Monday, October 20, 2014

Simulations: Learn whether to pay more or less taxes after … – Business Journal – Portugal

Simulations: Learn whether to pay more or less taxes after … – Business Journal – Portugal

Single without children, married without children, married with one son and married with two children or more. If this is one of their cases, so go here to see the simulations of PwC with dozens of different scenarios for taxpayers.
  

The IRS reform benefits families with children, but not all will see their bill decrease with the tax authorities next year.

Rather not have dependent children and have an income (declared) or a home loan is halfway to in 2015, suffering a worsening in the IRS.

This is one of the conclusions that withdraws a extended simulations carried out by PwC for Business, from the rules discussed by the Cabinet last week, when the reform of the IRS approved set.

The Business has published several dozen simulations carried out by PwC that cross the different type of taxpayer, after differentiating by income, type of expenditure and other characteristics. See what your case:

If you’re single and has no children, know it will pay less or more IRS

If you are married with no children, know it will pay less or more IRS

If you are married and have a son, to know whether it will pay less or more IRS

If you are married and have two or more children, know it will pay less or more IRS

Here you can read the analysis of the simulations PwC Business. The main conclusion is that it has no children but has building charges, then the IRS can climb.

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Wall Street Stock Exchange overcomes disappointment with results from IBM – the Minute News

Wall Street Stock Exchange overcomes disappointment with results from IBM – the Minute News

The New York Stock Exchange today managed to close in positive territory, after a busy week, surpassing the disappointment of the results of the computer company IBM.

The final results the session indicate that the Dow appreciated 0.12% (19.26 points) for 16399.67 units and the Nasdaq 1.35% (57,64) for 4316.07.

The broader index S & P 500 has advanced 0.91% (17.26), to 1904.02 points

The New York plaza had recovered sharply on Friday, leaving for. weekend on a positive note, after several sessions affected by concerns about global economic growth and doubts about the ability of central banks to stem the downward spiral that had gripped the markets.

” probably reached the low point “last week, said Peter Cardillo, Rockwell Global Capital. Now that Wall Street returned to the trend, “the market focuses again on business outcome.”

With the empty schedule today of relevant indicators, strong disappointment with the results of IBM troubled investors at first.

Due to “a significant decrease in September of customers’ purchases,” the group’s turnover fell 4% in the third quarter. The company also canceled its goal of a minimum earnings per share of $ 20 in 2015.

The share of IBM today fell more than 7%, dragging the Dow Jones index, which is a major component . But the superstar index of Wall Street could get rid of this weight to end the session in positive territory.

“The big question now is whether the problems of IBM, which recorded a reduction in its income in all sectors and all geographical areas, will be considered as a specific problem or a bigger problem, “said Patrick O’Hare of Briefing.com.

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EN hit historic lows and worth less than € billion – Reuters

EN hit historic lows and worth less than € billion – Reuters

                 


                         
                     

                 

 
                         

The shares of Portugal Telecom (PT) closed this Monday losing 10.05% to 1.09 euros after, in the morning, have been skidding more than 28% to a record low of 0 , 87 euros, which put market capitalization below € billion.

                     


                         It was not until late morning that the securities of telecommunications carrier began to recover from the previous fall, but without being able to ever get into positive territory. The main index of the Lisbon stock exchange, the PSI 20, came to be losing almost 1.5%. but eventually closed with a decline of 0.17%, benefiting from the gains of banking.

A sharp drop in Portugal Telecom was heavily influenced by the decision of the Court of Commerce of Luxembourg, which did not accept the controlled management ( Contrôlée gestion ) of Rioforte Investments SA, where the telecom operator has a credit of approximately EUR 900 million.

With the decision of the court, for settlement Rioforte follows, which should make it harder to credit recovery. If not regain credit, PT gets its stake in Hi merger with Brazilian reduced to 25%.
If he could recover the money lent to Rioforte, participation in Hi would rise to 37%.

With the verified drop this Monday, capitalization PT fell to € 977 million, which in practice corresponds to the 25% it holds in Hi. Ie, investors incorporate the company recover anything from Rioforte when until a few days ago, admitted recover at least 30% of the value in question.

Last Friday, PT shares had already lost 9% on a day that already incorporating the information concerning the Rioforte, Morgan Stanley, one of the advisors of the Altice process that may result in the purchase of PT Portugal, resumed coverage of national telecom with a lower target price by 38% to the current share price. announced that it would follow the Portuguese company, with a target price of 0.79 cents, almost 40% below that COTAVA the final stretch this week.

