DIRS.INFO The most relevant business & tech news

☆ Explainer-What's Next After Portugal's Inconclusive Election
▼ + stars: | 2024-03-11 | by ( March | At P.M. | ) www.usnews.com time to read: +4 min

The centre-left Socialist Party (PS) won 77 seats, down sharply from its absolute majority of 120 in the previous legislature, after the resignation of Socialist Prime Minister Antonio Costa amid a corruption investigation. Failure to approve a budget usually means the government's collapse and a new election. Portugal's constitution sets out that a new general election cannot happen earlier than six months after a new legislature first convenes, nor in the six months before a presidential election, which is due in January 2026. AD'S POLICY PROPOSALSThe newly-formed AD is led by the centre-right Social Democratic Party (PSD) - the Socialists' main traditional rival. Investors do not expect much divergence from established fiscal prudence and economic growth from an AD government.

Persons: Andrei Khalip LISBON, Antonio Costa, Marcelo Rebelo de Sousa, Luis Montenegro, Andre Ventura, Rebelo de Sousa, Chega, Ventura, Sergio Goncalves, Aislinn Laing, Mark Heinrich Organizations: Democratic Alliance, Liberal Initiative, Socialist Party, Socialist, Conservative, Social Democratic Party, PSD, Socialists, Investors Locations: Montenegro, Portugal, Brussels

☆ Thousands of Portuguese Police Protest Over Wages, Hazard Pay
▼ + stars: | 2024-01-24 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

By Sergio Goncalves and Miguel PereiraLISBON (Reuters) - Thousands of off-duty police officers in plain clothes on Wednesday protested in Lisbon for better wages, demanding the same increases in hazard pay that the outgoing government recently granted to the criminal investigation police (PJ). In late November, after Prime Minister Antonio Costa's resignation but while he still had full powers to make long-term decisions, the government approved hazard pay rises for the PJ that can reach almost 700 euros ($763) per month and are retroactive to January 2023. He added that members of the PSP and the GNR had "practically the same competences as those of the PJ". Police union association ASPP said on Tuesday that the average hazard pay in the PSP was currently between 380 and 420 euros per month, while in the PJ it has reached 1,000 euros. ($1 = 0.9179 euros)(Reporting by Sergio Goncalves and Miguel Pereira; Editing by David Latona and Jonathan Oatis)

Persons: Sergio Goncalves, Miguel Pereira, Antonio Costa's, Humberto de Carvalho, Jose Luis Carneiro, ASPP, Marcelo Rebelo de Sousa, David Latona, Jonathan Oatis Organizations: Miguel Pereira LISBON, Public Security Police, National Republican Guard, PSP, GNR, Police Locations: Lisbon

☆ Amid Drought, Water Curbs in Portugal's Algarve, Spain's Catalonia
▼ + stars: | 2024-01-18 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

By Sergio Goncalves and Joan FausLISBON/BARCELONA (Reuters) - Portugal's caretaker government has ordered cuts to the amount of water used in farmland irrigation and in urban environments including hotels in the tourism-dependent southern region of Algarve, where a severe drought has nearly emptied reservoirs. Across the Iberian peninsula, Spain's northeastern region of Catalonia is suffering its worst drought on record and authorities in the greater Barcelona area said on Thursday they would reduce water pressure in some towns' supply systems. If nothing was done in relation to moderation on the consumption side, we would reach the end of 2024 without water for public supply," he said. In the southern region of Andalusia, officials on Thursday said there would be water restrictions in big cities such as Seville, Cordoba or Malaga by the summer in the absence of substantial rain before then. (Reporting by Sergio Goncalves; additional reporting by Joan Faus in Barcelona and Emma Pinedo in Madrid; editing by Andrei Khalip and Bernadette Baum)

Persons: Sergio Goncalves, Joan Faus, Duarte Cordeiro, Emma Pinedo, Andrei Khalip, Bernadette Baum Locations: Joan Faus LISBON, BARCELONA, Algarve, Catalonia, Barcelona, Portugal, Andalusia, Seville, Cordoba, Malaga, Madrid

