Government back to meet with unions to discuss revising the … – Economic

Government back to meet with unions to discuss revising the … – Economic

Ligia Simões

ligia.simoes@economico.pt

00:05

The Secretary of State for Public Administration, Jose Leite Martins, is reunited with the Trade Union Front (Fesap) on Monday.

On the table is the diploma on the review of salary payments for civil servants. The ruling marked the meeting in response to the request for further negotiation of the union structure. Speaking to Economic, Joseph Abraham stresses that Fesap “will take every opportunity to improve the degree,” while acknowledging that “essentially” the government will not amend the proposal.

“It remains our concern for workers to risk losing pay,” he said. The secretary of state had already closed for the negotiations on Thursday but, by law, is now obliged to hear the unions asked further negotiation. At issue is the law that frames the review of supplements: some will be integrated into the basic pay and others may be extinct. Will exist a single table of supplements with fixed values ​​in euro (and not a percentage of salary).

Banks may adhere to the system of tax credits from … – Economic

Banks may adhere to the system of tax credits from … – Economic

Lusa

12:29

From fourth -Thurs banks may join the special regime that allows them to transform into tax credits deferred taxes originated by credit impairments and the benefits granted to employees, a move long demanded by the industry.

It was published today in Gazette special rules applicable to deferred tax assets, which was several months ago asked by banks complained that the same treatment already given to banks in Spain and Italy.

Due to new accounting rules of Basel III, banks are now required to deduct from own funds the deferred tax assets that were accumulated, can only count as capital those in which there is almost full guarantee of their use. This mean a ‘hole’ in banks’ capital ratios, at the time preparing for the tests of ‘stress’ of the European Central Bank (ECB).

The regime published today grants this tax credit to banks. But requires that, when the want to use, constitute a special reserve to be incorporated into the capital and at the same time, assign to the state conversion rights amounting to 110% of credit used, which may be exercised and converted into shares ( State with the power to become a shareholder in this way) or sold in the market.

To enter this regime, banks have to make application to join the Minister of Finance and approve the accession in assembly -Overall.

When was debated in Parliament, the opposition questioned the government about the costs to the public accounts of this scheme, since the state must assume the debt as tax credits that grant. However, Finance Minister, Maria Luís Albuquerque, minimized this effect in future budget deficits, justifying it with the “compensation mechanism [that the regime has] that avoids the possible impact on the budget,” but declined to estimate the impact the measure.

The official said that for the deferred tax assets are converted into tax credits, it is necessary that companies have losses, so considered that this scheme could have “very negative impact” public accounts would take “many consecutive years of losses of companies” and that if the banks return to positive results “to all appearances”, “nothing changes against the current regime.” Besides, he added, as the new regime starts counting from 2015, so “its effects will impact only in 2016.”

In the major banks, it is estimated that there are about 1, EUR 5 billion of deferred taxes that can be transformed into tax credits. The BCP will be the biggest beneficiary.

In an opinion on this issue, the Bank of Portugal considered that the obligation of banks give compensation to the State will to accede to this scheme only those who “present a substantive and immediate need to strengthen capital and simultaneously presenting greater difficulty in accessing capital markets to meet this very need.”

the banking supervisor, will make it “the institutions in worse financial conditions, and therefore more urgent needs to attract new shareholders, which will be more penalized.”

ie say

Banks perform a set of operations whose value at a certain point, although accepted accounting purposes, is not accepted for the purposes of the tax authorities. It is the value that goes above the amount accepted by the tax authorities that generates the deferred tax asset and that is in the bank’s balance sheet to reduce further tax to pay.

Russian economy is close to recession, says government – Jornal do Brazil

Russian economy is close to recession, says government – Jornal do Brazil

The Russian economy is close to recession, not to record growth in the first half of the year, said today (26) the Ministry of Economy of the country.

“This means that the state of the economy is close the recession. We believe that in the third quarter the situation may improve a bit and there will be some growth, “said Oleg Zasov, Head of Macroeconomic Forecasts of the ministry.

Despite the setback of the economy of 0.5% in first quarter , local agencies estimate that the Gross Domestic Product (GDP) can still grow 0.1% to 0.2%.

Zasob also commented growth forecasts for 2015, which may lower than 2% to 1%, since, according to him, were not confirmed predictions about the relief of the Ukrainian conflict and the consequent international pressure.

“We expected that investments could already be felt next year, especially in the sector private. But, since we realized that now the credit conditions in international markets were hardened, as new sanctions that were introduced did not expect, “he said.

