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Portuguese govt. gives green light to Caixa capital increase

Portuguese govt. gives green light to Caixa capital increase

LISBON: Portuguese state banking group Caixa Geral de Depósitos (CGD) said that the Government had signed off an authorization for a capital increase at the bank of €2.5 billion. The bank said in a statement to the market regulator that “by unanimous decision in writing on 17 March 2017, the single shareholder of CGD (the Portuguese State) decided to move ... Read More »

Portuguese govt. approves sale of 5% of TAP shares to employees

Portuguese govt. approves sale of 5% of TAP shares to employees

LISBON: Portugal’s government announced that it had approved the public offer for sale of 75,000 shares in the national airline, TAP, to its employees, at the price of €10.38 a share, saying that it expects the operation to go off well. “We’re expecting it to be a success,” the secretary of state for infrastructure, Guilherme W. d’Oliveira Martins, said, noting ... Read More »

Portugal’s current account deficit narrows down in January

France budget deficit amounts 69.0b euro

LISBON: Portugal’s current account deficit narrowed In January from a year ago, figures from Portugal Central Bank showed. The current account deficit fell notably to EUR 42 million in January from EUR 281 million in the corresponding month last year. However, the deficit on goods trade widened to EUR 818 million in January from EUR 583 million last year. In ... Read More »

Portugal monthly economic activity rises 1.4% in February

essar port rises

LISBON: According to the central bank’s indicators the monthly economic activity indicator rose to 1.4% in February, from 1.2% a month earlier and 1.0% in December “extending the trend observed since the fourth quarter of last year.” The indicator for ongoing economic activity in Portugal rose in February for the fourth consecutive month while private consumption as stable month-on-month according ... Read More »

Portugal records twofold growth in companies exporting to Qatar

Portugal records twofold growth in companies exporting to Qatar

DOHA: The number of Portuguese companies exporting to Qatar increased twofold between 2011 and 2015, indicating growth bilateral trade and investment relationship, ambassador Antonio Tanger has said. Citing the latest data from the Portuguese National Statistics Institute, the ambassador said Portuguese companies exporting various goods to Qatar increased from 117 in 2011 to 247 in 2015. “Qatar is still a ... Read More »

Portugal exports and imports rise in January

rise

LISBON: In January, Portuguese exports rose 19.6 percent year-on-year and imports rose 22.3 percent year-on-year, with the trade deficit rising by €252 million in the period, the National Statistics Institute (INE) said. According to INE, exports and imports of goods rose 12 percent and 13 percent on year, respectively, in December. Excluding fuel and lubricants, exports rose 17.1 percent and ... Read More »

Three days Lisbon Tourism Trade Fair inaugurates

Three days Lisbon Tourism Trade Fair inaugurates

LISBON: The most important tourism fair on the Portuguese calendar will have the first three days of the event dedicated to professionals. During the following two days, which fall on the weekend, the BTL opens its doors to the general public. The 29th BTL will centre on Nature Tourism, and will also see exhibitors from as far afield as Argentina, ... Read More »

Norwegian cod exports to Portugal rise by 9% in 2016

Norwegian cod exports to Portugal rise by 9% in 2016

OSLO: Norwegian exports of cod to Portugal rose by 9% year on year in 2016 to €271.4 million, totaling 48,603 tons, the Norwegian Fishing Council (Norge) said. Portugal’s national dish is salted cod and there are said to be enough recipes to eat a different Portuguese cod dish on every day of the year. It is traditionally eaten boiled on ... Read More »

Portugal loses €100m in revenues on illegal tobacco

Portugal loses €100m in revenues on illegal tobacco

LISBON: The Portuguese state lost around €100 million in tax revenue on tobacco in 2016, a year in which the authorities seized 198 million cigarettes, according to the Fiscal Action Unit (UAF) of the Republican National Guard (GNR). The commander of the UAF, Colonel Magalhães Pereira told daily newspaper Diário de Notícias the “value of the fraud was obtained by ... Read More »

Portugal’s Finance Minister wants Novo Banco deal completed ‘in coming weeks’

Portugal finance minister

LISBON: Portugal’s finance minister, Mário Centeno, said he hopes to have the Novo Banco sale process concluded “in the coming weeks.” The Minister was speaking in Lisbon at a joint press conference with his French counterpart, Michel Sapin, where they discussed the future of the European Union. When reporters asked about Novo Banco – and its sale to Lone Star, ... Read More »