☆ Portugal extends tax breaks for foreign residents despite house price concerns
▼ + stars: | 2023-11-29 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

View of the Portuguese parliament on the day of the vote on the 2024 state budget bill on final reading amid Prime Minister Antonio Costa's resignation, in Lisbon, Portugal, November 29, 2023. REUTERS/Pedro Nunes/File Photo Acquire Licensing RightsLISBON, Nov 29 (Reuters) - Portugal's parliament on Wednesday extended tax breaks for foreign residents until the end of next year despite criticism that the scheme has stoked housing prices to levels unaffordable to many Portuguese. Official data showed that over 74,000 people had benefited from the scheme by the end of 2022. Last year the tax exemptionscost the state budget more than 1.5 billion euros ($1.65 billion), an annual increase of 18.5%. ($1 = 0.9106 euros)Reporting by Sergio Goncalves Editing by Catarina Demony and Gareth JonesOur Standards: The Thomson Reuters Trust Principles.

Persons: Antonio Costa's, Pedro Nunes, Antonio Costa, Sergio Goncalves, Catarina Demony, Gareth Jones Organizations: REUTERS, Rights, Socialist Party, Socialists, Thomson Locations: Lisbon, Portugal, Rights LISBON

☆ Portugal's Attorney General Says She's Not Responsible for PM Costa's Downfall
▼ + stars: | 2023-11-23 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

By Sergio GoncalvesLISBON (Reuters) - Portugal's Attorney General Lucilia Gago on Thursday rejected criticism from the ruling Socialist Party (PS) that she was responsible for Prime Minister Antonio Costa's resignation because of her probe into alleged irregularities in his administration. Costa stepped down on Nov. 7 over an investigation into alleged illegalities in his government's handling of lithium and hydrogen projects. Prosecutors said Costa was also the target of a related probe, but he has denied wrongdoing. Santos Silva said some in the judicial system viewed political activity as "by nature suspicious and tend to criminalize political and governmental action." He demanded the justice system decide Costa's case before the snap election.

Persons: Sergio Goncalves LISBON, Lucilia Gago, Antonio Costa's, Gago, Costa, illegalities, Marcelo Rebelo de Sousa, Augusto Santos Silva, Santos Silva, Sergio Goncalves, Charlie Devereux, Jonathan Oatis Organizations: Portugal's, Socialist Party, Prosecutors Locations: Costa

☆ Moody's upgrades Portugal's rating two notches, despite political crisis
▼ + stars: | 2023-11-18 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

Portugal's government nationalised a small private bank, Banco Portugues de Negocios (BPN), on Sunday as the international financial crisis claimed its first victim in the Iberian country. REUTERS/Jose Manuel Ribeiro (PORTUGAL) Acquire Licensing RightsLISBON, Nov 18 (Reuters) - Moody's upgraded Portugal's long-term issuer rating two notches to A3 from Baa2, despite the political crisis triggered by the resignation of the country's prime minister due to an investigation into alleged irregularities in his government. Moody's said it appeared the country's institutions were dealing with the crisis in an "effective and transparent manner". The 2024 budget, which is set to be approved by the Socialist parliamentary majority on Nov. 29, projects economic growth slowing down to 1.5% in 2024 from the 2.2% growth expected this year. It sees "significant private and public investments as well as the implementation of further structural reforms", both linked to the country's recovery plan.

