21 September 2016
The board of Portuguese bank BPI Bank has proposed the sale of 2% of the share capital it owns in Angolan bank Banco de Fomento Angola to Angolan company Unitel, which would then have a majority stake in the Angolan bank, according to a letter sent on Tuesday. In return BPI would receive 28 million euros and Unitel would vote in favour of removing limits on voting rights in the bank, which are currently limited to 20%, regardless of the amount of capital that a shareholder may hold.
20 September 2016
A portion of the 387.2 million euros in foreign currency sold by the National Bank of Angola in the week of 12 to 16 September was used to cover airline operations, according to a statement released on Monday in Luanda. The statement stipulates the amounts sold to cover a variety of operations from acquisition of food to paying for travel, family support, health and education, and for airline operations 17.9 million euros have been set aside.
20 September 2016
The Amorim Energia BV group (AEBV) has sold to institutional investors 5% of the 38.34% stake it held in Galp Energia for 484.69 million euros, according to a statement released by the Portuguese Securities and Exchange Commission (CMVM). The group is 55% controlled by Portuguese businessman Américo Amorim - through Power, Oil & Gas Investments BV (35%) and Amorim Investimentos Energéticos SGPS (20%) - and the remaining 45% by Anglan oil company Sonangol through Esperaza Holding BV.
19 September 2016
The process of Chinese group Fosun taking a stake in Portuguese bank Banco Comercial Portuguese (BCP) is expected to be completed by the end of September, according to a statement issued by the Portuguese Securities Market Commission (CMVM). BCP's board of directors, which met last Wednesday instructed the bank's executive commission to "deepen the negotiations" with Fosun to set the conditions of entry of the Chinese group in the capital of the financial group.
15 September 2016
Macau Chief Executive Fernando Chui Sai On, said in Lisbon that his government is studying the creation of a complex in Macau which will incorporate the various initiatives that are underway to promote Macau as a platform between China and Portuguese-speaking countries . According to a statement from the Government Information Bureau (GCS), the centre will be housed in a single building and bring together interests in economic and commercial areas, offering services for companies, organisation of fairs, meetings and cultural exhibitions and professional training.
13 September 2016
8 September 2016
8 September 2016
Sao Tome and Principe and Portugal signed a new Strategic Cooperation Programme (PEC), valued at 57.5 million euros, valid for five years, Portugal’s Secretary of State for Foreign Affairs said on Wednesday in Sao Tome. Teresa Ribeiro signed the document on behalf of the Portuguese State and the Sao Tome minister of Economy and International Cooperation, Agostinho Fernandes signed for Sao Tome and Principe.
6 September 2016
5 September 2016
The board of Portuguese bank Banco Comercial Portuguese (BCP) will start talks with Chinese group Fosun that in July proposed the immediate purchase of 16.7% of the bank through an issue of reserved shares, reported Portuguese newspaper Diário Económico. The newspaper also wrote that the major shareholders of BCP - Sonangol with 17.84%, Banco Sabadell with 5.07%, Energias de Portugal group with 2.71% and 2.05% owned by Interoceanic group - will be involved in the talks, as the Chinese group plans to evolve to a stake of 30%.
1 September 2016
Mozambique Cotton Manufacturers (MCM), a consortium of one Mozambican and three Portuguese companies, plans to invest about US$35 million to expand the business, according to a statement issued in Maputo. MCM, consisting of Mozambican companies Intelec Holdings and Portuguese companies Mundotêxtil, Mundifios and Crispim Abreu, has invested nearly US$20 million for the installation and operation of the units, and the amount now announced will serve mainly to add weaving, dyeing, sewing and other support equipment.
31 August 2016
China's Prime Minister Li Keqiang, will take part in the 5th Ministerial Conference of the Forum for Economic and Trade Cooperation between China and Portuguese-speaking countries, reported Radio Macau. The Portuguese-language broadcaster also reported that the Prime Minister of Portugal, Antonio Costa, will also attend the conference to be held in Macau on 10 and 11 October.
29 August 2016
The president of the Business Confederation of the Community of Portuguese Speaking Countries (EC-CPLP), Salimo Abdula, said the 52nd edition of the Maputo International Fair (Facim) will be an opportunity to show that Mozambique plans to replace imports with exports. Abdula gave assurances that Facim Moçambique is another opportunity to receive new technologies from different parts of the world, but especially to showcase available resources, which when they are explored, worked and processed in a sustainable way can generate employment and economic growth.
26 August 2016
Montepio, a Portuguese mutual bank, will join Arise, a company set up by banks supporting the Norfund development fund of Norway and FMO of the Netherlands and by the Rabobank banking cooperative, Portuguese daily financial newspaper Diário Económico reported. Arise is a holding company (SGPS) that brings together the holdings of each institution in the African market, which according to a source from Montepio will be established this year to launch operations on 1 January 2017.
23 August 2016
TAP - Air Portugal will resume flights to Guinea-Bissau from 1 December, linking Lisbon to Bissau with two weekly flights, the airline said in a statement issued in Lisbon. The operations for Guinea-Bissau had been suspended since December 2013, when the Guinea-Bissau authorities forced the captain of TAP aircraft to carry 74 Syrian nationals travelling with false passports to Lisbon.
12 August 2016
12 August 2016
Portugal will open a consulate-general in Guangzhou per a Thursday Council of Ministers decision approving an agreement signed by the two countries. The statement released at the end of the meeting indicates that the new consulate-general will cover an area encompassing Guangdong, Hainan, Hunan and Fujian provinces and the Guangxi Zhuang Autonomous Region.
12 August 2016
Brazilian investment bank BTG Pactual has decided not to purchase Banif Brasil, withdrawing its non-binding bid to purchase the Brazilian subsidiary of the Banif Portugal banking group, the bank announced in a statement to the market. The proposed purchase, which involved other assets of the Banif Portugal group and Oitante, was withdrawn due to “non-verification of the precedent conditions contained in the bid,” indicates the statement released on Wednesday.
11 August 2016
Portugal’s public debt stood at 240.1 billion euros or 131.6 percent of gross domestic product at the end of June, the highest indebtedness ever, the Technical Budget Support Unit (UTAO) announced. The UTAO provides technical support to parliament. In its monthly statement on public debt it reported that indebtedness recorded at the end of June was higher than the end-of-year figure forecast by all national and international organisations.
5 August 2016
Portugal’s budget deficit should stand at 3.4 percent of gross domestic product this year, above the 2.2 percent forecast by the government and the 2.5 percent required by the Europan Commission, Fitch Ratings has predicted. For 2017 that credit rating agency predicts that Portugal’s budget deficit will only decline by a tenth of a point to 3.3 percent, thereby keeping the country in the excessive deficit procedure, indicates a report released on Thursday.