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Portuguese economy to recover moderately: S&P

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LISBON: Ratings agency Standard & Poor’s (S&P) said the Portuguese economy will continue to recover, albeit moderately, local media reported. S&P added that the country’s high debt level and fragile banking system will continue to negatively affect its sovereign rating. The agency also said in a report on Monday that Portugal has carried out important external adjustments, and has seen ... Read More »

Portugal, Iran discuss expansion of bilateral trade

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TEHRAN: Deputy foreign ministers from Iran and Portugal in a meeting in Tehran explored avenues for expansion of relations between the two nations, particularly in the economic sphere. Heading a business delegation, Portugal’s Secretary of State of Internationalization Jorge Costa Oliveira met with Iranian Deputy Foreign Minister for American and European Affairs Majid Takht Ravanchi on Tuesday. Highlighting the great ... Read More »

Portuguese wines thriving amid export growth

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LISBON: Volume exports of Portuguese wine have increased by more than a quarter in the last five years, driven by the growing importance of export destinations such as Canada, Germany and the UK. Surprisingly, the resurgence has been driven by growth in Portuguese DOP white wines, which increased more than 40% from 197,587 hectolitres in 2011 to 278,161 hectolitres last ... Read More »

Portugal’s February imports and exports enjoy neck-and-neck growth

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LISBON: Portuguese exports increased 9 percent while imports grew by 8.9 percent in February 2017, when compared with the same month in 2016. However, the trade balance worsened to €746 million, Portugal’s National Statistics Institute (INE) said on Monday. In January, exports and imports registered year-on-year increases of 19.1 percent and 22.4 percent, respectively. The INE also said that, excluding ... Read More »

Portugal to allow shared liquidity with EU

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LISBON: Portugal’s plans to allow shared liquidity with other European jurisdictions has finally been approved, according to documentation recently released by the European Commission, the European Union’s judicial arm. The EC’s approval of Portugal’s plans, which were sent to Brussels in January after undergoing a lengthy draft process dating back to 2015, allows the Iberian Peninsula country to seek new ... Read More »

Bankinter allocates €1.1b to fund Portuguese

Bankinter

LISBON: Spanish bank, Bankinter, said this week it had allocated €1.1 billion to fund Portuguese companies and families, as it celebrated its first anniversary on the Portuguese market, marked by the inauguration of its new headquarters in central Lisbon’s Praça Marquês de Pombal. “2016 was the year of Bankinter’s implementation on the Portuguese market and we are very satisfied with ... Read More »

Hong Kong agrees to automatic exchange of tax information with South Africa and Portugal

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HONG KONG: Hong Kong has agreed to automatic exchange of financial account information in tax matters with the governments of South Africa and Portugal, a Hong Kong government spokesperson said April 3, 2017. “We have been seeking to expand Hong Kong’s AEOI network with our tax treaty partners. The signing of agreements with Portugal and South Africa, bringing up the ... Read More »

Hong Kong inks accord with Portugal, South Africa to exchange tax data

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HONG KONG: Hong Kong has signed agreements with Portugal and South Africa to automatically exchange financial account information in tax matters. The agreements expand Hong Kong’s Automatic Exchange Of Information (AEOI) network to include a total of 11 countries. The other reportable jurisdictions for Hong Kong are Belgium, Canada, Guernsey, Italy, Japan, Korea, Mexico, the Netherlands, and the UK. The ... Read More »

Portugal plans to offer auctions, syndication in Q2

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LISBON: Portugal plans to offer government bonds via a combination of regular auctions and syndication in the second quarter, state debt agency IGCP said, expecting placements of between 1 billion and 1.25 billion Euros per auction. It also plans to offer up to a total of 4 billion Euros of Treasury bills during the quarter in monthly auctions on April ... Read More »

Ample opportunities to enhance trade between Pakistan, Portugal: Governer Sindh

Ample opportunities to enhance trade between Pakistan, Portugal: Governer Sindh

KARACHI: There are ample opportunities to enhance trade between Pakistan and Portugal as the ties between the two countries are beneficial for the region. These views were expressed by Sindh Governor Muhammad Zubair, while talking to Portuguese Ambassador Dr Joao Paulo Marques Sabido Costa, at the Governor House in Karachi. The governor also spoke of investment opportunities in the province, ... Read More »

