News from Cape Verde, Angola & Mozambique

Archive for February, 2014|Monthly archive page

Cabo Verde Business News

In Cabo Verde on February 20, 2014 at 4:58 pm

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NEWS

A €55 million EU aid will be given to Cabo Verde to support the country’s efforts to deal with poverty, promote sustainable and inclusive growth and develop good governance policies. European Commissioner for Development, Andris Piebalgs visited for the first time the island country in the central Atlantic Ocean and announced the EU aid. According to the Commission, the funding will focus specifically on the areas of the fight against poverty, sustainable and inclusive growth and good governance, for the period of 2014-2020.

The prime minister of Cabo Verde said Wednesday he planned to visit Angola before March to boost economic and business relations between the two countries. He is also considering similar visits to Equatorial Guinea and Sao Tome and Principe, local press reported.

WHAT IS THE BEST RESTAURANT OF CAPE VERDE 2013?

Check out the results of Atlantico Weekly’s poll on the Best Restaurant of Cape Verde in 2013.

– 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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ECONOMY

Cabo Verde is interested in receiving investments from Angola’s Sovereign fund, Cabo Verde’s Finance Minister, Cristina Duarte said Tuesday in Luanda at the end of a meeting with the fund’s president, José Filomeno dos Santos. Duarte, who Monday began a three-day working visit to Angola, said that Angolan private capital was amongst Cabo Verde’s preferred sources of investment in the port, air, hotel, tourist, energy, information technology and communication sectors, local press reported.

Angola plans to support the Cabo Verde (Cape Verde) State Budget with over 1.3 billion kwanzas (US$13.3 million) following a cooperation agreement signed in Luanda this week, local press 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!

AVIATION

Cabo Verde’s (Cape Verde’s) flagship airline Transportes Aéreos de Cabo Verde plans to join its Angola counterpart TAAG to operate together in West Africa, Cabo Verde’s Minister for Finance and Planning said Monday in Luanda.

The Directorate General of the Treasury has authorized state-owned TACV Cabo Verde Airlines to take out a new US$ 4 million loan (approximately 360 million escudos) from Cape Verdean commercial bank Caixa Económica de Cabo Verde. TACV currently has a deficit on the order of US$ 70 million, a heavy payroll and extremely high fuel costs, facts which helped justify a recent decision to reduce a number of perks long enjoyed by its employees, A Semana reported.

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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

TOURISM

Portuguese colonial officers in the 17th and 18th centuries perceived the West African slave-trading hub of Cabo Verde as a dead-end posting – often literally because of its propensity for drought and tropical disease. Today the wind-pummelled, volcanic archipelago 600km off the coast of Senegal is a growing tourist spot, offering dramatic landscapes for hikers, along with a vibrant music scene and year-round sunshine. In the past three years, the number of tourists going to Cabo Verde – also known as Cape Verde – has beaten the rate for Africa’s $34-billion market, growing on average each year by nearly 20 percent, according to a UN report. National Geographic has called it a “must see” destination for this year. Here are tips about getting the most out of a trip to Cabo Verde from Reuters, whose 2 600 journalists in all parts of the world offer visitors the best local insights.

 

Angola Business News

In Angola on February 20, 2014 at 4:57 pm

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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

Standard and Poor’s Ratings Services affirmed Angola’s long and short-term foreign and local currency sovereign credit ratings at BB-/B, with a stable outlook.

The Angola/US Chamber of Commerce plans to promote further a credit line of US$122.6 million opened up in 2009 by the United States Export Import Bank (ExIm Bank) that has yet to be used, the chamber’s chief executive said.

ROTTERDAM WEEK

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BUSINESS

Angola Telecom, the African country’s state-run phone company, is on track to make a profit for the first time in eight years after receiving a $314 million government bailout to fund debt payments and boost sales (Bloomberg).

INFRA

Abengoa completed construction of a water plant and 100 kilometers (62 miles) of pipeline to bring drinking supplies to 250,000 people in southern Angola. The project to supply potable water from Xangongo to Ondjiva in Cunene province will transport River Cunene waters to the plant. No terms were disclosed (Bloomberg).

Luanda’s new international airport, which is under construction in the Bom Jesus area of the Angolan municipalities of Icolo and Bengo, is expected to start operating within two years, Angola’s Construction Minister, Waldemar Pires said.

OIL & GAS

BP declared force majeure on exports of Angolan Plutonio crude after a Marlin fish damaged a hose connected to the floating, production, storage and offloading facility, according to a company official. The FPSO is not completely shut down and is producing at a reduced rate, Bloomberg reported.

BEST 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, Cape Verde and Mozambican 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 aboutthese countries. You order straight with Amazon, one of the best online stores in the world. Enjoy!

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OTHER NEWS

Positive news about Brazil’s economy is hard to find these days. In fact the bad news is piling up. A recent report by the Financial Times of London, quoting Brazil Central bank figures, suggests the country has entered technical recession more than 7 months ago by shrinking slightly for two consecutive quarters in 2013. So how serious should you take these reports and what can you do to protect your business in Brazil? Check out the column at Rotterdam Week.

dacampaign

Will the DA break through? South Africa’s Democratic Alliance and the 2014 elections (Rotterdam Week).

