the Muxungue district of Sofala province, scene of other confrontations this year between armed supporters of Renamo chief Afonso Dhlakama and the security forces of the Frelimo government (Reuters).

Renamo claimed its fighters killed 36 soldiers and police and said it first clashed with Frelimo government forces on Saturday, claiming their forces responded promptly to fire from FADM (Armed Forces of Mozambique) and FIR (Police Rapid Intervention Force) causing 29 deaths (BusinessDay).

Delegations from the Mozambican government and from the country’s main opposition party, the former rebel movement Renamo, met yet again in Maputo for what was described as an “extraordinary” session in the government-Renamo dialogue. But, ordinary or extraordinary, the results of all the recent sessions have been exactly the same – deadlock, because Renamo refuses to move on from its demand for “parity” with the ruling Frelimo Party on the National Elections Commission (CNE) (AllAfrica).

President Armando Guebuza has congratulated President Robert Mugabe on his election victory, joining other regional countries in endorsing the vote which has been rejected as fraudulant by the opposition (AllAfrica).

BEST MOZAMBIQUE MUSIC & BOOKS

cantora

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ECONOMY

Mozambique’s central bank reduced its benchmark interest rate to the lowest on record as inflation decelerated. The permanent lending facility was cut by 25 basis points, or 0.25 percentage point, to 8.75 percent, the lowest since December 2008 when the rate was introduced (Bloomberg).

In the next three years Mozambique should receive investments of around US$10 billion, following the approval of 300 projects per year leading to the creation of 172,000 jobs, said the deputy director of the Investment Promotion Centre (CPI), Godinho Alves to the local press.

The average price per square metre to rent office space in Maputo ranges from US$2,000 and US$3,200 per square metre, according to a study from consultancy Prime Yield Moçambique (PYM), which expects prices to stabilise over the next five years, local press reported.

BUSINESS

Mozambique‘s first solar panel factory is due to start operating in October thanks to a US$13 million investment from India’s Export-Import Bank (ExIm Bank). The project, which is being carried out in Beluluane, in the Boane district of Maputo province, southern Mozambique, belongs to the National Energy Fund (FUNAE) in cooperation with the Indian government, local press reported.

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INFRA

Portuguese construction companies Mota-Engil and Soares da Costa are set to apply for pre-qualification for the public tender to refurbish Maputo International airport, in Mozambique. The contract, according to the newspaper, is worth an estimated US$300 million, local press reported.

MINING

The founders of Kazakh miner ENRC , bidding to buy out minority investors and take the group private, said they could sell some international assets, reversing a costly expansion drive that took the group to Africa and Brazil. Assets now expected to be put on the block include their Mozambique coal project, which is unlikely to prove easy sales at a time when buyers are contemplating an uncertain demand outlook (Reuters).

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OIL & GAS

Italy’s Eni said on Tuesday it had agreed, following a meeting between its CEO and Mozambique’s president, to pay $400 million tax on the $4.2 billion sale of a gas field stake to China and build a power station. Analysts had estimated that the oil and gas group’s tax bill on the deal could be as high as $1.35 billion if Mozambique imposed capital gains tax of 32 percent – a fixed rate its parliament tried to make law in December. President Armando Guebuza has put the draft law on hold, Reuters reported.

TOURISM

The Mozambican government will create a new integrated tourism zone in the northern province of Nampula, Mozambiqan news agency AIM reported. The zone covers the Crusse and Jamali islands in Mossuril district and the adjacent area of the mainland totalling 1,750 hectares.

Despite its distance from Thailand and the small number of Thai people in the country, a Thai woman has opened an authentic Thai restaurant in Maputo, the capital and largest city in Mozambique. Jena Nuangniyom, owner of “InterThai” restaurant, started her business there with between $60,000 (Bt1.8 million) to $70,000. Now responsible for almost 20 employees, including Thai chefs and Mozambican waiters, she is very happy with the return on her investment (The Nation).

Cape Verde Business News

In Cape Verde on August 8, 2013 at 10:34 am

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NEWS

Cape Verde’s National Communications Agency (ANAC) has issued fines against local mobile operator CVMovel and broadcaster SGPM, totalling CVE 8.8 million. CVMovel was fined CVE 5 million for non-compliance with regulations on number portability, for not responding to a high number of requests within 48 hours. For its part, SGPM was fined CVE 3.8 million for non-fulfillment of regulations governing the electronic and radio communications sector. SGPM transmitted an analogue signal on UHF channel 44 without prior authorisation and did not permit free access for the transmitter (Telecompaper).