Somada to macroeconomic forecasts, there is a provision Falling oil price for 2015 of $ 90 to $ 95, well below the $ 100 per barrel provided by the Moscow government, according to the deputy Russian finance minister, Alexei Moseev.

recently the Federal Statistics Service of Russia reported that the country’s economy is in a state of technical recession and that international sanctions have exacerbated this trend.

The annexation of the Crimea and the conflict in eastern Ukraine, as well as international sanctions have forced Russia and the World Bank to revise the growth forecasts for the Russian economy for 2014 and 2015.

Four Chambers requesting access to emergency fund to … – Expresso

Four Chambers requesting access to emergency fund to … – Expresso

<- St_tag_p begin ->

The heavy indebtedness and failure to meet the payment of wages has already taken four municipalities to ask the Government the use of the emergency line available under the new Municipal Support Fund (FAM). The information is released this Tuesday by the “Economic Daily” and the “Morning Post”, which does not identify the Municipalities concerned

. <- St_tag_p end ->

The FAM was issued on Monday by the President and will enable more indebted Cameras presentation, starting in September, applications for accessing a fund that will provide a global cake in the order of € 650 million, funded by the Government and by the Portuguese authorities.

<- end st_tag_p ->

In total, the Government estimates that there are at least 19 municipalities in financial situation of rupture and need Access this background, to ensure the fulfillment of obligations such as the payment of wages or maintenance of basic services to the population. In addition to these 19, there will still be another 23 municipalities whose access to background will be optional

. <- St_tag_p end ->

While this mechanism does not enters into force – which should only occur in 2015 – however the Government stipulated the creation of a hotline for municipalities with greater urgency to receive financial support. For this provisional line, and reportedly advanced by the two newspapers, the Government funds should anticipate between 30 and 40 million euros.

<- end st_tag_p ->

The loans that are approved this emergency line – as should be the case of the four municipalities already called for the acceleration of the process -. later be accommodated within the FAM

<- end st_tag_p ->

Subsidized housing loans for disabled people goes up to 190 … – TSF Online

Subsidized housing loans for disabled people goes up to 190 … – TSF Online

The new law was passed on July 25, due to the effort of bringing the various parties within the workgroup Mortgage loans for people with disabilities, and that resulted in the presentation of a joint paper.

The new system of granting subsidized housing loans for people with disability brings new access conditions, no longer mandatory to contract insurance and passing all banks to be forced to grant this type of credit.

According to the legislation published today in the Official Gazette, the maximum loan amount is 190 thousand euros, must not exceed 90% of the total value of housing, the cost of maintenance works or upgrading works.

In what concerns the maximum loan term, the new law stipulates that it is 50 years.

This new scheme is intended for acquisition, expansion, construction and / or completion of conservation works, land acquisition and construction of own building for permanent living or carrying out maintenance works or upgrading common parts of buildings.

PT had debt 750ME the Holy Spirit International in 2013 – TVI24

PT had debt 750ME the Holy Spirit International in 2013 – TVI24

The Portugal Telecom (PT) had 750 million euros of debt Holy Spirit International (ESI), a company of Grupo Espirito Santo (GES), at the end of last year, the company said, writes Lusa.

In a statement sent to the Committee on Securities Market Commission (CMVM), quoted by Lusa, “on December 31, 2013, the balance of debt securities in the amount of € 750 million includes debt securities issued by the company Spirit Holy International ‘, a non-financial holding company under Luxembourg law that integrates the GES, refers to PT.

Of the total amount, EUR 500 million was subscribed by PT Finance on November 8, 2013 and were settled in maturing on February 10 this year and € 200 million was subscribed by PT on October 29, 2013 and were paid at maturity on January 29 last.

The remaining EUR 50 million was subscribed by PT Finance on November 20, 2013 and was paid on 20 February this year, the “subsequent to the date of approval by the board of directors of the report and consolidated accounts (February 18) and the issuing of legal certification of consolidated Constas and audit (February 19) report ‘it said.

Both bonds were liquidated “by the respective nominal value plus interest,’ says.

Correcting the deficit of wage cuts waiting to lock deviation … – Reuters

Correcting the deficit of wage cuts waiting to lock deviation … – Reuters

             

                     
                 

                     
                 

                     

             

 
                     

Even with five months ahead of budget execution, the path of the general government deficit by the end of the year is now dependent on the capacity for growth in tax revenue – which slowed in July but remains higher than expected – and the evolution of spending in the final stretch of the year, after the reset wage cuts was José Sócrates.

                 

                      The execution data from January to July, published on Monday by the Directorate-General of Budget (DGO), show a deterioration in the deficit of the general government (central government, social security and regional and local government) in relation to first seven months of last year, with the fiscal balance to achieve negative 5.8234 billion euros, 389 million euros more than in the same period.

