Date: 11 December 2007 MCLI takes pleasure in forwarding to you ...

More documents

Recommendations

Info

Mozambican Association of Banks (AMB) and the consultancy company KPMG, the realgrowth in the sector in 2006 was a remarkable 136 per cent. Some factors contributing tothe success, according to Hermenegildo Gamito, chairperson of the AMB, included"more prudent" intervention by the central bank in terms of interest rates and theexchange rates, and improvements in the management of the commercial banks. Anotherfactor is the strong growth in the Mozambican economy; Gross Domestic Product grewby 9.6 per cent in 2006. (the Investor, www.clubofmozambique.com)DONORSBeijing to send farming and medical specialists to MozambiqueAround one hundred Chinese specialists and young volunteers are to travel toMozambique to provide agricultural, medical and educational services, the Chinese statepress reported last Tuesday. The visit is part of the cooperation activities between Chinaand Africa, that the Chinese president Hu Jintao announced in Beijing in November2006, during the head of state and government summit of the China-Africa CooperationForum.As part of the Chinese cooperation program for Africa, in 2006 China cancelled millionsof dollars of debt owed by 28 African countries and pledged to provide US$5 billion inpreferential loans to the continent, as well as academic and professional training to15,000 African workers. The plan also includes greater openness of the Chinese marketto African products and construction of five areas of economic cooperation in Africa.(macauhub)MINING AND ENERGYRiversdale to raise USD $205 million for Mozambique MineRiversdale Mining Ltd., the Australia-based coal-mining company backed by India's TataSteel Ltd., said it will sell shares worth as much as A$235 million (the equivalent ofabout $205 million US dollars) to fund the development of a project in Mozambique.Riversdale will issue as many as 25.3 million shares at A$9.30 each, mostly toinstitutional clients of Hartleys Ltd. and RBC Capital Markets, the Sydney-basedcompany said last week in a statement to the Australian Stock Exchange. (the Investor,www.clubofmozambique.com)Fuel prices rise again in MozambiqueThe Mozambican authorities have increased fuel prices with immediate effect followingcrude oil price hikes on the world market.A press release from the Ministry of Energy on Thursday (22/11) said the price of petrolrose by nine percent from 30.14 to 32.84 meticais per liter ( 24.3 meticais=One USD).Diesel goes up from 29.46 to 31.02 meticais a liter, an increase of 5.3 per cent, whilekerosene rises by 2.6 per cent from 23.53 to 24.14 meticais a liter).Liquefied petroleum gas is up by 5.7 per cent with a kilo now selling at 44.05 from 41.66meticais. (the Investor, www.clubofmozambique.com)Mozambique: Energem Resources lists on London Stock ExchangeA South African renewable energy company has decided to press ahead with a listing onLondon stock exchange (Aim), despite scrapping plans for a new fundraising in light ofthe turbulent markets. Energem Resources, which is backed by RAB Capital, the privateequity firm, started planning a London listing in May to raise money for its investmentsin farming jatropha, an inedible plant with seeds that can be turned into biofuel.
Brian Menell, the company's chairman, who is a former De Beers executive, isunderstood to believe that London-based investors have a greater interest in renewableenergy projects and a greater understanding of Africa than investors in other markets.The decision to invest in the jatropha project in Mozambique follows the company'smoves to dispose of its mining interests. It also has an ethanol production facility inKenya. (Solutions Biofuel Task Force, shannon.gopaul@clubofmozambique.com)LEGAL NEWS BY MOZLEGALBill on human rights commissionThe Mozambican parliament, the Assembly of the Republic, on Wednesday passed thefirst reading of a government bill to set up a National Human Rights Commission(CNDH). Introducing the bill, Justice Minister Esperanca Machavela stressed the state'srole in protecting citizens against violations of their rights. The bill states that the CNDHwill receive and investigate complaints from citizens about alleged violations of theirrights. Should its investigations turn up evidence that a crime has been committed, it mustsend the case to the Attorney- General's Office for prosecution.The issue of how to appoint the CNDH members will now be discussed again within theparliamentary commissions before the bill comes back to the plenary for its secondreading. (allafrica)Security companies write to GuebuzaBoth the private security companies, and the trade union representing security guards,have written to Mozambican President Armando Guebuza asking him to seek an opinionfrom the Constitutional Council as to whether the new regulations governing this sectorof activity are in violation of the constitution, reports the latest issue of the Maputoweekly "O Pais". The new regulations governing security companies were approved inApril, but not published until September. They amazed the companies because theysought to change completely their status.One key clause determines that, in all security companies, the majority of the shares mustbe owned by Mozambican citizens. All managers and directors of the companies mustalso be Mozambicans. (allafrica)TOURISMSustainable management of conservation areasMozambican Tourism Minister Fernando Sumbana has reiterated the importance ofupgrading the management of conservation areas to the highest standards to allowsustainable use of the country's natural resources.He was speaking in Maputo last Wednesday at the opening of a conference on"Sustainable Funding for Conservation Areas" that is to work out a strategy for suchareas. He explained that the country is striving to produce a national policy forconservation areas that will guide the management projects.Sumbana said that the Mozambican state will spend about three million US dollars a yearon these activities, and foreign donors will add another two million US dollars for thesame projects in parks and reserves. (allafrica)Mozambique: Africa ‘Hot Spot’ in Somak Holidays brochureThe UK based award-winning Africa specialist, Somak Holidays (www.somak.co.uk) hasrecently unveiled its latest Africa brochure. The brochure has been exclusively producedwith Virgin Atlantic. Highlights include new safaris in undiscovered gaming parks in
Page 3 and 4: Mozambique ranks among bottom 5 cou
Page 5 and 6: They will return to Mozambique to t
Page 7 and 8: The Mozambican parliament, the Asse
Page 9 and 10: neighbors, because it doesn't want
Page 11: Mozambique’s industry has a weigh
Page 15 and 16: The eldest son of former Mozambique
Page 17 and 18: Peasant farmers in Chibabava distri
Page 19 and 20: The gold mining and exploration com

Date: 11 December 2007 MCLI takes pleasure in forwarding to you ...

Create successful ePaper yourself

Delete template?

Save as template?