INTERVIEW –

Atlantico Weekly recently spoke with Cape Verde’s Prime Minister José Maria Neves about Cape Verde’s business opportunities, development strategy, privatisations, new property tax law, international relations and much more in: Islands of Sun and Freedom in a Sea of Opportunities

– ENTREVISTA –

Atlantico Weekly falou com o Primeiro-Ministro de Cabo Verde, Dr José Maria Neves, sobre as opportunidades de negócios em Cabo Verde, a stratégia de desenvolvimento, mudanças na tributação, as privatisações, as relações internacionais e muito mais em: Ilhas de Sol e Liberdade num Mar de Oportunidades

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!

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ECONOMY

The Cape Verdean escudo is pegged to the euro at a rate of around 110:1. The long-term trend is very much in line with this peg, but the central bank has to frequently battle with short-term volatility. In January, the escudo appreciated 3% above its peg, but was quickly brought back down. Since 2011, the central bank has imposed tighter conditions of access on its marginal lending facilities, and increasing both its benchmark interest rate – by 150 basis points in early 2012 – and its reserve requirements in an attempt to support the peg. “Such monetary policy decisions were guided by the goal of stabilising the country’s international reserves and, thereby, protecting the credibility of the unilateral exchange rate peg to the euro,” the central bank said, in its latest monetary report (Central Banker).

AVIATION

TACV Cabo Verde Airlines resumed inter-island flights with two ATRs, one being hired from a Spanish carrier to replace one of the ATR 72-500s, that has already been repaired, but is still waiting for certification.

THE GRAND TOUR OF CAPE VERDE

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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

SANTO ANTAO

Transport to the island has become problematic again. Though the Tuninha company is back in operation again with their ship Vicente (out of order for some weeks), there are now mounting difficulties for the more popular Mar d’Canal, run by the Spanish Armas company. The Mar d’Canal is becoming the risé of Santo Antao as it increasingly has difficulties anchoring in Porto Novo and Sao Vicente alike. For the last few days the ship appears to be also running (again) on just one engine. All of this causes great delays and – as the boat is getting very old indeed – mounting security risks. It is hard to understand why the company that runs magnificent vessels in the Canaries, still uses the Mar d’Canal in Cape Verde.

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 …!

Angola Business News

In Angola on August 8, 2013 at 10:32 am

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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

ECONOMY

Angola is caught in a paradox where the commodity’s price has increased income while making the economy more vulnerable at the same time, United Nations officials said. Per capita income in the OPEC member is $3,750 a year, more than three times the wage threshold to be classified as a middle-income country by the UN. However, an index of economic vulnerability has worsened since 2005 even as diversification increases, Bloomberg reports.

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BUSINESS

Mooted for a decade, a Luanda bourse is now due to open in 2016. It is seen as a potential entry point for foreigners into a an economy that has so far been impenetrable due to stifling bureaucracy and rules that force partnership with local players to gain a foothold in most sectors. But analysts question whether top Angolan companies can meet international criteria on tr ansparency. The finance ministry said on Tuesday that out of 90 state companies, 54 presented accounts for 2012 and only three had them fully approved.Another much-delayed plan – to issue a debut sovereign Eurobond – is set to advance this year. Though not strapped for funds, Angola wants to diversify its financing and follow successful sales by African peers (Reuters).

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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PROJECT OF THE WEEK

fintowlua

Render of the Financial Tower for Luanda.

MINING

Angola’s diamond industry is recovery from a long recession due to “strong demand” from China and India, according to the Economist Intelligence Unit. “Diamonds will continue to be the second largest source of exports, although on a small scale compared with oil exports,” said the EIU in its July report.

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.

OPINION

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

Mozambique Business News

In Mozambique on August 8, 2013 at 10:30 am

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BEST MOZAMBIQUE MUSIC & BOOKS

cantora

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BUSINESS

Tyre manufacturer Goodyear said Mozambique was the key African country for its growth strategy on the continent and it plans to open a branch in Tete (Businessday).

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INFRA

Thai group Italthai Engineering is the best positioned group to be awarded the international tender launched by Mozambique for construction of a railroad
between Moatize, in Tete province and Macuse on the coast of Zambézia province, local press reported.

The Nacala Rail Corridor in Mozambique plans to spend a further US$20 million on
eight locomotives and 16 carriages to improve passenger and goods transport, local press reported.

MINING

Mozambique reduced its full-year coal production forecast by more than 20 percent after floods cut output in the first quarter, the Finance Ministry said. The southern African country expects to produce 7 million metric tons of coal this year, compared with an earlier estimate of 8.9 million tons, Bloomberg reported.

Australian company Triton Minerals has announced potential exploration of eight
further graphite deposits in Mozambique, the prospecting license for which
currently belong to Mozambican company Mineral Stream, local press reported.