The increased deficit measured in accounting public (with a different methodology of estimation of national accounts communicated to Brussels) is due to a dual effect. both fiscal revenue slowed in July as government spending increased again

The increase in spending State personnel already reflected in budget execution June and has two reasons for it. One has to do with the comparison of the data (because this year the holiday pay of state workers have been paid in 2013 and only in November did was indicted 14 months); the other is a temporary reason that arises from the replacement of wages in the public sector, after the Constitutional Court (TC) have plumbed in May the progressive wage reductions of 2.5% to 12% from 675 euros gross per month.

According to figures from DGO, personnel expenses increased 9.3%, to EUR 7.6273 billion, while in the same period last year the amount was at 6.9806 billion. The difference of EUR 646.7 million had an immediate impact on the consolidated central government expenditure, which increased by 5.8% to EUR 35.5078 billion.

If this increase contributes to the assumed spending by the State with immediate replacement of wages decreed by the Constitutional Court, there are other factors that also influence this variation. According to the DGO, the increase is also due to the “lag in the payment of the 14th month to the beneficiaries of the pension scheme administered by the CGA (CGA)”, the “consistent increase in the number of pensioners, with impact on transfers “and” Interest expense and other direct debt burden of the state. “

In the case of the increase of personnel expenses, this is a temporary effect, which will partially mitigate the coming months, so take effect the replacement of pay cuts of 3.5% to 10% above 1500 euros, which are voted on in Parliament next week.

As for tax revenue, which has been being supported by growth Capture taxes on IRS, the pace of growth slowed. If by June tax income was increasing 4.3% in the month following the increase did not exceed 3.8%. Still, the state has raised via taxes of EUR 19.8986 billion, more than 735.1 million in the first seven months of 2013 this amount achieved the most, 357.3 million are due to the IRS, which maintains the levels of 2013, the year in which the Portuguese felt in the pocket “huge increase” taxes played by former Finance Minister Vitor Gaspar.

The IRS collection also slowed. When moving from a growth of 8.4% to 6.1%, the amount collected was € 6.1868 billion. Already IRC revenue (2.7308 billion) accentuated the fall (to 9.2%). And coupled with the slowdown of the IRS, returned to penalize the path of direct taxes, which grew by 2.8% in July, just a month before, were growing more than 5%. Nevertheless, the trend is more positive than that provided by the Government, which indicates a decline over the year.

Among the indirect taxes, which more clearly reflect the progress of economic activity, growth revenue accelerated to 4.8%. VAT is that the state will get the largest share and, with this tax, EUR 7.6803 billion, 400 million more than in the period from January to July (an annual increase of 5.5%) were collected.

PSD blame judges
PSD devalued the aggravation of spending to relate it to the decisions of the TC, while the opposition parties to read the data from the budget execution ‘il take them to express “concern” and pointing a “failure” of government policy. The CDS chose not to comment on the figures.

                 
 
                 
             

                 

Fees and unexpected charges lead bank failures reveals … – RTP

Fees and unexpected charges lead bank failures reveals … – RTP

 The survey – conducted late last year, and whose findings are published in the edition of September / October and the moneys magazine Rights Association – also reveals that the “pressure to hire unclear product” and “incorrect instruction execution” on the list of biggest flaws.
 

 “This survey is done regularly and shows that problems remain,” he told Lusa economist Money and Rights, Nuno Rico.
 

 A third of the respondents claimed to have lived Deco bad experiences with your checking account in the last 12 months and the main reason has to do with costs improperly charged.
 

 In the survey, banks that proved to be the most pleasing of respondents are operating online, and require no maintenance expenses.
 

 Thirteen percent of study participants reported problems with credit cards, and the errors in applying the commissions the main reason for dissatisfaction.
 

 “The Bank of Portugal, acting as supervisor also conducts annual studies and is aware of the situation. But the reports that becomes public, only appoints banks demanded more by consumers in some banking products, not pointing the finger at offenders,” criticizes the association for the defense of consumer rights.
 

 The Deco wants consumers to have information about the violations detected by the Bank of Portugal, as well as the respective authors and sanctions.
 

 “That would have a deterrent effect of bad banking practices and help customers make choices with greater clarity,” defended Nuno Rico.
 

 DECO has notified the Bank of Portugal and the Ministry of Finance of the survey findings and the need to increase transparency to prevent institutions transgress.
 

 “Should not be possible to include all the information in the report, tables, published or not, should be available to the public. If current law does not permit such disclosure, should be promoted legal changes to make this possible,” concludes economist.
 

