Atlantico Weekly

Archive for the ‘Banking’ Category

Cape Verde Business & Economy

In Agriculture, Airports, Banking, Cape Verde, Economy, Ports, Real estate, Telecom, Tourism, Travel on September 17, 2010 at 8:27 am

CV Fast Ferry’s first vessel Kriola nearing completion at the Singapore facilities of Damen Shipyards of the Netherlands (Source: FORCV)

AGRI

With the latest rains registered over the past two days, farmers on the islands of Fogo and Brava are even more hopeful regarding the prospects for a good harvest. In some of the higher-altitude regions of the two islands, agricultural workers have begun harvesting the first fruits of their labor (A Semana).

AVIATION

Tropical storm Julia, which has been lashing Cape Verde with rain and winds since Sunday afternoon, has already forced TACV Cabo Verde Airlines to cancel a number of domestic and international flights (A Semana).

Praia International Airport has a new parking lot with a total of 429 parking spaces (A Semana).

The tourism industry in Cape Verde and Boa Vista has received a further boost with the news that Cape Verde Experience plan to run flights from Stansted and Bristol.  The sister company of Gambia Experience will also add flights between Cape Verde and Banjul, Gambia, opening up possibilities for multi-centre holidays (Assetz)

REAL ESTATE

Commercial bank Caixa Económica de Cabo Verde acquired 89.8% of the future bonds issued by state real-estate company IFH, for the first time achieving a position of leadership in a Stock Exchange operation in Cape Verde. With the funds from the bond issue, IFH expects to be able to complete the infra-structuring of its Palmarejo Grande real estate project in Praia by March of 2011 (A Semana).

Cape Verde is rapidly attracting visitors and investors alike looking to capitalise on what promises to be the world’s next property hot spot. Nestled 400km off the coast of West Africa, the Cape Verde islands boast a year-round temperate climate, meaning there’s no low season, leading to exceptionally high occupancy rates and rental yields for investors (Assetz).

TELECOMS

Cabo Verde Telecom has suspended salary negotiations and unilaterally decided to grant a 2.5% wage increase, retroactive to January of this year (A Semana).

Cape Verde Business & Economy

In Agriculture, Banking, Cape Verde, Economy, Ports, Real estate, Telecom on September 10, 2010 at 9:41 am

ECONOMY

The Cape Verdean government plans to reduce customs taxes on products covered by the Civil Aviation Agreement to zero, and has already handed the country’s parliament a proposal for this purpose (Macauhub).

BUILDING OF THE WEEK

A new development for Baia das Gatas on Sao Vicente island (Source: escape-verde.com).

AGRI

On the islands of Fogo and Brava, perspectives for a good harvest appear to be favorable. Although rains began to fall slightly later than expected in several zones, farmers are hopeful (A Semana).

TWITTER & LINKEDIN

You can now follow Atlantico Weekly on Twitter at atlanticoweekly.

Also be welcome to join our Atlantico Weekly networking and discussion group on Linkedin.

BANKING

Commercial bank BCN unveiled its newest branch Monday, September 6 in Nova Sintra, on the island of Brava. The agency is the bank’s 22nd (A Semana).

The rate of bankarization (access to banking services) in Cape Verde totalled 89.1 percent at the end of 2009, according to a report from the Bank of Cape Verde (Macauhub).

PORTS

A mobile scanner and a vehicle to be used in the inspection of baggage at Praia sea port was handed out to the National Light and Small-Caliber Weapons Control Commission (COMNAC) by Minister of Internal Administration Lívio Lopes (A Semana).

TELECOMS

Cape Verdean telecommunications company, Cabo Verde Telecom is implementing an investment plan of 30 million euros to improve the quality of telecommunications, specifically Internet access (Macauhub).

Cape Verde Business & Economy

In Airports, Banking, Cape Verde, Economy, Hotels, Real estate on August 13, 2010 at 4:21 pm

BUILDING OF THE WEEK

New project for Sal Rei, the capital of Boa Vista island (source: Escape Verde).

ECONOMY

For a small string of barren volcanic islands that have no natural resources, suffer from chronic droughts and are perched far off Africa’s west coast, Cape Verde is punching well above its weight. Read the article at Reuters.

REAL ESTATE

A nice overview of real estate opportunities in idyllic Cape Verde can be found in The Daily Telegraph.

BANKING

Portuguese bank Banco Espírito Santo announced the formation of a “strategic partnership” with Brazilian commercial banks Banco do Brasil and Bradesco aimed at the African market, by opening Banco Espírito Santo Africa’s capital up to the two Brazilian institutions. The operation includes Cape Verde (A Semana).

AVIATION

Passenger traffic in Cape Verde’s airports in the first half of 2010 was 5.6% higher than during the same period past year, with the upward trend more pronounced in international (6.1%) than domestic (5.3%) activities (A Semana).

TRANSPORT

Passenger transportation company Transcor will file a court injunction this week against the São Vicente municipal chamber’s decision to grant a temporary license allowing the company Sotral to transport passengers on five city bus lines (A Semana).

