Parpública has received 10 million from the sale of TAP – Jornal de Negócios – Portugal

Although the corporate governance report Parpública relative to 2015 noted that “no delivery was made” during the 2015 exercise “to treasury coffers,” the official company source explained today that the payment has been made.

the direct sale agreement of 61% of TAP group was signed on June 24 and was completed on November 12, 2015, two days after the adoption of the rejection of motion to the government program that led to the fall Rabbit Steps executive.

the completion of the sale led to the assignment to the Atlantic Gateway (consortium of businessmen David Neeleman and Humberto Pedrosa) of 915,000 shares, registered, representing 61% of the capital of TAP for 10 million euros, remaining the remaining 39% in the portfolio, explains Parpública.

ad When the sale of TAP in June, then the Treasury secretary, Isabel Castelo Branco, and Secretary of State for Transport, Sergio Monteiro explained the terms of the deal: the consortium capitalized the company with 338 million euros and paid 10 million euros to the state, of which two million would be paid on signing of the purchase agreement, still it happened that month, and the rest at the close of the sale.

However, the new government, led by António Costa, renegotiated the conditions with private and last 06 of February, signed a memorandum of understanding which provides that the State increase its share – over the previous contract -. 50% of the capital

BPI Soundness not suffer from output Angola – publico

 
         

                 

                         
                     

                         

                 

 
 

“The BPI could offer Banco Fomento de Angola (BFA) that the ratio of capital remained” solid, assured the chief executive of BPI, which holds 50.1% of the institution. But “not yet gone mad. This was just an example “to” once for all “, the” people realize that the issue of BFA has no impact on the BIS capital “, said Fernando Ulrich who now attends a trial of iron in the capital between the two major shareholders:. Cash Bank and Santoro, Isabel dos Santos

for the banker, the divestment of BPI Angola does not negatively affects on capital ratios and soundness of the Portuguese institution and remember that the ratio common equity tier 1 stood at 10.8% on a consolidated basis, and will rise to 11% only accounting for the national activity. But the sale of the BFA will be reflected in the results. This, to keep the trend of recent years. In the first quarter of 2016, BPI had profits of 45.8 million, of which 37.9 million came from the Angolan operation (80% of profits). “If BPI help consolidate the BFA, obviously fails to account and to appropriate the results of BFA” which will be offset by increases in profitability in Portugal.

After alluding to the Santoro statement of content (with 21% of the BPI), of 19 September, and which was used by Isabel dos Santos to justify the rupture in the agreement to 10 April with the CaixaBank (44% owner), Fernando Ulrich stressed that it shared the concerns of its second largest shareholder:. the need to protect minority investors BPI (liquidity) and the existence of difficulties in exporting capital of Angola

And then proposed to present three solutions to solve the problem of excess exposure to BPI Angola that B ank European Central Bank (ECB) requires to be resolved. Alternatives that respond to the concerns of Santoro. One involves the sale of BPI’s shares in possession Isabel dos Santos who, in return, receive payment in shares of BFA. “There is no money out of Angola and there would be an increase of Santoro’s investment in Angola. And, together with Unitel, [Isabel dos Santos] could control the BFA, which seems to be an objective “evidence Ulrich.

And since Isabel dos Santos position in BPI “would not give to buy the 50.1% of BFA”, then “BPI would continue with a stake in BFA but clearly below 50 ,1%”. . This route would take the BFA of the ECB’s spotlight, as not appear already consolidated in the BPI accounts

The president of BPI noted a second possibility: the sale to CaixaBank BPI under the tender offer (OPA) that is in progress, followed by a request to the ECB to allow BPI (already consolidated in the Spanish group) to hold 50.1% of BFA. “And I do not mean out” funds of Angola.

The third hypothesis is known. It was presented to 30 September 2015 by the administration of BPI (where Isabel dos Santos is represented): the separation of BPI African assets (including Mozambique). BPI’s shareholders would be two independent companies, and the new would be listed on the Lisbon stock exchange. “And would not leave Angola not a single cent,” Ulrich notes, for whom this road to could already be executed. And do not understand what took Isabel dos Santos not to accept, after having approved an early stage.

From your point of view, this was the alternative that best defended BPI, its shareholders and Angola and would have avoided “a number of things” as the publication of the government decree that allows deshielded the statutes, and that “just came out today because of what happened.” Asked whether this was not proof that it is a decision made as BPI (which the government denies), Ulrich replied, “If it was, I have no problem with that.” But stressed that the decree was prepared “to take account of concerns that may occur in other institutions. It is not a ‘diploma BPI’ [the name given by Santoro], but if you want to call it ….”

                     
 
 
                 

                     
             

Panama roles: a trip to the discrete world of Pereira Coutinho – TVI24

name Goldeneye will be, for most Portuguese, synonymous with entertainment and espionage, referring to the 17th film in the James Bond saga. But for the entrepreneur Vasco Pereira Coutinho is much more than that. Goldeneye Finance Services is the name of the company created in 2009 in the British Virgin Islands as the nerve center of a part of his empire, which features substantial real estate investments in several countries.

Vasco Pereira Coutinho is one of the discrete Portuguese entrepreneurs. Friend Ricardo Salgado and brother of John Pereira Coutinho (owner of the SAG), has the Portuguese Temple of your vehicle property development. Another of the reference asset is the management of GEF assets. Information leakage of Panamanian society Mossack Fonseca is now showing how Vasco Pereira Coutinho helped in recent years an offshore structure web to conduct their business.

Documents Express and TVI consulted in connection with their participation the International Consortium of Investigative Journalists (ICIJ), from the provided by the German newspaper file “ Süddeutsche Zeitung ” indicates that Vasco Pereira Coutinho is the final beneficiary of a whole structure involving offshore in the Bahamas, the US state of Delaware, the British Virgin Islands and Malta.

a letter of September 2015 Mossack Fonseca on the origin declaration of two funds of Pereira Coutinho companies indicates that the assets resulting from personal savings of the entrepreneur. The document clarifies that Goldeneye was to finance a real estate project in South America but also had investments in China. An internal scheme Mossack Fonseca, stroke three years earlier, shows that Goldeneye controlled Try-Vin Holdings, Malta, which, in turn, held the Valco Holding (Virgin Islands), and 90% of the Portuguese company City Port – Real Estate Investments.