Portugal eager to enhance trade with Saudi Arabia

Portugal-Saudi-Arabia

RIYADH: Portuguese Ambassador to Saudi Arabia Manuel Carvalho said that his country is eager to improve trade and investment with Riyadh. The envoy was speaking following his meeting with Saud Al-Meshari, secretary general of the Council of Saudi Chambers (CSC), in Riyadh. Carvalho said that Saudi Arabia and Portugal have seen many positive developments in the relationship in all fields ... Read More »

Portuguese wine exports drops 1.1%, first time in six years

Portuguese wine exports drops 1.1%, first time in six years

LISBON: Portuguese wine exports fell for the first time after six consecutive years of record growth, according to Institute of Wine data. The 1.1% drop was caused by the collapse in the Angolan market, which lost 67.6% in volume and 54.8% in value. In total, Portugal last year exported almost 2.77 million hectoliters of wine, valued at €727 million. The ... Read More »

Portugal’s euroAtlantic Airways initiate fleet renewal plans

Portugal’s euroAtlantic Airways initiate fleet renewal plans

LISBON: Portugal’s euroAtlantic Airways initiated fleet renewal plans amid growing difficulties in securing additional B767 airframes on the international market. Speaking to CAPA last week, euroAtlantic’s Commercial Director, Eugenio Fernandes, said that given the B767’s growing rarity, the Portuguese ACMI/charter operator was now looking at potential alternative types. No specific aircraft were mentioned but he did note the B787 would ... Read More »

Portugal, India keen to excel IT trade ties

Portugal, India keen to excel IT trade ties

NEW DELHI: India and Portugal stressed the need to further explore opportunities to strengthen ties in the field of information and communication technology, IT Minister Ravi Shankar Prasad said. To fast-track the collaboration, the government is also looking to set up a working group to enhance the scope for furthering ties, which will be a follow-up of a bilateral agreement ... Read More »

Portuguese top tax official ‘not sure’ of losses with €10bn transfers offshore

Portuguese top tax official 'not sure' of losses with €10bn transfers offshore

LISBON: Portugal’s secretary of state for fiscal affairs said that he could not be sure whether or not tax should have been levied on almost €10 billion that between 2011 and 2014 were transferred to offshore financial centers without being analyzed by the tax office, but said that there could be some losses involved. “I’m not in a position to ... Read More »

Investment recovery boosts Portuguese economic growth

Investment recovery boosts Portuguese economic growth

LISBON: An about-turn in investment pushed Portugal’s economy to its highest year-on-year growth since mid-2010 at the end of last year, official data showed on Wednesday. In its second GDP reading, the National Statistics Institute confirmed its flash 0.6 percent estimate for quarterly growth released last month, but revised the year-on-year expansion to 2 percent from 1.9 percent. That was ... Read More »

Portugal’s economic indicator rises in February to 1.3 points high

rise

LISBON: Portugal’s economic climate indicator rose in February to a four-month high of 1.3 points while consumer confidence hit its strongest mark in 17 years, official data showed. The National Statistics Institute (INE) said the consumer confidence indicator rose to a negative reading of 4.4 this month from -6.2 in January and from -11.3 a year earlier. It was the ... Read More »

Portugal stocks lower at closing of trade

stocks lower

LISBON: Portugal stocks were lower after the close on Friday, as losses in the Consumer Goods, Consumer Services and Technology sectors led shares lower. At the close in Lisbon, the PSI 20 lost 0.32%. The best performers of the session on the PSI 20 were Montepio (LS:MPIO), which rose 9.49% or 0.039 points to trade at 0.450 at the close. ... Read More »

Portugal’s second-hand cars imports all time high in 2106

second-hand cars imports exports

LISBON: Of the 247,000 cars sold in Portugal last year, a record 59,000 were second-hand imports, an all-time high. Fewer cars are expected to be arriving in Portugal in 2017 with German, French or Belgian plates for matriculation after the government pushed up taxes on the importation of used cars. While the fiscal revision sees taxes go up considerably, buying ... Read More »

Portugal’s current account surplus widens to €1.56b

current account surplus

LISBON: Portugal’s current account surplus widened to 1.56 billion euros ($1.66 billion) last year from just 124 million a year earlier in the fourth straight year of positive balances, data released by the Bank of Portugal. The combined surplus of trade in goods and services for the period reached nearly 4.1 billion euros, 28 percent higher than in 2015 mainly ... Read More »