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.
1 August 2016
29 July 2016
Portuguese meat products company Sicasal is preparing to transfer some of its production to Angola following a 50% drop in exports to the West African country, the company's chairman said on Thursday in Luanda. Alvaro Santos Silva, who is in Angola as part of a Portuguese business delegation that, together with the Minister of Agriculture, Luis Capoulas Santos, is visiting the country to strengthen institutional bilateral and business cooperation, also said that in 2015 the company exported 40 million euros' worth of products to the Angolan market.
28 July 2016
Twenty-five executives and technicians from the traditional medicine sector in Brazil, Cabo Verde (Cape Verde), Guinea-Bissau, Mozambique, Portugal and Timor-Leste (East Timor) took part in a symposium in Macau organised by the Training Centre of the Forum for Economic and Trade Cooperation between China and Portuguese-speaking Countries (Macau), according to official information. The conference, which began on 18 July was held at the Guangdong-Macau Traditional Chinese Medicine Industry-park, whose facilities were visited on Wednesday by the executives and technicians in order to see current development.
26 July 2016
26 July 2016
Sao Tome and Principe travel agency JBC Travel and Tours on 30 August is due to start flights between São Tomé and Lisbon, Portugal, via Johannesburg, South Africa, the company's managing director, Bilssen Coelho said on Monday. The flights, which will be offered three times a week, Coelho said, will use an Airbus aircraft with a capacity of up to 150 passengers.
21 July 2016
The government of Angola has awarded Portuguese group DST (http://www.dstsgps.com/) a project to expand the water supply system on the outskirts of Luanda for US$17.1 million, according to a presidential order . The work is part of the 2016-2017 action plan of priority water supply projects and is carried out "under the financing agreements between the Republic of Angola and the Republic of Portugal," said the order cited by Portuguese news agency Lusa.
20 July 2016
8 July 2016
7 July 2016