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Archive for the ‘Mining’ Category

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).

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).

Angola Businesss News

In Angola, Economy, Investments, Mining, Oil, South Africa, Telecom on May 16, 2010 at 10:12 am

BUILDING OF THE WEEK

Artist’s impression of the Intercontinental Hotel & Casino, currently under construction in Angola’s capital Luanda (Skyscrapercity).

DIAMONDS

South Africa’s Trans Hex Group has partnered with Angolan state-owned diamond company Endiama and three other local companies to explore for diamonds at a new mine in Angola, Endiama said (BusinessDay).

ECONOMY

The International Monetary Fund approved its first performance review of Angola’s 27-month IMF economic program and agreed to disburse a $171.1 million loan tranche (Reuters).

OIL

The first stage of the Lobito oil refinery will start operating in 2014 with a capacity to refine 115,000 barrels/day and offering 1,000 direct jobs, Angolan oil minister Jose Botelho de Vasconcelos revealed (Angop).

BANKING

The northern Malange Province counts as from last Thursday on the first branch of Millennium Bank in the region (Angop).

TELECOMS

A study of the Angolan telecommunication sector, carried out from 2007 to 2008, recommends mobile network operators to make an annual investment  average of USD 750 million in order to improve the services provided to consumers (Angop).

Angola news update, April 18th

In Angola, Brazil, Economy, Hotels, Infrastructure, Investments, Mining, Oil, Travel on April 18, 2010 at 2:25 pm

ECONOMY

Angola scaled back plans to raise as much as $4 billion in a sale of bonds without credit ratings, seeking instead to issue $1 billion to $2 billion, according to Finance Minister Carlos Lopes (Bloomberg).

Angolan inflation accelerated to 13.8 percent in March from 13.66 percent in February because of food and beverage costs, the National Statistics Institute said (Bloomberg).

The National Private Investment Agency (ANIP) approved until 30 November 2009 projects amounted to about USD 1.4 billion, more than the USD 105.8 million of  2008 (Angop).

BUSINESS

M-I SWACO, a drilling fluids venture partly owned by Schlumberger Ltd, has won a contract from Chevron Corp for work off Angola that could lead to $800 million in revenues over six years (Reuters).

TRAVEL

Angolan group Silisa has invested some US$2.5 million in the construction of a hotel complex in the Benfica neighbourhood of Luanda, the “Sunsil Hotel” (Macauhub).

INFRASTRUCTURE

The Angolan Council of Ministers has approved the acquisition of 15 locomotives, 150 carriages and 231 wagons for the country’s rail network (Macauhub).

MINING

Angola is once again moving ahead with the mega mining projects for extraction and processing of iron and copper, which involves a search for international investors to support the projected high level of investment. Amongst the companies that have already been in contact with Empresa Nacional de Ferros de Angola (Ferrangol) are Brazil’s Vale, one of the world’s biggest mining companies, and Korea’s Samsung (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 14th

In Angola, Economy, Hotels, Infrastructure, Investments, Mining, Oil, Telecom, Tourism, Travel on March 14, 2010 at 11:22 am

ECONOMY

Angola’s inflation slowed to 13.66 percent year-on-year in February from 13.83 percent in January, despite a continued rise in food prices, the National Statistics Institute (INE) said (Reuters).

OIL

Angola was China’s top supplier of oil in January, overtaking Saudi Arabia at a time when Chinese oil companies are seeking to consolidate Angolan offshore positions (Macauhub).

BUSINESS

Angola’s Unitel is in the race for a slice of up to 75 percent in Zamtel of Zambia (Reuters).

Danish engineering group FLSmidth has won a five-year contract worth 154 million euros ($209 million) to operate and maintain a cement plant in Angola (Reuters).

Australian mining company Lonrho Mining plans between May and June of this year to order a unit for separation of aggregates by density for its diamond concession in Lulo, Angola (Macauhub).

Portuguese construction company Teixeira Duarte is to build the new National Assembly building in Angola, a project estimated to cost 185 million euros (Macauhub).

