Friday 24 November 2017
(Xinhuanet 11/17/17)
Sino-African relations have entered a new development stage of win-win cooperation, according to the fifth Biennial Conference of China-Africa Industrial Forum (CAIF) that opened here Thursday. Supporting Africa's industrialization and capacity cooperation are of vital importance in the next five years and Sino-African trade is likely to total 180 billion U.S. dollars in 2017, said CAIF secretary general Cheng Zhigang in the opening speech. Sino-African economic and trade cooperation has great potential, said Cheng. China has been Africa's largest trading partner since 2009. Chinese investments in Africa exceeded 100 billion dollars in 2016, about 50 times as much as in 2010. China's investments in Africa have also diversified in business areas, from construction and mining...
(AFP (eng) 11/16/17)
Isabel dos Santos, who was sacked Wednesday as Angola's state oil chief, is the eldest daughter of Angola's former president and a British-educated billionaire businesswoman dubbed the richest woman in Africa. Once viewed as a possible successor to her father Jose Eduardo dos Santos, her investments in Angola and former colonial ruler Portugal are worth about $3 billion (2.5 billion euros), according to Forbes magazine. But the decision of her father's successor President Joao Lourenco to remove her as chief executive of state oil company Sonangol marks a dramatic reversal for the woman known by her detractors as "the princess". Her abrupt removal will come as a shock to Angola's ruling elite, as she had repeatedly stated that she wanted...
(Le Point 11/16/17)
La fille de l'ex-président Eduardo dos Santos ne dirige plus la compagnie nationale pétrolière. Une décision qui intervient dans un contexte de rupture avec les anciennes pratiques du clan présidentiel. « Le mandat de PDG de Sonangol n'est pas dépendant du processus électoral […], je veux continuer. » Lorsqu'elle a prononcé ces mots il y a quelques mois, Isabel dos Santos semblait certaine de son avenir à la tête de la compagnie nationale pétrolière. C'était compter sans la volonté de...
(AFP (eng) 11/15/17)
Angolan President Joao Lourenco on Wednesday fired his predecessor's daughter from her influential post as head of the Sonangol state oil company, the presidency said in a statement. Her appointment to the oil giant last year was widely criticised as a symbol of the nepotism and corruption that flourished under Dos Santos. Lourenco swept to power as the ruling party's candidate in August elections after pledging to clean up Angola's endemic graft and revive its listless economy.
(Reuters (Eng) 11/14/17)
KIGALI (Reuters) - The global airline industry has $1.2 billion blocked in nine dollar-strapped African countries, the International Air Transport Association (IATA) said on Monday. The global commodities price crash that began in 2014 hit economies across Africa hard, particularly big resource exporters such as Angola and Nigeria. Low oil and mineral prices have reduced government revenue and caused chronic dollar shortages and immense pressure on local currencies. The fiscal slump has meant governments have not allowed foreign airlines to...
(Reuters (Eng) 10/31/17)
HARARE (Reuters) - Economic growth is expected to rise to 3.4 percent in sub-Saharan Africa next year from 2.6 percent in 2017, the IMF said in a report on Monday, but warned that rising debt and political risks in larger economies would weigh down future growth. Nigeria and South African are the biggest economies in Africa south of the Sahara, but both nations have been clouded by political uncertainty linked to the tenure of their leaders. The IMF said a...
(AFP (eng) 10/18/17)
Rent-a-room giant Airbnb said Tuesday that it had provided accommodation for 1.2 million visitors to Africa over the last year -- double the previous year as tourism expands across the continent. The website now offers more than 100,000 accommodation options in Africa, global public affairs director Chris Lehane said on a visit to Johannesburg. "It's an incredibly rich and diverse continent, an incredibly dynamic place, certainly a big part of our future," Lehane told AFP. Airbnb was founded in 2008...
(AFP (eng) 10/16/17)
Angola's new president unveiled a programme of corporate tax sweeteners on Monday intended to boost foreign investment and ease the oil-rich country's dependence on the lacklustre price of crude. "We expect to adopt tax incentives for businesses that invest in the country," President Joao Lourenco said in his first address to parliament since taking office following the August 23 vote. "Our country is in a difficult economic and financial situation due to the drop in oil prices on the international...