Angola Business News

In Airports, Angola, Banking, Oil on August 13, 2010 at 4:20 pm

FOREIGN AFFAIRS

Portugal, one of Europe’s ailing economies, is increasingly placing its hopes of recovery on Angola (New York Times).

ECONOMY

Angola’s annual inflation rate dropped to 13.70 percent in July (Bloomberg).

SOCIAL

Landmines left behind by Angola’s three-decade long civil war have killed 166 people and injured hundreds more in the last four years (Reuters).

BANKING

Banco do Brasil and partners Banco Bradesco and Portugal’s Banco Espirito Santo will focus their Africa expansion in Angola, South Africa and Morocco (Reuters).

AVIATION

A new international airport will be built in Soyo, on the outskirts of the Lumueno area, 20 kilometres to the south of the city (Macauhub).

OIL

Total announced the launch of development of the CLOV project and the awards of the principal contracts. This project is the fourth development pole in Angola`s deep offshore Block 17, after Girassol, Dalia and Pazflor (Reuters).

Norway’s Statoil says its CLOV development in Angola approved with drilling scheduled to begin in 2012 and first oil expected in 2014 (Reuters).

Angola business news

In Angola, Banking, Economy, Hotels, Infrastructure, Mining, Oil, Real estate on August 8, 2010 at 10:01 am

ECONOMY

Angola’s economic outlook remained generally favorable but more steps were needed to create a sustainable fiscal position and reduce inflation, the International Monetary Fund (IMF) said (Reuters).

Angola’s foreign exchange reserves dropped slightly for the first time in four months to $15.52 billion in June from $15.64 billion in May, the central bank said (Reuters).

Angola cut its growth estimate for 2010 to 6.7 percent from 9.7 percent in a revised budget (Bloomberg).

BANKING

Angola said it would offer loans to cash-strapped banks, admitting for the first time that some lenders in the African nation are struggling with liquidity problems (Reuters).

INFRASTRUCTURE

Angola plans to reserve earnings from oil production of 100,000 barrels per day to form a fund to pay for infrastructure including power supply and water provision projects (Bloomberg).

HOUSING

Angolan President Jose Eduardo dos Santos renewed a $50bn pledge to build one million new homes for the poor, despite growing signs of weakness in the major African oil-producer’s public finances (News24).

OIL & GAS

Angola is self-sufficient in production of butane gas and has a total quota of some 600,000 tons per day (Macauhub).

Ten years after the start of operations, block 17 in Angola’s offshore has produced 1 billion barrels of oil from the Girassol, Dália, Rosa and Jasmin rigs (Macauhub).

AVIATION

Angola’s flagship airline TAAG is set to acquire more new Boeing 777-300ER aircraft in the middle of next year (Macauhub).

MINING

The provincial director for Industry, Geology and Mining for Angola’s Huíla province said that mining studies were underway to establish the minerals that exist in the province in order to allow them to be explored (Macauhub).

HOTELS

The Angolan government plans to convert the former railway stations of Caminhos-de-Ferro de Luanda (CFL), located along the Luanda/Ndalatando/Malanje route into hotels as of 2011 (Macauhub).

REAL ESTATE

The growth of Angola’s middle class, with the ability to buy their own house, is opening up prospects for investment in the highest real estate segment in Angola, according to a study by the Deloitte (Macauhub).

Cape Verde business & economy

In Agriculture, Airports, Banking, Cape Verde, Economy, Infrastructure, Investments, Politics, Real estate, Tourism on June 27, 2010 at 7:30 am

ATLANTICO WEEKLY ON VACATION

Please note that the Atlantico Weekly team will be on holidays during the month of July. There will be therefore no new editions until August. And yes, we will be swimming in the Atlantic…

BUILDING OF THE WEEK

The Ponta Bicuda resort on Santiago (Ponta Bicuda).

PICTURES WANTED!

Please help us develop this Building of the Week feature and send us your pictures of interesting buildings or developments…

ECONOMY

A new study revealed that Cape Verdean emigrants’ remittances sent to their families are used largely for consumption, especially in food and the education of their children (Inforpress).

AVIATION

Cape Verdean state airline, TACV is to buy two aircraft to increase its fleet and has launched a new class, between economy and executive, for improved passenger comfort (Macauhub).

TOURISM

The doors to the second edition of tourism trade fair Expotur opened last Friday. Some 50 stands and 31 exhibitors – 10 of them foreign – are inside São Filipe Fort in Cidade Velha. Some 15 international journalists have also come to Cape Verde to give “greater projection” to the event, the theme of which this year is “Back to the Origins.” Expotur will run until June 27 (A Semana).

All of Cape Verde’s islands show potential for the development of rural tourism, according to a study carried out at the request of the National Union of Tourism Operators (Unotur). The study investigated the available tourist products and their diversity in rural areas of all of the country’s municipalities (A Semana).

