Tuesday, March 31, 2015

ES Property will pay commercial paper 2020 – Economic




Negative rates applied on credit from Wednesday – Business Journal – Portugal

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negative charges payable on credit from Wednesday

Banks need to reflect on loans to individuals and businesses adverse developments Euribor and can not introduce clauses limiting the variation of the reference rate, announced the Bank of Portugal.

The reaction was expected since January and arrived on Tuesday. The Bank of Portugal issued a circular letter on “interest rates on credit agreements with consumers and businesses” in the current context of negative values ​​…

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Lone Star acquires resort of Vilamoura – RTP



resort Vilamoura covers over 2000 acres around a marina with 825 berths. The ‘resort’ has more than 700 million square feet of buildable land for the construction of hotels and over 5,000 apartments and houses.


Negative Euribor will reduce performance of credits – Mad Money

Bank of Portugal states that institutions must reflect the negative Euribor on existing contracts

The supervisor explained : Euribor rates that may reach negative values ​​are same to be applied to existing credit agreements. Banks argued so far that charges should not be less than 0%.

“The Bank of Portugal sent the credit institutions to their understanding of the application to credit agreements and financing interest rates Euribor if this indexer be negative, “said the institution chaired by Carlos Costa.

And he warned. “Credit institutions shall comply with the conditions laid down for determining the interest rate on credit agreements and financing that concluded with their customers.”

This means that, in a case where the monthly average Euribor reaches negative values ​​banks must do reflect this value in the credit agreement, and deducting the spread (increased rate Euribor and that, ultimately, is the bank’s profit margin). And lowering the provision. For example, a customer whose Euribor monthly average is -0.01% and the spread of 0.3%, the rate applicable is 0.29%.

“When the interest rate the credit and financing contracts are indexed to a benchmark should result from the simple arithmetic average of the daily prices of the month preceding interest period count, understand this bank, in credit agreements and ongoing funding, not can be introduced limits on the change of the reference rate to prevent the full production of the effects arising from the application of this legal rule, “said the Bank of Portugal, in the circular letter sent to credit institutions.


The board of Ricardo Salgado told by those who have received – Business Journal – Portugal

The story had already been told but always in the third person. In the inquiry commission, José Guilherme speaks in the first person about the reason started to invest in Angola.

José Guilherme wanted to go to Eastern Europe, and it is known now, to have been a Bulgarian company. A council of Ricardo Salgado took him to Angola. But it all started because of the crisis.

“I started to experience difficulties in real estate and construction in 2006, anticipating the crisis that came to settle in 2008. These difficulties felt obrigaram- me to seek new markets where I could develop my business and make means it needed to honor my responsibilities, “begins by answering the civil constructor.

In the letter to the parliamentary committee of inquiry into the management of BES and GES, José Guilherme reports that “had received good indications on the property development market and construction in Eastern European countries, particularly Bulgaria and Poland” “I was inclined to go to work there, and even if I remember well, come to set up a company in Bulgaria, “continued

But then a council of the former leader of Banco Espírito Santo changed this intention:.” Dr. Ricardo Salgado board, which called my attention to the difficulties they might face in these markets and advised me to consider Angola, and also because I can not speak another language other than Portuguese, I ended up deciding for Angola. “

This story has been advanced as justification for “liberality” of EUR 14 million that Jose Guilherme gave Ricardo Salgado for betting in Angola. It has now been reported by the person who received the advice in response to the inquiry committee.

At this time, the civil constructor has interests in more than 20 companies, of which, according to him, only three have interests or interests in Angola.


PS criticizes “confusion that will” in PSD and asks “who understand” – News Minute to

A member of the leadership of the PS’s Studies Department John Sequeira today asked PSD leaders to “understand that” the purpose of drawing up the Government program, accusing the Social Democrats of “confusion” in this area.

“The message we sent to the PSD is to make you understand why this confusion contrasts with the serious work that PS is doing in preparing its government program,” said John Sequeira, explaining that referred to “an unannounced press conference that a hitherto unknown PSD Research Office made” in which the party called “the participation of the Portuguese in the preparation of his government program.”

John Sequeira stressed that a few days ago, the vice-president of the PSD Antony Costa criticized the PS for open participation in the preparation of his government program, said in a statement to Lusa agency at the end of a meeting with the Portuguese Association for Consumer Protection. – DECO

After the PS has launched on the Internet a participatory electoral program on the Internet, Antony Costa invited the social-democratic activists to submit proposals to the Largo do Rato, stating that the socialists show help need to present a government project.

Today, the director of the PSD Research Office, Rogério Gomes, announced that it will promote “the next two months,” a discussion of the bases its electoral program, and said it is completing the first phase, started in October, collection of contributions by party website.

