The new president of the Mozambican Football League (LMF), Alberto Simango Júnior, advocates a sustainable institution that makes more profit than losses at the end of each soccer season. According to Simango Júnior, who was speaking moments after taking office as the league's new president, an event that took place last Friday in Maputo to transform the...
Extreme storms and other natural disasters cost the world around 250 billion dollars in damages last year, and less than half of that amount, 95 billion dollars, was actually covered by insurers, according to data compiled by Munich Re and released on Tuesday. In a report published by...
Mining giant Rio Tinto has agreed to pay $28 million to a US court to end a fraud case in Mozambique. It was accused of hiding losses from its coal investment. According to the specialized press, which cites the decision of the Manhattan federal court on the lawsuit brought by the SEC,...
The screenwriters' and actors' strike in Hollywood has already cost California around five billion dollars, according to the Milken Institute, but the artists "still have energy" and won't give in, said American actor Chris Marrone. "People are tired, but not discouraged. They still have energy," he said. "We're in this together and we're not...
Last year, Electricidade de Moçambique (EDM) accumulated more than 23.8 million dollars in damages caused by the cyclones that affected the country. According to EDM's final accounting, the extensive damage in 2022 resulted in the collapse of medium and low voltage power poles, causing the unavailability of...
Since the beginning of the year, power theft and vandalization of electrical equipment in the city of Beira, Sofala province, has caused losses of 58 million meticais to Electricidade de Moçambique (EDM). "From January to the present, we have recorded more than 7,000 frauds," said the Director of EDM's Customer Service Area,...
Empresa Nacional de Hidrocarbonetos (ENH), the oil company owned by the Mozambican state, reversed its 2021 losses and made a profit of 461.9 million meticais last year. According to the accounts report, quoted by Lusa, ENH had recorded a net loss for the 2021 financial year of 153.1 million meticais,...
Brazilian aircraft manufacturer Embraer recorded a first-half net loss attributable to shareholders of 86.6 million euros, half (49%) of the loss attributable to the same period in 2022. In a half-year report released to the market on Monday, Embraer described its efforts to manage debt, increase revenue and grow sales as successful...
Moza Banco, led by the management company of the Banco de Moçambique workers' pension fund since 2016, managed to reduce the losses recorded in the first half of 2022, estimated at 129.1 million meticais, to 55.5 million in the same period this year. According to Moza Banco's financial statements, cited by Lusa,...
The Confederation of Economic Associations of Mozambique (CTA), the country's largest employers' organization, warned on Thursday of damage to the country's economy due to the wave of attacks on trucks transporting goods in South Africa. To this end, the private sector advocates reinforcing road safety. According to the deputy president of the CTA...