Farfetch, the former Portuguese unicorn that was bought out by South Korea’s Coupang, left its offices in Braga at the end of September, 2023. The decision to close the offices it had occupied for just over four years on Avenida Dom João II, was taken in order to concentrate its teams in offices in Matosinhos … Read more
Small investors on the stock market are more numerous and expressive in Lisbon than in some other European capitals according to the president of Euronext Lisbon, Isabel Ucha in an interview with journalists. The growth in the importance of the individual investor in stock markets across the world is a global trend, but is “more … Read more
The Angolan State petroleum company Sonangol is facing increased pressure to sell its 19.5% stake in bank BCP. However, the company’s president Sebastião Martins says it has no plans to do so. Speaking on the sidelines of a conference in Luanda, Martins said: “I know that there is a lot of pressure, probably from a … Read more
Portugal managed to achieve positive external accounts in 2023, posting an overseas surplus of €7.2Bn after a deficit in 2022. It was the highest ratio since 2013 according to the Bank of Portugal from data released on Monday. The surplus in the current and capital account balance was 2.7% of GDP. This result was an … Read more
Portuguese exports of cork reached a new record of €1.232Bn in 2023, up 2% on 2022, with bottle corks exceeding €900 million in exports for the first time according to the Portuguese Cork Association. (APCOR) The association also highlights the positive trade balance and behaviour of sales to the US in a communiqué. “Portuguese exports of … Read more
Former Portuguese banker António Horta Osório in a consortium comprising the funds Warburg Pincus and Zeno Partners is still in the race to buy Altice Portugal for €6.5-€7Bn for all of its assets, including control of FastFiber, the company’s fibre optic network arm. According to ECO Online, despite rumours to the contrary, neither the consortium … Read more
Novobanco has authorised a banking syndicate to place €500 million in covered bonds onto the market. This is according to Bloomberg that said the operation was led by Barclays together with Crédit Agricole, Deutsche Bank, IMI-Intesa Sanpaolo, and LBBW. The €500 million in bonds are secured by a number of assets with a three year … Read more
REN – Redes Energéticas Nacionais, Portugal’s national electricity grid company, is to issue green bonds worth €300 million with an eight year maturity aimed at institutional investors according to Bloomberg. According to the news agency, which quotes an inside source, the company led by Rodrigo Costa has authorised the issue via REN Finance BV, for … Read more
The second phase of the Altice Portugal wholesale or partial selloff is about to begin with two of the candidates Illiad and Saudi Telecom sending due diligence teams to Portugal over the next few weeks. However, the fund Warburg Pincus with Portuguese banker António Horta-Osório is likely to withdraw because it is only interested in … Read more
Portugal’s tax authorities have introduced a new measure whereby assets held in offshore accounts will have to be declared from next year. The move will also include income from capital derived from national entities, which together with income from offshore assets, will be liable to a 28% special tax rate according to tax expert Luís … Read more