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Portugal

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Lisbon cruise visitors up by 10% in H1

LISBON: The Portugal’s cruise tourism grew by almost 10 percent during the first half of this year in comparison to the same period of last year. Economy Minister Pires de Lima said yesterday that Lisbon expects to welcome some 750,000 visitors from cruise ships every year for the next five years, which would represent a 50 percent rise on numbers ... Read More »

Portugal’s bank mortgage evaluations fall 2.4% in June

LISBON: The average value of bank mortgage evaluations dipped by 2.4 percent in June, establishing an overall average of €1,030 per square metre, the National Institute of Statistics reported. However, the month-on-month figure was better with the €4 rise on May representing a 0.4 percent increase. The slide in the average property value stemmed primarily from apartment prices with an ... Read More »

Expat Finns in Portugal likely to lose tax-free pension

LISBON:Emigrated Finns in Portugal may lose the right to tax-free pensions, perhaps from the beginning of 2017, reported a Finnish language daily Helsingin Sanomat. The Ministry of Finance plans to increase the tax of Finns living in Portugal to the same amount as those living in Finland. All Finnish residents in Portugal should be taxed regardless of the time of ... Read More »

UAE FM meets Portugal deputy premier to develop trade ties

DUBAI: Sheikh Abdullah Bin Zayed Al Nahyan, Foreign Minister, stressed that the UAE and Portugal have distinguished historic bonds based on understanding, mutual respect and keen interest in developing relations in a way that reflects aspirations, interests and directives of leaders in both countries. Sheikh Abdullah made the remark on Monday, while heading the UAE side during the 2nd UAE- ... Read More »

Portugal’s Galp profits up €195M in H1

LISBON: Portuguese oil company, Galp Energia, made a profit of €310 million in the first half of 2015, €195 million more than in the same period in 2014, according to information sent to the Portuguese Stock Market Regulator (CMVM) on Monday. The net profit was driven by the two-fold increase in production in Brazil and better refining margins in Europe, ... Read More »

Pound Sterling boost for €1.42 to €1.44 in Portugal

LISBON: Over the last week the families visiting Portugal from the UK are set to enjoy the cheapest holidays in almost a decade as the pound shows no sign of increasing in value against the euro. Portugal is once again highlighted as a top value destination for British travellers. Exchange rates over the past week have been hovering between €1.42 ... Read More »

Portuguese households see €1,415 two-year average hike in income tax

LISBON: Each Portuguese household chipped in with €1,415 more IRS in 2014 than in 2012, according to a study presented by the Secretary General of the CGTP trade union confederation, Arménio Carlos. Carlos said the report focused on the inequalities and impoverishment of Portuguese and had concluded that over the aforementioned period income tax had risen 42 percent, “with households ... Read More »

Chinese site to auction 1,500 Portugal’s Algarve properties

LISBON: About 1,500 houses and flats in the Algarve are to start being auctioned next Wednesday on Taobao, China’s largest e-business portal, an official Chinese newspaper said this week. About 1,500 houses and flats in the Algarve are to start being auctioned next Wednesday on Taobao, China’s largest e-business portal, an official Chinese newspaper said this week. Overall, the properties ... Read More »

Lisbon £20 million Mobile phone fraud scheme, fraudulent to pay £500,000

LISBON: A 69-year-old Forfar man has been hit with a bill for £502,214 for his part in a £20 million mobile phone fraud scheme. Albert Amrintanand was part of an 18-strong gang who commited VAT fraud. He is the ninth member of the gang who has been given a confiscation order by HM Revenue and Customs (HMRC). Amrintanand was told ... Read More »

Portuguese Cascais to buy Estoril Race Track worth €4.9m

LISBON: Cascais council is to buy the Estoril race track for €4.9 million euros in a deal that Cascais Mayor Carlos Carreiras believes will boost the local economy and sectors such as hospitality. According to reports the purchase was approved in a town hall meeting yesterday despite strong criticism from the opposition who were heavily against the proposal. Mayor Carreiras ... Read More »

