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Portugal announces record gambling revenue for final quarter of 2017

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LISBON: Latest figures from the gambling regulatory body of Portugal shows that the nation’s market enjoyed record revenue in the final financial quarter of 2017, largely credited to a surge in sports betting. Overall, Portuguese gambling generated €122.6m in online gambling revenue during the first full year of new regulation in the country. A 12% sports betting turnover tax led ... Read More »

Portugal’s Galp predicts flat 2018 earnings slower output growth

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LISBON:  Portuguese oil company Galp Energia expects largely flat pre-tax earnings this year after a 32 percent increase in 2017 as production growth slows. The company said it still aims to boost output by more than 50 percent by 2020, but its shares fell almost 3 percent after it released its outlook at a capital markets day on Tuesday, even ... Read More »

Portugal €7.3M pre tax profit at Deutsche Bank

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LISBON: The bank justified the 78.2% drop in gross profit with the fact that in 2016 “there was an extraordinary positive result in terms of impairments that was not repeated in 2017”.  The financial margin increased to €19.7 million, compared with the €16.1 million in 2016, while the banking product rose to €56.9 million, 4.4% more than 12 months earlier. ... Read More »

Portugal’s online gambling market closed out 2017 on a high

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LISBON: Portugal’s regulated online gambling market enjoyed record-high revenue in the final quarter of 2017, thanks to a surge in online sports betting. Figures released Friday by the Serviço Regulação e Inspeção de Jogos do Turismo de Portugal (SRIJ) regulatory body show the seven locally-licensed online gambling operators generated combined revenue of €36.5m in the three months ending December 31, ... Read More »

Leicester City back in Portugal for transfer business

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LISBON: Leicester keep their eyes on the country, with some clubs being watched more than once. Yesterday, for example, was a night to have officials at Porto. After visiting the club back in December, it was time to watch them in a Champions League match. he likes of Otávio and Tiquinho Soares still managed to have a regular match, being more calm ... Read More »

Portugal shines as EU economies gather strength

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LISBON: The European Union economy grew at its fastest pace in a decade last year, with the 28 member states expanding by 2.5 per cent. It was the best performance since 2007, the year the global financial crisis began to unfold. According to Eurostat, France recorded 0.6 per cent growth in the fourth quarter with Spain on 0.7 per cent, ... Read More »

Portugal’s economic growth hits 17year high

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LISBON:  Portugal’s economy powered ahead last year, growing at its fastest pace since 2000 less than four years after exiting a bailout as a jump in exports helped it pick up steam in the final quarter. Full-year growth hit 2.7 percent, beating the government’s forecast by a tenth of a point, while the quarterly expansion rose to 0.7 percent from ... Read More »

Portugal inflation slows for second month

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LISBON: Portugal’s consumer price inflation eased for the second straight month in January, figures from Statistics Portugal showed Monday. Inflation moderated to a 6-month low of 1.0 percent in January from 1.5 percent in December. Core inflation, which excludes energy and unprocessed food products, slowed to 0.9 percent from 1.2 percent. On a monthly basis, consumer prices declined 1.0 percent ... Read More »

Portugal sees exports and imports boom in 2017

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LISBON: Portuguese exports and imports grew sharply in 2017, the National Statistics Institute (INE) revealed on Friday. Exports increased by 10.1 percent compared to 2016, while imports increased 12.5 percent. To put the figures in context, exports grew 0.8 percent and imports 1.5 percent in 2016 versus 2015. Exports in 2017 brought in 55.07 billion euros, the biggest take on ... Read More »

Portugal on verge of investment grade by last holdout Moody’s

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LISBON: Moody’s Investors Service, the last of the major credit rating agencies to keep Portugal’s debt in “junk” territory, considers it on the verge of regaining investment grade thanks to the country’s economic and fiscal improvements. Moody’s vice-president Evan Wohlmann told Reuters that since the agency set the rating outlook at positive in September, Portugal has performed in line with ... Read More »