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BRAZIL WEEKLY

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

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Cape Verde Business News

In Cape Verde on August 1, 2013 at 1:17 pm

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NEWS

The two Cape Verdean police officers, arrested 12 July in Guinea Bissau, were released by Bissauan authorities, the Cape Verdean Interior Administration minister, Marisa Morais, disclosed. The two Cape Verdean police officers, Julio Gomes and Mario Varela Brito, were arrested as they were about to board a flight back home after escorting home a Guinea Bissau national who was expelled from Cape Verde following a drug trafficking offence.

A 36-year-old Nigerian, Christopher Olua and a Cape Verdean, Rosangela Correia, 36, have been arrested by officials of the National Drug Law Enforcement Agency (NDLEA) for illegally importing two kilogrammes of cocaïne (Leadership).

The Cape Verdian Parliament unanimously approved a bill for the creation of a national water and sanitation council (CNAS), parliamentary sources told PANA in Praia. The government says that the creation of CNAS is ‘an indelible stamp’ in the process to reform the island’s water and sanitation sector, especially as it is the first concrete result of institutional change in the sector (Afrique en Ligne).

– INTERVIEW –

Atlantico Weekly recently spoke with Cape Verde’s Prime Minister José Maria Neves about Cape Verde’s business opportunities, development strategy, privatisations, new property tax law, international relations and much more in: Islands of Sun and Freedom in a Sea of Opportunities

– ENTREVISTA –

Atlantico Weekly falou com o Primeiro-Ministro de Cabo Verde, Dr José Maria Neves, sobre as opportunidades de negócios em Cabo Verde, a stratégia de desenvolvimento, mudanças na tributação, as privatisações, as relações internacionais e muito mais em: Ilhas de Sol e Liberdade num Mar de Oportunidades

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

morabezacat

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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ECONOMY

The external trade data compiled by the National Statistics Institute (INE) show that in the second quarter of 2013, re-exports and exports increased 28.5% and 7.1%, respectively, while imports declined 1.0% compared the same period in 2012. The trade deficit decreased (-1.8%). The coverage rate has evolved positively, improved by 0.7 pp yoy (INE).

AGRI ETC.

The Japanese government plan, from 2014, to replace food aid for Cape Verde with funding for projects to provide water to the agricultural sector on the archipelago. According to the new approach, the Cape Verdean government proposed that Japan fund the construction of a new dam in São João Baptista, in the interior of Santiago Island and one of the poorest areas on the island. The new dam will be the 18th one built by 2017, as part o a programme that the Cape Verdean government is implementing with a view to mobilizing millions of cubic metres of water to allow farmers to go back to the land and to combat poverty on the archipelago in a sustainable way.

AVIATION

More rocks were found this Sunday, July 28, at Cesária Évora International Airport on the island of São Vicente. The stones were discovered on the AR side of the airport. ASA, the company responsible for the management of all Cape Verde’s airports, confirmed that more rocks were found at the airport, but declined to provide further details (A Semana).

BANKING & FINANCE

The Cape Verdean government has authorised the acquisition of 100 percent of Banco Português de Negócios – Instituição Financeira Internacional (BIC – IFI) by Angola’s Banco BIC. The new international financial institution known as Banco BIC Cabo Verde will be licensed to carry out all financial transactions permitted by the applicable law in Cape Verde.

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

JCozens May 2012

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

SAL

If in 2011 there were just six guides accompanying tourists to observe sea turtles during the night on the island of Sal, this figure skyrocketed to 56 in 2012 – a cause for concern in the opinion of the organization SOS Tartarugas, in whose view these excursions are often carried out in an unregulated manner that could jeopardize the nesting of the species (A Semana).

The country of Cape Verde has been held up against other African nations as a beacon of hope; an example of how a young country can best execute democracy. But the islands of this archipelago nation each face their own specific struggles and successes, and Sal’s trajectory seems to have always looked the way it does now: equal parts bleak and promising (Gadling).

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 …!

Angola Business News

In Angola on August 1, 2013 at 1:16 pm

NEWS

Angola may be promoted to a list of middle-income countries that get better terms from international lenders such as the World Bank, a United Nations official said. The UN has started a study on the country’s economic vulnerability as part of a three-step project that will result in a new ranking by 2020, Bloomberg reported.

A Swedish expedition has set off to Africa in the hopes of finding out why a group of Swedes were never heard from again after they moved to Angola in the 1800s (The Local).

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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

ECONOMY

Angola’s central bank has left its benchmark interest rate unchanged at 10 percent, the bank said in a statement issued after a monthly meeting of its monetary policy committee. The bank’s monetary policy committee last changed the lending rate in January after leaving it at 10.25 percent for one year.

