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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 »

Public debt rises by 1.2 billion in February

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Portugal’s public debt stood at €249.3 billion in February increasing by €1.2 billion from the end of January, the country’s central bank, the BdP, announced. This is the value calculated within the Maastricht framework, which concerns the rules established by Brussels regulators, and the Bank of Portugal explains it “was mainly driven by an increase in debt securities issued”. According ... Read More »

TAP Air Portugal Receives First Airbus A321LR

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TAP Air Portugal welcomes the first A321LR aircraft into its growing fleet of Airbus aircraft. With a total of 75 total Airbus aircraft and 12 more on order, the A321LR is expected to assist the expansion efforts of TAP into new markets. April 2019 marks the initiation of the Airbus A321LR into the TAP Air Portugal fleet, the carrier the ... 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’s EDP could create Latam JV with China Three Gorges if takeover bid fails – sources

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/File Photo

Portugal’s Energia de Portugal EDP could propose a joint venture with China Three Gorges (CTG) allowing CTG to expand its foothold in Brazil and Latin America if the Chinese power giant’s bid to take over EDP fails, people familiar with the matter said. CTG, EDP’s main shareholder with a 23 percent stake, is among Chinese state-backed companies that have been ... Read More »

Finanças seized 300,000 bank accounts and properties last year

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Portugal’s tax authority seized 300,000 bank accounts and properties last year, a drop of 17% and the lowest number since 2014. Despite the overall drop, real estate seizures increased between 2017 and 2018, rising from 16,166 to 18,008, including industrial and commercial buildings, lots of construction land, other land and houses. In May 2016, new legislation permitted the seizure of ... Read More »

Eight Portuguese bankers earn a million or more

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According to figures released by the European Banking Authority relating to figures for 2017, the number of millionaire bankers in Portugal remained unchanged in relation to the previous year. On a European level, the number of bankers earning a million euros rose to just under 4,900, with the UK being the largest recipient. The European Banking Authority (EBA) data shows ... Read More »

Public debt drops to 121.5 percent of GDP

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Portugal had a debt-to-GDP ratio of 121.5 percent by the end of 2018, below the previous year’s ratio of 124.8 percent, the country’s central bank announced. This is the value calculated under Maastricht rules, which are those that Brussels considers. The value calculated by the Bank of Portugal (BdP) is slightly higher than the goal set by the government for ... Read More »

Banker Tomás Correia contests €1.25m central bank fine

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“We are going to contest”, the source said, adding that “fines do not prohibit the professional activity” of Tomás Correia and “they are about credits granted to group companies and not to external clients”. The Portuguese newspaper Público, disclosed on Thursday that the Bank of Portugal had found Tomás Correia along with seven former board members from Montepio bank, and ... Read More »

‘Portuguese bank halted $1.2 bln transfer of Venezuela funds’

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Portugal-based Novo Banco halted a transfer of $1.2 billion by the government of Venezuelan President Nicolas Maduro to banks in Uruguay, a Venezuelan legislator said, a day after the opposition denounced what they called the theft of public funds. Opposition leader Juan Guaido, who most European and Western Hemisphere nations have recognized as the country’s legitimate leader, said on Monday ... Read More »

‘Portuguese bank halted $1.2 billion transfer of Venezuela funds’

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CARACAS: Portugal-based Novo Banco halted a transfer of $1.2 billion by the government of Venezuelan President Nicolas Maduro to banks in Uruguay, a Venezuelan legislator said on Tuesday, a day after the opposition denounced what they called the theft of public funds. Opposition leader Juan Guaido, who most European and Western Hemisphere nations have recognized as the country’s legitimate leader, ... Read More »

Dubai’s Emirates to launch new service to Portugal’s Porto

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Dubai airline Emirates will launch a four times weekly service to Portugal’s second largest city, Porto from July 2, 2019, it announced. The flight will be operated by a Boeing 777-300ER aircraft in a three class cabin configuration, offering eight private suites in first class, 42 business class seats and 310 economy class seats. Flight EK197 will depart from Dubai ... Read More »

Police hit smuggling gang on high seas, seize 3.3 tonnes of cocaine

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Authorities seized more than three tonnes of cocaine and arrested 11 people off Portugal’s Atlantic coast, dismantling a drug smuggling gang that operated across international waters from a cargo vessel, police said.. The seizure of the 3.3 tonnes of cocaine – thought to be worth around $148 million at European street prices – took place on the high seas when ... Read More »

‘Portuguese bank halted $1.2 billion transfer of Venezuela funds’

A man sells umbrellas near ATM machines of a Novo Banco branch in downtown Lisbon, Portugal April 10, 2018.  REUTERS/Rafael Marchante

Portugal-based Novo Banco halted a transfer of $1.2 billion by the government of Venezuelan President Nicolas Maduro to banks in Uruguay, a Venezuelan legislator said on Tuesday, a day after the opposition denounced what they called the theft of public funds. Opposition leader Juan Guaido, who most European and Western Hemisphere nations have recognized as the country’s legitimate leader, said ... Read More »

Ronaldo pleads guilty to tax fraud

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The Juventus forward, who was facing charges stemming from his days at Real Madrid, was in court for about 45 minutes and signed an agreement which will cost him nearly 19 million euro in fines. Ronaldo arrived at court in a black van and was wearing a black sports coat and black trousers. He walked up some stairs leading to ... Read More »

Portugal may face some export difficulties in 2019 – minister

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“Given the uncertainty of the UK exit model (Brexit), this may make us face some difficulties in exports this year,” said Vieira. “The country [UK] is a very important client for Portugal.” “We are not going to feel such intense movements of export growth, as we have fortunately become accustomed to in recent years. We do not expect the economy ... Read More »

Portugal, Ireland Bond Sales Show Conviction on ECB Rate Outlook

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In one fell swoop, Portugal and Ireland completed a quarter of their refinancing for the year. The two nations sold 4 billion euros ($4.6 billion) of bonds each via syndication Wednesday, compared with Portugal’s 15.4 billion euro target for 2019 and Ireland’s goal of between 14 and 18 billion euros. That follows banks underwriting around 21 percent of Belgium’s target ... Read More »

Tourism to continue to outpace exports, GDP despite ‘risks’ – Bank

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The analysis of recent developments in the tourism sector in Portugal is the highlight of the institution’s December economic bulletin, and in which it downgrades its projections for growth in gross domestic product. It now sees GDP swelling 2.1 percent this year and 1.8 percent next year, against government forecasts of 2.3 percent this year and 2.2 percent next– before ... Read More »

Airbus delivers first A330neo in Boeing 787 dogfight

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TOULOUSE: Europe’s Airbus (AIR.PA) delivered its first A330neo jet to TAP Portugal on Monday as it seeks to trump U.S. rival Boeing (BA.N) in the fiercely competitive battle at the lower end of the market for long-haul jets. The face-off between the A330neo and Boeing 787 pits two generations of jetliner against each other in one of the most crowded ... Read More »

Portugal cannot continue with ‘potentially anaemic growth’ – central bank

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“What separates the Portuguese economy from economies with better performance in terms of per capita GDP are the differences in productivity, and not the number of hours worked,” Costa said at the opening of the 9th Conference of the Bank of Portugal on Portugal’s economic development in Europe. “We cannot continue with potentially anaemic growth,” he added. Costa pointed to ... Read More »