Angola News
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Rwanda and Ivory Coast, two of the fastest growing economies in Africa, may sell debt abroad within the next two years to help fund investment in the continent’s development, according to Moody’s Investors Service.
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Angola, Africa’s second-largest oil producer, will cut its daily crude exports in July to the lowest in 13 months, according to a preliminary loading program obtained by Bloomberg News.
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The biggest hedge fund in shipping is turning bullish on the largest oil tankers for the first time in four years as the U.S. push toward energy independence provides China with a greater share of global crude supply.
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Cobalt International Energy Inc., the offshore oil explorer backed by Goldman Sachs Group Inc., says it’s committed to developing oil prospects in Angola’s pre-salt basin after the government said it was free to leave.
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Ecobank Transnational Inc., which operates in more African countries than any other lender, said it may raise $2 billion by June 2013 as it seeks further expansion in the continent.
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Oil fell in New York, heading for a second weekly drop, on concern that Europe’s debt crisis will worsen and curb fuel demand as global crude supplies increase.
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OPEC boosted crude production for a seventh month in April as Iraq, Nigeria and Libya raised output, according to the International Energy Agency.
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Zon Multimedia SGPS SA, Portugal’s biggest cable-television provider, predicted that revenue from its Angolan unit will offset declining sales at home amid a weak economy.
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Angola’s ruling party is gripped by a struggle over who should succeed President Jose Eduardo dos Santos, amid public rallies calling for the leader of Africa’s second-largest crude producer to quit after 32 years in power.
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The Organization of Petroleum Exporting Countries said that global oil supplies are outpacing demand levels, keeping its forecast for world consumption this year unchanged.
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