5 April 2016
Guinea-Bissau will receive 150 official and business delegations for a meeting in Bissau of businesspeople from China and the Community of Portuguese-speaking Countries, the coordinator of the meeting's technical office said recently. Giving an update on preparations for the meeting, coordinator Bruno Jauad gave assurances that "everything is ready" to welcome the delegations to Bissau on 9, 10 and 11 April.
5 April 2016
Cabo Verde's (Cape Verde's) gross domestic product (GDP) is expected to post real growth of between 1.5 and 2,5 percent in 2016, according to macroeconomic projection by the Bank of Cabo Verde. The latest Monetary Policy Report published by the central bank said that projections of lower economic growth, compared to December, was the result of recent national and international macro-financial developments.
5 April 2016
The law to introduce unemployment benefit in Cabo Verde (Cape Verde), which will be managed by the National Social Security Institute (INPS), came into effect on Monday, the archipelago's press reported. The executive director of INPS, Elias Monteiro, told weekly newspaper A Semana, that funding for unemployment benefit would be provided by companies and by employee payments, which would be 3 percent of total salary.
1 April 2016
The cumulative growth rate for the four quarters of 2015 point to growth of 1.5 percent of Gross Domestic Product (GDP) for Cabo Verde (Cape Verde), the West African archipelago's National Statistics Institute (INE) said Thursday. According to the Quarterly National Accounts disclosure sheet for the last three months of 2015, Cabo Verde's GDP saw annual growth of 1.3 percent in the first quarter, 0.2 percent in the second quarter, 1.0 percent in the third and 3.2 percent in the fourth quarter.
30 March 2016
The European Union (EU) has disbursed the first tranche to finance the "ecotourism project in the Salinas natural pool," of the city of São Filipe, Cabo Verde (Cape Verde), said the head of the implementing agency. David Marques, head of the nongovernmental organization Esdime of Ferreira do Alentejo, Portugal, said that this first tranche of 39 million escudos (350,000 euros) will be applied in the renewal of the surrounding area of the seaside resort of Salinas, to make it more attractive to tourists.
24 March 2016
The new hotel of the Resort Group (https://www.theresortgroupplc.com/) that is being built on the island of Sal, Cabo Verde (Cape Verde) - the Llana Beach Hotel - will be ready in November, Cape Verdean newspaper Expresso das Ilhas reported. The project, costing an estimated 80 million euros, covers an area of almost 75,000 square metres and will offer its guests 600 suites, seven swimming pools, night clubs, five restaurants, meeting rooms and water sports, amongst other facilities.
21 March 2016
The capitalisation of the Cabo Verde (Cape Verde) Stock Exchange has exceeded 62.466 billion escudos (US$638 million), an annual increase of 5.6 percent, and now represents 38 percent of the country's gross domestic product, according to a report produced by the Stock Exchange. The Extensive Operations Report of the Cabo Verde Stock Exchange for 2015 said that although there was a slight decrease in the number of securities listed in 2015 operations in the primary market grew 20.8 percent year on year, reaching a value of 15.558 billion escudos.
18 March 2016
The Cabo Verde (Cape Verde) government will subsidise domestic air routes that make a loss because they have a small number of passengers and are therefore not cost effective, according to a resolution recently published in the country's Official Gazette. The resolution states that, despite these routes having low traffic density, "they are considered vital for the economic and social development of Cabo Verde", after taking into account public interest, the possibility of using other means of transport and their ability to meet needs.
10 March 2016
The staff of Cabo Verde's (Cape Verde's) flagship airline TACV will be reduced by more than 100 workers through early retirements, voluntary redundancies and even dismissals, the president of the carrier said. João Pereira da Silva, cited by Cape Verdean weekly newspaper A Semana, said there is an ongoing restructuring process "someday it had to reach the staff" but noted that he could not say if the cut backs would affect 110 or 120 workers.
8 March 2016
The trade deficit of Cabo Verde (Cape Verde) recorded a 7.0 percent improvement in 2015 when it stood at 53.413 billion escudos, according to provisional data released Monday by the National Statistics Institute (INE). A summary of the main results of the development of foreign trade also said that, besides the trade deficit, exports and imports decreased by value and percentage against 2014, with the rate of coverage of imports by exports improving by 0.7 percentage points to 11.1 percent.
