Portugal

Portugal’s budget deficit in 2015 reaches 3.1 pct of GDP

30 March 2016

Portugal's budget deficit is expected to have totalled 3.1 percent of Gross Domestic Product (GDP) in 2015, which "will not allow the closure of the excessive deficit procedure", according to an estimate of the Technical Budget Support Unit (UTAO). In the document issued Tuesday in Lisbon, UTAO said the estimate excludes extraordinary transactions (including the resolution measures applied to Banco Internacional do Funchal - Banif) and, in adjusted terms, "the reduction of the budget deficit amounted to 0.5 percentage points of GDP compared to 2014."

Brazil’s Azul invests in TAP – Air Portugal

23 March 2016

Brazilian airline Azul made an investment of about US$100 million (90 million euros) in Portuguese airline TAP - Portugal, according to a statement posted on its website. "The investment will give Azul the right to hold approximately 40 percent of the economic value of the Portuguese airline at the time of conversion of the security and after approval by the Civil Aviation Authority of Portugal," the statement said.

Santoro Finance and CaixaBank negotiate stakes in Portugal’s BPI bank

23 March 2016

The Portuguese Securities Market Commission (CMVM) decided to suspend trading in BPI bank shares pending disclosure of relevant information on the negotiations between the two major shareholders, said the regulator in a statement. The suspension was decided Tuesday, before the stock started trading and will continue until the disclosure of relevant information to the institution, which did not happen by market close.

Chinese citizens continue to lead in obtaining golden visas in Portugal

22 March 2016

In February 97 Chinese citizens received a so-called golden visa under Portugal's Residence Permit Programme for Investment (ARI), said Monday in Lisbon the Foreigners and Borders Service (SEF). In addition to the Chinese citizens golden visas were granted to 13 people from Brazil, five from Russia, two from South Africa, two from Lebanon and 25 from other countries. 136 of the 144 visas were granted in return for investments in property.

Former Mozambican energy minister becomes chairman of subsidiary of BIG bank

16 March 2016

Salvador Namburete, Mozambique's Energy Minister for 10 years, will be the first chairman of the Mozambican subsidiary of Portuguese bank Banco de Investimentos Global (BIG), according to online newspaper Zitamar News. Before becoming the Energy Minister, Namburete had been the deputy Minister for Trade and Industry for five years during the presidency of Joaquim Chissano.

Portugal exports less to Angola in 2015

16 March 2016

The problems that have affected Angola due to a decline in oil prices have led to Portuguese companies selling 1.074 billion euros less in exports to the country in 2015, according to the Office for Statistics and Studies of the Portuguese Economy Ministry. In 2014 Angola was the 4th largest destination for Portuguese exports, buying goods worth 3.2 billion euros, but the oil crisis and consequent currency devaluation has forced a drop in foreign imports. In Portugal's case this has led Angola to fall to sixth place in the list of export destinations.

Portugal’s Banco BIG bank opens subsidiary in Mozambique

15 March 2016

Portuguese bank Banco de Investimento Global (BIG) this month plans to open a subsidiary in Mozambique, the bank said in a statement issued Monday in Lisbon. The bank was founded in 1999 and its main shareholders are António da Silva Rodrigues, of the Simoldes group, with 12.39 percent of the capital, followed by stake management company Adger, with 10.96 percent, Carlos Rodrigues, chairman and founder of the bank, with 9.94 percent, and World Wide Capital (WWC), owned by Angolan general Hélder Vieira Dias "Kopelipa" with 9.93 percent.

HNA Group’s stake in Portuguese airline TAP depends on European regulations

10 March 2016

Chinese group HNA, which owns Hainan Airlines, taking a stake in airline TAP - Portugal depends on approval by the National Civil Aviation Authority (ANAC), according to the Portuguese press. The group holds a 23.7 percent in Brazilian airline Azul, the airline that is part of the Atlantic Gateway consortium,which under a memorandum signed in February with the Portuguese government holds a 45 percent stake in TAP. The Portuguese stake owns 50 percent and TAP's workers have 5 percent.

Portugal has “excessive macroeconomic imbalances”

9 March 2016

Portugal was placed in the group of five countries with "excessive macroeconomic imbalances", announced Tuesday in Brussels by the European Commission's vice president, Valdis Dombrovskis. This classification involves the monitoring of economic policies adopted, but for now the Portuguese government has avoided a classification that would lead to immediate negotiations with Brussels for a corrective action plan.

