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SBM Offshore presented today the findings of its internal investigation, which it started in the first quarter of 2012, in reaction to allegations of bribery in Brazil, Angola and other countries (Rotterdam Week).
Angola could ease inequality by diverting 10 percent of petroleum revenue to the poor, the World Bank said. Payments would amount to $326 per person a year for those living on less than $1.25 a day, Francisco Ferreira, the Washington-based lender’s chief economist for Africa, said in a March 21 presentation to the Catholic University of Angola in Luanda, the capital. The concept hasn’t been discussed with the government, Ferreira said in an interview afterward (Bloomberg).
– INTERVIEW –
ANGOLA BEYOND OIL & GAS
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
Economic growth in Angola will slow in 2017 as oil output declines, the International Monetary Fund said. The southwest African country’s $122 billion economy is forecast to expand by 5.3 percent this year, and by 5.5 percent and 5.9 percent in the following two years before the rate slows to 3.3 percent in 2017, IMF data shows. Crude oil production will decline to 1.77 million barrels a day from 1.9 million in 2016, according to the Washington-based lender (Bloomberg).
Angola plans to take advantage of the interest it has attracted from international financial investors to net up to US$2.6 billion, which it plans to use to build infrastructure, according to the Economist Intelligence Unit (EIU). In its latest report on Angola, the EIU said there was “interest from investors in increasing their exposure to Angolan debt,” in a scenario that allows “the Angolan government to capitalize on a favourable macroeconomic climate,” after delayed payments accumulated in 2008 and 2009 have been practically paid off.
Angola’s central bank has left its benchmark interest rate unchanged at 9.25 percent on Monday after a meeting of its monetary policy committee. The committee last changed the lending rate in November, when it cut it from 9.75 percent, Reuters reported.
Planned tax changes in Angola are hindered by inaccurate budget targets and perceptions the measures will hurt the economy, the Christian Michelsen Institute said. The country has yet to approve three new tax codes first submitted to the government in 2011. President Jose Eduardo dos Santos in October cut an estimate of last year’s economic expansion to 5.1 percent from 7.1 percent, while the 2012 budget projecting a 12.8 percent increase to the $114 billion economy was later lowered to 7.1 percent (Bloomberg).
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The opening of the first Continente hypermarket in Angola still has no scheduled date, said Paulo Azevedo, the chief executive of Portuguese group Sonae, “due to delays in the real estate component,” of the project.
The Sky Gallery, the new luxury shopping centre under construction in Luanda, is scheduled to start operating in June. It will offer customers goods from prestigious brands that will be on sale in Angola for the first time, Angolan newspaper Expansão reported.
Rental prices on commercial properties in Luanda currently cost between US$60 and US$130 per square metre, according to a study published recently by the Abacus consultancy in partnership with Jones Lang LaSalle.
De Beers, the world’s largest diamond miner by market value, hopes to obtain a concession to explore in Angola by the end of this year, chief executive Philippe Mellier said. The London-based company, majority-owned by global miner Anglo American, is also holding initial talks with India about exploring in some areas in the centre-north of the country (Reuters).
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OIL & GAS
Angolan oil exports fell by 8.5 percent year-on-year in January to 49.2 million barrels, which is the lowest monthly amount since 2011, local press reported.
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.