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Portugal

China Minsheng Financial Holding makes proposal to buy Portugal’s Novo Banco

7 November 2016
Investment company China Minsheng Financial Holding is one of five candidates for the purchase of Novo Banco, as well as investment funds Apollo Global Management and Centerbridge Partners, Lone Star Funds and Banco Commercial Portugues, according to the Portuguese press.

Cristina Morais ends her duties at Macau Forum

7 November 2016
Cristina Morais term as coordinator of the Support Office to the Permanent Secretariat of the Forum for Economic and Trade Cooperation between China and Portuguese Speaking Countries ended on 2 November, according to an order of the Macau Secretary for Economy and Finance. The order from Secretary Leong Vai Tac appoints Cristina Morais for a period of one year to the post of head of the Department of External Economic Relations of the Macau Economic Office, with effect from 3 November.

Portugal leaves the diamond sector in Angola after a century

4 November 2016
Portugal put an end to a century-long presence in the diamond sector in Angola with the signing of an agreement Thursday in Luanda, which ended the conflict between Angolan state diamond company Endiama and Sociedade Portuguesa de Empreendimentos (SPE). Signed by the chairman of Endiama, António Carlos Sumbula and his SPE counterpart, Hélder de Oliveira, this document follows another agreement signed by the two parties in November 2015 in Lisbon, which suspended the arbitration and court proceedings involving the two parties.

IMF expected to support Mozambique once again in 2017

3 November 2016
The International Monetary Fund will resume aid to Mozambique by the end of the second quarter of 2017 after the country started taking its first steps to take public debt to sustainable values, the permanent IMF representative in Mozambique said in Maputo.

Universities support the Portuguese language in Yangzhou, Jiangsu Province, China

3 November 2016
Portuguese universities will support Portuguese language teaching at the University of Yangzhou, a city in China's Jiangsu Province, according to the Union of Portuguese Speaking Capital Cities (UCCLA). A delegation from UCCLA from 20 to 28 October visited Macau and three cities in Jiangsu at the invitation of the provincial government, with the provincial authorities and the Changzhou city supporting the UCCLA's intention to open an office in Yangzhou, Macau and Portuguese-speaking countries cooperation park, which will be located in that municipality.

Banco BPI likely to lose control of Banco de Fomento Angola

1 November 2016
Shareholders of Banco BPI are expected to approve the sale of 2 percent of Banco de Fomento Angola (BFA) to the Angolan telecoms company Unitel for 28 million euros during the general meeting scheduled for 23 November in Porto, indicates a communication to the market. In the statement released via Portugal’s Securities Market Commission (CMVM), the Banco BPI board of directors affirms that the sale is the “only solution” possible for the bank to reduce exposure to Angola and thereby comply with the European Central Bank’s demand that it resolve the “problem of surpassing the limit for major risks faced since late 2014.”

Trade between China and Portuguese-speaking countries falls 11.22% in the first eight months of 2016

28 October 2016
Trade between China and Portuguese-speaking countries fell 11.22% in the first eight months of the year compared to the same period of 2015, according to figures from the Chinese Customs Services, released by the Forum for Economic and Trade Cooperation between China and the Portuguese-speaking Countries (Macau Forum). According to official statistics the trade between China and Portuguese-speaking countries in the first eight months of the year reached US$60.23 billion.

Angola among the most difficult countries to do business

27 October 2016
Angola is among the top 10 countries where it is more difficult to do business, according to the World Bank Group "Doing Business 2017- Equal Opportunities for All" report, which assesses 190 countries. The World Bank report concludes that 137 countries have undertaken reforms to improve the business climate in 2015/16, 20% more than last year.

Olam Mozambique provides work to 40,000 farmers

26 October 2016
Olam Moçambique, a company that promotes the production and distribution of agricultural products in Mozambique provides employment to about 40,000 farmers. Sridhar Krishan, the managing director of the company, which is based in Singapore and has operated in Mozambique since 1999, told Mozambican daily newspaper Noticias that as well as financial support to farmers it also guarantees a buyer for their products.

Portugal is sixth European country to receive most investment from China in 2015

25 October 2016
Portugal is on the list of European countries that received most investment from China in 2015, according to a study by the ESADE Business & Law School published in Spanish daily newspaper El Pais.

