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Mon, 05 Jun 2017
Cape Town City sign defender Jeitoso

Cape Town – Cape Town City FC have announced their second signing of the post PSL season, with the addition of Mozambican International Captain, Jeitoso, on Monday.

The Citizens have been expected to expand their squad after securing CAF Confederation Cup football for next year’s edition.

Last week, City officially announced Ayanda Patosi as their first major signing with the 24-year-old joining from Belgium club KSC Lokeren.

“CTCFC is proud to announce the acquisition of Mozambican International Captain, Jeitoso!,” read the statement on the club’s official Facebook page.

“Jeitoso is one of the most revered central defenders on the continent, and his CAF and International experience will greatly assist the club in its push for further silverware this season.

“An elegant and explosive left-foot passer of the ball, Jeitoso has fit in very well with City and Coach Tinkler’s attractive attacking football and we are very excited to see the impact Jeitoso will have on the PSL this coming season.

“The club has been in transfer negotiations since the end of the January window and the conclusion of the purchase will now see the International Captain join his countryman Edmilson in City’s backline.”



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Wed, 29 Mar 2017
Plummeting oil revenue hits Lusophone prospects

Angola and Mozambique may have very different economies but their current economic problems have the same two root causes: low energy prices and economic mismanagement.

Low oil prices have slashed Angolan revenues and slowed the development of gas and coal projects in Mozambique. At the same time, Maputo’s borrowing resulted in default in January, while Luanda’s continued opacity and state control has not created an economy sufficiently robust to weather the period of low oil prices more comfortably.

Most forecasters have become more pessimistic about the two countries’ prospects. The World Bank has downgraded its forecasts for Mozambican growth in 2017 and 2018 by 2.5% and 1.4% respectively, to the still respectable figures of 5.2% and 6.9%.

It forecasts growth of just 1.2% and 0.9% in those years for Angola. There is little likelihood of strong growth in Angola for the foreseeable future. The Angolan kwanza and Mozambican metical were both among the 10 biggest depreciating currencies in the world in 2016, losing 18.9% and 33.2% of their value against the US dollar respectively.

Readers of African Business will be well used to this refrain, but the long-term answer is of course economic diversification. The rapid improvements in Mozambique’s transport infrastructure – and not just with regard to coal transport – offer some hope, while the tourism and agriculture sectors have huge scope for growth.

However, Ruth Bookbinder, Africa analyst at risk analysis company Verisk Maplecroft, says: “Productivity gains in agriculture remain limited at 3.2% per annum. There is some interest in agribusinesses but the sale of large tracts of land is always contentious and projects struggle to get off the ground. The manufacturing sector continues to underperform, partly due to a high minimum wage, which is likely to deter investors.”

Angola may be the third biggest economy in sub-Saharan Africa but it has made even less progress on diversification. Although there are plenty of other hugely oil-dependent countries, Verisk Maplecroft rates it as the least diversified economy in the world.

Just a few years ago Luanda was the focus of a big property boom and immigration from Europe, as the economy blossomed on the back of oil revenues, at least for the wealthy, although poverty levels and income inequality were always very high. However, the jobs have begun to dry up and there have been numerous reports of empty properties in gated communities.

The official Angolan exchange rate has fallen from 97 kwanza to the US dollar in 2014 to 165 now, although the black-market rate is more than three times as high. This has pushed up the already high cost of imports. The rate of inflation increased from 17.3% at the start of 2016 to 45% by the end of the year.

Some reports suggest that the government is running down its foreign exchange reserves at an alarming rate. The central bank has responded by repeatedly raising interest rates, which now stand at a record 16%. Luanda has improved its finances by cutting expenditure, including the reduction of fuel subsidies, which are eventually to be phased out.

IMF [...]
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Tue, 14 Mar 2017
African CEOs to meet in Geneva to discuss investment in Africa...

Africa CEO Forum will look at revitalising investment flows into the continent and comes at a time when commodity prices are showing signs of recovery

About 20 South African CEOs are expected to attend the Africa CEO Forum, which, is taking place in Geneva, Switzerland, later in March.

The fifth edition of the forum is due to focus on international investments in Africa. It is running from March 20–21.

The forum will look at revitalising investment flows into Africa and comes when commodity prices are showing signs of recovery.

The forum is expected to host 1,000 key decision makers in industry, finance and politics from across the globe.

Some of the local CEOs expected to attend include:

João Miguel Santos, MD of the Boeing Company in sub-Saharan Africa; Thomas Couteaudier, CEO for West and southern Africa at Louis Dreyfus Company; Siyabonga Gama, group CEO of Transnet; Manuel Mota, CEO of Mota-Engil Africa; Ramesh Moochikal, president and regional head of Olam International in South and East Africa Kelvin Balogun, president of Coca-Cola southern and eastern Africa; Mvuleni Geoffrey Qhena, CEO of the Industrial Development Corporation (IDC); Farid Masood, CEO of Kansai Plascon Africa; Andrew Darfoor, group CEO of Alexander Forbes; Fabrice Ndjodo, MD of Tana Africa Capital; and Cleopas Sanangura, CEO of Thamani Technology and Systems.

Senagalese President Macky Sall and Ethiopian Prime Minister Hailemariam Desalegn are also due to attend.

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