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Issue1650 July 2009 2/8
•AnExecutiveSummaryofthebusinessnewssince1991•Allrightsreserved
Highlight:
BCP directors’ bail tightened
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Outlook: Very mixed signals
• Despite the recession difficulties finance minister
Fernando Teixeira dos Santos has insisted that Lisbon
will meet its budget deficit target of 5.9% of GDP by year
end. He told parliament during a finance debate that
recent extraordinary measures to help combat the
domestic economic crisis would be paid for from
contingency funds set aside under the 2009 budget. He
said in H1 2009 budgeted expenditure accounted
.........(more).... ........Read Article>>
Tourism: Marina escapes the slaughter
•The Portimão, Algarve Marina currently has
occupation rates of 72.5% or an “insignificant” 3% below
the same previous year period, says Eurico Correia shareholder
and director of Marinas do Barlavento - Empreendimentos
Turísticos, SA which runs the facility. .............(more) Read
Article>>
Outlook: Recession remains the predominant feature
•The economy remains in technical recession
experiencing the most significant shrinkage in growth
since 1978 but there are slender signs that the pace of
decline is beginning to slow, says the latest forecast by
NECEP-Núcleo de Estudos de Conjuntura da
Universidade Católica,..........(more) Read Article>>
Investment: Malaysian fuel cell plant fails
•The planned opening of a 69.3 million clean energy
manufacturing plant at Montemor-o-Velho (upper
Alentejo) by Agni Inc (Singapore-based renewable
energy developer) has been abandoned says a July 9
report. The investment, originally focused on producing
clean energy technology equipment, to include fuel cells,
fuel reformers, hydrogen power modules.......(more)
Read Article>>
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Industry: Dow opens plant but mothballs it
•Dow Portugal (US, ) June 7 opened a 65 million
extension to its chemical plant at Estarreja (north) but
due to a sharp global market fall in demand the project
will be mothballed. ....................... .(more) Read Article>>
Infrastructure: Not now to airport and never to TGV
• Êrnani Lopes, a former minister of finance and
director of the rating company Saer-Sociedade de
Avaliação e Avaliação Estratégica de Risco says July 7
government should give serious consideration to
delaying construction of the new Lisbon international
Airport at Alcochete...........(more).......Read Article>>.
Newswatch: Lisbon 64th in world ranking on costs
• Lisbon stands 64th in the global ranking of executive
cost-of-living in world capitals. At 76.32 points it is seven
points down against its 2008 rank, says an annual
research report by Mercer Human Resource Consulting
(US, executive relocation) released July 6. Mercer said
the fall in Lisbon’s position matched similar ranking
changes for ...........(more) Read Article>>
Banking: A-G seeks tougher bail conditions for BCP
•The Attorney-General has asked the examining
magistrate in the case against five former BCP bank
directors to increase bail conditions against them. He
says they allegedly hold “substantial assets abroad” and
may seek to flee than face trial.... ..(more) Read
Article>>
Banking: Secrecy law relaxed under PCP pressure
• Government debating a new law on banking secrecy
in parliament, has accepted two important left wing
amendments (from communists in the PCP and the BE
or Left Block) which will significantly change current
banking secrecy law in Portugal says a July 9 report. The
new bill ... ...(more) Read Article>>
•EXCHANGE: Currency rates: July 08 1 EUR-
PTE200.482; 1 USD-0.719487 , 1 UKP-€1.15688