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BUSINESS

Profit from a foreign-exchange law in Angola may attract banks from the U.S., China and even Brazil, according to Eaglestone Securities BV. The law, passed last year, is expected to draw an additional $20 billion to $30 billion a year through Angolan banks, which may add 10 percent to their fee income, Bloomberg reported. Return on investment is expected to remain at 15 percent to 20 percent for the foreseeable future.

The pace of Angolan activity, despite the uncertainty in the wake of the brutal civil war, is extraordinary. Outside China, few places in the world have seen such growth in such a short time, and South African companies are stepping into the breach to tap Angola’s peace dividend. While setting up and operating a business in the country is not easy, increased per capita wealth — much of it from oil production — has led to soaring demand for consumer products. Read this article on BusinessDay.

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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PROJECT OF THE WEEK

atriumshopbenguela

Render of the Atrium Shopping Mall for Benguela.

MINING

The Lucapa Diamond Company has sold 496.2 carats of diamonds mined in Angola
providing gross income of US$2.875 million and net income of US$2.486 million,
the Australian company said according to local press.

Angolan mining company Sociedade Mineira do Catoca plans to distribute all of
its US$131.7 million profit achieved in 2012 to its shareholders, according to the local press.

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.

OPINION

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

Mozambique Business News

In Mozambique on August 1, 2013 at 1:14 pm

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NEWS

Mozambique has cut its 2013 growth forecast by a percentage point to 7.4 percent because of floods that damaged crops and reduced coal shipments, Finance Minister Manuel Chang said. The floods killed over 100 people and hindered the transport of coal in the first quarter of this year (Bloomberg).

Mozambique’s revenue from exporting coal fell 7.4 percent in the second quarter as floods hampered exports by Vale SA and Rio Tinto Group, Bloomberg reported. Revenue slid to $81.4 million from $87.9 million a year earlier, central bank spokesman Waldemar de Sousa told reporters. Earnings from power declined 23 percent to $55.5 million, while revenue from aluminum rose 4.8 percent to $306.3 million even as international price fell. Gas earnings climbed 24 percent to $62.4 million.

The refurbished offshore patrol vessel SAS Isaac Dyobha has taken over from the SAS Galeshewe in patrolling the Mozambique Channel for pirates and other maritime hazards, Defenceweb reports..

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cantora

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BUSINESS

While plans and resources have not disappeared, and while the Mozambican government has kept a remarkably steady hand on the tiller, the investment climate has chilled somewhat in the last 12 to 18 months (Miningmix).

Mozambique successfully attracts investment for mega-projects, but for them to contribute to sustainable development, the country must also help small businesses to flourish (The Guardian).

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INFRA

Thailand is set to invest in construction of a deep water port in Mozambique’s Zambézia province, which will have a rail link to Tete province, the Thai prime minister said during an official visit. “We have had success in investing in infrastructure and in development corridors and, in this context, we will invest in construction of a port in Macuse [in Zambézia] and a railway,” said Prime Minister Yingluck Shinawatra, according to the Mozambican press.

The public tender for work to repair and asphalt the Cuamba-Lichinga road, in Mozambique’s Niassa province, stretching over 320 kilometres, will be launched in September, the Mozambican Minister for Public Works and Housing said

MINING

Rio Tinto is considering selling a stake in its Mozambique coal business, working with investment bank UBS. It took a $3 billion writedown on the coal business there in January. Potential bidders are happy to look over coal assets because it enables them to build up intelligence about what’s on the market, bankers said, but that does not necessarily translate into deals (Reuters).

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Rates for ads with picture, link and a bit of text in one of the three columns on our front page now start at only 499 Euros for a 26 weekly edition period or only 999 Euros for a 52 weekly edition period (excluding taxes and money transfer costs).

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OIL & GAS

Mozambique expects to start exporting liquid natural gas (LNG) in 2018, Mozambican president Armando Guebuza said in Aberdeen. Mozambique’s Mining Resources Minister, Esperança Bias, said the investment needed to build infrastructure to make use of natural gas was estimated at US$40 billion, including a unit to process 20 million tons of liquid natural gas and a distribution network to serve the domestic market and those of neighbouring countries.

Italian oil and gas group Eni said it had completed the sale of 28.57 percent of Eni East Africa to China’s CNPC at a previously agreed price of $4.21 billion, Reuters reported. Following the transaction, CNPC holds an indirect stake in Area 4 of 20 percent. Eni has 50 percent, while other partners in the project are Mozambique’s ENH, Kogas and Galp Energia with 10 percent each.

Norwegian oil group Statoil, plans to drill a second test well in the Area 2 block of the Rovuma basin in northern Mozambique, British company Tullow Oil said recently. According to the company, which partners the Norwegian group in this block, the first test well, Cachalote-1, found natural gas but in non-commercial quantities and did not find oil.

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BRAZIL WEEKLY

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

buzios