Julius Malema’s Economic Freedom Fighters have arrived. Will they succeed in capturing voters? Who will benefit from them? Check it out at Rotterdam Week.

Mozambique Business News

In Mozambique on February 20, 2014 at 4:56 pm

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ECONOMY

Standard and Poor’s Ratings Services lowered Mozambique’s long-term foreign and local currency sovereign credit rating to B from B+ on Friday, with a stable outlook.

BUSINESS

A delegation of 26 businesspeople from the United Kingdom (UK) from the energy, oil and gas sectors is currently in Maputo looking into the development of the oil and gas industries in Mozambique, to improve existing trade relations and establish new business partnerships. The group of UK investors took part in the Mozambique-United Kingdom Business Forum, which presented the economic potential of Mozambique, mainly in the energy, oil and gas sector as well as macroeconomic growth prospects for the next few years. The government of the United Kingdom plans to provide US$20 million for rural development projects in Mozambique to micro, small and medium-sized enterprises, the UK Department for International Development announced.

Swiss group ABB will provide the equipment for two sub-stations within the public power grid in Mozambique and refurbish nine other sub-stations, under the terms of a contract worth US$20 million, local press reported.

OIL & GAS

The Mozambican state netted US$227 million in capital gains tax charges on the sale of a 10 percent stake owned by Indian group Videocon Industries in the Rovuma Basin, northern Mozambique, the Mozambican Tax Authority said.

PROJECT OF THE WEEK

niassaresidence

Render of the Niassa Residence building for Maputo.

INTERCULTURAL COMMUNICATION?

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BRAZIL WEEKLY

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

OPINION

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

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Cabo Verde Business News

In Cabo Verde on February 13, 2014 at 3:49 pm

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NEWS

Republic of Cabo Verde is now the official name of the country. The government has requested the international community to refer to the country as such.

“Cape Verde has no gold, no petroleum and no natural gas, but it has developed and is now classified as a middle-income country. This is a miracle.” These words come from former Mozambican President Joaquim Chissano, in whose opinion, at this rate Cape Verde is in a position to become “a new Singapore” and “an African tiger”, A Semana reported.

WHAT IS THE BEST RESTAURANT OF CAPE VERDE 2013?

Check out the results of Atlantico Weekly’s poll on the Best Restaurant of Cape Verde in 2013.

– 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

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

Exports reached 5,735,000,000 escudos in 2013, representing a 25.6% increase over the previous year, according to foreign trade figures calculated by the National Statistics Institute (INE). Imports and re-exports stood at 60,201,000,000 escudos and 21,831,000,000 escudos, respectively, a reduction of 8.4% and 10.2%, respectively. The balance of payment deficit dropped 10.9% and the coverage rate rose 2.6 percentage points (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!

AVIATION

Minister of Finances and Planning Cristina Duarte, Minister of Infrastructures and the Maritime Economy Sara Lopes and Minister of Foreign Relations Jorge Borges have decided to set the fee for the use of the VIP lounges in Cape Verde’s airports at 2,500 escudos per person. The fee will be charged by the country’s Airport and Air Security company (ASA), local press reported.

Passenger traffic in Cape Verde’s airports registered a 3.4% decrease in 2013, dropping from 1,849,455 passengers in 2012 to 1,786,702 last year. International traffic was up 6.2%, while domestic traffic fell 15.2%. Tourism was the main driver of international activities at Cape Verde’s airports, particularly on São Vicente (up 25.5%), Sal (up 11.6%), Santiago (up 2.4%) and Boa Vista (up 0.2%). Aircraft traffic, however, was down 18.6% as a result of the slowdown in domestic travel activities (A Semana).

TACV Cabo Verde Airlines is offering passengers on the Cape Verde-Lisbon-Cape Verde route the possibility to travel with two pieces of luggage weighing at most 23 kilograms each. After being made available on flights to and from France since January 15, the promotion has now been extended to flights between Cape Verde and Portugal. According to sources at the airline, this increase in the weight allowance will remain in effect throughout the year, except during the high season, A Semana reported.

The handling company that is being set up by Cabo Verde airline Transportes Aéreos de Cabo Verde (TACV), to be transferred to airport manager Aeroportos e Segurança Aérea (ASA), is due to start operating in the first quarter of this year, weekly Cape Verdean newspaper A Semana said.

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

SPLIT SECOND POLL

OTHER NEWS

Greater export competitiveness and deeper regional integration could help propel South Africa towards faster-growing exports, allowing it to achieve higher, more inclusive, job-intensive growth as laid out in the country’s National Development Plan (NDP) 2030, according to the World Bank’s South Africa Economic Update (Rotterdam Week).

dacampaign

Will the DA break through? South Africa’s Democratic Alliance and the 2014 elections (Rotterdam Week).

