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Atlantico Weekly is proud to present a short forecast for Brazil, Cape Verde, Angola, South Africa and Surinam in 2010.
Archive for the ‘Agriculture’ Category
The South Atlantic in 2010
In Agriculture, Angola, Banking, Brazil, Cape Verde, Economy, Elections, Infrastructure, Investments, Mining, Oil, Politics, Real estate, Security, South Africa, Surinam, Tourism on December 20, 2009 at 7:30 pmBrazil news update, December 20th
In Agriculture, Argentina, Banking, Brazil, Economy, Investments, Mining, Oil, Politics, Polls, Ports, Security, Tourism on December 20, 2009 at 7:28 pmOIL & GAS
Brazil’s state-run oil company Petrobras agreed to pay tens of millions of dollars more per year for imported Bolivian natural gas after a price dispute that has dragged on for years (Reuters).
Brazilian increases in oil production, along with Russia, is threatening the OPEC’s (Organization for Petroleum Exporting Countries) control over oil prices. The current view of petroleum reserves may be deceptive as production, and most of all exportation, seem to be the determinant variable of the oil market equation (Rio Times).
Petrobras will get a 2.6 billion-real ($1.46 billion) loan from Brazil’s development bank, known as BNDES, to help finance construction of the Suape petrochemical complex (Bloomberg).
BUSINESS
Brazil’s CSN offered to buy Portuguese cement producer Cimpor for 3.86 billion euros ($5.6 billion) as the steelmaker slowly diversifies from its core business outside its home base (Reuters).
Brazilian meat processor Marfrig Alimentos received European Union regulatory approval for its takeover of local poultry export company Seara in a deal worth about $900 million (Reuters).
Fiat’s commercial vehicles unit Iveco has won a $3.37 billion contract to supply 2,044 armoured personnel carriers to the Brazilian army, Iveco said (Reuters). The vehicles will be produced in Brazil.
Junior miner MMX, owned by Brazilian magnate Eike Batista, will invest up to $1.2 billion to more than triple iron ore production capacity by 2015, the company’s president said (Reuters).
POLITICS
Brazil’s central bank chief, Henrique Meirelles, said he was not interested in running for the vice-presidency in next October’s election and had not decided whether to step down in April (Reuters).
The governor of Brazil’s central Minas Gerais state said he would no longer seek to become the presidential candidate for the opposition PSDB party in next October’s election (Reuters).
Brazil’s president will propose a truth commission this month to investigate torture during the country’s 1964-85 military dictatorship. The move by President Luiz Inacio Lula da Silva could mark a rare step by Brazil toward tackling the thorny question of dictatorship-era abuses (Reuters).
FINANCE
As Brazil emerges stronger than many other countries from the deepest global recession in decades, the time may have come for the largest private equity firms to plant roots in Latin America’s biggest economy (Reuters).
Banco do Brasil, Latin America’s largest bank by assets, is in talks to buy a stake in Argentina’s Banco Patagonia in what would be the state-run bank’s biggest international foray (Reuters).
SECURITY
One minute Victor Javier was rapt in a carefree game of beach soccer; the next he was a hapless victim of Rio de Janeiro’s “shock of order” crackdown. Rio state this month hired former New York Mayor Rudy Giuliani, who takes credit for cleaning up the Big Apple, to help advise it on the Brazilian city’s crime problems (Reuters).
ECONOMY
After months of bullish forecasts from analysts in Brazil and around the world, the economic recovery has proven to have progressed at a significantly slower rate than has been anticipated over the last financial quarter (Rio Times).
The Brazilian government has announced that the bidding process for the construction and operation of a high-speed rail line that will link Rio de Janeiro, Sao Paulo and Campinas is to begin (Rio Times).
Chile and Brazil form part of 10- country group called ‘advanced emerging markets,’ Barclays Plc said. Singapore, Korea, Taiwan, Israel, China, South Africa, Poland and the Czech Republic are also part of the group, Barclays analysts including Eduardo Levy-Yeyati wrote in a report (Bloomberg).
Brazil news update, December 14th
In Agriculture, Banking, Brazil, Economy, Infrastructure, Investments, Mining, Oil, Politics, Telecom, Travel on December 14, 2009 at 7:05 pmECONOMY
At present, Brazil is the fifth-largest country in the world and has the fifth-largest population as well. But in 17 years’ time, it will also be the fifth-largest economy in the world, says its finance minister, Guido Mantega. Read the full article at the BBC.
Brazil’s government said it will lend an additional $80 billion reais ($45.3 billion) to the national development bank over the next two years to boost investment and keep the economy’s strong recovery on track (Reuters).
Brazil’s economy created a record number of jobs in November, in the latest sign the country’s labor market has fully recovered from this year’s recession, President Luiz Inacio Lula da Silva said (Reuters).
BUSINESS
Brazil’s JBS SA, the world’s largest beef processor, said it plans to raise the equivalent of $2 billion in a bond offering, part of a plan to fund its U.S. unit after the takeover of Pilgrim’s Pride Corp (Reuters).
China’s Lenovo, the world’s fourth-largest seller of personal computers, is “open” to buy rivals in Brazil, where it wants to triple market share by 2014, if it strikes the right acquisition price, the company’s top two officials said (Reuters).
Brazil’s Embraer, the world’s third largest aircraft maker, has signed an agreement with CDB Leasing Co worth $2.2 billion over three years to help finance the sale of regional jets in Asia (Reuters).
Brazil’s Embraer, the world’s third-largest aircraft maker, will likely sell a record $500 million worth of planes in Brazil this year, helping offset a tumble in global demand amid the worst civil aviation market in years (Reuters).
Brazilian aircraft manufacturer Embraer will be invited to join a tender to supply narrow-bodied planes to United Airlines, the head of United’s parent company UAL Corp said (Reuters).
France’s Renault SA plans to invest about 1 billion reais ($571 million) in Brazil over the next three years, the company’s chief for the Mercosur trade bloc said (Reuters).
MINING
Iron ore prices will likely rise in 2010, underpinned by growing demand from China, the chief executive of Brazilian mining giant Vale said, without offering estimates of how much prices could rise (Reuters).
AMAZON
The $7.7 billion Santo Antonio dam on the Madeira river is part of Brazil’s largest concerted development plan for the Amazon since the country’s military government cut highways through the rain forest to settle the vast region during its two-decade reign starting in 1964. Read the full report at Reuters.
