15 May 2020
Chinese financial group KWG dropped out of a deal to buy the majority of the capital of Portugal-based BNI Europa, from Angolan bank BNI, led by banker Mário Palhares. According to BNI, KWG justified its decision with the context of uncertainty, caused by the covid-19 pandemic.
14 May 2020
Angola´s economy should contract by more than 4% in 2020, making even harder the management of the country´s debt, already above 100% of GDP, and a default possible, according to the Economic Intelligence Unit´s (EIU) latest report on the country. With China among Angola´s main creditors, a bilateral deal is likely, but negotiations could prove difficult.
12 May 2020
To assist in the fight against the Covid-19 pandemic, the Ministry of Health of Angola received on Monday the first of five cargos from China that will bring a total of 380 tons of biosafety materials, including such as medical ventilators, infrared thermometers and masks.
11 May 2020
The United Nations Economic Commission for Africa (ECA) estimates that a one-month full lockdown across Africa would cost the continent about 2.5 per cent of its annual GDP, equivalent to about USD 65.7 billion per month. With the costs of the Covid-19 lockdown mounting, the ECA is now proposing 7 Lockdow Exit Strategies for African Countries that that "provide sustainable, albeit reduced, economic activity".
08 May 2020
The fall in oil prices is set to counter the Angolan Government´s balancing of its budget. The Government projected a third surplus in 2020, but a revision of the budget is ongoing, and economists now point to deficit of at least 4% of GDP, along with a fall in foreign currency reserves.
05 May 2020
Chinese oil imports from Angola fell nearly 19% in the first quarter of the year, while increasing from Russia and Saudi Arabia, the country´s 2 main suppliers. The reduction of Angola´s exports is putting pressure on its trade balance of goods, according to data from the national bank.
04 May 2020
Starting May 5th, a new and improved CL Brief e-mail newsletter will be available to all its readers, with timely, reliable and relevant information about business issues regarding the Portuguese-Speaking Countries (PSCs), China and other Asian economies.
03 May 2020
On 24 April 2020, a new Presidential Decree amended certain restrictions to allow essential industries to return 50% of their employees to the workplace. Among the first to announce return of operations, in a scaled manner, is Lulo diamond mine.
30 April 2020
Banco Nacional Ultramarino bank and the Industrial and Commercial Bank of China (Macau) have signed a memorandum of understanding for the joint promotion of business between China and the Portuguese-speaking countries, according to a statement by the issuing bank.