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Portugal’s Novo Banco to cut 1,000 staff in 2016

LISBON: Portuguese state-rescued lender Novo Banco is planning to cut 1,000 jobs to help to reduce operating costs by 150 million euros ($163 million) as part of its restructuring plan agreed with Brussels, an internal memo showed. The move is part of efforts by Novo Banco, the so-called good bank that emerged from the 4.9 billion euro rescue of Banco ... Read More »

Portugal’s Q4 GDP growth confirms at 0.2%

LISBON: Portugal’s economy eked out uninspiring growth of just 0.2 per cent in the final three months of 2015, a final reading confirmed on Monday. Although this was a pick up from the third quarter, when the economy stagnated, economists had originally been expecting much better growth of 0.4 per cent for the final three months. Year on year, the economy ... Read More »

Salvaged Portuguese bank posts $1 bln loss

LISBON: A Portuguese bank salvaged from the collapse of a major lender has reported losses of 981 million euros ($1 billion) in 2015, casting a cloud over the government’s attempts to sell it. Novo Banco, a so-called good bank that emerged from the surprise 2014 bankruptcy of Banco Espirito Santo, said Wednesday legacy debts soured its performance. The bank last ... Read More »

Yilport acquires Portuguese port management firm

LISBON: Yılport Holding has completed the acquisition of Portuguese port management firm Tertir from Mota-Engil Group and Novo Bonco, for €335m. The company acquired Tertir’s ten port terminals and forwarder/support services business situated across Europe and Latin America. Seven of the ten port terminals are located in Portugal, two in Spain and one in Peru. According to Yilport, eight container ... Read More »

Consumer electronics in Portugal

LISBON: Despite positive news which pointed to economic recovery in Portugal, as well as a decrease in the unemployment rate and an increase in the consumer confidence index, the main players across consumer markets remained cautious in 2015. Nevertheless, industries such as entertainment, travel and tourism and car sales were back to growth. This was not the case for most ... Read More »

Italy, Portugal bond yields fall

LISBON: Yields on Italian and Portuguese debt, the focal point of recent concerns about the health of Europe’s financial sector, fell on Monday after one of the ECB’s top policymakers said it would protect banks from unintended harm of further policy easing. The moves formed part of a broad rally in riskier assets such as stocks after crude prices clawed ... Read More »

Portugal’s GDP grows 1.5%

LISBON: Portugal’s gross domestic product expanded by 1.5 percent over the course of 2015 whilst putting on 0.2 percent in the last quarter according to figures from the National Institute of Statistics (INE). The INE reported that the 1.5 percent growth rate in 2015 came “after a rate of 0.9 percent in the year before, reflecting a less negative contribution ... Read More »

Portugal car sales continue to improve

LISBON: The number of new cars leaving showroom floors in Portugal has carried over growth from last year into 2016. Figures out last night show that new car sales were up 6.2 percent in January when compared with 12 months ago in Portugal. According to the European Automobile Manufacturers Association, January was also the 29th consecutive month in which sales ... Read More »

Portugal shows QE limits as euro bond rebound leaves it behind

LISBON: Portugal just can’t shake off its bears. The nation’s bonds are underperforming their counterparts across the euro area even as a recovery in stocks and oil prices boosted demand for higher-yielding assets. The extra yield, or spread, that investors get for holding Portuguese 10-year bonds instead of the benchmark German bund climbed for the first time in four days. ... Read More »

Portuguese reduces consumption of plastic bags

LISBON: The Portuguese are using less plastic bags since the charge was introduced a year ago. In 2015 the average rose from 466 bags per capita to two per year. Read More »

Portuguese State bank stems losses by 50%

LISBON: State-owned bank Caixa Geral de Depósitos (CGD), the largest bank in the Portuguese financial system, registered a negative net loss of €171.5 million in 2015, down from the €348 million loss in 2014, the bank reported. “I would like to highlight the significant improvement both in domestic and in international activities. This recovery does not yet provide for the ... Read More »

Deco launches complaints portal for public transport users in Portugal

LISBON: Portugal’s consumer rights association Deco has launched an online portal where people using public transport can make complaints about the various services. Passengers can also sign a letter that demands that the sector’s laws be brought into line. According to Deco, delays, cancellations, changes to times tables, routes and high prices are some of the main complaints made by ... Read More »

Vodafone Portugal launches The QyouU’s linear channel

LISBON: Vodafone Portugal has launched The QyouU’s linear channel on its IPTV service, Vodafone TV. The service will air to almost 400,000 subscribers across the country. The launch marks The Qyou’s entry into the Portuguese market. The boom in consumer appetite for online video content is undeniable – in Portugal, more than 40% of consumers watch online video several times ... Read More »

Portuguese retail sector rises 2% in 2015

LISBON: The turnover volume in the Portuguese retail sector rose by 2 percent in 2015, 0.8 percent higher than in 2014, the National Institute of Statistics reported. The report details how in December, retail sales fell back 0.8 percent in annualised terms after having risen by exactly the same amount in November. The National Institute of Statistics identified how December saw ... Read More »

Portuguese bank BCP ready profit of €235.3m in 2015

LISBON: Portuguese bank BCP made a profit of €235.3 million in 2015, compared with a loss of €226.6 million in 2014, its first annual profit in five years, the bank announced earlier this week. The bank’s chairman, Nuno Amado, said at a press conference that the profits came after four years “in the red”. In 2015, the bank’s financial margin ... Read More »

Portuguese Portucel Soporcel Group raises sales, profits in 2015

LISBON: Portucel Soporcel says year 2015 is a landmark in the company’s history. Portucel became a player on the tissue market in Europe under a new strategic development plan. Portuguese Portucel Soporcel Group has delivered a strong performance in 2015. Total sales increased by 5.6% against the previous year to €1.63bn. Operating profit jumped by almost 30% to €282m and ... Read More »

Portugal eyes investments in India to enhance relationship

LISBON: “The areas of cooperation between India and Portugal would be explored in sectors like information and communication technologies, olive oil, cork, and tourism. As of today, the trade between India and Portugal is hardly 800 million dollars, which has a great potential to double in the next two years, if the opportunities are properly explored,” said H.E. Mr. Joao ... Read More »

New banking rules to apply all bank account holders in Portugal

LISBON: As from today, banking transfer rules will change, with the so-called NIB number being replaced by an International Bank Account Number. This will apply to all bank account holders in Portugal. The IBAN, which is available from ATMs, over the counter at banks or through online banking, is the same 21 digits as a NIB, but with the addition ... Read More »

Portugal highest rise in Euro Zone Q3 debt

LISBON: Public debt across the Euro Zone as a whole fell back to 91.6 percent of GDP in the third quarter of 2015 whilst Portugal made the third largest contribution towards dragging the figure in the opposite direction, the statistics agency Eurostat reported. The overall Euro Zone third quarter position saw debt levels fall back 0.7 percent against the 92.3 ... Read More »

Portugal’s tourism grow slightly in 2015

LISBON: Tourism in Portugal grew slightly last year, having recorded a 0.5 percent rise in overnight stays. Portugal’s national statistics institute (INE) revealed yesterday that all-in-all some 55.6 million nights were spent in the country’s official tourism establishments. And while the number of national tourists stay-cationing fell, the number of international tourists visiting Portugal grew. With 36.5 million nights accounted ... Read More »