Angola: Latest News
Kurt Davis Jr., 10:11 am AFKI Original
It is the end of the year, a time when companies close the books and forecast 2017. As African governments roll out 2017 budgets or budget adjustments, it’s an ideal time to take an early look at the two gigantic problem countries — sub-Saharan Africa’s second- and third-largest economies. A sustained low oil price could all but doom these African budgets and burden their economies. Will debt markets be willing to service Nigeria? President dos Santos said he is prepared to step down — not bad timing. Angola may be the giant taking the hardest punches.
Kevin Mwanza, 7:14 am
Angolan President Jose Eduardo dos Santos, the second-longest serving president in Africa, has said he will not stand for re-election when Angola holds its presidential poll next year, according to a document by the ruling party, Popular Movement for the Liberation of Angola (MPLA). Dos Santos, who has led Africa’s biggest oil producer since 1979, had previously hinted at resigning from politics in 2018.
Staff, 12:02 am
One aspect of U.S. military operations in Africa that remains vastly under-covered and unappreciated is the role of private military and security contractors. Private military and security contractors are the U.S. military’s American Express card. It dare not deploy overseas without them. This is nowhere truer than in Africa. It is fitting that modern private military and security contractors should be operating in Africa. After all, Africa gave rise to much of the industry. The pioneer in the field was the South Africa-based Executive Outcomes, which shut down in 1998.
Kevin Mwanza, 9:11 am AFKI Original
Fidel Castro was a revolutionary leader and president of Cuba from January 1959 to February 2008 when he formally ceded power to his younger brother, Raul Castro, due to his ailing health. During his stay in power, Castro enjoyed good relations with African leaders and liberation activists such as the late Kwame Nkrumah of Ghana, Nelson Mandela of South Africa, Julius Nyerere of Tanzania and Augustinho Neto of Angola.
Dana Sanchez, 7:13 pm AFKI Original
Angolan attorney Zandre Campos quit his job with Sonangol, Angola’s giant state-run oil company, to start a private international investment firm. He wants to bring the best of the world to Africa. “We want to participate in the future of this continent. We’re talking about international standards,” he told AFKInsider. His latest investment is his company’s first in the U.S. He’s investing in U.S. technology. “Most of our investors are local Angolans — young guys like us,” Campos said.
Dana Sanchez, 5:24 pm
Fidel Castro was no angel. He ran Cuba with “a strong arm and dodgy economic policies,” but for many in Africa, the Cuban leader was a friend in need. Castro is credited with helping pit Russia against the U.S. in a war in Angola that brought about the beginning of the end of apartheid. It wasn’t just about independence from colonialists but also from the perceived injustices of capitalism. “I find capitalism repugnant. It is filthy, it is gross, it is alienating,” Castro said.
Kevin Mwanza, 3:33 am
Mauritius, an Indian Ocean island in sub-Saharan Africa, is the fastest growing wealth market on the continent with 3,200 millionaires, according to a report by the New World Wealth Investment Review. The average person on the island is worth $ 21,700, which is more than second-placed South Africa, Africa’s biggest economy where the average person is worth about $10,300.
Dana Sanchez, 2:22 pm
In June 2016, Angolan President José Eduardo dos Santos controversially appointed his billionaire daughter Isabel head of the state-owned oil company Sonangol. The collapse of oil prices is nothing new, but the nature of Angolan politics and the stranglehold of the dos Santos family are threatening economic collapse. Under Isabel’s watch, Sonangol can’t afford to pay for toilet paper, never mind repay $1.135 billion in debt. Soon after Isabel became CEO of Sonangol, Angola pulled out of discussions with the IMF for a $4.5 billion loan. Isabel’s banking monopoly is the reason, an analyst said. The richest woman in Africa, Isabel owns stakes in five of the largest Angolan banks.
Kevin Mwanza, 8:45 am
Kenya will go on with plans to construct its first ever nuclear plant to fill its power deficit, defying calls from Italian and German experts who urged the nation to instead focus on developing its renewable energy. East Africa’s biggest economy identified possible sites near Lake Turkana, Lake Victoria and the Indian Ocean, targeting to use the vast water resources to cool off the reactors once they start generating power.
Dana Sanchez, 12:11 pm
Oil-importing African countries are showing an improved business environment as the continent endures its slowest growth in more than two decades. In contrast, countries that export commodities are under economic pressure due to low oil prices including three of Africa’s largest economies. Some countries that are doing better are predicted to grow at more than 6 percent. IMF predicts average growth will fall to 1.4 percent in 2016, less than half of 2015 growth.
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