Atlantico Weekly

Archive for the ‘Retail’ Category

Angola business news

In Airports, Angola, Economy, Oil, Real estate, Retail, Telecom on June 20, 2010 at 9:24 am

ECONOMY

Angola’s annual inflation rate climbed to 13.85 percent in May as food and non-alcoholic- beverage prices increased, the National Statistics Institute said. Inflation accelerated from 13.73 percent in April (Bloomberg).

TELECOMS

The Angolan mobile-phone operator Unitel approved a USD 800 million investment plan for the 2010/2011 period (ANGOP).

INVESTMENTS

Angola is providing 10-year visas to foreign investors and plans to launch a website where it will be possible to exchange information in real time (Macauhub).

AVIATION

Angolan state airport manager Enana plans to continue executing its modernisation and equipment programme for the country’s airports.
Since 2008, Enana has been carrying out a programme of refurbishment, modernisation and equipment of around 30 large, medium-sized and small airports across the country, as part of a project estimated to cost around US$400 million, under the terms of the Public Investment Programme (Macauhub).

REAL ESTATE

The Companhia Angolana de Comercio (CAC) is investing US$20 million to build a new shopping centre in Luanda Sul (Macauhub).

OIL

The extraction of a billion barrels of oil from offshore Bloc 17 in the ten years since operations began was commemorated on the Girassol production, storage and export vessel and attended by officials representing the sector, Sonangol and Total, the operating company and Bloc 17 associates (Statoil, Esso and BP) (Macauhub).

Angola news update, January 31st

In Airports, Angola, Banking, Brazil, Economy, Energy, Hotels, Infrastructure, Investments, Oil, Politics, Ports, Real estate, Retail, Security, South Africa, Telecom, Travel on January 31, 2010 at 12:32 pm

ECONOMY

Two years ago, oil-rich Angola was reckoned to have one of the world’s fastest-growing economies. In both 2006 and 2007 real GDP had surged by around 20%, and double-digit growth rates were widely predicted for at least the next five years. Then oil prices crashed with the global recession. Last year the economy is estimated to have grown, at best, by 1.5%. But it is bouncing back. Some say Angola will be among the world’s top five performers again this year, with growth exceeding 8%. Read the full story in The Economist.

Though Angola wants to woo foreign investors, everything seems contrived to deter all but the most intrepid and patient. Getting a visa, for a start, can take many months. Finding somewhere to stay in Luanda, a capital city built for 500,000 that is now home to 5m, is not much easier. A single hotel room, if you can find one, will set you back $500-600 a night. Read about the virtues you need for doing business in Angola in The Economist.

ATLANTICO

The political and economic rivalry between SA and Angola is expected to graduate into a battle for dominance in the Southern African Development Community (Sadc) , says US-based global intelligence think-tank Stratfor (BusinessDay).

BANKING

Standard Bank sees Angola as key growth market. Warming relations between Angola and SA and the ties Africa’s biggest bank by assets has with China and Russia — rivals in attempts to secure access to Angolan resources — should help the new business, a senior executive said (BusinessDay). Africa’s biggest bank by assets plans to invest millions of dollars in Angola to set up a commercial and investment bank and offer retail banking services (News24).

BUSINESS

A new production line for soft drinking production will be operating from May this year at Sefa factory, that will increase the company’s production capacity from 3,000 to 10,500 cases per day (Angop).

PORTS

Lobito Port, in the central Benguela Province, will handle over  12,000 tons of load per year, its director told ANGOP.

OIL

Angola and India have signed a memorandum of  understanding in the oil sector, aimed at strengthening bilateral cooperation, mainly in the entrepreneurial field (ANGOP).

AIR TRAVEL

Angolan airline Taag plans to carry 1.7 million passengers per year as of 2012 as compared to 1.1 million currently, the coordinator of the company’s management commission, Pimentel de Araújo said (Macauhub).

INVESTMENT

The Angolan government approved 39 investment projects valued at a total of US$7 billion. In a statement released after a Council of Ministers meeting, the government said that the investments were focused on the retail, real estate, telecommunications, energy and transport sectors (Macauhub).

Portuguese group Unicer plans to invest US$120 million, US$85 million of which in the first phase, in construction of a beer factory in Angola’s Bengo province, the group’s representative in Angola, José Teixeira said in Luanda (Macauhub).

Brazilian group Odebrecht is analysing the possibility of investing in a petrochemical project in Angola, the group’s chief executive told Brazilian newspaper Estado de São Paulo (Macauhub).

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, August 15th

In Agriculture, Angola, Brazil, Cape Verde, Economy, Energy, Foreign Trade, Infrastructure, Investments, Retail, South Africa on August 15, 2009 at 8:45 am

BUSINESS

South African furniture manufacturer and retailer Coricraft is broadening its horizons with a move into Angola later this year. MD David Jacobson says “Africa holds great appeal” and the company has signed a distribution agreement for Angola which will start towards the year-end. Under the deal, Coricraft will supply product to an Angolan retail agent with a view to developing this market (BusinessDay).

CORRUPTION

United States Secretary of State Hillary Clinton and Angolan Foreign Minister Assuncao dos Anjos address a press conference in Luanda, August 9, 2009 -Clinton pressed Angola on Sunday to do more to fight corruption during a two-day visit to the oil-producing country aimed at bolstering ties between the two nations (BusinessDay).

ATLANTIC

US Secretary of State Hillary Rodham Clinton, bringing her democracy and development tour of Africa to oil-rich Angola on Sunday, encouraged the war-ravaged country to continue reforms and pledged to boost trade ties with a major energy producer (News24).

ATLANTICO

Trade between the eight members of the Community of Portuguese Language Countries (CPLP) remains at low levels, says the head of the Council of Portuguese Chambers of Commerce in Brazil, Romulo Alexandre Soares. Soares told the Lusa news agency: “Today these states have trade with the rest of the world valued at around US$ 550 billion, but between them level is around US$ 13 billion or about 2.3% of their total international exchanges.” The official was citing figures from the United Nations Conference on Trade and Development (UNCTAD) (Macauhub).