TOURISM

Portuguese group Ibersol has requested authorisation from the Angolan authorities to set up Ibersol Angola (Macauhub).

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).

Introducing Brazil Weekly

In Airports, Banking, Brazil, Economy, Energy, Investments, Mining, Oil, Politics, Real estate on January 31, 2010 at 2:19 pm

From now on Brazil will have its own pages on Atlantico Weekly, which of course does justice to the country’s size and importance. The first issue of Brazil Weekly is now online. It deals with political, economic, business and related news in the same way as you may expect from Atlantico Weekly.

Go to Brazil Weekly

Brazil news update, January 24th

In Airports, Banking, Brazil, Economy, Energy, Foreign Trade, Investments, Mining, Oil, Politics, Real estate, Retail, Tourism, Travel on January 24, 2010 at 10:45 pm

POLITICS

Gandhi had to wait until 34 years after his death before he appeared on cinema screens around the world. George Bush junior, by contrast, was the victim of an Oliver Stone biopic during the last year of his presidency. Now a Brazilian director, Fábio Barreto, has done the same for Brazil’s president, Luiz Inácio Lula da Silva, as he starts his final year of office (The Economist).

It is 25 years since Brazil moved from dictatorship to democracy, but its army remains surprisingly unreformed. President Luiz Inácio Lula da Silva was rudely reminded of this just before Christmas when he signed a decree calling for a truth commission to investigate torture, killings and disappearances during military rule between 1964 and 1985. Within 24 hours the heads of the three armed forces threatened to resign along with Nelson Jobim, the defence minister. Lula seemed quick to retreat. He was reported as saying the government would think again (The Economist).

Speculation is intensifying over the political future of Henrique Meirelles, Brazil’s central bank chief, as October’s general elections draw closer, raising concerns over the continuity of monetary policy (Reuters).

2010 will mark the election of the 36th official President of the Brazilian Republic. Although the official calendar for campaigning does not begin until October 3rd, the political atmosphere is already dense with debate. The deadline for candidate registry isn’t until July 5th, but with parties looking to affiliate themselves to recent Brazilian political triumphs – such as the Olympics – a handful of pre-candidates for the presidency are already popping into the limelight. Amongst the many who plan to run, the current forerunners are: Marina Silva (PV-AC), José Serra (PSDB-SP), Dilma Rousseff (PT), and Ciro Gomes (PSB-CE). Check them out at Rio Times.

ECONOMY

Brazilian households like to buy the newest gadget and prefer to spend on items that will enhance their short-term wellbeing rather than save for a rainy day. This partly explains Brazil’s low saving rate – which has fluctuated around 17 per cent of GDP over the last decade, a number that contrasts sharply with China’s 45-50 per cent. Read the view by Arminio Fraga.

Brazil’s economy should grow 5.2 percent in 2010, the country’s finance minister said, underscoring a strong rebound in Latin America’s largest economy (Reuters).

The European Union and Mercosur, the South American trade bloc led by Brazil and Argentina, are studying restarting talks this year to reach a free-trade agreement, an EU trade official said (Bloomberg).

Brazilian exports to the US fell by 42 percent in 2009, to US$15.7 billion, with China replacing the US as Brazil’s top export market, with US$19.9 billion of exports, or more than 13 percent of all Brazil’s exports, according to figures released by the Ministry of Trade (Rio Times).

BANKING & FINANCE

Banco Bradesco, Brazil’s second-largest private-sector bank, said it agreed to buy Mexican bank Ibi Mexico for an undisclosed sum, marking its first international foray in retail banking as it seeks to take advantage of rising credit demand (Reuters).

Brazil’s state-run utility holding Eletrobras plans to raise $4 billion this year to hedge costs associated with the commercialization of energy from the giant Itaipu dam. However, that money will not go to paying overdue dividends, company president Jose Antonio Muniz said. Eletrobras will pay those dividends from its own funds, he said. The company agreed earlier on Friday to pay 10.33 billion reais ($5.65 billion) in overdue dividends dating to the 1970s (Reuters).

