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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 »

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

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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 »