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Portugal

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Company bankruptcies in Portugal rise 7.6% in 2015

LISBON: Company bankruptcies in Portugal rose by 7.6 percent in 2015 with a total of 7,288 folding, IGNIOS, the risk management firm said.  However, the company statement said that last year’s figures were artificially heightened due to the collapse of the state juridical system, Citius IT, over a period of 2014, which led to bankruptcies getting registered in 2015. IGNIOS ... Read More »

Brazil’s Oi agrees to sell assets in Portugal to Altice

BRASILIA: The Brazilian telecommunications company Oi said that its board of directors had accepted an offer by Altice, the European cable television and mobile services provider, to acquire its assets in Portugal. The transaction, if completed, would allow Altice to add mobile phone service to its existing cable television operations in Portugal. The deal values the assets at 7.4 billion ... Read More »

Bank of Portugal governor says banks need to boost capital

LISBON: Portuguese banks have to boost their capital and increase their profitability, Bank of Portugal governor Carlos Costa said on Wednesday. “Portuguese banks have to ensure that they have sutainable profitability,” Costa told a conference. “Capital has to be reinforced to guarantee sufficient cover for risks that may come.” He was speaking after Portugal had to pay more than 2.2 ... Read More »

Portugal Jan-Oct current account surplus rises 20pc

LISBON: Portugal’s current account surplus rose 20 percent in the first 10 months of 2015 from a year earlier to reach 1.68 billion euros ($1.84 billion), the Bank of Portugal said. In January-October, the country also had a surplus of 3 billion euros in the combined balance of trade in goods and services, 27 percent higher than a year ago, ... Read More »

China, Portugal trade shrinks 25% from January to November

LISBON: Trade between China and Portuguese-speaking countries experienced a real contraction of US$31.674 billion from January to November 2015 compared to the same period of 2014, according to official figures published in Macau. The registered drop, of 25.84 percent, was due to China selling products to the eight Portuguese-speaking worth US$33.398 billion (-19.68 percent) and importing goods worth US$57.502 billion ... Read More »

Portugal gets back 4 public holidays in anti-austerity drive

LISBON: Happy days are here again in Portugal — four of them, at least. The country’s new Socialist government got Parliament’s approval Friday to discard one of the most unpopular legacies of a recent austerity drive and bring back four public holidays that were cut two years ago. The decision means holidays this year on All Saints’ Day; Corpus Christi; ... Read More »

Portugal’s economy forecast to expand for next two years on export

LISBON: Portugal’s economy will expand less than previously forecast for the next two years because of weaker export growth, the country’s central bank said. Gross domestic product will rise 1.7 percent in 2016 and 1.8 percent in 2017, down from the 1.9 percent and 2 percent forecast in June, the Lisbon-based Bank of Portugal said on Wednesday. It also cut ... Read More »

Second-hand gold market falls in Portugal

LISBON: The National Minting Press House of Portugal (INCM) said here the other day that the second-hand gold market has declined to about half in the Portugal with over 1,000 jewelry store closings in the country since 2014. The INCM said that 1,126 used gold shops have closed their doors since January of 2015, while just 521 news shops have ... Read More »

Portuguese goods exports rise 5.8% year-on-year

LISBON: Portuguese exports of goods rose by 5.8% year-on-year whilst imports put on 2.4% in the three month period ending last August according to data released by the INE – the National Institute of Statistics. In monthly terms, August saw a year-on-year rise of 3.3% in exports with imports advancing 1.7% on 2014 whilst those figures were respectively up 4.8% ... Read More »

Portugal’s H1 budget deficit around 4.9% of GDP

LISBON: Portugal’s public sector budget deficit in the first half of this year was equivalent to 4.9% of gross domestic product, according to an estimate released by parliament’s Technical Budget Support Unit (UTAO), which said that the out-turn “presents risks” to the possibility of achieving the government’s full-year target of 2.7%. In its note on the budget execution to July, ... Read More »

Portugal’s card transactions hit €2.2b in H1

LISBON: Portugal’s ATM machine and sale point operator SIBS has revealed a record amount of transactions were made last month. Figures from SIBS published by newspaper Público today indicate that between January and June more than €1.2 billion was paid through sale points while €924 million was withdrawn from holes-in-the-wall. Altogether, upwards of €2.2 billion euros were transacted during the ... Read More »

Portugal’s car sales up 24% in August compares the same month a year ago

LISBON: The number of new cars leaving showroom floors in August was up 24 percent on the same month a year ago, with the total sales climbing near to 12,000. According to the Automobile Association of Portugal, ACAP, accumulated sales for the first eight months of the year almost totalled 150,000, up 28 percent on the same period in 2014. ... Read More »

Portugal’s Ryanair boss wants 2nd Lisbon airport

LISBON: The chairman of Ryanair, Michael O’Leary, said on Wednesday that a second Lisbon airport in Montijo on the south bank of the Tagus had to be opened “urgently” and accused airport manager Vinci of strangling his company’s growth potential. “Lisbon can grow much more. It is time to consider Montijo. We want to invest in Lisbon but at the ... Read More »

Portugal expects to exceed 2015 tax revenue target

LISBON:Portugal’s Finance Ministry announced on August 3, 2015, that it expects tax revenues in 2015 to exceed budgetary targets. Tax revenue increased by 3.8 percent year-on-year in the first half of this year and is expected to grow even more in the second half, the Ministry said. Value-added tax (VAT) revenue grew eight percent year-on-year in the first half, due ... Read More »

Portuguese gov’t collects nearly €21b taxes in 2015

LISBON: The Portuguese state has collected almost 21 billion euros in taxes so far in 2015, which is up around five percent, when compared with last year. The result is said to be due to an increase in the collection of direct taxes, and while there was no increase in VAT, revenue from this tax rose by over eight percent, ... Read More »

Portugal‘s Customs seizes 2Kgs cocaine at Lisbon airport

LISBON: The Portuguese Customs have seized 2 kilos of cocaine and Lisbon airport and arrested a passenger who had flown in from Belo Horizonte in Brazil. The 37-year-old was detained with the drugs hidden in the baggage that would be enough for almost 10,000 doses. Read More »

Portugal police seize 2500 counterfeit goods, vendors arrested

PORTIMÃO:  Fifteen street vendors, 11 men and four women, were arrested in Portimão in a police operation that aimed to clamp down on counterfeit goods. Carried out by the PSP and Maritime police forces more than 2,500 fake items were seized, among them sunglasses, shirts, shorts, watches, bags and shoes. Seventy-five officers and inspectors took part in the operation which ... Read More »

Portuguese GDP up 1.5%, close to government forecast

LISBON: The Portuguese economy grew 1.5 percent in the second quarter of 2015 compared with the same period in 2014 “identical to the growth seen in the first quarter” the Portuguese National Statistics Institute (INE) said. This performance was due to imports growing faster than exports, but this was offset by “a positive contribution from domestic demand” in the second ... Read More »

Portugal’s fuel price drops

LISBON: The cost of refuelling this morning will be slightly cheaper after the reference price for unleaded petrol dropped by three cents a litre. While the cost of diesel will remain unchanged at 1 euro and 17 cents a litre, unleaded fuel will drop to around 1 euro and 46 cents, though substantially higher than the 1 euro and 29 ... Read More »

Portugal signs funding protocol worth €200,000

LISBON: According to details released by the State Secretary’s office, this duly provides funding to the 11 entities running protection and support services for victims of either domestic violence or the trafficking of humans with the “government renewing the support made available to entities for the strengthening of the prevention and combating of domestic violence.” The statement added that this ... Read More »