INVESTMENT

At least sixteen factories will be built in the coming four years, in the northern Zaire Province, under the government programme to re-launch the manufacturing industry, on Thursday announced the local industry, geology and mining department director, Adão Alberto Sofia (ANGOP).

COFFEE

Angola’s coffee production this year is expected to reach 17,000 tons, according to deputy minister of Agriculture, Zacarias Sambeny. Mr Sambeny said the figure represents the Government’s investment in the sector, in an effort to relaunch coffee production in the country. According to the deputy minister, production in 2008 reached six tons, which is far below the 200,000 tons of 1973, when Angola was the third world producer (ANGOP).

ECONOMY

The World Bank has upwardly revised its prediction for a 3% contraction in Angola this year to 0% (Macauhub).

INFRASTRUCTURE

India is to provide US$ 40 million for the building of a railway between the cities of Lubango and Matala in the province of Huila, India’s ambassador to Angola, Ghanashyam Ajjampor Rangaiam has said (Macauhub).

Brazil news update, July 26th

In Banking, Brazil, Energy, Foreign Trade, Mining, Oil, Real estate, Retail, Telecom on July 26, 2009 at 11:59 am

IRON & STEEL

Spot iron ore vessel bookings from Brazil to China jumped to a record in July as Australia suspended spot sales following detentions of Rio Tinto’s top sales officials in China and as falling freight costs made longer haul trade attractive (Reuters).

Usiminas, Brazil’s second-biggest steelmaker, said local steel demand should tumble about 30 percent in the third quarter from the same period of 2008 (Reuters).

RETAIL

French luxury goods group Hermes will open its first Brazilian store in Sao Paulo after almost 30 years of trademark disputes and unsuccessful attempts to lure partners, newspaper Valor Economico reported (Reuters).

FINANCE

Brazil’s securities regulator has recommended that carbon credits be treated as investments separate from derivatives since they are used mainly as instruments to trim greenhouse gas emissions (Reuters).

Banco Santander SA, the Brazilian unit of Spain’s Santander, plans to sell up to 6 billion reais ($3.15 billion) in stock in local capital markets, Valor Economico newspaper reported (Reuters).

TRADE

President Obama said he wants stronger ties with Brazil, especially in the commercial area, a top aide and possible successor to Brazilian President Luiz Inacio Lula da Silva said (Reuters).

OIL

Transocean Ltd said it won a contract from Brazil’s Petrobras for its ultra-deepwater Cajun Express rig worth $558.5 million over three years starting in early 2010 (Reuters).

Brazilian President Lula wants Petrobras to reduce gasoline prices, O Globo newspaper reported, without saying where it got the information (Bloomberg).

ENERGY

Brazil agreed to triple to about $360 million the amount it pays annually to Paraguay for electricity generated by the jointly owned Itaipu dam, ending a feud over which country benefits more from the world’s largest hydroelectric dam by output (Bloomberg).

REAL ESTATE

Sam Zell’s Equity International is seeking new real estate-related investments in Brazil as record low interest rates accelerate growth in Latin America’s biggest economy (Bloomberg).

TELECOM

Brazil’s antitrust agency finedTelefonica SA 1.97 million reais ($1.03 million) for not disclosing a full list of Internet service providers to its broadband customers (Bloomberg).

Brazil news update, July 19th

In Agriculture, Airports, Banking, Biofuels, Brazil, Economy, Infrastructure, Investments, Mining, Oil, Retail, Telecom, Travel on July 19, 2009 at 11:03 am

BANKING & FINANCING

The antitrust unit of Brazil’s Justice Ministry said it has opened an investigation into credit card operator Redecard, sending the company’s shares down 2.56 percent. The Economic Law Secretariat at the Justice Ministry said Redecard would be investigated for imposing terms on online payments that might hamper free competition (Reuters).

Eletrobras, Brazil’s state-run power utility, plans to sell at least $500 million in 10-year dollar-denominated debt in international markets in July to fund investments, sources with direct knowledge of the deal told Reuters. Two investors who may participate in the deal said Eletrobras may pay a yield around 7 percent, underscoring strong appetite for Brazilian assets as the government nears winning investment-grade ratings from Moody’s Investors Service (Reuters).

Banco Bradesco SA, Brazil’s second- largest non-government bank, named Candido Leonelli and Mauricio Machado de Minas as executive directors after the departure of three long-serving directors, a spokesman said. This may be an indication the bank will become more agressive (Bloomberg).

Brazil’s state development bank BNDES has become a major player in government efforts to pull Latin America’s largest economy out of recession. Read the facts about the Rio de Janeiro-based bank, which has traditionally been considered Brazil’s main provider of long-term financing for large corporations, at Reuters.

ECONOMY

Brazil’s international reserves rose to a record as thecentral bank steps up its purchases of dollars to curb the appreciation of the Brazilian currency. International reserves climbed to $209.576 billion on July 16, compared with the previous high of $209.386 billion set Oct 6. Reserves have climbed 5 percent from this year’s low of $199.337 billion on Feb. 26 (Bloomberg).

Foreign direct investment inflows are signaling the Brazilian economy is gradually emerging from recession with little inflation risks, Central Bank President Henrique Meirelles said (Reuters).

OIL

BNDES will lend 25 billion reais ($12.8 billion) to Petrobras denominated in local Treasury notes, the first loan of its kind in Latin America’s largest economy, daily newspaper Valor Economico said (Reuters).

Brazil’s state-run oil company Petrobras said domestic oil production dropped 3.2 percent in June to 1.93 million barrels per day from 1.99 million bpd in May (Reuters).

