Word: angola
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...Best Countries for Business" offers a formidable combination of resources: the globe's most prestigious business organization linked with the planet's best journalists to report on the heated competition among nations for investment. Alex Perry and Zoe Eisenstein file from Africa on the disparate development of Mauritius and Angola. In Denmark, Justin Fox analyzes the country's success amid high tax rates. Asia hand Kathleen Kingsbury examines China's push to land R&D labs. Latin America expert Tim Padgett assesses the surprising economic strength of Argentina, Brazil and Chile. And business writer Barbara Kiviat explains the significance...
...boxer and earning $30 a week. In the evenings, he taught English to other Angolans, then built his own computers from spare parts and used them to set up a computer-training school. Today Cassolongo's company, Cassca Technologies, is one of the only online testing centers in Angola for international IT certification, and as the economy booms--a predicted 35% this year--demand for Cassca courses is soaring. But unlike Woo's, Cassolongo's difficulties are entirely domestic. "We face a lot of corruption," he says, using the Portuguese slang gasosa, which literally means fizzy drink. "Documents...
...Mauritius is good Africa, Angola is not. An élite cadre of government figures, Angolan bosses and foreign oil companies holds on to the soar-away gains of its 35% growth while the country stagnates in destitution and inflation. Partly that's due to the lack of a diversified economy to harness the oil wealth. As a foreign diplomat puts it, "If you're dying of thirst, you can't drink from a fire hose. The water comes out too fast." But it's also due to corruption: a 2004 Human Rights Watch report claimed that $4.22 billion...
...result, there are two populations within Angola. Private bankers fly in by the planeload, business hotels in Luanda are booked months in advance, and monthly rents in the business district are the highest in Africa, ranging from $54 to $108 per sq. ft. ($600 to $1,200 per sq m). Meanwhile, hundreds of thousands of people live in Luanda's slums, malaria and cholera are rife, and 70% of the population of 16 million subsist below the poverty line. Surveying the forest of cranes on Luanda's skyline, a foreign businessman describes the operating environment as opaque, corrupt and hamstrung...
...Africa become good Africa? Ari de Carvalho, a board member of ANIP, Angola's private-investment agency, thinks so. "Right now [the boom] benefits those who finance and carry out the projects," he admits. "But it will benefit the people in the long term." That's a minority view. Another Luanda-based observer says a change of course would require a change of government, but Angola's President José Eduardo dos Santos has not held an election since 1992. The observer describes the state as a ship heading for the reef of authoritarianism, corruption and popular discontent--a pattern seen...