A note research of Morgan Stanley, which is one of the advisors Altice, one of those interested in purchasing the assets of PT, already integrated in HI, and at a time when no investment house is monitoring the company raises doubts in the market.

The law does not prohibit this, since the conflict of interest is assumed in the evaluation report, as will be the case, but the coincidences do cause some strangeness in the market, at a time when the company has been the subject of short sales, called short selling – that the CMVM decided to ban the session this Tuesday. This is a sale of shares not have asked or borrowed, with the expectation of the repurchase at a lower price.

The sale of shares of PT force was visible in the early hours session, when the shares fell 28%. The strong volume, over 55 million titles may also have been influenced by mechanisms stop loss , which determines the automatic sale of securities when certain limits are reached losses. Noted that PT shares were much of the session below the value of 1 euro.

In a statement sent to the Committee last Securities Market Commission (CMVM) week, the HI reports that Banco BTG covenant “was contacted by several interested parties (among which Altice) to obtain selected information on the business of PT Portugal, SGPS, mainly on its operations in Portugal so they could eventually formulate proposals for the acquisition of such operations or part of their non-strategic assets. “

In the same statement, the Hi relates that Banco BTG Pactual SA is” financial advisor hired as commissioner to develop viable alternative structures and funding to provide a holding company as the protagonist in the consolidation of the telecommunications sector in Brazil. “

                     
 
                     
                 

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Friday, October 17, 2014

Luxembourg rejects controlled management of the two companies … – Saturday Magazine

Luxembourg rejects controlled management of the two companies … – Saturday Magazine

The sale of the Holy Spirit Health Fidelity, which earned EUR 244 million, and the sale of the Holy Spirit to the Swiss Travel Springwater, the value of the transaction was not disclosed, were not sufficient for the Forte Rio obtained the endorsement of Luxembourg to advance for controlled management.

These two operations represented the arguments that the president of Forte Rio, John Pena, wanted to bring to Judge Wolff Anick, responsible for preparing a report on the financial situation of the company. Were not sufficient to accommodate the judge’s yes Luxembourg to a regime that would protect it from lawsuits from creditors.

However, the Forte Rio and ESI have pointed out that the liquidation of its assets “will be determined by the liquidator “, to be appointed by the Luxembourg Court,” and the creditors of the insolvent reimbursed by the product of the full liquidation of the debtor’s assets, which will be held in the most expeditious manner. “

The Holy Spirit International, one of the “holdings” Top Group of the Holy Spirit, was the one that began in the financial problems that universe, while “irregularities” have been detected in their accounts. In his hands, has the capital of Forte Rio, the company controlling all non-financial business group, such as Tivoli Hotels & amp; Resorts, activity in the real estate or energy in Brazil.
         
     

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Tuesday, October 14, 2014

Brussels notes that fiscal consolidation is to comply – Expresso

Brussels notes that fiscal consolidation is to comply – Expresso

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When, in early May, the Troika concluded the 12th and final mission of checking the implementation of the adjustment program, the corresponding final report never came to see daylight. This analysis was published on Tuesday in the form of an overall assessment of the implementation of the program between 2011 and 2014

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And if, unsurprisingly, the conclusion is that exercise of the last three years was “generally successful,” the idea that transpires is that once the Troika turned back, the problems started when the compliance level agreed commitments on fiscal consolidation

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The document prepared by the European Commission warns of a series of ” risks “to meet the goal of deficit planned for 2014 (4%) and 2015 (2.5%), some of which” have not materialized, “a reference to the decisions of the Constitutional Court (TC). What however is added to the debt problems of public transport companies level and the recent resolution of BES

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The government has tried to address some of these challenges in the second amending budget in September, Brussels but stresses that this exercise” does not include any measure of further consolidation. ” The end result is that the deficit for 2014 may reach 7.5% of GDP, according to the new European System of Accounts. Well above government estimates

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Given this evolution of events recorded in the brief period after Troika, The European Commission then labels the budgetary consolidation strategy as being of “inferior” compared to initial plans, since “less is based on permanent expenditure reductions and minimizes the necessary structural adjustment”

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And in the specific case of the response to the decisions of the TC, the European executive notes that the approach adopted by Lisbon “moves away from the commitment assumed during the program “to implement compensatory measures” dimension and quality equivalent “sinkers.