The municipality of Porto Novo on the island of Santo Antão is the site of Cape Verde’s first youth hostel, which was officially unveiled by Prime Minister José Maria Neves (A Semana).

BANKING & FINANCE

The net results of Banco Interatlântico (BI) of Cape Verde (part of the Portuguese Grupo Caixa Geral de Depósitos) decreased around 2 percent in 2009 compared to 2008 (Inforpress).

The City Hall of Sal has earned 200 million Cape Verdean escudos (US$2.2 million) from its bond issue, carried out from 7 to 18 June by the Cape Verdean Stock Exchange (Macauhub).

MEDICAL SECTOR

The Italian Ettore Sansavini Foundation for the promotion of health in the world, that runs the management of the Hospital São Francisco de Assis in São Filipe since  Ferbuary, aims to make this hospital a reference for the Islands and for the West coast of Africa (Inforpress).

Angola Business News

In Angola, Banking, Economy, Foreign Trade, Infrastructure, Investments, Oil, Politics, Ports on June 27, 2010 at 7:29 am

ECONOMY

Angola reduced the amount of assets commercial banks must keep at the central bank to boost liquidity and lending, Economy Minister Manuel Nunes Junior said (Bloomberg).

The Angolan economy might become Africa’s fifth by 2014, economist Alves da Rocha said (Angop).

The new park to hold international fairs in Angola, which is still in the design stage, will be built in the capital Luanda in an area of 340 hectares (Macauhub).

FOREIGN AFFAIRS

The presidents of Brazil and Angola signed bilateral agreements and a protocol of understanding for the concession of new credits to Angola to the value of US$1 billion (Macauhub).

ATLANTICO WEEKLY ON VACATION

Please note that the Atlantico Weekly team will be on holidays during the month of July. There will be therefore no new editions until August. And yes, we will be swimming in the Atlantic…

POLITICS

Four Angolan human rights activists went on trial for “crimes against state security” in the oil-rich province of Cabinda, over the deadly shooting attack on Togo’s football team in January (News24).

OIL

Angola’s state oil company Sonangol wants to work in Ghana’s emerging oil industry, which is expected to start producing crude later this year from a massive new field (News24).

The governor of the National Bank of Angola (BNA), Abraão Gourgel, said that the oil sector currently accounted for 55 percent of Angola’s gross domestic product (GDP) (Macauhub).

BANKING

A U.S. unit of HSBC has cut ties with some Angolan banks, a source with direct knowledge of the matter said, months after a U.S. Senate investigation criticised it for lax oversight of accounts held by Angolans, including a former central bank governor (Reuters).

MINING

Russian diamond mining giant Alrosa is selling out of Angola, according to notes in the audited financial reports (BusinessDay).

A diamond exploration contract for the “Luxinge Project” was signed among the Angolan National Diamond Company (Endiama), Compesa Angola, Sheffield,  Syntechron Tríade and the International Sweden Gold Exploration (IGE) (Angop).

INFRA

The Luanda/Ndalatando/Malange railway link will start operating again in the second half of July once reconstruction of the 400 kilometres of line is concluded, said the chairman of railway company, Caminhos-de-Ferro de Luanda (CFL) (Macauhub).

The project to modernize and extend the port of Lobito is budgeted at US$1.2 billion (Macauhub).

Cape Verde business & economy

In Agriculture, Airports, Banking, Real estate on June 20, 2010 at 9:26 am

BUILDING OF THE WEEK

The Alto Morabeza residential complex in Mindelo, Sao Vicente.

BANKING

Commercial banks Banco Comercial do Atlântico (BCA) and Banco Interatlântico could merge to form a single institution, while Portuguese bank Banco Espírito Santo has confirmed its plans to go ahead with the opening of a branch in Cape Verde (A Semana).

COFFEE

Did you know you can buy your organic coffee from Fogo or Santo Antao online at Cafes FAMA?

AGRICULTURE

Minister of the Environment, Rural Development and Marine Resources José Maria Veiga participated in an Economic Community of West African States (ECOWAS) meeting in Senegalese capital Dakar aimed at mobilizing financial resources for the implementation of its National Agricultural Investment Plan, evaluated at UUS$ 100 million (A Semana).

AVIATION

Cape Verde and the European Union (EU) signed an agreement on a bilateral horizontal air instrument that reinforces the traditional connection between the parties in this strategic sector (Inforpress).

Angola business news

In Airports, Angola, Banking, Economy, Investments, Politics, Ports, Travel on May 30, 2010 at 11:17 am

ECONOMY

Angola’s parliament is due to vote on a new law that would end the central bank’s ability to determine monetary policy, a proposal submitted to parliament for approval showed (BusinessDay).

South African companies are discovering the business opportunities in Angola. Read the story at BusinessDay.

The fiscal and customs incentive policies adopted by Angolan Government in 2003 have been attracting investments into the country’s least developed provinces (ANGOP).

Fiscal Police effectives will need to redouble efforts in the fight against tax evasion, so as to guarantee better results in terms of revenue that can be channelled to the State’s General Budget (ANGOP).