PS member of the Research Office believes that the party has “a strategic agenda for the country,” and that the Socialists are “working to build a better future with the participation of the Portuguese”, which “somehow contrasts with this mess going on most of the Government party.”

As for the meeting with DECO, John Sequeira said that is part of a work of the Socialist Studies Department, framed in the preparation of the electoral program of the Socialist Party, and that is to “hear the living forces of society to have a program linked to the country’s reality. “

” One of the many hearings that we are trying to do has to do with the issue of consumer protection, housed in a themed group Studies Department that has to do with the quality of life, the promotion of the Portuguese quality of life, “he said.

During the meeting, the PS working group exchanged” impressions and strategic lines “with DECO, said John Sequeira, who believes that “this area is so important to the lives of Canadians” has been “forgotten by this Government and has some way past into the background in the governance concerns.”

“The PS believes that the consumer protection issue is a key issue, and the logic of promoting the quality of life will highlight the multiple issues of consumer protection as one of its central concerns in the Government program, “said the Socialist leader.


Businessman who gave money Salgado lost millions in BES – Journal News

The builder José Guilherme was called to the inquiry committee to BES case in February to clarify the present € 14 million who offered to Ricardo Salgado, former president of the BES, but claimed professionals and health reasons and the fact that reside in Angola not to attend, responding in writing to Members.

In response to parliamentary groups, released on Tuesday, but dated March 28, José Guilherme says he has lost “about 25 million euros and could lose a lot more, “but says nothing about the gift offered to Ricardo Salgado, since it is” actor in a process running under the Central Department of Investigation and Prosecution. “

Over eight pages, the builder says “via the BES and the GES as true business partners” and adds. “I know it was so those entities also saw me”

In the document, entrepreneur realizes that in August 2014, before the resolution of the bank, had a debt in the BES 121 million euros, and moving is in talks with the New Bank for the restructuring of the same, to ascertain “how urgent the need to find a solution agreement. “

This, for” reasons relating, first, to non-compliance “of commitments can BES, following the resolution, and that led to the fall” of people and third parties “whose responsibilities personally endorsed before the BES, and, secondly, due to the economic situation in Angola, where it concentrates its activity.


Unemployment in the euro area decreased in February – TVI24

The unemployment rate in the euro area stood at 11.3% in February, according to data released Tuesday by Eurostat, which means both a retreat from the previous month as year on year.

In January this year, the unemployment rate of the 19 countries that share the euro area was 11.4%, according to the value now revised upwards by Eurostat (since the previous estimate pointed to 11.2%). Back in February 2014, unemployment reached 11.8% of the working population.

As for the total of 28 countries of the European Union, the unemployment rate stood at February this year at 9.8%, again in retreat both from the previous month (10.5%) as compared to the same period (9.9%).

On Monday, the National Statistics Institute (INE) also released data from unemployment to Portugal, having estimated that the rate was 14.1% in February, up 0.3 percentage points of that in January this year and less 0.8 percentage points over the same period.

Even as the data released today by the official office of the European Union statistics, between Member States, the lowest unemployment rates were recorded in Germany (4.8%) and Austria (5, 3%) and the highest in Greece (26% figure for December 2014) and Spain (23.2%).

In the annual comparison, unemployment decreased in 22 countries, with the most significant decreases in Estonia (8.4% to 6.2% between January 2014 and January 2015), Ireland (12 1% to 9.9%) and Bulgaria (12.3% to 10.2%). Among the six countries that increased the rate of unemployment, especially Croatia (17.3% to 18.5%), Cyprus (from 15.6% to 16.3%) and Finland (8.4% to 9.1%).

As for the unemployment of young people under 25, the rate reached 22.9% in the euro area and 21.1% in the European Union, a decline compared to 24% and 22.9%, respectively in February last year.

In February this year there were thus 4,850 million young people under 25 unemployed, and 3.245 million were in the euro area.

The highest rates of youth unemployment are found in Greece (51.2% in December 2014), Spain (50.7%), Croatia (46.4% in the fourth quarter of 2014) and Italy (42.6%).

The lowest were observed in Germany (7.2%), Austria (9.0%) and Denmark (10.2%).

In Portugal, in February, the unemployment rate for young people stood at 35%, up 0.5 percentage points compared to January.


Businessman José Guilherme negotiate debt restructuring with … – publico






The answer soon, yet the civil constructor José Guilherme da Conceição is keen to point out to Members “doubts” that raises you the questionnaire sent by the committee of inquiry to BES management, since, claims, questions that are made relate “exclusively private nature of relationships, personal and business.” The six of them, does not answer, simply because it “player in a process running phrases” DCIAP, the celebrated case Mont Blanc, a network of tax evasion.


