Thursday, March 31, 2016

Banif: A “bad” bank with a final “disastrous” dictated by Europe – TSF Online

Banif Former administrator revealed that, six months before the sale to Santander, the Spanish bank proposed buying the national institution in exact terms that would occur in December.

Antonio Varela, who was in Banif between 2013 and 2014 as an administrator appointed by the State (as after the injection of 1.1 billion public euros) considers that in 2012, Banif bank was a “very bad, a very bad bank” with a “completely wrong strategy.” “While the other diminished banks, Banif increased the size to double in previous years,” said the Parliamentary Commission of Inquiry to the resolution of the bank.

“It would be very difficult,” the story ended well, argued , adding, “but it was not necessary to have ended so badly.” The outcome was “disastrous” especially because the Directorate-General for Competition (DGCOM) and the European Central Bank (ECB) were “fully committed to not have any liability for any developments Banif post-2015″. The former Banif administrator, who then moved to the Bank of Portugal, which would come into conflict with Carlos Costa, recalled that “on January 1, entered into force the new Single Engine Resolution, which had the consequence that a resolution would to be dealt with by the ECB and the Single Supervisory Board. ” “Also for DGCOM was evident that a negative that would give the process would be much more difficult to give in 2016 than in 2015,” he said.

The rush of European authorities to solve the Banif problem, which ended in December, a concurrent resolution lightning with the sale to Santander also had more prosaic reasons: “people in the European institutions have the habit of having extended vacation at Christmas and were very involved in that,” he said.

Santander declined in June the same slice of Banif would eventually buy in December

in June 2015 Santander approached Antonio Varela (then administrator of the Bank of Portugal with responsibility for supervision) showing “hypothetical interest” in buying part of Banif. “The good part,” he said, “that would eventually buy months later.”

Resignation of the Bank of Portugal “personal” because “efforts were not bearing fruit”

Varela came out with bang the Bank of Portugal, arguing with a “lack of identification” with the policy conducted by Carlos Costa in front of the regulator. Asked about the reasons for the dismissal, the former administrator with responsibility for prudential supervision of the financial system said it was a “personal” decision. “When we came to the conclusion that what we are giving is not getting enough results, draw conclusions,” he said.

Banif shares? “Never had”. And the savings that there had lost. “Patience.”

Varela assured that never had Banif shares. “I had, instead, preferred shares of a subsidiary Banif, and this is a form of subordinated debt.” And this investment has been reduced to zero, “lost this investment and lost the savings that had there.” “I could have exchanged the bonds for shares and sold, but decided not to because I understood that it was incompatible with a state administrator,” he lamented, adding that “kept the obligations until the end.” The same reasons led to not see free titles when he went to the Bank of Portugal. The savings that there was deposited, which kept “in support of Banif” was also lost because the former managers of the banks are not covered by the Deposit Guarantee Fund. “Look, I lost,” he said with a shrug. “I must have lost a little more than what I got at Banif while I was there.” “Patience,” he lamented, sneering: “. And the worst is that you can not shoot down the IRS”


The “bad bank” that escusava having just “so bad” – publico






Antonio Varela, Banif former administrator representing the State (to September 2014), strange incident that occurred in the days before the resolution of the bank and when it was administrator of the Bank of Portugal (September 2014 to March 2015): while devoting the central bank to prepare “a plan that would allow to create a bridge bank”, similar to the New Bank (which holds the assets “good” BES), a task that was developing in liaison with the ECB, the ECB itself was the Bank of Portugal, “upstairs to deal with the resolution of Banif”.

Varela also shows that 18 December was in São Bento with António Costa and Mario Centeno to analyze the free sale process that was being conducted by the management of Banif, led by George Thomas . at the meeting, which took place at 21.30, had the opportunity to express to the Government that the option should be the sale of Banif, only then would the way of resolution. And he expressed then “hope” in the success of a sale. In response to the deputy CDS, John Adams, the former director of the Bank of Portugal claims that the government tried to gain time to advance from the sale of Banif, but their belief is that neither the ECB nor the DG Comp wanted this solution and forced the resolution before the entry in 2016, because too seriously the holidays of Easter.

“There was nothing to do” and the result was “disastrous” for the Portuguese taxpayers. And “not met the interests of depositors and Portuguese taxpayers.” Varela maintains that the bridge bank would have been more favorable to the interests of taxpayers.

However, Varela does not hesitate to qualify the bank he found when he arrived after the public intervention. Banif “private” in 2012, “was a bank very, very bad, it was a bad bank.” I had a “wrong strategy” which depended on “completely disparate investments,” a “lending policy with very high exposure to real estate.” And more: “There was no computer system, had no risk assessment”

In summary:. “It was difficult because we did not went wrong What escusava was that had gone so badly..” However Varela considers that the State had their hands tied when it injected public capital (the previous government) and when he was grappling with the resolution (current government).

The greatest responsibility attributed to the European institutions – DG Comp, European Commission and ECB. They are, in his words, “institutions that are far from democratic scrutiny.” And Banif, as most Portuguese banks, represent very little “. We are talking about peanuts to these entities”

In Brussels and Frankfurt, ensure there is a “thought almost cynical,” according to which “the Portuguese that there have problems, they were that arranged them that resolve.”

Especially when Christmas approaches, as was the case with Banif, whose resolution was decided on 20 last December. “The European institutions want to extend the Christmas holidays.” And strengthened the note. “It’s feeling revolt by such situations I decided to give this note.”

The Christmas holidays

Under deputy interrogation of PCP, Miguel James Varela considered that the outcome found for Banif was framed in the fact that European officials wanting to go on “vacation extended at Christmas”, so neither the Bank of Portugal or the Government had way to counter a closing decision of the dossier quickly, “it is one of the banking union costs.”

And he said that this Brussels intention to terminate the Banif process before the end of 2015 was only known for the first time the Bank of Portugal on 17 November by letter of DG Comp.

the PCP’s deputy questioned the assumptions of public recapitalization plan Banif, in 1100 million, and the ability of the State to recover that investment. Antonio Varela explained that, as time passed, the repayment terms have become increasingly difficult.

