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Portugal

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Portugal’s business confidence hits 0.6 on index in March

LISBON: The National Statistics Institute said the economic climate indicator measures business confidence at plus 0.6 in March after 0.3 in February. The index turned positive in May 2014 the month Lisbon exited an international bailout. Portugal’s economic climate indicator rose in March to its highest level since October and consumer confidence increased to its best mark since 2002, data ... Read More »

French investsment reaches €6.3b per year in Portugal

LISBON: The president of the luso-french chamber of commerce stated that ,more than 750 French companies operating in Portugal, studies showed that  Portugal is at the top of French pensioners’ lists of preferred places to retire. These figures are the result of a growing influx of French investors investing in Portugal. Aicep‘s figures shows that France is the second largest ... Read More »

Portugal shows 1.8% in domestic growth for 2015 -16

LISBON: Standards and Poor’s (S&P) shows a positive growth on Portugal’s bond rating. Mentioning that the government narrows its budgets deficits and the economy of the country recovers. The rating outlook was revised to positive from stable, S&P. Standards and Poor’s had revised the outlook to stable from negative. The debt is rated BB, or two levels below investment grade, ... Read More »

Portuguese GDP to rise 1.5%, 1.9% in 2015 and 2016

LISBON: The country’s central bank said that Portugal’s economy will expand faster than previous year as export growth strengthened. The gross domestic product will rise 1.7 percent in 2015, 1.9 percent in 2016. In December, it forecast 1.5 percent for 2015 and 1.6 percent for 2016. Portugal, which received a bailout in 2011, when it was exited the aid plan ... Read More »

PSA invests €40m to boost Sines Port TEU capacity

LISBON: Singapore Port Authority international invest an amount of €40 million to increase the annual capacity of Sines Container Terminal to 2.5 TEUs. The Singapore-based company said the extra 800,000 TEUs of capacity is needed to cope with the “robust” growth in traffic and to cater to the increasing operational demands of its customers. David Yang, CEO of PSA Euro-Med ... Read More »

Portuguese Customs nabs 303 drug smugglers, seizes 4,000 drugs

LISBON: Portuguese Customs police arrested more than 300 smugglers in an operation and seized more than 4,000 doses of drugs. The PSP force said in a statement that along with the scores of offenders who were detained, 4,196 doses of drugs – including 1,463 doses of hashish, 2,629 doses of cocaine, 71 doses of cannabis and three doses of amphetamines ... Read More »

Potuguese Treasury official website lists over 40,000 defaulter taxpayers

LISBON: Portuguese Finance Ministry stated that more than 40,000 taxpayers have been listed publicly on the Treasury’s official website for large and overdue taxes owed to the state. According to the list, the number of the state’s debtors with taxes of more than €1million outstanding has risen to close to 200. Ten of these taxpayers currently have debts in excess ... Read More »

Portugal’s public debt rises by 6.6b euros to reach total of 231.1 billion euros

LONDON: Portugal’s public debt is expected to have increased by 6.6 billion euros in January, standing at month’s end at a total of 231.1 billion euros, the Technical Budget Support Unit said Friday in Lisbon (UTAO). The independent technicians supporting parliament claim that increasing the amount of public debt “contributed to the amount of debt issued in January and the ... Read More »

Portugal’s ‘golden visa’ trade for rich immigrants at 1.27 billion euros

LISBON: Portugal’s Deputy Prime Minister Paulo Portas has at least been honest about what’s important to him. “The golden visa has brought Portugal 1.27 billion euros [$1.38 billion] of investment in two years,” he said. “So it would be stupid if we shut up shop and other countries earned that money.” Even if the special residency permits for non-EU millionaires ... Read More »

Portugal’s Novo Banco bank posts loss of 467.9 million euros

LISBON: Novo Banco, the bank that emerged from the break up of beleaguered bank Banco Espirito Santo, registered a net loss of 467.9 million euros (about 505 million U.S. dollars) since it was created in August last year, Portuguese Lusa News Agency reported. The bank’s impairment losses summed up to 699.1 million euros while its net financial return was 266.3 ... Read More »