Persons: Jose Manuel Ribeiro, Antonio Costa, Marcelo Rebelo de Sousa, Moody's, Fernando Medina, Medina, Sergio Goncalves, David Latona Organizations: Banco Portugues de, Rights, Finance, Socialist, Thomson Locations: Portuguese, Lisbon, Banco Portugues de Negocios, PORTUGAL, Rights LISBON, Baa2, Portugal

☆ Portuguese Bankers Warn Political Instability Could Undermine Reforms, Public Finances
▼ + stars: | 2023-11-16 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

By Sergio GoncalvesLISBON (Reuters) - The resignation of Portugal's prime minister will trigger instability that could delay economic reforms, while making it harder for the country to keep a balanced budget and further reduce debt, bankers warned on Thursday. The government remains fully functional for the time being, at least until parliament has had its final vote on the 2024 budget on Nov. 29. He said reforms should create an environment for companies to achieve better results and compete more effectively globally. The 2024 budget projects economic growth will slow to 1.5% in 2024 from 2.2% expected this year and political instability may also delay public investment, such as using COVID recovery funds, and private investment. "Probably no one wants to invest when there is great instability," said Pedro Castro Almeida, CEO of Santander Portugal.

Persons: Sergio Goncalves LISBON, Portugal's, Antonio Costa, illegalities, Marcelo Rebelo de Sousa, Antonio Horta, Osorio, Miguel Maya, Pedro Castro Almeida, Paulo Macedo, Sergio Goncalves, Catarina Demony, Mark Potter Organizations: Credit Suisse, Lloyds Banking Group, Santander Portugal, Caixa Geral Locations: Lisbon, Portugal, Horta, Caixa, Depositos

☆ Portuguese bankers warn political instability could undermine reforms, public finances
▼ + stars: | 2023-11-16 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

Antonio Horta Osorio, CEO of Lloyds Banking Group, arrives at a garden party at Buckingham Palace, London, May 22, 2018. The government remains fully functional for the time being, at least until parliament has had its final vote on the 2024 budget on Nov. 29. He said reforms should create an environment for companies to achieve better results and compete more effectively globally. The 2024 budget projects economic growth will slow to 1.5% in 2024 from 2.2% expected this year and political instability may also delay public investment, such as using COVID recovery funds, and private investment. "Probably no one wants to invest when there is great instability," said Pedro Castro Almeida, CEO of Santander Portugal.

Persons: Antonio Horta Osorio, Simon Dawson, Portugal's, Antonio Costa, illegalities, Marcelo Rebelo de Sousa, Antonio Horta, Osorio, Miguel Maya, Pedro Castro Almeida, Paulo Macedo, Sergio Goncalves, Catarina Demony, Mark Potter Organizations: Lloyds Banking Group, REUTERS, Rights, Credit Suisse, bcp, Santander Portugal, Caixa Geral, Thomson Locations: Buckingham Palace, London, Rights LISBON, Lisbon, Portugal, Horta, Caixa, Depositos

☆ Bank of Portugal imposes capital buffer for mortgages at four large banks
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

A man walks with his dog outside Bank of Portugal in downtown Lisbon, Portugal, February 21, 2017. REUTERS/Rafael Marchante/File Photo Acquire Licensing RightsLISBON, Nov 15 (Reuters) - The Bank of Portugal has told Millennium bcp (BCP.LS), Novo Banco, Banco BPI and the local unit of Spain's Santander (SAN.MC), to create a new capital buffer equivalent to 4% of their loan portfolios that are collateralised by home mortgages. It said in a statement on Wednesday the measure addressing "sectoral systemic risk" would come into effect on Oct. 1, 2024, and be reviewed at least every two years. "This instrument has a preventative nature and aims to increase the resilience of institutions in the face of a potential future materialisation of systemic risk in the residential real estate market in Portugal," it said. BPI is owned by Spain's Caixabank and Novo Banco by the U.S. fund Lone Star.