After fixing one of the deputies who assigned the former deputy governor of function of the central bank, explained that “despite having been invited to be deputy governor, this never materialized,” noting that the third version of the Banif restructuring plan, sent in January 2014 to DG Comp, resulted in a request for clarification to the bank because the data were “all wrong.”




McKinsey for CGD to reach the market, the way the CEO of Euronext Lisbon – Jornal de Negócios – Portugal

Luis Laginha de Sousa left the leadership of the bag. He was replaced temporarily by Isabel Ucha, but now there is one elected to take over as CEO of Euronext Lisbon. Is Maria João Carioca (pictured), current member of the board of Caixa Geral de Depósitos that before entering the public bank passed by SIBS, Unicre and McKinsey. An MBA from INSEAD.

The new CEO of the National Stock Exchange joined the Caixa Geral de Depósitos, SA (CGD) in 2013 as a member of the Executive Committee and was responsible for several areas bank:. IT / Systems, Operations, Marketing, Organization and, more recently, Corporate NPE

“As head of Marketing and IT / Operations, played an active role in various aspects of transformation corporate program CGD “said Euronext, noting that before” joining CGD, was a member of the Executive SIBS Payments Committee and headed the Group’s corporate Office between 2004-2008. “

Maria João Carioca was before joining the SIBS (remains non-executive member of the Board of Directors), director coordinator of the Strategic Office (GAE) UNICRE – Financial Institution Credit, SA, from 2004 to 2008, according to . CV published in CGD

the CEO, who will begin his duties in the second half of this year, began his professional career in 1993 as a consultant at McKinsey & amp; Company dedicated to the financial services sector and public administration.

degree in Economics from the Universidade Nova de Lisboa, Maria João Carioca has an MBA from INSEAD with honors (Dean’s list) and completed the LCOR Program at Harvard Business School. The management contributed to the book “Winning the Future of Europe” and initiatives “New Portugal” and INSEAD. Also he taught in the Executive Programme (PAME) of the Catholic University of Lisbon.


Portugal won more than 300 new post boxes but send up fewer cards – Jornal de Negócios – Portugal

In 2015, the number of postal network access points increased by 2.4% to a total of 13,460, according to data released Thursday by Anacom.

This growth 310 points, compared with 13,150 a year earlier, contrary to the trend of reduction recorded in recent years, and is justified by the increase in the number of post boxes of CTT group, following the postal density rules adopted by the sector regulator.

As the number of network access points increased, also postal density (771 inhabitants per access point), and postal coverage (14.6 access points per 100 square kilometers) followed the same upward trend last year.

on the contrary, the postal traffic continued to fall, having retreated 3.3% to around 847 million objects. However, the reduction is less than the annual average for the last four years (-5.6%).

CTT continues to lead the market, with a share of 94.6%.

of the total sent postal items, “78.5% were matches (-0.8 percentage points in 2014), 9.5% direct mail (+0.8 percentage points in 2014) and 7 4% editorial mail (-0.2 percentage points in 2014). the orders represented 4.6% of total traffic (+0.1 percentage points in 2014), “details the entity led by Fátima Barros.

Almost all objects were sent to the country (96.3%), only 3.7% went to other countries.

in terms of revenue, last year reached about 654 million euros, down 6.3% compared to 2014. the average revenue per subject also suffered a decline of 3.1% compared to 2014, to 0.77 euros.

as postal traffic, “the human resources associated with postal networks and services have been showing a downward trend over the past few years,” underlines the Anacom. And in 2015 remained the trend, albeit less sharply, with employment in the postal sector fell 0.2%.

However, according to the regulator, “the reduction of human resources associated with networks and postal services has been less than proportional to the decrease in traffic. “


Prices in the Eurozone continued to fall in March – Jornal de Negócios – Portugal

prices Eurozone remained in March in negative territory. Eurostat, in its first estimate for March points to a negative inflation rate of 0.1% in March, still above the -0.2% February.

Energy remains the component to pull the prices down and bring inflation to negative territory, and putting it away from the European Central Bank’s objectives to take close to 2%. Think about that, too, the ECB has already strengthened the economic stimulus in March

It was the month in which the ECB announced a strengthening of stimuli -. But that only takes effect in April – that inflation, although remaining in negative territory in the eurozone, rose slightly. In February, prices had fallen 0.2% and in March have fallen, according to Eurostat’s first estimate, 0.1%. In February, the inflation rate was negative after January have been positive but a low level of 0.3%. The figures were in line with the estimates of economists contacted by Bloomberg.

For components, prices in the services will have risen 1.3% in March compared to a rise of 0.9% in February. Have the power component, alcohol and tobacco increased by 0.7% more than the 0.6% February and non-energy industrial goods increased 0.5% compared to 0.7% in February.

the energy was then the component that dragged the inflation rate to negative territory. The prices in this component fell 8.7% compared to 8.1% which came down in February.

This means that inflation “core” (excluding volatile items such as energy and food) was 1% , up from 0.8% in February.

This is Eurostat’s first estimate for the evolution of prices in March, is expected to release the final figures for April 14.

The European Central Bank announced in March a reinforcing stimulus to the economy. From April, purchases of assets by the institution led by Mario Draghi will rise to 60 billion euros to 80 billion euros monthly.

On Wednesday, March 30, the European Commission revealed the confidence indicators in the euro zone, showing a decline for the third consecutive month. In March, economic sentiment in Eurozone fell for the third month by 0.9 points compared to February to 103 points, the lowest level since February last year. In January this year this indicator was 105 points.

The deterioration of sentiment the euro zone due to low consumer confidence, but also the managers of the services and the construction sector, according to data from the European Commission. In industry, the confidence remains virtually unchanged. In the five largest economies, the lowest trust levels were recorded in Italy, France and the Netherlands, followed by Spain. In Germany, the feeling is stagnant.

(News updated with more information at 10:30)


Not all “browsers” IRS accept delivery – Journal News

Authority tax reported that not all programs to surf the Internet ( “browser”) accept the delivery of electronic statements of IRS.

