28 January 2016
The government of Cabo Verde (Cape Verde) announced the creation of the Cabo Verde Tourism and Investment Agency designed to provide better conditions to attract more foreign investment, promote domestic investment, and diversify and qualify the tourism sector, which contributes 20 percent to Gross Domestic Product (GDP). Júlio Morais, former Cabo Verde Ambassador to China, who will chair the Tourism Agency said it would focus efforts and resources on the mobilisation of "adapted and innovative funding mechanisms" for small and medium-sized Cape Verdean companies.
25 January 2016
Cabo Verde (Cape Verde) will re-hire US consultancy Brown Rudni to negotiate and restructure the debts of flagship airline Transportes Aéreos de Cabo Verde (TACV). The Boston law firm provided advisory services to TACV a the end of last year to study the company's restructuring in order to "reduce costs and improve efficiency in management and operations."
20 January 2016
The sale of Banco Internacional de Cabo Verde (BICV) should be completed soon, and Portuguese bank Novo Banco has received expressions of interest from several investors, wrote Portuguese financial newspaper Diário Económico. The newspaper added that although Novo Banco, the bank that inherited the quality of assets of the bankrupt Banco Espírito Santo, is organising the process, the final say is up to the Bank of Portugal.
20 January 2016
The inflation rate in Cabo Verde (Cape Verde) in 2015 was 0.1 percent, reported the National Statistics Institute (INE) on publishing the results of the Consumer Price Index (CPI) for December 2015. INE also reported that annual inflation (December 2015/December 2014) was negative by 0.5 percent, 30 basis points below the CPI in November and the monthly change in prices was also negative by 0.2 percent.
19 January 2016
"Lack of space, lack of time, lack of staff and lack of efficiency" are the four major difficulties that need to be overcome by the Secretary for Transport and Public Works to be successful fulfil his term of office as a member of the Macau government, according to statements made to newspaper Exmoo News. Raimundo Arrais do Rosário returned to Macau in December 2014 after an absence of 15 years, during which he was head of the Macau Economic and Commercial Delegation in Lisbon and to the European Union in Brussels as well as the World Trade Organization (WTO).
18 January 2016
The single Fogo Island power station, the third in Cabo Verde (Cape Verde), was inaugurated Friday, increasing power distribution capacity on the island, reported the Cape Verdean press. The power stations gives the island new equipment, including two generating units, totalling 3,200 KW of power adding to the 2,600 KW of power from the two existing power units in the county, totalling 5,800 KW.
14 January 2016
The Sana Hotels Group (http://www.sanahotels.com) will enter the Cape Verdean hotel market with the management of the "Jasmin by Sana Hotels" 5-star hotel, the group said in a statement released Wednesday in Lisbon. The 80-room hotel in the capital city, Praia, on Santiago Island, is currently under construction and is due to open in the first half of this year.
7 January 2016
Cabo Verde (Cape Verde) savings bank Caixa Económica will buy the entire debt of Cabo Verde's flagship airlines Transportes Aéreos de Cabo Verde (TACV) from Cape Verdean banks, according to a government resolution published in the Official Gazette. Under the resolution, Caixa Económica will pay out 1.2 billion escudos (US$11.6 million) for this risk operation endorsed by the Directorate General for the Treasury, wrote Cape Verdean weekly newspaper A Semana.
7 January 2016
Cabo Verde's (Cape Verde's) first International Environment and Renewable Energy Fairr (FIAER) will take place from 11 to 13 February, under the motto "Clean Energy & Sustainable Living & Business for Africa," said the secretary general of the organising body. José Luís Neves, secretary general of the Leeward Chamber of Commerce, Industry and Services (CCISS), said it was "working hard" to carry out this fair as scheduled.
6 January 2016
5 January 2016
The introduction of the free price system in the sale of fuels in Angola has made the price of a litre of gasoline rise by 39 percent from 115 to 160 kwanzas and diesel by 80 percent from 75 to 135 kwanzas, according to a statement from state oil and gas company Sonangol. The Ministry of Finance said the introduction of free pricing for most fuel was intended to eliminate the high cost of fuel subsidies provided by the state.
4 January 2016
The sale of the Cape Verdean bank Banco Internacional de Cabo Verde, owned by Portuguese shareholders, is nearing completion, Portuguese television station TVI24 reported. The bank, which until November 2014 was called Banco Espírito Santo/Cabo Verde, became pat of Novo Banco following the resolution process of Banco Espírito Santo (BES), with orders from its shareholder "to limit business activity," according to TVI24.
4 January 2016
The unemployment allowance, newly created in Cabo Verde (Cape Verde), requires employers to pay in an additional 1.5 percent of workers' wages of workers who, in turn, contribute 0.5 percent, according to an announcement made by the Minister of Presidency of the Council of Ministers. Minister Démis Lobo Almeida, announcing the approval of a draft law establishing the unemployment benefits in the archipelago, said difference to 3 percent of wages would be borne by allowances and supplementary benefits from the National Social Security Institute (INPS ).
4 January 2016
The number of active companies in Cabo Verde (Cape Verde) in 2014 grew 1.5 percent, the number of workers rose by 3.0 percent but turnover fell by 3.4 percent against 2013, reported the National Statistics Institute. Provisional results of the Annual Survey of companies, for 2014, released on 31 December, showed that at the end of 2014 Cabo Verde had 9,185 active enterprises, an increase of 136 over 2013, employing 52,518 people (an additional 1,543).