OE 2009: Parishes admit ask speech Cavaco

The National Association of Parishes (ANAFRE) admitted today appeal to the President of the Republic to raise the unconstitutionality of State Budget (OE) 2009 regarding the salaries of elected on a continuing basis.

"If there is no sense to resolve this issue in the Assembly of the Republic, but the ANAFRE appeal to the President of the Republic to raise the unconstitutionality of this matter which, in our view, is manifestly unconstitutional", said today the president of the association, Armando Vieira, during a press conference in Lisbon, which was attended by mayors from around the country to express its indignation.

At issue is the absence of a specific sum in payment of their wages to OE of the presidents of large joints parish, as since the publication of the law 11/96, which frames the rules applicable to the exercise of office of members of the parish together.

Article 10 says that law that the money needed to pay the fees and charges with the members of the Board on a full time or part-time 'will be carried out directly by the State budget.

Finibanco capital increase open to new shareholders

Shareholders of Finibanco meeting at AG approved the increase of capital of the institution, from 115 to 165 million euros, also paving the way for the entry of new investors.

According to the release of institição CMVM, the exact amount of the capital increase, which will be performed by one or more times up to 50 million of securities with a nominal value of 1 (one) euro each, to be subscribed by shareholders and public in general.

For the capital increase would enable the entry of new (s) shareholder (s), the General Assembly (GA) has the waiver by shareholders of their right of first refusal with respect to the tranche for the public subscription "

Gasoline prices back to June 2005

The price of gasoline of 95 octane is now cheaper: the decreases ranging from two to five cents per liter, which is costing the major networks in 1179 euros. Since June 2005 that the price of petrol in Australia was not in this figure. With diesel, the declines were more modest, between two and four cents per liter for a price of EUR 1079, for example in Galp. It would take back to July 2007 to find equivalent values in the domestic market.

In July this year when prices were achieved highest-ever in Portugal, following the record achieved by oil, gasoline was up from 1.5 euros and diesel cost 1.43 euros. Since then, and doing the accounts to the figures announced by major oil yesterday, the two most fuels consumed in Portugal fell more than 30 cents (60 francs) per liter, or 24%. The drop in prices, which accompanies the vertiginous fall of crude oil and refined products, has been most felt in mid-October, perhaps as a reaction to the protests of public associations and sectors against what they considered to be a very slow decline in prices Portugal, especially given the increases.

Looking more closely, we see gasoline fell nearly 38 cents since July. In the low diesel is the order of 35 cents per liter. For those who fill the tank, this means a savings between 18 and 19 euros for each supply to 50 liters. The reduction in the bill ranges between 21 euros and 22.5 euros to supply 60 liters, depending on the car is a diesel or gasoline, respectively. Since the beginning of the year, the declines are less expressive, especially in gasoline, whose price fell about 14 cents per liter. With diesel, the decline exceeds 20 cents per liter.

Balances to stop falls

The fall in prices has not been sufficient to counteract the decline in consumption at least in the third quarter when sales of petrol back 7.5% and those of diesel fell 2.5%. The situation affects more the national oil that they are losing market share for distribution. A recent study by TNS World Panel said that large areas were responsible for 19% of sales in the first half, which share the industry classifies as exaggerated. Even so, and to stem falls in sales, some major oil launched aggressive promotions with discounts on the order of six cents per liter to the end-of - week.

SAG's profits fall 52.3% to 6.8 million in the first nine months

SAG's profits fell 52.3% to 6.8 million euros in the first nine months of the year, compared with the 14.2 million euros in the same period of last year, revealed the company reported to the Commission Market Securities (CMVM).

According to the same source, when adjusted to exclude the contribution of BSCP / Interbanco to the consolidated results of the first three quarters of 2007, the SAG recorded a consolidated net profit of 6.8 million, which represents a reduction of 27% in relation to the result achieved in the same period of last year.

"Despite the adverse macroeconomic environment which affected the whole

markets where the SAG is active, it should be noted the

positive contribution of the results obtained in the third quarter, "explains the company.

