Friday 22 September 2017
(Macauhub 09/21/17)
Angola LNG has signed a multi-year agreement with London-based Glencore Energy UK Limited for the sale of natural gas shipments to be placed around the world, according to a joint statement released on Wednesday. This is the third contract of the kind signed by Angola LNG this month, after the supply agreements signed with the Vitol energy products companies in Switzerland and with RWE Supply & Trading, based in Germany and with a strong presence in the Netherlands and the United Kingdom. Angola LNG is an integrated project for use of natural gas, with a processing unit, a maritime terminal and loading facilities, as well as the possibility of developing non-associated gas. The shareholders of...
(Angola Press(En) 09/21/17)
Luanda - At least USD 44 million is the positive net result obtained by the Sovereign Development Fund of Angola (FSDEA) in the last fiscal year 2016. According to a press release from FSDEA that ANGOP had access to Wednesday, with this result, the institution reaches profitability for the first time in less than four years since its operations began in October 2012. The Sovereign Fund also states that the profits made are the result of a prudent investment policy and the positive return on investments in agriculture and infrastructure. The document also states that during the review period the Angolan Sovereign Fund also recorded a reduction in operating expenses of 40 percent compared to 2015. Until December 31, 2016,...
(Reuters (Eng) 09/20/17)
Trading house Glencore is to buy liquefied natural gas (LNG) supplies from Angola LNG over a multi-year period, adding to similar recent deals between the producer and traders including Vitol. Angola LNG on Wednesday said the deal was another step toward building its sales book with the most important players in the LNG market. Last month it sold LNG to Vitol over a multi-year period and also entered a sales deal with the trading arm of Germany's RWE. Until recently, Angola has been selling all of its LNG via competitive tenders in the spot market, partly because a previous plan to ship LNG to the US fell through
(Angola Press(En) 09/20/17)
Luanda - Foreign currency sales dropped by 62 percent last week after the National Bank of Angola (BNA) has sold EUR 52.7 million ($ 58.9 million) to cover various operations. This is according to the BNA data delivered to Angop. The financial institution put at EUR 85.9 million the drop compared to the previous week. Of the amount available, EUR 17.3 million was earmarked for Letters of Credit to coverage operations of industry and food sectors. On the other hand,...
(Macauhub 09/19/17)
Angolan company Lisa Pulsares will start producing mobile phones in a factory due to be inaugurated in 2018 that will have the capacity to manufacture 6 million units per year under an investment contract signed in Luanda on Friday, Angolan news agency Angop reported. The project approved by the Technical Unit for Private Investment (UTIP) involves an investment of US$8.5 million, and the mobile phones will be produced in the Luanda plant from components partially assembled in Hong Kong and...
(Macauhub 09/19/17)
Chinese state-owned company RSI Su, Lda is building 200 tilapia tanks in the Barra do Dande district of Angola’s Bengo province, the company’s spokesperson told Angolan news agency Angop. Pedro Panzo also said that this project represents an investment of US$1 million and the production will be sold both in the province and in other parts of Angola. The spokesman said that the company had already purchased enough fish food to launch the business, which requires tank construction to be...
(Macauhub 09/19/17)
The Sovereign Fund of Angola has so far invested US$4.2 million of an initial estimate of US$20 million in the Pedras Negras Farm, said the public relations director of Quantum Global Group, the management company of the farm located in the municipality of Cacuso, Malanje province. Reginalda Pedro also said that the investment of the Sovereign Fund began in 2016, and the funds were used to buy equipment and production factors, “which will contribute to the production and processing of...
(The Guardian 09/18/17)
Anna Jones says that, through selling its cocoa cheaply, Africa is exporting its wealth overseas; while Sue Banford claims that the soya moratorium in the Amazon has done nothing to halt deforestation. Only the final paragraph in your article on cocoa farming causing deforestation in Ivory Coast (Forests pay price for world’s taste for cocoa, 14 September) mentioned the most fundamental thing – the farmer’s livelihood, or lack of it. The low value of his (or more likely her) crop...
(Bloomberg 09/15/17)
Societe Generale SA, challenged on its home turf by Orange SA’s push into banking, is fighting back with a new mobile lender in Africa. The French lender started YUP, a new app for smartphones, in Senegal and Ivory Coast and plans to begin operating in four other sub-Saharan countries this year and next, the company said on Thursday. The bank aims to double its client base to 2 million in the region within three years. “Telcos have opened the way...
(Bloomberg 09/07/17)
African Rainbow Minerals Ltd., the miner chaired by South Africa’s richest black businessman, will pay a record dividend this year as rising iron-ore and manganese prices boosted earnings at its ferrous unit. ARM will pay investors 6.50 rand a share, almost triple that of the previous year, and its 11th consecutive dividend, the Johannesburg-based company said in a statement Thursday. The company benefited from a 45 percent increase in prices received for exported iron ore and 93 percent more for...