Qatar is interested in buying minority stakes in Petrobras and Banco do Brasil, a Brazilian cabinet official told Reuters. The country’s investment agency already owns a $300 million stake in Brazil’s Vale, the world’s largest iron ore miner (Reuters).

OIL

Brazilian oil and gas start-up company OGX Petroleo e Gas Participacoes saidit had found signs of hydrocarbons in a well in the southern part of the offshore Campos basin (Reuters).

MINING

A Brazilian scientist is developing a method of purifying contaminated waste water that accumulates at mining sites by using a genetically modified bacteria that can absorb heavy metals (Reuters).

INVESTMENT

Carrefour SA, Europe’s biggest retailer, plans to invest 2.5 billion reais ($1.4 billion) in Brazil in the next two years to expand in the north and northeast regions of Latin America’s largest economy (Bloomberg).

REAL ESTATE

Housing prices in Sao Paulo and Rio de Janeiro will jump as much as 40 percent in the next year as record-low interest rates and a growing Brazil economy boost demand, according to the chief executive officer of Gafisa SA (Bloomberg).

AIR TRAVEL

The continuing growth of the domestic airline industry has stimulated investors and over the last few months more airlines have obtained permits to begin operations while others have obtained concessions for new domestic routes (Rio Times).

Angola news update, January 24th

In Agriculture, Angola, Banking, Economy, Elections, Investments, Mining, Oil, Politics on January 24, 2010 at 9:47 pm

POLITICS

Cabinda’s once-forgotten separatists won new notoriety with their deadly attack on Togo’s football team, embarrassing Angola’s government, which has long tried to quell the movement, analysts said (Mail & Guardian).

Angola’s ruling MPLA party used its two-thirds parliamentary majority to approve a new constitution which critics say will increase President Jose Eduardo dos Santos three-decade-long grip on power. For the main points in the new constitution see News24.

Cabindans, cut off from most of Angola by a thin strip of the Democratic Republic of Congo and the mighty Congo river, have deep and complex grievances against central government. But the biggest is oil. Read the feature article at Reuters.

ECONOMY

The Angolan economy is expected to post growth of 6.5 percent in 2010 and 8.0 percent in 2011, according to projections from the World Bank (Macauhub).

Angola’s inflation quickened in December to 13.99 percent year-on-year from 13.57 percent in November, due to higher transportation and food prices, the National Statistics Institute (INE) said (Reuters).

Luanda is considered the world’s most expensive city for foreign personnel, yet this situation could be reversed with more business competition and better basic infrastructures that would allow companies to reduce operating costs, indicate Angolan researchers and managers (Macauhub).

MINING

The demand for diamond on the world market will lead to the doubling of production until 2020, due to the recovery of the US economy and the needs from emerging countries such as India and China, a source from the sector has announced (ANGOP).

Escom Mining plans to invest US$750 million in the diamond sector in Angola, by 2014, added to the US$430 million invested since 2001, the Espírito Santo group company said in Lisbon (Macauhub).

AGRICULTURE

At least 15,000 tonnes of coffee were harvested during the 2009 campaign, thereby overcoming the 5,000 tonnes obtained during the previous season, in a deed that creates new medium-term perspectives for the sector, with view to achieve 50,000 tonnes/year of commercial coffee (ANGOP).

OIL

The total production of crude-oil in Angola, from January to November 2009, reached 601,492,344 barrels, which represents a significant decrease in comparison to the same period of 2008, in which was produced 635,755,166 barrels (ANGOP).

Angola was the second-biggest supplier of oil to the People’s Republic of China in the first ten months of last year, behind Saudi Arabia, providing around 15 percent of the country’s oil imports, the China Daily newspaper reported (Macauhub).