Petrobras has completed seismic work in its leased Cuban offshore bloc and is studying whether to drill a well, the head of its Cuban operations said (Reuters).

Petrobras expects new local private investment funds to provide at least $5.2 billion to capitalize service companies, crucial for a push to develop massive offshore reserves (Reuters).

Galp Energia SGPS SA, Portugal’s biggest oil company, and Petrobras found more evidence of oil in an onshore block in Brazil’s Potiguar Basin, the Brazilian petroleum regulator said (Bloomberg).

Petrobras also discovered traces of oil in an onshore block in the Espirito Santo Basin (Bloomberg).

AIR TRAVEL

Brazilian prosecutors have asked the courts to halt expansion work at Sao Paulo’s Guarulhos airport, the country’s largest, on environmental concerns, a newspaper report said. In their request, state and federal prosecutors cited failures in the environmental studies used to approve the expansion, according to O Estado de S. Paulo paper (Reuters).

AUTOMOTIVE

Renault-Nissan must double its market share in Brazil to at least 10 percent to stay competitive and fend off rivals in Latin America’s largest economy, Chief Executive Carlos Ghosn said. The automaker needs to add new models to foster growth in a market that sells about 3 million units a year, Ghosn told journalists. He added, current models are “incompatible with a 10 percent to 20 percent market share,” which the company wants to attain (Reuters).

General Motors unveiled plans to spend about $1 billion in Brazil through 2012 to develop a new family of vehicles for South America, a priority market for the U.S. automaker as it looks to rebound from bankruptcy protection (Reuters).

MEAT

Brazil’s JBS SA, the world’s largest beef processor, said it had laid off 742 workers from three plants located in Sao Paulo state (Reuters).

Brazilian beef processor Independencia INDALI.UL will remove controlling shareholders from day-to-day management and seek 330 million reais (US$166 million) in loans as part of efforts to exit bankruptcy proceedings, newspaper Valor Economico reported (Reuters).

Brasil Foods, the Brazilian food giant to be formed by Perdigao’s  planned takeover of smaller rival Sadia, is a “tantalizing” investment opportunity according to the latest issue of weekly business publication Barron’s (Reuters).

Brazil plans to reduce taxes on beef producers, Valor Economico newspaper reported, citing Roberto Gianetti da Fonseca, director of foreign trade at the Sao Paulo State Federation of Industries. The government will cut the social security contribution tax, known as Cofins, and the social participation tax, known as PIS, for the entire beef-producing industry. Meatpackers will be exempt from both levies (Bloomberg).

MINING & TIMBER

Brazilian mining company Vale agreed to sell land and timber assets to paper and pulp maker Suzano Papel e Celulose for at least 235 million reais ($145 million), both companies said (Reuters).

RETAIL

CBD Grupo Pao de Acucar, Brazil’s biggest retailer, is eyeing further acquisitions in Brazil since the credit crisis has brought down valuations in Latin America’s largest economy, the company’s chief financial officer said (Reuters).

ETHANOL

Brazilian sugar and ethanol producer Cosan signed a long-term contract with Japanese group Mitsubishi to export fuel ethanol to Japan (Reuters).

TELECOMS

Portugal Telecom SGPS SA, a Portuguese telephone company, plans to help Brazil expand broadband services, Diario Economico reported, citing Portugal Telecom Chief Executive Officer Zeinal Bava (Bloomberg).

Brazil news update, July 12th

In Agriculture, Banking, Brazil, Economy, Energy, Foreign Trade, Investments, Oil, Politics, Ports, Real estate, Retail, Security, Telecom, Travel on July 12, 2009 at 8:43 pm

RATINGS & ECONOMICS

Moody’s Investors Service put Brazil’s foreign and local currency credit ratings on review for possible upgrade, citing the economy’s resilience to economic shocks from the global financial crisis (Reuters).

Brazil’s currency and benchmark stock index are poised for synchronized declines as technical indicators for the BRIC nations, also including Russia, India and China, show signs of stress, according to Citigroup Inc (Bloomberg).

Brazil’s exports may surpass the government’s official estimate of $160 billion this year as the global economy recovers, spurring demand for commodities and other Brazilian goods, Trade Secretary Welber Barral said (Bloomberg).

Brazil’s economy will rebound from recession next year faster than was previously expected as the local currency strengthens, Itau Unibanco Holding SA said (Bloomberg).

POLITICS

Fresh reports of alleged fraud and embezzlement by Brazil Senate chief Jose Sarney in Brazil’s weekend press are fueling an ongoing Senate ethics scandal and have renewed pressure for Sarney to resign (Reuters).

Brazil’s Senate agreed to move ahead with a long-delayed corruption probe of state oil company Petrobras that is unlikely to harm the company’s massive offshore oil developments, but could slow key energy legislation. The inquiry was originally announced in May, but partisan wrangling delayed the proceedings (Reuters).

Brazil’s chief climate negotiator criticised the Group of Eight rich nations on Thursday for not taking more forceful steps to curb global warming, saying proposed long-term targets were meaningless (Reuters).

Brazil said it would give Cuba up to $300 million in credits to start rebuilding the island’s port of Mariel, better known as the site of a 1980 Cuban exodus to the United States. Brazilian Industry and Trade Minister Miguel Jorge said $110 million had been approved by his government and the rest would likely be, as Brazil strengthens its ties with communist-led Cuba (Reuters).

Brazilian President Luiz Inacio Lula da Silva said the U.S. dollar would remain important for decades but he believed it was possible to develop new trade relations not dependent on the dollar (Reuters).

BUSINESS

Celesio AG’s supervisory board gave the green light on Friday for the German drug distributor’s contested takeover of a Brazilian peer, which had exposed a rift between its management and main shareholder. Celesio said directors cleared the acquisition of 50.1 percent in Panpharma, down from the 54 percent it had initially said it would purchase as part of a planned capital increase at Brasil’s largest drug distributor (Reuters).