EBITDA, or "cash flow" operation, which reached 57.5 million, a growth of 7% compared to that seen in the same period of last year, "deserves particular attention from the growth of the United Nations, in Brazil."

The consolidated turnover for the quarter amounted to € 599 million, an increase of 10.4% compared to same period a year earlier, driven by positive contributions of Siva, and the United Ecometais.

EBIT has grown by almost 3% on the value achieved in the same period of 2007 to 43.8 million.

The consolidated financial results represented in total, an increase of annual costs amounting to around 8.9 million euros due to two factors.

First the contribution of Santander Consumer / Interbanco that during the same period of 2007, had contributed to a positive result of about 4.9 million. And then the "increase in the indebtedness of the United Nations, due to the strong growth of its fleet, which was in very substantial part, financed by aportação of funds originated in Portugal."

The textile industry exported less than 170 M € by August

The sharp downturn in exports at 170 million euros (M €), until August, and a significant decline in the order book are two immediate impacts of the global financial crisis is having on the textiles and clothing Portuguese, highlights the Journal of News this Thursday.

In round figures, the sector exported 2724 billion euros in the first eight months of 2008 at least 170 million euros, compared to the value of exports in the same months of 2007. So far, the most affected sectors by the fall in exports are garments and textiles, home.

The scenario is worrying, but the business sector, which met yesterday at 10. Forum of Textile Industry in Famalicão, wanted to pass the message that once again the industry wants to resist. The difficulties in ITV are to worsen since May this year, and according to the chairman of the Textile and Clothing Association of Portugal (ATP), which organizes the Forum, John Costa. Between January and August, exports up 5.9% less.

Bolsa rises 2% enlivened by strong gains in BCP and Galp

The national stock exchange following the win over 2% due to increases of heavyweights. BCP and Galp are in focus.

The PSI20 advancing 2.22 percent to 6271.42 points, with 17 of the 20 listed companies to trade up.

In Europe, gains ranging from 0.80% in London and 2.07% in Paris, after Asia, the markets have closed savers by cutting interest rates in China.

In India, the trading of their equity markets, bonds and currency raw materials was suspended after the country was the target of several terrorist attacks that has already killed more than 100 in the financial heart of Bombay.

For now, the cheer is Galp Energia which climbs 3.57% to 8.70 euros, despite the fall in oil prices in international markets. Also in energy, EDP Renewable climb 3.16% to 4.56 euros and EDP values 1.34% to 2.72 euros.

In banking, the BCP off 4.13% to 0.78 euros, the BIS progressing 1.76% to 1.44 euros and BES advancing 1.90% to 5.89 euros.

Almost 15 million in bonds were not claimed

Neither did the Portuguese crisis clamoring to return the collateral they paid, wrongly, by contracts for electricity, gas and water by 1998. On average, each customer was entitled to 15 euros, which were repaid by offsetting credits on bills or on deposit in the bank account, if the claimant is entitled to a supply contract in place.

In the case of contracts terminated, the refund of the deposit could have been made by checks made payable to the consumer.

Customers in those conditions had until March 2008 to exercise the right to be compensated. At issue was the return of only 21 million euros in electricity and gas, was never announced the figure for water.

In September 2007, according to the ERSE - Regulatory Authority of Energy Services, the number of securities not returned in the electricity sector amounted to 1,298,767, the total value of 20,419,414 euros. In the natural gas sector, the number of bonds is not returned to 6730 a total of 311,200 euros.

But the inertia won and were claimed only in collateral value of about 5.7 million. The remainder (nearly 14.7 million euros) will now serve to pay for projects to support consumers, in particular, extrajudicial mechanisms of access to justice.

Portugal is among the countries worst positioned in the European

Union to enjoy the flexibility of the Stability and monitor the budget boost of 1.2% of European GDP, claimed yesterday by the European Commission to accelerate the recovery and "dampen the wind of recession in the short term ".