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However, this slippage in 2014 is attributed to “extraordinary” situations and the Commission estimates that the deficit target of 2.5% “remains achievable.” A statement made known before the draft budget for next year and especially before Pedro Passos Coelho has today assumed that the government decided to modify this objective to 2.7%

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Even before this last detail is known, Brussels has already left two notices to comply with the deficit target originally planned for next year: the measures provided Sinkers for 2015 by TC even have to be replaced by “additional measures”; and if the macroeconomic scenario deteriorates, the Portuguese authorities have to be “prepared” to “specify new measures.” Ie, to toughen austerity

. <- End st_tag_p ->

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Ryanair will choose an airport in the Azores – Business Journal – Portugal

Ryanair will choose an airport in the Azores – Business Journal – Portugal

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Aviation

Ryanair will choose an airport in the Azores

The airline “low cost” Irish Ryanair is negotiating with two Azorean airports on the launch of flights to that archipelago. According to Business said the company’s CEO, Michael O’Leary, Ryanair will then choose one of the infrastructure to operate from the summer of 2015

The airline “low cost” Irish Ryanair is negotiating with two Azorean airports on the launch of flights to that archipelago. According to Business said the company’s CEO, Michael O’Leary, …

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Brussels calls for more action in 2015, but government prefers climbing … – Chicago Tribune

Brussels calls for more action in 2015, but government prefers climbing … – Chicago Tribune

                 


                         
                     


                         
                     


                         

                 

 
                         

On the eve of the presentation of the draft State Budget 2015 scheduled for this Wednesday, the Government responded to the call of the European Commission to present further austerity measures with the announcement of the increase in the public deficit target of 2 5% initially forecast to 2.7%.

                     


                         Was on the sidelines of a visit to the board of potters that Pedro Passos Coelho confirmed this Tuesday the news that gave account of an upward revision of the deficit target for 2015 “Over these three years, despite the recession, we managed to download 4 % and the deficit next year, we will reduce our estimate to 2.7%, “he said.

So far, the goal for the next was fixed at 2.5%, the value it had agreed between the Government and the troika . The Prime Minister, however, preferred to emphasize that “Portugal will exit the excessive deficit procedure in 2015″ and that this is “the first time in 15 years, which will have a deficit below 3%.”

Since 1999, when Portugal joined the euro, the governments repeatedly predicted in its proposals to lower budget deficits to 3% and, on occasion, presented preliminary data that pointed to that goal. However, further review of the data led to record deficits always higher than the barrier of 3% set by European fiscal rules. In 2007, before the global financial crisis, the deficit obtained was 3.1% of GDP.

To justify the decision to raise the deficit target, Passos Coelho said he “would not be consistent increase taxes . “

A few hours before this announcement by the Government, the European Commission published the final evaluation report of the troika program implemented in Portugal between 2011 and 2014 and made the conduct of fiscal policy by the Government target of their main criticisms and warnings

For 2015, a day before the government presented the budget proposal, the notice of Brussels was clear:. Portugal is wanted meet the deficit target of 2.5% next year , Portugal would have to put on the ground further austerity measures worth EUR 500 million.

The Commission makes calculations on what the country need to do to move from a deficit of 4% in 2014 ( not counting considered extraordinary expenses) to the 2.5% agreed with the troika . Firstly, the technicians of the European executive recalled that in May, when the program had not yet been completed, the Government and the troika estimated that measures equivalent to 0.8% of GDP would be needed (about EUR 1 400 million), with the remainder obtained through consolidation of economic growth.

Now, the European Commission says that the accounts are the same, but alert to the existence of a problem. Is that in May, the Government and the troika has not included in its forecasts that the Constitutional Court could hinder the new contribution of sustainability in pension and salary cuts in force in the civil service. As these leads were not the Constitutional fully compensated by the Government, the European Commission estimates that, now, the planned consolidation measures amounting to only 0.5% of GDP (€ 900 million).

“This implies that the government will have to specify additional measures in the State Budget for 2015 in order to achieve the agreed deficit target of 2.5% of GDP,” says the report of the Commission. So were missing measures worth 0.3% of GDP (€ 500 million). In addition, Brussels says the Government should find permanent solutions to temporary measures that applied in the past, as the surcharge IRS (which will again be present at OE 2015) and the Extraordinary Solidarity Contribution.

The option of the Government, instead of presenting new policies appear to be finally let the public deficit in 2015 skid, at least in part, against the initial target.

The question is whether this downward revision in the target already is negotiated with the European Commission to back this Tuesday, which published the report, to recall the existence of a commitment to Portugal to keep the deficit at 2.5% and not just below 3%, as defined by law for most European countries.