“the electronic IRS statement is not possible if you are using the latest versions of Google Chrome or Microsoft Edge “, informs the Tax Authority (aT) in a statement

It is therefore advised to use the following free browsers:.” Internet Explorer, Firefox, Safari (for Mac OS X) “.

aT explains that” in mid-2015, some of the browser makers announced they would no longer support the NPAPI technology and, as a result, Google Chrome versions the and Microsoft Edge does not support Java. “

” application the application of IRS collection is an application with a high degree of complexity, arising from its various forms, extensive rules of filling “and, therefore, “unable to promote the adoption of a new technology solution in time” delivery of the IRS this year. “There were serious risks to the entire process of collection and processing of declarations,” explains AT, and this means that “it is meant to greater audiences, corresponding to the delivery of more than 5 million returns.”

in a statement, aT emphasizes that “continues to work on solutions that enable widespread use in ‘browsers’, in order to ensure greater universality of use.”

the deadline for claim values IRS expenses in the Portal of Finance ends on Thursday, without the suspension of the period for tax assessment, according to information from the Ministry of Finance.

Two weeks ago, the Ministry of Finance released a new page on the Portal of Finance dedicated to the consultation of expenses for deductions from collecting IRS also allowing complained if they disagreed with taxpayers’ values ​​of total subscribers expenses on the site.

according to the radio TSF that cites the Ministry of Finance data, “by the end of Tuesday, 8388 taxpayers claimed the amounts of deductions to collect visible on the aT site, which, among 7.5 million, is a claim rate of 0.11 %. “


Contributors must change program on the net for IRS delivery – A Bola


                         “No one closes the doors to the big three ‘- José Fonte – The defender José Fonte revealed that no player can close the doors to Sporting, Benfica or FC Porto, but at this point, is satisfied in Southampton.
 “No player can close the doors to the big three of Portugal. There are three great teams with great quality and always fighting for titles, but at the moment I’m happy at Southampton and England. It is the world’s best league, in my opinion, but not close the door, “said José Fonte, told the English press.
 The Portuguese international, 32, still has two more seasons contract with Southampton.



Solution for injured BES is getting closer – News Minute to (press release)

It’s getting closer to solution that will put an end to the drama of the injured BES, seeking an answer for over a year. “The Portuguese Government has agreed with the Bank of Portugal, CMVM, Banco Espírito Santo and Customer Protection Association of Banking injured, Investors in Commercial Paper (AIEPC) a principle of understanding that seeks to establish the best solution for all parties involved” can be read in the memo sent to newsrooms.

the same document gives the assurance that the government is committed to “minimize the economic and financial losses suffered” by the injured parties. The agreement already sealed between the government and the institutions concerned left agreed some axes, the main demand for a dialogue to find a solution that suits both parties.

It is, on the part of the Executive, the guarantee that “the dialogue procedure and the possible solutions that it may be found will respect the process of resolution of BES and the terms and limits of the resolution.”

Another of the agreed points that “this process of dialogue in the search for freely accepted solutions does not involve, for the respective participants, exemption, waiver or suspension of any rights, nor does it affect or suspend any actions or proceedings, although injunctive nature that find themselves pending. “

in this path, missing now that the memorandum has the endorsement of victims themselves, who are now (18:00) meeting with the Prime Minister.

[News in update]


Lack of cohesion between the BoP, the Finance and the bank dictated Banif destination – Express

“From the moment that broke cohesion (between the Bank of Portugal, the Ministry of Finance and the the administration of Banif) and went on to be disagreement over the fate of the bank before the political vacuum in the country was , the Brussels bureaucratic empire impos its rules, “said the former foreign minister and former president of Banif’s board of directors, the parliamentary commission of inquiry of the bank founded by Horacio Roque.

Luís Amado refers to the period between the elections and the new government took office. On Tuesday, Jorge Tomé, the last president of Banif said in committee that the Bank of Portugal changed its attitude towards the Banif destination at that time and it was amazing.

The former minister Foreign criticism of lack of intervention and political action by the Government to the European authorities in the defense of a solution for Banif, whose fate always have impact on the Portuguese economy and the autonomous regions where the bank was strong. “What happened should make us rethink our relationship with the European Union. From the moment the position of the European authorities regarding the Banif was so decisive, the discussion would have to be passed to the political level. It was a bank State, it was not a private bank, was not the Banco Espírito Santo. it was obvious to me that should have be a moment of political decision, “he stresses.


Wednesday, March 30, 2016

Is the BES “bad” to support the solution to the injured commercial paper – publico






The injured BES know until early May, a solution that should ease the losses suffered on investments in commercial paper of the Holy Spirit Group. The proposal will be supported financially by BES “bad” and there is no guarantee of recovering all of the EUR 500 million invested.

“voluntary” membership, the memorandum signed on Wednesday afternoon, under which the solution will be outlined, not binding on the New Bank (NB), which resulted from the BES intervention which is in the sales process. The non-inclusion of NB – required by the Bank of Portugal over the past few months – let BES “bad” the responsibility to financially support the solution, whose contours will now begin to take shape

“The procedure. dialogue and possible solutions that it may be found will respect the process of resolution of BES and the terms and limits of the same resolution, as expressed and defined in the decisions taken by the Bank of Portugal as resolution authority, “says one of the points of memo.

the memorandum of understanding was signed by the Prime Minister, António Costa, Carlos Tavares, chairman of the Securities Market Commission (CMVM), Carlos Costa, governor of the Bank of Portugal, Luís Maximum of Santos, representative of BES and representatives of the Association of Indignados and Deceived of commercial paper.

for now, we know that means can not be provided by the institution, but the rush to find a solution by may be related to the repeal of the BES authorization as a financial institution.

the document states that the Bank of Portugal said it “should send the short term the ECB [a requirement that] the file for revocation effects of BES authorization as a credit institution with a view to its subsequent liquidation. “

at stake are more than two thousand customers BES, claiming about 500 million euros. These investors bought in commercial paper bank branches River Fort and the Holy Spirit International, companies Espírito Santo Group that went into insolvency leaving customers BES without the money invested.

Covered by the solution will only be “investors do not qualify” criteria to which account the investor’s profile (if you have knowledge that can allow assessment of the risk of the product) and the amount applied. Possibly for this reason, the memorandum provides for the adoption of any procedures of conciliation and / or arbitration.

