Sponsors
Issue 10/487

Barclays  ·  Bemposta  ·  BP Portugal  ·  EDP Renováveis
HPP Saúde  ·  Logica  ·  Lusitania  ·  Millennium bcp
Oceânico Group  ·  Sovereign

"Proud to be associated with success"
 


  • August saw Portuguese businessmen remaining confident that the economy is on the road to recovery, while families were also more optimistic. According to the National Statistics Institute, business confidence remained at highs not seen since September 2009, while consumer confidence rose in August, reversing a downward trend seen since November 2009.
  • Some 106,000 hectares burned in this summer’s fires, or around 1% of the Portuguese national territory, according to preliminary data released last week by the National Forestry Authority. There were more than 20,000 fires reported, of which 3,000 were classified as forest fires and 113 were classified as large fires, where more than 100 hectares burned.
  • Reports leaked out last week of one the biggest-ever heists in Portugal, the audacious theft of €600,000 in rare stamps stolen from the Communications Museum in Lisbon last year. The theft, which occurred in May of 2009, is still being investigated. The stamps stolen were mainly materials from the former Portuguese colonies. The museum’s whole collection, controlled by telecoms regulator Anacom, is estimated to be worth €6m.
  • Some 310 people are put out of work on average every day in Portugal, which even still is less than the rate in Spain and Greece, according to recent data from Eurostat. The European statistics bureau estimates Portuguese unemployment at 10.8%, while the government believes the correct figure is 10.6%.
  • Carlos Queiroz, the coach of the Portuguese national football team, has been suspended from participating in training or competition for six months over allegations he tried to disrupt an anti-doping inspection. Queiroz says the charges are false and that he will appeal the suspension.
  • Portuguese consumers pay one of the highest prices for diesel fuel in the European Union, with only Greece seeing a higher cost for the fuel. Diesel is seven cents a litre more expensive in Portugal than the EU average.
  • Portuguese Prime Minister José Sócrates went to Libya last week for the annual 5+5 meeting, which brings together European and African countries with borders on the Mediterranean basin.
  • Casino revenue hit the lowest level in four years in the first half of 2010, at €168.8m. That was down by €6.4m from the same period the previous year. For the leading Estoril Sol group, only the flagship Estoril Casino saw a revenue decline, down by 12.8% at €38.8m, or around a quarter of the company’s total revenue.
  • Auto sales rose 46% in the first half of 2010 as consumers returned after 2009’s disastrous crisis-dampened year. The Portuguese Auto Association said sales of luxury cars were particularly strong.
  • A total of 3,530 companies declared bankruptcy in the first eight months of 2010, a 51% increase from the same period the previous year. Porto, Lisbon and Braga are the cities with the highest number of bankruptcies, according to sector specialist Coface.
  • Sales of electronics, white goods, photo gear, computers and office equipment saw a 1.8% rise in sales in the first half, according to consultants GfK. Sales topped €580m for these kinds of goods, the report said.
  • Retail sales in Portugal rose 3% in July, the biggest rise in the European Union, according to data from Eurostate published last week. The average for the EU was a 0.1% increase in retail sales.
  • Mozambique and Portugal last week agreed to boost bilateral cooperation, signing three cooperation memoranda at the Maputo International Trade Fair. The agreements cover food production logistics, trade and competition issues, and food safety.
  • The state has been cheated out of more than €10m via fraud related to subsidies for prescription drugs, according to the Secretary of State Oscar Gaspar. In an interview with the Diário de Noticias newspaper, Gaspar said the Health Activities Inspectorate is actively investigating this type of fraud as part of the effort to reduce state spending.
  • Portugal’s national team struggled to a 4-4 draw against Cyprus in a Euro 2012 qualifier, an embarrassing result for the Portuguese who have been distracted by troubles with their coach. Carlos Queiroz was absent from the game as he is serving a six month suspension for allegedly interfering in a drug test for team members. Queiroz denies the charges.