Brazil’s antitrust regulator imposed temporary restrictions on Perdigao’s 1.4-billion-real ($710 million) takeover of rival foodmaker Sadia until a final ruling on the transaction is made (Reuters).

OIL

A consortium of companies failed to find oil in deep waters off Brazil’s coast, a sign the South American nation’s push to become an energy exporter is still fraught with risks (Reuters).

Hess Corp did not file a discovery of oil after drilling a well in Brazil’s offshore Santos Basin BM-S-22 bloc (Reuters).

BANKING

Banco Bradesco, Brazil’s second-largest private sector bank, said it would book a pretax gain of 410 million reais ($206 million) from the sale of a stake in credit card company VisaNet (Reuters).

Banco Nossa Caixa, the Brazilian lender recently purchased by state-owned giant Banco do Brasil, said it expects loan concessions to rise about 50 percent this year and add 60,000 corporate customers (Reuters).

AIR TRAVEL & AERONAUTICS

Foreign capital limits in Brazilian airline companies could rise to 49 percent from a present cap of 20 percent, according to a draft bill that the Civil Aviation Advisory Council said it is sending to the government (Reuters).

Brazilian aircraft maker Embraer said it delivered 56 planes in the second quarter, bringing the total for the first six months of the year to 96 (Reuters).

Boeing is prepared to have Brazilian companies supply a “big portion” of components for its Super Hornet jetfighter, creating as many as 5,000 local jobs, to sell 36 of the warplanes to the Latin American nation (Bloomberg).

STEEL

Germany’s largest steelmaker, ThyssenKrupp, will have to delay again the start-up of a coking operation at a new Brazilian plant but a spokesman said it should not affect the timing of its steel blast furnace (Reuters).

Brazil’s national development bank, BNDES, has granted a credit line of 1.5 billion reais ($753 million) to Gerdau, the country’s largest steelmaker (Reuters).

REAL ESTATE

Controlling shareholders of Brazilian real estate developer Abyara offered to pay up to 30 million reais ($15 million) to repurchase all its stock in circulation (Reuters).

ELECTRIC CARS

The first of many roadside electric charging stations in Brazil is set to be installed in the Barra de Tijuca neighborhood in Rio de Janeiro, and it’ll be solar-powered (Reuters).

LAW ENFORCEMENT

Public prosecutors in Rio de Janeiro have requested the imprisonment of 30 police officers accused of killing young men in “death squad” type executions (Reuters).

TELECOMS

Telecom Italia will invest 3 billion euros ($4.2 billion) in Brazil through 2011 to boost its Internet broadband services operation (Reuters).

SABMiller plans $125m foray into Angola

In Angola, Investments, Retail, South Africa on July 11, 2009 at 12:15 pm

SABMiller (SAB), one of the world’s largest brewers, on Friday said that it is to open a new $125 million brewery and sparkling soft drinks (SSD) plant in Angola later this year.

Read the full report in BusinessDay

Brazil news update, July 5th

In Banking, Brazil, Economy, Investments, Oil, Retail, Uruguay on July 5, 2009 at 11:56 am

OIL

Brazil’s state oil company Petrobras expects exploration of an Iranian block will yield disappointing results, a company director said, adding another Iranian block has shown similarly dim prospects (Reuters).

Petrobras also said it put up the winning bids for blocks 3 and 4 in Uruguay’s exploration and production bidding round for oil and gas (Reuters).

Petrobras has secured financing to cover its aggressive $174 billion investment plan through 2013, financial director Almir Barbassa said. Financing secured by the company includes 25 billion reais ($12.81 billion) from Brazil’s BNDES development bank, $6.5 billion from a pool of banks, $2 billion from the U.S. Exim Bank and $10 billion from the China Development Bank (Reuters).

Petrobras found more evidence of oil in an onshore block in the country’s Espirito Santo Basin, the Brazilian petroleum regulator said. The discovery was made at well 4BRSA742ES in the ES-T-382 block, the National Petroleum Agency said on its Web site. The Jacutinga field in the same block was declared a commercial find in a filing dated Jan. 3, 2008 (Bloomberg).

ECONOMY

Brazil’s economy will shrink 0.50 percent in 2009, less than the previous forecast for a 0.57 percent drop, according to the median forecast in a June 26 central bank survey of about 100 economists (Bloomberg).

INVESTMENT

Italian tire group Pirelli & C SpA will invest around $200 million in Brazil through 2011, betting on a swift and robust rebound in Latin America’s largest economy, the company said (Reuters).

RETAIL

New automobile sales in Brazil soared 21.5 percent in June from May, turning in a record month as a combination of tax breaks, lower prices and improved confidence prompted consumers to flock to showrooms, the national dealers’ association, Fenabrave, said (Reuters).

MEAT

Brazilian processed foods company Perdigao said that the European Commission had approved its takeover of local rival Sadia, paving the way for the creation of a multinational that will control a quarter of the world’s poultry market (Reuters).

BANKING & FINANCE

Brazil’s second-largest private-sector bank, Bradesco, is in talks to buy a minority stake in insurer Porto Seguro seeking to prevent rivals from gaining a foothold in the last independent insurer in the country, a local newspaper reported (Reuters).

Brazilian banks are “well- positioned” to weather the recession and falling interest rates, which will pressure profit margins, Fitch Ratings said. “Proactive measures” by the government have helped offset liquidity concerns, and banks should pass through the global financial crisis without a negative effect on their ratings. Slowing loan growth and record-low interest rates will lead to narrower margins this year and beyond (Bloomberg).

Banco do Brasil  has the capacity to lend an additional 80 billion reais ($41 billion) this year, bank President Aldemir Bendine told O Estado de S. Paulo newspaper. The Brasilia-based bank will probably resume talks to buy regional lender Banestes SA – Banco do Estado do Espirito Santo, Bendine told the newspaper, without providing a timeline. The bank is also negotiating the purchase of BRB Banco de Brasilia SA (Bloomberg).