According to Mossack, the Valco aimed to manage investments in other companies. It was from this offshore Vasco Pereira Coutinho invested $ 180,000 to buy 50% of the company Prominvest, and has borrowed € 530,000 to the abovementioned City of Porto. The all offshore accounts will be associated in BCP, according to Mossack Fonseca.

Express and TVI tried to contact Vasco Pereira Coutinho through the offices of Temple, but the businessman, out of the country, did not respond to questions.

The company Port City, established in 2004, is managed by the two sons of Pereira Coutinho (Diogo and Vasco) and is dedicated to the buying and selling of real estate. It has a registered capital of 500 thousand euros. By 2012 he accumulated a liability of around 20 million euros, which the following year was substantially reduced.

Prominvest is the company that developed the project Muxima Plaza, a complex of housing, offices and commerce in the center of Luanda, Angola, for which is expected a total investment of 198 million dollars (175 million euros at current exchange rates). This figure venture in the Temple of the project portfolio on its website.

In addition to the real estate business, Vasco Pereira Coutinho has investments in other areas, including a unit of coffee roasting in Macau.

Panama roles: a trip to the discrete world of Pereira Coutinho – TVI24

name Goldeneye will be, for most Portuguese, synonymous with entertainment and espionage, referring to the 17th film in the James Bond saga. But for the entrepreneur Vasco Pereira Coutinho is much more than that. Goldeneye Finance Services is the name of the company created in 2009 in the British Virgin Islands as the nerve center of a part of his empire, which features substantial real estate investments in several countries.

Vasco Pereira Coutinho is one of the discrete Portuguese entrepreneurs. Friend Ricardo Salgado and brother of John Pereira Coutinho (owner of the SAG), has the Portuguese Temple of your vehicle property development. Another of the reference asset is the management of GEF assets. Information leakage of Panamanian society Mossack Fonseca is now showing how Vasco Pereira Coutinho helped in recent years an offshore structure web to conduct their business.

Documents Express and TVI consulted in connection with their participation the International Consortium of Investigative Journalists (ICIJ), from the provided by the German newspaper file “ Süddeutsche Zeitung ” indicates that Vasco Pereira Coutinho is the final beneficiary of a whole structure involving offshore in the Bahamas, the US state of Delaware, the British Virgin Islands and Malta.

a letter of September 2015 Mossack Fonseca on the origin declaration of two funds of Pereira Coutinho companies indicates that the assets resulting from personal savings of the entrepreneur. The document clarifies that Goldeneye was to finance a real estate project in South America but also had investments in China. An internal scheme Mossack Fonseca, stroke three years earlier, shows that Goldeneye controlled Try-Vin Holdings, Malta, which, in turn, held the Valco Holding (Virgin Islands), and 90% of the Portuguese company City Port – Real Estate Investments.

According to Mossack, the Valco aimed to manage investments in other companies. It was from this offshore Vasco Pereira Coutinho invested $ 180,000 to buy 50% of the company Prominvest, and has borrowed € 530,000 to the abovementioned City of Porto. The all offshore accounts will be associated in BCP, according to Mossack Fonseca.

Express and TVI tried to contact Vasco Pereira Coutinho through the offices of Temple, but the businessman, out of the country, did not respond to questions.

The company Port City, established in 2004, is managed by the two sons of Pereira Coutinho (Diogo and Vasco) and is dedicated to the buying and selling of real estate. It has a registered capital of 500 thousand euros. By 2012 he accumulated a liability of around 20 million euros, which the following year was substantially reduced.

Prominvest is the company that developed the project Muxima Plaza, a complex of housing, offices and commerce in the center of Luanda, Angola, for which is expected a total investment of 198 million dollars (175 million euros at current exchange rates). This figure venture in the Temple of the project portfolio on its website.

In addition to the real estate business, Vasco Pereira Coutinho has investments in other areas, including a unit of coffee roasting in Macau.

Addio, adieu, auf Wiedersehen, goodbye: The end of roaming begins this Saturday – publico

 
         

                 

                         
                     

                 

 
 

According to a statement from the National Communications Authority (Anacom), the additional price of a call during a trip to another EU Member State falls 77% from the current 5 cents per minute to 1.14 cents per minute (VAT value). Make a call on Roaming is replaced by a maximum cost of 19 cents per minute (domestic price plus 5 cents per minute excluding VAT value).

The SMS sent in roaming now have an additional maximum price of 2 cents. Receive a written message still does not contain any cost.

As for mobile data, which allow the use of the Internet, the additional price for megabyte (MB) down to 5 cents compared to the previous 20.

the descent takes place throughout the European Union and is in line with a decision taken by the European Commission in 2015, which envisions the complete elimination of costs roaming the June 15, 2017.

Until then, however, there is a long discussion to have between Brussels and operators on a fee that will be charged when a user exceeds the call “responsible use” of the service. Quantification of this abuse is still open.

Portuguese operators are not satisfied with the descent and the scheduled end of costs Roaming . In September 2015, the President of the US, Miguel Almeida, warned that the measure “will only encumber further the Portuguese consumers” because “there is a cost that must be paid” and that is associated with the presence of a large number of European tourists in the country. President of PT Portugal, Paulo Neves, provided the network overhead in areas such as the Algarve, since “a tourist will use the phone with fewer restrictions than if you were in a call on Roaming .” Mario Vaz, responsible for Vodafone, argued then that Brussels should “let the market work” instead of imposing the current solution.

Also the Portuguese regulator expressed reservations about the change. Fátima Barros, president of Anacom, warned of the risk of a situation where “those traveling, pay for those traveling”, since the Portuguese travel a lot less than the North Europeans, who tend to use more and more South networks.

                     
 
 
                 

             

Profit Galp Energia is 114 million in the first quarter – publico

 
         

                 

                         
                     

                 

 
 

Galp Energia posted an adjusted net profit of EUR 114 million in the first quarter, a decrease of seven million over the same period 2015, the company said on Friday.