If you want to avoid a new dispute with the EU - which would be the third - Lisbon has only a window from one year to slightly increase the budget deficit above the 3% of GDP, warned yesterday the commissioner Joaquin Almunia, the presentation of "Plan European Recovery. "

For countries close to 3%, as Portugal, the Pact does not wide margin: in "exceptional circumstances" - evaluated by exogenous shocks or recession year - Brussels could accept excessive deficit above 3%, if they are temporary and remain close to this amount. Yesterday, the Commissioner Joaquin Almunia said that "close means few tenths - not many - and temporary means a year," back in a preliminary version that provided for two years. Portugal will present a deficit of 2.2% this year - in 2009, however, the government has already admitted overcome this value, with changes made by HP to the State Budget gives a maximum margin by 2.7%. The Commission anticipates a slip by 2.8% and 3.3% in 2010. If corrected in 2011, this route would be allowed in the room.

Barroso said that "not all countries can give 1.2% of its GDP because there are different points of departure - some will give more, others less." In this second group, Almunia says, are all those who have little or no room for maneuver.

However, the EU needs of France and Italy to realize its plan for recovery. And as these countries also are in fragile fiscal positions, Portugal can recount with understanding, if you need a long path of correction under a new procedure for excessive deficit.

In 2005, Portugal has benefited from a period of three years to reduce a budget deficit of 6.8% of GDP to below the 3%, and ended up doing so in two years. "What these countries [including Australia] should do is say right now what they are doing in the future, to ensure the sustainability of medium-term to give assurances to the markets," says Pisani-Ferry, economic adviser to Barroso. Commissioner Almunia warned that each case is a case which will have to assess the measures that States include in Stability programs that will show up to December 1 this year, or in supplements that include the end of the year.


Socrates praised plan and prepare response
The Portuguese Prime Minister has praise for the plan presented yesterday by the European Commission in Brussels, to promote a reaction between the 27-reaction to the economic crisis.

José Sócrates, the second found the Economic Daily, now wants to examine the reactions of the main EU heads of government, to realize the true margin of maneuver that may ultimately win, with the official approval of the plan, already in December in Brussels.

The expectation of the Portuguese Government focuses, for now, the tax issue. But, after Gordon Brown have implemented a decline in VAT, France and Germany came quickly to secure land that would not go ahead in the same direction.

Maybe so, Socrates was not final yesterday in response to a possible mexida in taxes. But stressed in an implicit sign that this may not be your path, that Portugal had already lowered the VAT this year.

As to bet on investments, Socrates not only praised the speech for Barroso, as pointed as a show that the chosen path is right in Portugal. Whether the new margin guaranteed by Brussels may be used by Socrates to go on this strategy wager.


The suggestions from Brussels:

1 - Reduction of taxes such as VAT or IRS
Brussels proposes to reduce taxes and social contributions to the lowest levels of income. To support the private sector, particularly small and medium enterprises, and reviving the economy, the European Commission advises the temporary reduction of VAT. This is one of the most challenged by Germany and France, who prefer a policy of public investment. This week, the United Kingdom fell VAT of 17.5% to 15%.

2 - An increase in public investment
The European Investment Bank can lend up to 15 billion per year, within a maximum period of two to support public investment and use EU funds that have not yet been spent on projects of transport infrastructure and improving access to Internet. The European Commission also urged the member states and the financial system to reduce the rates for loans and giving credit guarantees to companies.

3 - direct support to the needy
Brussels demands that will be released as the European Social Fund (about 75 billion euros between 2007 and 2013) for the poorest people and asks for revision and extension of the rules for awarding the European Globalization Adjustment Fund, so that it can intervene in quickly in key sectors of the economy, as the car. The aim is also co-finance the training of unemployed and help companies survive.

Private Bank waiting for agreement on sanitation

The administration of the Portuguese Private Bank (BPP) and the Bank of Portugal (bop) have not yet closed by an agreement on the likely recovery plan for the institution led by John tenant, which may be known throughout today.

By Business found that the continuation of contacts between the BPP and the supervisory body yesterday led the bank to suspend the purchase of applications for customers, which have soared in recent days.

