| Africatime
Friday 24 March 2017
(Reuters (Eng) 03/23/17)
Bad weather off the coast of Angola has prevented the berthing of fuel vessels docking at Cabinda and Benguela ports, causing shortages at filling stations and power blackouts, state-energy company Sonangol said. Sonangol said a lack of coordination between government agencies had also hampered fuel and electricity supplies. OPEC-member Angola vies with Nigeria as Africa's biggest crude oil exporter but has to import its fuel due to a lack of refining capacity. (Reporting by Herculano Coroado; Writing by Nqobile Dludla; Editing by Joe Brock)
(Agence Ecofin 03/20/17)
At the Africa CEO Forum which opened this morning in Geneva, AFD Group – in partnership with the European Union – unveiled the “African Renewable Energy Scale-Up facility”, designed to boost private sector investment in on–grid and off-grid renewable energy production in Africa. In order to meet Africa’s constantly increasing energy requirements, support must be provided for mass development of the renewable energy technologies – especially solar energy – that will play such a key role over the coming years, given the recent drop in prices and the emergence of new innovative business models. The EU’s electrification funding initiative, “ElectriFI”, helps to harness and stimulate private sector investment to enhance access to renewable energy. More specifically, it focuses on poorly-served...
(Voice of America 03/18/17)
Each year, the University of Southern California hosts the African Global Economic and Development Summit, bringing delegations from Africa to meet with business leaders, government officials and others in the U.S. But this year, the African summit has no Africans. All were denied visas. Visa issues are not uncommon for people traveling from African nations. During her prior three summits, Mary Flowers saw a high percentage of her attendees unable to attain visas. "Usually we get 40 percent that get...
(Bloomberg 03/16/17)
In its 100-year history, Anglo American Plc has endured commodities booms and busts, South African apartheid and bitter boardroom disputes. Now the British mining giant is threatened by the ambitions of Anil Agarwal, an Indian scrap-metal trader turned billionaire mining tycoon. In a surprise announcement on Wednesday, Agarwal said he plans to buy a stake of as much as 2 billion pounds ($2.4 billion) in Anglo, representing 13 percent of the company. Agarwal’s ultimate motivations and how he plans to...
(The Wall Street Journal 03/15/17)
Ndalo Media founder Khanyi Dhlomo and Mara Group founder Ashish Thakkar on where the potential is and what’s blocking it How is innovation in Africa different from innovation in Silicon Valley? And how can innovation in Africa be encouraged? Dan Keeler, frontier-markets editor of The Wall Street Journal, discussed those questions with Khanyi Dhlomo, founder and chief executive of Ndalo Media, a publisher based in South Africa, and Ashish Thakkar, founder of Mara Group, a pan-African investment group with operations...
(Reuters (Eng) 03/13/17)
The United Arab Emirates, one of the Middle East's largest economies, wants to expand trade ties with faster growing nations in Asia and Africa, a senior official said on Sunday. Rich Gulf Arab states are looking at ways to diversify their economies, including who they trade with, after more than two years of depressed oil prices forced a rethink of government spending. The pace of economic growth in Asian and sub-Saharan African economies has made them ideal partners, Abdullah al-Saleh,...
(Angola Press(En) 03/09/17)
The president of French oil company Total, Patrick Pouyanné, Tuesday in Houston (Texas), expressed confidence in the strength and robustness of the Angolan market. Patrick Pouyanné made these references to the press at the end of a meeting between delegations of Angolan oil company Sonangol, led by its chairperson of the Board of Directors, Isabel dos Santos, and France's Total, on the fringes of Ceraweek, which is one of the major experts meetings of the sector. He said that this...
(The Independent 03/06/17)
Th term was coined by sceptical officials, worried about the importance given to Commonwealth trade deals ahead of Brexit negotiations. Plans by government ministers to boost trade links with African Commonwealth countries are being internally branded “empire 2.0” by sceptical officials who are worried about the importance being placed on such deals ahead of the UK’s negotiations of leaving the European Union (EU). International Trade Secretary Liam Fox is expected to promise to build better links with the whole of...
(Bloomberg 03/03/17)
Polar Star Management Ltd., which runs one of the best-performing African and Middle East hedge fund over the past five years, plans to start a private-equity unit that will invest in agriculture to exploit rising demand for food. The Cape Town-based firm plans to use its own money to buy small farms and processing companies in South Africa this year, then increase efficiency through consolidation and better management, said Murray Derksen, a director at Polar Star. It aims to raise...