Brazil took a step forward in protecting the Amazon rainforest, starting satellite surveillance of the cattle ranches that are among the chief culprits in the forest’s destruction (Reuters).
AGRICULTURE
Brazilian authorities have approved the use of a new genetically-modified soy seed which was developed jointly by BASF and state agricultural researchers in the world’s No. 2 soy exporter (Reuters).
Sugar output in Brazil, the world’s largest producer, will rise to a record after declining supplies from India boosted demand for sweetener from the South American country, the government said (Bloomberg).
FINANCE
BTG Pactual, the securities firm led by Andre Esteves, is set to launch a private equity-backed Brazilian infrastructure fund, to take advantage of massive road, port and dam projects (Reuters).
OIL
Brazil’s lower house of Congress has approved the second of four bills designed to overhaul the country’s oil legislation and give the government greater control over vast new offshore reserves (Reuters).
Brazil’s Petrobras expects to raise more than $10 billion in a sale of shares it is planning as part of an ambitious expansion effort, the company’s Chief Executive Jose Sergio Gabrielli said (Reuters).
Brazil’s oil giant Petrobras said tests confirmed that Iara oil field, off the coast of the state of Rio de Janeiro, contains a potential of 3 billion to 4 billion barrels of oil equivalent (Reuters).
TELECOM
Spain’s Telefonica plans to spend more than 2 billion reais ($1.14 billion) in Brazil next year, compared with expected capital expenditures of 2.4 billion reais earmarked for 2009, the chief executive of its Brazilian unit Antonio Carlos Valente said (Reuters).
Brazil news update, December 6th
In Agriculture, Biofuels, Brazil, Economy, Energy, Foreign Trade, Investments, Mining, Oil, Stock exchange on December 6, 2009 at 5:02 pmECONOMY
Investors have piled back into Brazilian assets in the wake of the global financial crisis, sending the stock market soaring 83 percent and the currency up 37 percent this year. Are Brazil’s asset markets overvalued? Read the analysis at Reuters.
Car manufacturing in Brazil will climb in 2010, along with sales and export revenue, the national automakers’ association Anfavea said, with expectations for strong economic growth set to stoke domestic demand. Brazilian automobile production in 2010 could grow 5.4 percent, the group said, with sales to jump 9.3 percent (Reuters).
Brazil’s central bank said that dollar inflows into the country totaled $3.558 billion last month through Nov. 27 (Reuters).
BUSINESS
Since the start of the year the price of sugar futures has almost doubled. For Brazil’s big sugar companies the timing is perfect: the credit crunch set off a wave of consolidation in an industry that had been resistant to it. The firms that have survived now have more scale and lots of cash. Read the full story in The Economist.
Sao Martinho, one of Brazil’s main sugar and ethanol companies, will sell a 40 percent stake in its Boa Vista mill for 140 million reais ($81.9 million) to U.S-based Amyris (Reuters).
Brazil’s largest sugar and ethanol group, has closed a deal to buy the local Petrosul chain of filling stations based in Sao Paulo (Reuters).
Brazilian retail group Pao de Acucar reached an agreement to acquire a controlling stake in rival Casas Bahia in a noncash deal, gaining a commanding grip over the South American country’s booming home appliances market (Reuters).
Votorantim Group has signed a deal to join Trinidad and Tobago’s government-owned Alutrint in a project to build a 125,000 tonnes-per-year aluminum smelter in the Caribbean nation (Reuters).
Brazil’s crude steel output is forecast to rise to 33.1 million tonnes next year, up 24 percent from an estimated 26.7 million tonnes this year, the Brazilian Steel Institute said (Reuters).
Brazilian mining company Vale plans to invest 1 billion reais ($573 million) in a steel rolling mill in Rio de Janeiro state (Reuters).
Mirabela Nickel Ltd., an Australian miner, may build a smelter to process nickel ore from its Santa Rita mine in Brazil’s northeastern Bahia state and start underground mining (Bloomberg).
China’s Wuhan Iron and Steel Co agreed to pay $400 million for a 21.52 percent stake in Brazilian miner MMX, according to a regulatory filing (Reuters).
OIL
Brazilian oil upstart OGX said it had found a 50 meter column of hydrocarbons with net pay of 15 meters from a well it is drilling in the BM-C-41 block in the Campos basin (Reuters).
Earlier OGX had said it had made a promising discovery of hydrocarbons in the Albiano field in the Campos basin off the coast of Rio de Janeiro (Reuters).
The Abreu Lima refinery in Brazil, a joint venture between state-run oil companies Petrobras and Venezuela’s PDVSA, will cost roughly 23 billion reais ($13.3 bln), more than triple its previous estimate (Reuters).
Petrobras, Brazil’s state-controlled oil producer, plans to expand its $174.4 billion investment program as it develops offshore fields in the so-called pre-salt region (Bloomberg).
ATLANTICO
Trade between Brazil and Africa is incipient and needs to be worked on. African countries imported around US$500 billion, of which less than US$10 billion or 2% was from Brazil (Macauhub).
South Africa news update, December 6th
In Agriculture, Economy, Investments, Real estate, South Africa on December 6, 2009 at 4:22 pmECONOMY
Dubai is the nation state as mortgage bubble: hype, leverage, and a lot of concrete mixers. But in Cape Town, Dubai World’s bubble burst a year ago, with the ousting of provincial premier, Ebrahim Rasool, the state-owned investment company’s local champion. Read the full story in the Mail & Guardian.
Land reform in South Africa is lagging behind its schedule. Read the report in The Economist.
More than 2.2m additional foreign tourists will visit South Africa between 2008 and 2015, thanks to next year’s World Cup soccer tournament. Foreign visitors’ spending is alone expected to contribute R14.3bn (News24).
Angola news update, November 29th
In Agriculture, Angola, Banking, Brazil, Economy, Energy, Investments, Oil, South Africa on November 29, 2009 at 10:05 pmECONOMY
Angola is considering setting up a Norwegian-style sovereign wealth fund to manage its oil revenues, Norwegian daily Aftenposten reported (Reuters).
Angola’s foreign exchange reserves unexpectedly fell for the first time in three months to $12.1 billion in October from $12.8 billion the previous month, despite a sharp recovery in oil prices, the central bank said (Reuters).