In response to the Public, official sources from the European Commission does not confirm the existence of negotiations to revise the deficit target, saying the statements made on Monday by Vice President Jyrki Katainen, where he was assured that they had no decisions on any proposed budget of the Member States yet been taken and that this only happen after the proposals are submitted to the Commission services.

                     
 
                     
                 


                     

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Movement of goods in ports down 0.7% in the 2nd quarter … – LUSA

Movement of goods in ports down 0.7% in the 2nd quarter … – LUSA

The movement of goods fell by 0.7% in the second quarter, settling at 20.4 million tons, interrupting the growth observed since the beginning of 2013, according to statistics released today by the INE transport.

The decrease resulted largely justifies the INE, the “decline of 14.5% in the movement of liquid bulk (35.3% of total cargo handled in the second quarter of 2014, compared to 41% in the second quarter of 2013).

The number of entries vessels in national ports decreased by 3.5%, contrasting with previous quarters, to 3,680 vessels.

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Ryanair wants to fly to the Azores from next summer – Daily News – Lisbon

Ryanair wants to fly to the Azores from next summer – Daily News – Lisbon

At a press conference in Porto, O’Leary said that the opening of a base of Ryanair
  Azores is “a possibility”, but even if that does not happen to
 airline account that has recourse to the aircraft in Lisbon and
 Port for connecting mainland Portugal to the Azores “as early as
 summer of 2015. “

” We’re probably looking at at least
 a daily and double daily flight to Lisbon to Porto. That would mean
  an increase of about 300,000 passengers a year, “said
 responsible for the Irish airline, which emphasized being in
 negotiations with Vinci on airport charges.

Michael O’Leary said Ryanair
  is talking “with Vinci about the costs of airports, which are
 high [Azores] as they are in Lisbon, “but cautioned that the wait
 company “see the light, the good sense and reduce rates instead of continuing to
  increase them. “

The CEO of Ryanair
  said to still believe the Azores “has been poorly
 served in recent years, with very high prices and small planes. “

  However, the decision to operate to and from the Azores is dependent
  a series of factors, in particular, again, the costs
 airport and ‘handling’.

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JP Morgan profits 5.6 billion – TVI24

JP Morgan profits 5.6 billion – TVI24

The American bank JP Morgan Chase had a quarterly profit of 5.6 billion (approximately EUR 4.4 billion).

The accounts for the third quarter show a strong improvement over the same period in which the bank suffered losses of $ 380 million (€ 300 million), a result of provisions made to cover legal disputes.

It was the first negative result recorded by American financial institution since the bank’s chief executive, James Dimon, 57, held the position at JP Morgan Chase.

The recovery came in force. The results were even released before the scheduled time.

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Automobile production increased 6.7% from January to September – Economic

Automobile production increased 6.7% from January to September – Economic

Economic

00:05

The car production rose 6.7% in Portugal in the first nine months of 2014 compared to the same period last year, revealed the Automobile Association of Portugal (ACAP).

In total, 125 352 vehicles between January and September were produced, of which 90,645 units were light Passenger. Of the total production, 96.6% went for export (121 135 units), up 5.3% compared to vehicles exported in the same period last year. China and Germany were the main destinations of sales, where, respectively, were 21.6% and 16% of production in Portugal. France to 13.3% of the cars were manufactured, while for the UK were 10.1%. “The increase in the total number of vehicles manufactured in Portugal in September 2014 was determined by the growth in production of all types of motor vehicles,” said the association. VW Autoeuropa continues to dominate production in Portugal.

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Government says that “many chambers” shown interest – Business Journal – Portugal

Government says that "many chambers" shown interest – Business Journal – Portugal

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friendly Terminations

Government says that “many rooms” showed interest

Ordinance that regulates the friendly terminations in local authorities was published this Monday and offers higher compensation to skilled workers. ANMP predicts poor adherence, but the government says there are “many rooms” interested.

The ordinance regulates the friendly terminations in local authorities was published this Monday in the Official Gazette, but the National Association of Municipalities does not seem convinced with the intention …

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Program terminations in local government starts Wednesday – Economic

Program terminations in local government starts Wednesday – Economic

Denise Fernandes



 Program rescis xF5 & #; es in local government starts Wednesday

Requests workers for termination of the contract Work can be submitted until June 30, 2015, according to a decree published today in the Official Gazette.