Persons: Rafael Marchante, Spain's Caixabank, Sergio Goncalves, Andrei Khalip Organizations: Bank of Portugal, REUTERS, Rights, Bank of, bcp, Novo Banco, Banco BPI, Spain's Santander, BPI, U.S, Lone Star, Thomson Locations: Lisbon, Portugal, Rights LISBON, Bank of Portugal, Novo

☆ Centeno says outgoing Portugal PM only invited him to ponder on premiership
▼ + stars: | 2023-11-13 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

LISBON, Nov 13 (Reuters) - Bank of Portugal Governor Mario Centeno, who is under fire from the opposition over an invitation by the outgoing prime minister to replace him as premier, said on Monday he never accepted the offer but was just asked to ponder on the matter. Portuguese opposition parties on Friday argued that such an invitation compromised the political independence of a central bank governor. The Bank of Portugal's ethics committee is expected to meet on Monday to evaluate his conduct. Prime Minister Antonio Costa stepped down on Tuesday over an investigation into alleged illegalities in his government's handling of lithium and hydrogen projects and a large-scale data centre. Centeno announced his departure from the finance ministry in June 2020, during Costa's second term, and was nominated to head the bank a month later.

Persons: Mario Centeno, Antonio Costa, illegalities, Costa, Marcelo Rebelo de Sousa, Centeno, Rebelo de Sousa, Olli Rehn, Balazs Koranyi, Francesco Canepa, Andrei Khalip, Bernadette Baum Organizations: Bank of Portugal, Socialist, European Central Bank policymaker, Bank of, ECB, Thomson Locations: LISBON, Portuguese, Bank of Portugal, ECB's, Finland, Frankfurt

Pedro Nuno Santos poses for a portrait between the legislators of Socialist party and left bloc inside Portuguese parliament in Lisbon, Portugal June 21, 2016. The resignation also left Costa's job as secretary-general of the Socialist Party (PS) up for grabs, and whoever wins the leadership race will run for prime minister. Although Nuno Santos' popularity was hurt after he resigned in December 2022 in a scandal around a severance payout by state-owned airline TAP, he is seen as the front-runner by many. Nuno Santos successfully coordinated support for a previous minority government with the far-left in 2015-2019. Reporting by Catarina Demony and Sergio Goncalves; Editing by Andrei Khalip and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Pedro Nuno Santos, Rafael Marchante, Antonio Costa, illegalities, Marcelo Rebelo de Sousa, Jose Luis Carneiro, Carneiro, Nuno Santos, pollsters Aximage, Costa, Adelino Maltez, Costa's, Intercampus, Catarina Demony, Sergio Goncalves, Andrei Khalip, Andrea Ricci Organizations: Socialist, REUTERS, Rights, Socialist Party, Interior, TAP, Diario, Socialists, Social Democrats, Thomson Locations: Lisbon, Portugal, Rights LISBON, Portuguese

☆ Portuguese Central Bank to Assess Governor's Conduct - Local Media
▼ + stars: | 2023-11-11 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

LISBON (Reuters) - The Bank of Portugal's ethics committee will meet on Monday to evaluate the conduct of governor Mario Centeno, whose independence came into question after the departing prime minister proposed him as a potential replacement, local media said. Local media reported that Centeno had agreed to let his name go forward, raising concerns that his links to the PS remained strong and calling into question his independence if he remained central bank governor. Rebelo de Sousa rejected Costa's proposal and called the election instead. Centeno's quick move from the finance ministry to the central bank in July 2020, during Costa's second term, had previously raised eyebrows. A central bank spokesperson said it was up to the committee to comment on the matter.

Persons: Mario Centeno, Antonio Costa, illegalities, Marcelo Rebelo de Sousa, Costa, Rebelo de Sousa, Centeno, Costa's, Joaquim Miranda Sarmento, Negocios, Catarina Demony, Sergio Goncalves, Kevin Liffey Organizations: Bank, Socialist, European Central Bank policymaker, Local, Social Democrats, Eco, Jornal Locations: LISBON

☆ Poll shows most Portuguese want snap election, president readies decision
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