In reporting of quarterly results to the Portuguese Securities Market Commission (CMVM), Galp Energia said that, according to the International Financial reporting Standards (IFRS), net income was a negative 58 million euros, “including an effect stock of 92 million euros (due to the commodities ) and non-recurring items of 80 million. “

the growth of production oil and gas in the first quarter contributed to mitigate the effects of the oil price drop.

According to the Portuguese oil company, the pace of growth in oil and gas production remained in the first three months of the year, with the startup of its fifth floating unit in Brazil, although it has not fully offset the decline in crude oil prices, settling the annual reduction in net income in seven million.

Total production oil and gas Galp Energia in the first quarter of the year increased 35.8% over the same period of 2015 to a daily average of 56,300 barrels, of which 52.9 were crude and the remaining gas.

After the delivery of this production due to countries where yields in return for the rights of exploitation and taxes in kind, the company got 53,700 barrels per day, plus 38.7% of the in the first three months of 2015.

EBITDA (earnings before tax, interest and amortization) adjusted totaled EUR 239 million, down 22% from the same period of 2015.

the refining margin fell to 4.1 dollars per barrel, which, according to Galp, is in line with international markets.

                     
 
 
                 

             

Prices fall steeply. Meet the new limits on roaming costs in Europe – TSF Online

EU promises great descents from this Saturday and will be even greater in 2017.

the National Communications Authority (Anacom) says that incoming calls from this Saturday, April 30, roaming in a European Union country, will have prices 77% lower, from the current 5 cents per minute to 1 14 cents per minute (excluding VAT).

All because of a Community regulation the end of 2015 which provides, on behalf of the single European market, with fewer barriers to competition, the price of calls made roaming will be charged in the consumer’s country of origin (price of calls terminating in other networks).

However, between 30 April 2016 and June 2017 these values ​​may have increased a surcharge of five cents per minute as data traffic (domestic price + five cents per megabyte), which leads to Anacom to advise the Portuguese to report to the tariff of each telephone company.

in SMS sent the price will also be charged in the domestic market, plus a surcharge of two cents.

After 15 June 2017 the rules back to change and then yes will not be charged any additional fee, plus the domestic price, the customer in any EU Member State from making or receiving roaming calls, send SMS or use data services.

Although these prices equal to those paid when using the phone in the country itself, the European regulation allows operators to apply after 2017 the so-called “fair use policy” and cover “a small fee” that can not exceed the cost that mobile operators pay for the use of networks of other countries EU.

These limits of “fair use” will be defined only by the European Commission in December 2016 and only in exceptional situations communications companies may charge a different price from the domestic price.

If you have questions, see the FAQ Anacom on roaming:

Scratches on the Galaxy S7 Home button generate consumer complaints – Globo.com

owners Reports Galaxy S7 and Galaxy S7 Edge , line tops of Samsung , indicate that the Home button of your device, which is also the fingerprint reader, are being damaged. The problem is that the material that covers the button can be easily scratched and go through wear, even if the smartphone, whose official launch took place on March 11, 2016, is not widely used. The same behavior is not repeated in the body of the apparatus, which is made from a combination of glass and metal.

Go buy the Galaxy S7 in Brazil? Learn enjoy antique accessories

Damage was reported by device users in various Internet forums. One factor common to all complaints was that the appliances are new and do not show any mark elsewhere, beyond the Home button. The TechTudo found the same problem in a test drive of the Galaxy S7 Edge:. Although the front was intactada, the area of ​​the Home button had scratches

Free Download TechTudo app: receive tips and technology news on Android or iPhone

This type of problem had been detected in previous models of Galaxy, but they all brands took months to appear and were unusual in weeks after the release of the model. Other phones that also have fingerprint readers did not show the same damage, which indicates that it is not an inherent defect of the resource.

It is not known exactly why the Galaxy S7 It can be easily scratched on the button, but the suspicion is that the material used to cover it is of poor quality, which would facilitate the marks.

the Samsung Brazil was sought by TechTudo and promised to stand on the matter.

Via Phone Arena and SamMobile

Zenfone 2 or Galaxy S7, which is the best? Comment on TechTudo Forum.

Profits of Galp fell 7 million euros in the first quarter – Express

The fall in oil prices – comparing the first quarter 2016 to the same period of 2015 the average price fell $ 20 a barrel – was the main argument that Galp presented to explain the annual reduction of 6.1% in quarterly results. During the first three months of 2016, oil group chaired by the richest man in Portugal – Américo Amorim – and managed by Carlos Gomes da Silva gave least 7 million profit euros in the same period of 2015, resulting in a result net of 114 million euros.

for this underperformed the early 2015 fairly weighed the effect of oil stocks Galp, whose market value has fallen and also the reduction of refining margin with Galp worked from January to March this year

Among the market analysts that track the performance of Galp, the Haitong anticipated dissemination of results of Galp. – reported on Friday – explaining at the beginning of week had set “our numbers before the presentation of the results of the first quarter, particularly to include new targets for 2016-20 released by Galp on ‘Capital Markets Day’, both in terms of exploration and production (reflecting the delay in the fields Lula West and Atapu North to after 2020) and investment plan (with a cut of 15%), “explains the analysis made to Galp.

But it was not all bad for the oil group Américo Amorim during the first quarter of 2016. the production of oil and natural gas continued to increase, growing 36% compared to the production of the first quarter of 2015.

Still, natural gas sales fell 15%, reflecting the decline in volumes traded by the trading sector, which results in decrease of 37% in operating income for this business area – unlike what happened in 2015, when it was one of the “stars” in Galp more . contributed to earnings growth

Excluding the effect of stocks, refining and distribution, increased 19%, even with a 4% reduction in processed volumes – which is due to technical stop already scheduled the Sines refinery to review hydrocraker production unit. Also the volume of the Galp investment made has been reduced 22% over the amount invested in the same period of 2015, getting up by 343 million euros.

For market analysts, the performance of Galp does not was penalized with negative comments because even managed to exceed the threshold of 100.2 million euros that had been planned and announced in the financial market by a number of analyst firms.