The program terminations by mutual agreement, which starts next Wednesday, is valid between 15 October and June 30 and covers all entities in the local government sector:. municipalities (including municipal and intermunicipal services), parishes, intermunicipal authorities, district assemblies and municipal associations and parishes

According to diploma published today in the Official Gazette, may join the program all workers aged below 59 years who have indefinite contract and that are at least five years to reach the legal age limit for retirement. Out who is already requested early retirement or who is on leave without pay for 12 months or more.

The compensation to be paid corresponds to the basic monthly remuneration more permanent supplements determined after wage reductions in force.

For technical and operational or who have functions for which only compulsory education, workers compensation is required to be given is as follows: up to 50 years of age 1.5 months of salary supplements for more each year of service; between 50 and 54 years of age 1.25 months more supplements remuneration for each year; ., and for those who have between 55 and 59 years, the compensation is a month of pay

For those who have a degree, compensation is less generous: up to 50 years is entitled to 1.25 months of compensation and supplements for each year of service; and for those who have between 50 and 59 years are entitled to one month’s pay and supplements for each year of work.

The General Directorate of Local Authorities (DGAL) as well as covered entities (counties, districts , intermunicipal entities) available at its Internet website of the application and the technical guidelines for completing.

The payment of compensation is the responsibility of the public employer.

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Monday, October 13, 2014

Unions consider that the authorities seek terminations only … – iOnline

Unions consider that the authorities seek terminations only … – iOnline

The unions of public and local authorities consider that the program terminations in municipalities, which kicks off on Wednesday, does not solve the problems of municipal entities and puts “pressure” to reduce workers.

“For most cameras the program termination is inadequate and comes out of time,” he told Lusa the Secretary General of the Union of Civil Servants (SINTAP), Joseph Abraham, who the measure should have been adopted at the same time for central government.

209/2014 The ordinance, which “regulates the effective reduction program undertaken under the bodies and the local administration services,” was published today in the Official Gazette and allows municipal workers canceling contracts under more favorable conditions between October 15, 2014 and June 30, 2015

In the proposal submitted to the National Association of Portuguese Municipalities (ANMP) and trade unions, the period for terminations stemmed until September 2015 and lasted until the end of the year to which municipalities resorted to Support Municipal Fund (FAM).

“In the chambers in financial restructuring was not to have a longer period that would terminate more workers, increasing the risk of pressures to less friendly terminations,” commented Joseph Abraham.

The union leader is concerned that there are “pressures in some municipalities for terminations serve for a reduction of workers by unscrupulous presidents chamber”.

The president of the National Workers Union Local Administration (STAL), Francisco Braz, admitted he did not know in detail the ordinance, but refrained from classifying as “more a program of redundancies and blackmail ‘ on employees of local authorities.

“This process maintains a continuity of dishonesty with which the Government deals with civil society organizations”, accused Francisco Braz, at the lack of response to questions posed by STAL, particularly as regards the taxation of compensation and the consequences for the calculation of retirement who accept the terminations.

“What this government wants public administration?” Said the official, noting that “there is a strong saturation of employees” and that the program aims terminations only “further reduction” of employees in public services with ever less able to serve the people.

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Car production increases by 6.7% in September, indicating ACAP – Reuters

Car production increases by 6.7% in September, indicating ACAP – Reuters

A total of 125 352 vehicles were produced in the first nine months of the year, of which 90,645 were passenger cars, 32,543 others were light commercial and heavy vehicles totaled 2,164 units.

Of the 125 352 units produced, 96.6% went for export (121 135), up 5.3% compared to vehicles exported in the same period last year, also reported the association of the automotive industry.

China and Germany were the main sales destinations, where followed respectively 21.6% and 16% of production in Portugal. Other important markets are France, which acquired 13.3% of the cars manufactured, and the UK, where they were sold for 10.1% of the units.

The European Union is the region where they were marketed Portuguese more cars (74.7%), while Asia accounted for a share of 17.8%, due to the weight of the Chinese market.

Taking into account only the month of September, yet according to ACAP, were 14,055 vehicles produced in Portugal, which corresponded to an increase of 5.6% over the same month last year.

“The increase in the total number of vehicles manufactured in Portugal in September 2014 was determined by the growth in production of all types of motor vehicles, “notes the association

Digital Money with Lusa

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Teachers, schools and the minister – Economic

Teachers, schools and the minister – Economic

Economic

00:05

One month and three contests placement of teachers after the start classes we do not see the time when all schools have teachers placed.

