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Gold visa driven investment sees strong surge

LISBON: The amount of foreign investment flowing into Portugal under the auspices of its fast track gold visa advanced 45% year-on-year in the months through to April and topping €313 million, the CPCI – the Portuguese Confederation of Construction and Real Estate said by statement on Friday. The CPCI added that the €82 million in new real estate investment seen ... Read More »

HNA Group to purchase stake of up to 20% in TAP Portugal

LISBON: Chinese tourism conglomerate HNA Group – owner of Hainan Airlines – could soon offer travellers the opportunity to travel long-haul from Beijing to Portugal as it negotiates a stake in national carrier TAP Portugal, reports indicate. According to the Global Times, HNA will purchase an initial share of Atlantic Gateway, a private consortium that owns 50% of TAP. Majority ... Read More »

Portuguese Business Council established in Dubai

LISBON: Dubai Chamber of Commerce and Industry today announced the establishment of the Portuguese Business Council in Dubai, under the umbrella of the Chamber, to promote economic relations between the business communities of Dubai and Portugal. This is the Chamber’s 48th council. The council held its first General Assembly on May 17, 2016 at the Dubai Chamber headquarters. Atiq Juma ... Read More »

Governor of Bank of Portugal wants to clean bad debts

LISBON: The governor of the Bank of Portugal wants an exception from the European rules so Portugal can create a mechanism to “clean” bad debts without banks having to go through a profound restructuring process. Governor wants to clean banks’ bad debts. We not only need to find a mechanism to secure these assets [non-performing credit and mortgages] (…) but ... Read More »

Portugal plans to expand DTT offer

LISBON: Portugal’s Minister of Culture said that there are plans to expand the offer of TV channels on DTT and that such a possibility is being studied with the relevant authorities, regulators and broadcasters. Speaking during a parliamentary committee hearing, Luís Castro Mendes said that the government is maintaining an “open position” and that the number of channels will depend ... Read More »

Nestlé Portugal makes €17 mln investment in facilities

LISBON: Nestlé Portugal has increased the level of investment it made in its Portugese business last year by 4.2 per cent, to €17.2 million, and plans to match that investment this year. According to the director general of the company, Jordi Llach, a total of €8.1 million was invested in 2015, in the upgrading of three existing factories in Portugal: ... Read More »

Portugal fuel tax reduces by one cent

LISBON: The decision to reduce tax on fuel comes after the Socialist government raised the tax on fuel by six cents a litre in February to compensate for dwindling fiscal revenue due to falling oil prices. But with the cost of diesel and unleaded fuel now having risen by almost 13 cents a litre since the beginning of the year, ... Read More »

Portugal’s gross domestic product expands in 3 months

LISBON: Portugal’s gross domestic product expanded in the three months through March at a slower pace than in the fourth quarter as exports fell. GDP rose 0.1 percent from the fourth quarter, when it expanded 0.2 percent, the Lisbon-based National Statistics Institute said in a preliminary report on Friday. Economists predicted a rise of 0.4 percent, the median of seven ... Read More »

Portugal unemployment rises once again

LISBON: Unemployment in Portugal rose 0.2 percentage points to 12.4% in the first quarter of this year from the previous quarter, and was 1.3 points below its level of the same period of last year, the National Statistics Institute (INE) said. According to the employment statistics released by the INE, the number of unemployed rose 1.0% in the quarter to ... Read More »

Card payments average €80m a day

LISBON: Payments with Portuguese issued cards have rose to above seven billion euros over the first three months of the year, for a daily average of 80 million euros a day. According to figures released by the Bank of the Portugal, the increase in card usage for payments also resulted in fewer cash withdrawals. Transactions by foreign card holders were ... Read More »

Portugal’s global trade deficit rise sharply in Q1

LISBON: Portugal’s global trade deficit rose sharply in the first quarter as exports to markets outside Europe slumped and imports rose, the National Statistics Institute said on Friday. The trade deficit rose 18 percent from the same period a year earlier, to 2.42 billion euros ($2.75 billion). The deficit figure provided by the INE is for goods only. Exports outside of ... Read More »

Panama receives €1.3bn in transfers from Portugal

LISBON: Panama alone took receipt of some €1.3 billion in transfers from Portugal over the period between 2010 and 2014 with around 1,800 transfers taking place, according to details from the Ministry of Finance. Interconnected with the Panama Papers detailing the activities of companies set up by the law firm Mossack Fonseca but broader in scope, the Finance Ministry detailed how ... Read More »

Portugal’s buying power falls further behind EU average

LISBON: The average buying power of Portuguese citizens grew by 2.3% in 2015 but against a European Union average of 3.7% according to a study by GfK released Tuesday. The study states “the purchasing power of the Portuguese grew slowly in the face of the European Union average with the per capita average attaining €6,437 due to the decrease in the ... Read More »

Millennium BCP quarterly profits down 34% on year

LISBON: Banco Comercial Português had a first-quarter net profit of 46.7 million, 33.7% less than in the same period of last year, the Portuguese bank announced on Monday, but its chairman, Nuno Amado, highlighted the “positive development” of profitability excluding non-recurring items. Millennium BCP quarterly profits down 34% on year.”In recurring terms, the variation is very positive,” Amado said at ... Read More »

Portugal records highest deficit in EU

LISBON: Portugal clocked up a 9.3 percent budget deficit in the final quarter of last year, the worst record both in the Euro Zone and the European Union, Eurostat reported. As a whole, Eurostat reported that the Euro Zone had registered a 2.3 percent deficit in terms of GDP in the fourth quarter of 2015, against 2.8 percent year-on-year and 1.8 ... Read More »

Portugal aims for budget surplus by 2020

LISBON: The Portuguese government is seeking to turn a 2.2 percent budget deficit forecast for 2016 into a 0.4 percent surplus by 2020, the timeframe of the Stability Programme recently approved by the cabinet. The document foresees a steady slide in the state deficit, dropping to 1.4 percent of GDP next year before sliding to 0.9 percent in 2018 and 0.1 ... Read More »

Portugal’s largest trade union calls for budget renegotiation

LISBON: Portugal’s largest trade union CGTP on Wednesday called for action to renegotiate Portugal’s public debt. “The figures of budgetary implementation of the first quarter of the year, with public accounts worsening by 108 million euros (122 million U.S. dollars) compared to the same period of the last year, reveal the urgent need to stop the bleeding of resources that ... Read More »

First shipment of US natural gas to EU arrives in Portugal

LISBON: In a move which could lead to continental price wars and reduce Russian market domination, the first shipment of US natural gas to the European Union arrived overnight Tuesday in the Portuguese port of Sines overnight, an AFP journalist reported. The first consignment of US gas for European distribution comes amid the shale gas revolution which Washington hopes will see ... Read More »

Finland, Portugal plan new tax accord

HELSINKI: Finance Minister Alexander Stubb on Saturday received a letter from Portugal’s Minister of Finance Mário Centeno confirming Portugal’s commitment to a new tax agreement. Consequently, a negotiated outcome has been reached on the taxation of pension income, according to a finance ministry press release. “It is through taxation that we build the funding base of our welfare society. Taxation must ... Read More »

Portugal clock up 9.3% budget deficit in Q4

LISBON: Portugal clocked up a 9.3% budget deficit in the final quarter of last year and the worst record in both the Eurozone and the European Union, Eurostat reported. As a whole, Eurostat reported that the Eurozone had registered a 2.3% deficit in terms of GDP in the fourth quarter of 2015, against 2.8% year-on-year and 1.8% in the third quarter. ... Read More »