Essential The Africa the Media Doesn't Tell You About

[Poitier]

Gotta figure that drop in the oil price has to be hurting a bunch of economies... and Angola isn't really known for anything else

Commodities in general.

Africans better stop fukking around and build an industrial base.

 

[The Odum of Ala Igbo]

Moreover, countries who are corrupt as Angola have very little incentive to create more inclusive growth or to diversify their economy. They already benefit HEAVILY from the status quo dependence on oil exports. What incentive do they have to change up their economy, drastically? I'm sure they'll talk about it during this down-turn but nothing structural will occur.

 

[Red Shield]

Commodities in general.

Africans better stop fukking around and build an industrial base.

Besides Nigeria.. and I think Ethiopia. Can't think of any other African nations that are really industrializing on the needed scale...

 

[Poitier]

Besides Nigeria.. and I think Ethiopia. Can't think of any other African nations that are really industrializing on the needed scale...

Not even Nigeria.

 

[The Odum of Ala Igbo]

Not even Nigeria.

Agreed. Smart Nigerians in upper levels of gov't want to begin industrializing. They think their nascent car assembly industry is a good start. However, Nigeria doesn't even have enough electricity to start industrializing. They would also have to compete with Ethiopia which is poorer (you can pay workers less) and closer to Asia.

 

[Poitier]

Agreed. Smart Nigerians in upper levels of gov't want to begin industrializing. They think their nascent car assembly industry is a good start. However, Nigeria doesn't even have enough electricity to start industrializing. They would also have to compete with Ethiopia which is poorer (you can pay workers less) and closer to Asia.

Nigeria needs to focus on breaking down the barriers to Intra African trade and service the continent. Let Ethiopia be Europe, China and India's bytch.

 

[The Odum of Ala Igbo]

Nigeria needs to focus on breaking down the barriers to Intra African trade and service the continent. Let Ethiopia be Europe, China and India's bytch.

Nigeria could easily service West Africa if you know, they appointed an economic adviser with vision...better yet, if Buhari appointed an economic adviser at all.

 

[Red Shield]

Not even Nigeria.

They had better get on it.

 

[Poitier]

 

[The Odum of Ala Igbo]

While Obama, Samantha Power and Susan Rice threaten Nkurunziza in Burundi....


Only 10 Rwandans oppose Kagame third term, says parliamentary report

Only 10 Rwandans oppose Kagame third term, says parliamentary report

11 AUG 2015 11:50AFP


Rwanda's president Kagame. (Photo/AFP).

RWANDAN lawmakers found only 10 people in nationwide consultations who opposed possible constitutional changes to allow president Paul Kagame a third term in power, a report said Tuesday.

Lawmakers began a national tour last month to gather opinions after both houses of parliament voted in support of constitutional change, backing a petition signed by millions of citizens.

Over 3.7 million people—over 60% of voters—signed the petition calling for a change to Article 101 of the constitution, which limits the president to two terms, according to Rwandan media.

On Monday, lawmakers submitted their report from the consultations to parliament.

“Of millions of Rwandans consulted by lawmakers on the need to amend Article 101 of the constitution in the past few weeks, only 10 were against the idea,” the New Times newspaper reported Tuesday.

Any change to the constitution would require a vote in support by at least three-quarters of both parliamentary houses, followed by a national referendum.

Kagame, 57, has been at the helm of Rwandan politics since 1994, when an offensive by his Rwandan Patriotic Front (RPF) rebels put an end to a genocide by Hutu extremists that left an estimated 800,000 people dead, most of whom were Tutsis.

As minister of defence and then vice president, Kagame was widely seen as the power behind the throne even before he took the presidency in 2003, winning 95% of the vote. He was re-elected in 2010 with a similarly resounding mandate. The next elections are due in 2017.

From the trauma of genocide, he has been painted as a guarantor of stability and economic development, earning praise from donors—and his supporters say many in Rwanda view the prospect of his departure as a step into the unknown.

Critics say however that he has silenced the opposition and the media.

Kagame says the decision on a third term is for the “Rwandan people”.

The move comes amid a wider controversy in Africa over efforts by leaders to change constitutions in order to stay in office.

Neighbouring Burundi was plunged into turmoil in April when President Pierre Nkurunziza launched his successful bid for a third term in office, a move branded by opponents as unconstitutional and a violation of a peace deal that ended 13 years of civil war.

 

[Yehuda]

Mozambique Appoints New Oil Company Head as Gas Bonanza Beckons

Mozambique Appoints New Oil Company Head as Gas Bonanza Beckons

By Tom Bowker

August 12, 2015 — 6:55 AM BRT

Mozambique appointed a new chairman of the state oil company, months before decisions are due on projects that could make the country the world’s third-biggest liquefied natural gas exporter.

President Filipe Nyusi on Tuesday said Omar Mitha, a former bank economist and deputy minister, will run Empresa Nacional de Hidrocarbonetos, or ENH.