Julius Malema’s Economic Freedom Fighters have arrived. Will they succeed in capturing voters? Who will benefit from them? Check it out at Rotterdam Week.

Angola Business News

In Angola on February 13, 2014 at 3:49 pm

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NEWS

Alex Thomson-Payan arrived in Angola in 2007 armed with a business degree from Babson College in Boston and $200,000 raised from Swiss and American friends. Today the 29-year-old runs Thomson Group International, which earns monthly revenue of more than $2m selling cellphones and supplying oil explorers with services. On top of a schedule from dawn to late into the night, he hosts parties at a beachfront house and collects motorcycles (BusinessDay).

An Angolan radio journalist has been convicted for defamation after allegedly inquiring about screams coming from prisoners inside a police station, his lawyer said (Reuters).

– 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 plans to sell two 20-year bonds to raise 58.7 billion kwanza ($601 million) to strengthen the central bank and a state-owned lender, according to presidential decrees (Bloomberg).

Portugal’s balance of trade surplus with Angola fell by 60 percent in 2013 to 480 million euros, a year after posting a surplus of 1.209 billion euros, according to official figures, local press reported.

ROTTERDAM WEEK

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Check out our new Publication

ROTTERDAM WEEK

Brains & Brawn from a Virtual City State!

Un-Dutch Reporting

on

Political Risks & Business Opportunities

in the Americas, Europe & Southern Africa!

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 bio-energy company Companhia de Bioenergia de Angola (Biocom) is expected to produce 256,000 tons of sugar and 30 million litres of ethanol per year as well as 28 megawatt hours of electricity in 2018/2019, local press reported.

Angolan businessman António Mosquito has become the chairman of Portuguese construction company Soares da Costa Construção, SGPS after taking a majority stake, local press reported.

Angolan company Brigada de Construção Militar (Bricomil) is due to be sold directly or through a limited rather than a public tender, local press reported. Citing a source close to the process, the newspaper said that employees would keep 13 percent of the company’s shares and that 75 percent would be sold to a private company.

INFRA

Zambia’s Northwest Rail Company Ltd. has signed an agreement with South African transportation company Grindrod Ltd. to build a railway connecting mines owned by Canada’s Barrick Gold Corp. BX) and First Quantum Minerals Ltd. (FM). Work on the $989 million project, which will also connect mines in Africa’s biggest copper producer to the Angolan border, should start this year, Grindrod said (Bloomberg).

BEST 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, Cape Verde and Mozambican 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 aboutthese countries. 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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MINING

The Angolan diamond sector in December 2013 produced over 742,000 carats of diamonds, the Angolan Geology and Mining Minister said, local press reported.

OIL & GAS

Late last week Dutch media began reporting on alleged corruption practices involving SBM Offshore deals in Brazil, Angola, Equatorial Guinea and other countries. The info was apparently published by a former employee of the company on the SBM Offshore company profile page on Wikipedia. On Friday February 7th, the company issued the following statement (Rotterdam Week).

Royal Boskalis Westminster N.V. (Boskalis) subsidiary SMIT Salvage has been awarded a contract to remove a damaged jack-up platform from the seabed offshore Angola. Including the award of this contract, SMIT Salvage has acquired approximately USD 70 million of work year to date (Rotterdam Week).

Total SA, Europe’s third-largest oil company, sold a stake in an Eni SpA-operated offshore Angolan oilfield to Sonangol EP for $750 million (Bloomberg).

Mozambique Business News

In Mozambique on February 13, 2014 at 3:48 pm

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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

Mozambique’s mineral-rich economy, one of the Africa’s fastest growing, will expand by 8.1% in 2014 and about the same in 2015, but could achieve higher growth rates if ageing railways to export coal are improved, the central bank governor said (Businessday).

BUSINESS

Comair, the South African airline that operated under a British Airways concession, has put an end to its flights between Johannesburg and Maputo, local press reported.

China and Bangladesh increased their imports of cotton produced in Mozambique by 31 percent and 22 percent, respectively in 2012, whilst Portugal’s imports fell 2 percent in quantity, Mozambique’s Cotton Institute (IAM) said.

PROJECT OF THE WEEK

radissontowers

Render of the Radisson Office Towers, under construction for Maputo.

MINING

Rio Tinto increased coal production at its Benga mine in Mozambique by around 230 percent year on year in 2013. In its annual report and accounts Rio Tinto Coal Mozambique said it had increased production of coking coal from 289,000 tons in 2012 to 867,000 tons in 2013, local press reported.

OIL & GAS

Exor Petroleum of Zimbabwe has set up a partnership with Mozambican oil company Petróleos de Moçambique (Petromoc) in which it will provide assets and Petromoc will provide capital and technical skills, local press reported. Exor Petroleum will provide the partnership with 14 operating service stations, four plots of land for construction, four storage deposits and other storage facilities in Zimbabwe.

INTERCULTURAL COMMUNICATION?

avatar

Or should you just be yourself? Read the column at Rotterdam Week.

BRAZIL WEEKLY

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

OPINION

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

SPLIT SECOND POLLS