Portuguese Government gets banks’ resolution power
The President will name both the governor of BdP and the president of the Board of Financial Supervisory and Stability, the new entity for banking resolution.
Mário Centeno for the Eurogroup? “Why not?”, PM answers
When asked if Portugal intended to chair this European Union entity, Portuguese PM António Costa chose to answer with a question: "Why not submit an application?".
“It is not usual” to increase the rating and not the outlook
The agency improved Portugal's rating, removing it from the junk status without first improving its outlook to positive. This move, Standard and Poor's say, "is not usual", but it's "not that rare".
Finance minister promises a 127.7% debt to GDP
Finance minister Mário Centeno committed to, by the end of the year, making "the largest reduction of the Portuguese debt in the last 19 years".
Institutional investors “will not risk” the sale of NB
Novo Banco's sale is in its final stage. Ricardo Mourinho Félix, interviewed by ECO, stated that investors are rational and, therefore, will not risk the conclusion of this process.
Standard & Poor’s takes Portugal out from the junk status
Moody's and Fitch had already upgraded the outlook of the Portuguese debt, and all that was left was to know the decision of Standard & Poor's - which positively surprised analysts.
Launch in Lisbon: launch your foreign businesses in Lisbon
The Launch in Lisbon programme, from Startup Lisboa, will gather applications until October 25 to help foreigners prepare the launch of their business in Portugal's capital city.
IMF says Portugal has a “weak banking and weak investment”
Portugal's progress is "remarkable", although it is a short-term accomplishment. The challenge for Portugal continues to be breaking "the vicious circle between weak banks, high NPLs and weak growth".
Foreign retirees in Portugal could pay the minimum IRS
The measure is being studied for the 2018 State Budget. On the table is a flat rate, between 5% and 10%, for the future unconventional residents in Portugal.
Spanish Gas Natural rejects the merger with Portuguese EDP
Because of this week's news of an Iberian partnership, the chairman of Gas Natural said that "no operation" is being carried out with the Portuguese company EDP.
Government approves 12 investment fiscal contracts at 160 M
Different projects from aeronautics, energy, health, machinery, molding and car industries will benefit from tax reductions in the Company Tax, Municipal Tax on Real Estate and Stamp Tax.
Portuguese hotels register 32 million overnight stays
Between January and July, Portuguese hotels had 9.6% more overnight stays than in the previous year. Even so, tourists are spending less time in the country.
Sonae closes the merger agreement between SportZone and JD
The memorandum of understanding had been signed in March, and now, the final authorization has been given. This Iberian group will be the second largest in the retail sale of sports goods.
Platform for NPL already has an executive manager
José Correia is unknown to the public, but well known in the banking sector. The manager is used to companies being restructured and has been chosen as the responsible for the new NPL platform.
Volkswagen’s CEO says he trust Autoeuropa’s administration
The Portuguese Economy minister says he is following the negotiations, but the Government "must not get involved directly". Volkswagen's CEO says the conflict "must be solved by October".
Gas Natural spoke to Portuguese PM about merger with EDP
Gas Natural wants to reinforce its European presence and has its eyes in EDP. The Spanish company has approached EDP's Chinese shareholders, but has also been in Lisbon speaking with António Costa.
Portugal pays 2.785% interest for 850 millions in debt
The Portuguese Treasury placed 850 million euros in debt maturing in 2027. Interests stood at 2.785%, below the 3.085% from July. It was the lowest amount demanded by investors this year.
NPL stands at its lowest in almost five years
Portuguese banks had a 15,392 million euros' portfolio of non performing loans in July - the smallest amount since December 2012. This decrease was a result of the cut back in companies' NPLs.
Yupido only has 35,000 euros in cash. The rest are platforms
Turns out, Yupido's capital only includes 35,000 euros in cash. Everything else, which makes up for the 28.8 billion euros, comes from two platforms: a management software and a media platform.
Banking is more dependent. ECB increases financing
It is the second consecutive month in which the European Central Bank increases its financing in the Portuguese banking. A sign that the Portuguese banking is more dependent on the central bank.
Government protects depositors, pressuring NB’s bondholders
The Portuguese Government increased the protection of banking depositors, in a time when funds have an offer to sell Novo Banco's bonds. The pressure is on.
BCP accuses BdP of “blatant” violation of laws and rulings
ECO was able to access the proceeding in which BCP accuses the Bank of Portugal of violating several laws in the sale choice for Novo Banco and the Resolution Fund guarantee.
Technology giant buys data center in Lisbon
Equinix purchased Itconic, the company in charge of one of the most important data centers in Portugal. The deal is closed, it is worth 215 million euros and it includes three other centers in Spain.
“Mário Centeno could be the next European Finance minister”
Margarida Marques, former Portuguese State secretary, left some advice for the 2018 State Budget: it needs to "continue to respect the European goals".