The increase in the number of customers trying to raise their applications tend, as financial sources, to enhance the financial difficulties of the institution, making it even more urgent the need for a solution. Yesterday, the end of the day, some sources even admitted that the pressure would already have achieved an understanding in principle on the appointment of two directors to the BPP by the Bank of Portugal.

By Business found that, the team of administrators of the Private Bank have already expressed willingness to waive the seats, leaving the supervisor throughout the scope to choose the managers who want to maintain the institution. But it is expected that some elements of the current board of directors are in the bank, to help implement the plan of reorganization.

However, other sources, the worse the situation of the BPP does not give assurances that the supervisory authority led by Victor Constantius allows a reorganization plan for the bank. Fearing the failure of negotiations, some shareholders have played yesterday even some movement in order to safeguard their interests, particularly in relation to the actions of the management of the Private Bank.

By Business found that, before committing yourself to a rehabilitation program, the bop wants to make sure that, in fact, the seat of John tenant can afford to development. To that extent, the teams will be the supervisor to examine carefully the assets of the Private Bank, as well as portfolios of the companies vehicles designed to make applications in listed companies. Another concern of the supervisor is related to the finance contracts entered into by those companies and that helped support share of the investments.

For the team led by John tenant, the viability of the BPP must go through the injection of funds in the institution. The latest calculations presented by the banker, before the wave of ransoms in recent days, pointed to needs minimum of 500 million.

In the negotiations with the bop, the bank has yet suggested that the applications of customers in fixed-income products are dissolved, leaving investors with securities in which the funds are applied in proportion to their exposure to their portfolios. Thus, these customers ensure at least the reimbursement of capital invested, at the time of maturity of the securities.

Already for vehicles that have investments in listed companies, such as BCP, the Mota-Engil and Brisa, the solution may involve the assumption of their losses - which exceed the 300 million euros only those companies - by customers and also the bank.

Some of the measures that will be adopted in the plan of reorganization of the BPP will be discussed tomorrow at the meeting of the Consultative Council, a body in which sit some of the major shareholders - as Francisco Pinto Balsemão, Stefano Saviotti and John Vaz Guedes - as well as independent members. It is also convene a general meeting of shareholders that the chairman of the meeting, Jose Miguel instance, you want to schedule for the next day on December 19.

Orders to industry fall 3.9 percent

Orders to industry fell 3.9 percent in September in the euro zone, compared to the month of August. Portugal is following the trend of decline with a fall of 4.9 percent, according to data released by Eurostat.

In all the 27 EU countries, orders showed a decline of 4.6 percent in September compared with August.

Faced with the same period, orders for industry lost 1.1 percentage points in the eurozone and 0.9 percent in the 27-member EU, while in Portugal rose 17.6 percent.

The entries of orders in industry, except for shipbuilding, aerospace and railway equipment, fell 2.2 percent in the Eurozone and 2.7 percent in the EU-27 compared monthly, and 0.7 and 0.2 percent respectively compared to same month of 2007.

Energy gives new impetus to the stock market with Europe to shoot

It was a very positive start to week for the stock market in Lisbon, who returned to high earnings, driven by strong energy sector. However, the PSI20 was not as far as the other European indices, with the Spanish square to shoot more than 8 percent, the FTSE 9.8% and the DAX and CAC to overcome the 10%.

Lisbon closed with gains of 4.38% to 6108.62 points. The star of the session was the Galp Energia which rose 14.29% to 8.16 euros, driven by the recovery in oil prices, which operates more than 6% to around 52 dollars, and some assessments from analysts.

The Cimpor also fired more than 10.30% to 3.47 euros, while EDP somou more than 7 percent, to 2.68 euros, EDP and Renewable 4.66% to 3.56 euros.

In banking, green signal only for the BCP, which somou a slight 0.71%, to 71 cents, while the BIS and BES back 2 and 67% respectively. Shares of Bank of Fernando Ulrich fell to 1.43 euros, while the BES fell to 5.84 euros.

In telecommunications, PT climbed 4.40% to 5.53 euros, while Zon Multimedia grew more than 6 percent to 3.88 euros.

The Breeze, on the other hand, closed unchanged to 5.60 euros.