8 March 2016
Cabo Verde's (Cape Verde's) flagship air carrier TACV plans to lay off a quarter of its staff in order to reduce debt and make the company more attractive to potential investors, said Monday the chief executive of TACV said Monday . João Pereira Silva told Reuters the restructuring plan to be implemented required elimination of 120 jobs out of a total of 510, a measure intended to "reduce the size of the team to make the company more profitable."
7 March 2016
China and the eight Portuguese-speaking countries began 2016 with a year on year fall of 18.69 percent in trade in January, which totalled US$6.158 billion, according to Chinese official figures published in Macau. Trade with Brazil totaled US$4.419 billion (-20.61 percent), with China exporting goods worth US$1.682 million (-17.89 percent) and importing goods worth US$2.737 billion (-22.19 percent).
4 March 2016
A consortium from Dubai will invest about US$70 million in construction of a hotel complex on the island of Fogo, Cabo Verde (Cape Verde), called "Aloe Vera Resort & Spa," reported Cape Verdean weekly newspaper A Semana. The consortium members are investors from Austria, Germany, Italy and the United Arab Emirates (UAE) that Sunday concluded a five-day visit to Cabo Verde and the island of Fogo, during which they presented the project to the municipal authorities.
4 March 2016
Cabo Verde (Cape Verde) in 2015 had 226 hotel units in operation, representing a year on year fall of 1.3 percent, reported the National Statistics Institute (INE) of the archipelago. INE, which Thursday released the results of its annual hotel sector inventory, also said that the hotel units in operation had an accommodation capacity of 10,626 rooms, 18,055 beds and 22,954 places, which represented decreases of 2.0 percent, 0.7 percent and 0.9 percent, respectively compared to 2014.
2 March 2016
The value of trade between China and the Portuguese-speaking countries fell by 25.73 percent in 2015 to US$98.474 billion, a real loss of US$34.106 billion, according to official Chinese figures. The only positive changes in the value of trade occurred in Timor Leste (East Timor - US$106.67 million or +76.48 percent) and Sao Tome and Principe (US$7,9 million or +37.99 percent).
1 March 2016
The government of Cabo Verde (Cape Verde) and the United Nations signed the annual work plan for 2016, estimated to cost over US$19.4 million, at a ceremony held Monday in Praia, the capital of the archipelago. The plan, which was signed by the Minister of Foreign Affairs, Jorge Tolentino and the resident coordinator of the United Nations, Ulrika Richardson, intends to follow up the priorities identified in the cooperation strategy of the United Nations with Cabo Verde for the 2012-2017 period.
29 February 2016
The government of Cabo Verde (Cape Verde) has named the first team to lead the country's Gaming Bureau (IGJ), under an order of the Ministry of Tourism, Investment and Business Development, published in the Official Bulletin. The Inspector General was named as José Augusto Cardoso Monteiro, who was part of the framework of the Directorate General of Tourism, and the Assistant Inspector General, Carlos Miguel Teixeira, of the General Inspectorate of Economic Activities.
29 February 2016
The government of Cabo Verde (Cape Verde) has approved taking on a loan of 26 million euros to be granted by the French Development Agency to finance the modernisation works of the power plant of Palmeira, on Sal Island, reported Cape Verdean weekly newspaper A Semana. The loan provided by the French Development Agency (Agence Française de Développement, AFD) will be paid back over a period of 15 years, after a five-year grace period, in 30 consecutive half-yearly installments.
26 February 2016
The Bank of Cabo Verde (BCV) has rejected the purchase of 100 percent of the capital of Banco Internacional de Cabo Verde (BICV) by Groupe Norwich, according to a statement released Thursday in Praia. The basis for the refusal is "the lack of information" about the group owned by Portuguese businessman Jose Veiga, whom the Bank of Cabo Verde had already denied an application for the establishment of a bank "of a similar nature due to not meeting legal requirements."
23 February 2016
Cabo Verde's (Cape Verde) travel agencies will be audited in the first phase of an operation launched Monday in Praia by the Central Tourist Authority (ATC), the ATC said in a statement. This first phase, which for two months will cover more than 100 travel agencies in nine islands of the archipelago, will be succeeded by another which will focus on hotel establishments and other tourism operators.