                         However “private” and “commercial” that is the matter, the builder ends up admitting to have used the Special Regime Tax Adjustment (RERT): “I paid all taxes due from such tax regularization”. Admits also that “in August 2014,” when the BES was the target of a measure of resolution by the Bank of Portugal, was “about 121 million euros” to the bank, together with their personal debts to their businesses and sureties and guarantees provided to third parties.

At the end of 2012, this debt was “about 204 million euros.” Therefore, and the difficulties that crosses the business of construction and Angola, which is based most of its activity, as found “imperative to find a restructuring agreement solution” to this debt. Since the resolution, has held “talks with the New Bank” in order “to determine the debt” in his charge “and to restructure it.”

This is just the tip of an iceberg of strange “commercial” relations between the bank and the builder. In 2006, Escom, the Espírito Santo Group (GES), sold its share to Joseph William in a building in Luanda, the Sky Towers (then called Torres Escom). For 33% of the contribution, the builder paid to Escom seven million dollars. Three years later, in 2009, Escom repurchased share equally in the builder … for $ 32 million.

In their replies, the builder describes a complex network of companies that make the business even more difficult to understand “Participation has not been sold. The acquisition of interests in Escom, Real Estate Limited (the Vergui and the Guimavi) was repealed. ” This all between Lisbon, Luanda and the British Virgin Islands, a carousel of companies, all linked to Joseph William (the such Vergui and Guimavi) and GES.

In the middle of all this, William will have taken 14 million to Ricardo Salgado. It was a “liberal” as assumes the banker. A kind of “gift”. How Come? Not Salgado or William, speak of the matter.

The builder prefers complain about the money they lost. “With the resolution determined by the Bank of Portugal has already lost about 25 million euros” in bonds, debentures and GES units. But if the negotiations of “restructuring” of its debt to the New Bank succeed, the balance may be different.



Unemployment data “come in a counter to expectations” – News Minute to

Miguel Sousa Tavares said Monday the numbers of unemployment advanced by the National Statistics Institute (INE), stating that it is a considerable fall to Portugal.

” It is disappointing news. After several months of unemployment falling, unemployment rises. There are 11 thousand people who lose work in a month. So much for Portugal “, began by stating Miguel Sousa Tavares Monday in your space View of Journal of Night of SIC.

The commentator added that this development is” even worse if we consider that the unemployment figures are not real “, referring to people who are not enrolled at the Job Centre or those who emigrated.

Remember that the National Statistics Institute (INE) reported that the rate unemployment was 14.1% in February, 0.3 percentage points higher than in January this year and less 0.8 percentage points over the same period.

“While there is a decrease in relation to counterparts last year’s figures, it is important that rose compared to January, “he admitted, noting that this news” come in a counter with all that were the expectations of the people. “

As for the increase of confidence in consumption, the highest in 13 years, Miguel Sousa Tavares indicates that these numbers comes unlike the unemployment figures because “consumers are convinced that the situation will improve.”

“The government should download the IRS seen that consumers are pulling the economy, “concluded the commentator.


Continental Tyres invests half a million in ContiService network – Economic




Monday, March 30, 2015

Tourist tax of Lisbon will be paid by the House ANA – Express

ANA-Airports company will take over from April payment of Tourist tax created by the city of Lisbon, a value between 3.6 to 4.4 million euros, today announced the entities.

The agreement is the result of a protocol signed today, two days before entering into force – the April 1 – and implies that the Tourist fee is not charged individually to every tourist who arrives the capital by plane, but are paid by ANA-Airports.

The creation of a Tourist Fee in Lisbon was approved by the City Council last December and provided for the recovery of a euro who came to the airport or the port of the capital and on overnight stays.

The collection methodology was, however, changed, and that during this year the responsibility of payment will be only the management of airports.

Lusa questioned the ANA-Airports and the City of Lisbon on the benefits to the management of airports by the payment of an amount of up to EUR 4.4 million, but the two entities referred the answers to the protocol . No released, however, the document.

According to the statement of the House, the ANA will be responsible for the settlement, collection, control and inspection of the fee and take your payment to the end of the year 2015.

The value in question will depend on the number of taxable passengers (excluding transfer passengers to airports or have tax residence in Portugal) to get in Lisbon by air , with an estimated ANA points to a minimum of 3.6 euros and a maximum of 4.4 million.

“The ANA also promises the payment on account, until December 31, the amount of three million euros for the months from April to October, with rise to the payment of the remaining amount until the day January 31, 2016, “the document said.