PORTS

Around 200 hectares of the land on which the future port of Luanda will be built, in Angola’s Bengo province, have been demined, the National De-Mining Institute (Inad) said (Macauhub).

Cooperation between Japan and Angola has made it possible to refurbish the port of Namibe, an investment worth US$24 million, the director general of the port, Bento da Paixão said (Macauhub).

MARKET LIFE

In the slums of Angola’s capital Luanda lies one of Africa’s biggest outdoor markets, Roque Santeiro, where poor Luanda residents can make a living or buy cheap food for their families. Read the report at Reuters.

BANKING

The International Businesses Bank (BNI) two more counters in Lobito and Benguela cities as part of the expansion of its services throughout the country (ANGOP).

AVIATION

The air company “Emirates” has just released recently in Dubai, a service to permit its clients to buy tickets through mobile phone, named “Mobile Emirates.com” (ANGOP).

BUSINESS

Angoflex dealing in manufacturing pipes for oil firms has increased  its production from 80 to 200 pipes per day, in the first quarter of this year, its director-general, Philippe Monti, announced (ANGOP).

A new beer brand, dubbed “Tchizo”, was released in the northern Cabinda province, in a ceremony witnessed by the governor of northern Cabinda province, Mawete João Baptista (ANGOP).

Portuguese group Sociedade Lusa de Negócios (SLNI) is to build a cement factory in Angola under the terms of a contract signed in Luanda with the Angolan National Private Investment Agency (ANIP) (Macauhub).

Angola business news

In Angola, Banking, Biofuels, Economy, Infrastructure, Investments, Mining, Real estate on May 24, 2010 at 7:40 pm

INFRA

Angola has asked the African Development Bank for loans to help rebuild its economy following a 27-year civil war, adding to funds from the International Monetary Fund and a possible international bond sale (Bloomberg).

RATINGS

Angola received credit ratings from Standard & Poor’s, Fitch Ratings and Moody’s Investors Service that put it on par with Nigeria, Lebanon and Belarus, and paved the way for a planned sale of international bonds this year (Bloomberg).

REAL ESTATE

The provision of relatively affordable housing in Angola is becoming a promising investment opportunity, says the international property consultant group Colliers (News24).

A new shopping centre called Centro Comercial de Viana is under construction in the south of Luanda costing an initial US$15 million (Macauhub).

AUTOMOTIVE

Fiat Group’s Iveco truck unit plans to invest $60 million in Angola in the next three years, in a bid to become the African nation’s top truck importer (BusinessDay).

FISHING

The Angolan government banned the fishing of mackerel  and sardine unitil the end of the year following the need to protect some species in danger of  extinction (ANGOP).

BANKING

In the period between 2006 and 2008, Angolan banking assets have risen at an average rate of 46%, from nearly USD 17.000 million to USD 35.000 million (ANGOP).

STATE ENTREPRISES

The Angolan government approved the appointment of the new board of directors of the railway companies of Luanda, Benguela and Mocamedes, of the National Civil Aviation Company (ENANA-EP), of the Angolan Airline (TAAG-EP) and of the Sea ports of Namibe, Lobito and Luanda (ANGOP).

MINING

Sociedade Mineira do Lucapa (SML) is due over the next few days to re-launch diamond mining after a 10-month halt due to a drop in demand as a result of the international financial crisis (Macauhub).

BIOFUELS

Biofuel production may contribute to agri-industrial development in Angola, establishing populations in rural areas where the projects will be carried out, the ninth consultation council of the Oil Ministry concluded (Macauhub).

Cape Verde news update, May 2nd

In Airports, Banking, Cape Verde, Energy, Politics, Real estate, Tourism, Travel on May 2, 2010 at 10:51 am

POLITICS

Praia mayor Ulisses Correia e Silva said that the search carried out by the Judiciary Police in the São Vicente municipal chamber building was an excessive show of force. According to Correia e Silva, if similar measures had been taken regarding acts committed by the previous administration of the Praia municipal chamber, war tanks and bazookas would have been needed (A Semana).

FOREIGN AFFAIRS

Cape Verde is in the race to host the headquarters of the Institute of West Africa (IWA) (Inforpress).

REAL ESTATE

Construction and real-estate company Sogei has unveiled its headquarters in one of the two buildings it has completed in Praia’s Chã d’Areia district, where two more business towers – one to serve commercial bank BAI and the other the future headquarters of the bank Caixa Económica de Cabo Verde – are under construction, making up what is already being called Praia’s financial district (A Semana).

The workers of the company Construções de Cabo Verde (CVC) that went  on strike for a period of 24 hours, demanded a salary readjustment around 20 percent, retroactive salary accumulated and better balance between the various sectors within the company (Inforpress).

BUILDING OF THE WEEK

The BAI offices in downtown Praia (Sogei).

AIRPORTS

The Cape Verdean airline company TACV started weekly flights connecting São Vicente and Lisbon (Inforpress).

