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Tax authorities refund €1.26 billion in April

Portugal’s finance ministry paid €1.26 billion regarding 1,187,716 refunds in the first month of the personal income tax (IRS) campaign, authorities said. Between 1 and 30 April, tax authorities refunded a total of 2,582,366 tax declarations, 167,000 more than in the same period 2018. The ministry said that a total of 2,666,9993 personal income tax declarations were validated in April, ... Read More »

Euro zone bond rally powers on, Portugal auction sets tone for Ireland

Irish, Portuguese and Spanish bond yields hit fresh historic lows today and Portugal saw firm demand at an auction in the latest sign of strong investor interest for long-dated euro zone debt. In contrast to sharp yield falls across most European bond markets, Italian yields rose on concerns over tension within the ruling coalition. Portugal sold all €1.25 billion of ... Read More »

Portugal PM to address nation on teachers’ pay

Portugal’s Prime Minister Antonio Costa will address the nation later on Friday after parliament voted in favour of granting teachers salary increases held back over several years since 2005, a government spokesman said. Costa was due to meet President Marcelo Rebelo de Sousa at 1400 GMT and would then deliver a televised address from his residence, the spokesman said, without ... Read More »

Ryanair pilots in Portugal vote for pay agreement

Irish-based carrier Ryanair said its pilots based in Portugal have voted for a labor agreement for the next four years, taking another step to head off any risk of another round of damaging strikes ahead of its peak summer season. The agreement governing pay and conditions was negotiated between Ryanair and the Portuguese pilot union SPAC to cover all of ... Read More »

Portugal has ‘no future’ with high public debt – finance minister

Portugal’s finance minister Mario Centeno has called for the need to cut Portugal’s public debt, saying the country would have “no future” if it didn’t. “The country has no future if the debt does not drop,” Centeno, who also leads the Eurogroup, said during a debate on the country’s stability programme for 2019-2023. “It is not possible to implement the ... Read More »

Ryanair pilots in Portugal vote for pay agreement

Irish-based carrier Ryanair said on Tuesday its pilots based in Portugal have voted for a labor agreement for the next four years, taking another step to head off any risk of another round of damaging strikes ahead of its peak summer season. The agreement governing pay and conditions was negotiated between Ryanair and the Portuguese pilot union SPAC to cover ... Read More »

Public debt rises by 1.2 billion in February

Portugal’s public debt stood at €249.3 billion in February increasing by €1.2 billion from the end of January, the country’s central bank, the BdP, announced. This is the value calculated within the Maastricht framework, which concerns the rules established by Brussels regulators, and the Bank of Portugal explains it “was mainly driven by an increase in debt securities issued”. According ... Read More »

TAP Air Portugal Receives First Airbus A321LR

TAP Air Portugal welcomes the first A321LR aircraft into its growing fleet of Airbus aircraft. With a total of 75 total Airbus aircraft and 12 more on order, the A321LR is expected to assist the expansion efforts of TAP into new markets. April 2019 marks the initiation of the Airbus A321LR into the TAP Air Portugal fleet, the carrier the ... Read More »

Ryanair pilots in Portugal vote for pay agreement

Irish-based carrier Ryanair said its pilots based in Portugal have voted for a labor agreement for the next four years, taking another step to head off any risk of another round of damaging strikes ahead of its peak summer season. The agreement governing pay and conditions was negotiated between Ryanair and the Portuguese pilot union SPAC to cover all of ... Read More »

Portugal’s EDP could create Latam JV with China Three Gorges if takeover bid fails – sources

Portugal’s Energia de Portugal EDP could propose a joint venture with China Three Gorges (CTG) allowing CTG to expand its foothold in Brazil and Latin America if the Chinese power giant’s bid to take over EDP fails, people familiar with the matter said. CTG, EDP’s main shareholder with a 23 percent stake, is among Chinese state-backed companies that have been ... Read More »

