Where is Portugal in the European peloton?
Eurostat disclosed the numbers for growth, unemployment, deficit and debt of all 28 EU countries in 2017. Is Portugal a front-runner or is the country in the rear-end of the economic recovery peloton?
Angola’s President exonerates the ambassador in Lisbon
José Lourenço exonerated José Marcos Barrica from the position of Extraordinary and Plenipotentiary Ambassador of the Republic of Angola in Lisbon. There are no official names for his replacement.
Nos asks for 300 million in debt, offering less than 1.4%
The Portuguese phone operator is in the market to issue 300 million euros in five-year debt securities. It all points to an interest rate below 1.4%.
Portugal has the second largest deficit in Europe
Eurostat confirms that including CGD's recapitalization, the Portuguese deficit stood at 3%, only behind Spain. Even without CGD, Portugal is in 19th place in the fiscal balance rating.
Moody’s only increases rating if progress is sustainable
Moody’s stated it will only remove the Portuguese public debt from the 'junk' status if it concludes that the progress Portugal is making is sustainable and if debt reduction is steady.
DBRS increases Portugal’s rating. Moody’s postpones decision
The rating agency DBRS increased Portugal's rating to 'BBB' with a stable outlook. The downward debt trajectory and fiscal discipline justify the decision, as well as the NPL decrease.
‘Five minutes’ about artificial intelligence
Bruno Antunes, head of cognitive computing in Novabase, spoke to ECO about the present and future of artificial intelligence. The company is developing apps for the banking sector.
Lisbon received over 52 thousand cruise ship passengers
Lisbon is in fashion. It received twice as many cruise ship passengers in the beginning of the year, a record growth that results from the new terminal in Lisbon.
Tenants are already paying 12 months’ rent in advance
Each day, real estate consultants in Portugal receive over 70 proposals for a single real estate property. "Proving they are financially fit" is key for potential tenants to convince owners.
Unemployment in March stood below 400 thousand people
The number of Portuguese unemployed in March fell 2.8% to 393.3 thousand people, a number that, for the first time in ten years, stood below the 400 thousand threshold.
Over 10 thousand workers left the Portuguese banking sector
The Portuguese banking sector continues shrinking. Since the financial crisis, close to one fifth of employees and closed one hundred branches. This decrease will continue for the next years.
Portuguese economy’s indebtedness rises to 721 billion
Portuguese public debt lead to an increase in the indebtedness of the economy in February, reaching 721 billion euros. It is the higher number since September of last year.
Centeno will help Associação Mutualista Montepio if needed
"The ultimate keeper of financial stability is the Government, and within the Government, it is the Finance minister", so the Government must be willing to help Associação Mutualista.
IMF only sees a 0.7% deficit in 2021
The Government foresees in the Stability Programme that Portugal will have a 0.7% deficit this year. However. the International Monetary Fund (IMF) foresees that will only happen in 2021.
EC will fine Altice for purchasing PT without its approval
The European Commission will fine Altice for purchasing PT Portugal without its approval. The fine can surpass 450 million euros.
Portugal raises 1,250 million euros with negative interests
In the first financing operation of the quarter, Portugal was able to get the maximum amount it hoped for. It got negative interest rates in both maturities.
IMF is more optimistic than Mário Centeno about the 2018 GDP
The International Monetary Fund foresees the Portuguese economy will grow 2.4% in 2018. However, it anticipates a stronger deceleration in 2019.
There are 100 new hotels being built in Portugal
The Government has already made 593 million euros available to support investments in tourism. The Programme Valorizar already approved 262 projects.
The Bank of Portugal blames KPMG for flaws in BES
The Bank of Portugal has moved forward with formal accusations to the auditor KPMG and three other people in charge, including the CEO, Sikander Sattar. Fines can reach 2.5 million euros.
Centeno does not believe help to Novo Banco will end in 2018
The Finance minister acknowledges that 2018 should not be the last year in which Novo Banco will weigh in on public accounts.
The Government confirms a 0.7% deficit in 2018
The 2018-2022 Stability Programme shows the Government's optimism about the economy. The deficit will fall to 0.7% of GDP this year. And there will be a fiscal surplus of 0.7% in 2020.
One decade later, the group TAP returns to profit
TAP SGPS, the mother group to the airline TAP, presented a 21.2 million euros' profit last year. The aviation business alone tripled its results: it stood at over 100 million euros.
Next week, IGCP will raise up to 1,250 in short-term debt
Next week, IGCP will have two auctions for three and eleven months Treasury bills. The goal is to raise up to 1,250 million euros of financing.
Finland asks to end tax agreement with Portugal
The 2016 agreement has not yet arrived in the Portuguese Parliament, according to the Finnish Finance Ministry. The Finnish law will be enforced if there isn't a replacement for the old treaty.