The solution should allow recovery of only part of the savings, as the memo itself speaks “on possible solutions which can reduce the losses of investors, “the absence of any reference to the full reimbursement of the money invested. it has been admitted, but without official confirmation that investors with less capital invested may be offset in percentage higher than those who invested more.

“the Government supports the joint efforts to find solutions to reduce the losses of investors, and monitor, as a promoter, observer and facilitator of dialogue, this, promoting the common effort to the search for consensual solutions to the beginning of next May, “said a press release made available to reporters a few minutes before signing the memorandum, which took place at the official residence of the Prime Minister in Lisbon.

After the ceremony, only spoke the first -minister and the president of the association representing the injured, Ricardo Ângelo. António Costa, who had a key role in the dialogue that led to the signing of the memorandum, highlighted its importance to confidence in the financial system.

“The Government does not propose to resolve disputes, or say who is right if any right or if someone has to take responsibility. The government competed solely what fits you, do not close your eyes to a conflict and offer as an observer and facilitator for the parties, through an active dialogue, can find a way and a solution to minimize the losses that the injured unskilled BES commercial paper suffered “added the Prime Minister.




You may have to switch browsers to deliver the IRS. Learn what alternatives – TSF Online

The Tax Authority published a notice warning that Chrome and Edge are no longer compatible with Java technology needed to deliver the IRS. Find out what the available browsers

If you use Google Chrome or Microsoft Edge there are two possible ways:. Or install a browser compatible with the technology used by the tax authorities, such as Firefox, Internet Explorer and Safari; or install the application of Finance.

However, you must have installed Java for this application to run on your computer (whether Windows, Mac or Linux).

The engines of said search above can be downloaded for free.

the Tax Authority today released a notice on the Portal of Finance, which warns of the impossibility of taxpayers fail to make the electrotechnical delivery of tax returns.

“in mid 2015, some of the browser makers announced they would no longer support the NPAPI technology … As a result the latest versions of Google Chrome and Microsoft Edge does not support Java applets used in delivery to support applications tax returns “.

Google abandoned the Oracle technology for security reasons, a problem identified some years ago by many computer security experts.

from April 1 taxpayers have to look for alternatives. Google’s browser is used by 46.5% of Internet users.


António Costa refers solution for injured BES until May – Journal News

The first -minister said Wednesday that the memorandum of understanding establishes the beginning of May as the deadline to be found a “solution to minimize losses” of retail clients who bought commercial paper of the Holy Spirit Group.

“This memo has a calendar with a very precise goal, which at the beginning of May is found a solution to minimize the losses that unskilled injured suffered in this process,” said Antonio Costa, a statement to journalists without the right questions, in his official residence in Sao Bento.

This afternoon was signed at a ceremony, a three-page memorandum of understanding that commits the Bank of Portugal (represented by Carlos Costa), the Securities Market Commission (represented by Carlos Tavares), the ‘bad bank’ BES (represented by its president Max dos Santos) and the Association of Indignados and Deceived Commercial Paper (represented by the president, Ricardo Ângelo) to launch an “expeditious dialogue” between the four parties in which “all possibilities will be explored (…) to alleviate the economic and financial losses suffered by injured commonly called BES.”

the first- Minister assured that the Government will only “observer” and it will not “take sides for any party involved.”

in addition to Antonio Costa, this ceremony spoke only representative of clients aggrieved, while the governor of the Bank of Portugal, President of the CMVM and the leader of BES have not made any intervention.

the statement released today by the Government states that it is voluntary participation of organizations in this process and does not involve the suspension of lawsuits.

the resolution of the issue of retail customers who bought commercial paper of companies GES Holy Spirit International and strong river, the branches of BES, was taken as a short-term priorities of the socialist executive which claims the urgent need to restore confidence in the Portuguese financial system.

the association representing the injured has admitted several times that is likely to be losses to customers, each of them may not recover everything invested, but it will fight for the “maximum possible”.

at stake are 2,084 subscribers commercial paper claiming 432 million euros.


Injured BES. Memorandum joint government, CMVM and Banco de Portugal – Daily News – Lisbon

Memorandum of Understanding with damaged commercial paper is signed this Wednesday in St. Benedict

The first -minister presides today at 18:00, at the official residence in Sao Bento, the signing of the memorandum of understanding that lays the groundwork for a solution to the commercial role of the Espírito Santo Group (GES).

Source officer executive said the agency Lusa that the memorandum will be signed in addition to the Government, representatives of the Commission of Marked Securities (CMVM), the Bank of Portugal, the Association of Indignados and Deceived Commercial Paper (AIEPC) and Bank Espirito Santo (BES).

the resolution of the issue of victims of BES, the issuance of commercial paper of GES, has been assumed as a short-term priorities of the socialist executive who claims the urgency of restore confidence in the Portuguese financial system. António Costa, as well as several leaders of the Socialist Party, deplored already publicly the impasse over the resolution of the problem of victims of commercial paper of GES. – Position that was interpreted as a criticism of the performance of the Bank of Portugal

Government source has stressed that today will sign a memorandum with the negotiating basis for a possible understanding, not a final agreement on the commercial paper of GES.

at stake are 2,084 paper subscribers commercial claiming 432 million euros, with those customers subscribed commercial paper GES companies but sold to BES counters. The money was almost completely lost when the ‘implosion’ of the whole family group Holy Spirit in 2014.

“It is an assumption of good intentions”

the association representing the injured has admitted several times that is likely to be losses to customers, each of them may not recover all that invested, but it will fight for the “maximum possible”.

last week, the association of victims of the Holy Spirit Group considered that the meeting with bank regulators Portugal and the CMVM, which took place on Tuesday, had gone well, adding that soon would be signed the memorandum which provides for the customer compensation. He explained the president of the Association of Indignados and Deceived Commercial Paper (AIEPC), this Memorandum of Understanding should be signed by the regulators and the Government.

The official stressed, however, that there is “still comes to Material solution “with the value that customers receive the serve to compensate for the money lost by having invested in commercial paper Espírito Santo Group (GES).

