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☆ 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

☆ 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

☆ 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

☆ Poland's Bank Millennium aims to conclude 1,000 settlements a quarter on FX loans
▼ + stars: | 2023-10-27 | by ( Marta Maciag | ) www.reuters.com time to read: +3 min

A logo of Millennium bank, Polish unit of Portugal's Millennium BCP, is pictured on the flag in front of the bank headquarters in Warsaw, Poland April 28, 2016. REUTERS/Kacper Pempel/File Photo Acquire Licensing RightsGDANSK, Oct 27 (Reuters) - Poland's Bank Millennium (MILP.WA) aims to conclude 1,000 settlements every quarter with customers regarding Swiss franc loans, Chief Executive Joao Bras Jorge said on Friday. Last year the Polish government introduced a so-called credit vacation to help borrowers deal with higher interest rates in Poland. Bank Millennium, majority owned by Portugal's Millennium bcp (BCP.LS), said it will not propose a dividend for 2023. Bank Millennium posted a third quarter net profit of 103 million zlotys ($24.40 million), reversing a 1 billion zloty loss a year earlier.

Persons: Kacper, Joao Bras Jorge, Jorge, Fernando Bicho, Bicho, Marta Maciag, Adrianna Ebert, Anna Banacka, Susan Fenton Organizations: REUTERS, Swiss, Bank, Portugal's, Thomson Locations: Warsaw, Poland, GDANSK, Switzerland

☆ ExxonMobil sells Esso Thailand stake for $603 million
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

BANGKOK, Jan 12 (Reuters) - ExxonMobil (XOM.N) has agreed to sell its two-thirds stake in Esso Thailand (ESSO.BK) to Thai energy firm Bangchak Corporation (BCP.BK), the companies said in separate statements, in a deal that values the shares at 20.1 billion baht ($603 million). ExxonMobil said it would "continue to supply the Thailand market with branded finished lubricants and chemical products through a new company to be formed." Bangchak said it would initially acquire ExxonMobil's 65.99% of Esso Thailand and then launch a tender offer for remaining shares, held mainly by institutional funds. Bangchak said it would purchase 2,283,750,000 shares of Esso Thailand (ESSO.BK) at an indicative price of 8.84 baht per share. "This investment is a step towards greater energy security, balancing our long-term strategy," said Bangchak chief executive Chaiwat Kovavisarach.

LISBON, Nov 23 (Reuters) - Further consolidation of Portugal's banking sector is inevitable, European Central Bank member Mario Centeno told Reuters on Wednesday, calling "remarkable" the recent progress the country's banks have made on strengthening capital and reducing risk. Analysts have said that Portuguese banks should bet on M&A operations to achieve better competitive conditions, despite the five largest players' owning 80% to 85% of banking assets. Portugal's banks are still scarred from a debt crisis and a spike in NPLs after the 2010-13 recession. The NPL ratio for Portugal's lenders was 3.4% of total credit in June, versus 17.9% in mid-2016. "Although I am very satisfied with the evolution...there is no point in resting, we have to challenge ourselves," Centeno said.

☆ Portugal's Millennium bcp 9-month profit jumps 63%, strong core income
▼ + stars: | 2022-10-31 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

The lender netted 97.2 million euros ($96.1 million) between January and September, up from 59.5 million euros a year earlier. Profit in its domestic business more than doubled to 295.7 million euros. Its half-owned Polish subsidiary, Bank Millennium (MILP.WA), last week reported a nine-month loss of 270.5 million euros as it counted the cost of loan repayment holidays imposed on Polish banks in July. Millennium bcp's consolidated net interest income, or earnings on loans minus deposit costs, rose 32.7% to 1.54 billion euros in the nine months. Its fees and commissions grew 3.7% to 573.8 million euros.

☆ (foto) Un an cu multe provocări, dar substanțial pentru regiunea CEFTA
▼ + stars: | 2020-12-17 | by ( Onixmedia Srl | ) diez.md time to read: +7 min

„CEFTA în pandemie: Realizări și Provocări” a fost titlul Conferinței hibride de astăzi, deschisă la Jahorina, Bosnia și Herțegovina pentru a marca sfârșitul Săptămânii CEFTA 2020. Evenimentul de închidere a urmat după câteva zile de întâlniri și discuții pe platforme virtuale și a fost o oportunitate de a sumariza realizările din 2020. Președinția CEFTA a Bosniei și Herțegovinei a fost marcată de două mari realizări: menținerea și facilitarea comerțului, în ciuda pandemiei COVID-19 și adoptarea Pieței Regionale Comune. Aceasta va apropia și mai mult piețele de servicii din CEFTA și va permite mai multe oportunități pentru întreprinderi și cetățeni. Conferința CEFTA a fost susținută de proiectul Uniunii Europene – EU4Trade.

Persons: Djikic, El, Panelistii Organizations: Comerțului, Comunității Transporturilor, Summit, Reglementare, Uniunii Europene, Central Locations: Jahorina, Bosnia, Herțegovina, Herțegovinei, coronavirus, Balcanilor de Vest, Sofia, CEFTA, Republica Moldova, Albania, Macedonia, Moldova, Muntenegru, Serbia, UNMIK Kosovo

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