The International Monetary Fund said its board approved a $1.4 billion standby loan arrangement for Angola to help it cope with the effects of the global recession (Reuters).
The non-oil sector of the Angolan economy may grow 10,5 per cent as forecast in the national plan 2010/2011 (ANGOP).
LAW ENFORCEMENT
Officials from Angola’s Central Bank and Finance Ministry have illegally transferred money abroad, prosecutors said, promising to recover the missing funds (Reuters).
ATLANTICO
A forum for the promotion of investments is scheduled for November 30 to December 1 in Salvador da Bahia, Brazil, aimed to develop partnership between small and medium companies from Angola and Brazil manufacturing industry and agriculture (ANGOP).
Angolan bank Banco Africano de Investimentos (BAI) is due to open a representative office in South Africa before the end of the year in order to do business in the continent’s largest economy, the bank’s chief executive said in Luanda (Macauhub).
Angolan state oil company Sonangol is set to acquire a controlling stake of a Brazilian oil company, at a cost of US$180 million, Brazilian financial newspaper Valor Económico reported (Macauhub).
BUSINESS
The state owned insurance company (ENSA) inaugurated a temporary branch in the northern Malanje Province, in the ambit of the programme to expand its activity in the country (ANGOP).
A total of Usd 4 million will be invested next year by the business group “Admar Damião”, for the construction of a vegetable and fruit processing and transforming plant in Chibia district, whihc is situated some 45 kilometres to the south of Lubango in Huila province (ANGOP).
Portuguese electricity company EDP – Energias de Portugal is looking into solutions to build a combined-cycle electric power plant in Angola, the group’s chief executive, António Mexia said in Figueira da Foz (Macauhub).
The process of selling 24 percent of the capital of Banco Espírito Santo Angola (BESA) to Angolan investors will be concluded soon, the chairman of Portuguese banking group Banco Espírito Santo (BES), Ricardo Salgado said in Lisbon (Macauhub).
AGRICULTURE
The World Bank (WB) will grant to Angola a credit of USD 30 million aimed at supporting the farmers in the provinces of Bié, Huambo and Malanje (ANGOP).
Cape Verde news update, October 25th
In Agriculture, Airports, Brazil, Cape Verde, Foreign Trade, Security on October 25, 2009 at 9:59 pmLAW ENFORCEMENT
The Supreme Court of Justice has granted a request submitted by Manuel Corsino Barbosa’s lawyer and ordered him released, but has prohibited the drug trafficking suspect from leaving Cape Verdean territory. The Supreme Court of Justice dispatch, dated Monday, October 19, also claims that there is no strong evidence indicating that the suspect collaborated with Zany Filomeno’s criminal organization, which was involved in drug trafficking and money laundering (A Semana).
ATLANTICO
Brazilian President Luís Inácio “Lula” da Silva has accepted the invitation extended to him this week by Cape Verdean Prime Minister José Maria Neves to make an official visit to Cape Verde next year. Lula is expected to visit the archipelago in the first half of 2010 (A Semana).
POLITICS
Minister of Foreign Affairs, Cooperation and Communities José Brito has announced that the government of Luxembourg is going to maintain its € 51 million financing program for Cape Verde for the third Indicative Cooperation Plan, which will cover the period between 2011 and 2015. In a press conference, Brito also announced that relations between the two countries could evolve to include business partnerships in the coming years (A Semana).
AIRPORTS
Sao Vicente airport in Cape Verde is expected to receive international flights before the end of this year, Cape Verde’s prime minister said, noting there had been delays in approval of the runway, which was initially expected in June (Macauhub).
IMPORTS
Cape Verde importa 80 percent of the food it consumes, has just 10 percent of its land apt for agricultural production and its climate conditions are a permenent threat to agriculture, according to a United Nations (UN) study (Macauhub).
Brazil news update, October 4th
In Agriculture, Banking, Brazil, Economy, Oil, Politics, Real estate on October 4, 2009 at 9:48 pmBANKING
Itau Unibanco, Latin America’s biggest bank by assets, said it plans to build up overseas once it completes its merger, but that will take at least a year and it’s not tempted by distressed assets (Reuters).
The leading emerging BRIC nations maintain their demand for a 7 percent shift in voting power to developing countries at the International Monetary Fund, Brazil’s Finance Minister Guido Mantega said (Reuters).
OLYMPICS
Rio de Janeiro’s 2016 Olympics has raised the tantalizing prospect that Brazil’s faded former capital, known for its beauty and high crime, will be rejuvenated into a modern, thriving city (Reuters).
Brazilian president Luiz Inacio Lula da Silva said he was the proudest president in the world on Saturday, hours after Rio de Janeiro had won the right to host the 2016 Olympic Games (Reuters).
Rio de Janeiro’s successful bid to host the Olympics in 2016 crowns Brazil’s remarkable rise over the past decade from a near basket case to an economic and diplomatic heavyweight (Reuters).
AGRICULTURE
A freak tornado and floods last month may be a harbinger of a troubled future for Brazilian farmers, who worry that climate change could severely disrupt production in one of the world’s breadbaskets (Reuters).
REAL ESTATE
Cyrela, Brazil’s largest real estate developer, and rival Rossi Residencial should benefit from a government decision to ease limits on mortgage loans for low-income households, Barclays Capital said in a report (Reuters).
BUSINESS
Daimler will hire 800 more staff for its Brazilian commercial vehicles business and keep open a U.S. truck plant as the two key markets show signs of reviving, the world’s biggest truckmaker said (Reuters).
POLITICS
Brazil’s government is facing rising criticism at home over its handling of the Honduran crisis as senior lawmakers accuse it of allowing the ousted president to use its embassy as a political platform (Reuters).
OIL
Brazilian state oil company Petrobras plans to re-inject carbon dioxide in massive offshore oil fields to boost recovery and reduce emissions, a company official said (Reuters).
Iran wants Brazilian state- controlled oil producer Petrobras to be its main exploration partner in Africa, the South American country’s energy minister, said (Bloomberg).
ECONOMY
Brazilian President Lula da Silva said his country will post economic growth this year and that the nation’s gross domestic product will expand 5 percent next year (Bloomberg).
