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.
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).
18 February 2016
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.
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.
15 February 2016
4 February 2016
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.
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.
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.
25 January 2016
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.
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.
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.
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.
12 January 2016
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.
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."
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.
6 January 2016