” it is an assumption of good intentions. it is a statement we are all in good faith, committed to find a fastest possible solution, “said Ricardo Ângelo Lusa, stating believe that by April will be able to close the deal with the amount to be paid to each client.


Boeing will cut 4,500 jobs – TVI24

Boeing will cut about 4,500 jobs by mid-year in a broader effort to reduce costs as a result of strong competition from Airbus. The outputs are aimed at the sector of commercial aircraft, but also, to a lesser extent, the division which carries out flight tests and laboratory, said Reuters, citing more than one company spokesman.

Of the total output, 1,600 employees chose to leave the company under a voluntary program terminations announced last month. The rest of the cuts still to be defined.

The targets will also be hundreds of executive positions and management, but not by involuntary layoffs.

In addition, the aircraft maker will also cut about 10% of 5,700 jobs of testing and evaluation division, which conducts flight tests and laboratory. That is, the more outlets 570.

At the end of 2015, the company employed 161,400 employees in total.


Brussels says that clarification of Banif take “some time” – publico






The European Commission (EC) clarified Wednesday that not only is cooperating with the Portuguese authorities to investigate the case Banif, as is dealing with the matter as a priority. However, he says, the issues raised by the parliamentary commission of inquiry led by Communist deputy António Filipe are “extensive” and take time to answer.

“As the Commission [European] already confirmed to the Portuguese Parliament is currently taking all the necessary steps to adequately respond to the request, “said an EC spokesman Publico via email. “This takes some time given the extent of the application, but the Commission clearly is addressing the issue with priority,” he added.

The chairman of the survey Banif criticized earlier this week, the European institutions, in particular the EC for failing to reply to requests for information about “responsibilities and on the intervention” to the bank.



Tuesday, March 29, 2016

Government report: Tax benefits of Arrow’s companies were automatic – Daily News – Lisbon

Tax benefits to the company where Maria Luís Albuquerque went to work were provided by law, says report

Government report reveals that companies linked to Arrow Global, a company that now employs the former Minister of Finance Maria Luis Albuquerque, received tax benefits provided by law in the amount of 424,000 euros in four years, writes the Lusa Agency. The report sent to Parliament’s Ethics Subcommittee, quoted by Lusa, adding that there is no record of contractual links between the state and business, and the benefits received by these companies were automatic.

In the report tax authority read that companies White Star Asset Solutions and Gesphone acquired by Global Arrow in 2015, had tax benefits in Portugal worth almost 424,000 euros in four years, but all prior to the purchase by the company that employs Mary Louis Albuquerque

According to Lusa, can be read in the document:. “it was not found possible to register a legal or contractual relationship between the Portuguese State and the undertakings”, and the tax benefits to these two branches the Arrow were provided by law. With the proviso, however, that this applies only to these two companies, not all subsidiaries of Arrow Global.

The report was prepared in response to a question from Assembly Members on the relationship between the State and the British company Arrow, and its newly acquired filais while Maria Luís Albuquerque was finance minister.

If there were any contractual benefits between the state and companies linked to the Arrow, Maria Luís Albuquerque would be prevented from accepting the post of managing non-executive in the company, for violating the mandatory “disgust period” which lasts three years.

Ethics Committee report receiving confirms

According to the chairman of that committee, the deputy of the PSD and former minister Marques Guedes, parliamentarians will now decide on the “timing” of the review process of the professional situation of the former head of the Finance folder and the relationship Arrow of Global companies with the Portuguese State at the next meeting, scheduled for Wednesday at 10.30.

“We will make a progress point on the draft opinion on when it might be completed. I think the latest early next week is a reasonable time. Also, as asked Mrs own, we will analyze the rapporteur [deputy PSD Paul Rios de Oliveira] about the possibility of being heard in the committee itself, “he told Lusa Marques Guedes.

PCP and BE, with subsequent agreement PS, PSD and CDS-PP, had requested information from the government, particularly the Ministry of Finance on possible financial support or tax benefits, namely Banif bank however privatized precisely with the British conglomerate concerned.

With Lusa


The day a minute: banking, BCP Banif, through BPI. And the reform plan – Jornal de Negócios – Portugal

Former CEOs defended viability of Banif . The saga of the committee Banif began. The first to be heard was Joaquim Marques dos Santos, CEO until 2012, which assured the MPs that the bank was not bankrupt, although still at the end of this year have received a capital injection from the state 1,100 million. “The bank’s viability was never in doubt,” said Marques dos Santos. Jorge Tomé, his successor to the resolution of Banif, attributed the responsibility for the bank’s fall the news on TVI on 13 December: “If there had not been the TVI episode, Banif have a normal liquidity situation.” Jorge Tomé said that the week after the news came out EUR 960 million in deposits. A week “fateful” classified. On 20 December 2015, the bank was operated upon, with the injection of 2.255 million additional euros and selling the principal activity at Santander Totta. Wednesday is heard Luis Amado.

BCP depreciates with the possibility of a capital increase . Investors looked to the notice of the AG and saw in it the harbinger of a capital increase. What pressed on Tuesday the shares of the bank, who came to depreciate more than 9%, eventually ending the session with a loss of 6.8% and be worth 3.99 cents. It is recalled that the bank will vote in the general meeting of April 21 that current investors abdicate the right of first refusal on a future capital injection, opening the door to new shareholders. The bank will also perform a fusion of action, the so-called “reverse stock split” to reverse the dilution effect caused by capital increases of recent years. If you have shares of BCP, you can stay here to know how many titles will be if this transaction is approved at the GA. Or watch the video to explain the proposals from the bank.

What is the BCP to propose to the shares and shareholders?

BPI also fell uncertainty in the negotiations . Tuesday was the first session after the release of CaixaBank to give account impasse in negotiations with Isabel dos Santos for the Banif control. The talks are continuing, but the uncertainty has passed a bill to shares with the securities retreated 6.7% to 1,204 euros in the closing of the session, after being losing 7.8%. It is recalled that the BPI has until April 10 to reduce its exposure to Angola in nearly three billion euros. Otherwise, incurs a fine of daily ECB of 162,000 euros from that date.

