Wednesday 23 August 2017
(APA 08/22/17)
The Mozambican government has revealed plans to set up a sovereign fund for reserves needed to finance development which will benefit the economy and citizens. The Minister of Finance and Economy, Adriano Maleiane told APA in an interview Monday that the new fund, to be known as the National Development Fund (FND), will source funding from the capital gains tax paid on the sales of shares in the country’s mineral resources. "The FND is to finance good initiatives, but which need capital to begin. "This fund will be fed in the same way that other countries feed their sovereign funds and as a government, what we are arguing is that when we receive such added...
(Xinhuanet 08/22/17)
African officials on Monday called for urgent infrastructural development and regional integration to boost the continent's economy. At the Infrastructure Africa 2017 in Johannesburg, Zambian Minister of Finance Felix Mutati encouraged Africans to speedily address infrastructural deficit. "We have to inject some sense of urgency in ourselves. If we remain captured by business as usual, we are headed for disaster," said Mutati at the opening ceremony of the two-day event. "Competitiveness in Africa is being constrained by infrastructure deficit. We need about 93 billion U.S. dollars every year to address the infrastructure gap in the continent. We need to urgently implement projects," he said. Mutati said Africa has to narrow focus to innovative financing and design, better use of existing...
(Bloomberg 08/21/17)
GreenWish Partners, a renewable energy company run by a former Morgan Stanley executive, is planning to invest $800 million on solar-powered telecommunications towers across Africa. The project could fuel economic growth by providing power for essential services. Sub-Saharan Africa has the lowest rates of energy access in the world and is home to about half of the world’s 1.2 billion people without reliable electricity, according to the International Energy Agency. The problem extends to businesses as well as households, cutting...
(Agence Ecofin 08/18/17)
Port-Louis, Mauritius’ capital, plans to start exploiting 20,000 ha of agricultural lands it took since 1999 from Mozambique, local website Le Défi média group reported. The lands could not be put to use since due to accessibility issues. An obstacle that has been removed according to Mauritian High Commissioner in Mozambique. “Until recently, one had to cross the Incomati River by boat to access the site. However, about fourth months ago, the bridge promised by Mozambique’s authorities was finally built,...
(Xinhuanet 08/09/17)
The United States Trade Representative (USTR) on Wednesday affirmed the commitment of his country to Africa and saw "great potential to grow and deepen trade relationship." Robert E. Lighthizer expressed this in opening speech of the ministerial plenary as part of the 16th Forum of the Africa Growth and Opportunity Act (AGOA), on Wednesday here in Togolese capital Lome. "The United States is committed to Africa. We see great potential to grow and deepen our trade relationship, with the goal...
(Reuters (Eng) 08/08/17)
Mozambican President Filipe Nyusi and opposition leader Afonso Dhlakama met over the weekend for the first time since 2015, raising hopes of an end to violence following a disputed election three years ago. Fighters from the ruling Frelimo and Dhlakama's Renamo parties have clashed sporadically since Renamo challenged the results of the 2014 vote, though the fighting takes place mostly in the remote interior, making it difficult to gauge its scale and casualties. Nyusi and Dhlakama met at the Gorongosa mountain district, where Dhlakama has been in hiding with hundreds of fighters since 2015.
(APA 08/03/17)
The Chief Executive Officer of the flag-carrier, Linha Aereas de Mocambique (LAM), Antonio Pinto de Abreu, has died of an unspecified illness in the capital Maputo. A brief statement from the company to APA on Wednesday says Abreu died at his Maputo home late on Tuesday after a short illness. The former deputy central bank governor was born in the central city of Chimoio in 1956 and was one of the many young Mozambicans who benefited from the solidarity of...
(Xinhuanet 08/03/17)
Trade between China and Africa reached 85.3 billion U.S. dollars in H1, surging 19 percent year on year as the two sides strengthened cooperation in a wide range of areas, official data showed Thursday. The data reversed the negative growth trend since 2015, according to Gao Feng, spokesperson with the Ministry of Commerce. During January-June, Chinese imports from Africa, including minerals, agricultural products and fruits, amounted to 38.4 billion U.S. dollars, jumping 46 percent from the same period last year,...
(Bloomberg 08/02/17)
Julien Ochala can’t live without his morning cup of Joe. But not just any coffee will do. For the past five years, the 37-year-old physiology lecturer at King’s College London has visited the same store every week to grab a pack of his beloved Kenyan brew. And he’s not put off by the cost: at 37 pounds a kilogram ($22 a pound), it’s more than double a similar supermarket product. "I take Kenyan coffee every morning," said Ochala, who buys...
(APA 08/01/17)
Mozambique's economy is likely to grow by 4.6 percent this year on the back of the expected recovering of coal, aluminium and gas prices and improved farm output, the World Bank said on Tuesday. In a report on the Mozambican economy, the bank said strengthening prices for coal, aluminium and gas, a post El Niño recovery in agriculture and progress in the country’s peace talks “could steer growth to 4.6 percent in 2017 and towards 7 percent by the end...