BUSINESS

Germany’s Celesio has acquired a majority stake in Brazil’s largest drugs distributor Panpharma, Europe’s biggest drugs distributor said (Reuters).

SOCCER

Brazil is seeking a $1 billion loan from the Inter-American Development Bank for the 12 cities that will host the World Cup in 2014, Tourism Minister Luiz Eduardo Pereira Barreto Filho said (Bloomberg).

Brazil news update, June 27th

In Banking, Biofuels, Brazil, Economy, Elections, Energy, Investments, Mining, Oil, Politics, Real estate, Retail, Telecom on June 27, 2009 at 3:36 pm

POLITICS

Brazil’s Luiz Inacio Lula da Silva is likely to run for the presidency again in 2014 if an opposition candidate wins next year’s election, he said in an interview (Reuters).

Dilma Rousseff, who is expected to be the Brazilian ruling party’s presidential candidate next year, is showing no sign of cancer after her final chemotherapy treatment, doctors said (Reuters).

Brazil will pay small farmers to plant trees in deforested Amazon areas to slow rain forest degradation, President Luiz Inacio Lula da Silva said as he unveiled a broad plan to protect the region (Reuters).

Seeking to redress one of the darkest chapters of its dictatorship era, Brazil amnestied dozens of peasants who were jailed or tortured on charges they were linked to a 1970s Communist uprising (Reuters).

ECONOMY

Brazil’s current account deficit widened more than expected in May, though a surge in foreign direct investments and inflows to local stocks and bonds eased concerns about the country’s need for overseas capital (Reuters).

Brazilian steelmaker Cia Siderurgica Nacional has hired 1,200 workers at its Volta Redonda plant following signs the market is recovering, a company official said (Reuters).

Corporate investment and factory usage in Brazil will bounce back in the fourth quarter of 2009, should growth in household consumption remain steady, the head of the state development bank BNDES said (Reuters).

BANKING

A top shareholder at Bradesco urged Brazil’s second-largest private bank to expand overseas to benefit from fast-growing markets in Asia and Africa, a newspaper reported. Portugal’s Grupo Espirito Santo, Bradesco’s third-largest shareholder, has recently signed an accord with the Brazilian bank to develop international opportunities (Reuters).

TELECOMS

Brazil’s telecommunications regulator Anatel said it had imposed new measures to maintain the separation of the mobile phone units of Telecom Italia and Telefonica, which owns a controlling stake in the Italian company, in the country (Reuters).

OIL

Brazilian miner Vale signed a preliminary accord on Thursday with state-run oil company Petrobras to buy a 25 percent stake in exploration rights for oil and gas blocks off Brazil’s coast (Reuters).

Chevron Corp announced a slightly earlier start of oil output at the Frade field, a $3 billion project off Brazil’s coast expected to produce 90,000 barrels per day by 2011 (Reuters).

INVESTMENT

Private equity firm Advent International said on Thursday it bought a minority stake in Brazilian education group Kroton Educacional, betting on increased consolidation among schools in Latin America’s largest economy (Reuters).

Wal-Mart Stores Inc plans to invest 1.6 billion reais ($809 million) in Brazil in 2009, betting an economic recovery in Latin America’s largest economy will stoke consumer demand (Reuters).

Brazilian mining giant Vale said it signed a memorandum of understanding to build a steel mill in Brazil’s northeastern state of Ceara with capacity to produce 6 million tons of steel slabs per year. The agreement also included the state government of Ceara, Korean steelmaker Dongkuk and Brazil’s Companhia Siderurgica do Pecem (Reuters).

MINING

Demand for iron ore from steel mills is much improved from the extremely depressed level of the fourth quarter of 2008, Brazilian iron ore miner Vale  said, but the company expects a “slow recovery” (Reuters).

Vale said it would begin to produce biodiesel from palm oil from 2014 to fuel its Carajas mine and railway operations in Brazil’s north (Reuters).

Potential mining mergers have sparked talk that Brazil’s Vale may try to acquire a major industry player, though local analysts say Vale would probably target small companies as the economy slows. Some believe Vale may try to acquire Anglo American or Xstrata after Anglo American rejected Xstrata’s nil-premium merger bid (Reuters).

Brazilian iron ore miner MMX has clinched a deal to sell its Corumba pig iron plant for 100 million reais ($50 million) to Vetorial Siderurgica, MMX said (Reuters).

MMX said that it received a nonbinding offer from China’s Wuhan Iron And Steel Inc for a minority stake in it and its subsidiary MMX Sudeste Mineracao (Reuters).

REAL ESTATE

Brazilian real estate is booming again after fizzling at the end of last year, as sales have rebounded in one of the best emerging markets, a New York-based real estate private equity investor said (Reuters).

LOGISTICS

Brazil has ample cash to revamp its dilapidated transport network even amid an economic recession but corruption and bureaucracy have hampered badly-needed improvements, a senior industry official said (Reuters).

Brazil news update, May 22nd

In Agriculture, Banking, Brazil, Elections, Foreign Trade, Investments, Mining, Oil, Politics, Retail on May 22, 2009 at 5:50 pm

FOREIGN AFFAIRS

Brazilian President Luiz Inacio Lula da Silva and business leaders visited Istanbul to secure a stronger foothold in Turkey’s domestic market and make good on its regional ties (Reuters).

BUSINESS

Brazil’s Embraer closed a deal to sell 20 planes to Argentina’s recently nationalized flag carrier airline (Reuters).

Brazilian mining giant Vale cut its investment plans for 2009 to $9 billion from $14.2 billion (Reuters).

Weaker demand for iron ore should force Vale to concede price cuts to Asian clients in annual negotiations, but any cut should be less than Australian rivals face (Reuters).