  • EDP Renováveis, Energias de Portugal’s renewables unit, said last week that it plans to build a 34 megawatt windfarm in Poland. EDPR said the operation, in the southeast city of Tysowce, would be operational by 2012.
  • The government said last week it has conceded tax breaks worth more than €220m to 15 companies as a way to support alternative energy and export. Industrial group Martifer, tourist group Vila Galé and autoparts maker Faurecia were among those awarded the tax breaks.
  • Media reports last week indicated that auto retailer SAG is seeking to sell its loss-making Unidas unit in Brazil. SAG denied the reports.
  • Fastfood company Ibersol posted profits of €5.5m in the first half, down 1.7% from the same period the previous year. Sales were up 4% at €101.3m.
  • Conglomerate Sonae said last week that it has opened four retail outlets in Saudia Arabia, kicking off its strategic plan to expand into the Middle East. Sonae aims to open a total of 70 outlets over the next four years.
  • The Neves Corvo copper mine in the Alentejo contains more of the metal than initially thought, the mine’s operator, Sweden’s Lundin Mining, said last week. Lundiun said Neves Corvo’s reserves are now estimated at 41m metric tonnes, an increase of 5.8m from the prior reading.
  • Spanish retailer Zara last week launched an online retail service that is available for Portuguese consumer. The Zara.Com service is also running in Spain, France, Germany and the UK, and is forecast to boost the Spanish company’s sales by more than 4%.
  • TAP Air Portugal wants to eliminate all of its €1.3bn in debt by 2016. In an interview on Economico TV, TAP CEO Fernando Pinto said the company paid down €100m in the first half, and with revenue of more than €2.4bn has the capacity to continue easing its debt burden.
  • The European Commission last week approved the government’s €2.4m support package for former employees of tech company Qimonda. Some 839 people were laid off at the company’s Portugal unit last year.


  • Caixa Geral de Depositos, the state-run financial juggernaut, is the best respected financial brand in the land, according to image consultants Marktest. Overall, CGD is in 31st place among brands in Portugal, with the most respected being Google and the top Portuguese brand being Luso, the bottled water company.
  • Portugal sold €1.0bn in treasury bills last week, with the yields rising to slightly above those paid at the previous auction. Demand for the bills was around twice the amount on offer, indicating there is still strong interest in Portuguese debt.


  • Portuguese newspapers saw a 9.1% drop in sales in the first half, with only tabloid Correio de Manhã posting a 6.6% rise in sales. Sales for the two main business dailies, Jornal de Negócios and Diário Económico, remained basically unchanged.
  • Analysts are expecting Portugal Telecom to return up to €2bn to shareholders as a result of its recent deal to sell its stake in Brazil’s Vivo. The payback could come as a special dividend, or via share buybacks.

Six Convicted In Pedophile Abuse Case

After nearly six years, a Lisbon court handed down convictions to six people accused of sexually abusing minors and adolescents, raping children and running a pedophile ring at the state-run Casa Pia children's home during the 1990s. The case first came to light in 2002, when a whistleblower spoke out, prompting a long police investigation. Carlos Silvino, a former driver at the home who confessed to more than 600 crimes and gave evidence against the other defendants received the longest sentence, 18 years in prison. Carlos Cruz, a popular TV presenter with more than 30 years experience in show business, was given a seven-year sentence, and former ambassador Jorge Ritto was given six years. The judges also said the Casa Pia itself, as an institution, shared some of the blame for the crimes because it failed to detect them. Ricardo Sá Fernandes, Cruz’s lawyer, protested the sentences, saying the judge had failed to provide a clear summary of the evidence against his client. All of those convicted are expected to appeal the verdict, and will remain outside of prison while that process continues. The one woman involved, who allegedly ran a house in the Alentejo where some of the crimes were committed, was also convicted but will receive no jail time because of a recent change in the law. The victims of the crimes, some of whom were present at the courthouse where the verdicts were read out, expressed relief that the long and emotional case had reached a conclusion. The trial was thought to be Portugal’s longest, involved testimony from more than 800 witnesses and experts, including 32 victims. In an interview with the UK’s Express newspaper. Pedro Namora, one of the victims and now a lawyer in Lisbon, suggested the pedophile ring might have information about the abduction of Madeleine McCann, and suggested the private detectives investigating the case should look at the possibility.

