Mozambique Financial News

At least 6,000 inmates escaped from a high-security prison in Mozambique’s capital on Christmas Day after a rebellion, the country’s police chief said, as widespread post-election riots and violence are roiling the country.

Subscribe to enjoy similar stories.New Delhi: State-run Oil India Ltd (OIL) plans to raise its exploration and production capital expenditure by over 10% to ₹10,000 crore this fiscal year, chairman and managing director Ranjit Rath said, as the country grapples with an energy shock amid the West Asia war.The Maharatna company, which traces its origin to India’s first commercial crude oil discovery in Digboi (Assam), expects to produce about 4 million tonnes (mt) of crude oil this fiscal, compared with 3.45 mt in FY26. He added that work on the $20-billion Mozambique LNG project has resumed.

On 7 January, Mint made a case for reforming India’s highly inefficient regime of fertilizer production, pricing and distribution, and for switching over from product subsidization to income support for farmers. This imperative has since been sprung centre-stage by a war in West Asia that has disrupted our imports of urea and its feedstock gas, both of which form large shares of domestic usage and have seen global prices flare up.

copper demand is expected to surge globally amid electrification, renewable energy and grid expansion, even as supply remains constrained. Global benchmark copper prices are currently around $11,000-12,000 per tonne, jumping a little over 30% over the last one year.Drawing a parallel between operating a mine in Gadchiroli and in Congo is not entirely fair, said Suman Kumar, assistant vice-president for metals and mining at brokerage Philip Capital.In India, companies understand regulatory and political ecosystem, but in foreign jurisdictions, especially parts of Africa, execution risks are far higher, said the sell-side analyst.He pointed to examples of Indian companies that struggled to scale overseas mining projects, including Jindal Steel and Power Ltd in Mozambique and Vedanta Ltd's challenges at Konkola Copper Mines in Zambia.“Even companies with significantly deeper financial muscle have struggled.

Subscribe to enjoy similar stories. New Delhi: India is likely to increase imports of coking coal—used mainly in steel and cement production—from the US in a bid to enhance energy partnership, as part of a trade deal between the two countries, said two people aware of the development. India is the largest buyer of US coal globally.

Subscribe to enjoy similar stories. New Delhi: The Centre is ramping up efforts to stabilize prices of tur (pigeon pea), a key staple in Indian diets, by targeting a buffer stock of 1 million tonnes for the fiscal year 2025-26, according to two people familiar with the matter. The consumer affairs ministry is leading the effort amid expectations of rising domestic production and a declining price trend.

Subscribe to enjoy similar stories. Naveen Jindal, chairman of India’s fourth-largest steelmaker Jindal Steel and Power Ltd (JSPL), is building a private steel empire abroad, one that could match the size of his listed Indian company in future. Over the past five years, Jindal has built an end-to-end steel business with assets across Europe, the Middle East and Africa.

Subscribe to enjoy similar stories. As India races towards an electric future, powered by renewable energy and electric vehicles (EVs), a looming question casts a shadow on this green ambition: what happens to millions of EV batteries at the end of their life? With gigafactories rising and mining for critical materials like lithium and cobalt taking an environmental toll, the need for a robust battery recycling ecosystem has never been more urgent.

Subscribe to enjoy similar stories. “I will respectfully step aside," said the man who lost an election, “and participate in a smooth transition process." The speed with which President Mokgweetsi Masisi conceded defeat on November 1st was striking—all the more so given that his Botswana Democratic Party (BDP) had ruled this diamond-rich southern African country for six decades, ever since independence from Britain in 1966. On November 4th Mr Masisi was officially replaced by Duma Boko (pictured), a Harvard-educated lawyer, whose Umbrella for Democratic Change (UDC) was the first party to defeat the BDP, after 13 attempts.

Breon Peace said he will step down Jan. 10, ending a stint as federal prosecutor that included high-profile cases such as singer R Kelly’s trial for sex-trafficking, a fraud indictment of Indian billionaire Gautam Adani and the criminal conviction of a US Congressman. Peace, a 53-year-old native of Brooklyn, New York, said in a statement Wednesday “it has been the honor of a lifetime to serve as United States Attorney.” He’ll be replaced as head of the Brooklyn office, known as the Eastern District of New York, by First Assistant US Attorney Carolyn Pokorny, according to the statement. He was appointed by President Joe Biden in 2021 and will leave before President-elect Donald Trump takes office Jan. 20.

