Portugal

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.

China continues to dominate Portugal’s golden visa programme

1 February 2016

Portugal granted 766 golden visas in 2015, almost half the 1,526 granted in 2014, and the citizens of China were once again granted the highest number of visas, according to data recently released by the Foreigners and Borders Service (SEF).The Residence Permits for Investment activity (ARI) accounted for 95 visas in December, 23 more than in November, totalling an investment of 59.3 million euros.

China’s Huawei opens store in Lisbon

27 January 2016

The Chinese brand Huawei Tuesday in Lisbon, Portugal, opened a store to sell the products it manufactures including smartphones such as the Huawei P8, the Nexus 6P and the Huawei Watch. Pedro Ferreira, Managing Director of Huawei Portugal said the store was one of the Chinese brand's first in Europe.

Portugal’s Portucel increases investment in pulp project in Mozambique

25 January 2016

Portuguese pulp and paper company Portucel plans to increase investment in Mozambique from US$2.3 to US$3 billion, the company's director in Mozambique, Pedro Moura, said.

Macau hosts the China forum for international cooperation in 2017

25 January 2016

In 2017 Macau will host the 13th edition of the "China Expo Forum for International Co-operation (CEFCO 2017)" according to a decision made this month in Yinchuan, the capital of the Ningxia Hui Autonomous Region, and now announced by Chinese central government authorities in Macau. A statement from the Macau Trade and Investment Promotion Institute (IPIM) reported that the event, held outside mainland China for the first time, will promote the Macau convention and exhibitions sector as well as the advertising, logistics, catering, tourism, hospitality and transportation industries.

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.

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