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China’s Anbang Insurance unsuccessful in bid to buy Portugal’s Novo Banco

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Negotiations with the Chinese group Anbang Insurance for the purchase of Novo Banco have broken off and the Bank of Portugal has asked the potential buyer with the second-ranked proposal to begin talks, the central bank indicated in a statement released on Tuesday.

The “potential buyer whose qualified proposal was in second place” has been identified as the US investment fund Apollo More

Macau Marathon 2015

Lower gaming revenue causes Macau gov’t to implement austerity measures

The decline in average gross monthly casino revenue to less than 20 billion patacas (US$2.5 billion) last August led to the Macau government’s decision to immediately apply measures to control public spending, indicates an official statement.

Economy and Finance Secretary Lionel Leong announced on Tuesday the first austerity measures, whereby all public services must freeze 5 percent of budgeted expenditures for goods More

Japanese company prospecting for coal in Mozambique

Technical personnel from a Japanese mining company are currently in Mozambique’s Manica province with plans to prospect for coal in the Mossurize district, the provincial director of Mineral Resources and Energy, Olavo Deniasse, recently stated.

There are indications of the mineral’s presence in that district, though it must still be determined whether there is enough to justify commercial exploitation, Deniasse told the More

Sasol group seeking contractors for projects in Mozambique

South Africa’s Sasol group is seeking contractors in Mozambique to build a new pipeline to transport natural gas extracted in the country to South Africa, among other projects, indicate advertisements placed in the Mozambican press.

In the ads published in late August the group also states that it aims to contract companies to build facilities in Inhassoro, a coastal city 750 km More

First foreign currency sale by National Bank of Angola to exchange bureaux

The National Bank of Angola (BNA) recently carried out the first auction sale of foreign currency directly to exchange bureaux, with transactions amounting to US$10 million at the average rate of 138.245 kwanzas per dollar, the central bank announced.

A statement posted on the Angolan central bank’s website indicated that in the auction the exchange rates used in transactions ranged between 145 More

Foreign investment in Angola reaches US$600 million from January thru July

Foreign investment in Angola amounted to US$600 million in the first seven months of 2015, the head of Angola’s National Private Investment Institute (ANIP) announced before a gathering of personnel in Luanda.

Maria Luísa Abrantes specified that 406 companies in nine provinces had been visited from January through July, versus 502 companies visited during the whole year of 2014, indicates the speech More

More than US$2.3 billion in trade between Brazil and Angola in 2014

Trade between Brazil and Angola involved more than US$2.3 billion in 2014, Brazil’s ambassador in Luanda, Norton de Andrade Mello Rapesta, said on Tuesday in the Angolan capital.

Official 2014 figures from the Ministry of Development, Industry and Foreign Trade show that Angola exported to Brazil products worth US$1.261 billion during that year while importing Brazilian merchandise worth US$1.109 billion.

Bilateral trade figures More

Portugal’s SAG group trying to sell stake in Brazilian company

The Portuguese group SAG – Soluções Automóvel Globais has for the past two years been unsuccessfully trying to sell its stake in the Brazilian auto leasing and fleet management company Unidas, indicates its report on first half-year activity.

“Even though SAG Gest still plans to sell its stake in Unidas, Brazil’s macroeconomic conditions have not allowed a sale transaction for this investment More