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Central bank destroys 8,923 counterfeit banknotes

Banco de Portugal (BoP) withdrew 8,923 counterfeit banknotes from circulation in the second half of the year, 1,496 more than in the first half. According to a statement published on its website, however, the central bank pointed out that the number of counterfeit banknotes seized is negligible in relation to the number of banknotes in circulation. 3,279 €20 notes, 3,228 ... Read More »

Portugal mandates banks for new 10-year bond sale – lead manager

Portugal will launch a new 10-year benchmark government bond via a syndicate of banks in the near future, market conditions permitting, a lead manager said on Tuesday. The sovereign has mandated Citi, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan and Novo Banco to lead manage the sale of the new 10-year Portuguese government bond maturing on 18 October 2030, one ... Read More »

Individual consumption at 83% of EU average

Portugal in 2018 had levels of consumption and of gross domestic product (GDP) per capita below the European Union average, ranked around the midpoint in the table of 28 EU member states. With regard to Actual Individual Consumption (AIC) – the measure seen as best adapted to describe households’ material welfare – Portugal’s was in 2018 at 83 percent of ... Read More »

Portugal hopes European tech investment will drive up exports

LISBON: European investment in Portugal’s digital sector can help address a shortfall in equity funding for start-ups and support an export-driving technology industry, Portugal’s economy minister said. A 30 million euro fund backed by the European Investment Fund, the Portuguese government and venture capital investors was announced on Tuesday at the Web Summit – Europe’s largest tech conference, held in ... Read More »

Herbs and hotels: The small businesses helping revive rural Portugal

After Bruno Vargas and his wife had their first baby, they wanted a quieter life. So, they left their home in Angola and returned to his native region in Portugal’s rural interior to set up an organic herbs company. The remote Santarem district of central Portugal is known for its agricultural plains and salt flats. The Vargas’ nearest town, Rio ... Read More »

Portugal hopes European tech investment will drive up exports

European investment in Portugal’s digital sector can help address a shortfall in equity funding for start-ups and support an export-driving technology industry, Portugal’s economy minister said. A 30 million euro fund backed by the European Investment Fund, the Portuguese government and venture capital investors was announced at the Web Summit – Europe’s largest tech conference, held in Lisbon since 2016. ... Read More »

Montepio Bank to appeal €13M fine

Montepio Savings Bank will appeal against the decision of the Competition Authority (PCA) which sentenced it to a fine of €13 million for sharing sensitive information on credit. “Montepio does not comply with the decision and will adopt all the necessary measures to defend its best interests”, reads the information disclosed by the Portuguese Securities Market Commission (CMVM). The PCA ... Read More »

Portugal to buy five Embraer military planes for 827 mln euros

LISBON: Portugal’s government will buy five KC-390 military transport aircraft and a flight simulator from Brazilian aerospace company Embraer for 827 million euros ($932 million), Defence Minister Joao Gomes Cravinho said on Thursday. The first of the five planes will be delivered to the Portuguese armed forces in February 2023, with the rest arriving by February 2027. The KC-390 aircraft ... Read More »

Portugal’s prime minister promises voters shelter from economic storm

Spain and Portugal are close neighbours yet studies in political contrasts — to the relief of António Costa. While Spain’s frustrated prime minister Pedro Sánchez has been bogged down in fruitless coalition talks and now faces fresh elections, across the border his counterpart Mr Costa, another Socialist, is sailing towards another term in office. Mr Costa has adroitly interpreted the ... Read More »

The $400 billion outdoor industry sounds alarm on Trump’s trade war tariffs

Representatives from VF Corporation, Columbia Sportswear, Nester Hosiery, and NEMO Equipment met with lawmakers on Capitol Hill this week, letting them know just how hard the U.S.-China trade war is hitting their bottom-line. “We want our message to get across that this is effecting American businesses, American jobs, American innovation and it’s just delaying all of that,” said Katie Kumerow, ... Read More »

