IMF: Nine warnings and three compliments to Portugal
Difficulties in recruiting qualified workers, external shocks and fear of changes in the labor law. These are some of the warnings left by IMF, which commends banking and fiscal consolidation.
Consumer trust and economic climate reach maximums of May
The consumer confidence indicator increased in May, for the third consecutive month and to the highest value of the series.
The State may enter Novo Banco and Haitong’s equity
The matter concerns the special regime for deferred tax assets, which foresee the State's entrance in the banks' capital as a compensation for this benefit.
Portuguese interests to rocket to maximums of October
Portuguese debt interests increase, affected by the political tension experienced in Italy. The Portuguese ten-year rate is standing at maximums of seven-months.
Housing evaluation has been increasing non-stop for a year
The value for the banking evaluation stood at an average of 1,171 euros per square meter in April of this year, the highest amount since June of 2010.
Portugal is moving “in the right direction”
Pierre Moscovici sees some important imbalances, namely the high level of external debt, both public and private, and vulnerabilities in the banking sector and segmentation of the labor market.
Novo Banco: Government hopes the 2019 loan will be smaller
The State lent 430 million euros to Novo Banco this year, but Ricardo Mourinho Félix says the negative impact of these "significant impairments" will not be repeated in 2019.
Takeover bid: Are the Chinese allowed in EDP’s meetings?
EDP has sent a requirement to the regulator to know if the representatives of China Three Gorges can be present in the company's meeting during the takeover bid.
Finance ministry released 430 million for injection in NB
The Finance ministry lent the Resolution Fund 430 million euros for an injection in Novo Banco, an amount that should stand below the maximum amount of 450 million euros that was foreseen.
Portugal is the 33rd most competitive economy
The list is made by IMD World Competitiveness Centre, which increased Portugal's place in the ranking because of the improvement in the economic growth and in the business and governmental efficiency.
Sonae dismisses small investors from stock market placement
Small investors will only be able to buy shares from Sonae's retail portfolio when the new company is listed in the Lisbon stock market.
Portuguese public debt increased in March to 126.4% of GDP
Portuguese public debt according to Maastricht, the definition that matters to Brussels, reached 126.4% of GDP in March, according to data from the Bank of Portugal.
Private sector tosses indebtedness to minimums of 2010
A deleveraging in families and private companies help decrease the Portuguese economy's indebtedness in March. Assuming its weight on GDP, debt retrieves to the smallest amount since 2010.
EDP’s takeover bid and Siza Vieira, the minister of State
As a lawyer, Siza Vieira cooperated in a law that made a Chinese takeover bid on EDP easier. As a minister, he met CTG. Lastly, he asked to be excluded from intervening in the electricity sector.
Home interests rise again, reaching maximums of 17 months
The interest rate on housing loans increased for the second consecutive month to 1.031%. With this new increase, home interests reached levels that had last been registered in 2016.
CGD is close to concluding the sale of two NPL portfolios
The bank headed by Paulo Macedo wants to sell two NPL portfolios this year. "The proceedings are well under way", CGD stated in the conference call for the quarterly results.
The Chinese Dagong improved Novo Banco’s rating
The Chinese agency Dagong improved Novo Banco's rating, but kept it in a speculative investment grade.
The Spanish from CaixaBank already own almost 94% of BPI
The Catalan group continues to reinforce its stake on the Portuguese bank by purchasing more shares in the market. It only needs a little over 6% to fully own BPI.
NB will receive a 792 million euros’ injection
The 792 million euros' injection in Novo Banco will be concluded in the next couple of days, Ricardo Mourinho Félix assures. The injection is a reinforcement, after the bank's record losses in 2017.
Horta Osório: NPL “causes significant uneasiness abroad”
The CEO of Lloyds Bank compliments Portuguese bank's efforts to solve the NPL issue, but advocates for the need to do more. Internationally, the high level of NPL creates "uneasiness", he says.
Changes in the law help the Chinese takeover bid to EDP
The Portuguese Executive changed the Securities Market Code, namely an article related to the joint liability for the voting rights of shareholders from companies that are connected with each other.
Portuguese ten-year rate in maximums of two months
Portuguese debt interests worsen, in sync with its peripheral peers, conditioned by the perspective of a debt pardon of 250 billion euros by the ECB from an Italian partisan coalition.
EDP Renováveis signs contract to sell Texan energy
The company head by Manso Neto concluded a 15-year contract with a company in the industrial and commercial segment for the sale of energy produced by a wind project in Texas.
Mutualista won’t search for a new owner for Montepio Seguros
Associação Mutualista will not search for possible candidates to purchase Montepio's insurances in a near future, given that the regulator rejected the deal with the Chinese from CEFC.