Dismissal collective advances in the New Bank . Besides Banif also the New Bank passed the Parliament. Rather the CEO, Stock da Cunha, who was explaining the redundancies in the bank. And he clarified that the collective dismissal in the institution will cover about 150 workers as it expects 350 accept out by friendly terminations. The official recalled that, according to the restructuring plan agreed between the Portuguese authorities and the European Commission, the new bank has to reduce by 1,000 people the number of staff and cut by EUR 150 million operating costs.

Reform Plan brings money to capitalize companies . Economic day was marked by the bank. But there was also political, with Antonio Costa to present the six pillars of the National Reform Programme, a document that will have to be delivered in Brussels. Especially the plan to support the recapitalization of 9300 companies, with an increase of capital of 2.78 billion euros. It is also intended to help discriminate negatively the use of capital, such as interest on loans, can now be deducted for tax purposes. The Government also announced its intention to rehabilitate 4,000 buildings along the legistatura. The money comes from Portugal 2020 (10.500 million euros) and Juncker Plan (2,000 million). António Costa called “stability” policy to put the reform plan on the ground.

Budget enter into force before the day of the lies . After the rapid promulgation by the President, announced on Monday, Prime Minister António Costa announced Tuesday that the state budget for 2016 will take effect as of tomorrow, Wednesday, April 30. Two days before of April 1, the day of lies, Marcelo and the Government wanted to allegedly avoid.

Government Partner breaks Dilma . The PMDB party ally of the PT in the government of Dilma Rousseff, announced its departure from the coalition. The official departure was advanced by the newspaper O Globo. The end of the coalition in Brazil could hasten the departure of the President, Dilma Rousseff, who faces an impeachment. The PMDB – led by Michel Temer, vice president of the country – held so far seven folders in the Government, namely Tourism, Energy and Health

Yellen urges caution in the rise in interest rates . . The US Federal Reserve raised the benchmark interest rate in December, the first time in nearly a decade. Three months later, several officials of the central bank has defended new upward revisions. But Janet Yellen advises caution, given the global context. “I consider it appropriate that the Committee [Federal Open Market, or FOMC] proceed cautiously in the adjustment of monetary policy,” argued Janet Yellen this Tuesday, March 29, at a forum in New York. US stocks rose after these statements.


Deficit without extraordinary measures stood at 3.1%, says UTAO – publico





The budget deficit in 2015, excluding the extraordinary measures have been 3.1% of GDP. The accounts of unit technicians who gives support to Members (UTAO) were disclosed on Tuesday in a statement on national accounts for general government.

In the analysis that makes the UTAO concludes that “excluding operations extraordinary nature, the budget deficit in 2015 stood at 3.1% of GDP “and that the reduction compared to 2014 was 0.5 percentage points. However, alert, “despite the deficit have shown an improvement on that recorded in 2014, this was not sufficient to achieve the budgeted target and will not allow the closure of the excessive deficit procedure”.

For this happen, say the technicians, “would have been necessary for the overall general government deficit, including Banif, had set below the threshold of 3.0% of GDP.”

UTAO recalls that the deficit general government in national accounts amounted to 7.9 billion euros, settling at 4.4% of GDP. However, this figure is influenced by extraordinary transactions that had a negative impact of around EUR 2.3 billion, equivalent to about 1.3 percentage points of GDP. Conclusion, the deficit is 3.1%.

In addition to the Banif resolution operation, UTAO excludes extraordinary contribution income for the Single Fund Resolution (paid by banks in 2015, but that is referring to 2016). It is the exclusion of the contribution to the fund that could be the cause of the difference between the estimated deficit by the National Statistics Institute (3% of GDP) last week and the expected deficit now by UTAO (3.1%).

Already in 2014, recalls the UTAO, extraordinary operations worsened the deficit by 6.2 billion euros, an impact that essentially reflected the capitalization of the New Bank, amounting to 4.9 billion euros, the financial restructuring of the transport sector, which amounted to 1.2 billion euros. However, “overall, the extraordinary measures have contributed to worsen significantly over the deficit in 2014 than in 2015″.

Last week, the INE said that the budget deficit had been in 4, 4% of GDP in 2015 and, excluding the effect Banif, was the 3% of GDP. However, for lack of information, postponed to March 31 disclosure of the first notification of the Excessive Deficit Procedure to send to Brussels.

In the second half of April Eurostat will publish the budgetary results for 2015 of all euro countries, including Portugal, when the Government will send to the European Commission the Stability Programme and National Reform Programme, which was presented today by the Prime Minister. With Lusa



Federal Reserve Chairman gives push on the New York bags – Express

The New York stock markets closed Tuesday in positive territory after Janet Yellen, the president of the Federal Reserve (Fed), have declared mid-morning (local time) that the central bank will proceed with caution as the new increases in interest rates.

After an opening in the red, with a drop of 0.3% in the two main indices on Wall Street and Nasdaq (the exchange of technology), the Dow Jones ended 30 to close on Tuesday with a gain of 0.56%, the S & P 500 advanced 0.93% and the Nasdaq rose 1.67%. At the sitting of Monday, when the New York exchanges reopened after a holiday on the previous Friday, the stock market index MSCI to the United States closed gaining 0.05%.

risks that require caution

Yellen said today at a conference organized by the Economic of the New York Club, entitled “the Outlook, Uncertainty, and Monetary Policiy” that “global developments and risks led makers [monetary policy] to project a slower way as to rising interest rates than originally planned in December [at the meeting of the Fed on 15 and 16 December 2015, when he decided to go up by 25 basis points rate reference interest that left the level of 0%]. ” The three main risks pointed out by the Economist cover the volatility of oil prices (which then have risen 57% between January 20 and March 18, has been on a downward trend); uncertainty about the degree of slowdown of the Chinese economy; and the evolution of inflation, with the pressure to disinflation (inflation rate of descent) in consumer prices and deflation in industrial prices.

As a result of these statements the chances of a further rise in interest rates They have changed in the futures market. On Monday, a higher probability to 50% recorded up to the meeting of 27 July; after the statements of the president of the Fed, a 50% went to check up to the meeting of 21 September. According to the futures market of central bank interest rates, it seems to put aside the possibility of a rise in interest rates including at the next meeting on April 27, suggested by Dennis Lockhart, president of the Federal Reserve of Atlanta , one of the regional Fed system banks.

