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Altice Portugal wants to move into financial services-CEO


LISBON: The Portuguese unit of telecoms firm Altice is actively discussing expanding into financial services in 2019 and is in talks with two banks about how to do it, the company’s chief executive Alexandre Fonseca said. “It’s a possibility [for next year], without a doubt,” Fonseca told Reuters, adding that his company is talking with two Portugal-based financial institutions about ... Read More »

In Macau, Portuguese elites feel squeezed out by Chinese influence


MACAU: Nearly 20 years have passed since Portugal handed Macau over to China, and although colonial culture still infuses parts of daily life, the influence of the territory’s Portuguese elite is declining rapidly as the special administrative region becomes increasingly closer to mainland China. Authorities say they want the world’s largest gambling hub to diversify into a trade and business ... Read More »

New €100 and €200 notes to arrive next year – Bank of Portugal


The new €100 and €200 notes are going to come into circulation in Europe as of 28 May next year with the same colours as today but with extra security elements, Portugal’s central bank (BdP) said on Monday. “The notes are going to have two security innovations in the satellite hologram and in the emerald number”, Bank of Portugal board ... Read More »

EU denies appeal against decision to exclude agriculture expenses


The General Court of the European Union on Tuesday denied an appeal presented by Portugal against the European Commission’s decision to exclude agriculture expenses declared in 2012 worth over €2 million. The commission sent a formal statement to Lisbon in 2013, saying it considered that agriculture expenses declared by Portugal in 2012 “might not have fully respected the provisions of ... Read More »

Exports and imports both up in July


Data published by the National Statistics Institute (INE), excluding fuels and lubricants, showed that exports increased by 11 percent and imports grew by 11.4 percent (against the 7.3 percent and 8.6 percent rise, respectively, in June 2018). The deficit of goods’ trade was €32 million greater than the same month in 2017, expanding to €1.168 billion. Excluding fuels and lubricants, ... Read More »

Spanish and Portuguese police seize cocaine hidden inside pineapples


Police in Portugal and Spain said they seized hundreds of kilograms of cocaine hidden inside fresh pineapples, and arrested nine members of a gang that had allegedly transported the drug from South America. The seizure, from shipping containers, was part of an ongoing investigation across both countries that started, police said on Wednesday. Aside from the 745 kg of cocaine ... Read More »

Spain, Portugal seize cocaine hidden in pineapples

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Lisbon: Spanish and Portuguese police say a joint operation resulted in the seizure of 745kg of cocaine, much of it allegedly concealed inside pineapples shipped from Latin America. The Iberian police forces announced the big drug bust on Wednesday. They said it unfolded over several months, led to nine arrests and broke up an international smuggling ring led by Colombians. ... Read More »

Police dismantle tobacco smuggling gang, seize 1.2m cigarettes


The leader of the gang has been charged with criminal association and qualified tobacco smuggling. On Thursday the police seized 130,000 cigarettes and 226 kg of tobacco plus two vehicles. Most of the tobacco has hidden in false compartments in the vehicles that had been specially made to hide the contraband. The police also said that a total of 10 ... Read More »

Captain with Bristol County Sheriff’s Office Convicted of Smuggling Profits to Portugal


BOSTON – A Captain with the Bristol County Sheriff’s Office was convicted today by a federal jury in connection with helping Carlos Rafael, known as the Codfather in the fishing industry, and the owner of one of the largest commercial fishing businesses in the U.S., smuggle the profits of his illegal overfishing scheme to Portugal. Jamie Melo, 46, of North ... Read More »

Spain, Portugal bust gang smuggling glass eels to Asia


Spanish and Portuguese authorities announced Friday that they have taken down a criminal network that has been making large profits by smuggling glass eels to Asia. Authorities across the continent have been trying to tackle the smugglers, who take European glass eels to Asian countries, where they are raised into adults and their meat commands high prices for local delicacies. ... Read More »