(APA 10/16/17)
APA-Dakar (Senegal) - The president of the African Development Bank, Akinwumi Adesina, will deliver the Norman Borlaug Lecture on Monday 16 October as part of the World Food Prize events taking place from October 16 to 20, 2017 in Des Moines, Iowa, USA. The Norman Borlaug Lecture under the title: “Betting on Africa to Feed the World”, will be held on World Food Day, October 16, in conjunction with the annual World Food Prize celebration. AfDB President Adesina will receive...
(AFP (eng) 10/10/17)
Economic growth in sub-Saharan Africa is set to accelerate to 3.4 percent next year, the International Monetary Fund said Tuesday, citing Nigeria's recovering oil and agricultural sectors. The IMF said in its latest World Economic Outlook report that the region would grow by 2.6 percent this year after 1.4 percent in 2016. "Growth is expected to rise gradually," it said, while noting that the rate would be uneven and "barely above population growth". GDP in the west African powerhouse Nigeria...
(Reuters (Eng) 10/05/17)
NAIROBI (Reuters) - Hilton Worldwide Holdings Inc. (HLT.N) plans to spend $50 million over the next five years to add 100 hotels to its chain in Africa, it said on Thursday, joining other chains keen to tap growing business and international travel on the continent. One property will open in the Kenyan capital Nairobi by the end of this year and another in the Rwandan capital Kigali in 2018, it said in a statement. There was 11 percent growth in...
(AFP (eng) 09/29/17)
Government shutdowns of the internet have cost sub-Saharan Africa about $237 million since 2015, according to a study released Friday, as authorities increasingly implement planned disruptions. At least 12 countries have had internet shutdowns, often before elections or when protests erupt, with mobile internet networks most recently suspended in Togo during opposition demonstrations. "Internet disruptions, however short-lived, undermine economic growth, disrupt the delivery of critical services, erode business confidence, and raise a country’s risk profile," the CIPESA report said. The Collaboration on International ICT Policy for East and Southern Africa (CIPESA) released its...
(Bloomberg 09/27/17)
Studio 189, a label founded by actress Rosario Dawson and fashion executive Abrima Erwiah, is reinvesting in its African roots. It’s hard enough to build a fashion brand, let alone an empire. Rare is the person who makes a mission of using fashion to build communities. Such is the case with Studio 189, a label founded by longtime friends Abrima Erwiah (formerly a marketing executive at Bottega Veneta) and Rosario Dawson (an enduring star most recently seen in Netflix’s Marvel...
(Reuters (Eng) 09/26/17)
Israel’s Elbit Systems Ltd said on Tuesday it won a contract worth $240 million to provide a wide array of defense electronic systems to an unnamed country in Africa. The contract, which will be carried out over a two-year period, is comprised of Directed Infra-red Counter Measure (DIRCM) systems to protect aircraft from shoulder fired missiles, based on passive infrared systems, and includes missile warning systems, radio and communication systems, land systems, mini-unmanned air systems and helicopters upgrade.
(Macauhub 09/25/17)
The Angolan Ministry of Finance will issue a US$1.5 billion sovereign guarantee to secure financing for the construction of the Barra do Dande port, under a presidential decree published in the country’s Oficial Gazette. The presidential decree includes the granting of rights related to the construction and operation of the port facility, a contract that will be executed by Angolan company Atlantic Ventures in partnership with the management company of the port of Luanda, according to Angolan news agency Angop...
(Voice of America 09/25/17)
African first ladies and activists hailed progress that some governments on the continent are making on gender equality. They met on the sidelines of the United Nations General Assembly in New York. “We used to have 23 percent female representation in parliament but, with the stroke of a pen it went up to 48 percent. So, we managed to double our female representation with that decision,” said Namibia’s first lady Monica Geingos at a roundtable invitation-only event co-hosted by the...
(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...
(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...
(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,...

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