During the first quarter of 2010, passenger traffic in Cape Verde’s airports grew 9.1% in relation to the same period last year. Amílcar Cabral International Airport on the island of Sal, with a total of 161,007 passengers and growth of 6% in comparison to the first quarter of 2009, accompanied the upward trend that appears to be spurring the world economy and the Cape Verdean tourism sector (A Semana).

Minister of Internal Administration Lívio Lopes presided over the unveiling of the Secure Automatic Exit and Entry Process system (known by the Portuguese-language acronym PASSE) at Boa Vista International Airport (A Semana).

The projects planned for the Sal, Boa Vista and Praia airports could come to be financed by the African Development Bank, according to an announcement by Airport and Air Security company ASA administrative council president Mário Paixão at the end of a brief visit by African Development Bank president Donald Kaberuka (A Semana).

The volume of air cargo moved in Cape Verde registered an overall reduction of two percent in the first trimester of 2010 (Inforpress).

INTERNET

Users of Internet services provided by Cabo Verde Multimédia, a subsidiary of Cabo Verde Telecom, have been experiencing frequent problems, with no explanations provided by the company (A Semana).

PRAIA

Praia mayor Ulisses Correia e Silva said that the municipal chamber is going to build a new central market in the city. The new market is to be located on the current site of the Coco soccer field in order to improve sanitary and organizational conditions. Correia e Silva presented the project for the market to Praia’s saleswomen (A Semana).

ENERGY

Germany is to invest 40 million euros in four wind farms on four islands in the Cape Verdean archipelago, Cape Verde’s Tourism Minister said (Macauhub).

Angola news update, May 2nd

In Angola, Banking, Economy, Energy, Foreign Trade, Oil on May 2, 2010 at 10:51 am

ECONOMY

Portugal will donate 800 million euros ($1.07 billion) to Angola and lend it a further 800 million euros. Most of the money will probably be used to pay off Angola’s debt to Portuguese building companies (Bloomberg).

The National Private Investment Agency (ANIP) approved in 2009 a total of 618 private investment proposals in non-oil sectors, the coordinator of the institution, Aguinaldo Jaime, informed (ANGOP).

BANKING

The BAI (Banco Africano de Investimentos) 2009 net incomes of reached 231 million USdollars against 166 millions recorded last year (ANGOP).

Angolan bank, Banco Totta Monday changed its name to Banco Caixa Geral Totta de Angola following a change in its shareholder structure (Macauhub).

FOREIGN AFFAIRS

Angola’s pavilion at the Expo Shangai 2010 may attract, during the six months of exhibition, a total of six million visitors, thereby surpassing the four million that visited the Angolan pavilion at the Expo Saragoza 2008 of Spain, ANGOP has learnt.

Angola’s Energy Minister Emmanuela Vieira Lopes said that it was necessary to interconnect the electricity systems of the member state of the Southern Africa Development Community (SADC) (Macauhub).

Trade between Angola and saw a sharp fall in 2009 when compared to the two previous years (Macauhub).

OIL

Angolan investors including oil company Sonangol SA may buy a stake of between 3 pecent and 5 percent in Galp Energia SGPS SA if Eni SpA sells its 33 percent holding (Bloomberg).

ENERGY

At least 18.0 billion US dollars will be necessary until 2018 for investment in production, transportation and distribution of power (ANGOP).

BUSINESS

Angolan company Refriango plans to increase its production of soft drinks this year and start exporting its products to the Community of Portuguese-speaking Countries (CPLP) (Macauhub).

Angola news update, April 11th

In Angola, Banking, Brazil, Economy, Foreign Trade, Infrastructure, Investments, Mining, Oil, South Africa on April 11, 2010 at 7:46 pm

ECONOMY

As Africa’s largest exporter of oil — surpassing Nigeria last year — Angola is one of the largest investment destinations on the continent. Despite the enormous opportunities South African business presence is still relatively insignificant. Instead, China, Brazil and even Russia are playing an important role in Angola in sectors such as construction, civil engineering and resource extraction — traditional sweet spots for South African companies (BusinessDay).

The Ministry for Agriculture, Rural Development and Fishing plans to increase inspection of Angolan territorial waters with the introduction of new patrol vessels, the Minister said in Lobito (Macauhub).

OIL

Petrobras, Brazil’s state-run oil company, plans to expand its exploration activities in Angola, Petrobras Chairman Gabrielli said in Luanda. Gabrielli held talks with Angolan President dos Santos while on a visit to Angola (Bloomberg).

The heads of Sonangol and Petrobrás analysed co-operation ties and issues related to international oil market (Angop).

Angola, which vies with Nigeria as Africa’s biggest oil producer, expects new discoveries to boost crude output by 16 percent next year. Oil production will reach 2.2 million barrels a day by 2011, compared with 1.9 million barrels at present, Deputy Petroleum Minister Anibal Octavio da Silva said (Bloomberg).