(Macauhub 02/27/17)
Chinese entrepreneur Deng Xingwu plans to invest along with the Angolan group Ovaxing about US$3 million to produce maize in Benguela province, thereby creating 130 jobs, indicates the investment contract accessed by Lusa news agency. The contract was approved by order of the Agriculture Ministry and involves Ovaxing; the latter sells 49 percent of its share capital to the Chinese entrepreneur Deng Xingwu, who will also assure part of the new investment. Based in Benguela’s Ganda municipality, Ovaxing and the Chinese investor plan to cultivate and transform maize and other agricultural products in that province
(Reuters (Eng) 02/24/17)
South African drinks company Distell, which makes Savanna cider and cream liqueur Amarula, has started producing canned drinks in Angola, the company's chief executive said on Thursday. Angola is Distell's largest export market in Africa but sales have fallen sharply there as a decline in oil revenues and lower economic growth have limited the availability of foreign exchange and hit Angolan consumers. "We've just started up local production of cans in Angola and that investment will be followed up by...
(Reuters (Eng) 02/22/17)
U.S. energy company Chevron is in talks with the Angolan government and state oil firm Sonangol to revise tax terms and any future investment will hinge on those talks, a senior company official was quoted as saying on Wednesday. "Existing tax terms are not very attractive ... We have been working both with Sonangol and with various departments of the government of Angola so that we can make it feasible and we can invest. Our investment will depend on what...
(Xinhuanet 02/22/17)
Africa Energy Indaba, the continent's premier energy event, kicked off in Johannesburg on Monday with the aim of finding solutions to the continent's energy future. The three-day conference is being attended by the governments' representatives, business and funders. The meeting seeks to unleash the continent's potential by coming up with an energy mix to develop Africa. Dr. Garth Strachan, Deputy Director General and Head of Gas Industrialization Unit in South Africa's Department of Trade and Industry said the recent discoveries...
(AFP (eng) 02/15/17)
Sub-Saharan Africa, where more than a half billion people live without electricity, trails the world in government policies that promote sustainable energy, according to a new World Bank report Wednesday. Much of the rest of the world, however, has made strides toward making energy broadly available, developing renewable power sources and increasing efficiency, the inaugural Regulatory Indicators for Sustainable Energy report said. In a survey of 111 countries, the World Bank found that through 2015 nearly 80 percent had begun...
(AfricaNews 02/14/17)
Angola has taken over from Nigeria as Africa’s top oil producer, according to a report by the Organization of Petroleum-Exporting Countries (OPEC). OPEC’s Monthly Oil Market Report (MOMR) released on Monday disclosed that Angola’s current production was at 1.651 million barrels per day (bpd). Nigeria’s output on the other hand, was between 1.576 million bpd to 1.604 million bpd, in both cases the report cited secondary sources and direct communication for its latest figures. Crude oil output increased the most in Iraq, Angola and Libya, whiles production in Saudi Arabia, Nigeria and Venezuela showed the largest decline.
(Standard Digital 02/09/17)
Hundreds of business and political personalities yesterday attended a German-African economic summit in Nairobi, where German Minister for Economic Cooperation and Development Gerd Mueller talked about his “Marshall Plan” for Africa. The plan is “with Africa, not for Africa,” Mueller (pictured) said, stressing that it would be based on cooperation between equals rather than the principles of traditional development aid. The plan, which Mueller presented to the German parliament’s development committee on Wednesday, is based on fair trade conditions, investment...
(Bloomberg 02/06/17)
Prem Watsa’s Fairfax Financial Holdings Ltd. is expected to raise about $500 million for its new African investment fund, attracting less than its original goal as investor interest in the region proved weaker than anticipated, according to people familiar with the matter. The Toronto-based insurer sought to raise as much as $1 billion at $10 a share for Fairfax Africa Holdings Corp. in an initial public offering on the Toronto Stock Exchange, according to a regulatory filing in December. Fairfax...
(AFP (eng) 01/29/17)
When Portugal was suffering in the depths of the global financial crisis, Marina Pereira followed thousands of her compatriots and took a job in Angola as it rode the wave of an oil boom. But now the collapse in global crude prices has hammered the southwest African country's economy and sent Pereira and many others like her heading back to Europe. "At the start I was earning 4,200 euros ($4,500) a month working in a spa. I was housed and fed, it was paradise," the 33-year-old osteopath said. In 2012 she had moved to Luanda, capital of the former Portuguese colony, rich in oil and diamonds.
(Xinhuanet 01/28/17)
The African Union (AU) has been endeavoring to ensure robust, resilient and long-lasting economic transformation of Africa through promotion of infrastructure and energy development on the continent, noted Elham Mahmood Ibrahim, AU Commissioner for Infrastructure and Energy. Speaking at a press conference Friday ahead of the 28th AU leaders' summit here, the commissioner said the pan-African bloc has scored achievements in its flagship projects and programs on the development of energy, transport as well as in the information and communication...
(Bloomberg 01/27/17)
Barclays Africa Group Ltd. was targeted by protesters who entered one of its branches on Thursday and demanded the bank pay back money from a bailout provided to a company it bought before the end of apartheid. Demonstrators linked to the youth league of South Africa’s ruling African National Congress gathered outside the branch in Durban on South Africa’s east coast, Johannesburg-based Barclays Africa said in an e-mailed response to questions. Police ensured customers and staff were protected during the...

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