18 May 2016
The ministers of maritime affairs of the Community of Portuguese-Speaking Countries (CPLP) are meeting Wednesday in Dili, Timor-Leste (East Timor), at the third meeting to discuss the expansion of the so-called "blue economy" and the conservation and sustainable use of the seas and oceans. The purpose of the meeting, according to a statement released by the CPLP, is an "appeal to the conscience" of leaders for economic and business cooperation for the "blue economy", mainly in the areas of fisheries, tourism and exploration of hydrocarbons and other resources.
17 May 2016
Portuguese finance company Dominio Capital is partnering emerging markets investment bank Renaissance Capital to provide investment banking services in Mozambique, the company said in a statement sent to Macauhub. Under the agreement, Dominio Capital will channel investments to be made by Renaissance Capital and its investors into the Mozambican and Angolan markets, as well as the providing services in the area of initial public offerings, privatisations and mergers and acquisitions in the financial market.
13 May 2016
12 May 2016
Portuguese exports to Angola fell by 45 percent in the first quarter of 2016 to 303 million euros, a fall of 248 million euros in real terms, said Tuesday in Lisbon the National Statistics Institute. In the same three-month period Portuguese companies imported from Angola goods worth 217 million euros, an increase of 12.5 percent or 24 million euros in real terms.
12 May 2016
Chinese businessmen who are members of the Shanghai New Entrepreneurs Association may invest in Portugal, particularly in professional football, the chairman of the ShanShan group, Zheng Yonggang, said in Lisbon. The businessman, cited by the Portuguese press, mentioned the possibility of investments of up to 10 billion euros in various sectors of activity, including professional football and the real estate, antiques, tourism, high technology and finance sectors.
10 May 2016
A delegation with representatives of the governments of the Great Pearl River Delta will travel to Portugal next June to explore business opportunities, said Gloria Batalha Ung, director of the Macau Institute for Trade and Investment Promotion (IPIM), according to Portuguese-language newspaper Tribuna de Macau. The executive member of the Board of IPIM said the mission, which will include three or four representatives of the provinces of Guangdong, Fujian, Jiangxi, Hunan, Guangxi, Hainan, Sichuan, Guizhou and Yunnan and the special administrative regions of Macau and Hong Kong, shows that the Macau services platform is not only intended for companies but also for governments.
5 May 2016
Trade between China and the Portuguese-speaking countries contracted by 23.03 percent year on year in the first quarter of the year to US$16.727 billion, according to official figures published in Macau. Over the first three months of the year China exported to the eight Portuguese-speaking countries goods worth US$5.844 billion (-44.95 percent) and imported goods amounting to US$10.882 billion (-2.1 percent), assuming a deficit of US$5.038 billion.
4 May 2016
The budget deficit in Portugal is expected to be 2.7 percent of GDP this year and 2.3 percent in 2017, the European Commission said Tuesday in Brussels in its report on the Spring economic forecasts. These deficits are higher than those included in the Stability and Growth Programme recently presented by the Portuguese government, which provides that the budget deficits in 2016 and 2017 will be 2.2 percent and 1.4 percent of GDP, respectively.
25 April 2016
The merger between the banks Millennium Angola and Banco Privado Atlântico will allow Portuguese bank Banco Comercial Portugues (BCP) to pay off funds received from the Portuguese State in 2012, said CEO Nuno Amado. The CEO of BCP said at the end of the general shareholders meeting held last week that as soon as the merger is completed, "which has not happened yet," "we will submit an application for payment of part of the convertible contingent liabilities (Cocos)."
25 April 2016
The resolution measure applied to Banco Internacional do Funchal (Banif) caused the budget deficit in Portugal in 2015 to increase to 4.4 percent of GDP, more than double the Eurozone average, Eurostat said Thursday. The European Union's statistics office also reported that external debt at the end of the year stood at 129 percent of gross domestic product, one of the highest in the European area.
22 April 2016
19 April 2016
14 April 2016
Portugal is expected this year to leave the excessive deficit procedure if the forecast issued by the International Monetary Fund of a budget deficit of 2.9 percent of gross domestic product (GDP), according to the "Fiscal Monitor" document. In the recently released document, IMF staff project budget deficits for Portugal of 2.9 percent in 2016 and 2017 and 2.8 percent in the years from 2018 to 2021.
13 April 2016
The amount of bad loans in Portuguese banks increased in February for the second consecutive month, reaching 17.984 billion euros, or 10 percent of the country's gross domestic product (GDP), according to the Bank of Portugal. The gross domestic product of Portugal at the end of 2015 was estimated at 179.3789 billion euros, according to the National Accounts published by the National Statistics Institute (INE).
11 April 2016
Negotiations between CaixaBank and Santoro Finance, owned by Angolan businesswoman Isabel dos Santos, to find a solution to "BPI's non-compliance with its large risk exposure limit" ended this Sunday, "successfully", the Portuguese bank said in a statement to the market. The agreement reached on the day of the deadline imposed by the European Central Bank determines that Santoro Finance will reduce its stake in BIS capital and acquire a majority stake in Banco de Fomento Angola (BFA), a bank that will be listed on the Lisbon Stock Exchange.
7 April 2016
US company Kosmos Energy and Portugal's Galp Energia in January 2017 are due to carry out seismic surveys in three oil blocks in the Exclusive Economic Zone (EEZ) of Sao Tome and Principe, announced Wednesday the director of the country's National Oil Agency. Orlando Sousa Pontes made this announcement during the public presentation ceremony of an environmental impact study prepared jointly by Kosmos Energy, the operator of blocks 11 and 12 of the Sao Tome EEZ and Galp Energia, the operator of block 6 in the same area.
5 April 2016
Guinea-Bissau will receive 150 official and business delegations for a meeting in Bissau of businesspeople from China and the Community of Portuguese-speaking Countries, the coordinator of the meeting's technical office said recently. Giving an update on preparations for the meeting, coordinator Bruno Jauad gave assurances that "everything is ready" to welcome the delegations to Bissau on 9, 10 and 11 April.
31 March 2016
The Bank of Portugal has lowered its economic growth forecasts for 2016 by 20 basis points to 1.5 percent and for 2017 by one-tenth of a percentage point to 1.7 percent compared to previous figures, according to a report released Wednesday. The document entitled "Projections for the Portuguese economy: 2016-2018" for the first time includes indicators for 2018, with the central bank projecting an economic growth rate of 1.6 percent.
30 March 2016
Portugal's budget deficit is expected to have totalled 3.1 percent of Gross Domestic Product (GDP) in 2015, which "will not allow the closure of the excessive deficit procedure", according to an estimate of the Technical Budget Support Unit (UTAO). In the document issued Tuesday in Lisbon, UTAO said the estimate excludes extraordinary transactions (including the resolution measures applied to Banco Internacional do Funchal - Banif) and, in adjusted terms, "the reduction of the budget deficit amounted to 0.5 percentage points of GDP compared to 2014."
23 March 2016
Brazilian airline Azul made an investment of about US$100 million (90 million euros) in Portuguese airline TAP - Portugal, according to a statement posted on its website. "The investment will give Azul the right to hold approximately 40 percent of the economic value of the Portuguese airline at the time of conversion of the security and after approval by the Civil Aviation Authority of Portugal," the statement said.