 
 

 
 

TAGS: Deco, Rico,

Four municipalities resort to emergency fund – Economic

Four municipalities resort to emergency fund – Economic

Filipe Garcia

00:05

Cavaco Silva enacted legislation yesterday Support Fund and four municipal authorities have already started to negotiate emergency support for basic services.

Between now and November 30 municipalities may resort to emergency line provided for under the Municipal Support Fund, enacted legislation that Cavaco Silva yesterday, and that will serve to prevent entry in default of the most indebted chambers. Four municipalities have already started negotiations with the Executive to expedite the process. In total, the central coffers may have to anticipate a budget of around EUR 40 million. In total, Municipal Support Fund (FAM) will reach 650 million euros, but this, which should use at least 19 municipalities, should only start next year.

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Nearly 20 municipalities will be required to join the Support Fund … – iOnline

Nearly 20 municipalities will be required to join the Support Fund … – iOnline

The Government estimates that 19 municipalities are obliged to adhere to Support Municipal Fund (FAM), new mechanism of financial regulation that will be optional for other 23 municipalities, Lusa said today the Secretary of State for Local Government.

“We estimate that 19 municipalities are in the group of mandatory and 23 optional access access,” said António Leitão Amaro, compared to municipalities that will have to resort to the FAM for its financial restructuring.

The Secretary of State for Local Government declined to disclose which already are the municipalities that will be required to join the FAM, “which will be done at the right time”, since the law regulates only the new regime comes into force on Tuesday and is still being finalized the process of validating the accounts of 2013

“This is a very important piece that comes to a truly new recovery scheme financial municipalities that are in strong disequilibrium “said António Leitão Amaro.

The law 53/2014, published today in the Official Gazette, establish conditions for the financial recovery of the municipalities, it is expected cases of “mandatory referral” situations and “optional feature”.

The capital of the FAM is EUR 650 million, to be subscribed by 50% by the state and the remaining half by all municipalities and that it must be done within a maximum of seven years, beginning on 2015, ensuring the state already support the municipalities in most critical situation.

The official pointed out that, in the universe of 308 municipalities, registered in the last three years, “an evolution of the very favorable accounts”, confirmed by the latest figures of budget execution, which results “effort by local councilors, but too much of the various rules that the government was creating “.

“What we create for the first time is a regime that regulates the conditions of the imbalances of now and the future and it does in a way that is both balanced because firstly asks an effort to unbalanced municipality , which also calls for an effort to your creditors, but also to the state and other municipalities, “considered Leitão Amaro.

Wood not only monitors the real estate recovery in Portugal – Economic

Wood not only monitors the real estate recovery in Portugal – Economic

Mariana Adam

mariana.adam@economico.pt

Yesterday 11:54

The average value of bank evaluation of housing, held in connection with the granting of loans, was up almost 2% in the Lisbon region.

The value that banks assess the houses at the time of granting credit to housing is a leading indicator of the price of real estate in Portugal and one of the thermometers to measure the economic recovery.

data released this morning by the National Statistics Institute (INE) show that in July, the average price of bank valuation of homes in Portugal stood at 1,019 euros per square meter, representing an increase of 1.3% over the before, and 0.5% month, taking into account the same period.

The INE said that “the greatest contribution to the aggregate result” was the Lisbon region with a variation of 1.9% and an average appraised value of 1221 euros / m2, which represents more than 23 euros in June.

The same source adds that the average value of bank evaluation recorded monthly increases in all regions except the Autonomous Region of Madeira – had a decrease of 0.9% in chain (for 1,135 euros / m2)

.

Reuters: GES issued Euro five billion debt … – Business Journal – Portugal

Reuters: GES issued Euro five billion debt … – Business Journal – Portugal

Reuters points out that this scheme is being reviewed by Portuguese financial regulators who are trying to determine its legality. The debt was “sold through a complex scheme involving transatlantic companies in Panama and in Europe,” advances the news agency.

The Espirito Santo Group (GES) issued 5 billion euros of debt in the first half, shortly before going into bankruptcy. The news is being advanced by Reuters citing sources with knowledge of the operation and others who are closely monitoring the investigations.

“The debt was sold through a complex scheme involving transatlantic companies in Panama and Europe , the sources said. lot of debt just in Banco Espírito Santo and its customers, the sources added, thus accelerating the conditions that led to the bank was rescued by the state earlier this month, “writes the agency on Monday, August 25.

Reuters notes that this funding scheme is being reviewed by Portuguese financial regulators who are trying to determine its legality.

This scheme was set up to reimburse BES customers who had purchased very short-term debt of companies belonging to GES. At the end of 2013, had been sold short-term debt in the amount of EUR 1.7 billion.