His office said he would address the nation after meeting his consultative body, the Council of State. PS President Carlos Cesar said on Wednesday that if the president decided to call an election, March would be the best timing. The budget includes lower income tax rates for the middle class, higher wages and social benefits. Separately, those detained in the investigation, including Costa's close friend and consultant Diogo Lacerda Machado, were due to appear before a Lisbon court on Thursday. Reporting by Catarina Demony, Patricia Rua, Sergio Goncalves, editing by Andrei Khalip and Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Antonio Costa, Pedro, Marcelo Rebelo de Sousa, illegalities, Costa, Correio, Rebelo de Sousa, Joao Duque, Carlos Cesar, Diogo Lacerda Machado, Catarina Demony, Patricia Rua, Sergio Goncalves, Andrei Khalip, Alex Richardson Organizations: REUTERS, Socialist, Prosecutors, Socialist Party, of State, Jornal de Negocios, Analysts, Lisbon School of Economics, Management, Thomson Locations: Lisbon, Portugal, LISBON

☆ Poll Shows Most Portuguese Want Snap Election, President Readies Decision
▼ + stars: | 2023-11-09 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

LISBON (Reuters) - Nearly 70% of Portuguese voters want an early election following the abrupt resignation of the Socialist prime minister, a survey showed on Thursday, as President Marcelo Rebelo de Sousa was due to announce his decision on the matter later in the day. His office said he would address the nation after meeting his consultative body, the Council of State. PS President Carlos Cesar said on Wednesday that if the president decided to call an election, March would be the best timing. The budget includes lower income tax rates for the middle class, higher wages and social benefits. (Reporting by Catarina Demony, Patricia Rua, Sergio Goncalves, editing by Andrei Khalip and Alex Richardson)

Persons: Marcelo Rebelo de Sousa, Antonio Costa, illegalities, Costa, Correio, Rebelo de Sousa, Joao Duque, Carlos Cesar, Diogo Lacerda Machado, Catarina Demony, Patricia Rua, Sergio Goncalves, Andrei Khalip, Alex Richardson Organizations: Socialist, Prosecutors, Socialist Party, of State, Jornal de Negocios, Analysts, Lisbon School of Economics, Management Locations: LISBON, Lisbon

By law, an election needs to be held within 60 days of the publishing of the presidential decree dissolving parliament. "I hope that time, sooner rather than later, will allow us to clarify what happened," Rebelo de Sousa said. By calling the March election, Rebelo de Sousa also addressed the need of the PS to pick a new leader to run. Earlier, PS President Carlos Cesar said March would be the best timing, while other parties pointed to January or February. "It is urgent to reestablish trust and prestige in democratic institutions," the leader of the PSD, Luis Montenegro, said after the president announced the election.

Persons: Marcelo Rebelo de Sousa, Rebelo de Sousa, Antonio Costa, illegalities, Costa, Rebelo, Mario Centeno, Filipe Garcia, Mercados, Carlos Cesar, Andre Ventura, Luis Montenegro, Catarina Demony, Sergio Goncalves, Andrei Khalip, Marguerita Choy, Alistair Bell Organizations: Lawmakers, Socialist, Socialist Party, of State, Prosecutors, Bank of Portugal, Social Democrats, PSD, Thomson Locations: LISBON, Portugal, Portuguese, Lisbon, Belem, Europe, Western, Montenegro

Timing is everything," said political scientist Antonio Costa Pinto. By law, an election needs to be held within 60 days of the publishing of the presidential decree dissolving parliament. The PSD is still reeling from defeat in a January 2022 election that caused a leadership change. The 74-year-old former law lecturer and political commentator has used his constitutional power to disband parliament once before, in November 2021. Unlike now, Costa's government then had no parliamentary majority and had just had its budget rejected.

