16 November 2016
The government of Cabo Verde (Cape Verde) plans to speed up the privatisation programme, "for the private sector to play a more decisive role in developing the country," the country's Finance Minister said on Sunday in Praia at the opening of a series of seminars on privatisation and Public-Private Partnerships (PPP).
15 November 2016
The Prime Minister of Cabo Verde (Cape Verde) on Monday admitted the possibility of dissolution of the country's flagship airline, Transportes Aereos de Cabo Verde (TACV), but gave assurances that the government will do everything to avoid this scenario, reported the Cape Verdean press. Ulisses Correia da Silva said the "company's health is complicated" and the government was working with the World Bank to find a strategic partner for TACV so it "can continue to fly."
14 November 2016
14 November 2016
The government of Cabo Verde (Cape Verde) plans to conduct a study on tax competitiveness in 2017, a document that will serve as a guide for the next steps to reduce rates of tax, the country's Finance Minister announced Friday in Praia. Minister Olavo Correia told businessmen from the archipelago's Leeward islands at a meeting to discuss the 2017 state budget proposal that the study is intended to "create a more competitive tax environment, a more tax efficient machine that is more capable of serving the state, businesses and citizens."
10 November 2016
The Budget Support Group (BSG) urged Cabo Verde (Cape Verde) to settle "quickly the unsustainable financial situation" of public air transport and housing companies, saying that delays in restructuring represent "a big risk" to the economy, according to a statement published on Wednesday in Praia. The statement from the BSG, whose members are the African Development Bank, World Bank, Luxembourg, Portugal and the European Union, was read at the end of the second annual assessment mission to Cabo Verde made by that body, which ended on Wednesday.
8 November 2016
The government of Cabo Verde (Cape Verde) is expected to present concrete solutions for flagship airline TACV in the first quarter of 2017, said Monday in Praia the Minister of Economy and Employment, quoted by news agency Inforpress. José Gonçalves confirmed there would be redundancies in the company, "which is going through difficult times and it has been kept in operation by the National Treasury through large monthly transfers," but declined to say how many workers will be laid off.
7 November 2016
Cristina Morais term as coordinator of the Support Office to the Permanent Secretariat of the Forum for Economic and Trade Cooperation between China and Portuguese Speaking Countries ended on 2 November, according to an order of the Macau Secretary for Economy and Finance. The order from Secretary Leong Vai Tac appoints Cristina Morais for a period of one year to the post of head of the Department of External Economic Relations of the Macau Economic Office, with effect from 3 November.
4 November 2016
Spanish group Meliá Hotels International will reinforce its presence in Cabo Verde (Cape Verde) with the addition of a tourist resort with three new 4-and 5-star hotels and a total of 600 rooms on the island of Santiago, the group announced in a statement issued on Wednesday in Palma, Mallorca. The resort will feature the Meliá Lusofonia Resort & Spa, Meliá Lusofonia and Meliá Lusofonia Residences with 320, 150 and 130 rooms respectively, which should become operational between 2019 and 2020 as soon as construction is completed.
3 November 2016
The central bank of Cabo Verde (Cape Verde) has revised its forecast for the growth of the country's economy in 2016 upwards, as well as economic growth in the range between 3% and 4% in 2017, according to a recently released report. The Cabo Verde Central Bank Monetary Policy Report for October 2016 now shows the country's economy will grow faster this year compared to the forecasts in the March report, which expected an increase of between 1.5% and 2.5%.
1 November 2016
TAAG Angola Airlines will have to suspend flights between Luanda and Praia, Cabo Verde, if it does not receive incentives or subsidies to keep the loss-making route operational, says Peter Hill, the airline’s Emirates-appointed British executive chairman. Hill told the Angolan newspaper Valor Económico that the Cabo Verde connection is one of TAAG’s least profitable routes, “costing the company USD 2.5 million per year to transport an average of only 20 persons per flight, a luxury we cannot afford.”
28 October 2016
Trade between China and Portuguese-speaking countries fell 11.22% in the first eight months of the year compared to the same period of 2015, according to figures from the Chinese Customs Services, released by the Forum for Economic and Trade Cooperation between China and the Portuguese-speaking Countries (Macau Forum). According to official statistics the trade between China and Portuguese-speaking countries in the first eight months of the year reached US$60.23 billion.
28 October 2016
The Cape Verdean economy should grow 3.6% this year according to an analysis by the International Monetary Fund (IMF) estimating GDP growth of around 4% in 2017. Among the African Countries with Portuguese as an Official Language (PALOP) growth is expected to average 1.3%, a figure that reflects the strong recession underway in Equatorial Guinea.
27 October 2016
Angola is among the top 10 countries where it is more difficult to do business, according to the World Bank Group "Doing Business 2017- Equal Opportunities for All" report, which assesses 190 countries. The World Bank report concludes that 137 countries have undertaken reforms to improve the business climate in 2015/16, 20% more than last year.
21 October 2016
Spanish company Atunlo said it had opened a tuna processing plant in the city of Mindelo on the island of São Vicente in Cabo Verde (Cape Verde). The factory was inaugurated by partner José Antonio Pernas, attended by the Prime Minister of Cabo Verde, José Maria das Neves, according to the Faro de Vigo newspaper.
19 October 2016
19 October 2016
The trade deficit of Cabo Verde (Cape Verde) recorded an increase of 11.3% from January to September, to 43.548 billion escudos, against 39.138 billion escudos in the same period of 2015, according to the archipelago's National Statistics Institute (INE). INE also reported that the deficit was the result of national exports (not including re-exports) falling 2.1% to 4.426 billion escudos and imports in the same period increasing 9.9% to 47.974 billion escudos.
13 October 2016
13 October 2016
Standard & Poor's (S&P) has kept Cabo Verde's (Cape Verde's) credit rating at "B", both in the short and long term, but improved the outlook from negative to stable, according to a statement released Wednesday. S&P said in the document that the "stable" outlook reflects the view that economic growth will accelerate, reducing the fiscal and external deficits and that Cabo Verde will continue to benefit from the support of the largest creditors combined with political stability.
12 October 2016
12 October 2016
The headquarters of the US$1 billion fund for investment in Portuguese-speaking countries announced by China in 2013 will be transferred from Beijing to Macau to facilitate contact with potential interested parties, the President of the Fund said on Wednesday in Macau. The information was provided to Portuguese news agency Lusa by the president of the Fund for Development Cooperation between China and the Portuguese-speaking Countries, Chi Jianxin, on the sidelines of the Conference of Financial Area Businesspeople and Officials that was part of the 5th Ministerial Conference of the Forum for Economic and Trade Cooperation between China and the Portuguese-speaking Countries (Forum Macau), which ends on Wednesday.