Portugal

Portuguese diamond mining company in Angola will be closed

17 February 2017

Sociedade Portuguesa de Empreendimentos (SPE), which held interests in diamond concessions in Angola, will be shut down after distributing 77 million euros among shareholders for the year 2016, Portuguese state stakeholding company Parpública said in a statement issued in Lisbon. The Portuguese State, through Parpública, is the largest shareholder with 81.14% of SPE, but there are more than 4,000 small private shareholders who will receive the equivalent of 14.5 million euros.

Portugal signs new strategic cooperation programme with Cabo Verde

17 February 2017

Portugal will support Cabo Verde (Cape Verde) with funding of 120 million euros under the new Strategic Cooperation Programme (PEC) for 2017/2021, which will be signed on Monday in Praia at the summit between the two countries, the Portuguese ambassador to Cabo Verde said on Thursday. Helena Paiva also told Portuguese news agency Lusa that education, language and culture, science and innovation, safety, health and social affairs, energy, environment and climate change are among the priorities listed in Cabo Verde's new development programme.

Portugal is economically the freest of the eight Portuguese-speaking countries

16 February 2017

Portugal is the Portuguese-speaking country placed highest in the Index of Economic Freedom of the American Heritage Foundation and Timor-Leste (East Timor) is classified lowest, according to the report for 2017 released by the foundation. Portugal was included in the group of moderately free countries, in fact the only one of eight Portuguese-speaking nations, but fell by 2.5 points compared to its score for 2016, with 62.6 points and now standing in 77th place out of 180 countries.

Banco Nacional Ultramarino (Macau) posts profit of US$70 million in 2016

15 February 2017

Banco Nacional Ultramarino (Macau), of Portuguese state financial group Caixa Geral de Depósitos, in 2016 posted a profit of 560.5 million patacas (US$70 million), which represents an annual growth of 9.8%, the bank said in a statement issue don Tuesday. Announcing the unaudited financial results for 2016, the banks said, "BNU continued to perform well in terms of solvency, liquidity and profitability," despite the less favourable economic climate experienced in Macau in recent years and increased competition in the banking sector.

Portuguese economy grows 1.4% in 2016

15 February 2017

The Portuguese economy grew by 1.4% in 2016, down two tenths of a percentage point compared to the 1.6% growth recorded in 2015, the National Statistics Institute (INE) said on Tuesday in Lisbon. The recorded growth is, in fact, less than all government forecasts, other than those included in the draft State Budget Law for 2017 of 1.2%, after earlier forecasts of 2.4% in August 2015, 2.1% in the State Budget for 2016 in October 2015 and 1.8% after negotiations with the European Commission.

Young people from Macau study business innovation in Portugal

14 February 2017

A delegation composed mainly of representatives of youth associations from Macau is visiting business innovation centres in Portugal ahead of the establishment in Macau of the Youth Innovation and Entrepreneurship Centre of China and the Portuguese Speaking Countries, the Macau economic Services (MES) said.

Angolan company produces Portuguese beer Sagres

10 February 2017

Portuguese beer company Sociedade Central de Cervejas reached an agreement with Angolan beverage distribution company Sociedade de Distribuição de Bebidas de Angola, Limitada (Sodiba) for production in Angola of Sagres beer, reported Portuguese financial daily Diário Económico. The newspaper also reported that the agreement had been signed for months and provides for Sodiba to produce Sagres beer in Angola to the same standards with which it is manufactured in Portugal, as a result of the approval of this agreement by Sociedade Central de Cervejas and under the supervision of its main shareholder, the Heineken group.

Trade between China and Portuguese-speaking countries falls for the second consecutive year

9 February 2017

The value of trade between China and Portuguese-speaking countries fell in 2016 for the second consecutive year, reaching US$90.874 billion, with an annual contraction of 7.72%, according to official figures released by Forum Macau.

Angola’s Isabel dos Santos sells stake in Banco BPI

9 February 2017

Spain's CaixaBank now controls 84.51% of Portuguese bank Banco BPI's capital after the calculation of the results of its tender offer, compulsory acquisition of remaining shares will not be required and the bank will still be listed on the stock exchange, according to a press release.

