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‘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 »

Portugal prime minister reshuffles government

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Portugal’s prime minister has carried out a reshuffle of his cabinet following the resignation of the defence minister and completion of next year’s budget, making changes at four ministries ahead of a general election in 2019. The changes include adding to Cabinet Minister Pedro Siza Vieira’s responsibilities by also putting him in charge of the powerful economy ministry, which has ... Read More »

In Macau, Portuguese elites feel squeezed out by Chinese influence

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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 »

Number of millionaires in Portugal drops

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According to Credit Suisse, the number of people living in Portugal with an estate of one million dollars or more dropped in 2018 by over 5,000 people. Credit Suisse based its findings on the annual Global Wealth Report, and indicates Portugal currently has around 94,000 millionaires. Read More »

Altice Portugal wants to move into financial services-CEO

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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

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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

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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

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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

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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

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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

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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

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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

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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 »