The value reverts, according to the same note, entirely to the Development Fund and Sustainability Tourism Lisbon and will aim to “structural investments” as the rehabilitation of the Cais do Sodré and Field of onions; creating accessibility assisted the Castle Hill; and the installation project of a museum dedicated to the Discoveries.


ANA-Airports supports tourist fee payable to the City of Lisbon – The Ball


                         Di Maria leads selling sweaters in England – Argentine Angel di Maria, signed by Manchester United to Real Madrid last summer, is the player of the Premier League with sweatshirts sold more this season.
 According to Sports Direct data, the Argentinian winger has 9.59 percent market share, followed by the Chilean Alexis Sanchez, also hired last summer for Arsenal to Barcelona, ​​which has only 3.8 percent of sales.
 The Spanish-Brazilian Diego Costa, also hired last closed for Chelsea to Atletico Madrid, comes in third with 2.27 percent.
  Here are the top 10:
 Di María (Manchester United), 9.59 percent
 Alexis Sanchez (Arsenal), 3.8
 Diego Costa (Chelsea), 2.27
 De Gea (Manchester United), 2.16
 Hazard (Chelsea), 2.10
 Wayne Rooney (Manchester United), 2.09
 Falcao (Manchester United), 1.99
 Gerrard (Liverpool), 1.76
 Aguero (Manchester City), 1.46
 Van Persie (Manchester United), 1.20


Rail strike gave the same day the Metro – Express

Carris Workers will make a 24-hour strike on April 10, the same day that is marked a strike Metropolitano de Lisboa, in protest against the sub carrier, said union source.

The strike, which will be held between 00.00 and 24.00 hours on April 10, aims to “protest the sub” and argued that the company remains in the public sphere “because we believe will better serve the users, “he told Lusa the general secretary of the Transport Workers Union (SITRA), Sergio Monte.

In the strike source is the publication in Journal the Republic, last Monday, the international public tender Carris and Metropolitano de Lisboa, which states that candidates have until mid-May to submit proposals.
According to the announcement, the criterion of choice for the award of the sub will be the lowest price submitted by the candidates.

“Trade unions and works councils were not at all taken or findings in this process, which was also made on the sidelines of workers “criticized the union leader Sergio Monte.

Last week, the Federation of Transport and Communications of Trade Unions (FECTRANS) announced a 24-hour strike notice for Friday, April 10, “in defense of public company, against privatization” of the Lisbon Metro. The hold up, this will be the fourth strike in Metro this year.

Asked if the convening of Carris workers’ strike is related to the staff of the Metropolitan notice Sergio Hill explained that “there was no coordination with the Metro,” but “as the contract notice [of sub] came out at the same time we thought it would be easier to mobilize workers.”

The responsible also gave account of “some fear and some panic” among the workers Carris, and “there are already changes in the directors of the company say who are the workers who stay and those who are not.” In addition
, “puts the hypothesis of collective dismissal,” he said.

The Council of Lisbon, the socialist majority, approved on Tuesday passed a motion to instruct the President of the municipality, António Costa, to “bring all judicial or arbitral proceedings, including injunctions, which are necessary to protect the interests of the city of Lisbon in the management of urban public transport networks.”

On this issue, Sergio Monte considered that” if the Board was directly involved [in transport management in the city] could improve “issues such as changing stops, that has to be done through requests to the municipality.

The union exemplified than in Paris is the municipality that it is the management of transport in the city and is “only copy” the model.

For service minimum, are not provided and must be enacted by the Arbitral Tribunal since the union did not reach agreement with the Ministry of Solidarity, Employment and Social Security, said Sergio Monte.
questioned by Lusa agency, Carris confirmed received the notice of strike.


PSD complains studies supporting Chamber of interest in … – Business Journal – Portugal

The sub of transport companies will be on Tuesday discussed the Municipal Assembly. The PSD wants to know the feasibility studies. The PS wants to support the intention of the House to move to the courts.

The PSD will present on Tuesday at the meeting of the Municipal Assembly of Lisbon (AML), one recommendation to request the municipality led by António Costa that “within five days” to send political groups “studies of viability has done and that justify their public transport management intent.”

In the document, the Social Democratic Azevedo recalls that last week “weekenders were faced with a public statement of the government led by António Costa on the management of public transport, specifically the companies Lisbon Metro and Carris” in which the mayor considers that the Government is not entitled to launch tenders for the sub-concessions.

