Portugal

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.

Macau and Portugal sign tourism cooperation and food security protocols

12 October 2016

Macau and Portugal on Tuesday signed two cooperation agreements, one on food security and the second in the field of tourism, with the latter stipulating that companies that are already in Macau may also invest in Portugal, according to the local press. Quoting the Minister of Economy of Portugal, who signed both documents, the Tribuna de Macau newspaper, wrote that this second protocol is also intended to "encourage joint promotion at a time when there will be direct flights between Portugal and China, so there may be more Portuguese tourists visiting China and obviously Macau."

China provides Forum Macau countries in Africa and Asia with US$600 million

11 October 2016

China will grant at least 2 billion yuan (US$300 million) in preferential loans to Portuguese-speaking African and Asian countries that are members of Forum Macau, China's prime minister announced in Macau.

Portugal and China should promote triangular cooperation, Portuguese PM says

11 October 2016

Portugal and China must join "forces" to promote triangular cooperation with other Portuguese-speaking countries in sectors such as agriculture, infrastructure and education, the Prime Minister of Portugal proposed on Tuesday in Macau. António Costa spoke at the opening ceremony of the 5th Ministerial Conference of the Macau Forum for Economic and Trade Cooperation between China and the Portuguese-Speaking Countries, whose inaugural session speech was given by Chinese Prime Minister Li Keqiang.

Forum Macau has had remarkable results, China’s Trade Minister says

11 October 2016

The Forum for Economic and Trade Cooperation between China and the Portuguese-speaking Countries (Macau) has achieved remarkable results, said China's Commerce Minister, Gao Hucheng, in a speech on Monday in Macau. Addressing the members of the delegations that since Tuesday have been taking part in the 5th Ministerial Conference of Forum Macau, the minister recalled that since 2003 the Forum had made it possible to set up various forms of cooperation as well as mutual understanding between China and the Portuguese-speaking countries.

Delegation of Guinea-Bissau is first to arrive in Macau

10 October 2016

The delegation of Guinea-Bissau, headed by Prime Minister Baciro Dja, was the first to arrive in Macau, on 7 October, in order to attend the 5th Ministerial Conference of Forum Macau, said the Government Information Bureau (GCS). Four delegations arrived in Macau on Sunday - Brazil, headed by the Minister of Industry, Trade and Services, Marcos Pereira, Cabo Verde (Cape Verde), led by Prime Minister Jose Ulisses Correia e Silva, Mozambique, headed by Prime Minister Carlos Agostinho do Rosario and Timor-Leste (East Timor), led by the Minister of State, Coordinator of Economic Affairs and Minister of Agriculture and Fisheries, Estanislau Aleixo da Silva.

Portuguese PM asks for greenfield investments from China

10 October 2016

The Prime Minister of Portugal used an audience with the President of China, Xi Jinping, on Saturday in Beijing, to request more Chinese investment, including greenfield investments, according to international agencies. António Costa, who is due to arrive in Macau on Monday to attend the 5th Ministerial Conference of Forum Macau, said that one of the objectives of his official visit to China was to target Chinese investments aimed at the acquisition of assets for new industrial areas and ports in Portugal.

Macau Forum calls for private partnerships to strengthen China’s relations with Portuguese-speaking countries

6 October 2016

The secretary-general of the Macau Forum, Xu Yingzhen said on Wednesday she hoped that the future development of cooperation between China and Portuguese-speaking countries would involve strengthening private partnerships in all economic and financial sectors.

Five prime ministers to attend the opening of the 5th Ministerial Conference of the Forum in Macau

5 October 2016

China's Prime Minister Li Keqiang, will preside over the opening of the 5th Ministerial Conference of the Forum for Economic and Trade Cooperation between China and Portuguese-Speaking Countries to be held on 11 and 12 of October in Macau, the Xinhua news agency reported on Monday.

Bank of Mozambique puts Moza bank under administration

5 October 2016

Moza (formerly Moza Banco) was put under administration by the Mozambican central bank to secure the interests of depositors, taking into account the bank's solvency ratio was below zero, said recently the director of the Bank of Mozambique, Joan Matsombe. The solvency ratio is the ratio of the assets of a company funded by equity and financed by borrowed capital, so the higher this indicator the better the company's financial stability and the lower the solvency ration the more vulnerable the company is.

BP Group signs contract to buy millions of tonnes of natural gas from Mozambique

5 October 2016

ENI East Africa, a subsidiary of Italian group ENI, has signed a binding agreement to sell liquefied natural gas to BP Poseidon, a subsidiary of the BP group, the group said in a statement issued on Tuesday in Milan. The binding agreement, also signed by the partners of the group in the Area 4 block of the Rovuma basin in northern Mozambique, Galp Energia of Portugal, South Korea's Kogas and the Mozambican state company ENH, is valid for 20 years.

Portugal is the most competitive country in the Portuguese-speaking world

29 September 2016

Portugal is the most competitive country among the four Portuguese-speaking nations included in the Global Competitiveness Report 2016/2017 prepared by the World Economic Forum. Portugal, which is in 46th place, but which fell six places in relation to the 2015/2016 list in the report on 2015/2016.

ENI Group raises funds to explore natural gas in Mozambique

28 September 2016

Italian group ENI has begun to contact banks to secure the billions of dollars it needs to explore natural gas deposits in the Rovuma basin in Mozambique, Reuters reported.

Chinese group Fosun closer to taking a stake in Portuguese bank BCP

26 September 2016

The President of Portugal issued a government decree that will allow Portuguese bank Banco Comercial Português (BCP) to carry out a reverse split (share merger) of the bank's shares, said the Portuguese Presidency in a statement. "The President of the Republic promulgated the government decree establishing the share merger regime for issuers of shares admitted to trading on a regulated market or multilateral trading system, in an amendment of the Securities Code" the statement said.

BPI’s problem in Angola resolved to the satisfaction of all sides

22 September 2016

The general meeting of Portuguese bank BPI's shareholders approved the removal of limitations on voting rights, with Spanish bank CaixaBank increasing the price per share that it is offering in the Takeover Bid (OPA) for the bank, reported the Portuguese press on Thursday. Shareholders gave permission for the CaixaBank to take a controlling stake in BPI, as despite having a 44.81% stake in the bank its voting rights were limited to 20%, by imposition of the shareholder agreement.

Portuguese group buys two supermarkets in Mozambique

22 September 2016

Sonae MC, of Portuguese group Sonae, has bought two food retail stores in Mozambique in partnership with Satya Capital, the group said in a statement released Wednesday by the market regulator. The statement sent by the Sonae group to the Portuguese Securities Market Commission (CMVM) said total investment was US$6 million and will be "shared between Sonae MC and Satya Capital in a ratio of 30/70, respectively."

Banco BPI proposes to hand over shareholder control of Banco de Fomento Angola

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.

National Bank of Angola sells foreign currency to cover airline operations

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.

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