Then “under pressure to repay the bank’s customers, the companies have created new debt to GES a total value of five billion, “writes Reuters, citing sources who had knowledge of the transactions.

Despite the holders of these securities have to wait up to 40 years to be repaid, an interest rate of 7% “made up for the wait.” The bonds were also issued with a “big discount”, said the same sources.

The debt was first sold to ES Bank Panama (ESBP), owned by the Espírito Santo Financial Group, which later transferred to the obligations other company related to the Holy Spirit Family.

Transactions of ESBP in Panama City are currently closed. The governor of the Central American country, the “Superintendencia de Bancos de Panama” (SBP), told Reuters he is reviewing the scheme and can not comment.

“The debt was then recoded into debt shorter maturities than the original 40 years, and was then sold to BES customers, “said Reuters citing the same sources.

To make the long-term debt in short-term debt, the GES wore special financial vehicles (“Special Purposes Entities”), which are used to insulate a company from the risks of holding debt on their balance sheets.

Contacted by Reuters, the New Bank declined to comment on the news and pointed to previous reports which said it would pay its retail customers who had purchased commercial paper from companies the GES.

BES customers would not be aware of what they were buying

The Wall Street Journal ran on August 18 that Credit Suisse helped hide debt GES. BES had sold to their customers interests in financial vehicles that had hidden corporate debt Espírito Santo Group and BES itself. The financial newspaper stressed that customers would not be aware of what they were buying

The Swiss bank will have clustered securities issued by companies in the Espírito Santo Group -. Well as BES, the Angolan Escom and Espírito Santo Financial Group – in financial vehicles

After the debt was sold by BES at their counters.. The bank’s customers bought these products without knowing that there was corporate debt within these vehicles, ie, were not aware of the risk that the investment involved. It was in this way that these companies were financed themselves.

The Credit Suisse came after he had to take part in the formation and operation of these financial vehicles, but that played no role in their marketing.

The New Bank, an institution that was born BES already assumed that it intends to repay commercial paper (very short-term debt) of Espírito Santo International and Rioforte acquired by BES customers.

debt issued by the GES and signed by BES customers amounted to a total of EUR 3.1 billion at the end of the first half. This cake, 1.1 billion were purchased by individual customers of BES and will be entitled to a refund. The remaining amount, 2 billion, were bought by qualified investors, as large companies, who will not be eligible for reimbursement.

Deficit spending does thicken almost 390 million by July – Reuters

Deficit spending does thicken almost 390 million by July – Reuters

             

                     
                 

                     
                 

             

 
                     

Tax revenue collected by the state is higher than expected, but the increase of personnel expenses in June and July to press back the budget execution. In the first seven months of the year, the deficit of the general government (central government, social security and regional and local government) stood at EUR 5.8234 billion, rising to EUR 389 million higher than the same period in 2013.

                 

                      According to data from the budget execution until July, published in optics public accounting by the Directorate-General of Budget (DGO) on Monday, was registered on the one hand, an increase in tax revenue of 3.8 % and on the other, and an increase of 5.8% of the consolidated central government expenditure, especially that of the replacement of wages in the public sector from June (following the lead of the cuts enacted by the Constitutional Court) results.

This is also one of the reasons mentioned in a statement from the Ministry of Finance to explain the fact that the deficit measured by the data of budget execution is again worse than in 2013 As has happened execution June, there is an effect associated with the replacement of wages. And to add to this two other factors: the payment of holiday pay during this period of the year (which did not happen in 2013, since the 14 months was only paid in November) and the increase in interest payments <. / p>

Personnel expenses rose in the first seven months of the year to € 7.6273 billion, while in the same period last year the amount was at 6.9806 billion. Adding this to other factors, the consolidated expenses of administration recorded a growth of 5.8%. The sum amounted to € 35,507,800,000. And the result, in addition to increased spending on wages, the “lag in the payment of the 14th month to the beneficiaries of the pension scheme administered by the CGA (CGA)”, the “consistent increase in the number of pensioners with impact on transfers “and” Interest expense and other direct debt burden of the state, “explains the DGO in the bulletin of the budget.

As for revenues, the state has already grossed more than half of the sum the executive is planning for the whole year. By July, entered the public coffers of 22,381,800,000 40,752,500,000 appointed by the Government in the first amendment to the state budget (the degree of implementation is already around 55%).

This increase (of 1.7% compared with the assessed until July of last year) is mainly due to revenue growth achieved through taxes.

Tax revenue collected amounted to EUR 19.8986 billion, an increase of equivalent 3.8% to EUR 735.1 million. The amount that the state collected more than in the same period, 48.6% (357.3 million) are due to the IRS.