Mozambique Erupts In Price Hike Protests

The former Portuguese colony of Mozambique was the stage for violent protests last week as people took to the streets to complain about the government’s decision to sharply hike prices for a number of basic goods, including bread, water and electricity. More than half a dozen people were killed in the skirmishes, and there were reports of hundreds of wounded. Shops and banks were closed for two days in the capital, Maputo, but reopened Friday as things settled down. The Mozambican government met to discuss the protests but said it would not reverse the price hikes. The protests delayed TAP and other flights at Maputo’s airport, but the Portuguese consulate said no Portuguese citizens were injured in the melees.

FIFA Delegation Says Iberian Bid Strong Contender

A FIFA delegation that traveled to Portugal and Spain last week said the main stadiums proposed by the Iberian countries for their joint bid to host the 2018 or 2022 World Cup are "ideal" for major games. The FIFA group checked out Barcelona's Camp Nou, Real Madrid's Santiago Bernabeu stadium, Benfica's Luz Stadium Porto's Dragon Stadium during their four-day tour to assess the bid. "The Iberian bid has a good chance of being selected," delegation leader Harold Mayne-Nicholls told the Associated Press news agency. "Our report is going to be very positive because we have observed that they have a great sport, hotel and transport infrastructure, as well as a strong support from their political and sports authorities." The delegation’s head also said it was clear the peninsula's hotels and airports would be able to handle the expected increase in tourist traffic as a result of the games.

Global economic policy - Monetary illusions
Central bankers are not magicians. Don’t count on them to conjure up remedies if the rich economies flag -

Investor confidence in London is higher than ever

Although the summer months might traditionally herald a quieter time for businesses across Europe, we’ve seen a very different – and much more exciting - picture emerging in London recently. (Think London)

Vela mundial em águas lusas

A capital portuguesa foi escolhida para stopover transatlântico da prestigiada regata mundial Volvo Ocean Race 2011-2012, considerada a Volta ao Mundo à Vela. No percurso de circum-navegação desta competição, Lisboa será o 1.º porto europeu a receber os melhores velejadores do mundo e as mais experientes tripulações internacionais, após a travessia do Oceano Atlântico. (AICEP)

Better Living in Portugal Exhibition 2010 – 16 & 17 October – Parque de Ferias e Exibições in Portimão

With just six weeks to go before this year’s Better Living in Portugal  (BLiP) exhibition, Exibições Ibéria – part of The Resident Group – has confirmed that the take up of stands this year has already been good. But if you want to take part in this well respected exhibition then now is the time to book! Don’t delay as you do not want to be disappointed.
As well as visiting the 200+ stands offering everything from insurance to massage, furniture to candles and everything in between, this year visitors to the exhibition will find two new innovations. Green issues and sustainability affect us all and a section of the exhibition will be devoted to help visitors understand what is available and how it works. Another section of the exhibition has been given over to some of the best winemakers in the Algarve where visitors can learn more about those committed to turning the grape into a great drink and of course there will be tasting opportunities.
So, whatever your interest in BLiP – either as an exhibitor or a visitor make sure you book the dates in your diary - 16 & 17 October.  Entrance is free to everyone.
For more information please visit www.blip-exhibitions.com and to reserve your space email kate.fitzsimmons@theresidentgroup.com or call (00351) 913 393 114.
If you wish to attend one of the events listed below, please contact:
Mª Helena Fernandes, BPCC, Lisbon.
Phone: +35 1 213 942 020, fax: +35 1 213 942 029, email: h.fernandes@bpcc.pt
This Diary of Events has now been expanded to include a selection of initiatives organised by the Commercial Section of the British Embassy* in Lisbon

8 September (Algarve) – Business cocktail sponsored and hosted at the new offices of BPCC Member Money Mais in Almancil.

8 September (Porto) – Informal Business Drinks at Hotel Porto Meliã Gaia. Let us know of your intention to attend and turn up from 6.30pm onwards.