“This is a long-standing process, and much discussed, by the bodies of the municipality,” he recalls, adding that “the PSD municipal group has always called for the economic and financial feasibility studies were made available to the various municipal groups “and” never such happened. “

Also the PS presents this Tuesday a motion in this case by proposing that the Municipal Assembly of Lisbon support the Camera “if it decides to take legal or arbitration proceedings, including injunctions, which are necessary for the recognition of the rights of the city of Lisbon in the management of urban public transport networks, rather than materialize the privates subconcessions. “

The municipal group PS considers that the municipality,” more than any other institution knows and defends the transport needs of its citizens and companies installed as well as all those who visit us “and claims that” the government is not entitled to rule on these concession contracts for only the municipality is entitled to authorize the sub contract in force. “

Also the municipal group of PCP submit a motion, which expresses opposition to the Code of the Public Passenger Transport Service, which is under discussion in Parliament.

For the Communists, “the proposed new legal framework promotes the liberalization system that can meet the opposition of employers and workers in the transport sector, comprising the risks of ‘creative destruction’, but referring to the municipalities face the consequences of instability caused: layoffs, bankruptcies, reduced supply and increased costs ” .

Also the Left Bloc will present a recommendation on the sub Carris and the Lisbon Metro, complaining that the AML has ruled the repeal of diplomas leading to the opening of the tender.

favor blocs still recommend the Municipality of Lisbon resorting immediately to judicial means to “ensure the historic rights of the municipality”, “ensure the integrity of its sphere of duties and responsibilities for passenger transport public service” and “legally contest the Resolution of the Council of Ministers”.


Hotels Madeira, Lisbon and Porto with the highest occupation of … – publico



The occupancy rate of the hotels that are part of the Hospitality Association of Portugal (AHP) increased 4.49 percentage points in January, compared to the same month last year, standing at 39.96%. The AHP states that this rise occurred in all categories of accommodation, especially in units of two stars, where the occupancy rate increased in the order the 8.81 percentage point compared to January last year. Madeira, Lisbon and Porto were the destinations that have managed to attract more tourists to the island to record an occupancy rate of 64.34% (the highest in the country), then the capital, with 54.20%, and the Port, with 43.49%.


                         Cristina Siza Vieira, executive president of AHP, says the good performance of Madeira was driven “by the excellent results of the four-star units than offset the sharp drop in three star hotels in this indicator.”

In the archipelago the Azores, which on Sunday started to have flights low lost regular, “the occupancy rate compared with last year, increased by 8.48 percentage points, which is very significant,” he said. The AHP believes that the opening of airspace may be an important contribution to tourism and hotels will have its toll over Easter.

The association’s barometer also shows that in January, the price average per available room (RevPAR called) grew 22.64%, standing at 23.78 euros. Total revenue per room was 37.41 euros, up 24.12% compared to January last year. The average revenue per tourist at the hotel was 91 euros, 5.81% higher than the same period last year.

The latest INE data also realize continued growth of tourism in Portugal. In January, the institute claimed that the hotels recorded two million overnight stays, 13.4% more than in the same month last year. The increase in the domestic market (+ 17.8%) was more significant than the foreign market (+ 11.2%). Also the total income increased “noticeably” in the order of 18%.



After all unemployment rose in 2015 start – Economic




Consumer confidence is not as high since April 2002 – Express

The consumer confidence indicator rose in March, continuing the upward trend that has been observed since the beginning of 2013, reaching the highest level since April 2002, underlines the document published today the National Institute of Statistics (INE). “Monthly surveys Business and consumer,” referring to March 2015

The indicator’s behavior resulted “the positive contribution of all components, more expressive in the case of expectations concerning the development of unemployment “

The perception of the economic situation of the country also improved:” The balance of views on the past and future evolution of the economic situation of the country increased significantly in March, extending the respective positive movements recorded since the beginning of 2013. It should be noted though these balances reached their highest level since June and March 2000, respectively, “says the INE report.

The Portuguese consumers show also be more optimistic with regard to the expectations placed on the financial situation of your household. Instead, they are less safe maintenance of their savings. Maybe because were more confident in the positive development of purchasing durable goods (reaching the highest level since February 2007).

The surveys made to enterprises in various sectors also realize a higher level of confidence of economic agents.

The confidence indicator for the manufacturing sector shows a recovery during this month of March, due to the “positive contribution to the assessments on the trend the ‘stocks’ of finished products and the overall demand and, above all, the production prospects. “

In the construction and public works sector, the confidence indicator dregistou a sharp increase in March, “observing a recovery of opinions on order books and employment expectations, greater in the first case.”

