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Portugal charges Angola vice-president with corruption and money laundering

Portugal charges vice-president of Angola with corruption and money laundering

LISBON: Portuguese state prosecutors charged the vice-president of Angola, its former colony, with corruption and money laundering. A statement from the Prosecutor General’s office in Lisbon Thursday said that Manuel Vicente paid a bribe of €760,000 ($810,000) to a Portuguese prosecutor who was investigating previous allegations of corruption against him. Vicente has been the deputy of Angola’s President Jose Eduardo ... Read More »

Airbnb stays double in Portugal over 2016


LISBON: Use of Airbnb nearly doubled in Portugal in 2016, the home rentals website said Thursday, as record tourist numbers flocked to the country some driven away from other sun spots by security fears. A record 1.65 million guests stayed in properties listed by Airbnb in Portugal last year, up from 912,000 in 2015, the company said, with the capital ... Read More »

Randstad Q4 revenue up 7% on strong growth in Europe


LISBON: Fourth-quarter revenue at Randstad Holding NV rose 7% on an organic basis, which excludes the impact of currency, acquisitions and divestitures and adjusts for working days. European markets fueled the growth, with revenue up 10% each in France and Germany and strong results from other European countries. Revenue edged up 1% on an organic basis in North America, Randstad’s ... Read More »

Colombian Jan thermal coal exports hit 10-month low


LISBON: Colombia exported of 6.52 million mt of thermal coal in January, a 10-month low and down 5% year on year and 18% from December 2016’s five-month high, data from Colombian shipping agent Deep Blue showed. Higher exports to Turkey, Brazil, Chile and the US were offset by falling shipments to the Netherlands, Portugal, South Korea, the UK and Israel. ... Read More »

Portugal’s trade gap rises in December


LISBON: Portugal’s trade deficit widened in December amid sharp fall in exports, Statistics Portugal said. According to details, the trade deficit increased to EUR 1.37 billion in December from EUR 799 million in November. Exports plunged 13.1 percent on month, in contrast to a 6.9 percent rise in November. Imports dropped 0.7 percent month-on-month in December, reversing November’s 4.3 percent ... Read More »

MF Global agrees to delay $3b suit against PwC


LISBON: The administrator of MF Global has agreed to a short delay in its $3bn malpractice suit against PwC, which it accuses of sanctioning a scheme that allowed the company to amass ruinous amounts of European sovereign debt. The world’s second-biggest professional services firm was the auditor of MF Global, which collapsed in October 2011 after huge bets on the ... Read More »

Porto mayor mulls tourism tax


LISBON: Portugal’s second city could became the latest municipality to impose a tax on overnight stays, after the current mayor of Porto, Rui Moreira, said that the time is “ripe” to create such a levy on tourism, which is booming in the city. The tax should not be brought in until after the municipal elections later this year, however, he ... Read More »

Portugal’s sugary drinks tax to bubble up prices


LISBON: A tax on sugary drinks in Portugal comes into effect 1 February, due to a new budget law that aims to raise €80 million this year. Non-alcoholic beverages, including mineral, flavoured, and aerated waters, with added sugar or other sweeteners will be taxed, as well as beverages containing 0.5-1.2% of alcohol (such as wines made from fresh grapes, vermouth, ... Read More »

Portugal bank risk spikes as Italy turns corner

portugal customs

LISBON: The country’s two biggest lenders, Intesa Sanpaolo and UniCredit, both saw improvements in their overall risk scores in the fourth quarter. UniCredit, the biggest bank and a persistent focus for investor concern over bank capital levels in Europe saw the biggest rise, gaining another 1.5 points to 5.6 out of 10. This Italian recovery, however, is in stark contrast ... Read More »

Nine massive drugs busts


LISBON: The Devon and Cornwall coast has been a landing point for smugglers for centuries. Isolated coves, and, historically, willing local residents, meant contraband often found its way in the UK evading Customs. But it is not now brandy, tea and rum that are the focus of the gangs but millions of pounds worth of drugs and, latterly, people. Here ... Read More »

