Angola: Latest News
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.
Staff, 4:03 pm
The Africa Energy Forum isn’t happening in Africa but 75 percent of Africa’s energy regulators, utilities bosses and ministers will be there, according to event organizers. The 19th annual conference is scheduled for June 7–9, 2017, in Copenhagen, Denmark. Participants travel from Africa to Europe to meet and do business with power investors from around the world. The goal? To capitalize on the wealth of Scandinavian companies investing in Africa’s power sector.
Kevin Mwanza, 11:39 am
From Ecobank Research via How We Made It In Africa Ghana’s oil output has been boosted with the start of production from the Tweneboa, Enyenra & Ntomme (TEN) project in August. The oilfield, which is expected to peak at about 80,000 bpd in 2018 has produced its first barrel, and is expected to maintain a […]
Kevin Mwanza, 9:27 am AFKI Original
Nigeria, the second largest economy in Africa, has a population of 167 million people making it the most populous country on the continent. The West African nation is also the second-top producer of oil in Africa, after Angola. It has been in an economic crisis since 2014 and slipped into a recession this year. Below are 10 things to know about the economic recession in Nigeria.
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