It is said that, at best, the problems will only solution in November and some even venture to say that you can get Christmas. The President did not hide yesterday malaise with a situation that is harming students and teachers appealed to the example of when he lived in England to say that there never had these problems because there was decentralization, it was not handled by Ministry of Education. Cavaco added even if we need to do some serious thinking on the subject. The question is undermining the image of Nuno Crato and already causes some discomfort among the majority parties. The prime minister is, in the words of the President, the only person empowered to appoint or remove ministers, insists on keeping the holder of the Education folder, perhaps recognizing that the responsibility for what is happening goes far beyond the figure Crato and implies a deep reform in the education system of the country. because, as also reminded Cavaco Silva, is not the first time these problems happen. Are recurrent. In effect, the teacher has been placed a greater or lesser extent, a source of problems for many years. Which means it is very easy to criticize and ask for the resignation of Education Minister in office, whatever it is. More difficult is to change the process of placing teachers.

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Opposition parties in the House of Lisbon criticize not running … – Reuters

Opposition parties in the House of Lisbon criticize not running … – Reuters

                 


                         
                     


                         
                     

                 

 
                         

The opposition in the House of Lisbon came back on Monday to criticize the president of the agency, António Costa, by floods late this afternoon, denounced the lack of cleaning the gutters and demanding that the drainage plan of the city go.

                     


                         Councilman PSD in Lisbon Chamber Mauro Xavier told Lusa that will “propose, in the seat of the municipal assembly, the ad hoc commission to determine liability in this matter.”

“We do not understand that cleaning and urban hygiene is a matter of left or right, but rather a matter of competence, and in this case the City of Lisbon has been clearly incompetent, “said the councilman, referring to the lack of cleaning the gutters.

For Councilman Mauro Xavier, among the measures that should be put in place to solve the problem of flooding is “the drainage plan of the city, which will drain the water, and cleaning gutters in the summer weather “.

” It is important to implement this plan of drainage of the city that for seven years in the tray and António Costa has, but not implemented, “he said.

According to António Prôa also alderman of PSD in the House of Lisbon, in the floods today “the tide was far from full (…), the orange warning was announced in advance, (…) and therefore can not assign the blame neither the tide nor meteorologists. “

” This time no one believes that these phenomena are punctual, “he said.

According to Councilman CDS-PP João Gonçalves Pereira, flooding today “only come to justify the priority that is running a drainage plane in Lisbon, which is only dependent on what is a purely political decision.”

“The € 153 million that are needed for this intervention should be used in a phased manner (…), what the Chamber says is that the county currently does not have this value in order to proceed with the drainage plan, but it is a false argument, “he said.

PCP Councilman Carlos Moura said that the situation of flooding in the city of Lisbon “is particularly serious,” since “there since 2008, a drainage plan for the capital and that nothing justifies these years all nothing has been put into practice. “

” It is true that it is a very costly plan in terms of cost, but in terms of cost / benefit ratio favors the city and the citizens. There are measures that are required to practice at least the most urgent measures of the drainage plan of Lisbon, as the creation of retention basins, “he said.

The heavy rain that fell on Monday between 14h and 15h, the capital caused several floods in several parts of the city.

According to the web site of Procedure of the Fire Brigade (RSB), were recorded floods in Benfica, São Domingos de Benfica , Groves and Mercy, Nations Park, Star, Alvalade, Santa Clara, Campolide, Help and St. Anthony.

The tunnels of Campo Grande, the tunnel Avenida João XXI and the Walk Carriche were cut in traffic during the afternoon due to accumulation of water following the heavy rain that was felt during the afternoon, said police source Lusa, a situation that was resolved about two hours later.

 
                     
                 

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Frenchman Jean Tirole Nobel prize for Economics – Reuters

Frenchman Jean Tirole Nobel prize for Economics – Reuters

                 


                         
                     

                 

 
                         

The French Jean Tirole is the winner of the Nobel Prize for Economics this year, announced on Monday the Royal Swedish Academy of Sciences.


                     


                         The prize – with the official designation of the Central Bank of Sweden Prize for Economic Sciences in Memory of Alfred Nobel – was handed to the teacher at the Faculty of Economics Toulose for his work on the big companies and the problems of market power that can generate.

Industrial Organization and Game Theory are some of the areas of study that has been dedicated to the economist, 61 years.

 
                     
                 

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Hi reaffirms that will be listed on the Novo Mercado in Brazil – Economic

Hi reaffirms that will be listed on the Novo Mercado in Brazil – Economic

Katie Simões



 Hi reaffirms that will be listed on the Novo Mercado in Brazil

Hi clarifies that the objective is to take the company result of the merger between PT and Hi on the Novo Mercado of Bovespa.