Brazilian insurance company Maritima expects to grow sharply in the next five years after selling a stake to Yasuda, a local unit of Sompo Japan Insurance Inc (Reuters).

Brazilian sugar and ethanol producer Cosan agreed to sell its aviation fuel business to Shell Brasil Ltda, the domestic unit of Royal Dutch Shell Plc, for $75 million (Reuters).

The merger of Brazilian food companies Perdigao and Sadia creates a global behemoth that looks poised to dominate the world poultry market (Reuters).

Itau Unibanco, Latin America’s largest bank by assets, said it is considering expanding in Brazil by acquiring small and mid-sized financial institutions to complement its line of products (Reuters).

Drogasil, Brazil’s second-biggest retail pharmacy, will stick with its plan to add about 40 stores this year as the pharmaceutical industry withstands the country’s economic slump (Bloomberg)

PETROBRAS

Investors have largely shrugged off a Senate investigation into Brazil’s state-run oil company Petrobras but uncertainty over the probe’s findings could eventually weigh on the share price of the Latin American energy powerhouse, analysts said (Reuters).

The China Development Bank may offer financing to Petrobras SA beyond the $10 billion, 10-year loan given to  company this week, Petrobras Chief Executive Jose Sergio Gabrielli said (Reuters).

Petrobras  sees its investments in the Black Sea totaling $300 million over the next two years, International Director Jorge Zelada said (Reuters).

BIOGENETICS

Brazil’s biosafety regulator CTNBio has approved the use of Monsanto’s Bollgard 2 genetically modified cotton seed (Reuters).

ELECTIONS

A new health scare for Dilma Rousseff, the presidential hopeful for Brazil’s ruling party, has raised further uncertainty over next year’s election with some coalition partners calling for the president to consider backing other candidates or running himself (Reuters).

ECONOMY

Brazil’s unemployment rate fell to 8.9 percent in April from March (Bloomberg).

Sao Tome news update, May 22nd

In Brazil, Oil, Retail, Sao Tome and Principe on May 22, 2009 at 5:04 pm

OIL

Sao Tome and Principe and Nigeria are expected as of 2011 to auction off four new oil blocks, which are smaller than those currently under prospection, the president of the Joint Development Authority (JDA) said (Macauhub).

LOAN

The President of Nigeria, Umaru YarÁdua has requested that parliament approve a government proposal to grant a subsidised loan of US$10 million to Sao Tome and Principe, to help the country to solve its financial difficulties (Macauhub).

RETAIL & BRAZIL

Over 150 containers of various food stuffs are due to arrive in Sao Tome from Brazil on 29 April, as part of the first imports by local retailers, thanks to a credit line of US$5 million from the Brazilian government (Macauhub).

PRIVATISATION

The government of Sao Tome and Principe intended to privatize the water and electricity company and should shortly launch an international tender, said the minister for Natural Resources, Energy and the Environment Monday in Sao Tome (Macauhub).

Brazil news update, April 10th

In Banking, Biofuels, Brazil, Economy, Mining, Oil, Retail on April 10, 2009 at 2:34 pm

ECONOMY

Four months of rising car sales in Brazil suggest that Latin America’s biggest auto industry could already be over the worst of the global crisis, even as makers elsewhere face plunging demand (Reuters).

BANKING & FINANCE

Brazil’s government named Aldemir Bendine as chief executive of federally owned Banco do Brasil, seeking to boost lending in the country’s financial system and lower borrowing costs to stoke the economy (Reuters).

Private equity investors expect to invest more money in emerging markets in the next five years with China and Brazil topping the list of favoured destinations, according to an industry survey released on Monday (Reuters).

OIL & GAS

Brazil’s state-run oil company Petrobras has discovered signs of oil in the C-M-401 block in the Campos Basin, the company told Brazil’s National Petroleum Agency on Monday (Reuters).

Petrobras said on Wednesday a consortium formed by the company and BG Group found evidences of oil in the subsalt layer in Santos basin (Reuters).

Petrobras also said on Wednesday it plans to launch in May a bidding for 28 drilling units, most of them to operate in subsalt oil reserves (Reuters).

Petrobras said on Monday that natural gas reservoirs found in January by a consortium with Spain’s Repsol, are commercially viable (Reuters).

MINING

Cia. Vale do Rio Doce, the world’s biggest iron-ore producer, may boost shipments of the raw material after the second quarter as stockpiles fall and demand from Chinese builders increases, Goldman Sachs Group Inc. said (Bloomberg).

MMX Mineracao e Metalicos SA, the iron-ore mining company which is seeking to sell all or part of its assets or voting shares by the end of this year, may draw interest from BHP Billiton Ltd. or Chinese steelmakers, according to Itau Corretora (Bloomberg).

ETHANOL

Santelisa Vale, one of Brazil’s largest sugar and ethanol producer, agreed to sell a 40 percent stake for an undisclosed sum to Swiss-based trader Louis Dreyfus Commodities, a source with direct knowledge of the transaction said on Tuesday (Reuters).

Cosan, the world’s biggest sugar-cane processor, rose to a six-month high in Sao Paulo on a media report it’s seeking a partnership with Brazilian state-controlled oil company Petrobras (Bloomberg).

Angola news update, April 10th

In Airports, Angola, Banking, Hotels, Investments, Retail, Tourism, Travel on April 10, 2009 at 2:07 pm

BANKING

At least USD 120 million will be granted by the US Export and Import Bank (Ex-Im Bank) to four Angolan banks (Angop).

A new branch of the Savings and Credit Bank (BPC) was opened last Saturday in Cabinda city, rising to three the number of BPC divisions in the northern province (Angop).

INVESTMENT

The multi-national Coca-Cola Bottling/Luanda has invested USD 70 million in the construction of a brewery dubbed “N’gola-Norte”, in Funda, Luanda (Angop).