Persons: Marcelo Rebelo de Sousa, Antonio Costa, illegalities, Costa, Antonio Costa Pinto, Ines de Sousa Real, Rebelo de Sousa, Antonio Barroso, Luis Montenegro, Pedro Nuno Santos, Andre Ventura, Patricia Rua, Aislinn Laing, Nick Macfie Organizations: Socialist, Socialist Party, Nature, Social Democratic Party, TAP, Thomson Locations: LISBON, Portuguese, Montenegro

[1/4] Portugal's Prime Minister Antonio Costa attends the informal meeting of European heads of state or government, in Granada, Spain October 6, 2023. REUTERS/Juan Medina/File Photo Acquire Licensing RightsLISBON, Nov 7 (Reuters) - Portuguese Prime Minister Antonio Costa resigned on Tuesday, just hours after prosecutors detained his chief of staff in a probe into alleged corruption in his administration's handling of lithium mining and hydrogen projects. Costa, who prosecutors said was the target of a separate investigation, announced the decision in a televised statement after meeting President Marcelo Rebelo de Sousa. Over 40 searches were carried out on Tuesday at several government buildings, including Escaria's office and the infrastructure and environment ministries, the prosecutor's office said. "At stake may be ... facts capable of constituting crimes of malfeasance, active and passive corruption of politicians and influence peddling," the prosecutor's office said.

Persons: Antonio Costa, Juan Medina, Marcelo Rebelo de Sousa, Costa, Rebelo de Sousa, Vitor Escaria, Joao Galamba, Nuno Lacasta, Catarina Demony, Patricia Rua, Sergio Goncalves, Andrei Khalip, Emelia Organizations: Portugal's, REUTERS, Rights, Costa's Socialists, of State, TAP, APA, Prosecutors, Thomson Locations: Granada, Spain, Rights LISBON, Portuguese, Costa, Portugal, Sines

☆ Portugal to define size of TAP stake for sale once proposals submitted - minister
▼ + stars: | 2023-10-19 | by ( Sergio Goncalves | ) www.reuters.com time to read: +1 min

LISBON, Oct 19 (Reuters) - Portugal will decide on the size of the stake it will sell in flag carrier TAP once competitors present their proposals, Infrastructure Minister Joao Galamba told a parliamentary committee on Thursday. The Portuguese government plans to sell at least 51% of TAP as part of a plan to privatise the struggling state-owned airline. He said that the government will appoint financial advisors soon and plans to approve the privatisation by year-end, with the process concluding by mid-2024. The airline's privatisation has attracted interest from Lufthansa (LHAG.DE), Air France-KLM (AIRF.PA) and British Airways owner IAG (ICAG.L). Reporting by Sergio Goncalves; editing by Charlie Devereux and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Joao Galamba, Galamba, Sergio Goncalves, Charlie Devereux, Jonathan Oatis Organizations: TAP, Infrastructure, Lufthansa, Air France, KLM, British Airways, IAG, Thomson Locations: LISBON, Portugal, Portuguese, Brazil, Angola, Mozambique, Air, Europe

On Sunday, U.S. air carriers United Airlines (UAL.O), Delta Air Lines (DAL.N) and American Airlines (AAL.O) suspended direct flights following the FAA's caution advisories. Britain's easyJet (EZJ.L) halted flights to Tel Aviv on Sunday and Monday, and said it would adjust the timings of flights over the next few days. Lufthansa (LHAG.DE) group, also among the airlines most exposed to Israel according to Goodbody, cancelled flights to and from Tel Aviv through Monday. Portugal's TAP suspended flights up until Monday and offered refunds or rescheduling at no additional cost. Hainan Airlines (600221.SS), the only Chinese airline to fly between China and Israel, and other airlines flying from Hong Kong and South Korea, cancelled flights between Tel Aviv and Shanghai on Monday.

Persons: Benjamin Netanyahu, Amir Cohen, Finland's, Britain's, Goodbody, Virgin Atlantic, IAG, Ben, Ben Gurion, Douglas Gillison, Sophie Yu, Farah Master, Joyce Lee, Brenda Goh, Tim Hepher, Ilona Wissenbach, Sergio Goncalves, Anna Ringstrom, Sarah Young, Joanna Plucinska, Clarence Fernandez, Bernadette Baum Organizations: Israeli, Ben Gurion International, REUTERS, El Al, Fighters, Tourism, Regulators, Federal Aviation Administration, European Union Aviation Safety Agency, Sunday, United Airlines, Delta Air Lines, American Airlines, Delta, Air, Wizz, Lufthansa, Portugal's TAP, Virgin, East . British Airways, Ryanair, flyDubai, Hainan Airlines, Thomson Locations: Lod, Israel, Tel Aviv, Gaza, Israel's, United States, U.S, New York, Chicago, Washington, DC, Miami, United, Europe, Air France, Hungarian, East, Ben Gurion, China, Hong Kong, South Korea, Shanghai, Beijing, Shenzhen, Lisbon, Stockholm, London