TOURISM

There is one thing you should know about Luanda: hardly any tourists come here. Getting a visa can take many months and finding a hotel room, if you can afford it, is equally challenging. Read the travel postcard from Luanda at Reuters.

AIR TRAVEL

Taag, Angola’s flagship airline plans to acquire two aircraft in order to cover European routes, following its recent authorisation to re-launch flights to the European Union airspace. A quick and cheap way for the Angolan government to solve the problem would be to hand over the modern Boeing 777s owned by Sonair, the air carrier of Angolan national oil company, Sonangol (Macauhub).

BANKING

Portugal’s main banks will be able to maintain their levels of profitability in 2009 due to a rise in spreads and of foreign operation, particularly in Angola, the Fitch agency said (Macauhub).

Angola news update, March 21st

In Angola, Banking, Brazil, Economy, Investments, Oil, Ports, Travel on March 21, 2010 at 10:57 am

ECONOMY

Angola must take further steps to create a “sustainable” fiscal position, limit inflation and build its foreign-exchange reserves, the International Monetary Fund said (Bloomberg).

Angola’s economic indicators remained stable in 2009 with the economy growing 2.7 percent in real terms due to the expansion of the non-oil sector, according to a report approved by the Angolan government (Macauhub).

PORTS

The country has saved between 500 million to one billion US dollars, through the reduction in the time of goods clearance at the Luanda Port to about 10 to 15 days (ANGOP).

Soyo Port, in the northern Zaire Province, is increasing its investments framework in technical and administrative infrastructures to meet the economic growth demand in this region of the country (ANGOP).

OIL

Angola may request a review of its oil-production quota, the country’s Oil Minister said (Bloomberg).

BUSINESS

The internationalisation of the Portuguese  Modelo Continente supermarket chain to Angola is due to happen this year, the chairman of the Sonae group, Model’s mother company, said (Macauhub).

Edifer Angola increased its turnover in 2009 by 35 percent to US$202 million and posted a net profit of US$22 million, the chairwoman of the Edifer group, Vera Pires Coelho said (Macauhub).

Net profit at Banco Espírito (BES) Angola rose to 152 million euros in 2009, a year on year rise of 86 percent (Macauhub).

ATLANTICO

Brazilian airline Puma Air is due to begin flights to Angola next June or July.
A Boeing 767 will be used on the Recife-Luanda, Angola route,” CEO Gambogi said adding, “we will be the only Brazilian airline with flights to Africa.” As well as Brazilian investors, one of Puma’s shareholders, with 20 percent, is air carrier Angola Air Service.  Puma Air said that there 45,000 Brazilians living in Luanda, a market that is boosted by projects of Brazilian companies such as Petrobras (Macauhub).

Angola news update, February 21st

In Airports, Angola, Banking, Brazil, Investments, Oil on February 21, 2010 at 10:55 am

LAW

Government ministers and senior officials could be quizzed in a $137m embezzlement probe at Angola’s central bank, the public prosecutor siad (News24).

OIL

Brazil’s state-controlled oil company Petrobras said it found oil in two wells off the coast of Angola, according to a regulatory filing (Reuters).

Angola, vying with Nigeria to be Africa’s biggest oil producer, plans to ship 3.5 percent fewer crude cargoes in April than in the previous month (Bloomberg).

BUSINESS

The Portuguese Barbot paint and varnish company is preparing to nearly double production in Angola by building a second factory, the company’s executive director for Angola, Joao Carlos Barbot, told the newspaper Publico (Macauhub).

AIRPORTS

The second phase of refurbishment and expansion work on 4 de Fevereiro International Airport in Luanda, is due to be concluded in March, the chairman of Angolan state airport manager, Enana, said (Macauhub).

Cape Verde news update, February 21st

In Banking, Brazil, Cape Verde, Economy, Politics, Security on February 21, 2010 at 10:36 am

POLITICS

Strengthening municipal authorities’ powers is the main objective of a proposal approved in the most recent Council of Ministers meeting. The government will submit a proposal to parliament to alter the legal regime regulating the organization and functioning of Cape Verde’s municipalities (A Semana).

Some 50 Europeans residing on the island of Boa Vista met this week to discuss the social situation and the problems affecting the European community on the island (A Semana).

The Prime Minister of Libya arrived February 19 in Cape Verde for a 24-hour visit. Baghdadi Mahmoudi’s trip is aimed at lending continuity to bilateral cooperation projects defined during the visit Cape Verdean President Pedro Pires made to Tripoli in June of 2009 (A Semana).

ATLANTICO

Brazil is helping Cape Verde to prepare its population census, the first one to be entirely electronic, to be carried out this year, the chairman of Brazil’s Geographical and Statistics Institute (IBGE) said in Brasilia (Macauhub).

ECONOMY

A reduction in public and private investment in Cape Verde, especially after 2011, alongside reduced foreign demand, is expected to slow the rate of economic growth in Cape Verde, according to the International Monetary Fund (IMF) (Macauhub).