Sabmiller/Angola invested USD 12 million through Coca-Cola Bottling in two new products, namely Coca-cola Zero and energy drink Burn (Angop).

The director of the Hydraulic Technical Society “Cimianto” firm in Angola, Francisco Simões, defends the need for setting up more construction equipment factories aimed at making products accessible and cheaper (Angop).

The mineral water production company Purangol has invested US$25 million to increase production (Macauhub).

CONSTRUCTION

The synthetic fibres factory (Fibrex), situated in Viana district in Luanda, expects to increase its production of construction material from 350 tonnes per month to 500 tonnes as from this April (Angop).

RETAIL

A total of 25 proximity stores dubbed “Poupa Lá” will be opened this year in the country’s capital, Luanda (Angop).

At least USD 120 million were earned  by the supermarket chain Nosso Super, since the inauguration of its first shop on 8 March 2007 in Luanda (Angop).

LAW ENFORCEMENT

Aa new Angolan traffic law that carries fines of over $1,000 for drivers who fail to respect the speed limit, forget to put on a seat belt, or talk on cell-phones while driving (Reuters).

AIR TRAVEL

Emirates Airlines, the United Arab Emirates air carrier, has announced the launch of flights between Dubai and Luanda as of 1 August, operating three times a week, and thus increasing the airline’s African destinations to a total of 17 (Macauhub).

On Wednesday the European Commission kept Angolan airline Taag on its list of companies banned from flying in European airspace, but acknowledged the “significant progress” made by Angola (Macauhub). But Taag is to increase the number of flights to Beijing from two to three per week as of 7 April (Macauhub).

HOTELS

The Angolan province of Huíla will have a new four star hotel by December of this year, which will be the property of Angolan group Chicoil and is an investment of over US$18 million (Macauhub)

South Africa news update, April 10th

In Airports, Energy, Infrastructure, Investments, Mining, Oil, Ports, Retail, South Africa, Tourism, Travel on April 10, 2009 at 8:37 am

ECONOMY

The South African government is to extend its Expanded Public Works programme fourfold in the next five years, spending R4 billion (US$440 million) to create 4.5 million job opportunities by 2014. If successful, this will give work to roughly 10% of the country’s population (SA Goodnews).

Optimal Energy, the Cape Town-based company behind Joule, SA’s first fully electric multi-purpose urban passenger vehicle, has secured funding to mass produce the vehicle. South Africans can look forward to pilot fleets of Joule on our roads and around the globe from 2010 onwards (SA Goodnews).

BUSINESS

State-owned regional airline South African Express is expected to post an improved profit for the six months to March this year, in stark contrast to its rivals, including South African Airways (SAA) which is expected to post its third full-year loss in the next few months (Business Day).

South African retail sales growth slowed to an annual 7.6 percent in February, from 11 percent in January, an industry group said (Bloomberg).

South African construction firm Raubex Group (RBXJ.J) was awarded two contracts worth 1 billion rand ($111.2 million) to rebuild Namibian roads, sending shares soaring nearly 10 percent (Reuters).

Fuel and oil group Sasol announced it had signed heads of agreement with two partners to develop a gas-to-liquids project in Uzbekistan (Business Day).

TAKEOVERS

South Africa’s No. 2 drugs producer Adcock Ingram plans to offer 2.1 billion rand ($228 million) for rival Cipla Medpro South Africa (CMSA) to boost its share of the generic medicine market (Reuters).

ArcelorMittal SA, the South African unit of the world’s No. 1 steel maker, has acquired a 16.3 percent stake in Coal of Africa Ltd. (CoAL) for 404.5 million rand ($44.98 million) in cash (Reuters).

PORTS

South Africa’s Richards Bay Coal Terminal, the world’s largest coal-export facility, shipped 5 percent more coal in March than the same month a year earlier (Bloomberg).

AIRPORTS

Lanseria International, SA’s largest privately owned airport, is believed to be up for sale, possibly to a foreign group of investors (Business Day).

Brazil news update, April 3rd

In Agriculture, Airports, Brazil, Economy, Mining, Oil, Retail, Tourism, Travel on April 3, 2009 at 9:33 am

ECONOMY

Brazil’s government on Monday extended tax breaks for the automobile sector and cut taxes on cement, paint and other construction materials in a bid to revive key sectors in Latin America’s largest economy (Reuters).

TRAVEL

Brazil’s leading airline, TAM Linhas Aereas, posted a large fourth-quarter loss on Tuesday, reversing a profit in the year-earlier period because of steep losses on fuel hedges and a weaker currency (Reuters).

STEEL

Net profit at Brazilian steelmaker CSN soared more than seven-fold in the fourth quarter of 2008, boosted by the sale of part of its iron ore mining subsidiary Namisa, it said late Sunday (Reuters). The company, Brazil’s third-largest steelmaker, said the price of Brazilian iron ore will probably fall 20 percent in annual contract agreements this year (Bloomberg).

MMX Mineracao e Metalicos SA, the iron-ore mining company controlled by Brazilian billionaire Eike Batista, may sell all or part of its assets or voting shares (Bloomberg).

Brazilian mining giant Vale said on Wednesday it had completed the acquisition of some coal assets in Colombia for $305.8 million (Reuters).

MEAT

Sadia SA, Brazil’s second- largest foodmaker, expects a decision on merger talks with competitor Perdigao SA by June, Chairman Luiz Furlan said. Sadia shareholders are discussing the possible structure of a new company, Furlan told reporters today in Sao Paulo (Bloomberg).

Brazilian beef processor Independencia SA is shutting three units and laying off 1,400 workers in response to lower demand for beef and falling prices, the privately-owned company said on Wednesday (Reuters).

SUGAR

India’s sugar output may fall 45 percent this year as farmers in the world’s second-largest producing nation divert sugar cane to more profitable jaggery, an industry group said (Bloomberg).