BANKING

Angolan bank, Banco de Desenvolvimento de Angola (BDA) in 2009 approved funding for 102 projects with an overall value of 20.5 billion kwanzas (around US$243.5 million), a year on year increase of 108 percent, the bank said (Macauhub).

REAL ESTATE

The Luanda International Fair (FIL), plans in May to host the 1st edition of the Angola Real estate Fair (SIMA), the project’s organisers said (Macauhub).

ATLANTICO

Angolan state oil company Sonangol plans to include Brazil in its expansion plan and to invest up to US$1 billion in the country, the Sonangol concessions manager said in Rio de Janeiro (Macauhub).

Brazil news update, January 3rd

In Airports, Banking, Biofuels, Brazil, Economy, Infrastructure, Investments, Mining, Oil, Ports, Real estate on January 3, 2010 at 3:43 pm

ECONOMY

Brazil’s government will turn its focus to investment and away from stimulus measures, President Luiz Inacio Lula da Silva said, as the country’s economy makes a robust exit from recession (Reuters).

Brazil’s state development bank BNDES will focus its 2010 lending on energy projects and infrastructure to support continued economic growth, bank president Luciano Coutinho said (Reuters).

Brazil’s tax collection may rise 11 percent next year, allowing the government to boost spending while still meeting its fiscal targets (Bloomberg)

RIO

‘The Olympic Effect’ may already be well underway in Rio’s real estate market with prices expected to double in many of the city’s neighborhoods by 2016, but values in one of the most fashionable parts of the city will receive another significant boost later on this month (Rio Times).

BUSINESS

American agribusiness company Bunge is more than doubling its sugar cane milling capacity in Brazil, by acquiring sugar and ethanol producer Moema for US$452 million in stock (Rio Times).

Brazilian lender Itau Unibanco is considering buying stakes in one of the United Kingdom banks rescued by the government during the height of the global credit crisis of 2008, the U.K. Sunday Times reported (Reuters).

Brazilian mining company Vale expects iron ore production in 2010 to reach about 300 million tonnes, Chief Executive Roger Agnelli said (Reuters).

Brazil’s state-controlled energy firm Petrobras bought a 40.4 percent stake in a mill that produces ethanol biofuel from sugar cane, the company said in a filing with the local securities market regulator (Reuters).

Goldman Sachs plans to start a private pension fund in Brazil in the first quarter of 2010. New York-based Goldman is negotiating a partnership with an insurance company to distribute the fund (Bloomberg).

PORTS & AIRPORTS

LLX Logistica, the Brazilian logistics firm controlled by billionaire Eike Batista, said it obtained a loan of 408 million reais ($234 million) for its Sudeste Port from state development bank BNDES (Reuters).

Brazil’s government will raise investments in airports to prepare for the 2014 World Cup, Budget Minister Paulo Bernardo said. Brazil may have 10 percent more passengers during this period, Bernardo said in an interview to government radio Radiobras (Bloomberg).

OIL

Brazilian oil and gas start-up company OGX Petroleo e Gas Participacoes said it had found signs of more hydrocarbons in well 1-OGX-3-RJS, off Rio de Janeiro’s coast in the southern part of the Campos basin (Reuters).

ENERGY

Demand for electricity in Brazil will probably soar next year as factories ramp up output and household income continues to rise, a government agency said (Reuters).

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 pm

Season’s greetings to all readers of Atlantico Weekly!

Atlantico Weekly is proud to present a short forecast for Brazil, Cape Verde, Angola, South Africa and Surinam in 2010.

Read The South Atlantic in 2010

Brazil 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 pm

OIL & 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 pm

ECONOMY

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).

Angola news update, December 14th

In Airports, Angola, Banking, Elections, Mining, Oil, Politics, South Africa, Travel on December 14, 2009 at 6:36 pm

POLITICS

Angolan President Jose Eduardo dos Santos signalled the oil-producing nation’s first post-war presidential elections, scheduled for 2009, would have to wait at least another three years (Reuters).