 
                 
             

State collects nearly 19 900 million in taxes – Daily News – Lisbon

State collects nearly 19 900 million in taxes – Daily News – Lisbon

According to the summary of budget execution until July released today by the DGO, the net tax revenue
 accumulated in the State amounted to EUR 19.8986 billion, which
 corresponds to an increase of 3.8% year on year, when they were
 amealhados EUR 19.1635 billion.

In the first half,
 Net tax revenues accumulated in the State amounted to 17,129 million
 euros, which corresponded in’ll counterparts, an increase of 4.3%.
 When announcing the DGO fiscal synthesis through June, the
 Ministry of Finance stated that this amount exceeded the goal
 enrolled in the State Budget for 2014

By July, revenue
 Accumulated net of direct taxes increased by 2.8% over the same period
  2013, settling at € 9,081 million. About The Tax
 Yield Individuals (IRS) accounts for most of the
 revenues accumulated in direct taxes by the State: 6.1869 billion of
 euros, 6.1% more than in the first seven months of last year.

Have
  with regard to indirect taxes between January and July
 2014, the accumulated net revenues increased 4.8% YoY
 representing EUR 10.8176 billion. The DGO highlights the “increased
 significant net revenues from Value Added Tax
 (VAT). “Only with this tax, the state garnered EUR 7.6803 billion,
  5.5% more than in the same period last year.

These variations exceed the goals attached to the IRS and VAT in the State Budget for 2014, indicates the DGO.

Bank valuation of housing is increasing – Expresso

Bank valuation of housing is increasing – Expresso

<- St_tag_p begin ->

The average value of bank evaluation on housing, held under the lending, increased 1.3% in July from the previous month, and 0 5% compared to July last year, the data indicate published on Monday by the National Statistics Institute (INE)

. <- st_tag_p end ->

The Lisbon region is that most contributed to this increase and is to underline the fact that the only area in which there has been an increase in bank evaluation have been to Madeira. The autonomous region there was even a decrease of 0.9% from the mean.

<- end st_tag_p ->

You need to pull back until October 2013 to meet the same average appraised value recorded this past month July (1019 euros / m2). Since October, the average was down to April (990 euros / m2), increasing thereafter

. <- St_tag_p end -> <-! St_tag_p begin ->

Among the average appraised value of apartments and villas, the villas are located below the apartments. The average value for T2 and T3 stood in the country, at 1030 euros / m2 and 1033 euros / m2, respectively. Already the villas are located at 950 euros / m2.

<- end st_tag_p ->

If you look at the increase recorded in July, by municipality, one realizes that in the regions of Sierra Star and Douro registered some of the highest increases (both 3.7%). How to metropolitan areas, the average value increased 23 euros / m2 in Lisbon between June and July, and 12 euros / m2 in the Porto Metropolitan Area.

<- end st_tag_p ->

<- end st_tag_p ->

Draghi’s words put interest rates at historic lows – Reuters

Draghi's words put interest rates at historic lows – Reuters

             

                     
                 

             

 
                     

The words of the President of the European Central Bank (ECB) last Friday in the United States, injected confidence in financial markets, so that European stock markets accumulate gains of more than 1% and the interest rates of sovereign debt fell to historic lows. The euro also fell to the lowest level in 11 weeks.

                 

                     For Portugal, the interest rate of government debt to 10 years fell below 3%, the lowest level ever. The five years, the yield is close to 1.55% and maturity of two years is just over 0.7%.

At a conference in Jackson Hole, which brought together the heads of the most important central banks the world, Mario Draghi said that the trust measures that the ECB has in progress will help to stimulate demand in the euro zone, but added that the institution is prepared to go further if they do not work.

Analysts called to interpret the words of Draghi believe, a large majority in the short term the ECB may use heavier artillery, including a program of quantitative easing similar to what the Federal Reserve still has ongoing and consists in the purchase of assets of sovereign debt.

accuse Draghi’s words, the major European markets are also having a session of gains, with the Euro Stoxx 50 index, which includes the 50 biggest listed companies in Europe, registering an increase of 1.11%, the same as it accumulates Indica of the Paris stock exchange. In Frankfurt, the Dax is gaining 0.98%.

