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Portugal targets big cut in 2017 budget deficit

LISBON: Portugal’s Socialist government is planning a sharp cut in its budget deficit next year, as it tries to convince its eurozone partners and the markets that it remains committed to fiscal discipline. In a stability report that must be sent to the European Union’s executive arm by the end of the month, Portugal said it is targeting a deficit ... Read More »

Portugal places 1.1 bln euros in treasury bonds at record low rates

LISBON: Portugal placed 1.1 billion euros (1.25 billion U.S. dollars) in three and 11-month treasury bonds on Wednesday, according to the country’s state debt management agency IGCP. Portugal placed 300 million euros in 3 month treasury bonds and 800 million euros in 11 month treasury bonds. The shorter term bonds saw the average yield fall deeper into negative territory, settling ... Read More »

Portuguese BPI bank deal generates confidence

LISBON: The deal reached between the core shareholders and the Portuguese bank BPI represented “a sign of confidence” in the future of the economy by international investors, Prime Minister António Costa said. BPI bank deal generates confidence says PM Costa. He told journalists at a joint press conference held in Athens with his Greek peer Alexis Tsipras that he was “very ... Read More »

Portugal’s tomato king buys processing plant in Seville

LISBON: A Portuguese family is consolidating its position in the Andalusian agro-industrial sector. The Ortigão Costa family has opted for Sevilla after disbursing more than 20 million Euro since 2010 in the acquisition and modernization of a tomato paste factory in Las Cabezas de San Juan. “After a major investment, we’ve reached the right size in Andalusia,” said company official, ... Read More »

Portugal PM hails shareholder deal on Banco BPI

LISBON: Portugal’s Prime Minister Antonio Costa said on Monday he was satisfied by an agreement between the main shareholders in Banco BPI, adding that it showed confidence in the country and would reinforce stability in the financial system. “I am very satisfied that the main shareholders in BPI have reached a solution, which reinforces our financial system and shows that ... Read More »

Portugal trade deficit jumps on export slump outside EU

LISBON: Portugal’s global trade deficit rose sharply in the three months that ended in February as exports to markets outside Europe slumped and imports rose, the National Statistics Institute said on Friday. The trade deficit rose 15 percent from the same period a year earlier, to 2.524 billion euros. The deficit figure provided by the INE is for goods only. Exports ... Read More »

Portugal’s banking system returns to profitability in 2015

LISBON: Portugal’s banking system returned to profitability in 2015 after four years in the red, the regulatory and supervisory authority for the sector, the Bank of Portugal, announced citing a reduction in flow of potential losses as the main reason for the improvement. The figures appear in a Bank of Portugal document entitled ‘Recent Developments in the Portuguese Banking System’, ... Read More »

Toyota Caetano Portugal FY 2015 net profit rises to 6.1 mln euros

LISBON: FY 2015 net profit 6.1 million euros ($6.96 million) versus 4.0 million euros year ago FY 2015 EBITDA of about 24 million euros, up 30.6 percent versus year ago FY 2015 turnover 319.3 million euros ($364.5 million) versus 271.6 million euros year ago Says net debt at end of December 2015 was 52.4 million euros versus 38.4 million euros ... Read More »

TAP Portugal to launch A330neo, Airspace cabin

LISBON: TAP Portugal has been named as the Airbus A330neo launch operator and will therefore be the also be the first to fly the new “Airspace” cabin. The announcement was made, as anticipated, at the Aircraft Interiors Expo (AIX) in Hamburg, where Airbus is displaying its first Airspace cabin mock-up for the first time. Airspace is the standard baseline cabin on ... Read More »

Portugal misses 2015 deficit target

LISBON: Portugal has missed its 2015 fiscal deficit target and looks set to remain under the European Union’s excessive deficit corrective measures as a result, the International Monetary Fund has said. The fund found that Portugal’s deficit, which it estimated to be at 4.4% of GDP in 2015 as opposed to the 2.7% target in the country’s budget, despite larger-than-expected ... Read More »

