Category: Business

Seychelles is aiming to digitalise customs procedures for courier services at the Seychelles International Airport with the aim to limit errors and delays, said Vice President Ahmed Afif.

The announcement was made by Afif in a press briefing on cabinet decisions at the State House on Thursday.

Afif said that, currently, there is a lot of paperwork involved in this service which leaves margins for errors and this can cause delays in the end the client loses.

“So the intention is to modernise the service so that all the information entered by the courier agencies and airlines are captured by Customs. This will be used also by the clearing agents and will prevent delays caused by the much paperwork,” he explained.

Afif also gave details on the changes in the proposed environment levy announced during the 2023 budget address by the finance minister, which was due to become effective in April but was delayed.

The rates proposed last year were SCR 25 ($2) for small hotels with less than 25 bedrooms, SCR 75 ($6) for establishments with 25 to 50 bedrooms and SCR 100 ($8) for hotels with over 50 bedrooms.

He said that this did not take place because there were consultations being done between the government and all relevant partners, especially on how to collect the levy.

“What has been agreed is that it will be a fixed sum of SCR75 ($6) per night and will not apply to Seychellois citizens and residents. These are people with gainful occupation permits, residential permits, or dependence permits. It will not apply to children below 12 years and crew members. It will be implemented in the second half of the year and the date will be fixed and announced later. It will be collected like taxes,” he explained.

He said the decision was taken because it is simpler and whether a person stays in a small or big hotel, the impact caused on the environment is the same.

Afif also gave details on a report from the International Monetary Fund (IMF) and the World Bank aimed at the ways Seychelles conducts its capital projects.

Capital projects are infrastructures like houses and roads and last year SCR 1.4 billion was budgeted for capital expenditure.

“The idea is to look at how we plan, consult and implement it and the way we make payment and how we select people to do the projects. They also looked at the weaknesses and if we were taking into consideration the climate change taking place and how we are adapting. One thing raised is that we are putting SCR1.4 billion ($105 million) and often this sum is not spent and this is what we call under execution of projects. They looked at why we are not able to do it, where the problems are and how to improve the execution of procedures,” he said.

Source: Seychelles News Agency

The European Union (EU) and the Angolan Government signed Thursday in Luanda three agreements worth 120.1 million euros, as part of the Multi-annual Indicative Programme (MIP) 2021-2027 for Angola.

Signed the agreements the head of the EU delegation Jeannette Sppen and the Minister of Economy and Planning, Mário Caetano João (Angola).

The agreements include the agricultural revival programme, estimated at 40 million euros, aimed at reviving the network of 12 agrarian institutes.

Jeannette Sppen said that the programme will boost student employment and speedup the adaptation of the agricultural sector on climate change and the country’s nutritional needs.

Jeannette Sppen also said that the programme will transform such institutes in benefit of the community, through extension activities and improvement of infrastructures.

The official also said second programme is related to formalisation of the economy, including social protection and support for the management of public finances, which currently has funding of €62 million from the European Union.

Also pointed out to the programme, estimated at 17,500 euros, which aims to facilitate support for the development strategies of the Angola Government.

In turn, the minister of Economy and Planning, Mário Caetano João, explained that such signatures are included in the sharing of experience and good practices between Angola and the European Union.

He said Angola has been the object of increasing attention from many countries and international development agencies, not only because of political and economic reforms, but above all to institutional adjustments.

Based on the Government’s planning instruments, namely the Angola 2050 Long-Term Strategy, in its conclusive phase, the perspectives of the National Development Plan 2023-2027, the European Union designated its priority areas for Angola in the period 2021-2027.

The European Union highlighted sustainable economic diversification, transparent, accountable and effective governance, as well as human development matters.

Source: Angola Press News Agency (APNA)

The White House will host CEOs of top artificial intelligence companies, including Alphabet Inc’s Google and Microsoft, on Thursday to discuss risks and safeguards as the technology catches the attention of governments and lawmakers globally.

Generative artificial intelligence has become a buzzword this year, with apps such as ChatGPT capturing the public’s fancy, sparking a rush among companies to launch similar products they believe will change the nature of work.

Millions of users have begun testing such tools, which supporters say can make medical diagnoses, write screenplays, create legal briefs and debug software, leading to growing concern about how the technology could lead to privacy violations, skew employment decisions, and power scams and misinformation campaigns.

‘We aim to have a frank discussion about the risks we see in current and near-term AI development,’ said a senior administration official, speaking on the condition of anonymity because of the sensitivity of the matter. ‘Our North Star here is this idea that if we’re going to seize these benefits, we have to start by managing the risks.’

Thursday’s meeting, will include Google’s Sundar Pichai, Microsoft’s Satya Nadella, OpenAI’s Sam Altman and Anthropic’s Dario Amodei along with Vice President Kamala Harris and administration officials including Biden’s Chief of Staff Jeff Zients, National Security Adviser Jake Sullivan, Director of the National Economic Council Lael Brainard and Secretary of Commerce Gina Raimondo.

Ahead of the meeting, the administration announced a $140 million investment from the National Science Foundation to launch seven new AI research institutes and said the White House’s Office of Management and Budget would release policy guidance on the use of AI by the federal government.

