Mozambican vegetable oil refineries have imported more than 1.3 million tons of crude cooking oil in the last eight years, worth around 88.7 billion meticais. "We want the money used for imports to be used for our economic activity, possibly to promote the production of oilseeds and other activities, creating more...
Cabo Delgado: ExxonMobil moves ahead with LNG project
ExxonMobil is "optimistic and moving forward" with the Rovuma liquefied natural gas (LNG) project in Cabo Delgado, according to a senior company source. The final investment decision could be made by the end of next year, a company official told Reuters yesterday. ExxonMobil and Eni are...
Exports of goods earned Mozambique 8.2 billion dollars last year
Sales of goods by the Mozambican economy to the rest of the world earned the country 8.2 billion dollars, which corresponds to 40.1 % of Gross Domestic Product (GDP). The data is contained in the annual balance of payments bulletin, released yesterday, Thursday (02), by the Bank of Mozambique (BdM), noting that this figure...
Entrepreneurs say they are making huge losses due to instability in the payment system
The Confederation of Economic Associations (CTA), the largest employers' organization in the country, believes that instability in the payment and transaction system is creating significant negative impacts on the economy and on the confidence of users of the national financial system, as well as on the business environment. According to the president of the Information Technology and...
Absa Bank Moçambique registers growth of 58.71TP3Q
Absa Bank Moçambique once again demonstrated a positive financial performance in 2023. It achieved annual net profits of 1,623 million meticais, or 58.7% growth on the previous year. This performance was accompanied by a solid capital base and a robust liquidity position, allowing it to increase shareholder remuneration...
Bank of Mozambique appoints resident inspector to monitor Millennium bim
The Bank of Mozambique (BdM) has appointed a resident inspector for Millennium bim, to "reinforce the monitoring" of that financial institution. A note from the BdM to which MZNews had access states that "following the need to reinforce the monitoring of the International Bank of Mozambique (Millennium bim), Mr. Hélder Manuel...
Current account balance improved by 4.6 MM$ last year, but remains in the black
Mozambique's Current Account (CA) balance improved last year, by 4.6 billion dollars, but is still in the black, reports the Bank of Mozambique (BdM). According to the annual Balance of Payments bulletin, released today, Thursday (02), by the BdM, and to which MZNews had access, last year the balance...
INCM announces new telecommunications tariffs today
The Mozambican National Communications Institute (INCM) announced today in Maputo City new telecommunications tariffs to be in force throughout the country from Saturday, May 4. The event will be attended by representatives of the three mobile phone operators licensed in Mozambique, namely Mcel, Vodacom and Movitel. Remember...
HCB brought in almost 35 million meticais in revenue last year
Last year, Hidroeléctrica de Cahora Bassa (HCB) earned 34,917.00 million meticais in revenue, an increase of 49.2% compared to the company's forecasts. According to Notícias, the cash inflow is the result of the revision of the tariff for the sale of electricity produced by HCB abroad. The economic, financial and operational performance report...
Google reaches market value of 2 billion dollars
Google has reached a valuation of 2 billion dollars, an unprecedented level in the 25-year history of the US company, joining Microsoft, Apple and Nvida. Google's historic valuation, according to Ao Minuto, was reached after the financial results for the first quarter of 2024 were revealed, with the success...