6 January 2017
The yield on Portugal's public debt on Thursday rose to over 4.0%, the highest since February 2016 and the ceiling set by the DBRS agency to stop the debt being rated as "junk," according to data released by financial news agency Bloomberg. The agency wrote that the yield on 10-year Treasury Bonds traded on the secondary debt market reached 4.014%, thus exceeding the limit set by DBRS that allows the European Central Bank to continue to buy Portuguese government debt.
6 January 2017
The Lone Star investment fund is the best positioned candidate to buy Portuguese bank Novo Banco and will move to the next phase of negotiations, the last stage of the sale process of the bank that inherited the quality assets of the bankrupt Banco Espírito Santo, the Bank of Portugal said. In this second attempt to sell, investors from the Apollo/Centerbridge consortium have not be completely set aside, but they will only have a chance to buy Novo Banco if negotiations with Lone Star fail.
5 January 2017
The Angolan subsidiary of Portuguese construction group Mota-Engil has been awarded a project worth 178 million euros to repair one of the main roads in Luanda province, according to a presidential order. The work awarded to Mota-Engil Engenharia e Construção África to repair the Via Expressa/Camama/Avenida Pedro de Castro Van-Dunem Loy road includes micro and macro-drainage works, as well as building a roundabout.
4 January 2017
The Bank of Portugal is due on Wednesday to announce the winner, if any, of the tender to buy Novo Banco, the bank that inherited the healthy assets of the bankrupt Banco Espírito Santo, according to the Portuguese press. Financial daily Jornal de Negocios reported that China Minsheng Investment had lost out for not submitting the necessary guarantees in due time, and Novo Banco is now being disputed by the Apollo/Centerbridge consortium and US fund Lone Star.
3 January 2017
The Mozambique Tax Authority (AT) raised 173 billion meticais (US$2.395 billion) in taxes in 2016, more than the 165 billion patacas it expected, said the president of the institution, cited by the Mozambican press. Amelia Nakhare stressed that tax revenues have exceeded the initially planned amount, "in another year marked by business closures and a deep economic and financial crisis."
30 December 2016
The Special Exhibition of Food Products from Portuguese Speaking Countries will remain open until 30 June, 2017 in order to allow more people and traders to get to know those products, said the Macau Trade and Investment Promotion Institute (IPIM), the exhibition's organiser. The Special Exhibition of Food Products from Portuguese Speaking Countries includes a variety of wines, canned foods, processed foods, spices, coffee, tea, milk, juices and other food products especially selected from Angola, Brazil, Cabo Verde (Cape Verde), Guinea-Bissau, Mozambique, Portugal and Timor-Leste (East Timor).
28 December 2016
23 December 2016
Azores Airlines, a subsidiary of Portugal’s SATA group, will begin flying connections to Cabo Verde and Barcelona in the 2017 IATA summer season (April to October), the group’s CEO Paulo Menezes announced. The operation will use company aircraft, similar to what was done in the summer of 2016, Menezes said while presenting the summer 2017 operational plan along with new Azores Airline products.
22 December 2016
Portugal’s Galp Energia group has approved the plan for investment in the Coral South project in area 4 of Mozambique’s Rovuma Basin, indicates a statement released by the Securities Market Commission. The approval is “a significant step toward making the final decision on investment in the project, which besides requiring conclusion and signing of all associated documents also depends on the project’s approval by the other consortium partners, completion of the project’s financing and approval of conditions concerning financing of the respective stake of Empresa Nacional de Hidrocarbonetos (ENH) on behalf of the Mozambican government.”
19 December 2016
The sale of Cape Verdean shipyard company Cabnave is far from being completed, wrote Cape Verdean newspaper Expresso das Ilhas, which noted that Portuguese group ETE had made the best financial offer for the company's privatisation tender. The Portuguese group recently announced it had qualified "first in the international public tender for the privatisation of Cabnave, shipyards on the island of Sao Vicente in Cabo Verde, and the next step is financial negotiations and the final terms of the 30-year concession contract."
19 December 2016
The fourth summit of heads of government of Portugal and Cabo Verde (Cape Verde) takes place on 20 February in Praia announced last week the Cape Verdean Minister of Foreign Affairs, Luís Filipe Tavares. The minister, who was speaking to journalists in the capital, said that the documents for the summit, during which the 2016-2020 Strategic Cooperation Programme will be signed "are finalised."
13 December 2016
Officials from Mozambique and Portugal met in Maputo to study ways to encourage partnerships between entrepreneurs from the two countries in the agro-industrial sector. They attended a meeting organised by the Portuguese Embassy of Portugal along with Mozambican leaders and Portuguese staff from Portugal's Agency for Investment and Foreign Trade (AICEP) and the Mozambique-Portugal Chamber of Commerce, according to the press.
12 December 2016
The Macau Secretary for the Economy and Finance, Leong Vai Tac, said on Sunday that Macau wants to strengthen its economic relations with Portugal to enhance the role of the territory as a platform for relations between China and the Portuguese-speaking countries. During a recent visit to Portugal, Leong Vai Tac met with the Secretaries of State for Industry, Commerce, Environmental Protection, Energy and Internationalisation,with whom he discussed how to put into practice broader cooperation using the mechanisms created to boost relations between China and the Portuguese-speaking countries.
9 December 2016
7 December 2016
The Bank of Mozambique will appoint a committee to lead the process of capitalisation or sale of troubled bank Moza as soon as the report that was commissioned from KPMG is delivered, the central bank said in a statement issued on Tuesday in Maputo. The committee will be responsible for analysing the diagnostic report and independent review of the financial statements of Moza, as at 30 September, 2016, prepared by KPMG in collaboration with the Financial Department of the bank, which will then be sent to shareholders.
6 December 2016
The sale of Portugal's Novo Banco, the bank that inherited the healthy assets of the bankrupt Banco Espírito Santo, should be completed by the end of the year, with the Bank of Portugal announcing which of two candidates has been selected, according to the Portuguese press. The two applicants to buy the bank are US investment fund Lone Star Funds and the China Minsheng Financial Group, which according to daily newspaper Público has put forward a more interesting proposal.
5 December 2016
Mozambican company Agro-indústria e Comércio, Lda. (Agripec) plans to invest US$1.4 million in a project to breed crocodiles to use their skins, said the managing partner, Manuel Guimarães, quoted by news agency AIM. The announced investment is intended to finance the construction of a slaughterhouse in Beira and a crocodile skin tanning unit, with individual tanks for crocodiles, a hatchery and fattening and growing tanks in Chemba, one of the districts in the province.
5 December 2016
24 November 2016
The decision on the sale of a portion of 2% of Angolan bank Banco de Fomento Angola (BFA) by Portugal's Banco BPI to Angolan telecommunications company Unitel was postponed until 13 December, according to a proposal by majority shareholder, CaixaBank approved during the General Shareholders' Meeting held on Wednesdayin the city of Porto. CaixaBank asked for that item on the agenda to be suspended arguing that conditions were not in place and that the European Central Bank had yet to authorise the sale in order to reduce exposure to Angola.
23 November 2016
The Mozambican government's oil and gas company ENH will have to pay US$800 million for its share of 10% in the natural gas exploration project in area 4 of the Rovuma Basin, the company said in a statement issued in Maputo. The statement said that the board of directors approved the investment plan for the Coral Sul project, which will require an investment by all partners of US$8 billion for natural gas extraction and liquefaction using a floating platform at sea.