Government requests data to the Bank of Portugal on state investments in offshore – publico

 
         

                 

                         
                     

                         

                 

 
 

The Ministry of Finance asked the Bank of Portugal information on financial investments of public entities in tax havens. It is the Bank of Portugal (BoP) by the statistics department, who reports to the IMF this information. Now Finance will ask the supervisor to disclose all data related to financial investments of public entities in offshore areas.

This Friday, the Assistant Secretary of State for Treasury and Finance, Ricardo Mourinho Félix revealed in Parliament who have requested information from close to a hundred companies and public entities such contacts did not arise any information about applications in countries listed as tax havens.

“we have so far indicated that there are applications countries which are tax havens list, “said the official, in response to Mr José Luís Ferreira, the ENP during the parliamentary debate on public control of banking, scheduled by the PCP.

Mourinho Félix assured that the government was in contact with the IMF to know “where received” information that there would be transfers by public entities and which ones. This information which has now received.
The question had been raised by BE, which presented in Parliament seven diplomas with nine proposals to “tighten the loop” about who uses offshore, including the state.

in a letter, the bloquista Mariana Mortágua wondered if the Government was “aware of accounts, companies or vehicles owned by institutions, public companies or foundations or public participation in countries, territories and regions with privileged tax regimes clearly more favorable “and” accounts or vehicles owned by institutions, companies or public foundations or public participation in jurisdictions in offshore uncooperative “.

Mrs bloquista said to be” essential that the values ​​in question and the types of applications that these public entities are disclosed hold, a duty of transparency of the state but also consistent with the statements repudiating the existence of parallel legal system “.

This week, the Express reported , based on IMF data, the Portuguese State had applied $ 167 million (approximately EUR 148 million) in Jersey Island (only in this case are 131 million dollars) and Jordan.

the theme already had that talk in 2008, when the government of then (PS) also wanted to know the origin of public entities applications in offshore (for 2006) and requested data to the Bank of Portugal.

in April 2008, the Finance, then tutored by Teixeira dos Santos, reported that the data provided by the Bank of Portugal did not allow individualizing entities. Between EUR 178 million, were detected only 42 million, the Financial Stabilization Fund of Social Security. With Sofia Rodrigues

                     
 
 
                 

             

State accounts threatened by highways Douro Litoral – Daily News – Lisbon

The dealer Douro Litoral has a balance of replacement request the amount is about 0.8% of the wealth produced by the country

the concessioned highways to the Douro Litoral are one of the major fiscal risks to 2016, according writes on Friday the Journal News , based on the government’s stability program António Costa .

These highways, the A32, the A41 and A43, are so little used that won the nickname ghost highway. The Douro Litoral concession seeks to be compensated by the state for lack of traffic on these roads, since the concession contract brings with it registered a minimum value for the viability of the road. Checking up a traffic volume below this, the State must pay compensation, called financial replenishment, the concessionaire -. And the Douro Litoral is now demanding a worth 1,350 million euros

There more than two years it expects a decision of the arbitral tribunal on the value of financial replacement in the case of the Douro Litoral concession, and a replacement for the amount stipulated by the company, which represents 0.8% of Gross Domestic Product (GDP) Portuguese, It makes it impossible to reach a deficit of 2.2% of GDP for this year, as the Government provides.

Despite assume that this is a possible risk, as the financial balance of replacement Douro Litoral arises identified as such in the government’s stability program, it is nonetheless a small risk, according to the executive. “Most of the requests have not been accepted,” reads the program, “to conclude that there is no basis for the payment of compensation or damages.”

Journal News , the Douro Litoral, which is technically bankrupt, declined to comment on the arbitration process that is taking place, out of respect to the court. “The Douro Litoral is confident of its arguments,” he added the representative of the company.

Euro zone economy grows 1.6% in first quarter – TSF Online

The euro zone economy grew 1.6% and the European Union (EU) 1,7% in the first quarter the year over the same period of 2015, according to an estimate from Eurostat.

compared to the previous quarter, the Gross Domestic Product (GDP) of the euro area increased between January and March 0.6% in the eurozone and 0.5% in the EU.

the growth of the European economy in the first quarter follows the trend already recorded between January and March 2015, when GDP grew year on year 1.6% in the euro area and 1.8% in all the 28 Member States, and [qoQ] chain, respectively, 0.3% and 0.4%.

a new report on the indicator will be released on May 13, indicates the official statistics office of the EU.

Electronic auction of seized property is “revolutionary conquest” – TVI24

The Minister of Justice considered this Friday a “revolutionary conquest” of enforcement agents the introduction of the electronic auction that allows the sale of property seized in bidding on the open Internet to all interested parties.

“This tool, apparently so simple, introduces transparency, expands knowledge, promotes equal opportunities and shortens the time of the procedures” on the sale of the property seized, said Francisca Van Dunem in the opening of the Order of the Study Days of Solicitors and Enforcement Agents (OSAE) in Lisbon.

the Minister stressed that the introduction of electronic auction arises in connection with another measure to simplify the activity of enforcement agents, which is the electronic mechanism of attachment of bank accounts, which, since the entry into force in December 2013, has allowed the seizure of about 500 million euros.

Francisca Van Dunem stressed that electronic mechanisms, in addition to increasing the speed of procedures for debt collection and liens, guarantee “greater certainty and security” procedural stakeholders and third parties “potentially interested”.

the minister admitted that there is still much work to be done in the field of executive action, when 65% of cases in the courts relate to debt collection, which reflects the existence of a “complex social fabric and large dificiuldades” financial.

in this scenario, the courts have to find “the quickest ways of resolution” to this type of litigation, noted Francisca Van Dunem, who pointed out the advantages of an electronic auction in terms of transparency, neutrality in terms of sale of goods and access to a large number of people.

houses, land, cars and other property seized by the enforcement officers will now be sold in an electronic auction, with objects photo and detailed information, avoiding the slowness of the courts and allowing quick payment to creditors, as told Lusa the president of OSAE, José Carlos Resende.

the electronic auction to replace the procedure of purchase of the property pawned had to be done by sealed letter in the presence of a judge, with the aggravating circumstance that some courts, lingered two years to mark the auction.