Angola news update, September 28th
In Agriculture, Angola, Banking, Economy, Elections, Foreign Trade, Investments, Oil, Politics on September 28, 2009 at 7:33 pmAGRICULTURE
The Portuguese oenologist Mário Louro said in Lisbon, Portugal, that Angola may start producing quality wine from 2014 to supply local market with national product and compete with international marks (Angop).
U.S. Chiquita Brands International Inc and a partner have quit plans to enter Angola’s once-thriving banana industry after failing to secure the best land to grow and export bananas (Reuters).
CHINA
Angola is the main trade partner of China in Africa and the second in the world, in an economic interchange that reached around USD 25.3 billion during 2008, reported Friday the Extraordinary and Plenipotentiary ambassador of China to Angola, Zhang Bolun (Angop).
POLITICS
Angola’s President Jose Eduardo Dos Santos marked 30 years in power on Monday, with no public celebrations or even a murmur in state media about the milestone reached by Africa’s second-longest serving leader (Mail & Guardian).
Angolans are tired of waiting for presidential elections and may soon take to the streets in protest against delays, the head of the main opposition UNITA party said (Reuters).
There were no military bands to mark Angolan President Jose Eduardo dos Santos’ three decades in power this week. Just another day in the life of Africa’s second longest serving — and perhaps most enigmatic — leader (Reuters).
OIL
Angola state-owned firm Sonangol will buy Marathon Oil’s 20 percent stake in Angola’s Block 32, valued at $1.3 billion, after blocking the sale of the stake to two Chinese companies, a Sonangol spokesman said (Reuters).
French oil company Total plans to end the year with investments of over US$4 billion in Angola, a rise of around 50 percent against 2008, a company source said (Macauhub).
ECONOMY
Angola, which has averaged 10 percent annual growth in its gross domestic product since 2004, is attracting workers and professional from its former colonial master, Portugal, which is suffering a shrinking economy and increased unemployment, the Wall Street Journal reported, citing interviews (Bloomberg).
INVESTMENT
Portuguese business group Mostratus has invested around US$25 million in installing a water collection and bottling factory in Mazozo, in Angola’s Bengo province, according to Angolan news agency Angop (Macauhub).
Angolan business group GEMA (Sociedade de Gestão de Partticipações Financeiras e Gestão de Empreendimentos) annouced, Thursday, that it would build a cement factory in the city of Lobito, in Angola’s Benguela province at na estimaed investment of US$400 million (Macauhub).
The Caixa Totta bank, which was recently set up in Angola, plans to invest over US$100 million in expanding its network to all of Angola’s provinces (Macauhub).
Brazil news update, September 20th
In Agriculture, Banking, Biofuels, Brazil, Economy, Elections, Energy, Investments, Mining, Oil, Politics on September 20, 2009 at 9:41 pmINVESTMENT
Brazilian companies are prepared to step up international takeovers as the domestic economy recovers from a recession and the local currency gains, according to Rothschild, the country’s top mergers and acquisitions adviser (Bloomberg).
Votorantim Cimentos Ltda., which controls 40 percent of Brazil’s cement market, is seeking international acquisitions (Bloomberg).
Brazilian billionaire Eike Batista, whose EBX conglomerate controls oil, energy, mining and transportation assets in the country, plans to invest $10.3 billion through 2012 as he bets on a rebound in global growth, Valor Economico newspaper reported (Reuter).
American billionaire Sam Zell’s Equity International real estate investment fund plans to expand its investments in Brazil to commercial property, farms, industrial warehouses and infrastructure and logistics in coming years, Valor Economico said (Reuters).
Hyundai, South Korea’s largest automaker, will begin construction of a factory in Brazil next year after suspending the plan due to the global recession (Bloomberg).
Morgan Stanley, the top adviser on takeovers in Brazil, doubled the investment-banking staff in Latin America’s biggest economy and plans to add more as local capital markets develop, an executive said (Bloomberg).
AGRICULTURE
Brazil’s biosecurity regulator, CTNBio, approved two new varieties of genetically modified corn, both of which have been engineered to resist pests and glyphosate-based herbicide (Reuters).
OIL
The Brazilian government’s proposal to develop vast oil reserves faces several obstacles in Congress but is on track for a first vote by November, key congressional leaders said (Reuters).
Brazil’s plan to capitalize state-run oil company Petrobras with 5 billion barrels of crude reserves in exchange for new shares may yield $15 billion to $25 billion in oil rights for the company, analysts said (Reuters).
Brazil’S oil giant Petrobras will boast crude reserves of 30 billion to 35 billion barrels within three years, thanks to huge finds in deep water off the nation’s coast, the company’s CEO said (Reuters).
ELECTIONS
Brazil’s Senate approved a bill late on Tuesday that could change the rules for general elections in October 2010 (Reuters).
MEAT
Brazil’s JBS, the world’sbiggest beef producer, agreed to buy a controllingstake in bankrupt U.S. poultry producer Pilgrim’s Pride and JBS’ Brazilian beef rival Bertin (Reuters).
ECONOMY
Brazil’s government is considering new measures to nurture the country’s economic recovery, focusing on cutting the high costs of doing business, Finance Minister Guido Mantega said (Reuters).
AMAZON
Brazilian President Lula will propose a ban on new sugar-cane planting in 82 percent of the country, including the Amazon, as part of efforts to preserve forests and avoid restrictions from ethanol- importing countries (Bloomberg).
Cape Verde news update, September 20th
In Agriculture, Brazil, Cape Verde, Economy, Investments on September 20, 2009 at 12:07 pmINFLATION
The average variation in the Consumer Price Index over the previous twelve months stood at 4.3% in August, 0.7 percentage points below the figure registered in July. Data released by the National Statistics Institute (INE) confirms the downward trend in the country’s inflation rate, which stood at 6.8% in 2008 – 2.4 percentage points higher than the rate registered in 2007 (A Semana).
ATLANTICO
A joint initiative on the part of entrepreneurs from Brazil and Cape Verde will bring a shrimp breeding facility to Cape Verde. The superintendant of the Small Business Support Service (SEABRA) from the northeastern Brazilian state of Ceará, Carlos Cruz, reveals that the project, which is in the final phase of implementation, will being together technology from Ceará and resources from the Netherlands (A Semana).
The online version of Globo, one of Latin America’s most important media conglomerates, highlighted the participation of Cape Verdean agricultural producers in this year’s edition of Frutal – the International Fruit, Flower and Agribusiness Fair, which is currently taking place in the Brazilian state of Ceará (A Semana).