(Xinhuanet 09/05/17)
Delegates from African countries are hoping to attract more Chinese investment at the ongoing 11th China-Northeast Asia Expo in Changchun, capital of northeastern Jilin Province. Representatives from Ethiopia, Kenya, Zambia and Mozambique presented a variety of collaborative projects at the expo, ranging from grain and dairy processing, light manufacturing, to machinery and construction, in the hope of finding Chinese counterparts to invest in their countries. Ethiopia has set up a one-stop service system to simplify the approval process for business...
(Bloomberg 09/05/17)
A surge in agriculture has helped lift Africa’s biggest economies out of their slumps, but the recovery may be weak. Gross domestic product in Nigeria, the continent’s largest crude producer, advanced for the first time in six quarters in the three months ended June from a year earlier, growing 0.55 percent, the statistics agency said. In South Africa, GDP expanded 2.5 percent from the previous quarter, ending the second recession in almost a decade. Both economies had agriculture largely to...
(Bloomberg 09/04/17)
The worst may be over for Africa’s two largest economies as they likely emerged from a slump in the second quarter. Official data on Tuesday will probably show South Africa’s economy expanded in the three months through June, ending its second recession in less than a decade. Nigeria’s gross domestic product probably grew from a year earlier, and came out of its worst slump in a quarter of a century. South Africa and Nigeria together account for almost half of...
(Bloomberg 08/31/17)
Angola’s Petroleum Minister Jose Maria Botelho de Vasconcelos said it’s essential for the southern African nation’s economy that oil prices rebound to $60 a barrel this year. “That would be extremely important,” Botelho de Vasconcelos said Monday in an interview in the country’s capital Luanda. “We’ve been getting signs from the market that prices could reach $60 by the end of the year.” Angola, which depends on crude shipments for 97 percent of its exports, joined fellow OPEC members nine...
(Xinhuanet 08/31/17)
Cooperation between China and Africa has seen remarkable progress in renewable energy, showing the determination of developing countries to harness the huge potential of clean energy and combat climate change. China-Africa Renewable Energy Cooperation and Innovation Alliance, a coalition of financing institutions, smart grid providers and core manufacturers, on Thursday signed a Memorandum of Understanding (MOU) on cooperation with Africa Renewable Energy Initiative (AREI). "Africa has the highest potential for renewable energy, but the least access to it," said Seyni...
(Business Day 08/30/17)
President-elect Lourenço has endorsed an ambitious plan to build on stability achieved since the civil war. Angola’s fourth democratic elections resulted in the governing party, the MPLA, emerging victorious with 61% of the vote and the historic transfer of power to 63-year-old João Lourenço, the former defence minister, who will become the third president of Angola. Opposition parties Unita and Casa-SE won 26.7% and 9.5%, respectively, thus increasing their representation in the soon-to-be reconstituted National Assembly. The 2017 elections marked the end of an era and set a precedent in Angola — a sterling example that many other countries in sub-Saharan Africa can learn from, particularly considering Angola’s own painful past.
(Eye Witness News 08/30/17)
SAA is owed about a billion rand in revenue earned in other African countries, with Angola the single largest debtor. South Africa will press the newly-elected Angolan government to pay R850 million it owes struggling South African Airways (SAA), the finance minister said on Tuesday. The airline runs one of Africa’s biggest fleets but is loss-making. SAA is owed a total of some R1 billion in revenue earned in other African countries, with Angola the single largest debtor, a treasury...
(Macauhub 08/30/17)
The process of consulting major international financial institutions before choosing the lead bank for the operation to issue sovereign debt securities in international markets is currently under way, the Angolan Finance Ministry announced on Monday in Luanda. The official statement adds that there are no grounds for recent reports that the Russian bank VTB had supposedly been selected to assemble and lead the banking syndicate that would place Angola’s second Eurobond issue. The Eurobond issue was authorised by Presidential Order...
(Macauhub 08/30/17)
The Angolan government plans to spend US$97.9 million on maintenance of the Luanda and Benguela railway lines, per the terms of presidential orders awarding the respective contracts to the companies that rebuilt them. The US$42.9 million maintenance contract for the Luanda railway line was awarded to the China Railway International Group (CRIG), reports Lusa news agency. That same document justifies the contracting of CRIG due to the “technical inability” of the company Caminho-de-Ferro de Luanda to “carry out line maintenance...
(Voice of America 08/30/17)
Angolans have elected their first new president in nearly four decades and they say he must address the glaring gap between rich and poor. Despite being Africa’s second largest oil producer, most of Angola's citizens live in poverty, amid runaway inflation and high unemployment. On a good day, Kialopo Feliciana brings in about $18 selling food at a market in an impoverished Luanda neighborhood. "The business is very expensive," she told VOA one recent morning, as she churned a large...

Pages