According to the president of OSAE, auctions through the courts, as well as lengthy, resulted in the sale of goods for a price much lower than the actual value of the pawned due to the fact that, in practice, only a few people have knowledge of the forced sale.

With the electronic auction, instead of having to sell assets at a loss, enforcement officers expect greater disclosure of the property seized and thus obtain a more profitable sale by tender on the internet by interested parties. With higher revenue from sales of seized goods, profits not only the creditor and the debtor and the state itself, said José Carlos Resende.

The electronic auction is one of the central themes of the OSAE Study Days, taking place today and Saturday, under the aegis of the new Statute for Solicitors and agents of execution.

BPI: CaixaBank says negotiations with Santoro boil down to risk Angola – Jornal de Negócios – Portugal

The CaixaBank assumed today that “it is no longer time to negotiate with other BPI shareholders on the capital structure”, since it presented a takeover bid, admitting only talk about the problem of exposure to Angola.

“When presents a takeover bid (tender offer), it is no longer time to negotiate, when presented a takeover bid, the other shareholders have to see if they are interested or not, accept it or not. of course, we continue to work constructively because, in this case, in addition to the takeover bid for BPI, pending the resolution of a problem on the BFA [Banco Fomento de Angola, majority owned by BPI], “he considered the managing director of CaixaBank, Gonzalo Gortázar (pictured).

Caixabank is the largest shareholder of BPI, with 44.1%, and launched in recent weeks a takeover bid for the remaining capital of the Portuguese bank, contingent on the elimination of blocking statutes in the Portuguese financial institution, limiting her rights of vote to 20%.

the Portuguese government approved a decree law that allows deshielded this blocking clause of the voting rights, but in light of the new rules of the European Central Bank, BPI remains exposed to the risk of Angola, as it holds more than 50% of Banco Fomento and Angola.

“not that the bank has a problem, but weighs heavily in the BIS balance sheet and therefore passes the limits of risk concentration. This risk requires the collaboration of many parts, a constructive dialogue with the regulatory authorities of Angola. Already in Angola we put at the disposal of the Central Bank to explain the operation and to find a solution. And require dialogue with the partner BFA in Angola, which is the Unitel “he said.

That is, the CaixaBank seek” always dialogue to resolve this issue. “

“But to be clear: dialogue refers to solve the problem of Angola. We are not acquainted with the BPI shareholders on the takeover bid. Is displayed and now comes to accept or reject, “he said.

About the OPA, the responsible of CaixaBank consider that was presented” seeking the best BPI interests. “

” After this situation [the non implementation of the principle according to Angolan shareholders of BPI], the CaixaBank decided that the best interests of BPI should present an offer that was to present, which could also enable the European Central Bank suspends penalties for breaching against the risk of Angola (BFA), “said Gonzalo Gortázar.

if the BPI did not reduce exposure to Angola until April 10, risked to pay a daily fine of 160,000 euros. This sanction was suspended with the announcement of a preliminary agreement and the presentation of the tender offer.

the head of CaixaBank is confident in the European Central Bank will not fine BPI.

“it has not yet taken that decision (to move to the fine BPI), but we have confidence. I am confident that the European Central Bank can not do anything other than help in this process, “he said.

S7 takes Samsung to profits and retrieves cover losses iPhone – Porto Canal

The Samsung brand showed a profit of 14% for the first quarter, one day after Apple announced the iPhone in low sales. The failure of Samsung S6 motivated the anticipation of the launch of the S7 and S7 Edge for March, a month earlier than usual.

After the year 2015 downwards, Samsung has managed to reverse the sales losses, counting this with the new S7 model, in which were corrected many of the flaws of the previous model, with protection against water and increased memory capacity micro SD card. The failure of Samsung S6 motivated the anticipation of the launch of the S7 and S7 Edge for March, a month earlier than usual.

The new model gives hope to achieve, for the first time in three years, annual profits in division of mobile devices. In the first quarter, net revenues increased 14.1% over the same period of 2015 to a little over 4,000 million euros.

The crisis of the iPhone, unveiled by the announced sales break (the first since the model was launched, more than a decade), was demonstrated in trading on Wall Street: falling 6.26%, returning the titles of Apple to negotiate, within two months, down from $ 100 per share. In the case of Samsung, the decision to buy back own shares were prevented reflection on the stock exchange’s success in numbers, having actually been registered a higher 2% loss in trading today. There was thus an immediate recovery from the losses which in 2005 led 8,000 million market capitalization.

Impresa reduces losses in the 1st quarter to 2,4MEuro – LUSA

In a statement sent to the Portuguese Securities Market Commission (CMVM), Impresa said that in the first three months of the year recorded a loss of 2,444,785 euros, compared with 2,820,603 euros a year earlier.

the consolidated revenues decreased 4.2% to 47.9 million euros, Impresa to explain that this development was “caused mainly by the decrease in headings subscription, circulation and advertising area Publishing “.

in the first quarter, total advertising revenue decreased by 1.6% to 23.9 million euros,” mainly felt in the publishing area, “and revenues from subscription the eight channels SIC, distributed by cable and satellite, down 12.4% to 11.1 million euros, “the result of declines in both the international and national values,” the group led by Francisco Pedro Balsemão.

“This decline was due to several factors: the conclusion of new distribution contracts (note that the decrease in income is associated with a simultaneous reduction in operating costs); the decline in the number of foreign subscribers, particularly in Angola; and the recent devaluation of the US dollar, “he says.

Also the circulation revenues declined until March, registering a decline of 8.4% to 5.5 million, while other income rose by 5.3%, “particularly in alternative products, multimedia, technical services, Infoportugal and new media solutions.”

in the quarter, the result before taxes, interest, depreciation and amortization ( EBITDA) unadjusted Press fell 78.3% to 213 thousand euros, while adjusted EBITDA of restructuring costs stood at 0.7 million euros, down 300 thousand euros in the same period of 2015.

operating costs, excluding depreciation and amortization, fell 2.7% to 47.6 million euros.

“This reduction benefited from the fall in personnel costs following the restructuring carried out at the end of 2015 and also the implementation of a new organization already in 2016. These measures provided a 4.3% reduction in fixed costs in the first quarter 2016, “said Impresa.