Cape Verde news update, September 13th
In Agriculture, Airports, Brazil, Cape Verde, Ports, Security, Tourism, Travel on September 13, 2009 at 1:21 pmSECURITY
Cape Verde currently has more than 900 deportees, sent back to the archipelago by various different foreign countries. The United States tops the list of countries that have deported the most Cape Verdeans. According to Cape Verde’s Institute of Communities, “the number of Cape Verdeans deported to the country has increased in recent times (A Semana).”
PORTS
The Cape Verdean government will move forward with the privatization of the country’s port facilities in 2010, according to Portuguese newspaper Diário Económico (A Semana).
Cape Verde will be prepared to compete with any of the world’s ports in 2012, when a huge investment plan across several islands is concluded, the chairman of port management company Enapor told Portuguese news agency Lusa (Macauhub).
AGRICULTURE
Cape Verde will participate next week in the 16th International Agriculture and Agribusiness Fair in Fortaleza, the capital of the Brazilian state of Ceará. The Cape Verdean delegation is made up of a multi-disciplinary team of 65 members, 48 of them farmers (A Semana).
AIR TRAVEL
Low-cost airline Ryanair is studying the possibility of entering the Cape Verdean market. The Irish company opened its new northern Portugal headquarters in the city of Porto this week, and has already announced its plans to be a strong competitor of TAP Air Portugal in flight routes to Cape Verde (A Semana).
Angola news update, September 6th
In Agriculture, Airports, Angola, Banking, Biofuels, Brazil, Foreign Trade, Investments, Oil, Tourism, Travel on September 6, 2009 at 8:13 pmAIR TRAVEL
The director of the Belgian Brussels Airlines in Angola, Paul Delafaille, said that the company intends to increase from two to three the number of connecting flights on the Brussels-Luanda route, with view to respond to the demands of passengers (ANGOP).
Angolan national air carrier Taag plans to increase its flights to China from two to three per week in order to meet current demand, said the company’s representative in Beijing, António Inácio Silva (Macuahub).
Kuito airport in Angola’s Bié province, with a new 2,750-metre runway, re-opened following building work that took five years (Macuahub).
ATLANTICO
Brazil’s volume of business in Angola from January to June 2009 reached a total of USD 900 million, revealed the Brazilian ambassador, Afonso Cardoso (ANGOP).
BANKING
A new branch of the International Business Bank (BNI) was opened in the premises of the Dry Port, in Luanda’s Viana Municipality (ANGOP).
The international expansion of Banco do Brasil (BB) may include Angola, according to Brazilian newspaper, O Globo, which reported, however, that the bank’s priority would be to focus on the Americas (Macauhub).
PALM OIL
Angolan National Institute of Coffee (Inca) said that the country can reach, in five years, satisfied level of palm oil production, to avoid importing this product estimated at 3,000 tones litres/year (ANGOP).
An inventory project of palm-tree plantations has been implemented since last May in the province of Kwanza Norte, by Sonangol and EN, an Italian consortium, aiming at producing palm oil and processing bio-fuels (ANGOP).
OIL
Chevron Corp. said it expects to report the start-up of its Tombua-Landana oil facility in Angola shortly, the Wall Street Journal reported, citing an interview with George Kirkland, executive vice president for global upstream and gas (Bloomberg).
MEAT
The provincial Agriculture and Rural Development Directorate (DPADR) in Angola’s Benguela province estimated that, within the next ten years, the province will have an average of 1 million head of beef cattle, as a result of a programme to boost and repopulate cattle underway in the region (Macuahub).
Angola news update, August 15th
In Agriculture, Angola, Brazil, Cape Verde, Economy, Energy, Foreign Trade, Infrastructure, Investments, Retail, South Africa on August 15, 2009 at 8:45 amBUSINESS
South African furniture manufacturer and retailer Coricraft is broadening its horizons with a move into Angola later this year. MD David Jacobson says “Africa holds great appeal” and the company has signed a distribution agreement for Angola which will start towards the year-end. Under the deal, Coricraft will supply product to an Angolan retail agent with a view to developing this market (BusinessDay).
CORRUPTION
United States Secretary of State Hillary Clinton and Angolan Foreign Minister Assuncao dos Anjos address a press conference in Luanda, August 9, 2009 -Clinton pressed Angola on Sunday to do more to fight corruption during a two-day visit to the oil-producing country aimed at bolstering ties between the two nations (BusinessDay).
ATLANTIC
US Secretary of State Hillary Rodham Clinton, bringing her democracy and development tour of Africa to oil-rich Angola on Sunday, encouraged the war-ravaged country to continue reforms and pledged to boost trade ties with a major energy producer (News24).
ATLANTICO
Trade between the eight members of the Community of Portuguese Language Countries (CPLP) remains at low levels, says the head of the Council of Portuguese Chambers of Commerce in Brazil, Romulo Alexandre Soares. Soares told the Lusa news agency: “Today these states have trade with the rest of the world valued at around US$ 550 billion, but between them level is around US$ 13 billion or about 2.3% of their total international exchanges.” The official was citing figures from the United Nations Conference on Trade and Development (UNCTAD) (Macauhub).
INVESTMENT
At least sixteen factories will be built in the coming four years, in the northern Zaire Province, under the government programme to re-launch the manufacturing industry, on Thursday announced the local industry, geology and mining department director, Adão Alberto Sofia (ANGOP).
COFFEE
Angola’s coffee production this year is expected to reach 17,000 tons, according to deputy minister of Agriculture, Zacarias Sambeny. Mr Sambeny said the figure represents the Government’s investment in the sector, in an effort to relaunch coffee production in the country. According to the deputy minister, production in 2008 reached six tons, which is far below the 200,000 tons of 1973, when Angola was the third world producer (ANGOP).
ECONOMY
The World Bank has upwardly revised its prediction for a 3% contraction in Angola this year to 0% (Macauhub).
INFRASTRUCTURE
India is to provide US$ 40 million for the building of a railway between the cities of Lubango and Matala in the province of Huila, India’s ambassador to Angola, Ghanashyam Ajjampor Rangaiam has said (Macauhub).