Trade between China and Portuguese-speaking countries falls 18 pct in January

7 March 2016

China and the eight Portuguese-speaking countries began 2016 with a year on year fall of 18.69 percent in trade in January, which totalled US$6.158 billion, according to Chinese official figures published in Macau. Trade with Brazil totaled US$4.419 billion (-20.61 percent), with China exporting goods worth US$1.682 million (-17.89 percent) and importing goods worth US$2.737 billion (-22.19 percent).

Trade between China and Portuguese-speaking countries falls by 25.73pct in 2015

2 March 2016

The value of trade between China and the Portuguese-speaking countries fell by 25.73 percent in 2015 to US$98.474 billion, a real loss of US$34.106 billion, according to official Chinese figures. The only positive changes in the value of trade occurred in Timor Leste (East Timor - US$106.67 million or +76.48 percent) and Sao Tome and Principe (US$7,9 million or +37.99 percent).

Angolan bank announces stake in Portuguese bank BPI

29 February 2016

Angolan bank Banco BIC has a share of 2,.28 percent in Portuguese bank Banco BPI and respective voting rights, the bank said in a statement institution issued Friday through the Portuguese Securities and Exchange Commission, CMVM. The stake is divided into 1.90 percent held directly by BIC and 0.38 percent held by the chairman of the board of directors, Fernando Teles and administrator Fernando Duarte.

Portugal’s Novo Banco ends 2015 with a loss of 981 million euros

25 February 2016

Novo Banco, the bank that inherited the quality assets of the bankrupt Banco Espírito Santo (BES), ended 2015 with a loss of 981 million euros, according to the annual report and accounts presented Wednesday in Lisbon. Eduardo Stock da Cunha, the chief executive of the bank, said the result recorded last year was due to credit impairments "inherited from BES," which forced the bank to make provisions in the amount of 1.056 billion euros.

Non-financial sector in Portugal owes 697.4 billion euros at end of 2015

24 February 2016

The indebtedness of the Portuguese non-financial sector stood at 697.4 billion euros at the end of 2015, which represents an annual drop of 3.3 billion euros, the Bank of Portugal said in a statement. The reduction was due to the decrease in the debt of private companies (-4.9 billion euros) and individuals (-3.9 billion euros) and an increase in indebtedness of the non-financial public sector (+5.5 billion euros).

Sale of Banco Internacional de Cabo Verde cancelled by the Bank of Portugal

18 February 2016

The Bank of Portugal has vetoed the sale of Banco Internacional de Cabo Verde (BICV) to businessman Jose Veiga following investigations related to the operation, "with a view to protecting the reputat…

Portugal finances projects in Mozambique

17 February 2016

Portugal's development agency Sociedade para o Financiamento do Desenvolvimento (Sofid) will support the expansion and modernisation of companies in Mozambique through a Financing Memorandum signed Tuesday with Banco Terra Moçambique (BTM), the bank said. The agreement signed in Maputo by the chairmen of BTM, Almeida Porto and Sofid, Paulo Lopes, covers all key sectors of the Mozambican economy, with particular focus on renewable energy, environment, infrastructure and tourism.

Economic situation in Angola lowers Portuguese exports

17 February 2016

Sales to Angola by Portuguese companies fell nearly 34 percent in 2015, or 1 billion euros, which meant that the Angolan market fell from fourth to sixth place in the ranking of biggest export destinations, Portuguese daily newspaper Público reported, citing data from the National Statistics Institute (INE). INE data showed that sales to Angola saw a contraction of 1.074 million euros (-33.8 percent) between 2014 and 2015, because of the crisis in the African country due to the low price of oil, on which it depends for its revenue.

Hainan Airlines is a shareholder of TAP – Air Portugal

15 February 2016

The Portuguese Government has authorised Chinese airline Hainan Airlines (HNA) become a shareholder of TAP - Air Portugal through private consortium Atlantic Gateway, Portuguese weekly newspaper Expresso reported.

Minor Hotel Group of Thailand refurbishes Tivoli hotels in Portugal and Brazil

4 February 2016

The Minor Hotel Group of Thailand is investing 50 million euros in a plan to renovate its Tivoli hotels, and work is already underway at three units, two in Portugal and one in Brazil, said the chain's chief executive, Filipe Santiago.

Portugal ends 2015 with public debt of 231.1 billion euros

3 February 2016

The public debt of Portugal reached 231.1 billion euros in December 2015, an amount that represents an increase of 5.3 billion euros compared to the figure recorded at the end of 2014, said Tuesday in Lisbon the Bank of Portugal. The statistical note from the Portuguese central bank did not give figures as a percentage of GDP, since this will be released by the National Statistics Institute only in March.

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