Mozambique has enough gas to be the third-largest supplier of gas chilled to liquid for shipment, according to Anadarko Petroleum Corp., which has said it targets a final decision on whether to develop a project in the country before year-end. Woodlands, Texas-based Anadarko estimates it has 100 trillion cubic feet of gas in its concession off the north-eastern coast.

Eni SpA has the rights to a neighboring resource and the Rome-based company is working with Anadarko to develop the infrastructure needed for gas liquefaction. Gas projects in Mozambique could absorb as much as $100 billion in investment in the next decade, according to the International Monetary Fund.

Mitha replaces Nelson Ocuane, chairman of ENH since 2007. Mitha was appointed deputy trade and industry minister in January by Nyusi, who won October elections. Mitha is a native of Cabo Delgado, the province that is Nyusi’s home region and the location of Anadarko and Eni’s projects. Mitha was previously chief economist at Millennium Bim, Mozambique’s largest commercial bank.

ENH holds a 15 percent stake in the Anadarko-led project and 10 percent of Eni’s venture. A petroleum law passed last year states that ENH must have at least a 10 percent share in any new oil and gas projects.

Mozambique’s oil and gas industry regulator, the Instituto Nacional de Petroleo, also gained a new chairman Tuesday as former exploration manager Carlos Zacarias replaced Arsenio Mabote.

 

[Yehuda]

http://allafrica.com/stories/201508150156.html

Mozambique: Prime Minister Urges Diversifying the Economy

14 AUGUST 2015

Tagged:

• Business
• Governance
• Mozambique
• Southern Africa

Maputo — Mozambican Prime Minister Carlos Agostinho do Rosario on Thursday stressed the need to diversify the country's economy, saying that agriculture in particular plays a crucial role in improving living standards.

Although he was speaking at the ceremony to swear into office the new chairpersons of the National Hydrocarbon Company (ENH), and the National Petroleum Institute (INP), Omar Mitha and Carlos Zacarias, the Prime Minister took the opportunity to stress the importance of other sectors of the economy.

“There is an urgent need to diversify the Mozambican economy, paying attention to attracting investments to promote agriculture and agro-industry”, he said.

Rosario urged Mitha and Zacarias to ensure transparent management of the human and financial resources of the institutions they will head.

ENH and the INP “should contribute to greater dynamism in implementing the government's Five Year Programme”, he added. “The choice of these leaders for the positions they will now occupy is based on the high degree of professionalism they have shown in their previous posts”. He believed they would deal in a professional manner with the management of the country's natural resources.

Mitha told reporters he will work to implement the Five Year Programme, by stimulating the growth of the gas and petroleum sector, which he regarded as crucial for the development of the Mozambican economy. “The challenge is to catalyse this sector with industries that produce energy for the region and the world”, he said.

For his part, Zacarias pleged to consolidate the INP “since there are many challenges ahead of it. It is important that all this be done in a correct and sustainable manner”.

Mitha comes from Mocimboa da Praia, in the northern province of Cabo Delgado, near the newly discovered offshore deposits of natural gas in the Rovuma Basin. The country's known reserves of natural gas stand at 170 trillion cubic feet, enough to support production and export of Liquefied Natural Gas (LNG) for several decades. The prospect is that Mozambique could become the world's third largest exporter of natural gas (after Qatar and Australia).

Mitha's background is in economics.

He was chief economist at the country's largest commercial bank, the Millennium-BIM (International Bank of Mozambique), and he has lectured in financial mathematics, financial management and project analysis at Maputo universities.

After taking office in January, President Filipe Nyusi appointed Mitha as Deputy Minister of Industry and Trade, a post he has now vacated in order to become chairperson of the ENH board.

ENH is the state body responsible for research, prospection, production and marketing of petroleum and gas products, and represents the state in petroleum operations. In all the natural gas concessions, notably in the Rovuma basin, ENH has a stake of between 10 and 15 per cent in the various consortia that have been formed.

The INP is the regulatory body for hydrocarbons, and is responsible for such matters as organizing the bidding rounds for allocating areas of hydrocarbon exploration. Zacarias has worked at the INP for years in the post of director of operations.

 

[BigMan]

from what ive seen Kagame has the right idea

 

[Yehuda]

Macau Legend to Develop A World-class Integrated Leisure, Tourism and Entertainment Project In Cape Verde

PRESS RELEASE
Macau Legend to Develop A World-class Integrated Leisure, Tourism and Entertainment Project In Cape Verde

Published: July 23, 2015 6:27 a.m. ET

Investment amount of approximately HK$2.15 billion to develop integrated resort project with 25 years gaming concession and favourable tax benefits

HONG KONG, July 23, 2015 /PRNewswire/ -- Macau Legend Development Limited (the "Company" or "Macau Legend", together with its subsidiaries collectively referred to as the "Group"; SEHK Stock Code: 1680), one of the leading owners of entertainment and casino gaming facilities in Macau, today announces that MLD Cabo Verde Resorts, S.A. ("CV Resorts Co") and MLD Cabo Verde Entretenimento, S.A. ("CV Entertainment Co"), both wholly-owned subsidiaries of the Company, have entered into several agreements (the "Agreements") with, among others, the Government of the Republic of Cape Verde to develop a 152,700 square-meters integrated resort and gaming facility complex (the "Project"). The project is located at a 119,200 square-meters land and sea areas and a 33,500 square-meters beach area at Praia, the capital city of Cape Verde, on Santiago Island. The land concession for the Project is 75 years. The Agreements also include the granting of a gaming concession to CV Entertainment Co for operation of casino games of fortune and chance in Cape Verde.