Brazil news update, August 9th
In Agriculture, Biofuels, Brazil, Economy, Energy, Investments, Oil, Ports, Real estate on August 9, 2009 at 9:25 pmSTATE
Brazil’s government plans to boost its stake by 2010 in state-run oil company Petrobras, which is partly owned by private investors, by offering new oil fields in exchange for company shares, a source told Reuters.
Brazilian officials are slated to give President Luiz Inacio Lula da Silva a proposal for oil law changes expected to boost the role of state-run Petrobras in the development of offshore reserves (Reuters).
Brazilian state-controlled pension funds Petros and Funcef may place a bid for the 9.9 percent stake construction group Camargo Correa has in Jirau, a massive hydropower dam project in the Amazon, Valor Economico said (Reuters).
The head of Brazil’s Senate is facing mounting pressure to step down over an ethics scandal, threatening to weaken President Luiz Inacio Lula da Silva’s control over Congress and derail his legislative agenda (Reuters).
INVESTMENTS
Braskem, Latin America’s largest petrochemical company, plans to delay by as much as two years of investments worth $4.5 billion in Venezuela, the Valor Economico newspaper said, citing the company’s vice president of international operations (Reuters).
Shree Renuka Sugars, an Indian sugar refining group, might bid for a stake in Brazilian ethanol and sugar producer Grupo Moema as part of a plan to expand into Latin America’s largest economy, Valor Economico newspaper reported (Reuters).
Brazilian purchases of industrial machinery and equipment likely will rise in the coming months as signaled by a surge in demand for credit at the state development bank, the daily newspaper Valor Economico said (Reuters).
Private equity funds are expected to raise about 2.5 billion reais ($1.4 billion) in the second half of 2009 to invest in Brazil’s real estate markets, betting on rising demand for commercial property and upscale housing, Valor Economico newspaper reported (Reuters).
ECONOMY
The Brazilian economy was already growing at a pace of 4 percent at the beginning of the third quarter, Finance Minister Guido Mantega told investors in Washington, according to a copy of his presentation on Thursday (Reuters).
Brazil, Latin America’s largest economy, is heading toward a “V-shaped recovery” powered by domestic demand, former central bank President Gustavo Franco said (Bloomberg).
SUGAR
Brazil’s Sugarcane Technology Center and Germany’s BASF said they will jointly develop a genetically modified sugarcane with yields up to 25 percent higher than those currently available (Reuters).
PORTS
LLX Logistica, the Brazilian logistics company controlled by billionaire Eike Batista, said on Monday it received regulatory approval for the construction of the Sudeste Port, a port terminal that could handle 50 million tonnes of iron ore annually in its initial phase (Reuters).
POWER
Brazil and Peru are studying five hydroelectric projects that would cost as much as $15 billion, Brazilian Energy Minister Edison Lobao said. Peru may consume 20 percent of the electricity from the dams and ship the rest to Brazil. Brazil and Peru aim to start operating the dams, which could generate 6,000 megawatts, in 2015 (Bloomberg).
Brazil news update, August 2nd
In Agriculture, Banking, Brazil, Economy, Investments, Mining, Oil, Politics, Real estate on August 2, 2009 at 9:05 pmBUSINESS
Brazil’s Embraer, the world’s third-largest commercial aircraft manufacturer, reported second-quarter net income of 466.9 million reais ($249 million) in the quarter ended June 30, compared with 356.5 million reais in the same period a year earlier (Reuters).
Revenue at Brazilian real estate developers Cyrela, Gafisa and Rossi Residencial probably edged higher in the second quarter, signaling that government efforts to spur the housing sector are bearing fruit, analysts told Reuters.
AMAZON
Brazilian soy crushers said on Tuesday they have extended for one more year a ban to purchases of soybeans grown in newly deforested areas of the Amazon basin (Reuters).
POLITICS
Brazilian President Lula wants the government to take control of Vale SA, Veja reported, without saying where it obtained the information. Lula asked officials to find a legal way to ensure the government controls Vale through Previ and BNDES Participacoes SA, the investment arm of Brazil’s state development bank (Bloomberg).
Brazilian President Lula raised the benefit in the country’s flagship anti- poverty program by 9.7 percent seeking to ease the impact of the economic crisis on the poorest citizens (Bloomberg).
OIL
Petrobras said it may more than double its borrowings from the U.S. Export-Import Bank to as much as $5 billion, following a $10 billion loan from China (Bloomberg).
Cape Verde news update, August 2nd
In Agriculture, Airports, Cape Verde, Economy, Investments, Media, Politics, Ports, Security, Stock exchange, Tourism, Travel on August 2, 2009 at 11:32 amCLINTON
Hillary Clinton will visit Cape Verde on August 13 and 14, with the main point on her agenda being the insertion of African women into the world market. Another issue to be discussed will be security in Sub-Saharan Africa (A Semana).
STATE OF THE NATION
The debate on the State of the Nation that took place in the National Assembly Wednesday, July 29, began with personal attacks between various different members of parliament and ended with asymmetrical readings on employment, health care, safety and Cape Verde’s macroeconomic indicators (A Semana).
STOCK EXCHANGE
The demand for Cabo Verde Fast Ferry future bonds was slightly greater than the supply, according to Cape Verde Stock Exchange president Veríssimo Pinto (A Semana).
INFLATION
The Consumer Price Index registered a monthly variation rate of -0.3% between May and June of this year, while the homologous variation rate dropped 1.8% in regards to May, standing at 0.1% (A Semana).
AIR TRAVEL
Privately-owned Cape Verdean company Halcyon Airways will begin operating flights to the island of São Nicolau this week, offering three weekly flights on Tuesdays, Wednesdays and Saturdays (A Semana).
AGRICULTURE
The embargo that for the past twenty years has prevented agricultural products from leaving the island of Santo Antão appears close to ending (A Semana).
MEDIA
Our friends at A Semana are about to launch a completely revamped interactive website, aimed not only at the country’s resident population, but especially at Cape Verde’s large and widely scattered diaspora.
INVESTMENT
Cape Verde’s prime minister proposed Monday the creation of a network of entities to reduce the waiting time for the resolution of companies’ problems and make it easier to invest in Cape Verde, according to Inforpress ( Macauhub).
The minister for Infrastructures, Transport and Telecommunications in Cape Verde, Manuel Inocêncio, revealed that the government is to invest 50 million Euros in the Porto da Palmeira, on the island of Sal. The first phase of the modernization and expansion work, estimated at 19 million Euros, is being carried out by the Mota-Engil consortium and should be finished by July 2010 (Macauhub).