The Brazilian Hi reaffirmed today in a statement sent to the market, together with Telemar Participações (a shareholder) its commitments “to promote CorpCo listing on the Novo Mercado of Bovesta. “

Hi progressed with the clarification due to” reports in the media regarding the operation of the business combination and the shareholder bases of Hi, of Portugal Telecom SGPS SA and Telpart (“Transaction”). “

is expected to happen in this listing by the end of the first quarter of next year, according to the advanced prediction after the general meeting of PT which approved the new terms of the merger after the ‘default’ of € 900 million of Rioforte. But still lack the approval of market regulators to operation.

“The incorporation of actions, in turn, requires the prior approval of the Securities Commission to carry out the swap and option transactions involving shares issued by the Hi, which were approved by the Boards of Directors of the Companies on September 8, 2014, as well as registration with the Securities and Exchange American Commission (“SEC”) of the shares to be issued by the Incorporation of CorpCo actions, since the companies started having internal and external measures to achieve these steps.

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Nobel economics has already been detected in Portugal and problems – TVI24

Nobel economics has already been detected in Portugal and problems – TVI24

The Nobel Prize in Economics in 2014, Frenchman Jean Tirole, was in Portugal in 2010, a conference sponsored by the Bank of Portugal, even before the bailout troika. At that time, already alerted to the “extreme gravity” of the indebtedness of the private sector and banks.


In a speech that addressed the banking and borrowing countries, reflecting on the regulation, reform and accountability institutions, spoke about the Greek bailout, already begun at the time, but wove also considerations of Portugal, pointing the debt crisis and and lack of competitiveness.
He went further, to classify as ‘very serious problem’ over-indebtedness of households and firms, as well as the excessive leverage of banks. And warned of the “sudden danger” of Portuguese banks could be excluded from global markets.
Jean Tirole defended the need for reforms in the labor market and some sources of productivity growth, such as tourism, which had a ‘significant potential’. Called for increased budgetary control – and that adjustment came with force a year later, with the entry of the troika on the scene for the bailout, and the government want to go beyond the demands of the IMF, European Commission and ECB.
The French economist at the University of Toulouse, who also worked at MIT in the USA, summarized at the end of his presentation, the two key issues for Portugal were thus over-indebtedness private banking and lack of competitiveness.
Banking is, moreover, one of the most prominent sectors in its investigations. Jean Tirole admits that “it is very difficult to regulate,” but understands that the challenge is even on the side of governments and the type of regulation that put in place to avoid collapses like Lehman Brothers in 2008
This Monday, the journalists, the laureate Jean Tirole explained that, during the crisis, banks took big risks without ensuring the existence of collateral, ie, a guarantee for failure. The million dollar question that the economist aims to answer is about the balance that governments should find that this does not happen: a balance between excessive regulation that blocks innovation, and too fragile regulation, which allows the accumulation of systemic risks, advocates.

In other words, the governments puts greater when dealing with mergers or cartels responsibility, and regulation of monopolies or oligopolies, so that more than minimize negative consequences for the economy, they do not come to pass. If you think about it, many industries are dominated by a few large companies or even by a single monopoly. This reality is not, moreover, nothing unknown in Portugal. Banking, energy and telecommunications, the examples are now becoming more obvious than in 2010 />
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OE 2015 Reduction of surcharge IRC and the IRS must score … – iOnline

OE 2015 Reduction of surcharge IRC and the IRS must score … – iOnline

The next year will be marked by the reduction of corporate tax and surcharge the IRS, but also by increasing energy taxes, if the government accommodate the main proposals for reform of the commissions of those taxes and green taxes.

The Government shall decide the date of delivery of the State Budget (OE) for 2015, on the proposed reform of the Income Tax People Collective (IRC), the tax until Wednesday Personal Income (IRS) and the Green Taxation.

If the main measures presented by the committees who led these reforms are accommodated by the Government, there should be a reduction in the IRC from 23% to 21% surcharge and the IRS, but also an increase of various fees related to fossil fuels, which are intended to discourage environmentally damaging behavior.

A possible reduction in taxes OE2015 has dominated the public statements of the Government, with Prime Minister Pedro Passos Coelho, warning that Portugal has “a lot of scope to relax” fiscal consolidation and has to “keep a line of discipline and rigor” to fulfill the commitment of the deficit target for next year, 2.5% of Gross Domestic Product (GDP).

But the deputy prime minister, Paulo Portas, has spoken openly of a desirable fiscal restraint, particularly on IRS, pointing to the exceptional character of the surcharge.

