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Montepio Bank to appeal €13M fine

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Montepio Savings Bank will appeal against the decision of the Competition Authority (PCA) which sentenced it to a fine of €13 million for sharing sensitive information on credit. “Montepio does not comply with the decision and will adopt all the necessary measures to defend its best interests”, reads the information disclosed by the Portuguese Securities Market Commission (CMVM). The PCA ... Read More »

Portugal to buy five Embraer military planes for 827 mln euros

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LISBON: Portugal’s government will buy five KC-390 military transport aircraft and a flight simulator from Brazilian aerospace company Embraer for 827 million euros ($932 million), Defence Minister Joao Gomes Cravinho said on Thursday. The first of the five planes will be delivered to the Portuguese armed forces in February 2023, with the rest arriving by February 2027. The KC-390 aircraft ... Read More »

Portugal’s prime minister promises voters shelter from economic storm

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Spain and Portugal are close neighbours yet studies in political contrasts — to the relief of António Costa. While Spain’s frustrated prime minister Pedro Sánchez has been bogged down in fruitless coalition talks and now faces fresh elections, across the border his counterpart Mr Costa, another Socialist, is sailing towards another term in office. Mr Costa has adroitly interpreted the ... Read More »

The $400 billion outdoor industry sounds alarm on Trump’s trade war tariffs

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Representatives from VF Corporation, Columbia Sportswear, Nester Hosiery, and NEMO Equipment met with lawmakers on Capitol Hill this week, letting them know just how hard the U.S.-China trade war is hitting their bottom-line. “We want our message to get across that this is effecting American businesses, American jobs, American innovation and it’s just delaying all of that,” said Katie Kumerow, ... Read More »

Intermarché invests €200 million in Portugal

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Intermarché is planning an extension in the Portuguese market and is aiming to increase its market share (currently set at 9.2 percent) through new store openings and a price reduction strategy. ISN Magazine writes that “With an “ambitious” investment plan, Intermarché plans to allocate €200 million for the opening of 105 stores and the creation of 3,150 jobs by 2023. ... Read More »

Portugal fuel-tanker drivers say they will suspend strike, negotiate

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Portugal’s fuel-tanker drivers will suspend a five-day-old strike that led to fuel rationing at filling stations and negotiate with employers in government-brokered talks, their union said. The employer association ANTRAM had earlier rejected the union’s offer to negotiate better salaries and working conditions unless the strike was suspended or called off. “The union understands that the conditions are now in ... Read More »

Business school to welcome 800 economists

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“At this time there are already more than 700 participants enrolled for the EFA 2019, and we hope that the final number will exceed 800”, said Miguel Ferreira, a Nova SBE professor and director of its Scientific Council who drew up the conference programme. The event is to attract hundreds of financial economists from the world’s leading business schools and ... Read More »

Portugal seizes art from businessman who owes almost £1bn

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Portugal has seized a trove of contemporary artwork, including paintings by Joan Miró and Piet Mondrian, from its debt-riddled owner, the government has confirmed. For months, three Portuguese banks had tried but failed to seize the art collection from Portuguese businessman José Berardo. The 75-year-old had offered the works as collateral for his debt which totalled nearly €1bn (£920m). The ... Read More »

Chinese partnership for Portuguese insurance company

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Fidelidade have established a partnership with China Reinsurance as part of their international expansion strategy. The partnership between the Portuguese insurance company Fidelidade and China Reinsure, the largest insurance provider in China has been created to strengthen institutional and trade relationships as part of the “Belt and Road” initiative. It is hoped by the companies that the partnership will contribute ... Read More »

Portugal: T-bill auction of up to €1.50M this week

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Portugal returns to the markets on Wednesday to auction up to €1.5 billion in six- and 12-month treasury bills, as announced by the country’s Treasury and Debt Management Agency (IGCP). According to the entity led by Cristina Casalinho, the two auctions have a global indicative amount between €1.25 billion and €1.5 billion. In the last comparable auction, on 15 May, ... Read More »

