| Africatime
Saturday 29 April 2017
(Macauhub 04/28/17)
A magnetite transport train that has been tested on the Ressano Garcia railway since 1 April has made it possible to reduce the number of trucks that arrive daily at the port of Maputo, said Mozambique’s Minister of Transport and Communications. The train, consisting of 75 wagons of 60 tonnes each, carrying 4,500 tonnes of magnetite per trip “is not only contributing to reducing congestion of National Road Number Four (EN4), but also improves the logistics chain,” said minister Carlos Mesquita. The introduction of this train, which links South Africa to the port of Maputo, along the Ressano Garcia line, has, so far, reduced the number of trucks on the EN4 by at least 140...
(Business Day Ghana 04/27/17)
There are currently 960 million mobile subscriptions across Africa – an 80 percent penetration rate among the continent’s population. Internet penetration is at 18 percent with 216 million internet users, according to the latest Jumia mobile trend report for Africa. The 2017 edition of the African Mobile Trends Paper is the third white paper presentation from Jumia delving into mobile trends across Africa and specifically Nigeria. The study takes a look at the how the market has democratised mobile internet use, the consumer behaviours driving increased smartphone adoption and the role of mobile brands, mobile operators and m-commerce in creating a synergy of an enhanced customer experience. This year’s Mobile Africa Study was carried out in 15 African countries which...
(AFP (eng) 04/26/17)
A squad of Mozambican forest rangers made their first arrest just minutes after arriving at a checkpoint near the northern port city of Pemba. Nicolau Moises, the forestry department chief in Cabo Delgado province, one of Mozambique's top timber-producing regions, quickly seized a truck piled high with freshly-cut bamboo stalks. The driver of the vehicle was accused of breaking an annual 90-day ban on logging -- just one tactic in Mozambique's battle against deforestation. That moratorium has been extended a further three months. Tropical forests cover more than half of the southern African country's landmass but China's insatiable appetite for rare types of wood to feed its furniture industry
(Xinhuanet 04/26/17)
The Belt and Road (B&R) Initiative is a golden opportunity to bring about regional integration and sustainable economic growth for Africa, said Berhane Gebre-Christos, special envoy of the Ethiopian Prime Minister, on Tuesday. The special envoy made the remarks at the opening of a seminar organized on the B&R Initiative in Ethiopia's capital Addis Ababa. Welcoming the initiative, the special envoy said he is looking forward to the expected effects of the initiative. "The B&R is a project that will...
(Bloomberg 04/20/17)
WorldRemit Ltd., a British money-transfer operator, sees revenue from transactions involving Africans doubling by 2020 as more people on the continent access mobile-payment platforms and expatriates send cash home. The seven-year-old company, in which Facebook Inc.-backer Accel Partners LP invested $40 million in 2014, will this year open a regional office in South Africa, its largest market on the continent in terms of money-transfer value, founder and Chief Executive Officer Ismail Ahmed said in an interview. Another site will start...
(AFP (eng) 04/18/17)
The International Monetary Fund on Tuesday forecast 2.6 percent growth in sub-Saharan Africa this year, aided by a modest recovery in large economies South Africa, Nigeria and Angola. "Growth is projected to rise to 2.6 percent in 2017 and 3.5 percent in 2018, largely driven by specific factors in the largest economies, which faced challenging macroeconomic conditions in 2016," the IMF said its latest World Economic Outlook report. A slump in commodity price in 2016 and devastating drought had affected...
(Xinhuanet 04/18/17)
Africa's diaspora is playing a big role in the economic transformation of the continent, the UN said on Tuesday. UN Population Fund (UNFPA) Regional Director Dr Julitta Onabanjo told Xinhua in Nairobi that remittances are important source of income for many African families. "The diaspora therefore complements government efforts to lift many families out of poverty," Onabanjo said on the sidelines of the First Africa-China Conference on Population and Development. Onabanjo said that Africans in the diaspora also bring back...
(Reuters (Eng) 04/07/17)
Access to off-grid solar energy in rural areas of Africa goes beyond lighting up homes - it also enables people to connect to the wider world and boosts their economic prospects, said the head of one of the continent's biggest solar companies. Azuri Technologies' entry level solar system - for which customers pay a one-off installation fee, then use scratch cards or mobile phone payments to top up on a weekly or monthly basis - provides eight hours of lighting...
(Financial Times 04/04/17)
Countries should develop policies to attract labour-intensive production leaving China. China’s initial wave of investments in Africa focused on natural resource extraction. Their demand for metals and energy was so large that it actually boosted global commodity prices overall, which in turn accelerated growth across the African continent. These times of China propping up global commodity prices are now over, as it has built up excess capacity in many sectors and now faces slow investment growth. This lower demand has...
(APA 03/31/17)
Mozambique’s largest commercial bank, the Millennium-BIM says it has posted $75 million in profit in the 2016 financial year. A statement from the bank to APA on Thursday claims the bank’s credit portfolio grew by 19.7 percent, reaching 84.4 billion meticais. The financing of companies during the year under review was 68.4 billion meticais, an increase of 25.6 percent on the 2015 figure, it reveals. During the year, the bank paid the Mozambican state about 3.7 billion meticais in tax...
(AFP (eng) 03/29/17)
The stakes are high in Montepuez where the discovery of rubies has led to violence among miners that has turned the northern town into what some describe as Mozambique's own version of the Wild West. Discovery of the red gemstone in 2009 sparked a "ruby rush", with thousands of miners arriving to seek their fortune, but often finding only grim conditions, conflict and danger. "We have a lot of foreigners who come from a lot of countries to look for...
(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...
(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

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