The PSD / CDS-PP Executive has until Wednesday, the 15th, to deliver in Parliament the first budget of the ‘post-troika’ and the fourth and last of the mandate.

* This article was written under the new orthographic agreement applied by the agency Lusa

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Venezuela to EUR 100 million to TAP – Daily News – Lisbon

Venezuela to EUR 100 million to TAP – Daily News – Lisbon

There are several airlines
 involved in this conflict. The Venezuelan government refuses to release
 profits from sales of airline tickets made in the country, and requires
 carriers exchange rates for the dollar much higher
 those prevailing in other sectors of the economy.
 

While other airlines
 opted to reduce or even stop flights to the country due to
 situation, TAP preferred to keep the links in operation
 while continuing negotiations with the government of Nicolás Maduro.
 The State cites an official source of cabinet Paulo Portas, who
 stated that “the matter has indeed been approached in the past
 joint committees with the Government of Venezuela. ”
 

Maduro promised to regularize the
 situation, but this year was only returned a small amount of
 Total retained in the country. According to the International Association of
 Air Transport, the debt will amount to EUR 2771 million,
 from 13 airlines.
 

One reason for the maintenance of
 Lisbon-Caracas connection relates to the large amount of
 Portuguese emigrants in Venezuela that depend on this
 airline to travel to Portugal. Contacted by
 Public, TAP said: “The route is not in Caracas
 doubt. ”
 

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Portugal will not interfere with the merger between Hi and Portugal Telecom, says … – Reuters Brazil

Portugal will not interfere with the merger between Hi and Portugal Telecom, says … – Reuters Brazil

BERLIN (Reuters) – The Portuguese government center -Right will not interfere in the process of merger between Hi Brazilian and Portugal Telecom, which is a matter strictly between private companies, said the Prime Minister of Portugal, Pedro Passos Coelho.

Analysts have warned that the uncertainty about the implementation of the merger between two telecommunications companies increased after the recent departure of chief executive Hi, Zeinal Bava, who was considered the architect of the union.

Yesterday, the interim CEO of Hi, Bayard Gontijo, told Reuters that the merger of Hi with Portugal Telecom will not be undone.

Stating that the company will have a starring role in the process of market consolidation Brazilian telecommunications, the executive said, to enable this consolidation, the company may have “to go through the sale of assets of Hi and assets that came along”, in reference to the assets of Portugal Telecom.

Hi hired BTG Pactual in September to analyze a possible joint bid by TIM Participações with América Móvil.

In the parliamentary debate, after remembering that it was a socialist government decided to merger of Portugal Telecom with Hi, the prime minister stressed that “the state is not a shareholder of Portugal Telecom, the state does not hold a ‘golden share’, the state does not intervene in this process.”

“The government has no intervention in that process, as other companies do not have, and can not be want to hold the government accountable for the decisions that private companies take, “said Passos Coelho.

The Portuguese State has ceased to have a “golden share” in Portugal Telecom in July 2011, as one of the requirements of the ‘troika’ of the rescue of the country and was executed in the mandate of the current center-right government.

Passos Coelho stressed that the New Bank – an institution which holds assets non-toxic former Banco Espírito Santo – is who owns 10 percent of the capital of Portugal Telecom. Continued …

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Marques Mendes anticipates tax relief in … – Business Journal – Portugal

Marques Mendes anticipates tax relief in … – Business Journal – Portugal

Marques Mendes anticipates relief from tax in the State Budget for 2015

While the Government was meeting to discuss the state budget for 2015, Luis Marques Mendes anticipated in his usual comment on the SIC that the document does not include a “tax increase.”

“There is no increase in tax. might even be some slight relief. In general, is the first budget that people will improve a little. ” Not worth flagging arc. It’s not much but it will get better, “said the commentator on Saturday, October 11, the day that the Executive Council was meeting in extraordinary ministers to approve the proposed State Budget for 2015 which will be presented this Wednesday.

The announcement that the document had been approved was made 03h00 Sunday after a marathon 18 hours of negotiations.

In an official statement, with only two paragraphs and issued by 3:00 a.m., the Government announced that “the Council of Ministers approved the draft law of the State Budget for 2015″. “were also adopted Major Planning Options for 2015, after due consideration of the comments in the opinion of the Economic and Social Council” , the statement said Council of Ministers.

According to Luís Marques Mendes, the proposed State Budget included an economic growth forecast of 1.5% and the unemployment rate between 13% and 13.5 % “probably 13.2%, ie below the level expected for this year.”

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