Cape Verde has risen one slot on the 2010 edition of the Doing Business report, elaborated by an entity connected to the World Bank, and is currently 146th in the ranking. According to the report, it is still difficult to do business in Cape Verde, which remains near the bottom of the list that ranks countries in terms of the ease of doing business in them (A Semana).

The Minister of Labour, Vocational Training and Social Solidarity, Madalena Neves, announced the increase of the social minimum pension for five thousand escudos from July (Inforpress).

BANKING

Commercial bank BAI (Banco Africano de Investimentos) opened its first branch on the island of São Vicente, located next to the Ponte d’Água complex on the Mindelo seafront (A Semana).

Cape Verde news update, February 14th

In Airports, Banking, Cape Verde, Media, Oil, Politics, Ports, Telecom, Tourism, Travel on February 14, 2010 at 2:44 pm

POLITICS

Cape Verdean President Pedro Verona Pires met with a Venezuelan delegation made up of three cabinet ministers and the director of the country’s Department of Petroleum. The visit is the first by high-level Venezuelan officials to Cape Verde, and comes as the two countries are seeking to expand bilateral relations (A Semana).

At the same time, the president of Cape Verde’s National Assembly signed a cooperation protocol with Cuba’s parliament. The accord comes as part of a visit by a Cape Verdean parliamentary delegation to Cuba (A Semana).

The new extraordinary ambassador and plenipotentiary of the Republic of Cape Verde in Senegal, Francisco Pereira da Veiga, promised today in Praia to work with persistence to fulfil the mission that was conferred to him (Inforpress).

AIR TRAVEL

The African market is responsible for 15% of TAP Air Portugal’s revenues, and is expected to grow some 6.5% this year. The continent represented the only market in which the Portuguese airline saw growth last year, reason enough for Africa to be considered one of TAP’s most important destinations. TAP will soon start operating flights to and from Sao Vicente’s Sao Pedro airport (A Semana).

TACV Cabo Verde Airlines will begin operating a direct weekly flight between São Vicente and Portuguese capital Lisbon on April 29 in order to respond to demand in Cape Verde’s northern region (A Semana).

TACV is in negotiations aiming to take Brazilian adepts to the first World Football Cup to be hold in Africa,  next June (Inforpress).

TELECOM

The liberalization of the telecommunications sector in Cape Verde in 2006 resulted in an exponential increase in the number of mobile telephone users from some 100,000 to the current figure of nearly 300,000 (A Semana).

MEDIA

The Council of Ministers, Cape Verde’s cabinet, this week analyzed a number of proposed alterations to the law regulating media outlets and journalistic activities in the country. The main innovations include the introduction of on-line publications, the consecration of collective entities’ right to respond and the right to clarification (A Semana).

PORTS

Rough seas with waves of more than five meters caused the rupture of some 30 meters of the wall protecting Vale dos Cavaleiros port in São Filipe, on the island of Fogo. The waves are now endangering various other buildings at the sea port, including the passenger terminal (A Semana).

The first phase of refurbishment and expansion work on the port of Porto Novo is due to begin next May, the chief executive of national ports management company, Enapor, Jorge Pimenta Rodrigues said in Santo Antão (Macauhub).

BANKING

The chairman of the board of the Administration of the African Bank of Investment (BAI – Cape Verde ), David Jasse, announced that his bank intends to conquer 15 percent of the Cape Verdean market in three years (Inforpress).

WIND

The installation of four wind farms on four Cape Verdean islands is due to begin in the archipelago’s capital Praia, whose municipal council signed an agreement to grant land for the project on the outskirts of the city. Representing an investment of US$84 million, the four wind farms will produce between 22.5 and 28 megawatts of power, and the wind farm to be built near Praia will have a capacity of 10 megawatts (Macauhub).

Cape Verde news update, February 7th

In Airports, Angola, Banking, Cape Verde, Economy, Elections, Energy, Oil, Politics, Ports, Tourism, Travel on February 7, 2010 at 11:34 pm

POLITICS

More than 500 citizens will hold a dinner this Friday on the island of São Vicente to encourage Minister of Infrastructures and Transportation Manuel Inocêncio Sousa to run for President of Cape Verde in 2011 (A Semana).

ECONOMY

The government plans to introduce a legal minimum wage in Cape Verde before the end of this year, according to an announcement made by Prime Minister José Maria Neves following a meeting in which labor union federation UNTC-CS’s general secretary Júlio Ascensão Silva presented the premier with a study the organization carried out on the issue (A Semana).

The resident coordinator of the United Nations, Petra Lantz, said that the group of support to the transition of Cape Verde to the group of Less Advanced Countries (LAC) evaluates the process positively (Inforpress).

The Entrepreneurial Development and Innovation Agency (ADEI) will promote a debate February 5 on the proposal for a bill for the Legal Regime for the Recovery of Businesses, which intends to regulate under what conditions companies may declare bankruptcy. The discussion will include the presence of Minister of the Economy Fátima Fialho (A Semana).