In trade, the same indicator “recovered significantly Last month, reflecting the positive contribution of all components, especially the activity of prospects. “

Only in the services sector registers a different trend, with the confidence of its entrepreneurs fall “due to worsening expectations for demand,” as the opinions on the evolution of the order book and on the company’s activity recovered tenuously. “


Unemployment rate goes back up and exceeds 14% in February – Business Journal – Portugal

The unemployment rate in Portugal rose again and crossed the 14% in February 2015.

The unemployment rate estimated by INE for the month of February was 14.1%, an increase of three tenths compared to 13.8% in January (revised upward), and a return to values ​​above 14% of the workforce, a barrier that had been cut a year ago , advanced Monday morning, 30 March, the National Statistics Institute (INE).

The INE realize that the “unemployed population was estimated at 719,600 people, which representing an increase of 1.7% compared to January 2015 (over 11,700) “and that” the employed population was estimated at 4399 people, decreasing 0.3% (less 11,1mil) from the previous month ” .

The figures by INE, which since October monthly publishes an estimate of the unemployment rate and the employed and unemployed population, include an upward revision of the previous value of the unemployment rate in January 2015, advanced 13.3% a month ago, to 13.8%, which brought an increase in the unemployment rate in the start of the year, not decrease as under the previous value.

With the data now available, the monthly unemployment rate is rising in Portugal since September 2014 (13.3%), with the exception of November, when stabilized at 13.5%, and then continue to rise to exceed 14% February 2014. The figure compares with 14.9% a year ago

In terms of age, young people (aged 15 to 24 years) remain the most affected by unemployment:. an unemployment rate 35%, up five tenths as in January, and a decrease of 1.1 points compared to the figure of a year ago. The unemployment rate for adults is lower: 12.4% in February, two tenths more than the previous month, but down from 13.2% a year ago.

The estimates put forward by the INE are adjusted seasonally, that result from the application of a filter that tries to adjust the actual values ​​because the economy is recording seasonal fluctuations throughout the year with an impact on activity and employment. Considering the actual values, this is not seasonally adjusted, the unemployment rate in February was 14.5%, an increase of four tenths as in January, and a value compared with 15.3% a year ago.

(News in updated at 11.50)


Today there is general meeting to divide into two Montepio – Express

So far, the Caixa Económica Montepio Geral and Montepio Geral Mutual Benefit Association had joint management. In practice, seemed to only one institution. From now on, each of the institutions – commercial bank and mutual association – will have separate managements. The first step in defining the new Montepio drawing will be given today at the general meeting of the mutual association, which will appoint a committee with five members, to create a design change of the bank’s statutes. In practice, it is the mutual association Montepio that controls the bank Caixa Económica Montepio Geral.

Thomas Correia has chaired the mutual association and the bank. With its mandate to expire at the end of the year, are being taken the necessary steps, as in summer, are complete the statutory changes of the mutual association that open the way to change the bank’s governance model.

As told the Express on Saturday edition, was the Governor of the Bank of Portugal (BoP) which pushed the water separation in the management of the two institutions . It is also Carlos Costa that validates the choice of Fernando Teixeira dos Santos, former Minister of Finance of Socrates’ Governments for the leadership of the commercial bank Montepio.

In 2014, Montepio recorded a loss of € 187 million, the bank justified on the negative factors of “non-recurring nature in the amount of € 274.1 million.” The year before, the damage had been € 298.6 million. Banking income increased 108% to € 784.5 million, benefiting from net interest income (up 49.4%) and the results of financial operations. Provisions and impairment losses increased by € 245.9 million, which attaches to the Montepio “still weak macroeconomic environment and registering € 208.9 million related to non-recurring factors.”

The results of the bank were also penalized by exposing the Montepio the Espírito Santo Group (GES). The Caixa Económica Montepio Geral had to put aside about € 140 million to cover the risks of GES exposure.


Montepio meets in General Assembly with statutes on the agenda – Digital Journal

The financial institution announced on Friday the results of 2014 year in which recorded a loss of 187 million euros, compared with losses of 298.6 million euros in 2013.

The results were announced a day after some media has come forward with the information that the former Minister Teixeira dos Santos should be the new CEO of Montepio Geral and that his name will be voted on at the next general meeting ( AG) taking place today.

Following this news, official source said that the institution Caixa Economica Montepio Geral (CEMG) ‘is underway at this time, a process of review of its Statute’, and that ‘being complex, it follows the requirements of the Legal Framework for Credit Institutions and Financial Companies, in particular on the need to separate the boards of Caixa Económica Montepio Geral and Montepio Geral – Mutual Benefit Association’.

Therefore, Montepio said that, “once the revised Statutes and defined the nominating committee, the associated rule will, namely as far as elections to be held not in date ‘.

