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Portugal: ten tons of hashish discovered on a boat

LISBON: The Portuguese police seized nearly ten tons of hashish in the Mediterranean Sea. A total of 6 people between the ages of 20 and 61 were arrested for drug trafficking. These 6 men of Portuguese and Dutch nationality are suspected of belonging to a criminal organization of international dimension specialized in drug trafficking with important supporters in Portugal is ... Read More »

Portugal seizes 10 metric tons of hashish in Mediterranean

LISBON: Portuguese police say they have seized about 10 metric tons of hashish from a vessel in the Mediterranean after a yearlong investigation that involved five European countries and two pan-European agencies. A police statement says the Portuguese Navy and Air Force were involved in the operation, as were European Union police agency Europol and the Lisbon-based Maritime Analysis and ... Read More »

Portugal eyes exports boost to Qatar: PM

DOHA: Portugal recorded a 30% growth in exports to Qatar in the first two months of 2017, Prime Minister Antonio Costa has said. Costa, who led a trade and investment delegation to Qatar yesterday, said Portuguese exports to Qatar increased 61% in 2016, which reflects “the interest of Portuguese companies” in the Qatari market. He noted that HH the Emir ... Read More »

Portugal’s deficit totaled 2% in 2016

LISBON: Portugal posted a public deficit of 2.0 percent of gross domestic product (GDP) in 2016, Eurostat said earlier this week. This brings the country’s deficit below the 3.0 percent ceiling set by Brussels and would allow Portugal to leave the Excessive Deficit Procedure. According to Eurostat, Portugal’s public debt in 2016 totalled 130.4 percent of GDP, the third highest ... Read More »

Portugal stocks lower at close of trade; PSI 20 down 0.16%

LISBON: Portugal stocks were lower after the close on Friday, as losses in the Utilities, Telecoms and Industrials sectors led shares lower. At the close in Lisbon, the PSI 20 lost 0.16%. The best performers of the session on the PSI 20 were Ibersol SGPS (LS:IBS), which rose 3.13% or 0.440 points to trade at 14.480 at the close. Meanwhile, ... Read More »

Portugal’s public deficit shrinks 45% in Q1

LISBON: Portugal’s public sector deficit shrank 45 percent to 358 million Euros ($389 million) in the first quarter from a year earlier, as revenues rose while spending was stable, the finance ministry said on Wednesday. Discounting debt payments, the country had a primary surplus of 1.5 billion Euros in the period, 23 percent higher than a year ago, the ministry ... Read More »

Portuguese economy to recover moderately: S&P

LISBON: Ratings agency Standard & Poor’s (S&P) said the Portuguese economy will continue to recover, albeit moderately, local media reported. S&P added that the country’s high debt level and fragile banking system will continue to negatively affect its sovereign rating. The agency also said in a report on Monday that Portugal has carried out important external adjustments, and has seen ... Read More »

Portugal, Iran discuss expansion of bilateral trade

TEHRAN: Deputy foreign ministers from Iran and Portugal in a meeting in Tehran explored avenues for expansion of relations between the two nations, particularly in the economic sphere. Heading a business delegation, Portugal’s Secretary of State of Internationalization Jorge Costa Oliveira met with Iranian Deputy Foreign Minister for American and European Affairs Majid Takht Ravanchi on Tuesday. Highlighting the great ... Read More »

Portuguese wines thriving amid export growth

LISBON: Volume exports of Portuguese wine have increased by more than a quarter in the last five years, driven by the growing importance of export destinations such as Canada, Germany and the UK. Surprisingly, the resurgence has been driven by growth in Portuguese DOP white wines, which increased more than 40% from 197,587 hectolitres in 2011 to 278,161 hectolitres last ... Read More »

Portugal’s February imports and exports enjoy neck-and-neck growth

LISBON: Portuguese exports increased 9 percent while imports grew by 8.9 percent in February 2017, when compared with the same month in 2016. However, the trade balance worsened to €746 million, Portugal’s National Statistics Institute (INE) said on Monday. In January, exports and imports registered year-on-year increases of 19.1 percent and 22.4 percent, respectively. The INE also said that, excluding ... Read More »