Portuguese PM Pedro under increasing pressure for not paying own taxes on time

LONDON: Portuguese Prime Minister Pedro Passos Coelho has come under increasing pressure for failing to pay his own taxes on time. On Friday, Portugal’s main opposition party took aim at center-right premier over a media report that he failed to pay his social security contributions for five years. Socialist party heavyweight and former presidential candidate Manuel Alegre said that Coelho’s ... Read More »

European Court of Justice referred case on Portuguese registration tax on second-hand vehicles

LISBON: As Portugal failed to respond to a European Commission request for it to amend its registration tax rules for imported second-hand vehicles. The matter has been referred to the European Court of Justice. In January 2014, the Commission sent Portugal a reasoned opinion, requesting that the authorities bring the relevant legislation in line with European Union (EU) state aid ... Read More »

Portugal’s fruit, vegetable exports grow 26%

LISBON: Portuguese fresh vegetable shipments have grown by almost 26% in recent years (from 780 million Euros in 2010 to 983 million in 2013), said Laurent Armaos, of the Commercial Department of the Embassy of Portugal in Athens in an interview to Agrotypos. Regarding the destinations of exportable products, Mr Armaos reported that “the majority of exports went to countries ... Read More »

DECO seeking super funds against Portugal’s bank money

LISBON: As the New Zealand Superannuation Fund lines up its own proceedings to try to recover a $200 million loan made to the bank, A Portuguese consumer association DECO has launched legal action to get compensation for small shareholders of the collapsed Banco Espirito Santo. A Portuguese consumer association has launched legal action to get compensation for small shareholders of ... Read More »

Portugal’s Central Bank sued over $US150m Banco Espírito Santo loan

LISBON: Portugal’s central bank is to be get sued by the NZ Super Fund as it has been allegedly said to be involved in wasting $US150 million loan investment of fund. The $27 billion government-backed pension fund says it’s one of a number of investors taking legal action in relation to the Bank of Portugal’s decision to place €853 million ... Read More »

Germany getting support from Portugal on Greek debt deal

FRANKFURT: In an interview to a German newspaper, Portuguese Prime Minister, Maria Luis Albuquerque emphasized that Greece must have to fulfill the current conditions of its international bailout. “There is a framework within which we are prepared to talk to the Greek government. That framework is the current aid program, which is up for extension,” Albuquerque told the business daily ... Read More »

Driscoll’s to plough in €3 million in Portugal

LISBON: After a huge success of the trade of Portuguese fruit and vegetables in a trade fair in Berlin, the berry giant Driscoll’s announced to put in another €3 million into the operations of Portugal. It’s a move that will see this little corner of Europe finally up there with the ‘big boys’ – proving that Portugal’s climate has so ... Read More »

Portugal property market continues to entice foreigners

LISBON: Portugal’s property market continues to expand at double digit rates thanks to foreign buyers. More than one in five residences sold in Portugal last year were bought by a foreigner, according to provisional data by the Portugese Real Estate Agents Association. Britons were in top place among the 23,000 buyers, followed by Chinese and French. “The property market grew ... Read More »

Mozambican firm to export beans to Portugal

LISBON: A Beira-based Mozambican company Sociedade Malonda says it has reached an agreement with firms from Portugal under which it will export locally produced beans to the European country. The company’s managing director Augusto Kuntuela said Wednesday that the factory had capacity to process 1,000 tons of beans and could launch operations next month in Lichinga, the capital of Niassa ... Read More »

Portuguese authorities receive green signal from EC for bank restructuring

LISBON: The Portuguese authorities have got the approval from European Commission for the plans regarding CGD and BPI about the plan to restructure BCP. The European Commission (EC) announced on Wednesday that the plans to restructure the Portuguese state-owned Caixa Geral de Depósitos (CGD) bank and two private banks in the country, Banco Português de Investimento (BPI) and Banco Comercial ... Read More »