Portuguese parliament rejects proposal to cut welfare tax


LISBON: Portugal’s parliament rejected on Wednesday a government proposal to cut the social security tax companies pay on the minimum wage, in the first such defeat for the administration after two far-left allies opposed the move. The minority Socialist government came to power at the end of 2015 with the backing of the Communists and Left Bloc with a promise ... Read More »

SAS continues growth with 2016 revenue of US$3.2b


LISBON: SAS had much to celebrate in 2016. The analytics leader commemorated its 40th anniversary, expanded operations globally and continued to achieve revenue growth and profitability, posting US$3.2 billion in total revenue. That’s up 4 percent in constant currency (1.3 percent USD) over 2015. New software sales increased 9 percent in constant currency (7 percent USD), signaling continued demand for ... Read More »

General cargo ship Levant Horizon ran aground in Lisbon


LISBON: The general cargo ship Levant Horizon ran aground on Tagus River in Lisbon, Portugal. The vessel was leaving the port, but left the shipping way after navigation error and mistake of the navigation officer. The vessel stuck hardly at the mud shallow near Oieras municipality and was not able to refloat by own power. The accident was reported to ... Read More »

Amaya Inc hikes earnings forecast, predicts record revenues in 2016


LISBON: Amaya Inc. is raising its estimate for 2016 adjusted net earnings by about six per cent, citing better-than-expected results in the fourth quarter, helped by its casino games and a successful relaunch in Portugal. “We anticipate that 2016 will be a record year of revenues for Amaya,” said CEO Rafi Ashkenazi in a statement. Amaya’s stock was up 3.16 ... Read More »

Portugal introduces wealth tax on properties over €600k


LISBON: The Portuguese government has introduced a wealth tax on properties valued over €600,000 (£538,572, $660,108) in a move that could benefit thousands of British expats living in the EU-member state. The new property levy replaces a more punitive 1% charge on homes valued above €1m, which has been abolished. The new tax, which is an annual rate of 0.3% ... Read More »

Portugal to raise funds in toughest bond sale in years

prices increases

LISBON: Portugal is seeking to raise funds through a syndicated sale of bonds just as a persistent banking crisis, reduced support from the European Central Bank and a sluggish economy have pushed its borrowing costs to one-year highs. Portugal’s finance minister Mario Centeno told Reuters in an interview that a syndicated bond issue – under which banks distribute new bonds ... Read More »

Portugal shares higher at close of trade; PSI 20 up 0.50%


LISBON: Portugal equities were higher at the close on Friday, as gains in the Telecoms, Financials and Basic Materials sectors propelled shares higher. At the close in Lisbon, the PSI 20 rose 0.50%. The biggest gainers of the session on the PSI 20 were Banco Comercial Portugues (LS:BCP), which rose 5.72% or 0.0470 points to trade at 0.8690 at the ... Read More »

Portugal appeals to Brussels over nuclear grievance with Spain

Portugal GDP

LISBON: Portugal is to appeal to Brussels to intervene and halt Spanish intentions to develop a nuclear w Environment Minister Joao Matos Fernandesaste storage facility close to the border with its Iberian neighbour. Portugal will appeal to the European Commission over the planned construction at the Almaraz power plant because it fears cross-border environmental risks, Environment Minister Joao Matos Fernandes ... Read More »

Vodafone now supports Play Store carrier billing in Portugal


LISBON: Google has allowed paying for Play Store purchases through your phone carrier’s bill for a while now, but it’s not available on all carriers. Vodafone in Portugal just started supporting Play Store carrier billing, becoming the first carrier in the country to do so. In fact, the Google Play support page for Portugal hasn’t even been updated yet. If ... Read More »

Brexit means profit for Britons selling Portugal property


LISBON: Just weeks after the U.K. voted to leave the European Union, Peter Thompson, a British healthcare consultant, sold one of his two homes in the fishing town of Tavira in Portugal’s Algarve region, capitalizing on the plunge in the pound against the euro. Thompson and his wife, who spend half the year in the British northwest county of Cumbria ... Read More »