Under the Agreements, CV Resorts Co will invest not less than EUR250 million (approximately HK$2.15 billion) to construct an integrated resort and gaming facility complex including hotels, office buildings, property development, retail, dining, convention center, museum, function areas, a clubhouse and a marina.

The Government of Cape Verde has also granted to CV Entertainment Co a 25 years gaming concession, of which the first 15 years will be an exclusive concession for casinos on Santiago Island. CV Entertainment Co has paid a one-off premium of approximately HK$10.1 million to the Government of Cape Verde for the gaming concession. In addition, the Government of Cape Verde has also granted a special licence to CV Entertainment Co for an exclusive nationwide operation of online gaming, physical and online sports betting, for a period of 10 years from the commencement of operation of the online gaming business by the Group in Cape Verde.

Pursuant to the Agreements, Macau Legend will enjoy some favourable tax benefits given by the Government of Cape Verde, including gaming tax of 10% of the gross gaming revenue, deduction of 25% of gaming tax for VIP patrons for 5 years and an exemption of income tax for 10 years.

Co-Chairman, Executive Director and Chief Executive Officer of Macau Legend, Mr. David Chow, said, "There are two very important messages for our investment in Cape Verde. Firstly, it is a great opportunity for a Macau enterprise to be able to make use of the Sino-Portuguese platform to expand our business overseas. Secondly, this project follows the China Government's national policy "One belt, one road", a strategy to help position Macau as one of the important cities on the Maritime Silk Road, which shall be vanguard to lead Macau small and medium enterprises to expand from Macau."

Mr. Chow added, "Cape Verde is a Portuguese-speaking country that enjoys political stability, beautiful scenery and pleasant climate with convenient transportation network. Tourism is the country's core industry. In 2014, the tourism industry accounted for 22% of its local GDP and is growing steadily. Cape Verde currently has four international airports, the largest one is in the capital city, Praia, which is also where our project is located. With a number of international routes connected to the rest of the world, it is able to attract tourists from North Africa, West Africa, Europe, South America, Central America and the Caribbean, thereby creating a new market, especially with the trend that more and more Chinese are emigrating and investing in these places and this saves them from flying long to Asia. The project is also a first choice for short-term vacation, which will be comparable with Bali and Phuket and other world class tourist destinations."

Mr. Chow stressed that Macau Legend as a Macau enterprise, the investment in Cape Verde is the first step in reaching out to international markets. By bringing some of the oriental culture including tourism, dining, retail, cultural and creative industries to Cape Verde, local tourism elements can be enriched. Macau has grown from a small fishing village to become an international tourism city which exemplifies how the Macanese can make use of their strengths and experiences gained in tourism development. The Cape Verde project presents new opportunities to the professionals in the Macau tourism, entertainment and other service industries to extend their experiences internationally. As Cape Verde is a Portuguese-speaking country, there are many similarities with Macau in areas of tourism and gaming laws and regulations, and our ample experience in such areas will enhance effective communication and coordination with the Government of Cape Verde, and add to effectiveness in the management of the project.

Cape Verde is an archipelago consisting of 10 islands located in the North Atlantic to the west coast of Africa. It is one of the 14 member countries of the Economic Community of West African States. With a cooperation agreement with European Union, it can export products to EU countries with preferential treatments. The GDP of Cape Verde was estimated at US$3.286 billion in 2014. The growth in GDP in Cape Verde is primarily driven by the service-oriented industries, including tourism, transport and commerce. In addition, Cape Verde has secured a number of European and American capital investments in the country.

About Macau Legend Development Limited

Macau Legend Development Limited is one of the leading owners of entertainment and casino gaming facilities and leisure complex in Macau. It currently has two major properties, The Landmark Macau, an award winning integrated hotel, casino and luxury shopping complex, featuring a five-star hotel and Macau's first theme casino; and MFW, which follows the "Leisure, Tourism, Economic and Multi-Cultural Diversification" policy of the Macau SAR Government, is a waterfront integrated gaming, hotel, convention and entertainment complex located on the outer harbor of the Macau Peninsula. In addition to operating its hotels and non-gaming entertainment facilities, Macau Legend provides gaming services to Sociedade de Jogos de Macau, S.A. at Pharaoh's Palace Casino, which is located in The Landmark Macau, and Babylon Casino in MFW. Website: www.macaulegend.com

 

[newworldafro]

My grandfathers place, the guy is 84 years old but still working hard

What country or region?