Finanças seized 300,000 bank accounts and properties last year

Portugal’s tax authority seized 300,000 bank accounts and properties last year, a drop of 17% and the lowest number since 2014. Despite the overall drop, real estate seizures increased between 2017 and 2018, rising from 16,166 to 18,008, including industrial and commercial buildings, lots of construction land, other land and houses. In May 2016, new legislation permitted the seizure of ... Read More »

Eight Portuguese bankers earn a million or more

According to figures released by the European Banking Authority relating to figures for 2017, the number of millionaire bankers in Portugal remained unchanged in relation to the previous year. On a European level, the number of bankers earning a million euros rose to just under 4,900, with the UK being the largest recipient. The European Banking Authority (EBA) data shows ... Read More »

Public debt drops to 121.5 percent of GDP

Portugal had a debt-to-GDP ratio of 121.5 percent by the end of 2018, below the previous year’s ratio of 124.8 percent, the country’s central bank announced. This is the value calculated under Maastricht rules, which are those that Brussels considers. The value calculated by the Bank of Portugal (BdP) is slightly higher than the goal set by the government for ... Read More »

Banker Tomás Correia contests €1.25m central bank fine

“We are going to contest”, the source said, adding that “fines do not prohibit the professional activity” of Tomás Correia and “they are about credits granted to group companies and not to external clients”. The Portuguese newspaper Público, disclosed on Thursday that the Bank of Portugal had found Tomás Correia along with seven former board members from Montepio bank, and ... Read More »

‘Portuguese bank halted $1.2 bln transfer of Venezuela funds’

Portugal-based Novo Banco halted a transfer of $1.2 billion by the government of Venezuelan President Nicolas Maduro to banks in Uruguay, a Venezuelan legislator said, a day after the opposition denounced what they called the theft of public funds. Opposition leader Juan Guaido, who most European and Western Hemisphere nations have recognized as the country’s legitimate leader, said on Monday ... Read More »

‘Portuguese bank halted $1.2 billion transfer of Venezuela funds’

CARACAS: Portugal-based Novo Banco halted a transfer of $1.2 billion by the government of Venezuelan President Nicolas Maduro to banks in Uruguay, a Venezuelan legislator said on Tuesday, a day after the opposition denounced what they called the theft of public funds. Opposition leader Juan Guaido, who most European and Western Hemisphere nations have recognized as the country’s legitimate leader, ... Read More »

Dubai’s Emirates to launch new service to Portugal’s Porto

Dubai airline Emirates will launch a four times weekly service to Portugal’s second largest city, Porto from July 2, 2019, it announced. The flight will be operated by a Boeing 777-300ER aircraft in a three class cabin configuration, offering eight private suites in first class, 42 business class seats and 310 economy class seats. Flight EK197 will depart from Dubai ... Read More »

Police hit smuggling gang on high seas, seize 3.3 tonnes of cocaine

Authorities seized more than three tonnes of cocaine and arrested 11 people off Portugal’s Atlantic coast, dismantling a drug smuggling gang that operated across international waters from a cargo vessel, police said.. The seizure of the 3.3 tonnes of cocaine – thought to be worth around $148 million at European street prices – took place on the high seas when ... Read More »

‘Portuguese bank halted $1.2 billion transfer of Venezuela funds’

Portugal-based Novo Banco halted a transfer of $1.2 billion by the government of Venezuelan President Nicolas Maduro to banks in Uruguay, a Venezuelan legislator said on Tuesday, a day after the opposition denounced what they called the theft of public funds. Opposition leader Juan Guaido, who most European and Western Hemisphere nations have recognized as the country’s legitimate leader, said ... Read More »

Ronaldo pleads guilty to tax fraud

The Juventus forward, who was facing charges stemming from his days at Real Madrid, was in court for about 45 minutes and signed an agreement which will cost him nearly 19 million euro in fines. Ronaldo arrived at court in a black van and was wearing a black sports coat and black trousers. He walked up some stairs leading to ... Read More »