Lisbon household income tax hikes by €1, 500 in last 2 years

LISBON: Each Portuguese household chipped in with €1,415 more IRS in 2014 than in 2012, according to a study presented Monday by the Secretary General of the CGTP trade union confederation, Arménio Carlos. Carlos said the report focused on the inequalities and impoverishment of Portuguese and had concluded that over the aforementioned period income tax had risen 42%, “with households ... Read More »

Portugal’s household income tax hikes by €1,500 in last two years

LISBON: Each Portuguese household chipped in with €1,415 more IRS in 2014 than in 2012, according to a study presented Monday by the Secretary General of the CGTP trade union confederation, Arménio Carlos. Carlos said the report focused on the inequalities and impoverishment of Portuguese and had concluded that over the aforementioned period income tax had risen 42%, “with households ... Read More »

Portugal creartes 175,000 new jobs since 2013: Minister

LISBON: Portugal’s employment minister said on Monday that 175,000 new full-time, quality jobs had been created in the country since 2013. The minister said, “at the moment, for every fixed-term contract that is signed, three more permanent jobs are created in companies”. Mota Soares added that, despite Portugal managing to “bring unemployment down significantly”, and back to where it was ... Read More »

Portuguese govt to purchase 1,200 electric powered vehicles by 2020, can save €50m

LISBON: The Portuguese state vehicle fleet is to contain 1,200 electric powered vehicles by the end of the decade, returning substantial savings, following the approval of a sustainable mobility programme by the Portuguese cabinet. The Minister of the Environment Jorge Moreira da Silva told journalists afterwards that this was all about the state setting the example in terms of transportation, ... Read More »

Government re-appoints Carlos Costa as Bank of Portugal governor

LISBON: Portugal’s right-of-centre government has approved the appointment of Carlos Costa for a second five-year term as governor of the Bank of Portugal. At a news conference after the day’s cabinet meeting, the cabinet office minister, Luís Marques Guedes, noted that the appointment followed hearings in parliament and the report that resulted from that. Costa was first appointed the bank’s ... Read More »

Portugal’s MEP questions legality of TAP sale

LISBON: Portuguese MEP Ana Gomes (Socialist) asked the European Commission (EC) on Friday for clarifications about a possible breach of community rules for operating airlines in the European Union (EU) in the sale of TAP to the Gateway consortium. Ana Gomes specifically asked whether the consortium the government decided to sell 61 percent of TAP to is in fact controlled ... Read More »

Portugal debt level 4th highest in 43 amounting 130.2% of GDP: Study

LISBON: Portuguese state debt is the fourth highest among the 43 countries included in an OECD study that was released earlier in the week. The ‘Government at a Glance’ report noted that Portuguese state liabilities amounted to 130.2 percent of GDP at the end of 2014 in a figure that may fall back to 127.7 percent in 2015 and 124.2 ... Read More »

Investment bank gets the Bank of Portugal: The Financial

LISBON: Development Institute, a state-backed start-up investment vehicle, Pedro Gonçalves, the State Secretary for Innovation, Investment and Competitiveness, told Lusa News Agency on Monday. “As from today, the bank can advance at cruise speed. With this authorisation from the Bank of Portugal, there is a mandate to get on with all the operations set out in its statutes,” Gonçalves continued, ... Read More »

IMF gets back over €1bn in interest from Portugal

LISBON: The Portuguese state paid slightly over €1 billion in interest and commissions to the International Monetary Fund for loans granted under its Economic and Financial Assistance Programne in the first five months of this year, the General Directorate of the Budget reported. The €1.021 billion total represents an 18.8 percent increase on the same period of last year, due ... Read More »

Portugal may need tax reform to fund rising health costs

LISBON: Portuguese Health Minister Paulo Macedo has indicated that tax hikes will be necessary to finance increasing healthcare costs. Speaking to reporters after a recent conference, Macedo said that the Government will need to raise more revenue to meet the increasing costs faced by the national health service, Serviço Nacional de Saúde. He said that the Government needs to consider ... Read More »