Police dismantle tobacco smuggling gang, seize 1.2m cigarettes


The Portuguese police said they have arrested the leader of a tobacco smuggling gang and seized 1.2 million cigarettes in Porto and Aveiro, both in the north of Portugal. The leader of the gang has been charged with criminal association and qualified tobacco smuggling. On Thursday the police seized 130,000 cigarettes and 226 kg of tobacco plus two vehicles. Most ... Read More »

France, Spain and Portugal aim for greater energy co-operation


France, Spain and Portugal agreed on Friday to increase the links between their energy networks, aiming to reduce the Iberian peninsula’s isolation from European electricity and gas markets and to boost energy security. At a summit in Lisbon, the leaders of the three countries pledged to boost alternative energy sources and routes, including liquefied natural gas (LNG), at a time ... Read More »

Spain, Portugal bust gang smuggling eels worth $625 million to Asia


MADRID—A joint investigation by Spanish and Portuguese authorities has brought down a criminal network that has been making lucrative profits by smuggling glass eels to Asia. In the latest operation against the traffickers that was concluded in March but only revealed Friday, four Chinese citizens, three Spaniards and three Moroccans were arrested in Spain in an operation co-ordinated by the ... Read More »

Spain, Portugal seize cocaine smuggled inside pineapples

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Spanish and Portuguese police say a joint operation resulted in the seizure of hundreds of pounds of cocaine concealed inside crates of fresh pineapples. According to News 24, The Iberian police forces arrested nine members of an international smuggling ring that transported the drug from South America. The seizure was part of an ongoing investigation across both countries. Aside from ... Read More »

JetBlue’s founder wants to turn a 73-year-old airline and its home in Portugal into the next gateway into Europe


David Neeleman has a long history of success in the airline business. He’s either founded or co-founded four major airlines and is reportedly working on a fifth. You may have heard of a few of Neeleman’s success stories like WestJet, JetBlue, and Azul. Even though Neeleman has long departed WestJet and JetBlue, he is still involved in the day-t0-day operations ... Read More »

Spain, Portugal escape EU budget fines


(BRUSSELS) – EU Member States agreed Monday to waive fines on Portugal and Spain for failing to take effective action to correct their excessive budget deficits, setting new deadlines for corrective action. Sanctions under the EU’s excessive deficit procedure had been triggered on 12 July, when the EU found that neither country had taken effective action to reduce its deficit ... Read More »

In Portugal, trust in China is the art of the deal

FILE PHOTO: The logo of Portuguese utility company EDP - Energias de Portugal is seen at the company's offices in Oviedo, Spain, May 14, 2018.  REUTERS/Eloy Alonso

LISBON: Utility company EDP may balk at the meager 5 percent premium offered for its shares by China Three Gorges (CT) but the battle for Portugal’s biggest business has largely played out already. To some it looks like a lowball bid, but Portugal has welcomed the offer because it considers the Chinese firm’s pledge to keep EDP-Energias de Portugal intact ... Read More »

Goldman Sachs, KKR invest $360 million in Portugal tech firm

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LISBON: Portugal’s OutSystems, a platform which allows users to build software applications with minimal coding, has raised $360 million from Goldman Sachs and U.S. investment firm KKR, valuing it at more than $1 billion and allowing it to beef up its leading position in this niche market. Goldman and KKR took a minority stake in OutSystems with the financing, which ... Read More »

Port of Lisbon dock workers begin two-week overtime strike


In a statement, SEAL said the strike notice on work beyond the normal period on working days and “for all work on Saturdays, Sundays and holidays” between 8am on Monday and 8am on 2 June, was published on 6 May. The union said at the time that it had “some moderate optimism” about reaching a “global understanding” at a meeting ... Read More »

Portugal exports €700m in energy to Spain since 2016


Portugal has exported €700 million in electrical energy to Spain since 2016, with exports in the first four months of this year alone exceeding €102 million, the secretary of state for energy, Jorge Seguro Sanches, said in a statement. After years of importing more energy than it exported, Portugal in 2016 exported €200 million more than it imported, last year ... Read More »