Angola: Latest News
Staff, 1:23 am
As you read this in the spring of 2016, the International Monetary Fund and the government of Angola are engaged in talks for a three-year extended loan program. The IMF financing, known as the Extended Fund Facility program, could be as high as $1.5 billion annually with a cumulative total of about $4.5 billion. Many news stories have called the IMF funding a “bailout” to cushion the impact of the steep drop in oil prices on the Angolan economy.
Julia Austin, 3:05 pm AFKI Original
The late former president of Libya flew an A340 that had a bedroom, showers, DVD players, and kitchen so he had a place to live for several months should chaos hit his country. He bought it from Prince al-Waleed Aziz Al-Saud–one of the richest people in the world. They have state-of-the-art technology, safety and luxury, often becoming lightning rods for public opinion: 8 expensive planes flown by African presidents.
Joe Kennedy, 9:56 am
Angolan cuisine combines the best flavors of southern Africa, Portugal, and even Brazil to create a cuisine like no other. If you like spicy, savory, succulent food, you’re going to love the flavor profiles coming out of this country. Many of the dishes are made with colorful spices, along with fresh, local fruits and vegetables like cassava and banana. From traditional staples to adopted foods from other countries, here are 10 Angolan dishes you need to sink your teeth into.
Kevin Mwanza, 7:07 am
Angola’s sovereign wealth fund increased its investment in private equity firms operating in the country and across sub-Saharan Africa to more than half of its $5 billion, the fund said in a 2015 update. A sovereign wealth fund is a state-owned investment fund investing in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity fund or hedge funds.
Africa’s economy may be reeling from the commodities price bust, but art prices are holding steady or rising. A tapestry made of aluminum scraps by Ghana’s El Anatsui—possibly the best-known living African artist—sold for $1.2 million to a U.S. collector at Bonhams in London. We’ve featured artists from Zimbabwe, Ivory Coast, South Africa, Kenya and Angola that you should know about if you’re interested in investing in African art.
African governments have tried to limit and stop its use, but marijuana remains deeply ingrained in African traditions, economies and recreation. It is an important source of income, but is illegal everywhere in Africa. Tolerance and enforcement vary from country to country. There’s a growing belief that with the proper regulations, marijuana should be legalized for the greater good. AFKInsider compiled a list of African countries and ranked them for marijuana tolerance. We’ve also provided a list of most marijuana-friendly countries in the world as a basis for comparison.
Staff, 5:56 pm
There is widespread social resistance under way in Africa. Grassroots protesters are questioning the logic of export-led “growth” and fiscal austerity. They are demanding that their basic needs be met instead. After the dramatic Arab Spring, protesters picked up the pace in many sub-Saharan countries. Even if it is ignored in Kigali, or repressed on the ground, the popular risings against the WEF’s dubious “Africa Rising” rhetoric await…
Dana Sanchez, 9:40 am
At a time when few other firms are investing in South African mining, De Beers’ $2 billion investment in its Venetia diamond mine has been described as “stupendous.” The company is betting its investment will pay off as diamonds get harder to find in open pits near the Earth’s surface. Global diamond prices have fluctuated wildly the last 8 years. De Beers in 2015 sold two mines in Canada and Botswana.
Staff, 4:27 am
Global music sales rose by 3.2% in 2015, and income from streaming now accounts for 43% of digital revenue, according to a new IFPI report. Emerging markets in Africa, in particular, are becoming more profitable. UK-based record company Beggars Group, for example, reports that 20% of its revenue comes from emerging markets. It is now licensing music for the first time in Nigeria, Uganda and Angola.
Staff, 9:33 am
Angola is battling a yellow fever outbreak amid a global shortage of the vaccine. Cases have also been reported in the Democratic Republic of Congo, Kenya, Uganda and China. Health experts worry about further spread. There is no treatment. Mass immunization is the only way to stop yellow fever, but producing more of the vaccine is not easy. The Institut Pasteur de Dakar is one of four places in the world that make the yellow fever vaccine.
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