 
                 
             

“It will be very difficult to” buy Novo Banco BPI – Expresso

"It will be very difficult to" buy Novo Banco BPI – Expresso

<- St_tag_p begin ->

In an interview published in today’s edition of the “Economic Daily”, Artur Santos Silva, “chairman” of the BPI says the New Bank to be sold as quickly as possible. “It is very important that the sale of New Bank will be made as soon as possible,” says

. <- St_tag_p end ->

And the BPI, can participate in the buying process of the New Bank? “At first glance I think it will be hard to make that happen, by the demands of the effort that would have to be done,” says Santos Silva. “But at this time there are great conditions to ensure any prediction,” caveat

. <- St_tag_p end ->

What that administration BES is accused “is very serious,” said Santos Silva. “Over the recent years there were several signs that revealed difficulties in BES and GES. But I never thought the situation was that we were described either by the accounts that were published with the results of June, either by the Bank of Portugal to us “

. <- st_tag_p end ->

” There is an element that was destroyed, which is the brand that is an important intangible asset of a bank … “adds the” chairman “of the BPI. “It is a valuable brand that disappears Novo Banco not have this asset..”

<- end st_tag_p ->

About the model resolution adopted, Santos Silva says he is concerned about “how all this will be executed mainly because the scheme does not provide for any participation of the banks.” But concludes that “the solution of the settlement was unthinkable”

. <- St_tag_p end ->

About the Bank of Portugal, “the My assessment today regarding the ability of the regulator is very positive. ”

<- end st_tag_p ->

Artur Santos Silva led the executive management of the BPI when, at the turn of the century, there were negotiations with the BES aimed at a merger. These negotiations aborted, having existed an agreement of silence about the reasons for miscarriage. Even today this agreement remains at Santos Silva does not comment. But he says, in an interview today that “even though the merger did not happen”

. <- End st_tag_p ->

Portuguese interest recede to historical lows – Business Journal – Portugal

Portuguese interest recede to historical lows – Business Journal – Portugal

The interest rates associated with Portuguese bonds are falling across all maturities. Within 10 years, the reduction is greater than 20 bp, which raises the “yield” to the lowest level each time when trading below 3%. Fall is widespread in Europe, with investors reflect Draghi’s words.

The interest rate implicit in the bonds two years is down 17.8 basis points to 0.733% within five years, the decline was 24.8 points to 1.543% and the 10 years the decline is 24.4 points to 2.994%. In the last two periods referred rates are even trading at historic lows.

The fall in interest rates in the secondary market is to be generalized. In Spain, ranging from a decline of 5.9 points, within two years, and 10.5 points within 10 years. In Italy the rates range from a decline of 7.2 points in two years, 9.0 points to 10 years. The implicit interest rates on French and German debt are also falling across all maturities, albeit with less dramatic dimensions.

contribute to these behaviors are the statements of the President of the European Central Bank (ECB) . Mario Draghi reiterated on Friday, August 22, that the monetary authority is ready to act, if necessary, with more measures to help stimulate economic growth. This at a time when the gross domestic product (GDP) of the Euro Zone has stalled in the second quarter, a period in which Germany contracted, Italy came back into recession and France stagnated. And where data on inflation increase fears about deflation in Europe.

In this approach, Mario Draghi also defended the European Union countries should implement economic stimulus measures, dropping speech austerity, which also is contributing to an increase in confidence among investors.

(News updated at 11h01 with the information that the 10-year rate dropped to a value below 3%)

Bank of America agrees to pay record fine of 17 billion … – Economic

Bank of America agrees to pay record fine of 17 billion … – Economic

Economic Daily

Aug 22 2014

Bank of America (BofA) agreed to pay a value record of 17 billion (€ 12.8 billion) to end a dispute arising from the crisis of shoddy home loans, called subprime.

“We believe that this solution serves the interest of our shareholders and allows us to focus on the future, “he argued in a statement, quoted by AFP, the chief executive of BofA, Brian Moynihan. The bank will pay $ 9.65 million million to the authorities and the remaining seven thousand million customers affected by the crisis subprime, dating back to the 2007-2008 financial crisis. The agreement put an end to several civil investigations against the bank and its subsidiaries -. Countrywide and Merrill Lynch

They are still unresolved possible criminal events, especially related to Countrywide. The Justice Department accused BofA of having sold financial products backed by those mortgages without quality, which led to the financial crisis of 2007-2008 and caused losses of billions of dollars to their buyers. This penalty is a record amount, after JPMorgan Chase have paid 13 billion dollars in 2013.

Social supports continue to decline – Reuters

Social supports continue to decline – Reuters

             
             

 
                     

There are fewer people to benefit from social support in Portugal. The believe the latest official statistics, our state is becoming less social: in July, the same month of 2013, the number of beneficiaries of the Social Insertion Income (RSI) decreased again as the number of subjects who receive solidarity supplement and the universe of children who are entitled to family allowance, reveal the most recent statistics from the Social Security Institute (ISS).

                 

                     In the Social Insertion Income was reached a new low in July, when there were fewer 45 349 people to receive this provision of support for the same month of 2013, official data indicate published on the ISS website. Last month, 217,410 people enjoyed this benefit, a higher decrease to 17% from the same month. It is in the districts of Porto (59 670), Lisbon (37,777) and the Azores (18.330) that focuses most RSI beneficiaries.