Source: Ghana News Agency

The minister of State for Economic Coordination Manuel Nunes Júnior Wednesday in Luanda spoke of the demand for the new assets available to the market by economic agents.

He said that the demand is due to the stability of the tax system and labour legislation reforms.

The minister was speaking at the closing session for the presentation of the extension of the Privatisation Programme for the 2023-2026 period, also stating that the demand would also reflect on stability achieved in financial and currency system.

He noted that the government would continue to drive political, economic and financial reforms in the country, in order to improve the business environment and make Angola an important centre for private investment in Africa.

The minister of State said that, with the privatisation process, many state assets that were abandoned and has been totally stagnant become now fully operational, providing jobs, paying taxes to the state and generating profits.

Manuel Nunes Júnior realçou o facto de as privatizações terem criado 2.763 postos de trabalhos directos, entre 1. 233 novos postos de trabalho e a manutenção de1. 530 postos de trabalho que poderiam estar em causa, “caso as empresas visadas não tivessem sido reconduzidas para um caminho de recuperação e de eficiência”.

Manuel Nunes Júnior highlighted the fact that the privatisations had created 2,763 direct jobs, between 1. 233 new jobs and the maintenance of 1. 530 jobs that could have been at stake, “if the companies in question had not been reinstated towards a path of recovery and efficiency.

According to him, the new owners, in general, made strong investments in the acquired companies so that they could produce “not with a greater dimension, but also in a more efficient way.

“Investments were made by the new owners in new equipment and production processes, leading to the technological modernisation of the companies and creating the foundations for them to be able to reduce their operating costs and become, more competitive,” he said.

He added that the first phase of this privatisation process is a basis for drawing lessons about what has already been done.

“All the mistakes, deficiencies and shortcomings recorded in the first phase should be removed now, in this second phase, based on the professionalism, rigour, zeal and commitment of the leaders and officials involved in the management of this programme,” he added.

The Government has extended the privatisation process of about 73 assets in the period 2023-2026, a lower number than the 93 companies registered between 2019-2022.

The forecast is contained in Presidential Decree No. 78/23 of 28 March that approves the extension of the execution period of the Privatisation Programme – PROPRIV, for the period in reference.

Source: Angola Press News Agency (APNA)

The International Monetary Fund (IMF) said Wednesday it will make the first post-financing assessment of Angola, worth USD4.5 billion.

This will be at the First IMF monitoring mission. The institution concluded on December 22, 2021 the sixth and final evaluation of the Expanded Financing Programme.

The post-financing monitoring programme allows the IMF to monitor the evolution of the country’s macroeconomic policies and the potential risks that impact on Angola’s capacity to receive its internal and external commitments.

This first Mission, expected to gather representatives from various ministerial departments, will be led by IMF senior official, Amadou Sy.

Also expected to attend the meeting are representatives from the State Asset Management Institute (IGAPE), the General Tax Administration (AGT),

the Ministries of Economy and Planning (MEP), Mineral Resources, Oil and Gas (MIREMPET).

Representatives of the National Bank of Angola (BNA), the National Agency for Petroleum, Gas and Biofuels (ANPG) Sonangol, the Petroleum

Derivatives Regulatory Institute (IRDP), as well as other private entities or entities regulated by private legislation, such as BPC and Económico banks, will also attend the event.

The Financing Programme was approved by the Board of Executive Directors of the IMF on December 7, 2018, with a duration of 3 years.

Initially, it provided for a financial package of Special Drawing Rights (SDR) equivalent to around US$3.7 billion.

The IMF approved an increase in access of 72% of the quota as an emergency funds, raising the cumulative access from 361% to 433% of the quota, at the request of Angolan Executive, due to Covid-19 pandemic.

The move aimed at strengthening the country in the fight against the pandemic and mitigating its health, economic and social effects, as well as ensuring the implementation of the lost reforms that were being developed.

The IMF granted Angola a corresponding disbursement of Special Drawing Rights equivalent to approximately US$765 million.

The initial funding was raised from US$3.7 billion to US$4.5 billion.

Source: Angola Press News Agency (APNA)

Angola’s crude oil production reached 30.059 million barrels in March this year, an increase of 278.52 thousand barrels compared to February.

Despite the rise, the country did not achieved the rate of the production expected of 1.067 thousand barrels of oil per day (BOPD).

It obtained a daily average of 969.64 thousand (BOPD), below the February results.

Data released by the National Concessionaire, the National Oil, Gas and Biofuels Agency (ANPG), put at 29.78 million the oil production in February, a daily average of 1.063 million barrels of oil (BOPD) against 1.142 million expected.

In the first three months of 2023, Angola exported 86.92 million barrels of crude oil at an average price of USD 78, 711 for a total value of USD 6.92 billion.

OPEC basket price

The basket price of thirteen crude oil of the Organisation of the Petroleum Exporting Countries (OPEC), was at USD 78,40 per barrel last Thursday compared to USD 81,12 of Wednesday.

According to the calculations of the OPEC Secretariat published Friday that ANGOP had access to, the price dropped to 2.72 USD.

The OPEC Reference Crude Basket (ORB) is made up of Saharan Blend (Algeria), Sunflower (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), as well as, Ax Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE), and Merey (Venezuela).

Source: Angola Press News Agency (APNA)