Brazil news update, July 19th
In Agriculture, Airports, Banking, Biofuels, Brazil, Economy, Infrastructure, Investments, Mining, Oil, Retail, Telecom, Travel on July 19, 2009 at 11:03 amBANKING & FINANCING
The antitrust unit of Brazil’s Justice Ministry said it has opened an investigation into credit card operator Redecard, sending the company’s shares down 2.56 percent. The Economic Law Secretariat at the Justice Ministry said Redecard would be investigated for imposing terms on online payments that might hamper free competition (Reuters).
Eletrobras, Brazil’s state-run power utility, plans to sell at least $500 million in 10-year dollar-denominated debt in international markets in July to fund investments, sources with direct knowledge of the deal told Reuters. Two investors who may participate in the deal said Eletrobras may pay a yield around 7 percent, underscoring strong appetite for Brazilian assets as the government nears winning investment-grade ratings from Moody’s Investors Service (Reuters).
Banco Bradesco SA, Brazil’s second- largest non-government bank, named Candido Leonelli and Mauricio Machado de Minas as executive directors after the departure of three long-serving directors, a spokesman said. This may be an indication the bank will become more agressive (Bloomberg).
Brazil’s state development bank BNDES has become a major player in government efforts to pull Latin America’s largest economy out of recession. Read the facts about the Rio de Janeiro-based bank, which has traditionally been considered Brazil’s main provider of long-term financing for large corporations, at Reuters.
ECONOMY
Brazil’s international reserves rose to a record as thecentral bank steps up its purchases of dollars to curb the appreciation of the Brazilian currency. International reserves climbed to $209.576 billion on July 16, compared with the previous high of $209.386 billion set Oct 6. Reserves have climbed 5 percent from this year’s low of $199.337 billion on Feb. 26 (Bloomberg).
Foreign direct investment inflows are signaling the Brazilian economy is gradually emerging from recession with little inflation risks, Central Bank President Henrique Meirelles said (Reuters).
OIL
BNDES will lend 25 billion reais ($12.8 billion) to Petrobras denominated in local Treasury notes, the first loan of its kind in Latin America’s largest economy, daily newspaper Valor Economico said (Reuters).
Brazil’s state-run oil company Petrobras said domestic oil production dropped 3.2 percent in June to 1.93 million barrels per day from 1.99 million bpd in May (Reuters).
Petrobras has completed seismic work in its leased Cuban offshore bloc and is studying whether to drill a well, the head of its Cuban operations said (Reuters).
Petrobras expects new local private investment funds to provide at least $5.2 billion to capitalize service companies, crucial for a push to develop massive offshore reserves (Reuters).
Galp Energia SGPS SA, Portugal’s biggest oil company, and Petrobras found more evidence of oil in an onshore block in Brazil’s Potiguar Basin, the Brazilian petroleum regulator said (Bloomberg).
Petrobras also discovered traces of oil in an onshore block in the Espirito Santo Basin (Bloomberg).
AIR TRAVEL
Brazilian prosecutors have asked the courts to halt expansion work at Sao Paulo’s Guarulhos airport, the country’s largest, on environmental concerns, a newspaper report said. In their request, state and federal prosecutors cited failures in the environmental studies used to approve the expansion, according to O Estado de S. Paulo paper (Reuters).
AUTOMOTIVE
Renault-Nissan must double its market share in Brazil to at least 10 percent to stay competitive and fend off rivals in Latin America’s largest economy, Chief Executive Carlos Ghosn said. The automaker needs to add new models to foster growth in a market that sells about 3 million units a year, Ghosn told journalists. He added, current models are “incompatible with a 10 percent to 20 percent market share,” which the company wants to attain (Reuters).
General Motors unveiled plans to spend about $1 billion in Brazil through 2012 to develop a new family of vehicles for South America, a priority market for the U.S. automaker as it looks to rebound from bankruptcy protection (Reuters).
MEAT
Brazil’s JBS SA, the world’s largest beef processor, said it had laid off 742 workers from three plants located in Sao Paulo state (Reuters).
Brazilian beef processor Independencia INDALI.UL will remove controlling shareholders from day-to-day management and seek 330 million reais (US$166 million) in loans as part of efforts to exit bankruptcy proceedings, newspaper Valor Economico reported (Reuters).
Brasil Foods, the Brazilian food giant to be formed by Perdigao’s planned takeover of smaller rival Sadia, is a “tantalizing” investment opportunity according to the latest issue of weekly business publication Barron’s (Reuters).
Brazil plans to reduce taxes on beef producers, Valor Economico newspaper reported, citing Roberto Gianetti da Fonseca, director of foreign trade at the Sao Paulo State Federation of Industries. The government will cut the social security contribution tax, known as Cofins, and the social participation tax, known as PIS, for the entire beef-producing industry. Meatpackers will be exempt from both levies (Bloomberg).
MINING & TIMBER
Brazilian mining company Vale agreed to sell land and timber assets to paper and pulp maker Suzano Papel e Celulose for at least 235 million reais ($145 million), both companies said (Reuters).
RETAIL
CBD Grupo Pao de Acucar, Brazil’s biggest retailer, is eyeing further acquisitions in Brazil since the credit crisis has brought down valuations in Latin America’s largest economy, the company’s chief financial officer said (Reuters).
ETHANOL
Brazilian sugar and ethanol producer Cosan signed a long-term contract with Japanese group Mitsubishi to export fuel ethanol to Japan (Reuters).
TELECOMS
Portugal Telecom SGPS SA, a Portuguese telephone company, plans to help Brazil expand broadband services, Diario Economico reported, citing Portugal Telecom Chief Executive Officer Zeinal Bava (Bloomberg).
Surinam news update, July 18th
In Agriculture, Airports, Banking, Economy, Foreign Trade, Infrastructure, Investments, Surinam on July 19, 2009 at 10:06 amDEBTS & INVESTMENTS
By eliminating its debt with Brazil, Surinam is positioning itself for better international credit reatings. Surinam now has B+ rating, but is aiming now for BBB, which would make it easier to borrow funds for its development with international capital markets and which would make the country more attractive to investors.