The latest official statistics show, similarly, that are shrinking families who are entitled to this social benefit, and 93 348 were in July, a decline of almost 15% over July 2013 . Also the districts of Porto (25,888) and Lisbon (16,271) that focuses most households entitled to RSI. The average value per household was then to 214.82 euros and 90.67 euros per beneficiary.

In Solidarity Supplement for the Elderly (CSI), we see the same trend. The number of older people receiving this benefit declined further in July: there are now 172 570, 209 less than in June and 52,620 fewer than in July 2013 (which corresponds to an annual break to 23%).

For districts, the majority of elderly beneficiaries reside in Porto and Lisbon, Setúbal followed. They are entitled to that benefit people aged less than 66 years with less than the poverty threshold (409 euros per month) income.

Child benefit is also decreasing, although the break is much less significant. In July, there were 1,177,992 children receiving child benefit, a slightly higher than June, but lower than the July 2013 number (almost 40 000 fewer children, which corresponds to a decrease of more than 3%).

districts, is in Lisbon who lives most of the children who benefit from this provision (234 904), but the difference is not large in relation to the Port (226 940). Braga appears third in the list (110 083). The amount of family allowance to be allocated is calculated based on the age of the child or young person, the household composition and income level of the household reference.

Earlier this month, commenting on the descent of the Solidarity Supplement for the Elderly, president of the National Confederation of Pensioners, Pensioners and Seniors, Casimiro Menezes, stressed that “the institutions that deal with poverty are more and more needs.” “How can it be that diminish the support to the most needy?” Asked.

The Ministry of Solidarity, Employment and Social Security countered in a written response sent to the PUBLIC, the drop in the number of beneficiaries may be justified by the increase of minimum pensions.

 
                 
             

Agricultural box audited Coruche – Reuters

Agricultural box audited Coruche – Reuters

Banking financial audit and asset already takes place

Agricultural Box Coruche audited

Banking records over a forensic audit with management being suspended

by Peter H. Gonçalves

Agricultural Box Coruche will undergo a forensic audit by the Central Agricultural Credit Bank Mutual. This audit begins once you finish another that is in progress on the financial position of the bank. The decision comes following an order from the Bank of Portugal, after the month of March the Central Box have decided to intervene in the Agricultural Coruche box. At the time it was decided to suspend the administration of the Box Coruche, headed by Diogo Diamond.

Official source Agricultural Credit ensures that “the audit relates to the intervention enacted last March by the Caixa Central, and not has absolutely no relationship with GES (Espírito Santo Group) or the BES. ” At this time, there is an ongoing equity and financial audit, when completed, will give the starter forensic audit, resort when irregularities in the procedures followed are detected.

It was not possible to ascertain whether this is one of four forensic audits announced by the Bank of Portugal – in addition to the BES, it is known that Montepio is also being targeted by one of these procedural inquiries – taking into account that this was not determined by the regulator but only authorized by it, ran the newspaper economic ‘Oje’.

Active Box Coruche represents only 0.5 percent of the value of the total consolidated assets of the Agricultural Credit Group, which is EUR 14 600 million.

Portuguese Henrique Barros skip meals “for not … – to the Minute News

Portuguese Henrique Barros skip meals "for not … – to the Minute News

In an interview with Public, Henrique Barros, new president of the International Epidemiological Association, says that there is one to skip meals for lack of money.

The new president of International Epidemiological Association says there is “great food insecure, which means that some people can not afford to eat what they need.” According to this, “between 15% to 20% of people skip meals because they have no money.”

Defending the need to carry out monitoring to assess the impact of the crisis on health, Henrique Barros believes, however that the Directorate General of Health should not be judge in his own cause and that he hoped the government would open tenders for the purpose.

This also stated in an interview to the Public, one of the problems of health Portugal has to do with the type of antibiotics that are consumed rather than the quantity. This criticizes the fact that they always use the most expensive, something that happens due to the influence of the pharmaceutical industry.

Half of the unemployed without subsidy – TVI24

Half of the unemployed without subsidy – TVI24

Half of the 611 000 unemployed registered at employment centers receives no subsidy. Are 290 000 people without work who no longer have direct social provision. Counting people who have given up looking for work, the number reaches 400 000.

The data from the National Statistics Institute, cited by the “News Journal”, also show that the amount of today subsidies is less than a year ago. On average the performance is around 460 euros, less than 20 last year.

The Port is the district with more beneficiaries, followed by Lisbon, Setúbal and Braga.