Angola plans to halve the number of nationals living on a dollar or less a day by 2015, Radio Nacional de Angola reported, citing Diogenes de Oliveira, head of parliament’s finance committee. Around 60 percent of the oil-rich nation’s 18 million people live below the poverty line, President Jose Eduardo dos Santos said last week, accusing “irresponsible” officials of squandering state resources (Bloomberg).

OIL

Angola’s national oil company Sonangol won deals to develop two oilfields in one of Iraq’s most dangerous provinces (Reuters).

Marathon Oil Corp. the fourth- largest U.S. energy producer, agreed to sell a 20 percent working interest in Block 32 off the coast of Angola to that country’s state-owned oil company for $1.3 billion (Bloomberg).

The China Petroleum and Chemical Corp (Sinopec), one of Asia’s largest oil refiners, may be granted an oil field in Angola by its parent company China Petrochemical Corp (Sinopec Group), the China Business News newspaper reported (Macauhub).

BANKING

Portugal’s second-largest listed bank Banco Espirito Santo said it agreed to sell a 24 percent stake in its Angolan unit for around 254 million euros ($375 million) (Reuters).

Standard Bank, Africa’s biggest lender by assets, said its Angolan unit will start operations next year with capital of $50 million (Bloomberg).

South Africa’s First National Bank (FNB) has decided to expand into the Angolan market, and is waiting for approval from the Luanda authorities to open a representative office (Macauhub).

MINING

The state-run diamond company, Endiama EP, aims to produce gems without foreign support. “We need to produce our diamonds ourselves,” chairman Sumbula said. The company’s partners include De Beers, which produces about 40 percent of the world’s diamonds. Endiama also aims to “make profits for the state” and is now engaged “classifying” its staff to see “what each can offer the company,” the Luanda-based company said (Bloomberg).

AIRPORTS  AND TRAVEL

The runway at Luena airport in Angolan province of Moxico, was re-opened  after work that began in May 2007 was concluded by Chinese construction company Sinohydro Corporation to extend the runway from 2,400 metres to 3,350 metres and a width of 60 metres (Macauhub).

The new Lubango international airport, in the capital of Angola’s Huila province, is due to be handed over within the next few days, the head of the company responsible for inspecting the project told Angolan news agency Angop (Macauhub).

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 pm

ECONOMY

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).

Angola news update, December 6th

In Angola, Banking, Brazil, Economy, Foreign Trade, Investments, Mining, Oil, Politics, South Africa on December 6, 2009 at 4:33 pm

ECONOMY

Angola may be forced to delay a planned $4 billion international bond sale until “early 2010” and seek a credit rating due to concern caused by Dubai’s request to reschedule debt payments, according to Eurasia Group (Bloomberg).

Angola has access to $400 million from the International Monetary Fund in addition to the $1.4 billion Standby Agreement approved by the lender on Nov. 23, the World Bank said (Bloomberg).

Luanda is the world’s most expensive expat city. For a full table of cities check Bloomberg.

The African Development Bank (BfDA) announced in Luanda it has set aside Usd 2.0 billion to finance projects in the private sector in the 2010/2014 period (ANGOP).

POLITICS

An Angolan minister said a separatist group that has waged war for control of the country’s oil-producing province of Cabinda for more than 30 years no longer existed (Reuters).

OIL

Angola’s national oil company, Sonangol, will hold 20 percent in Iran’s South Pars-12 project that will be developed at a cost of $7.5 billion (Reuters).

Romania will make “considerable” investments in the exploration and processing of minerals in Angola, including oil and diamonds. The two countries will sign an agreement early next year that will allow Romania to build and oil research and development center in Angola, the Luanda-based news agency said. Romania is also interested in investing in Angola’s oil, diamond, uranium, copper and energy industries (Bloomberg).

Angola has oil reserves that will make it possible to maintain daily production of 1.9 million barrels for the next 15 years, the country’s Oil Minister, Botelho de Vasconcelos said (Macauhub).