Cement plant opens in Cabo Delgado, Mozambique

24 October 2016
The Metuge cement factory in the Mozambican province of Cabo Delgado, came into operation on Friday following an investment of US$24 million, Mozambican news agency AIM reported. AIM said the plant will have an annual production capacity of 250,000 tonnes of cement.

Angonabeiro plans to export Ginga coffee to the United States, China and African countries

20 October 2016
Angonabeiro, of the Portuguese Nabeiro group, which produces coffee in Angola, will start exporting coffee to the United States, China, Mozambique and Cabo Verde (Cape Verde), a company official said. The director of Angonabeiro, Jorge Ribeiro, said the Ginga coffee produced by the company is mainly exported to Portugal but the company's ongoing internationalisation plan will allow exports to other countries.

Portugal and Beijing are invited partners at the 21st edition of the Macau International Fair

19 October 2016
Portugal and Beijing are the first partner country and partner city of the Macau International Fair (MIF), according to the organisation, "adding lustre and allowing for more business opportunities during the event," whose 21st edition takes place from Thursday to Saturday.

Chinese group Fosun closer to being a shareholder of Portugal’s BCP bank

19 October 2016
Shareholders of Portuguese bank Banco Comercial Portuguese (BCP) are due to meet on 9 November at the General Meeting to deliberate and possibly adopt amendments that will open up the way for the entry of Chinese group Fosun Industrial Holdings Limited in the financial institution, according to a market statement. Shareholders will vote on the amendment or elimination of statutory limitations on voting rights, which is required due to an amendment to the legal framework of credit institutions and financial companies and which must be exercised by the end of the year.

Cabo Verde’s trade deficit cable widens 11.3% from January to September

19 October 2016
The trade deficit of Cabo Verde (Cape Verde) recorded an increase of 11.3% from January to September, to 43.548 billion escudos, against 39.138 billion escudos in the same period of 2015, according to the archipelago's National Statistics Institute (INE). INE also reported that the deficit was the result of national exports (not including re-exports) falling 2.1% to 4.426 billion escudos and imports in the same period increasing 9.9% to 47.974 billion escudos.

Hong Kong financial company interested in Portugal’s Novo Banco

14 October 2016
The China Minsheng Financial Holding Corporation Limited (CMFH) of Hong Kong has presented a non-binding offer for the purchase of a controlling stake in Portuguese bank Novo Banco, Portuguese newspaper Público reported. The newspaper also wrote that the Chinese company presents itself as a "cornerstone investor," which means it is applying for the purchase either a majority or minority stake, although it has to be a controlling stake, with the commitment of an Initial Public Offer (IPO) for the rest of the capital.

Macau International Fair in 2016 will have over 1,600 stands

14 October 2016
The 21st edition of the Macau International Fair (MIF), taking place from 20 to 22 October, will have the participation of over 50 countries and regions showcased at over 1,600 stands, said the fair's organising body, the Macau Institute for Trade and Investment Promotion (IPIM). Based on the theme of "Cooperation - The Key to Business Opportunities," this year's MIF will occupy an area of about 30,000 square metres, the main difference to previous editions being a new section called "Partner Countries and Cities."

Ministerial Conference of Forum Macau was one of the most productive ever

13 October 2016
The 5th Ministerial Conference of Forum Macau was one of the most productive ever, with the presentation of 18 measures for Portuguese-speaking countries and 19 others supporting the development of Macau, the Secretary for Economy and Finance said Wednesday.

Trade between China and Portuguese-speaking countries exceeds US$360 billion in three years

12 October 2016
The cumulative value of trade between China and the Portuguese-speaking countries exceeded US$360 billion between 2013 and 2015, China’s Deputy Minister of Commerce recalled on Wednesday at a meeting of businesspeople.

Direct flights between China and Portugal begin in June 2017

12 October 2016
The direct air link between China and Portugal is due to begin in June 2017 with three to four flights a week, according to the protocol signed between the Portuguese Tourism Agency (Turismo de Portugal) and the HNA group. HNA, a shareholder of the Azul airline controlled by businessman David Neeleman - one of the owners of Portuguese flagship airline TAP - obtained authorisation to launch a route to Portugal at the beginning of June this year.
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