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Sat,18Nov2017

Angola

Nestle scales back Africa workforce

Swiss food and drinks company Nestle is cutting 15 percent of its workforce in 21 African countries, the company confirmed on Wednesday.

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Oil and Gas: Oil prices on the rise

Photo©ReutersCrude oil prices rose on Tuesday due to firm demand after dipping in earlier trade on expectations that OPEC would not cut output at its meeting this week.

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Angola's investment in farming land in Caxito pays off for banana farmers

Photo@ReutersbananasBanana plantations are thriving again in the tropical plains of Caxito in Angola and the country has been able to stop importing the fruit.

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Zimbabwe to sell wild animals to Angola

Zimbabwe plans to export more wild animals to Angola despite widespread criticism for similar deals with China and the United Arab Emirates.

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Angola to end petrol subsidies as oil drop bites

Angola will end petrol subsidies and increase the price of other fuels, the finance ministry said, after last year's plunge in global oil prices hammered the finances of Africa's second largest crude exporter.

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Oil and Gas: Oil and Luanda's best-laid plans

File photo©ReutersThe Angolan government has had to slash its spending by 25% but claims its infrastructure plans remain intact.

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Finance: Cash, oil and blood

The Niger Delta, whose former activists are now hand in glove with the polluting oil companies. Photo©Tife Owolabi/ReutersIn the wake of reports revealing the extent of illicit financial flows that prop up parasitical governments and rob Africans of their future, campaigners try to find ways to fight the scourge.

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Oil & Gas: Lower prices to hurt Africa's oil producers

Lower oil prices will reduce growth in sub-Saharan Africa's major petroleum producing countries and push governments to implement significant policy adjustments, the International Monetary Fund said on Tuesday.

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Black market hawkers cash in on African oil producers' currency woes

Photo©ReutersFew Nigerians are applauding the collapse of oil prices, which has hit the economy of Africa's top crude producer hard and hammered its currency, the naira.

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Angola likely to devalue kwanza currency this year

Angola's central bank will probably have to devalue the kwanza and raise interest rates this year as a sharp drop in oil prices saps foreign exchange supply, the Angolan unit of Africa-focused investment bank Imara said on Monday.

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Angola hopes to turn around falling oil and gas output

Photo©ReutersAngola plans to increase its oil production by 20 percent by next year after suffering a "very difficult" 2014 as costs soared, prices slumped and technical problems hit output, the state oil company Sonangol said.

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Angola passes reduced $51 bn budget after oil price drop

Angola's parliament has passed a revised 5.4 trillion kwanza ($51 billion) 2015 budget, cutting spending by 1.8 trillion kwanza from its original plans due to a drop in oil prices, the state news agency said.

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Angola's economy set to slow as oil prices collapse

Angola's oil-dependent economy is set to slow this year, key infrastructure projects will be shelved and swathes of social spending are facing the chop as a global crude price slump takes its toll on Africa's second-biggest producer.

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Oil may spring back up, above $70 next year

Arab OPEC producers expect global oil prices to rebound to between $70 and $80 a barrel by the end of next year as a global economic recovery revives demand, OPEC delegates said this week in the first indication of where the group expects oil markets to stabilise in the medium term.

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Nowhere to go but up for Angola's car-loving classes

While some fill the tanks of their luxury, imported cars, others wait to fill their jerry cans. Photo/Photo12AlamyAngola's oil-backed economic growth has stimulated the emergence of a middle class and a buoyant consumer culture, reflected in automobile sales.

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Angola seeks to use oil to break away from oil

Plans in the pipeline include developing agriculture and telecoms. Photo©John Warden/Getty ImagesWhile the country's oil industry is slowing down it will finance the diversification of the economy.

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Angola sovereign fund allocates $1.6bn to Africa projects

Jose Filomeno dos Santos, chairman of Fundo Soberano de Angola (FSDEA)/ Photo©ScreenShotOil-rich Angola's sovereign wealth fund has set aside $1.6 billion to back infrastructure and hotel projects across sub-Saharan Africa, though falling energy prices could slow future flows of new money into its coffers.

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Can Angola's elite transform itself?

Even in the times of 'Africa rising,' few of the continent's states have exuded the self-confidence of Angola. 

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Angola's diplomatic dancing

Presidents Dos Santos and Zuma are not always in step. Photo©ELMOND JIYANE/ANGOLA GOVERNMENT/AFPPresident Santos left the diplomatic footwork at the UN General Assembly in September to deputy Manuel Vicente. Leader of his country's delegation, vice-president Vicente made the case for Angola's election to the Security Council by setting out an increasingly ambitious foreign policy.

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Angola: Isabel dos Santos' bid price for Portugal Telecom remains unchanged

Photo©ReutersA takeover offer of 1.35 euros a share for Portugal Telecom by Angolan entrepreneur Isabel dos Santos will be maintained. And despite the stock's 25 percent rise since her bid almost three weeks ago, dos Santos consider's it a fair deal.

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