Digital Money with Lusa


Sunday, March 29, 2015

Unemployment and inflation mark shorter week in the bag – News Minute to

The unemployment rate in the euro area and the price index of consumer the single currency region should focus the attention of investors in a shorter week for the markets, which will be closed on Friday.

On Monday, February data will be known to income and personal spending in the United States, for which expected a rise of 0.3% and 0.2%, respectively, and of pending home sales, estimating an increase of 0.4% anticipated Lusa Millennium markets analyst investment banking, Ramiro Loureiro.

The next day, the focus is on retail sales in Germany, which is expected to have an annual increase of 3.3% in February, according to analysts. It will also be known retail sales indicator in Spain and inflation data in Italy

Featured also on that day, for the euro area:. The unemployment rate [in the eurozone] should reveal stagnation in 11.2% in February, and the price index of consumer must indicate a deflation of 0.1% in March.

In the UK, the GFK discloses the consumer confidence index (which should have risen in March) and the final value of Gross Domestic Product (GDP) can confirm the sequential expansion of 0.5% in Q4, says the analyst. Have Wall Street will be focused on house prices S & amp;. P / CaseShiller, Chicago PMI and consumer confidence, as measured by the Conference Board, which provides an improvement

On Wednesday, April 1, the value end of the PMI industry in the euro area should confirm an acceleration of activity growth pace in March (from 51 to 51.9), similar to what is expected for the United Kingdom (54.1 to 54.4) and in a counter with the United States (ISM dropping from 52.9 to 52.5).

It is expected that day, the ADP institute disclose the creation of 230,000 jobs by US companies -americanas last month. The PMI’s Industry and China Services indexes can mess with the opening of European markets that day.

The development of applications for unemployment benefits in the United States, as well as the evolution of the US trade balance (which should point to a slight reduction of the deficit in February), the ISM New York and factory orders, which would have stagnated in February, will mark the behavior of the markets on Thursday.

Finally, and on Friday, the European and US markets will be closed due to Good Friday holiday, leading up to Easter.

However, despite the widespread closure of bags, are scheduled data job creation by the US economy (anticipated the creation of 250,000 jobs in March, excluding the primary sector) and the US unemployment rate, which is expected to remain in the 5.5%.


Arrival of Low Cost encourages Azores economy – Journal SUN

The arrival of low cost airlines in the Azores, which is hours from completion, already put to stir the local economy.

Today, easyJet began flying from Lisbon to Ponta Delgada. And on April 1, on Wednesday, also Ryanair will debut its connections to San Miguel. The new connections will be a strong contribution to the increase of passengers expected at the airport John Paul II.

Contacted by Sol, the two low cost show themselves satisfied with the search. “Easyjet operates its flights with an average occupancy rate of around 90% and the Lisbon Ponta Delgada-route no exception. Given that we started to offer flights on the site since the official announcement, on 10 December, the results are very positive “, says the marketing manager for Portugal, José Lopes. The British company will have three weekly flights (and a fourth from June) and has “a few exhausted flights”

Ryanair -. That will install a base with a plane in Ponta Delgada, the fourth in territory national – will have 20 weekly flights departing from Lisbon, Oporto and Stansted. And expects to generate 350 thousand customers per year traffic, in addition to 350 jobs. “We are very pleased with the sales already carried out on the new routes, which have become extremely popular,” says an official source, without quantifying occupancy rates.

Low prices, more demand

In the archipelago, the conviction of tourism-related agents is that the liberalization of air space of Ponta Delgada and the Third – which allowed the entry of new operators – will stimulate many Portuguese to know the Azores, attracted by increased supply and low prices. Then come also more foreigners to ride the promotion that these airlines will of fate and notoriety that win.

“It’s the biggest reform ever in accessibility in the region,” argues the Regional Secretary of Tourism and Transport, Victor Fraga. “In charge for access to the region, there is a very significant reduction, reaching values ​​less than one-third compared to those who were practiced six or seven months,” he stresses.

To meet the cost low, too TAP and Sata set your offer. From Sunday, TAP will have daily flights to the capital of São Miguel and Terceira. And share flights with Sata, who will also continue to make links to other islands. How the prices of liberalized routes, become subject to market conditions, without being subject to public service obligations.

According to the ANA until mid-February, the most aggressive prices released by these two companies made grow by 22% the movement of passengers to the Azores.

Reservations rise more than 20%

Also the hotel has had an increase of reservations made directly in hotels. “The increase is between 20% and 25%. I believe it has much to do with the arrival of low cost, “accounts for the delegate of the Association of Hospitality in the Azores Portugal, Humberto Peacock. Demand is mainly Portuguese.