Air France-KLM has tended to let airlines it invests in keep their operations and branding. With the process still in its infancy, Air France-KLM has a chance to make a pitch to TAP now off the back of SAS. LONG FIGHT AHEADThere are remaining challenges for Air France-KLM as it looks to clear regulatory hurdles with SAS, including approval from American and European policymakers. Europe's airline industry has a history of cultural and political barriers to smooth integration, even within Air France-KLM itself. Air France-KLM is a member of the rival SkyTeam alliance.

Persons: Paris Charles de, Charles Platiau, IAG, James Halstead, Jacob Gronholt, Pedersen, Tim Hepher, Matt Scuffham, Sharon Singleton 私 Organizations: Air France Boeing, Paris Charles, REUTERS, France, KLM, TAP, TAP Portugal, Lufthansa, LONDON, Air, Scandinavia's SAS, Ryanair, Wizz, Air France, IAG, Tuesday's SAS, SAS, Star Alliance, Reuters, Apollo Global Management, Union Locations: Paris, Paris Charles de Gaulle, Roissy, France, LISBON, Air France, Europe, Air, Danish, Swedish, Spanish, Portugal, Northern Europe, TAP's, Portuguese, U.S, Lisbon, Porto, Iberia, South America

☆ ECB's Centeno says rate cycle likely completed, inflation retreating
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +1 min

LISBON, Oct 4 (Reuters) - The cycle of interest rate hikes by the European Central Bank has likely come to an end as inflation across the euro zone is retreating faster then it rose, ECB Governing Council member Mario Centeno said on Wednesday. "We can expect that the rate cycle has been completed by now, and with present conditions," he told reporters in Lisbon. Centeno warned that even as the ECB's nominal interest rates could now remain stable due to declining inflation, real interest rates that directly impact companies, households and economies were still expected to increase, requiring "some caution with decisions in the near future". "The transmission of monetary policy is delayed in time, takes time to happen and does not impact all countries in the same way at the same time," Centeno added. Reporting by Sergio Goncalves, edititng by Andrei Khalip, Bernadette Baum and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Mario Centeno, Centeno, Sergio Goncalves, edititng, Andrei Khalip, Bernadette Baum, Sharon Singleton Organizations: European Central Bank, ECB, Thomson Locations: LISBON, Lisbon

☆ Portugal approves 30% cut in mortgage rates for struggling borrowers
▼ + stars: | 2023-09-21 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

LISBON, Sept 21 (Reuters) - Portugal's government said on Thursday that banks must discount the benchmark six-month Euribor rate by 30% when calculating mortgage interest rates if asked to do so by borrowers struggling to deal with rising interest rates and avoid default. Around 90% of Portugal's stock of 1.4 million mortgages have variable rates indexed to euro interbank offered rates (Euribor) , one of the highest levels in the euro zone. But interbank rates have soared as the European Central Bank hiked interest rates from record lows. "As a result of this measure, the implied interest rate on mortgages cannot exceed 70% of the six-month Euribor rate in the next two years," Finance Minister Fernando Medina told a news briefing. Those with mortgages indexed to three- and 12-month Euribor rates will also receive a discount equal to the nominal amount resulting from the cut in the six-month rate, he added.

