Portugal

Luso-Angolan group sells 5% of Galp Energia

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.

Portuguese bank BCP negotiates sale of stake with Chinese group Fosun

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.

Macau to build centre to promote China’s relations with Portuguese-speaking countries

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.

Macau and Portugal want to strengthen trade relations, economies and staff training

13 September 2016

Macau Chief Executive Fernando Chui Sai On said Monday in Lisbon that in the future Portugal and Macau can strengthen economic and trade cooperation and further develop staff training in Portuguese.

Trade between China and Portuguese-speaking countries contracts by 12% from January to July

8 September 2016

Trade between China and the Portuguese-speaking countries fell 12.25% year on year from January to July 2016 to US$51.5 billion, according to official figures released by the Macau Forum.

Sao Tome and Principe and Portugal sign new cooperation program

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.

5th Macau Forum Ministerial Conference held in October

6 September 2016

The 5th Ministerial Conference of the Forum for Economic and Trade Cooperation between China and Portuguese-speaking Countries (Macau) will take place on 11 and 12 October 2016, said the Government Information Bureau (GCS).

China’s Fosun Group starts talks to buy 16.7% of Portugal’s BCP bank

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%.

Portuguese-Mozambican consortium expands textile business in Mozambique

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.

Prime Ministers of China and Portugal attend 5th Ministerial Conference of Macau Forum

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.

Portuguese-speaking countries present at the 52nd edition of the Maputo International Fair

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.

Montepio Geral transfers assets in Angola and Mozambique to holding company Arise

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.

TAP – Air Portugal resumes flights to Guinea-Bissau

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.

Banif – Banco de Investimento sold to Chinese investment company

12 August 2016

Banif – Banco de Investimento (BBI) has been sold to the investment company Bison Capital Financial Holdings (Hong Kong) Limited for an undisclosed amount, Oitante announced on Thursday in Lisbon.

Portugal to open consulate-general in Guangzhou

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.

Brazilian bank backs off purchase of Portuguese Banif Brasil

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.

Portugal’s public debt in June the highest ever

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.

Portugal’s budget deficit predicted to be 3.4% of GDP in 2016

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.

China’s Fosun group aims to purchase 16.7% of Banco Comercial Português

1 August 2016

The Chinese group Fosun Industrial Holdings Limited has submitted a firm offer to purchase a 16.7 percent stake of the share capital of Banco Comercial Português (BCP), the banking institution indicated in a statement to the market released on Saturday.

Portuguese company plans to move some production to Angola

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.

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