” note that the operating costs were affected by 0.5 million of restructuring costs in euros, “he added.

Impresa said that it noted” a loss on financial investments of the subsidiaries, including the Lusa, about 273 thousand euros “.

the revenue of SIC fell 2.7% to 36.8 million euros and of publishing fell 9.2% to 10.7 million euros.

Impresa explains that the decrease of SIC revenues was due “almost entirely” to “break the channel subscription revenues.”

the advertising revenues of television rose 2.5% to 19.8 million euros, “despite the penalty caused by the decline in audiences in this period, and still motivated by the occurrence of the Easter holidays, which in the same period of 2015 only occurred in the second quarter of the same”, said the owner SIC.

the operating costs of television decreased 2.1% to 34.8 million euros and EBITDA fell 11.1% to 2.03 million euros.

Impresa also notes that multimedia revenues, or IVR, “after several quarters to fall, presented in the first quarter of 2016 a slight increase of 1.7% to five million euros”.

in the area the Publishing, advertising revenues fell 18.1% to 4.1 million euros, “despite the contribution of the digital area, in particular as regards the Daily Express, a solid performance of sites, as well as the area of ​​classified – that has represented 17% of total advertising revenues “in this segment

the Publishing EBITDA fell 68.9% to 559,000 euros.

” the improvement of the net results achieved in this first quarter of 2016 and the maintenance of key trends allow the Impresa group estimate an increase in net income in 2016, and to continue the reduction of interest-bearing liabilities “, concludes Impresa.

ALU // ATR

Lusa / End

Holding Soares dos Santos wants to buy subsidiary of JM by 285 million euros – Jornal de Negócios – Portugal

In a statement sent this Thursday, April 28, by Jerónimo Martins to the Portuguese Securities Market Commission (CMVM), the retailer said it had received a takeover bid of its Monterroio branch – Industry and Investment BV by the Sociedade Francisco Manuel dos Santos (SFMS).

the SFMS, the holding company controlled by Soares family of Santos and holds the majority of the capital of Jerónimo Martins, intends to acquire the Monterroio to Jerónimo Martins by 285 million euros.

also via statement, SFMS shows have made the tender offer for the acquisition of “total capital” that sub-holding of Jerónimo Martins for the industry and services with the aim of “making direct investments in the industrial sector through the acquisition of operating assets, such as Monterroio.”

the SFMS also considers that the Monterroio is “a good investment opportunity,” adding he was “prepared to start negotiations if and when the Council JM’s management considers appropriate “

Monterroio includes JMD subsidiaries. – Consumer Products distribution Ltd and Jeronimo Martins. – Restoration and Services, SA, as well as holdings in the Corporation Unilever Jerónimo Martins, Lda (45%), Gallo Worldwide, Lda (45%), Hussel Iberia -.. Chocolate and Confectionery , SA (51%) and Perfumes and Cosmetics Puig Portugal -. Distribuidora SA (27.545%)

In statement of Jerónimo Martins is also noted that the listed of the Board of Directors will “examine the proposal and assess the interest of the company to consider a possible transaction.”

Jerónimo Martins ended the stock market session Thursday losing 0.66% to 14.26 euros, a session in which the retailer to negotiate for minimum of 29 March to touch the 14.015 euros.

also this Thursday and already after the close of the markets, the Jerónimo Martins announced results for the year in the first quarter of 2016. the retailer’s profits increased 19.3% to 77.3 million euros over the same period, a result that exceeded the estimate made by CaixaBI anticipating profits of only 72 million.

OE 2017 will have measures to increase indirect taxes of 210 million euros – publico

 
         

                 

                         
                     

                 

 
 

To offset the effect of IRS surcharge disappearance and reduction of VAT in the restoration, the Government is planning for 2017, the adoption of measures to ensure the increase in revenue from indirect taxes of 210 million euros. For 2018 and 2019 the increase in indirect taxes will continue, with over 90 million revenue euros each year.

In a table that was not in the first version of the stability program, but that the Government He decided to come to Parliament and other entities that oversee the Portuguese public accounts, including the European Commission, the executive aware of the impact of fiscal consolidation measures that hopes to put into practice in the period 2017-2020.

the document, to which the public had access, shows that the Government expects that the measures that will be applied (and in some cases already implemented) will result in a reduction in revenue of 60 million euros in 2017 and a cut 406 million expense, which is a positive contribution to the deficit of 346 million euros.

This means that the reduction for the 2017 deficit of around EUR 1500 million (equivalent to 0.8 percentage points of GDP), only 346 million are due to fiscal consolidation measures actually taken. Then there are 450 million related to the extraordinary expected revenue from the reckoning in BPP, leaving just about EUR 700 million reduction in the deficit that the government is after getting through the positive budgetary effect of economic growth.

hamper the accounts of the Government is the fact that some measures already taken in 2016 to extend its negative effect on public finances for 2017. this is the case of the IRS surcharge disappearance that was started last year, and which will lead to a reduction in tax revenue in 2017 of EUR 380 million. Similarly, the reduction in VAT in catering, will reduce revenue by over 175 million euros next year (the first in which the measure will be in force from beginning to end of the year).

to compensate for this loss of tax revenue, the government plans to adopt measures resulting in an increase in revenue from other indirect taxes (excluding VAT). In the table, it is specified that taxes may not be in question, but the revenue increase expected from these measures is EUR 210 million next year. In 2018 and 2019, the expected increase in revenue is EUR 90 million in each year.

The worsening of other indirect taxes has been the strategy followed in 2016 by the increase in the tax on oil products, tobacco tax and stamp duty.

the extent to which the Government has more help in reducing the deficit is the expenditure side. There will be a freezing of intermediate consumption expenditure (except PPP), which is a positive contribution to the improvement of the fiscal balance of 300 million euros in 2017.

Then the government has to save EUR 186 million with measures such as early repayment of IMF loans and EUR 122 million by reducing the number of civil servants. Is this type of action that compensates for the effect on spending spare the salary level of civil servants, which will be in 2017 of 257 million euros.