(Bloomberg 08/01/17)
British American Tobacco Plc faces a formal probe by the U.K.’s Serious Fraud Office following reports that the maker of Dunhill cigarettes bribed African government officials to influence tobacco legislation. BAT said Tuesday it is running its own investigations, via external legal advisers, into allegations of misconduct and is cooperating with the U.K. prosecutor. A BBC report two years ago said BAT had a lobbyist arrange bribes totaling $26,000 for three public officials in Rwanda, Burundi and the Comoros Islands...
(Reuters (Eng) 07/28/17)
Barclays reported a 1.2 billion pound ($1.57 billion)attributable first half loss on Friday after taking a 2.5 billion pound hit from the sale of its Africa business and calling an end to its restructuring. The British bank said it had made a 1.4 billion pound loss on the sale of 33 percent of Barclays Africa Group, and took a further 1.1 billion pound impairment charge on the sale. Barclays in June cut its stake in Barclays Africa Group to 15...
(AfricaNews 07/27/17)
At a time when Africa is going through a difficult situation, the blue economy is emerging as a stepping stone to relaunch the continent in the right economic direction. But this type of economy is seriously threatened by “predators” who do not hesitate to plunder resources. The “cancer of illegal fishing” costs Africa about $ 1.6 million annually based on Economic Commission for Africa’s estimates. This and more on this week’s edition segment on Business on the Morning Call with...
(AFP (eng) 07/20/17)
Mozambique must fill in "critical information gaps" over $2 billion of secret government loans, the International Monetary Fund said Thursday, in a scandal that has damaged the nation's economy. At the end of a 10-day mission to Mozambique, IMF officials expressed dissatisfaction with continuing uncertainty about debts built up by state-owned companies from loans by foreign banks including Credit Suisse. A recent audit by New York-based forensic accountants Kroll concluded that $500 million of the $2 billion was still unaccounted for. "Critical information gaps remain unaddressed regarding the use...
(Reuters (Eng) 07/20/17)
JOHANNESBURG (Reuters) - Africa's major central banks are entering an easing cycle as they try to stimulate growth after months of drought, austerity drives and confidence issues across the continent, a Reuters poll found on Thursday. Much of southern and eastern Africa is still recovering after an El Niño-related drought wilted crops last year. Poor business confidence in South Africa and foreign exchange restrictions in Nigeria have also hampered growth. "We expect that African monetary policy is entering a widespread...
(Bloomberg 07/19/17)
Vodacom Group Ltd. sees the expansion of mobile-banking services into new markets in sub-Saharan Africa as a top priority following a shareholder vote to rubber stamp its purchase of a 35 percent stake in Safaricom Ltd., Kenya’s biggest company. “We will use Safaricom to enter other markets where neither Vodacom nor Safaricom are,” Chief Executive Officer Shameel Joosub said in an interview at the wireless carrier’s annual general meeting in Johannesburg on Tuesday. The two businesses have a combined 30...
(AfricaNews 07/18/17)
Japan has frozen US$100 million in donations and loans to Mozambique due to the scandal of undisclosed loans by two public companies, the head of Japan’s International Cooperation Agency (JICA) announced in Mozambique, sources say. Katsuyoshi Sudo, quoted by African Press Agency APA, said the funds will be released after the Mozambican government reaches an agreement with the International Monetary Fund (IMF), which has frozen aid to Mozambique until an audit of the loans is published. It is further reported that JICA representative also said that economic relations between Japan and
(APA 07/17/17)
Mozambique’s presidfent Filipe Nyusi has launched a new $110 million gas fired power plant station in Macarretane in the southern province of Gaza, APA can report on Monday. According to local media report, the Kuvaninga power project, which was launched on Saturday, is a public private partnership composed of Mozambican investors, with technical and financial assistance from South African partners and its construction commenced in 2014. Kuvaninga will supply 40 megawatts of electricity to the southern grid which is run...
(Xinhuanet 07/17/17)
Africa is making progress towards the establishment of a trade zone by Oct. 30 that will cover approximately half of the continent's member states. The Common Market for the Eastern and Southern Africa (COMESA) Director of Trade and Customs, Francis Mangeni, said in a commentary published in the Star Newspaper on Monday that so far 19 of the 26 countries involved have signed the agreement. "Three outstanding annexes had meant the tripartite agreement was not complete and this was advanced...
(APA 07/14/17)
The spokesperson for Mozambique National Statistics Institute (INE), Cirilo Tembe said the country's fourth national population census will have a budget of $45 million funded by the government, the World Bank, and cooperation partners, reports said on Friday. According to the official, the World Bank has allocated $25 million dollars, whilst the Mozambican government will provide 10 million dollars and the remainder will be provided by Sweden, Italy and Indonesia. Tembe, who released details of the funding during a meeting with various interested local groups late on Thursday, explained that the census will be carried out by over 96,000 agents and assured everyone that all the necessary logistical conditions...

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