Subscribe to enjoy similar stories. New Delhi: Robust sales growth recorded by the Indian government’s generic pharmacy model will put pressure on trade margins in the retail medicine market because of the affordability and quality of the drugs sold, a top official said. The quality certified generic medicines sold at kendras (centres) operating under the Pradhan Mantri Bharatiya Janaushadhi Pariyojana (PMBJP) help to moderate the prices of medicines and create a benchmarking effect, Arunish Chawla, secretary of the Department of Pharmaceuticals, said in an interview toMint.

South African authorities are embroiled in a standoff with an unconfirmed number of illegal miners who remain underground at an abandoned mine, apparently fearing arrest by police officers at the site

Indian Ocean Region (IOR), India has gifted two water-jet propelled Fast Interceptor Craft (FIC) to Mozambique. The FICs were transshipped from India by INS Gharial.

The United Nations' food agency says months of drought in southern Africa triggered by the El Niño weather phenomenon have had a devastating impact on more than 27 million people and caused the region’s worst hunger crisis in decades

UPI should be charged or be conducted, as it has been since 2020, without a merchant discount rate (MDR) to boost digital transactions. Either way, technology adoption is at the fulcrum of the growth of digital financial services (DFS). With UPI at the forefront, NPCI has formed strategic partnerships with several countries to enable digital payments and facilitate cross-border transactions. These collaborations not only provide Indian expats with a familiar way to pay but also enhance financial inclusion, while improving cost- and time-efficiency of digital payments in these regions. By establishing UPI-based payment corridors with banks in West Asian and African countries, these initiatives are building a secure and reliable digital payment infrastructure that supports economic development. As instant payments grow, its influence on the economic landscape of these regions becomes increasingly evident. In India alone, DFS has played a critical role in expanding the digital economy 2.4 times more rapidly than the overall economy.

OVL, BPRL and OIL hold 16%, 10% and 4% stake respectively in the project, operated by France's TotalEnergies with a 26.5% stake. The other partners are Japan’s Mitsui & Co. (20%), Mozambique’ state-run Empresa Nacional de Hidrocarbonetos or ENH (15%) and Thailand’s PTT Exploration and Production Plc.

A U.S. jury has convicted former Mozambican Finance Minister Manuel Chang in a bribe conspiracy case that welled up from from his country’s “tuna bond” scandal

₹1,200 crore to supply coaches and locos to Bangladesh and Mozambique, RITES is now bidding for tenders for rolling stock supplies, consultancy operations and quality assurance businesses across regions, Mithal said.A few large projects are expected to land in FY25 helping it scale export operations.“We started FY24 with an export order book of less than ₹100 crore as no fresh orders were received for past four years. The Bangladesh and Mozambique order has come at the right time and given us confidence to win more orders even in competitively bid global tenders.

New Delhi: India on Monday permitted export of 14,000 million tonnes of non-basmati white rice to Mauritius, the Directorate General of Foreign Trade (DGFT) said in a notification. “The export of 14,000 MT of Non-Basmati White Rice to Mauritius has been permitted through National Cooperative Exports Limited (NCEL),” the DGFT said. In July 2023, the government had prohibited the export of non-basmati white rice but it had said exports would be allowed on the basis of permission granted to other countries to meet their food security needs and based on requests from those countries.

food prices to come down after rains, as the India Metrological Department (IMD) has predicted above-normal monsoon, the Ministry of Finance said in its recent monthly economic review. The report said that above normal rainfall will lead to higher production of crops. «Further easing of food prices is on the anvil as IMD has predicted above-normal rainfall during the monsoon season, which is likely to lead to higher production, assuming good spatial and temporal distribution of the rainfall,» the March 2024, monthly economic review of the finance ministry said.

New Delhi's decision to post military and defence attaches to several new countries reflects India's changing assessments of strategic interests. Countering China, safeguarding critical gateways and increasing export of Indian military hardware is behind the choice of these new outposts that include several countries in Africa, East Europe and Asia Pacific. Now, GoI must ensure that defence personnel in missions abroad aren't limited to procurement, trade and training, as defence is an essential component of strategic relations. A better understanding of a defence attache's role is a must for the most optimum outcome.