Portuguese govt. gives green light to Caixa capital increase

Portuguese govt. gives green light to Caixa capital increase

LISBON: Portuguese state banking group Caixa Geral de Depósitos (CGD) said that the Government had signed off an authorization for a capital increase at the bank of €2.5 billion. The bank said in a statement to the market regulator that “by unanimous decision in writing on 17 March 2017, the single shareholder of CGD (the Portuguese State) decided to move ... Read More »

Portuguese govt. approves sale of 5% of TAP shares to employees

Portuguese govt. approves sale of 5% of TAP shares to employees

LISBON: Portugal’s government announced that it had approved the public offer for sale of 75,000 shares in the national airline, TAP, to its employees, at the price of €10.38 a share, saying that it expects the operation to go off well. “We’re expecting it to be a success,” the secretary of state for infrastructure, Guilherme W. d’Oliveira Martins, said, noting ... Read More »

Portugal’s current account deficit narrows down in January

France budget deficit amounts 69.0b euro

LISBON: Portugal’s current account deficit narrowed In January from a year ago, figures from Portugal Central Bank showed. The current account deficit fell notably to EUR 42 million in January from EUR 281 million in the corresponding month last year. However, the deficit on goods trade widened to EUR 818 million in January from EUR 583 million last year. In ... Read More »

Portugal monthly economic activity rises 1.4% in February

essar port rises

LISBON: According to the central bank’s indicators the monthly economic activity indicator rose to 1.4% in February, from 1.2% a month earlier and 1.0% in December “extending the trend observed since the fourth quarter of last year.” The indicator for ongoing economic activity in Portugal rose in February for the fourth consecutive month while private consumption as stable month-on-month according ... Read More »

Portugal records twofold growth in companies exporting to Qatar

Portugal records twofold growth in companies exporting to Qatar

DOHA: The number of Portuguese companies exporting to Qatar increased twofold between 2011 and 2015, indicating growth bilateral trade and investment relationship, ambassador Antonio Tanger has said. Citing the latest data from the Portuguese National Statistics Institute, the ambassador said Portuguese companies exporting various goods to Qatar increased from 117 in 2011 to 247 in 2015. “Qatar is still a ... Read More »

Portugal exports and imports rise in January

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LISBON: In January, Portuguese exports rose 19.6 percent year-on-year and imports rose 22.3 percent year-on-year, with the trade deficit rising by €252 million in the period, the National Statistics Institute (INE) said. According to INE, exports and imports of goods rose 12 percent and 13 percent on year, respectively, in December. Excluding fuel and lubricants, exports rose 17.1 percent and ... Read More »

Three days Lisbon Tourism Trade Fair inaugurates

Three days Lisbon Tourism Trade Fair inaugurates

LISBON: The most important tourism fair on the Portuguese calendar will have the first three days of the event dedicated to professionals. During the following two days, which fall on the weekend, the BTL opens its doors to the general public. The 29th BTL will centre on Nature Tourism, and will also see exhibitors from as far afield as Argentina, ... Read More »

Norwegian cod exports to Portugal rise by 9% in 2016

Norwegian cod exports to Portugal rise by 9% in 2016

OSLO: Norwegian exports of cod to Portugal rose by 9% year on year in 2016 to €271.4 million, totaling 48,603 tons, the Norwegian Fishing Council (Norge) said. Portugal’s national dish is salted cod and there are said to be enough recipes to eat a different Portuguese cod dish on every day of the year. It is traditionally eaten boiled on ... Read More »

Portugal loses €100m in revenues on illegal tobacco

Portugal loses €100m in revenues on illegal tobacco

LISBON: The Portuguese state lost around €100 million in tax revenue on tobacco in 2016, a year in which the authorities seized 198 million cigarettes, according to the Fiscal Action Unit (UAF) of the Republican National Guard (GNR). The commander of the UAF, Colonel Magalhães Pereira told daily newspaper Diário de Notícias the “value of the fraud was obtained by ... Read More »

Portugal’s Finance Minister wants Novo Banco deal completed ‘in coming weeks’

Portugal finance minister

LISBON: Portugal’s finance minister, Mário Centeno, said he hopes to have the Novo Banco sale process concluded “in the coming weeks.” The Minister was speaking in Lisbon at a joint press conference with his French counterpart, Michel Sapin, where they discussed the future of the European Union. When reporters asked about Novo Banco – and its sale to Lone Star, ... Read More »