Dos Santos News
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The appointment of Armando Manuel as Angola’s finance minister boosts the legitimacy of the southern African nation’s $5 billion sovereign wealth fund, Markus Weimer of Control Risks Group said.
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Sub-Saharan African nations outside South Africa are selling $7 billion of debt this year, more than in the past five years combined, as yields more than double those of Treasuries lure investors repelled in the past by violence and corruption.
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Braskem SA, Latin America’s largest petrochemicals maker, rose to a two-year high as Citigroup Inc. and JPMorgan Chase & Co. recommended buying the stock after the government cut taxes for the industry.
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Angola, Africa’s second-biggest oil producer, expects its stock exchange to have a market value of 10 percent of gross domestic product within 18 months of its startup, making it at least the continent’s sixth biggest.
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Angolan President Jose Eduardo dos Santos may step down as leader of Africa’s second-biggest oil producer before or after elections next year, a spokesman for the ruling party said.
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The U.S. held host Mexico to a 0-0 tie in qualifying for next year’s soccer World Cup after Panama beat Honduras 2-0 and Costa Rica defeated Jamaica by the same score in other group games in the region.
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The Angolan Cabinet’s reappointment of Manuel Vicente as the head of the state oil company, Sonangol EP, appears to have thrown open the race to succeed President Jose Eduardo dos Santos.
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Banco BIC SA, Angola’s biggest private bank by branches, plans to open offices in Namibia and South Africa as it considers further regional expansion.
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Angolans cast their ballots in the first election to choose a president in two decades with a booming oil economy and a divided opposition expected to help Jose Eduardo dos Santos extend his 32-year rule.
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Brazil’s economy expanded less than analysts forecast for the fourth straight quarter, as the government struggles to rebuild investor confidence in the world’s second-biggest emerging market.
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