16 September (Algarve) – Business cocktail in Carvoeiro, sponsored by Vernon Real Estate.

23 September (Lisbon) – Business Drinks de Rentrée hosted by LeoBurnett

23 Setembro (Lisbon) – Almoço-Debate com Dr. Paulo Portas do CDS/PP

25 Setembro (Óbidos) – Torneio de Golfe na Praia d’El Rey Golf & Beach Resort com o almoço no hotel Praia D'El Rey Marriott, patrocinado por Logica e Aguirre Newman.

29 Setembro (Porto) 14:00-19:00 – SEMINAR on “The secrets of low cost online marketing” with Steve Masters from DotPonto at Hotel Eurostars das Artes.

30 Sept – 1 Oct – The Global Clean Energy Forum “Who will be the winners of the new energy race?” will be held at the Four Season Hotel Ritz in Lisbon. Book now – special rate of £1050 for Chamber members.

7 Outubro (Lisboa) – Seminário com Macedo Vitorino & Assoc sobre “Concorrência e Política de Insolvência” no seu Auditório na Rua do Alecrim 26 E, Lisboa.

7 October (Algarve) - Business cocktail sponsored and hosted by BPCC Member As Aves Restaurant/Fumeiro do Algarve in Portimão.

19 October (Algarve) – Lunch-Debate with André Jordan and the participation of CIOB, ICE and RICS. This event will be held at the Tivoli Victoria Hotel.

19 Outubro (Lisbon) – Conferência sobre “Mercado Alternativo Bolsista” no auditório da Ordem dos Economistas.

20 Outubro (Porto) - Conferência sobre “Mercado Alternativo Bolsista” no auditório das Caves Calém em V.N. Gaia.

28 October (Algarve) - Business cocktail sponsored by BPCC member Newlyn Portugal and held at O Pomar in Tavira.

11 November (Algarve) - Business cocktail sponsored and hosted by BPCC Member Elite Kitchens in Lagoa.

25 Novembro (Porto) - Seminário com IAPMEI sobre “Sistemas de Financiamento às PME's” em colaboração com a ANJE nas suas instalações na Casa do Farol, Rua Paulo da Gama, 4169-006 PORTO.

25 Novembro (Lisboa) – Almoço-Debate com o Secretário de Estado dos Assuntos Europeus.

4 December (Algarve) – Christmas Gala Dinner at the Sheraton Pine Cliffs in Albufeira.

Power Network lunches are organised on a regular basis (by invitation only) throughout the country. Should you wish to receive an invitation to attend the next one in your area, contact us on info@bpcc.pt
Interested in sponsoring these or any future Chamber events? - then contact us on h.fernandes@bpcc.pt

With respect to information in the publication, neither the British-Portuguese Chamber of Commerce nor any of our employees, makes any guarantee, express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information. While the BPCC believes the information to be reliable, human or mechanical error remains a possibility. Neither the BPCC nor any of the sources of the information shall be responsible for any errors or omissions, or for the use or results obtained from the use of this information.
© British-Portuguese Chamber of Commerce

Please address any comments / enquiries to Chris Barton on c.barton@bpcc.pt
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Accenture  ·  Aguirre Newman  ·  ALD Automotive
British Council  ·  BT Portugal  ·  Casa Teixeira
Claranet Portugal  ·  Colt Telecom  ·  GlaxoSmithKline
Hammers 'n' Blades  ·  HN  ·  IRG - International Realty Group
Jaguar Automóveis  ·  Jardim Vista  ·  Jones Lang LaSalle
José Damásio dos Santos  ·  Martifer  ·  Moneris
Praia d´El Rey  ·  Premier FX  ·  Professional Investment Consultants
Sage Portugal  ·  Sheraton Hoteis - Lisboa e Porto  ·  Squarestone
Tejo Energia  ·  Van Ameyde Portugal