For the following years, the government expects that the measures it have taken a stronger direct effect on reducing the deficit.

in 2018, a positive impact is estimated at 581 million euros, a figure slightly below 0.3 percentage points when the total reduction deficit expected for this year is 0.5 percentage points.

in 2019, the expected positive impact of the measures amounts to 706 million euros, and for 2020, the government estimates point to a 377 effect million.

in the period 2018-2020, it is the freezing of intermediate consumption costs (operating costs of public services) and the reduction in interest costs that contribute most to the deficit reduction .

                     
 
 
                 

             

Isabel dos Santos hangs renewal of Fernando Ulrich – Newspapers SUN

BPI’s shareholders meeting today at the General Meeting did not approve a constitutional amendment that would allow the renewal of Fernando Ulrich as president of the bank. Isabel position of Santos was fundamental for the lead.

The bank’s statutes prevent the bank’s managers have more than 62 years and as Ulrich is 63 years old and is in the final term, need to this rule was changed to be reappointed.

the administration made this proposal, but the vote in the AG was insufficient. According to a statement sent to the Portuguese Securities Market Commission, the removal of this point of the statutes was voted for by 63.68% of the votes of AG when a qualified majority of 66.67% were necessary.

the possibility of increasing the bank’s capital to 500 million euros, only by decision of the administration, also did not pass. There was favorable vote of 63% of shareholders but would also be needed 66.67% of the vote.

Caixabank believe in success takeover bid for BPI – publico

 
         

                 

                         
                     

                 

 
 

The Caixabank believes the takeover bid for BPI will be completed in the third quarter of this year, since the new ordinance that allows deshielded the Portuguese bank’s statutes shall not enter into force on 1 July.

the Caixabank is the largest shareholder of BPI, with 44.1% of capital, and launched in recent weeks one Public Offering (IPO) on the remaining capital of the Portuguese bank, contingent on the elimination of blocking statutes in the entity Portuguese financial, limiting her voting rights to 20%. However, it was published April 20 in the Official Gazette a diploma that opens the way to deshielded the statutes in BPI.

In the first quarter results presentation press conference, the managing director of Caixabank, Gonzalo Gortázar considered this new fundamental decree for the whole operation. “At some point there must be a general meeting of BPI shareholders to decide whether to raise or not statutory limitations. According to the new decree approved by the Portuguese Government, the Caixabank will not be limited in our right to vote, so will be a different general meeting of last year, “said the official.

In February last year, the Catalan bank had submitted a takeover bid with similar conditions but failed when the other shareholders of BPI voted against lifting the blockade to voting rights.
“we are confident that [this time] the result will be positive. the decree shall enter into force on 1 July, so we are talking about a process that will take your time. our aim is that the operation can be completed in the third quarter [until September], but these operations depend on many factors so that it can not be exhaustive, “he cautioned.

Asked by Lusa about whether the Caixabank held talks with representatives of the Portuguese Government on this new ordinance, the Angolan shareholders of Santoro Finance describe how a decree “as” the Spanish bank, Gonzalo Gortázar declined to comment. “I’d rather not answer,” said the official, adding that “have the greatest respect for the Portuguese government and Portugal, also by the Angola”. The Caixabank assumed today that “it is no longer time to negotiate with other BPI shareholders on the capital structure”, since it presented a takeover bid, admitting only talk about the problem of exposure to Angola.

BPI remains exposed to the risk of Angola, as it holds more than 50% of Banco Fomento Angola and that Gonzalo Gortázar described as “a jewel”. If BPI did not reduce exposure to Angola until April 10, risked to pay a daily fine of 160,000 euros. This sanction was suspended – but still without a final decision. – With the announcement of a preliminary agreement and the submission of the Tender Offer

                     
 
 
                 

             

Crisis pushes emissions Volkswagen for damages – Jornal de Negócios – Portugal

The crisis of emissions is leaving expensive Volkswagen brand. The gas-fixing scandal that broke last year determined injury to the brand known German manufacturer in the fourth quarter, with customers to lose confidence after this case.

The Volkswagen brand recorded a loss of 127 million euros in the last three months of 2015, compared to profits of € 780 million a year earlier, according to data presented by the company this morning.

German company unit was affected, according to the company, the measures related to the problems caused by handling of emissions, as well as declines in demand in Russia and Brazil.

Regaining confidence in Volkswagen is critical for the company, which is still recovering from the biggest scandal in its history and that has forced the company to book higher provisions to deal with these problems.

Banks are beyond the payment of principal on loans – publico

 
         

                 

                         
                     

                         

                 

 
 

I missed very little to the left parliamentary majority to force the banks to pay part of the home loans to customers. He missed little, but now a long way. A letter from the Governor of the Bank of Portugal to the Minister of Finance, asking for new legislation that would prevent the rates fall below zero (dated April 5), and dissemination of data on the high losses for banks that the possibility would entail , cut margin to PS parliamentary group to maintain the original version of a bill on the matter.

the proactive initiative of Carlos Costa, while also calling for an end to the use of Euribor futures contracts, proposing the creation of a new rate calculation formula (to be determined from the average of the rates of deposits), which will be necessarily higher, will be able to lock the joint proposal of the parliamentary groups of the PCP and the Bloc, the PS blew, and the author of the final wording.

This wording required the full implementation of the Euribor rate, currently negative, even after canceled the spread (commercial bank margin), which would require the payment of capital by financial institutions. PUBLIC had information that could not officially confirm that the European Central Bank itself will have striven with the national authorities that the diploma was caught.

There is no indication that the minister Mário Centeno abide in soon, the recommendation of the governor, but the possibility of accepting the governor’s suggestions, which also wants the spread or commercial bank margin remains unchanged, unlike the current situation, penalizing future loans , does not cease to act as a disincentive to more radical changes.

Speaking to PUBLIC, the deputy BE, Paulino Ascension, admitted that the chances of the bill maintain the previous version are now “fairly minor “. But the deputy João Paulo Correia, the PS, who left the decision to postpone the vote on the final text, said that the issue will have to be reviewed, stressing that the proposals are the CFP and the BE.

but there will remain doubts about this retreat, because the delay in diploma vote was justified by the PS with the need for “further assessment” of the change impacts. The hardness of the figures given by Governor Carlos Costa on hearing Thursday on the Budget Committee and Finance and Administrative Modernization (COFMA) leaves no room for doubt.