Europe closes with gains except London and banks dominate losses in Lisbon

European shares opened Tuesday session on “mixed” land with Paris and Amsterdam registering gains and Milan, Frankfurt and London with losses. However, the European session closed in positive territory, with the exception of London where the FTSE 100 index fell slightly 0.01%. It was the first session in Europe after holidays on Friday and Monday. The largest increases were recorded in Athens bags, where the general index rose almost 2%, and in Dublin, where the ISEQ index rose 1.14%.

The current, the stock Lisbon, where the PSI 20 index closed losing 1.03%, strongly pressured by falls of more than 6% in the shares of two banks, BCP and BPI.


National Stock Exchange lost more than 1% down by heavy losses in banking – Jornal de Negócios – Portugal

The PSI-20 ended the stock market session on Tuesday, March 29, to yield 1.03% to 5045.61 points, with nine listed to trade falling and the remaining nine high. In this third consecutive day in which traded in negative territory, the national stock exchange bucked the sentiment recorded by most major European markets.

contribute more overwhelmingly for the losses of national stock exchange was the performance of the domestic financial sector. The BCP was even quoted that most penalized, while sliding 6.78% to 0.0399 euros, this after the bank led by Nuno Amado has proposed the merger of 193 shares for one.

Also the press was BPI, which fell 6.74% to 1.204 euros, already after arriving after negotiations between the Angolan businesswoman Isabel dos Santos and Spain’s CaixaBank.

In a session that came to fall more than 9%, BCP recorded the largest daily decline since February 3, at a time when the institution may be about to open door to new investors. Already on Tuesday, the Haitong said that the target price for the BCP shares on completion of the merger of shares will be 19.30 euros.

you BPI also recorded the largest daily decline since last February 3, that a session that reached to devalue 7.82%, at a time when analysts consider that a any agreement to reduce the bank’s exposure led by Fernando Ulrich to Angola is in the hands of Isabel dos Santos.

Also contributing to the negative performance of Lisbon’s purse were CTT which fell 1 24% for 8,216 euros.

Mixed Feeling was recorded in the energy sector. While EDPR depreciated 0.52% to 6.693 euros, EDP gained 0.65% to 3,083 euros, asserting itself as one of the listed that contributed most to prevent a sharper depreciation of the national stock exchange.

For its part, Galp Energia rose 0.09% to 10.95 euros, despite the sharp decline of oil price in international markets. In London, North Sea Brent, which is used as a benchmark for national imports, following this time to fall 3.4% to $ 38.90 per barrel. This behavior there is still before being released data on crude oil reserves of the United States, which should have increased further.

Jerónimo Martins was even quoted that contributed most to prevent a more marked fall PSI-20, with the retailer to add 1.07% to 14.155 euros. Also in high Sonae was to gain 0.49% to 1.033 euros.

(News updated 16:53)


Helena Garrido leaves the direction of “Business Journal” – Express

The journalist Helena Garrido will leave the direction of the “Jornal de Negócios”. The information was provided by the the writing in the early afternoon, revealing that his departure was decided by the management of Cofina.

In the ad that made the writing, the journalist did not specify a date for ending its functions as director of “Business”. But added that his successor in office should be the journalist Raul Vaz, former director of the “Economic Daily” (who resigned functions two weeks before the end of the journal paper edition of the Ongoing group, for lack of means to ensure project feasibility).

Contacted by Express, official source management Cofina confirmed the departure of Helena Garrido the direction of the “Jornal de Negócios”, but did not comment on the reasons for this decision by the administration or confirmed the signing of Raul Vaz to take the lead the next direction of the newspaper.

So far it was not possible to contact Helena Garrido and Raul Vaz.

according to the latest report from APCI, the “Business Journal” in 2015 had a circulation of average pay of 9577 copies, 2.2% more than in the previous year. The paper’s newsstand sales fell, however, more than 15% compared to 2014, dropping to an average sales 1730 copies per issue.

Helena Garrido was director of the “Jornal de Negócios” from the end of 2013, when it succeeded in charge of Pedro Santos Guerreiro when it integrated the direction of the Express.



Finance attest regular benefits to group companies that hired former Minister of Finance – Business Journal – Portugal

According to the document, a total of 423,428.99 euros were granted between 2011 and 2015, the two of Arrow Global’s subsidiaries: White Star Asset Solutions (404,228.88 euros) and Gesphone (19,200.11 euros), the title “increase job creation” and “extraordinary tax credit for investment.”

the cabinet of Mario Centeno explains that only the request for data on four of the companies that make up the Global Arrow universe with the Secretary- general of the Ministry of Finance itself, the body of Shared Services Public Administration, the Tax and Customs Authority, the Directorate general of Treasury and Finance, Parpública and Treasury Management Agency and Public Debt.

“not found registration any legal or contractual relationship between the Portuguese State and the undertakings or financial operations, debt issues and others in which the undertakings concerned have participated,” says the document of the Government.

in response to deputies, the Ministry of Finance adds that “does not exist registry litigation sponsored by the Secretary-General of this Ministry in which these companies are perpetrators or ground.”

the conflicts referred to in the legislation referred himself to the senior public officials with responsibilities in a particular sector, within three years, and only in cases where companies or entities have been privatized or contemplated with direct support or tax benefits the state other than the regularly assigned as stimulus to employment or investment, for example.

Subcommittee on ethics has received documents

the subcommittee ethics of parliamentary Committee for Constitutional Affairs, rights, freedoms and Guarantees has received this documentation, and, according to its president, the deputy of the PSD and former minister Marques Guedes, parliamentarians will now decide on the “timing” of the review process of the professional situation folder of the former head of finance and the relationship of the Global Arrow companies with the Portuguese State at the next meeting, scheduled for Wednesday at 10.30.

“Let’s make a situation point on the draft opinion on when you may be completed. I think the latest early next week is a reasonable time. Also, as asked Mrs own, we will analyze the rapporteur [deputy PSD Paul Rios de Oliveira] about the possibility of being heard in the committee itself, “he told Lusa Marques Guedes.