Portugal to allow shared liquidity with EU

LISBON: Portugal’s plans to allow shared liquidity with other European jurisdictions has finally been approved, according to documentation recently released by the European Commission, the European Union’s judicial arm. The EC’s approval of Portugal’s plans, which were sent to Brussels in January after undergoing a lengthy draft process dating back to 2015, allows the Iberian Peninsula country to seek new ... Read More »

Bankinter allocates €1.1b to fund Portuguese

LISBON: Spanish bank, Bankinter, said this week it had allocated €1.1 billion to fund Portuguese companies and families, as it celebrated its first anniversary on the Portuguese market, marked by the inauguration of its new headquarters in central Lisbon’s Praça Marquês de Pombal. “2016 was the year of Bankinter’s implementation on the Portuguese market and we are very satisfied with ... Read More »

Hong Kong agrees to automatic exchange of tax information with South Africa and Portugal

HONG KONG: Hong Kong has agreed to automatic exchange of financial account information in tax matters with the governments of South Africa and Portugal, a Hong Kong government spokesperson said April 3, 2017. “We have been seeking to expand Hong Kong’s AEOI network with our tax treaty partners. The signing of agreements with Portugal and South Africa, bringing up the ... Read More »

Hong Kong inks accord with Portugal, South Africa to exchange tax data

HONG KONG: Hong Kong has signed agreements with Portugal and South Africa to automatically exchange financial account information in tax matters. The agreements expand Hong Kong’s Automatic Exchange Of Information (AEOI) network to include a total of 11 countries. The other reportable jurisdictions for Hong Kong are Belgium, Canada, Guernsey, Italy, Japan, Korea, Mexico, the Netherlands, and the UK. The ... Read More »

Portugal plans to offer auctions, syndication in Q2

LISBON: Portugal plans to offer government bonds via a combination of regular auctions and syndication in the second quarter, state debt agency IGCP said, expecting placements of between 1 billion and 1.25 billion Euros per auction. It also plans to offer up to a total of 4 billion Euros of Treasury bills during the quarter in monthly auctions on April ... Read More »

Ample opportunities to enhance trade between Pakistan, Portugal: Governer Sindh

KARACHI: There are ample opportunities to enhance trade between Pakistan and Portugal as the ties between the two countries are beneficial for the region. These views were expressed by Sindh Governor Muhammad Zubair, while talking to Portuguese Ambassador Dr Joao Paulo Marques Sabido Costa, at the Governor House in Karachi. The governor also spoke of investment opportunities in the province, ... Read More »

Portuguese govt. gives green light to Caixa capital increase

LISBON: Portuguese state banking group Caixa Geral de Depósitos (CGD) said that the Government had signed off an authorization for a capital increase at the bank of €2.5 billion. The bank said in a statement to the market regulator that “by unanimous decision in writing on 17 March 2017, the single shareholder of CGD (the Portuguese State) decided to move ... Read More »

Portuguese govt. approves sale of 5% of TAP shares to employees

LISBON: Portugal’s government announced that it had approved the public offer for sale of 75,000 shares in the national airline, TAP, to its employees, at the price of €10.38 a share, saying that it expects the operation to go off well. “We’re expecting it to be a success,” the secretary of state for infrastructure, Guilherme W. d’Oliveira Martins, said, noting ... Read More »

Portugal’s current account deficit narrows down in January

LISBON: Portugal’s current account deficit narrowed In January from a year ago, figures from Portugal Central Bank showed. The current account deficit fell notably to EUR 42 million in January from EUR 281 million in the corresponding month last year. However, the deficit on goods trade widened to EUR 818 million in January from EUR 583 million last year. In ... Read More »

Portugal monthly economic activity rises 1.4% in February

LISBON: According to the central bank’s indicators the monthly economic activity indicator rose to 1.4% in February, from 1.2% a month earlier and 1.0% in December “extending the trend observed since the fourth quarter of last year.” The indicator for ongoing economic activity in Portugal rose in February for the fourth consecutive month while private consumption as stable month-on-month according ... Read More »