Portugal’s public sector surplus of 15.2 mln in first 2 months

LISBON: Portugal’s public sector had a surplus of 15.2 million in the first two months of the year in public accounting terms, against a deficit of 229.3 million recorded for the same period of last year, according to the budget office (DGO). he summary of budget execution to February “is explained by the increase in receipts (2.9%) greater than the ... Read More »

Portugal’s economic climate indicator rises in Feb

LISBON: Portugal’s economic climate indicator rose in February, interrupting a downward trend that began in September. The Portuguese National Statistics Institute (INE) reported, the latest economic summary for the country said that the economic climate indicator, “which had fallen between September and January, increased slightly” to 0.7 points (from 0.6 points in January). The economic activity indicator fell to 2.3 ... Read More »

Bank of Portugal lowers growth forecast

LISBON: The Bank of Portugal expects economic growth to remain unchanged at 1.5 percent this year, which is lower than the new left-leaning government’s budgeted target of 1.8 percent, and below the central bank’s previous estimate. For next year, the central bank expects growth to pick up steam and reach 1.7 percent, but in 2018 it expects a slowdown to ... Read More »

Portuguese exports continue to rise

LISBON: Portuguese exports rose by 0.7 percent against a 0.3 percent increase in imports in the three-month period through to January of this year, the National Institute of Statistics (INE) reported this week. The statistical bulletin stated the Portuguese trade deficit thus closed this period on €2.478 billion, down €28.9 million year-on-year with the coverage rate up 0.3 percent to stand ... Read More »

Portugal parliament approves 2016 budget in final reading

LISBON: Portugal’s parliament approved the country’s 2016 budget in the final reading Wednesday, following months of wrangling with Brussels over the deficit goals and lengthy political debate between the ruling Socialists and their far left allies. The Socialists and their allies in parliament, the Communists and Left Bloc, ensured 122 votes for the budget versus 107 opposed and one abstention, ... Read More »

Portugal exports less to Angola in 2015

LISBON: The problems that have affected Angola due to a decline in oil prices have led to Portuguese companies selling 1.074 billion euros less in exports to the country in 2015, according to the Office for Statistics and Studies of the Portuguese Economy Ministry. In 2014 Angola was the 4th largest destination for Portuguese exports, buying goods worth 3.2 billion ... Read More »

Portugal leads slide in bonds of Europe’s lower-rated countries

LISBON: Portuguese bonds led a decline in the debt of Europe’s lower-rated nations, underperforming their German counterparts for the first time in five days as a slump in stocks reduced demand for higher-yielding assets. Spanish securities also fell amid the political turmoil facing the country. The bonds of the euro zone’s so-called peripheral members had been rallying since the European ... Read More »

Portuguese exports rise by 0.7%

LISBON: Portuguese exports rose by 0.7% against a 0.3% increase in imports in the three-month period through to January of this year, the INE – the National Institute of Statistics. The statistical bulletin stated the Portuguese trade deficit thus closed this period on €2.478 billion, down €28.9 million year-on-year with the coverage rate up 0.3% to stand at 82.5%.  In annualised ... Read More »

Portugal consumer confidence rises in Feb

LISBON: The level of consumer confidence prevailing in Portugal rose in February, extending a rising trend stretching back to early 2013, according to data from the National Institute of Statistics (INE). The consumer confidence index, calculated through citizen surveys, rose to stand at -11.3 points, an improvement on the -12.6 points returned in January with the INE stating this “prolonged ... Read More »

Portugal’s bond yields hold near 1-month low

LISBON: Portuguese government borrowing costs held near one-month lows on Friday, showing little sign of stress as the first of a number of back-to-back tests for its credit rating approached. Lisbon’s bonds have recovered after a sharp sell-off in mid-February, boosted partly by an improving outlook for growth in the world’s largest economy, the United States. U.S. jobs data due later ... Read More »