“We think that will appear a new niche market of people to take advantage of the cheaper rate, have no hold baggage and get two or three days in the region “- so-called short breaks. Then believe responsible, appear interest in knowing other islands besides São Miguel.

“We are forecasting a growth for this year, mainly in São Miguel,” agrees Martha Sousa Pires, managing director of Bensaude Hotels, which has six units in the archipelago. “The liberalization of air space, specifically the entry of two low cost, and increasing the number of TAP flights to Sao Miguel, creates a new awareness of the destination,” anticipates.

With more air access, come more tourists, contributing to increase the number of overnight stays – about one million in 2014, only 0.9% more than in 2013, the lowest increase in the country -. and hotel revenues in the Azores

For this Easter, the first after the liberalization, the hotels are 70% to 85% occupancy, “relatively equal to previous years,” indicates Humberto Peacock. But also wishes to stress that despite the low cost of operation, hoteliers in the region “are expectant, but not with great euphoria.” “Tourism in the Azores is a marathon. There is a 100-meter race, “compares.

aware Investors

Still, we can detect interest in making new investments in housing. For example, there are several plans to open hostels, especially in São Miguel. And there are also several hotel openings in the pipeline.

“There are over 1,800 new tourist beds with request for prior approval in the Regional Directorate of Tourism. The increase in hotel supply will be reflected in more jobs, “says Victor Fraga.

” The increase in attracting tourist flows will impact other sectors that have direct or indirect relationship with the sector, such as animal husbandry, fisheries or the services industry, “says.



Passengers of low cost landing at St. Michael can … – Mad Money

The free referral system costs the public purse 4 to 5 million euros

easyJet and Ryanair start flying to the Azores

You a historic day for the Azores. He tore this Sunday the liberalization of air links between the mainland and the island of São Miguel. For now, easyJet and Ryanair will only fly to Ponta Delgada, but the Azores Regional Government wants to bring the impact of liberalization at all arquipélego and therefore will allow passengers of low cost, as is the case passengers of TAP and SATA, may resort to free routing system. This means, basically, that those who fly easyJet or Ryanair will fly to San Miguel later, without paying more for it, to the other islands of the archipelago.

Passengers Mainland Travel or Funchal to Ponta Delgada will only have to declare the AERA company in which travel to the final destination is another and can not be more than 24 hours on the island of São Miguel. The routing is provided by SATA, which is “contractually obliged to provide [this] service without charge for the passenger,” says the company.

The Government already had a slice of the budget allocated to this service and this share will not be increased. “We maintain national support to the Azores, the state budget of 16 million euros. This value can be redistributed to various installments, as the Government better understand, and the Government decided to set aside a portion between 4 and 5 million euros for the referrals system “, says Sergio Monteiro, Secretary of State for Transport, Live Money. Whereas the liberalization of air links will lead to a large increase in passengers, the government will need to assess if this “will be enough,” admits Sergio Monteiro.


“Cunhal example was the politician who dignified politics’, says … – Digital Journal

 The Secretary-General of the PCP, Jerónimo de Sousa, said today in Santarém that Alvaro Cunhal were alive today would “unavoidably a reference” that “you can redeem what has most noble politics.”

The communist leader was speaking at the tribute ceremony to Alvaro Cunhal, that as of today gives its name to one of the main entrances to the city of Santarém, in parishes of Union initiative of Santarém City which received the unanimous support of the Municipality and that is part of the commemorations of the 41 years of the April 1974 Revolution.

“Alvaro Cunhal was a good example of politician who dignified political activity, as a noble activity, because only the service of solving the problems of the country and the people, “he said, recalling the” immense legacy “left by a personality” fascinating and multifaceted. “

To Jerónimo de Sousa, the tribute that the country has provided Alvaro Cunhal, a “moment of disturbing phenomena of social regression and civilizational step backwards,” more justified “to show that politicians are not all the same and that political activity can and should be a noble activity.”

Alvaro Cunhal was remembered for his revolutionary and political career, but also for his “passionate interest in all walks of life, including in artistic creation activity.”

The Mayor of Santarém, Social Democrat Ricardo Gonçalves, said the citizen and politician with “commitment and loyalty” fought for their ideas and beliefs, considering Alvaro Cunhal “a landmark in the history of Portugal” for its “intelligence, talent, delivery”.

Before the President of the Union of Parishes of the City of Santarem, Carlos Marcal (also elected by the PSD), historiou the route of a personality “most” of the twentieth century Portuguese, justifying the proposal submitted to the municipal executive and the recognizing “excellence” of struggle and Alvaro Cunhal work in defense of the values ​​of freedom and its “extraordinary example as a citizen”

Digital Diary with Lusa

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