Persons: Fernando Medina, Banks, Medina, Mario Centeno, Association of Portuguese Banks APB, Sergio Goncalves, Andrei Khalip, Kirsten Donovan Organizations: European Central Bank, Finance, Bank of Portugal, Association of Portuguese, Thomson Locations: LISBON

☆ Portugal's telecom watchdog working with operators to bar Huawei
▼ + stars: | 2023-09-18 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsLISBON, Sept 18 (Reuters) - Portugal's telecom watchdog said on Monday it is working with operators to implement a high-level resolution which effectively bars Huawei's equipment from the country's 5G mobile networks, despite legal objections from the Chinese company. Huawei filed a lawsuit with a Lisbon court against the resolution at the end of August, seeking "protection of its legitimate interests and legal rights under the law". Portugal's main operators, Altice, NOS (NOS.LS) and Vodafone (VOD.L) have already said they will not use Huawei equipment in 5G core networks, amid European and U.S. concerns that Chinese involvement in critical infrastructure could compromise security. "It is work that is ongoing and we hope that it will be carried out successfully. We can assure the Portuguese that we are also working together with the operators", he added.

Persons: Benoit Tessier, Joao Cadete de Matos, Matos, Mario Campolargo, Sergio Goncalves, Alexander Smith Organizations: Huawei Technologies, Viva Technology, Porte de, REUTERS, Rights, Portugal's, Huawei, Vodafone, Reuters, Thomson Locations: Porte, Paris, France, Rights LISBON, Portuguese, Lisbon, Beijing

☆ Football Leaks' Rui Pinto gets suspended sentence, to remain free
▼ + stars: | 2023-09-11 | by ( Sergio Goncalves | ) www.reuters.com time to read: +3 min

Rui Pinto, the Portuguese man believed to be the mastermind behind Football Leaks, waits before his trial at the court in Lisbon, Portugal September 4, 2020. REUTERS/Rafael Marchante Acquire Licensing RightsLISBON, Sept 11 (Reuters) - A Lisbon court on Monday handed a four-year suspended prison sentence to Rui Pinto, the Portuguese man behind the Football Leaks website, for attempted extortion, illegal access to data and breach of correspondence, Judge Margarida Alves said. "The court decided Rui Pinto will be handed a single four-year sentence... but there is no need to serve the sentence in prison," the judge said. Pinto's targets included the football club Sporting, the Portuguese Football Federation, investment fund Doyen Sports and law firm PLMJ. Football Leaks' data seen by Reuters showed how some of the richest and most prominent figures in soccer avoided tax by channelling earnings offshore.

Persons: Rui Pinto, Rafael Marchante, Judge Margarida Alves, Pinto, Judge Alves, Anibal Pinto, Pinto's, Francisco Teixeira da Mota, Sérgio Gonçalves, Andrei Khalip Organizations: REUTERS, Rights, Football, Lisbon Central Criminal Court, Sporting, Portuguese Football Federation, Sports, Reuters, English Premier League, Manchester City, European Champions League, Thomson Locations: Lisbon, Portugal, Rights LISBON, Portuguese, Hungary

☆ BRICS bank can help African countries tackle urgent challenges
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

Aug 24 (Reuters) - The New Development Bank created by BRICS countries in 2015 can help finance African countries' projects to tackle their most urgent challenges, the bank's president Dilma Rousseff said on Thursday. The BRICS countries are "good partners" for Africa, former Brazilian President Rousseff said in a speech in Johannesburg, adding the bank would finance physical and digital infrastructure projects in Africa as well as educational ones. "The New Development Bank has the potential to be the leader of projects that address the most urgent challenges of African countries," she said, pointing out that although Africa's share of foreign direct investment (FDI) rose to 8.8% of global FDI in 2021 from just 4.9% in 2010 it "can and must rise much more". Rousseff also pointed to the need for joint infrastructure projects between several countries, noting that Africa has the world's greatest untapped hydroelectric potential. Reporting by Sergio Goncalves Editing by Andrei Khalip and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Dilma Rousseff, Rousseff, Sergio Goncalves, Andrei Khalip, Mark Potter Organizations: New Development Bank, Thomson Locations: Africa, Johannesburg

Search resuls for: "Sérgio Gonçalves"

25 mentions found