Transport, food fuel inflation in Angola

LUANDA – Angolan inflation quickened in December to 13,99 per cent year-on-year from 13,57 per cent in November, due to higher transportation and food prices, the National Statistics Institute (INE) said yesterday.

In a statement the INE said month-on-month inflation was 2,16 per cent compared to 1,18 per cent in November. Average yearly inflation stood at 13,72 per cent in 2009 compared with 12,45 per cent in the previous year. The 2009 average inflation figure is higher than the government’s 12,5 per cent target for the year. The government expects inflation to average 13 per cent this year.Zambia says copper output to rise moreLUSAKA – Copper output in Zambia, Africa’s top producer, rose 19 per cent in the first eleven months of 2009 versus the same period in 2008, and production could rise further in 2010, the central bank said yesterday. Copper mining is Zambia’s economic lifeblood and the mines are a major employer. The central bank said Zambia’s outlook in the mining sector for 2010 was bright, premised on the rebound of copper prices and the expected increase in copper production after most mining companies completed their expansion projects.Tullow eyes Ugandan cross-listingKAMPALA – Tullow Oil is planning to cross-list on the Ugandan Stock Exchange, but must first meet the regulatory requirements, the bourse’s chief executive has confirmed. ‘They’re looking to cross-list from London in April… They’re working on the requirements for approval,’ Simon Rutega said. Tullow is one of many foreign oil explorers searching for hydrocarbons in Uganda’s west where a few billion barrels of crude reserves have already been discovered. The company has plans to sell part of its stake in Uganda in early 2010.China increases support to EthiopiaADDIS ABABA – China pledged yesterday to increase its support for Ethiopia’s infrastructure, trade, agriculture and industrial development to enhance bilateral cooperation. China will boost Ethiopia’s agriculture through technology transfers, increased preferential loans for infrastructure and the export of more electro-mechanical goods, China’s Trade Minister Chen Deming said. ‘The goal is to double the size of bilateral trade by 2015 over the current level to three billion dollars,’ Chen added. China also signed loan deal worth US$25,2 million for customs equipment for Ethiopia.Sasol bids for Zambian refineryJOHANNESBURG – Sasol, the world’s largest fuel from coal producer, is reportedly among the foreign companies vying to acquire a majority stake in Zambia’s state-owned Indeni Petroleum Refinery, I-Net Bridge reported yesterday. India’s Essar Group is said to be a competing bidder. According to the Wall Street Journal, Indian website livemint.com and Zambian independent newspaper The Post, Esaar wanted to use the refinery, one of the few inland refineries in Africa, to supply petroleum products to the Democratic Republic of Congo, Malawi, Zambia and even East Angola. The firm that wins the bid for the refinery would have to invest around US$100m for refurbishing and augmenting refining capacity as its current configuration allows separation of only diesel and liquefied petroleum gas. Zambia’s government is expected to take a decision on the stake sale by March this year.Coal mine for MozambiqueMAPUTO – The Mozambican government has given the green light to an Australian mining firm’s plans to build a US$800m coal mine in the country’s northwest. The mining company Riversdale plans to produce 20 million tonnes a year from the coking and thermal coal project and will also build a 2 000-megawatt-a-day power plant. Riversdale has predicted the Benga project will produce some of the lowest-cost coking coal in the world. The company estimates the mine’s initial reserves at 273 million tonnes – 181 million tonnes of proved reserves and 92 million tonnes of probable reserves.

In an age of information overload, Sunrise is The Namibian’s morning briefing, delivered at 6h00 from Monday to Friday. It offers a curated rundown of the most important stories from the past 24 hours – occasionally with a light, witty touch. It’s an essential way to stay informed. Subscribe and join our newsletter community.

The Namibian uses AI tools to assist with improved quality, accuracy and efficiency, while maintaining editorial oversight and journalistic integrity.