In response to a request from COFMA presided by Teresa Leal Coelho, the PSD (party along with the CDS voted against the proposals of the left), Carlos Costa shot with a more dramatic scenario losses for banks if the Euribor accelerate the fall. From the fall of the Euribor six months to -1%, a scenario that seems unlikely at this point (the rate is -0.142%), the impact on net interest income of banks amount to 700 million euros per year.

Limiting the fall in the interest rate to zero (as being the current practice), the impact of 1% would be 500 million euros, advances the supervisor. Applied the current drop in the Euribor impact for banks is much lower. In the fourth quarter of 2015, the balance was still positive for the credit institutions.

Underpinning the proposal of Carlos Costa in the letter of 5 April, the alternative to limit only the reference rate (Euribor) to zero (keeping the collection of the spread of the value), there would be no impact on net interest income of the banks, the document said. But this would apply only to new contracts, since, according to a circular letter from the Bank of Portugal, in March 2015, the negative value of the Euribor will have to be put down to the spread .

the regulator has referred also to other negative impacts, but in this case for customers, the level of compensation of the deposits, which can not be negative, and the reduction of financing the economy.

at various times, the governor said that if the bill under discussion in the Parliament implies in practice the negative impact of Euribor without limit “is the stability of the financial system and the financial intermediation function of banks that are put concerned. “

                     
 
 
                 

                     
             

In a unanimous decision, Copom holds interest of 14.25% per year – Globo.com

The Monetary Policy Committee (Copom) of the Central Bank met on Wednesday (27) and again decided to maintain the basic interest of the stable economy of 14.25% per year – the highest level in almost ten years.

See the impact of the Copom decision.

This was the sixth maintenance followed by interest by BC, which stopped up the Selic rate in September last year. The decision confirmed the expectations of economists of the financial market, which bet heavily in maintenance of basic interest rates.

When you raise interest rates or keep them high, the central bank more expensive credit and reduces the consumption in the country , thus acting to hold down inflation which showed strength last year and in early 2016. on the other hand, high interest rates hinder the activity level of the Brazilian economy and also job creation.

the monetary authority has said it will seek to “limit” the IPCA to the limits established by the National monetary Council (CMN) in 2016 (ie bring the rate to a level below 6.5%) and also converging inflation to . the central target of 4.5% in 2017

After the meeting, the central Bank issued the following statement: “the Committee recognizes the progress in fighting inflation, particularly the containment of second-round effects the relative price adjustments. However, it considers that the high level of inflation in twelve months and the distant inflation expectations of the objectives of targeting regime does not provide room for easing monetary policy [interest rate cut]. “

united Copom
the novelty of this Copom meeting that the decision, this time it was unanimous. All directors and the president of the Central Bank, who vote in decisions on interest rates, decided by the stability of the Selic rate – something that has not happened in about six months

In the last three meetings. Copom voted for divided:. most for maintaining interest and two directors (dissenting opinions) by the high basic rate

the unanimity in Copom, according to economists, can be an indication that the monetary authority is preparing the ground to cut the Selic rate in the next meeting.

a month ago, the National Congress, the President of the Central Bank, Alexandre Tombini said that the process of “detente” (decrease) in interest rates start after inflation expectations are lower. The latest forecast of the market is an IPCA of 6.96% this year, still above the ceiling of 6.5% of the target system.

The market believes that the base rate reduction cycle interest will begin in late August this year, but there are analysts who believe that the cuts could begin as early as mid-July. The forecast is that in April 2017, the rate is already at 12% per year.

Board can be changed
This may be the last Copom meeting the current board of the Central Bank, which can be exchanged with the eventual fall of President Dilma Rousseff and rise of Michel Temer to the Presidency of Republic in the wake of the impeachment process.

a possible replacement in BC would have to be preceded by the new board hearings in Congress and the subsequent approval of new names by the Economic Affairs Commission (CAE) of the Senate and then by the plenary of that house. Therefore, the exchange would not be immediate.

Scenario of the economy
Currently, the Brazilian economy goes through the worst recession in its history. Last year, the Gross Domestic Product (GDP) dropped by 3.8% and for this year, the financial market already provides for a greater fall further, to 3.88%. If confirmed, it will be the first time in history with two consecutive years of GDP shrinkage.

With the skidding economy, unemployment grows. According to the Brazilian Institute of Geography and Statistics, unemployment stood at 10.2% in the quarter ended in February – the highest rate in the series, which began in 2012. For the first time, the rate of Pnad Continuous reaches double digits. These factors contribute theoretically to control inflation.

However, still influenced by the high level of last year, Brazilian inflation in 12 months, remains high, despite the decline in recent months. Over the 12 months to March, inflation totaled 9.39%. It remains well above the central target of 4.5% set for this year, and also the ceiling of 6.5% of the Brazilian target system.

higher real interest in the world and savings
with the decision Wednesday, Brazil remains the leader in the world ranking of real interest (calculated reduction of expected inflation for the next 12 months), compiled by MoneYou and the Infinity Asset Management, with a rate of 7.59% per year.

Second, Russia appears, with real interest of 2.59% per year, followed by China (2.3% per year) . In the 40 economies surveyed, the average rate is negative 1.5% a year.

The decision of the Central Bank on the interest rate also influences the profitability of savings. Calculations of the National Association of Executives in Finance, Administration and Accounting (Anefac) point out that, with the basic interest rate currently at 14.25% per year, investments in fixed income, such as investment funds, gain more attractiveness and gain savings in most situations. The savings remains attractive only for funds with management fees above 2.5% per year.

This is because the performance of fixed income funds rises along with the Selic. The income of the passbook when the interest rate is above 8.5% per year, as currently is limited to 6.17% per annum plus the variation of the Referential Rate (TR).

this year, for the low-income account and the recession scenario in the Brazilian economy, the savings has lost more than R $ 24 billion. – a record for the first quarter of a year