COFFEE

Vietnam, the world’s second-biggest grower of coffee, may produce less than 16 million bags in the 2009-10 year because of premature flowering, according to the Vietnam Coffee and Cocoa Association (Bloomberg).

OIL

A commission reviewing Brazil’s oil rules has dropped plans to swap unleased offshore oil blocks for stock in Petrobras, Brazil’s state-controlled oil company, the Folha de Sao Paulo newspaper said (Bloomberg).

Petrobras also had its profit estimates boosted at Morgan Stanley on the prospect of higher oil prices (Bloomberg).

RETAIL

Lojas Americanas SA, Brazil’s biggest discount retailer, is more likely to acquire the Ponte Frio chain of electronics and home-appliances stores than Pao de Acucar, Citigroup analysts said (Bloomberg).

Brazilian beach culture to dominate retail

In Brazil, Retail on March 13, 2009 at 10:07 pm

Brazil currently ranks 10th in the world, led by China and the European Union, for beachwear exports and No.1 for consumption. Its beachwear exports in 2007 yielded nearly $24 million and, when fully tallied, the 2008 figures should increase by more than 20 percent, said Rafael Cervone Netto, director of the Texbrasil Program of the Brazilian Textile and Apparel Industry Association.

Read the full article at the International Herald Tribune

Surinam news update, March 13th

In Banking, Economy, Investments, Ports, Retail, Surinam, Tourism, Travel on March 13, 2009 at 8:59 pm

Hakrinbank expects double digit profit growth for 2008, after 2007 profits of 24 million SRD, the bank’s CFO announced last week.

SLM, Surinam Airways, signed an agreement for the lease of two Boeing 737-300 aircraft, thus beginning its ambitious expansion plans. The planes will be delivered by May 2009. “Now is the time to invest”, the company’s leadership announced. The new aircraft will be used to expand the regional routes to Curacao, Trinidad, Aruba, Miami and Belem. New routes, to Jamaica, Barbados and Manaus, are being contemplated.

Dockyard SDSM announced interest from a Dutch company for 4 new motorships to be built after the 2200 ton loadcarrying  Zhong Mu 1 type, recently finished at the Paramaribo facilities. A second ship, the Zhong Mu 2 is curently under construction. Both Zhong Mu ships are built after Chinese desing for a Chinese logging company and will be operated in the Caribbean.

KPMG Dutch Caribbean announced expansion plans for their office in Suriname, in appreciation of the continuing growth of the Surinam economy.

SAB, Surinaams Alcohol Bedrijf, has improved production facilities at a cost of 1 million USD, making a higher rate of production of Borgoe as well as of a new, extra fine, Black Cat rum possible.

(De Ware Tijd)

South Africa news update, Feb. 26

In Elections, Media, Mining, Politics, Retail, Security, South Africa on February 26, 2009 at 9:35 pm

POLITICS

The Congress of the People (Cope) formally introduced its presidential candidate, Dr Mvume Dandala, to the media at Emperors Palace in Ekurhuleni on Monday. Read the full article in the Mail & Guardian

MEDIA

Kagiso Media’s headline earnings increased by 20% to R106,3-million, the black-owned and managed media company said on Monday.Read the full story in the Mail & Guardian

MINING

The world’s largest diamond group, De Beers, said its three shareholders have agreed to loan the company $500 million to help it weather the economic downturn, following muted sales in 2008 (Reuters).

AngloGold Ashanti , the world’s No. 3 gold producer, has agreed to sell a mine in South Africa to smaller rival Simmer & Jack Ltd. (Simmers) in a bid to beef up its balance sheet (Reuters).

RETAIL

Africa’s biggest supermarket group Shoprite posted profit at the top end of its forecast as cheaper products helped it win market share, but warned of slower growth as the global crisis bites (Reuters).

DEFENCE

LAND Systems SA yesterday unveiled its new version of SA’s most successful mine-protected vehicle for export. The latest version of the company’s acclaimed RG series of mine-resistant personnel carrier vehicles — the RG31 Mk6E — made its international debut at the IDEX exhibition of modern defence weaponry and technology in Abu Dhabi in the United Arab Emirates (UAE) (Business Day).

South African news update, Feb. 12

In Banking, Economy, Elections, Infrastructure, Mining, Politics, Retail, South Africa on February 12, 2009 at 6:20 pm

POLITICS

President Kgalema Motlanthe of South Africa on Tuesday announced that the date for the general elections will be April 22 2009.  For the full news story see the Mail & Guardian

ECONOMY

Business confidence in January dipped further, the South African Chamber of Commerce and Industry (SACCI) said on Thursday. See the Mail & Guardian

Retailer SHOPRITE Holdings expects to report a 35-45% jump in earnings per share and headline earnings per share, the said today. However Shoprite said “the current state of the economy” should be considered when forecasting the company’s full-year results. For full story see Business Day

ABSA’s share price rose on the news that SA’s largest retail bank had managed to increase attributable earnings 10,4% to R10,6bn in the year to December. For full story see Business Day

ANGLOGOLD Ashanti, Africa’s biggest gold mining company, reported a headline loss in the fourth quarter, but last year’s restructuring had set the stage to increase production further and grow cash flows significantly over the next five to seven years. For full story see Business Day

Power supplier Eskom will contribute R550m to the total amount of R22bn that the South African government intends spending on upgrading the country’s national and provincial road network. For full story see Fin24

In another development state power utility Eskom announced today that it will be auctioning one billion rand of its 20-year bond on Frida, after receiving another tranche of its loan from the government yesterday in the national budget. See Business Day

The gold price was likely to average $1062/oz this year and end the year at $1130/oz, Dundee Wealth Economics’ chief economist, Martin Murenbeeld, said at the Mining Indaba yesterday. For the whole story, see Business Day


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