Intermarché invests €200 million in Portugal

Intermarché is planning an extension in the Portuguese market and is aiming to increase its market share (currently set at 9.2 percent) through new store openings and a price reduction strategy. ISN Magazine writes that “With an “ambitious” investment plan, Intermarché plans to allocate €200 million for the opening of 105 stores and the creation of 3,150 jobs by 2023. ... Read More »

Portugal fuel-tanker drivers say they will suspend strike, negotiate

Portugal’s fuel-tanker drivers will suspend a five-day-old strike that led to fuel rationing at filling stations and negotiate with employers in government-brokered talks, their union said. The employer association ANTRAM had earlier rejected the union’s offer to negotiate better salaries and working conditions unless the strike was suspended or called off. “The union understands that the conditions are now in ... Read More »

Business school to welcome 800 economists

“At this time there are already more than 700 participants enrolled for the EFA 2019, and we hope that the final number will exceed 800”, said Miguel Ferreira, a Nova SBE professor and director of its Scientific Council who drew up the conference programme. The event is to attract hundreds of financial economists from the world’s leading business schools and ... Read More »

Portugal seizes art from businessman who owes almost £1bn

Portugal has seized a trove of contemporary artwork, including paintings by Joan Miró and Piet Mondrian, from its debt-riddled owner, the government has confirmed. For months, three Portuguese banks had tried but failed to seize the art collection from Portuguese businessman José Berardo. The 75-year-old had offered the works as collateral for his debt which totalled nearly €1bn (£920m). The ... Read More »

Chinese partnership for Portuguese insurance company

Fidelidade have established a partnership with China Reinsurance as part of their international expansion strategy. The partnership between the Portuguese insurance company Fidelidade and China Reinsure, the largest insurance provider in China has been created to strengthen institutional and trade relationships as part of the “Belt and Road” initiative. It is hoped by the companies that the partnership will contribute ... Read More »

Portugal: T-bill auction of up to €1.50M this week

Portugal returns to the markets on Wednesday to auction up to €1.5 billion in six- and 12-month treasury bills, as announced by the country’s Treasury and Debt Management Agency (IGCP). According to the entity led by Cristina Casalinho, the two auctions have a global indicative amount between €1.25 billion and €1.5 billion. In the last comparable auction, on 15 May, ... Read More »

Maersk invests €1.5M in HUUB fashion supply startup

Maersk has invested €1.5 million in Portuguese technological startup HUUB, which operates in the supply chain of the fashion industry. “The seal, sealed with Maersk, the world’s leading shipping company and one of the largest global groups in the field of logistics, with a turnover of $40 billion/year, represents the Danish multinational’s first investment in a Portuguese startup,” HUUB said ... Read More »

Portugal becomes the first euro zone country to issue debt on China’s market

Portugal has become the first ever euro zone country to issue bonds denominated in the Chinese yuan. Known as “Panda” bonds, that’s yuan-denominated debt issued by a foreign sovereign issuer, the sale will take place Wednesday and Thursday. The southern European country announced last week its intention to sell 2 billion yuan ($289 million) worth of bonds with a maturity ... Read More »

Maersk invests €1.5 million in the Portuguese fashion logistics startup HUUB

Porto-based HUUB allows online fashion shops to focus on fashion, not shipping. Its platform integrates with ecommerce sites, providing a full range of logistics solutions including production follow-up, picking, storage, stock management, order fulfillment, packing, and shipping. HUUB’s algorithms also analyse sales to determine replenishment strategies and prevent understocking. The fashion logistics startup has just raised €1.5 million from the ... Read More »

EU gives Spain, Portugal more time on deficits

The European Commission has shied away from punishing Spain and Portugal over their excessive budget deficits. The EU executive has the power to fine governments that consistently spend more than they receive in tax revenues. Spain budget deficit stood at five percent of GDP last year; Madrid’s initial target had been 4.2 percent. Portugal’s deficit was 4.4 percent, which is ... Read More »