BANKING

The African Investment Bank (SA-BAI) was recently elected, by “The Banker” magazine of the Financial Times Group, as the best bank of the year in Angola due to the growth it recorded during the year 2009 (ANGOP).

South Africa’s Standard Bank, the biggest bank in South Africa, has been granted a banking license to operate in Angola, where it is due to start operating in mid 2010, the bank said in Johannesburg (Macauhub).

BUSINESS

Angola’s central Huambo province might become the national distribution centre for Panalpina, one of the world’s leading providers of forwarding and logistics services, specialising in intercontinental air freight and ocean freight (ANGOP).

ATLANTICO

An Angolan business delegation is in South Africa to get in touch with local entrepreneurs in light of the recommendations emanated from the recent visit to Angola by the South African President, Jacob Zuma (ANGOP).

Brazilian wholesale group Tenda Atacado at the end of November opened its first warehouse-store in the Angolan capital of Luanda, called Alimenta Angola (Feed Angola), the Brazilian press reported (Macauhub).

Brazil news update, November 29th

In Banking, Brazil, Economy, Energy, Investments, Mining, Politics on November 29, 2009 at 10:35 pm

POLITICS

President Ahmadinejad’s visit to Brazil this week vindicates Iran’s strategy of cosying up with Latin America. Read the full story in The Economist

Brazil’s share of those in poverty fell by half from 17% to 8%, an annual reduction of 3.2%. Read how it compares with China and India in The Economist.

ECONOMY

Brazil’s economy will grow 6.1 percent in 2010, bolstered by rising domestic demand, increasing exports and higher investment, according to Banco BradescoSA, the country’s second-largest bank by market value (Bloomberg).

INVESTMENT

Brazil’s Gerdau, the world’s second-largest maker of long steel, will focus growth in Brazil where investment in infrastructure is surging, the company’s chief executive told newspaper O Estado de S. Paulo (Reuters).

Volkswagen, Europe’s largest carmaker, plans to invest up to 6.2 billion reais ($3.5 billion) in Brazil from 2010 through 2014 as it aims to become the country’s biggest carmaker, the company’s Brazilian head said (Reuters).

Iron ore miner Vale said it planned to invest in another steel mill — this time in Para, the northern Brazilian state where its main Carajas iron ore mine is (Reuters).

Votorantim Participacoes SA, a closely held Brazilian producer of materials from aluminum to cement, plans to invest 4.5 billion reais ($2.6 billion) next year, a local newspaper reported, citing the company’s General Director (Bloomberg).

BANKING

State-owned Brazilian bank Caixa Economica Federal plans to announce the purchase of a stake in at least one more bank besides Banco Panamericano by year-end, newspaper O Estado de S. Paulo reported (Reuters).

Banco do Brasil, Latin America’s largest bank by assets, may seek acquisitions in the United States, looking to benefit from “devalued” prices among regional lenders, Chief Executive Aldemir Bendine said (Reuters).

Banco do Brasil is likely to pay the city of Sao Paulo 726 million reais ($413 million) to handle its payroll, the largest of any municipality in the country, Valor Economico newspaper reported (Reuters).

Brazil’s largest banks are too expensive after an “absurd” rally this year spurred by prospects they will accelerate lending to meet rising consumer demand, according to Mercatto Gestao de Recursos (Bloomberg).

ENERGY

Brazilian Finance Minister Guido Mantega confirmed that the government will extend tax breaks to certain vehicles deemed environmentally friendly (Reuters).

Centrais Eletricas Brasileiras SA, aka as Eletrobras, Latin America’s largest power utility, aims to invest in U.S. electricity transmission in coming years, an executive said (Bloomberg).

Brazil news update, November 8th

In Banking, Brazil, Economy, Foreign Trade, Infrastructure, Investments, Mining, Oil, Politics, Ports, Real estate, Telecom on November 8, 2009 at 2:07 pm

ECONOMY

Brazil will publish on Monday a preliminary list of U.S. goods it intends to hit with trade sanctions in retaliation for Washington’s cotton subsidies, a senior government official told Reuters.