BPN Brasil bank is sold to Brazilian company Crefipar

8 February 2017

Portuguese state holding company Parparticipadas has sold all of its 93.65% stake in BPN Participações Brazil, the holding company that controls Banco BPN Brasil, the subsidiary of nationalised Portuguese bank Banco Português de Negócios, to non-listed Brazilian company Crefipar Participações e Empreendimentos, the state company said.

Entrepreneurs invest US$178 million in industrial projects in Angola in 2016

8 February 2017

The amount invested in industrial projects in Angola in 2016 reached US$178 million, or an annual increase of 100%, said Tuesday in Luanda the director of the Technical Unit for Private Investment (UTIP). José Sala, who was speaking on the impact of private investment in industry on the economic diversification process, said that most of this investment was Angolan (48%), which was followed by China, Portugal and India.

Investment in Portugal is in steep decline

8 February 2017

Investment in Portugal is more than 30% below the value recorded in 2005, said the Organization for Economic Cooperation and Development (OECD) in a recent report on the Portuguese economy, which adds that unemployment will remain at double figures in the coming years. Economic growth in 2017 will not exceed 1.2% and household consumption, which recently played an important role, "should lose influence because job creation is too weak for consumer spending to continue to expand at the current level," the OECD said.

Kosmos and Galp Energia begin seismic surveys in Sao Tome and Principe

7 February 2017

US oil company, Kosmos Energy and Portugal's Galp Energia have started seismic surveys for oil in four blocks of the Exclusive Economic Zone of Sao Tome and Principe, the director of the National Oil Agency told Macauhub on Monday. Orlando Sousa Pontes said, "Less than 48 hours ago Kosmos and Galp Energia started seismic work in blocks 5,6, 11 and 12 as planned," in production sharing contracts signed with the National Oil Agency.

Portuguese private bank BCP repays debt to the State

7 February 2017

Portuguese private bank Banco Comercial Português (BCP) in the next few days plans to repay the aid it received from the Portuguese state almost five years ago, according to Monday's edition of financial daily newspaper Jornal de Negócios.

China’s Fosun Group controls 24% of Portuguese bank BCP

6 February 2017

Chinese group Fosun increased its stake in Portugal's largest private bank Banco Comercial Portugues (BCP) to 24%, according to the Portuguese press, noting it had not been possible to achieve the 30% stake the Chinese group wanted.

Portugal’s state debt rises by 9.5 billion euros in 2016

2 February 2017

The public debt of Portugal stood at 241.8 billion euros at the end of 2016, which was an increase of 9.5 billion euros compared to the end of 2015, announced the Bank of Portugal in statement issued on Wednesday in Lisbon.

Cabo Verde’s trade deficit rises in 2016

2 February 2017

The trade deficit of Cabo Verde (Cape Verde) rose 13.1% in 2016, to 60.422 billion escudos (US$589.6 million), according to provisional data released by the National Statistics Institute. The increased deficit was due to exports falling 10.3% to 5.962 billion escudos and imports rising 10.5% to 66.384 billion escudos.

World Bank and UK finance reconstruction of roads in Mozambique

27 January 2017

The World Bank and the United Kingdom's Department for International Development (DFID) will support the second phase of reconstruction of roads in the southern province of Gaza, Mozambique, a project with an estimated cost of US$170.5 million, announced the Mozambican Minister of Public Works, Housing and Water Resources.

Portugal provides over 4,000 golden visas since 2012

27 January 2017

Portugal has granted 4,202 golden visas since the creation of the residence permit system for Investment Activity (ARI), and citizens of China and Brazil were the main beneficiaries, according to information released by the Portuguese Foreigners and Borders Service (SEF). The scheme, which was launched in 2012, gave residence permits to two foreigners that year, to 494 in 2013, 1,526 in 2014, 766 in 2015 and 1,414 in 2016.

China-Portuguese Speaking Countries Cooperation Fund will be based in Macau in 2017

26 January 2017

The installation of the headquarters of the Fund for Development Cooperation between China and the Portuguese-speaking Countries in Macau "is imminent," said on Wednesday in Macau the executive member of the Macau Trade and Investment Promotion Institute (IPIM), Glória Batalha Ung.

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