Maersk invests €1.5M in HUUB fashion supply startup

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Maersk has invested €1.5 million in Portuguese technological startup HUUB, which operates in the supply chain of the fashion industry. “The seal, sealed with Maersk, the world’s leading shipping company and one of the largest global groups in the field of logistics, with a turnover of $40 billion/year, represents the Danish multinational’s first investment in a Portuguese startup,” HUUB said ... Read More »

Portugal becomes the first euro zone country to issue debt on China’s market

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Portugal has become the first ever euro zone country to issue bonds denominated in the Chinese yuan. Known as “Panda” bonds, that’s yuan-denominated debt issued by a foreign sovereign issuer, the sale will take place Wednesday and Thursday. The southern European country announced last week its intention to sell 2 billion yuan ($289 million) worth of bonds with a maturity ... Read More »

Maersk invests €1.5 million in the Portuguese fashion logistics startup HUUB

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Porto-based HUUB allows online fashion shops to focus on fashion, not shipping. Its platform integrates with ecommerce sites, providing a full range of logistics solutions including production follow-up, picking, storage, stock management, order fulfillment, packing, and shipping. HUUB’s algorithms also analyse sales to determine replenishment strategies and prevent understocking. The fashion logistics startup has just raised €1.5 million from the ... Read More »

EU gives Spain, Portugal more time on deficits

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The European Commission has shied away from punishing Spain and Portugal over their excessive budget deficits. The EU executive has the power to fine governments that consistently spend more than they receive in tax revenues. Spain budget deficit stood at five percent of GDP last year; Madrid’s initial target had been 4.2 percent. Portugal’s deficit was 4.4 percent, which is ... Read More »

Tax authorities refund €1.26 billion in April

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Portugal’s finance ministry paid €1.26 billion regarding 1,187,716 refunds in the first month of the personal income tax (IRS) campaign, authorities said. Between 1 and 30 April, tax authorities refunded a total of 2,582,366 tax declarations, 167,000 more than in the same period 2018. The ministry said that a total of 2,666,9993 personal income tax declarations were validated in April, ... Read More »

Euro zone bond rally powers on, Portugal auction sets tone for Ireland

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Irish, Portuguese and Spanish bond yields hit fresh historic lows today and Portugal saw firm demand at an auction in the latest sign of strong investor interest for long-dated euro zone debt. In contrast to sharp yield falls across most European bond markets, Italian yields rose on concerns over tension within the ruling coalition. Portugal sold all €1.25 billion of ... Read More »

Portugal PM to address nation on teachers’ pay

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Portugal’s Prime Minister Antonio Costa will address the nation later on Friday after parliament voted in favour of granting teachers salary increases held back over several years since 2005, a government spokesman said. Costa was due to meet President Marcelo Rebelo de Sousa at 1400 GMT and would then deliver a televised address from his residence, the spokesman said, without ... Read More »

Ryanair pilots in Portugal vote for pay agreement

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Irish-based carrier Ryanair said its pilots based in Portugal have voted for a labor agreement for the next four years, taking another step to head off any risk of another round of damaging strikes ahead of its peak summer season. The agreement governing pay and conditions was negotiated between Ryanair and the Portuguese pilot union SPAC to cover all of ... Read More »

Portugal has ‘no future’ with high public debt – finance minister

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Portugal’s finance minister Mario Centeno has called for the need to cut Portugal’s public debt, saying the country would have “no future” if it didn’t. “The country has no future if the debt does not drop,” Centeno, who also leads the Eurogroup, said during a debate on the country’s stability programme for 2019-2023. “It is not possible to implement the ... Read More »

Ryanair pilots in Portugal vote for pay agreement

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Irish-based carrier Ryanair said on Tuesday its pilots based in Portugal have voted for a labor agreement for the next four years, taking another step to head off any risk of another round of damaging strikes ahead of its peak summer season. The agreement governing pay and conditions was negotiated between Ryanair and the Portuguese pilot union SPAC to cover ... Read More »