Portugal

Insurance company Fidelidade authorised to invest in Chinese Stock Market

21 January 2016

Portuguese insurance company Fidelidade, acquired from the Caixa Geral de Depósitos (CGD) by Chinese group Fosun, has become the first company in Portugal to have direct exposure to the Chinese stock market, after receiving a quota of US$700 million to invest in the Shanghai and Shenzhen stock markets, according to information provided to the markets. Fidelidade has been authorised to invest in the Chinese market through the Qualified Foreign Institutional Investor mechanism, a programme created in 2003 that allows a small group of foreign companies to invest in 'A Shares' denominated in the Chinese currency (yuan) and comprises US$81,1 billion in capital.

Portugal’s Novo Banco receives new proposals to buy Banco Internacional de Cabo Verde

20 January 2016

The sale of Banco Internacional de Cabo Verde (BICV) should be completed soon, and Portuguese bank Novo Banco has received expressions of interest from several investors, wrote Portuguese financial newspaper Diário Económico. The newspaper added that although Novo Banco, the bank that inherited the quality of assets of the bankrupt Banco Espírito Santo, is organising the process, the final say is up to the Bank of Portugal.

Less austerity in Portugal requires taking on more debt

15 January 2016

The slowdown in fiscal consolidation applied by the new Portuguese government will require taking on a further 11 billion euros in debt by 2019, according to the Technical Unit for Budget Support (UTAO) in a report sent to Parliament. The document said that in order to reduce fiscal deficits between 2016 and 2019, the state will have to contract debt in the amount of 17.1 billion euros, representing an increase of 10.9 billion euros compared to plans made public four months ago, which pointed to 6.2 billion euros.

Chinese company advertises real estate investment in Portugal

12 January 2016

The Level Constellation real estate company intends to invest 100 million euros in a new real estate development in Lisbon, Portugal, the president of the Chinese company, Wen Yingjie, told Portuguese weekly newspaper Expresso.

Canadian group buys tungsten mine in Portugal for 1 euro

8 January 2016

Canada's Almonty Group paid 1 euro to Japanese conglomerate Sojitz Corp for the entire share capital of Beralt Ventures Inc, which controls the Panasqueira tungsten mines in Portugal, the Canadian group said in a statement to the market. The group also said it bought debt in the amount of 12.260 million euros owed by Sojitz Beralt Tin & Wolfram (Portugal), a limited liability company 100-percent owned by Beralt Ventures Inc, to Japan's Sojitz Group, against delivery 1 million euros in cash and a promissory note of 500,000 euros, maturing on 29 December, 2017 at an interest rate of 4 percent.

Stagnation of the construction market in Angola and Portugal leads to redundancies

6 January 2016

The stagnation of the construction market in Angola and in Portugal is the basis of collective dismissal of 500 workers at construction company Soares da Costa, according to a document signed by the CEO of the company. In this document, cited by Portuguese news agency Lusa, Joaquim Tapes noted the "negative impact" on the company of the crisis and the "stagnation of the construction market" in Portugal and Angola, its main market, a situation that makes "downsizing and restructuring of the company inevitable."

Portugal grants 766 golden visas in 2015

6 January 2016

Portugal granted 766 golden visas in 2015, compared with 1,526 awarded in 2014, the best year ever for this scheme to attract foreign investment, according to figures released Tuesday by the Foreigners and Borders Service (SEF). By country of origin, China continued to lead by number of residence permits granted for investment activity (ARI), with 2,202, followed by Brazil with 105 and Russia with 97.

Trade between China and Portuguese-speaking countries shrinks 25 pct from January to November

6 January 2016

Trade between China and Portuguese-speaking countries experienced a real contraction of US$31.674 billion from January to November 2015 compared to the same period of 2014, according to official figur…

Portugal’s public debt reached 231 billion euros in November

5 January 2016

Portuguese public debt increased by 2 billion euros between October and November, when it totalled 231.3 billion euros, the Bank of Portugal said Monday in Lisbon. The central bank explained the increase was due to an increase in loans (of 900 million euros) and issues of Treasury bonds, worth 1 billion euros.

Moody’s lowers credit rating of Portugal’s Novo Banco

5 January 2016

Moody's downgraded from "B2" to "Caa1" the credit rating on senior debt and long-term deposits of Portugal's Novo Banco, the bank that inherited the healthy assets of the bankrupt Banco Espírito Santo (BES), according to information released Monday. This downgrade was made despite five senior debt series being passed on to BES, with Moody's considering that "the bank's credit profile is very weak, despite the increase in capital cushions (...) and the benefits of state-guaranteed financing being extended".

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