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Cabo Verde

Cabo Verde government announces audit of flagship airline

4 May 2016
Cape Verdean flagship airline Transportes Aéreos de Cabo Verde (TACV) will be subject to a technical and financial audit, announced Tuesday in Praia the Cabo Verde (Cape Verde) Economy Minister José Gonçalves, as he presented the new members of the board. The audit aims to determine with the utmost urgency "the real economic and financial situation of the company, since the data presented does not inspire confidence and reliability in the figures and scenarios presented," the minister said, cited by Portuguese news agency Lusa.

President of Cabo Verde praises Chinese cooperation

26 April 2016
Cabo Verde's (Cape Verde's) President welcomed the cooperation between his country and China, in a message addressed to his Chinese counterpart Xi Jinping on the occasion of the 40th anniversary of bilateral cooperation, according to a statement issued by the presidency. "(Despite) combining and bringing together interests within international organisations, it is, however, in the context of bilateral relations that our two countries and their peoples have achieved huge harmony, which has translated into exemplary cooperation," said the message from Jorge Carlos Fonseca.

Cabo Verde has three of the ten best islands for holidays in 2016

26 April 2016
Three islands of the Cabo Verde (Cape Verde) archipelago - Boa Vista, Sal and Santo Antao - are on the list of the top 10 in Africa, according to a list compiled by the Trip Advisor travel website. The list headed by Mauritius, which names the best islands to visit and spend a holiday in 2016, puts Boa Vista in 5th place, followed by Sal in 6th and Santo Antao in 9th place.

Binter CV airline starts operating in Cabo Verde in June

22 April 2016
The airline Binter CV - a subsidiary of Binter Canary - is scheduled to start its inter-island operations in Cabo Verde (Cape Verde) in June, announced the president of the airline, Pedro Agustín del Castillo, in Las Palmas. Binter CV will start operating with two ATR 72 aircraft, connecting three to four islands.

Trade between China and Portuguese-speaking countries falls about 26 pct in first two months of the year

19 April 2016
Trade between China and the Portuguese-speaking countries fell 25.54 percent in the first two months of the year compared to the same period of 2015, according to statistics from China's Customs Service released by Macau Forum.

President of Cabo Verde calls for boost to economic relations with China

18 April 2016
The President of Cabo Verde (Cape Verde), Jorge Carlos Fonseca, said last Saturday in Praia, he would like the relationship between the archipelago and China in the future to focus on the areas of the economy, finance and business. "China-Cabo Verde cooperation is exemplary and has contributed to our development process," said Fonseca during the inauguration of remodelling works on the Presidential Palace, financed and built by Chinese cooperation.

Brazil’s Embraer delivers 44 jets in first quarter

15 April 2016
Brazilian aeronautical company Embraer delivered 44 jets in the first quarter of 2016, 21 for commercial aviation companies and 23 executives aircraft, the company said in a statement issued Thursday. The statement said the delivery of these 44 aircraft represented an increase of 37.5 percent over the number in the first quarter of 2015, when it delivered 32 aircraft, 20 for commercial aviation companies and 12 executive jets.

Entrepreneurs from China and the Portuguese-speaking countries to meet in 2017 in Cabo Verde

12 April 2016
The next business meeting between China and the Portuguese-speaking countries will be held in 2017 in Cabo Verde (Cape Verde), according to a proposal from the Cape Verdean Investment Agency for approved at a meeting in Bissau. The event's promoters expressed satisfaction with efforts made by the institutions involved in the organisation and implementation of this year's meeting and the high level of participation in it, according to a statement read by the meeting's Technical Office coordinator, Bruno Jauad.

Guinea-Bissau government ready to host China/CPLP meeting

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.

Cape Verdean economy expected to grow between 1.5 and 2.5 percent in 2016

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.

Cabo Verde introduces unemployment benefit

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.

GDP of Cabo Verde grows 1.5 pct in 2015

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.

EU pays for eco-tourism project in Cabo Verde

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.

Resort Group’s new hotel in Cabo Verde opens in November

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.

Market cap of Cabo Verde stock exchange exceeds 38 pct of GDP

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.

Cabo Verde government subsidises loss-making air links

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.

President of Cabo Verde airline TACV confirms redundancies

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.

Cabo Verde’s trade deficit improves in 2015

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.

Cabo Verde’s flagship airline lays off staff to attract investors

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."

Trade between China and Portuguese-speaking countries falls 18 pct in January

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).
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