| Africatime
Tuesday 28 March 2017
(Andalou Agency 03/24/17)
Capital gains windfall comes as ENI sells gas field stake to Exxon Mobil. Italian energy company ENI will pay Mozambique's government $350 million in capital gains tax after selling part of its stake in a gas field to Exxon Mobil, it was revealed late on Tuesday. The sale concerns Area 4 of the Rovuma basin gas field, the southern African country’s Tax Authority (AT) announced. Tuesday's agreement was sealed in Mozambique’s capital Maputo after four hours of talks between the Italian oil giant and the government. The amount represents 32 percent of part of the $2.8 billion deal between ENI and Exxon Mobil for a 25 percent stake in Mozambique's offshore gas field which holds...
(Reuters (Eng) 03/23/17)
The International Monetary Fund hopes an audit into Mozambique's debt burden will be concluded in the next couple of weeks and that the government will publish the results, the head of the IMF's Africa department said on Wednesday. The fund is also looking to base any policies or programs designed for the Central African economic bloc (CEMAC) around maintaining the currency peg the six nations hold against the euro, Abebe Selassie told Reuters in an interview. Debt-ridden Mozambique, one of the world's poorest countries, is struggling to repay loans of more than $2 billion that were not approved by parliament.
(Bloomberg 03/23/17)
Mozambique said Exxon Mobil Corp.’s acquisition of a 25 percent stake in an offshore gas block from Eni SpA will generate capital gains revenue of $350 million. The government expects only to receive payment when the transaction is concluded, Anibal Balango, an official in Mozambique’s tax authority, told reporters in the capital, Maputo, on Tuesday. As a non-resident company, Eni was only eligible to pay tax on half the value of the $2.8 billion deal with Exxon. That value was...
(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,...
(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...
(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,...
(Reuters (Eng) 03/10/17)
Exxon Mobil Corp (XOM.N), the world's biggest publicly traded oil producer, has agreed to pay Italy's Eni (ENI.MI) $2.8 billion for a 25 percent stake in a giant Mozambique gas field to strengthen its position supplying rich Asian markets. Eni is currently the operator of Mozambique's Area 4 license which, with 85 trillion cubic feet of gas in place, is one of the world's largest gas discoveries in recent years. The offshore reserves - big enough to supply Germany, Britain,...
(Bloomberg 03/09/17)
Exxon Mobil Corp. said it will buy 25 percent of a project off Mozambique from Italy’s Eni SpA for about $2.8 billion as the U.S. oil giant expands in natural gas. The acquisition of the offshore Area 4 stake comes after former Exxon Chief Executive Officer Rex Tillerson -- now U.S. Secretary of State -- discussed plans to buy into Eni’s assets with Mozambique President Filipe Nyusi in July. “This strategic investment will enable Exxon Mobil’s LNG leadership and experience to support development of Mozambique’s abundant natural gas resources,” Tillerson’s successor as CEO, Darren W. Woods, said in a statement on Thursday. Exxon’s involvement could accelerate the development of one of the world’s
(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)
The China Brasil Xinnenghuan International Investment (CBSteel) company plans to invest US$1.4 billion to build a plant in Nacala to transform metallurgical coal into coking coal to export to Brazil. CBSteel’s intentions were indicated in a memorandum signed last Friday in Maputo by the permanent secretary of Mozambique’s Ministry of Industry and Commerce (MIC), Carla Soto, and the chairman of the board of China Brasil Xinnenghuan International Investment (CBSteel), Zhang Shengsheng. After signing the memorandum, Zhang said that construction of...
(Macauhub 02/27/17)
The Mavuzi and Chicamba hydroelectric plants in Mozambique’s Manica province will officially open in March, the chairman of the board of Electricidade de Moçambique (EDM), Mateus Magala, has indicated. The two projects will add 80 megawatts to current electric power supply capacity. Restoration work on the two plants, which are managed by EDM, cost the government nearly US$133 million. The Covaninga plant is also set to open in the next few months and will add 40 megawatts of power production...
(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...
(Bloomberg 02/14/17)
Mozambique’s central bank will introduce a prime lending rate in two months and immediately removed a curb on how much citizens can spend overseas using their bank cards. The introduction of the new rate on April 15 “is intended to strengthen the mechanism for the formation of interest rates on the market as a whole and to make it more transparent,” Governor Rogerio Zandamela told reporters Monday in the capital, Maputo. He removed a 700,000-metical ($9,950) annual limit on payments...
(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...
(Xinhuanet 02/01/17)
The International Fund for Agriculture Development (IFAD) pledged Tuesday to disburse 25 million U.S. dollars in 2017 to Mozambique, to be used in boosting food production in the country, particularly among small scale producers. IFAD president Kanayo Nwanze is visiting Mozambique since Monday. "IFAD is engaged to the development of the country's agriculture, particularly aquaculture, to boost the value chain in the corridors of Maputo and Limpopo," said Nwanze to an audience granted by Mozambique Prime Minister Carlos Agostinho de Rosario on Tuesday. The fund aims to increase the capacity of small scale producers for better production
(Macauhub 02/01/17)
The World Bank and the United Kingdom’s Department for International Development (DFID) will support the second phase of reconstruction of roads in the southern province of Gaza, Mozambique, a project with an estimated cost of US$170.5 million, announced the Mozambican Minister of Public Works, Housing and Water Resources. The reconstruction works cover 190 kilometres of roads damaged during the floods that ravaged the country between 2012 and 2013. The government of Mozambique will contribute US$42.5 million and the World Bank...

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