BUSINESS

Cape Verdean fuel company Enacol in 2009 consolidated its overall leadership of the market in Cape Verde, with a market share of 54.8 percent, the company said in a statement issued in Praia (Macauhub).

BANKING

The Banco Africano de Investmentos Cabo Verde, in which the Angolan Banco Africano de Investmimentos and Sonangol hold a majority stake, has opened two branches in Praia, the bank’s communication director announced (Macauhub).

PORTS

Construction of the deepwater port in Mindelo will generate annual revenue of between 14.2 million and 21.4 million euros up to 2023, the head of Cape Verde’s National Port Administration Company (Enapor) has stated (Macauhub).

The Director of the management unit of the Millennium Challenge Account (MCA-Cape Verde), Laurent Medhi Brito, assured today  that the works of the Port of Praia may not exceed the period of completion, scheduled for September (InforPress).

The contest for adjudication of the work of expansion and modernisation of the ports of Vale dos Cavaleiros (Fogo) and Furna (Brava) has just been launched (Inforpress).

The three ship container scanners ordered from Chinese company Nuctech by Cape Verdean port management company Enapor to reinforce security in the ports of Praia, Mindelo and Palmeira have arrived in Cape Verde. The equipment, however, will only begin functioning in April of this year (A Semana).

AIR TRAVEL

The national air transporter, TACV carried out the first commercial flight with intercontinental destination to São Pedro’s international airport in São Vicente, from Boston in the USA (Inforpress) .

TACV Cabo Verde Airlines has signed a contract with Portuguese tourist agency Entremares to carry out charter flights during the summer to the islands of Sal and Boa Vista (A Semana).

ENERGY

Cape Verde has the capacity to produce 12 megawatts of wind energy, putting it 5th place in the overall ranking of African and Middle Eastern countries in the sector (A Semana).

Brazil Weekly, February 7th

In Banking, Biofuels, Brazil, Economy, Elections, Hotels, Infrastructure, Investments, Oil, Politics on February 7, 2010 at 3:27 pm

Be welcome to visit the latest edition of Brazil Weekly

Angola news update, February 7th

In Agriculture, Angola, Banking, Economy, Elections, Investments, Mining, Oil, Politics, Real estate, South Africa on February 7, 2010 at 2:40 pm

POLITICS

Angolan President dos Santos appointed Fernando Dias da Piedade dos Santos as the country’s first vice president.The president also appointed Carlos Alberto Lopes as the country’s finance minister (Bloomberg).

Angolan lawmakers adjusted the country’s proposed new constitution to reflect that ballot papers must show the name of presidential candidates put forward by political parties (Bloomberg).

ECONOMY

Angola’s economy should grow 7.5 percent this year, after a sharp downturn led to an estimated rise of not more than 0.5 percent in 2009, the World Bank has indicated (Macauhub).

MINING

Angola expects to decide on the partnership structure for a new $6 billion iron ore and manganese mine project this year in a bid to diversify its mining sector, an official said. “I am sure the government of Angola is going to make a decision on this project before the end of the year,” Luis Antonio, director of international cooperation in the Ministry of Geology and Mines told Reuters.

Angola expects diamond exports to rise this year from the 9.8 million carats it shipped during 2009, Luis Antonio, director of international co-operation at the Ministry of Geology and Mines, said in an interview in Cape Town (Bloomberg).

BANKING & FINANCE

Bank of America Corp. didn’t raise enough questions about how an Angolan arms dealer now in prison moved millions of dollars in “suspect” funds to the U.S., says a Senate report on corrupt foreign money entering the country (Bloomberg).

Angola may get less than a quarter of the $4 billion it sought in an international debt sale announced in August and then postponed, even if it receives a credit rating, according to Exotix Ltd (Bloomberg).

OIL

Angola’s oil industry will grow 6.5 percent this year as the southern African country increases its production from 1.79 million barrels a day to 1.9 million barrels a day, the World Bank said in its January country report (Bloomberg).

AGRICULTURE

Angolan farmers are to get USD 350 million in loan.  A credit for agriculture, approved in 2009 by the Government for small and medium producers as well as associations and agro-livestock cooperatives, “will be made available to beneficiaries on time” (ANGOP) .

BUSINESS

Angolan group Mostratus plans to produce 100 million litres of “Cristalina” mineral water this year in Angola, which is annual growth of 80 percent, the company’s legal and administrative director João Pinto told newspaper O País (Macauhub).

The new Palance Cimentos cement factory, an investment of US$420 million in Angola’s Benguela province, is awaiting approval from the Angolan government for construction to begin, said the chairman of the Gema group, which owns 50 percent of the company’s capital (Macauhub).

Entrepreneurs from Kwazulu-Natal plan to invest this year in the Angolan fishing sector in Baia Farta municipality, 25 km from the city of Benguela, the premier of that South African region has stated (Macauhub).

REAL ESTATE

Luanda has some of the world’s most expensive property prices, and a recent study by the Angolan consultancy firm Proprime indicates they are highest in the Baixa district for offices and in Ingombotas for housing (Macauhub).

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