Tue

24

Dec

2013

Portugal Steps Back From The Periphery’s Edge

Portugal prevail in Israel

Thats what people care about: that they have jobs and can pay their mortgages, says del Ama. These developments will, he says, increase Portugals political stability. Global X is bullish in particular about the consumer services sector, which makes up nearly 23 percent of the index, says Jacobs. We expect to see steadily improving unemployment numbers, which should result in more disposable income for Portuguese families that will be spent on consumer goods and services. More than half of this consumer services weighting is taken up by Jeronimo Martins, a retailer and consumer goods manufacturer. James Buckley, head of European equities at $60 billion Londonbased Baring Asset Management, says that Portugals coalition government remains reasonably stable. When it comes to reform, he adds, Portugal did adhere to what it was required to do. Its reward is that Portuguese 10-year bonds are trading at around 6 percent, significantly down from earlier highs. The yield peaked at 17 percent in 2012. Some investors regard Portugals export prospects as playing an even more important role in the countrys recovery than does the governments reform program.
More: http://www.institutionalinvestor.com/Article/3292116/Channel/199225/Portugal-Steps-Back-from-the-Peripherys-Edge.html

The Czech Republic and Slovakia won through from Group B, the Czechs clinching the section with seven points including a remarkable 7-3 triumph against Finland, while Denmark finished third despite defeating the Finns 5-2. Germany finished top in Group C with seven points, one more than the Netherlands with Hungary third and hosts Israel fourth. Spain were eased into second place in Group D by Greece despite a 7-2 success against Poland, the Greeks' 2-1 final-day victory against Spain proving decisive. Poland finished third and Romania fourth. Two of the quarter-finals required penalties to separate the sides, money Germany and Portugal playing out a 1-1 draw before the Portuguese prevailed 6-5 on penalties, while Slovakian hopes were ended by Greece after the sides had drawn 2-2. Spain's defence of their title was ended by the Czech Republic, who earned a 2-0 victory in Herzliya, while the Dutch ran out 3-0 winners against Russia. The semi-finals both produced 2-1 scorelines, the Czechs and Portuguese defeating the Netherlands and Greece respectively.
More: http://www.uefa.com/under17/history/season=2000/index.html

Priceless Lisbon

But a similar plot line leaped forward today in Portugal, where the nations highest court has struck down a proposal to cut retirement benefits for public employees. ( Patricia Kowsmann of the Wall Street Journal has the full story here .) Reuters Portugals president, foiled on pensions. Portugal, of course, is one of the PIGS (Portugal, Italy, Greece and Spain), the countries hit hardest in the European debt crisis. The nation got a $107 billion bailout from the European Union and the International Monetary Fund in here. 2011, and the government of President Anibal Cavaco Silva is trying to demonstrate to creditors that it has put its financial house in order. According to Kowsmann, the government had proposed a 10% cut in pensions for retired civil servants whose monthly stipend topped 600, or about $820. (Six hundred euros a month is roughly half the average salary in Portugal, according to the OECD .) The cuts would have saved the government about $530 million a year.
More: http://blogs.marketwatch.com/encore/2013/12/19/portugal-court-nixes-public-pension-cuts/

Portugal choose Campinas as World Cup base

Credit: Reuters/Hugo Correia Creditors say Portugal economy improving Mon, Dec 16 2013 LISBON (Reuters) - Portugal's international lenders have approved the country's progress in the latest review of its bailout, pushing the euro zone member closer to a smooth exit from the lending program in mid-2014. Portugal emerged from its deepest downturn since the 1970s in the second quarter and has begun to win back investor confidence as it prepares to return to financing itself in markets next year after the three-year bailout. "The lenders agreed that our targets were met and our objectives are within reach," Finance Minister Maria Luis Albuquerque told a news briefing on Monday. "It was a very smooth evaluation ... that envisages the end of the bailout program on the agreed date" in mid-2014, she added. Economists say the country is likely to be able to leave its bailout but may need some kind of precautionary loan from creditors before standing on its own two feet.
More: http://www.reuters.com/article/2013/12/16/us-portugal-bailout-review-idUSBRE9BF0ZJ20131216?feedType=RSS&virtualBrandChannel=11563

Portugal court nixes public-pension cuts

They have reportedly chosen the base because of its closeness to an airport, thereby limiting the squad's overland travel. The team intend to use the Moises Lucarelli stadium in Campinas. But they may have to train on other pitches nearby, because of privacy issues at the stadium. Ponte Preta's ground is surrounded by high rises and the Portuguese Football Federation has reportedly asked for the stadium to be covered, to avoid training sessions being watched by prying eyes. Stadium administrator Elias da Silva said: We know that the World Cup is a war, no?
More: http://www.modernghana.com/sports/510212/2/portugal-choose-campinas-as-world-cup-base.html

The port city on Europes southwestern edge cant boast the scale or variety of, say, Paris or London. What it offers is a small scale image source suited to walkers, a sedate pace of life, little crime and lots of history. The famously hospitable Portuguese are another asset, and the restaurants can lay on exceptional fish and seafood from the Atlantic. During the Age of Exploration 500 years ago, when Portugal led Europe out of the Mediterranean and established an empire spanning from Latin America across Africa to Asia, Lisbon was one of the worlds wealthiest cities. The massive 1755 earthquake so catastrophic that it helped change the course of western European thought destroyed many of the greatest Lisbon monuments.
More: http://gulfnews.com/about-gulf-news/al-nisr-portfolio/tabloid-on-saturday/priceless-lisbon-1.1129155

Write a comment

Comments: 3