Emboldened by emergency measures that helped pull Brazil out of a brief recession, President Luiz Inacio Lula da Silva is intervening more aggressively in the economy and betting on big government (Reuters).

Brazilian congressional committees passed two of four bills designed to overhaul the country’s oil legislation and give the government greater control over vast new offshore reserves (Reuters).

BUSINESS

Mexico’s state oil company Pemex said it signed a letter of intent with a consortium led by Brazil’s Braskem SA to supply raw materials for a proposed petrochemicals plant the consortium may build in Mexico (Reuters).

Brazilian aircraft maker Embraer will produce its 120-seat E-190 jet in China to respond faster when the country’s aviation market recovers, O Estado de S. Paulo said (Reuters).

Brazilian iron ore mining company Vale signed an agreement worth 900 million reais ($520 million) over three years granting access to its railway and port operations to local steel maker Usiminas (Reuters).

ArcelorMittal, the world’s largest steelmaker, will partner with mining giant Vale to build a steel mill in southeastern Brazil as part of a plan to spend $5 billion in the South American country, Chief Executive Officer Lakshmi Mittal told daily Valor Economico (Reuters).

OIL & GAS

Brazil’s state-run oil company Petrobras said it signed an agreement to buy Chevron Chile, a producer and seller of industrial lubricants under the brand name Texaco in Chile, for around $12 million (Reuters).

Brazil’s Petrobras has found natural gas in Peru’s Amazon jungle and the discovery of about 1 trillion cubic feet could turn out to be much larger, Peruvian President Alan Garcia said (Reuters).

INVESTMENT

Gerdau, Brazil’s largest steelmaker, plans capital expenditures of 9.5 billion reais ($5.5 billion) for the 2010-2014 period, with around 80 percent of the investments within Brazil, Chief Executive Andre Gerdau Johannpeter said (Reuters).

REAL ESTATE

Brazil, a future host of the World Cup and the Olympics, is drawing global investor interest to its real estate sector. As investors and analysts predict a wave of investment in Brazil in coming months, read a sampling of recent deals at Reuters.

TELECOM

America Movil Chief Financial Officer Varlos Garcia Moreno said Brazil’s economic resilience will help its wireless industry outpace other Latin American countries through 2010 (Bloomberg).

BANKING

Sao Paulo, Brazil’s largest city, will become a major financial center, “just like the City of London, Frankfurt and New York,” said Emilio Botin, chairman of Banco Santander SA (Bloomberg).

Angola news update, November 8th

In Airports, Angola, Banking, Economy, Mining, Travel on November 8, 2009 at 1:38 pm

ECONOMY

Angola, which vies with Nigeria as Africa’s biggest oil producer, is seeking to raise $4 billion in the sub-Saharan African region’s largest sale of bonds (Bloomberg).

The Angolan economy will expand by 8.2 percent in 2010 and this will largely be driven by the country’s non-oil sector, Economy Minister Manuel Nunes Junior said (Macauhub).

BANKING

Banco International de Credito of Angola may bid for Portugal’s state-owned Banco Portugues de Negocios SA, Reuters said, citing Fernando Teles, the chief executive officer of the Angolan bank (Bloomberg).

MINING

Angola named Carlos Sumbula chairman of the state-owned National Diamond Company of Angola, known as Endiama E.P, Radio Nacional de Angola reported, without saying where it got the information (Bloomberg).

Agola expelled more than 69,000 illegal immigrants in 2009, Radio Nacional de Angola reported, citing Teresa Silva, chief of the Refugees Department at the country’s Foreign Service. The immigration looks organized as “masses of people” enter the country at once, the broadcaster cited Silva as saying (Bloomberg).

AIR TRAVEL

Portuguese airline TAP, that may be associated with Brazilian airline TAM, sees itself as a future partner for Taag, in the wake of the restructuring underway in the Angolan airline sector, aimed at turning it into a benchmark within Africa (Macauhub).

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