Property price growth in Europe set to be led by Portugal

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LISBON: Property markets in Europe are likely to see some softening this year and next with mixed fortunes for many countries and the UK facing Brexit risks, according to a new analysis. Supply shortages will help keep momentum going in some markets, particularly in Portugal and the Netherland which, along with Ireland, will lead property price growth, says the S&P ... Read More »

Portugal real estate investment to beat record in 2018

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LISBON:  Investment in Portugal’s real estate sector is set to reach a fresh record of up to 3 billion euros ($3.74 billion) this year, boosted by foreign buyers, up from 1.9 billion euros in 2017, a leading consultancy in the sector said. The real estate sector has been surging in the past few years, above all thanks to foreign buyers ... Read More »

Portuguese unemployment falls to lowest since 2004

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LISBON:  Portuguese unemployment in November 2017 fell to its lowest level since November 2004, the National Statistics Institute (INE) announced on Tuesday. The INE’s reading of 8.1 percent was a 0.1 percentage point revision down of an earlier estimate. Thus unemployment in November was 0.3 percentage points lower than in October. The INE also released a provisional reading for December ... Read More »

Portugal’s finance ministry denies reports of Centeno’s possible resignation

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LISBON: Portugal’s Finance Ministry on Monday flatly denied reports that Eurogroup President and Lisbon’s current Finance Minister  plans to resign after he was named as a “person of interest” in an ongoing corruption investigation. The reports are false, the finance minister has private talks with the prime minister every day. No resignation has been discussed in this context,” a source with ... Read More »

Portugal backs early signing of EVFTA

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LISBON: At the meeting as part of Hue’s current visit to the European country, the two expressed their delight at the recent development of the two countries’ relations, following the visits to Portugal by Prime Minister Nguyen Tan Dung in June, 2015 and Deputy PM Pham Binh Minh in May last year.  They agreed that Vietnam and Portugal should further ... Read More »

Portugal’s 2017 public deficit shrinks 38 pct primary surplus soars

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LISBON:  Portugal’s public sector deficit shrank 38 percent to 2.57 billion euros ($3.21 billion) last year, with revenues coming in well above the levels budgeted for the year, although expenditure also exceeded the plan to a lesser extent. The finance ministry said in a statement on Thursday the primary balance, excluding debt costs, reached a surplus of more than 5.7 ... Read More »

Portugal says Brexit has boosted its economy

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LISBON: Portugal is on the up because Brexit is giving it a boost. Economy minister Manuel Caldeira Cabral says although the UK’s departure is not good for Europe, more shared services are looking at Lisbon and beyond to place their activity, and that’s been positive for the jobs market. We see this prospect happening in Portugal, we just had 2.8% ... Read More »

Portugal retracts threats and now accepts bitcoin transactions

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LISBON:  Trsactions blocked from some of the leading crypto exchanges such as Coinbase and Bitstamp which naturally led to a lot of frustration among users of the bank attempting to conduct business using bitcoin.An employee eventually leaked an internal order given to block any transactions that had the IBAN of Coinbase in it. This halt flies in the face of ... Read More »

Portuguese cut sugar intake by 5,500 tons

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LISBON: Portuguese reduced their sugar intake by 5,500 tonnes in 2017, which officials said was due to the tax on fizzy drinks introduced at the beginning of the year. Overall, the consumption of drinks with high sugar contents, dropped to half in the space of a year. The Health Ministry meanwhile revealed that the sugar tax resulted in an increase ... Read More »

Parliament wants motorway tax debt cancellation hearing

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LISBON: Portuguese MPs on the parliamentary Budget, Finance and Administration Modernisation Commission unanimously approved on Wednesday to hear the secretary of state of tax affairs about the cancellation of a tax debt owed by motorway concessionaire Brisa. The request to hear António Mendonça Mendes was presented by the Left Bloc after ‘Negócios’ newspaper wrote at the beginning of the month ... Read More »