PCP and BE, with subsequent agreement PS, PSD and CDS-PP, had requested information from the government, particularly the Ministry of Finance on possible financial support or tax benefits, namely Banif bank however privatized precisely with the British conglomerate concerned.


banking shares recorded strong declines in the stock Lisbon – publico






On a day when European stock markets are experiencing increases in their indices, the stock Lisbon follows in reverse, affected by the sharp depreciation that occurs in the securities of the banking sector.

BCP, BPI and Caixa Económica Montepio Geral are the actions that the early morning of Monday have a more negative performance affected by the climate of uncertainty that we are witnessing in the shareholder composition of the Portuguese banking sector.

at 9:30 , the PSI 20, the main stock index in Lisbon fell 1.31% over the closing price the previous day. The biggest drop was recorded by BCP, whose shares were worth less 9.11%, being located in 0.390 euros. Next, was the devaluation of 6.27% of BPI and then the fall of 4.75% of Montepio Geral Economic Case.

The uncertainty about what will happen to the shareholder structure of BPI and BCP is the cause reported by analysts for this negative performance of the sector actions. In particular, doubts regarding the possibility of two shareholders of BPI, Isabel dos Santos and Caixabank reach an agreement with the bank, seems to weigh in the evolution of this title, also affecting the BCP, since it was created in the markets the expectation that Isabel dos Santos, to leave the BPI, could take a position on the bench.

on Monday, the administration of the BCP proposed rule changes that may open the door to the entry of a new shareholder and suggested the regrouping of shares in the bank by applying a ratio of 1 to 193.



tourist taxes. Hall is negotiating with online platforms – iOnline

The town hall of Lisbon is in talks with various online rental platforms homes for tourism so that they also begin to charge the tourist tax. The idea of ​​the local authority is to cover all entities that provide listings for houses and apartments for vacation rental for the collection is not limited to hotels and local accommodation establishments. At the same time, these sites are seen as a “great gateway” in terms of revenue, since there are many tourists who use this kind of platforms to choose your accommodation.


These negotiations involve entities such as Airbnb and HomeAway. For now, Airbnb – site that allows users to rent all or part of your home, providing a search and booking platform between the person who provides the accommodation and the traveler looking to stay – ensured that it is “always prepared to talk and cooperate with the authorities in everything that surrounds his activity and not just on the tourist rate. “


“We are still in talks in Lisbon. But in other cities, such payments are made by guests within the Airbnb platform, the fee is collected by Airbnb on behalf of the hosts and then delivers it to the authorities, “he said the company is headquartered in San Francisco.


More than a million This rate, which came into force earlier this year, has allowed the camera to raise EUR 1.1 million and covers a first phase, hotels and local accommodation establishments . “At this time, the city already has submitted EUR 1.1 million. Already all hotels (196) registered on the platform and more about 2100 local accommodations, “said the responsible for the portfolio of Finance, John Paul Scott.


The local authority’s goals are simple: to achieve by the end of the year almost EUR 16 million and this amount will go to a tourist fund set up to finance investments in the capital. And to achieve these values ​​the collection by these tourist rental platforms will be important.


The council approved the municipal tourist tax (TTM), which shall be paid by all visitors, including Lisbon, with more than 13 years that sleep in the city. The amount charged is a euro per night, regardless of the type of accommodation that is. This means that the value is either a five-star hotel, three or local housing unit.


What is certain is that this rate on overnight stays there in several European cities, in different modalities. However, in addition to overnight stays, the fee will be charged this year in arrivals by air and sea to Lisbon, but the municipality has not yet announced how will it be made this charge.


Remember that the ANA – Airports of Portugal, was responsible for applying this tourist tax last year. Only arrivals by air to Lisbon resulted in the entry of EUR 3.8 million in the camera safes. A value which stood within the revenue forecast as at the signing of the protocol between the ANA and the local authority in March, it was estimated that the surrender rate between 3.6 and 4.4 million euros.


However, the company ruled out this responsibility during this year and ensured that it would be up to the municipality to find a “workaround”. “The ANA was never taxable these rates. The taxable these rates was the passenger “and that ANA did was to” be made available to support this cost during the year 2015, not to create a nuisance problem for passengers, “he said at the end of the year, company president Jorge Ponce de Leon.


Measure away from the consensus The truth is that not everyone agrees with the implementation of this rate, i guarantee the various stakeholders in the sector. According to the Association of Hotels, Restaurants and Similar Portugal (AHRESP), this rate is stifling the tourism sector that has been growing in recent years. The association also says that there is a risk of this measure could open doors to the parallel economy in the small hotel units, promoting unfair competition.


“The Lisbon City Council decided to apply the tourist tax, introducing a series of administrative costs and legal liabilities that the housing sector companies can not afford, affronting thus a vital sector for the economic recovery and cities in particular Lisbon, where tourism has been boosting the emergence of businesses that in the creation of jobs and a greater dynamic in the city’s economy, “says AHRESP.


Also in the opinion of the Association of Hotels of Portugal (AHP), “a fee is always a fee and is always harmful because it has an additional cost,” said his deputy, Luis Alves Sousa.


According to the official, the most penalized by this tax are to be hotels, “because it was not possible to make the price adjustment at the beginning of the year to have been implemented this charge.”


Still, Luis Alves Sousa believes that the hotel units are not being affected by this “tax”. “Tourists began to be told last year and, moreover, are already used to paying these kinds of rates in other cities.


A view shared by John Cotrim Figueiredo, at the time president of Turismo de Portugal, stating that, with regard to that practiced rate is a relatively small value, “would not have an impact on demand nor would translate in damage to tourism. “



Monday, March 28, 2016

Shanghai Stock Exchange opened in fall of 0.04% – Correio da Manhã

The Shanghai Stock Exchange, the main financial center of China, today opened the falling 0.04% to 2956.71 points.

Shenzhen, the second financial center of the country, fell 0.17% the first transaction of the day to 10,259.71 points

the ChiNext, the Chinese index dedicated to small and medium local businesses and inspired by the US Nasdaq, also opened with losses:. fell 0.4% to 2190.88 points.

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