The Netherlands and Surinam have agreed to allocate remaining Dutch development funds to pay up for Surinam’s debts with Brazil. As these early payments in effect will result in a larger Surinam national budget, the government now is planning to use these funds for large infrastructural projects, such as bridges, road rehabilitation, as well as the upgrading of the national airport at Zanderij to A-1 status.
MICRO FINANCING
Finatrust de Trustbank NV is expected to book 6 % more profits for 2008 compared to the previous year. With a market share of around 5 % in Surinam’s banking sector, this small 20-year old bank mainly caters to “non-bancables”, people who are normally not welcome at other banks.
Finatrust, de Trustbank NV this year will open a new branch in north Paramaribo. The bank was recently designated as Micro-Financieringsinstituut (MFI) with the Mikro-Kredieten programma (MKP), operated by the Surinam government. Research has shown that between 35.000 and 40.000 people in and around the capital have a need for small credits.
CARICOM
Caricom has selected Surinam to house the Caribbean Health and Safety Agency (CAHFSA). This institute will focus on the standardisation of agricultural and fisheries products that are traded within the region as well as with the EU and the US. The choice for Surinam means that the country will become the scientific hub for standards for animals, fish and plants.
(DWT)
Brazil news update, July 12th
In Agriculture, Banking, Brazil, Economy, Energy, Foreign Trade, Investments, Oil, Politics, Ports, Real estate, Retail, Security, Telecom, Travel on July 12, 2009 at 8:43 pmRATINGS & ECONOMICS
Moody’s Investors Service put Brazil’s foreign and local currency credit ratings on review for possible upgrade, citing the economy’s resilience to economic shocks from the global financial crisis (Reuters).
Brazil’s currency and benchmark stock index are poised for synchronized declines as technical indicators for the BRIC nations, also including Russia, India and China, show signs of stress, according to Citigroup Inc (Bloomberg).
Brazil’s exports may surpass the government’s official estimate of $160 billion this year as the global economy recovers, spurring demand for commodities and other Brazilian goods, Trade Secretary Welber Barral said (Bloomberg).
Brazil’s economy will rebound from recession next year faster than was previously expected as the local currency strengthens, Itau Unibanco Holding SA said (Bloomberg).
POLITICS
Fresh reports of alleged fraud and embezzlement by Brazil Senate chief Jose Sarney in Brazil’s weekend press are fueling an ongoing Senate ethics scandal and have renewed pressure for Sarney to resign (Reuters).
Brazil’s Senate agreed to move ahead with a long-delayed corruption probe of state oil company Petrobras that is unlikely to harm the company’s massive offshore oil developments, but could slow key energy legislation. The inquiry was originally announced in May, but partisan wrangling delayed the proceedings (Reuters).
Brazil’s chief climate negotiator criticised the Group of Eight rich nations on Thursday for not taking more forceful steps to curb global warming, saying proposed long-term targets were meaningless (Reuters).
Brazil said it would give Cuba up to $300 million in credits to start rebuilding the island’s port of Mariel, better known as the site of a 1980 Cuban exodus to the United States. Brazilian Industry and Trade Minister Miguel Jorge said $110 million had been approved by his government and the rest would likely be, as Brazil strengthens its ties with communist-led Cuba (Reuters).
Brazilian President Luiz Inacio Lula da Silva said the U.S. dollar would remain important for decades but he believed it was possible to develop new trade relations not dependent on the dollar (Reuters).
BUSINESS
Celesio AG’s supervisory board gave the green light on Friday for the German drug distributor’s contested takeover of a Brazilian peer, which had exposed a rift between its management and main shareholder. Celesio said directors cleared the acquisition of 50.1 percent in Panpharma, down from the 54 percent it had initially said it would purchase as part of a planned capital increase at Brasil’s largest drug distributor (Reuters).
Brazil’s antitrust regulator imposed temporary restrictions on Perdigao’s 1.4-billion-real ($710 million) takeover of rival foodmaker Sadia until a final ruling on the transaction is made (Reuters).
OIL
A consortium of companies failed to find oil in deep waters off Brazil’s coast, a sign the South American nation’s push to become an energy exporter is still fraught with risks (Reuters).
Hess Corp did not file a discovery of oil after drilling a well in Brazil’s offshore Santos Basin BM-S-22 bloc (Reuters).
BANKING
Banco Bradesco, Brazil’s second-largest private sector bank, said it would book a pretax gain of 410 million reais ($206 million) from the sale of a stake in credit card company VisaNet (Reuters).
Banco Nossa Caixa, the Brazilian lender recently purchased by state-owned giant Banco do Brasil, said it expects loan concessions to rise about 50 percent this year and add 60,000 corporate customers (Reuters).
AIR TRAVEL & AERONAUTICS
Foreign capital limits in Brazilian airline companies could rise to 49 percent from a present cap of 20 percent, according to a draft bill that the Civil Aviation Advisory Council said it is sending to the government (Reuters).
Brazilian aircraft maker Embraer said it delivered 56 planes in the second quarter, bringing the total for the first six months of the year to 96 (Reuters).
Boeing is prepared to have Brazilian companies supply a “big portion” of components for its Super Hornet jetfighter, creating as many as 5,000 local jobs, to sell 36 of the warplanes to the Latin American nation (Bloomberg).
STEEL
Germany’s largest steelmaker, ThyssenKrupp, will have to delay again the start-up of a coking operation at a new Brazilian plant but a spokesman said it should not affect the timing of its steel blast furnace (Reuters).
Brazil’s national development bank, BNDES, has granted a credit line of 1.5 billion reais ($753 million) to Gerdau, the country’s largest steelmaker (Reuters).
REAL ESTATE
Controlling shareholders of Brazilian real estate developer Abyara offered to pay up to 30 million reais ($15 million) to repurchase all its stock in circulation (Reuters).
ELECTRIC CARS
The first of many roadside electric charging stations in Brazil is set to be installed in the Barra de Tijuca neighborhood in Rio de Janeiro, and it’ll be solar-powered (Reuters).
LAW ENFORCEMENT
Public prosecutors in Rio de Janeiro have requested the imprisonment of 30 police officers accused of killing young men in “death squad” type executions (Reuters).
TELECOMS
Telecom Italia will invest 3 billion euros ($4.2 billion) in Brazil through 2011 to boost its Internet broadband services operation (Reuters).