In the United States, the major indexes following a strong rise, also driven by the announcement that the government will guarantee 306 billion dollars of assets of Citigroup toxic. The Dow Jones rises 3.60%, while the Nasdaq appreciates 3.31%.

U.S. government injected 16 billion

The Citigroup, the second largest bank in the United States had to be saved. The American government injected 16 billion in capital and the bank has also taken a record total of 241 billion euros to cover losses in the institution's assets at risk. A major operation to prevent the collapse of another large bank victim of the financial crisis.

The government even before the U.S. had made a further capital injection of Citigroup, worth 18 billion euros.

Citigroup sees itself as the role of a real drain on cash. Prevent the collapse of the institution already cost about half of the funds allocated by Paulson plan to redeem all the American industry from the grip of financial crisis.

The plan to rescue of Citigroup was announced less than a week after the bank has cut 75 million jobs. Last week the shares of Citigroup devalued 60% in stock market.

Citigroup has operations in over 100 countries and is the bank with whom John will be tenant agreed a loan application that requires the endorsement of the state to save the Portuguese Private Bank.

Euribor rates at the lowest in 19 months

Euribor interest rates reached the lowest of the past 19 months. The Euribor to six months, which is the most widely used for lending to housing, is now% in 4020. But, according to data from the National Statistics Institute (INE) for the month of October, these decreases in interest rates still are not reflected in loans to purchase the home. The benefits do not fall because of the "spreads" applied.

For the 32nd consecutive session, the Euribor interest rates are falling. Thus, the three-month interbank rate is below 4%, the Euribor to six months is now fixed in 4020% and the rate to 12 months fell to 4077%. Since October 10, the Euribor keep moving lower, but according to data from the INE, for the same month of October, the interest rate on lending for housing continued trend of rising. And the explanation is that the "spreads" applied by the bank did not fall.

This means that banks are not accompany the decreases in interest rate of reference of the euro zone and continue to apply higher rates on transfers that are between them, namely the Euribor rates.

Because of the recession we have in the eurozone, with the decline in inflation, Jean-Claude Trichet, president of the European Central Bank (ECB) has warned the market that there may be more cuts in interest rates practiced in Europe. And the announcement of further cuts may occur on Dec. 4, when the next meeting of the ECB.

AdC authorizing the purchase TVTEL Zon, Pluricanal and Bragatel

The Competition Authority (CDA) announced in two announcements this Monday, which does not oppose the acquisition by TV Cabo (Zon Multimedia Group) operators TVTEL, Bragatel, Pluricanal (Leiria and Santarem).

Decisions by the AdC were preceded by a process of thorough analysis of the merger, consulting stakeholders and the subsequent imposition of conditions and obligations to ensure the maintenance of effective competition in the market for cable television (retail) and satellite (wholesale) , And network infrastructure.

Since cable TV is committed to fulfilling the conditions and obligations imposed by the body chaired by Manuel Sebastian, the Zon announced, for its part, that "will execute the purchase of the remaining 80% of TVTEL and Bragatel of 76,192% Pluricanal of Leiria and Santarem 79% of Pluricanal to CaixaBI.

Juros da habitação caem nos contratos mais recentes Nos contratos celebrados nos últimos três meses, a taxa de juro implícita desceu para 5,826%. Bárb

The interest rate implicit in the contracts awarded to housing credit in the last three months, ending in September 0020 fell percentage points for 5826%. A behavior that has not occurred since May this year, according to the National Statistics Institute (INE), released yesterday.

"The contracts in the last three months, their interest rates implied destinations declined in" construction of housing "and" acquisition of housing ", with decreases of 0222 points and 0012 points to 5872% and 5824%, respectively, increasing the target acquisition of land for construction of housing in 0012 points to 5965%, "advances the same source.

With all the contracts for housing credit, ie encompassing all the time, purposes, a credit and amount outstanding, the implied interest rate increased again in October, compared to the previous month. This rose to 5868%, the highest value ever.

According to INE, "the interest rate implicit in lending for housing reflects the relationship between the total interest earned in the reference month and the amount outstanding at the beginning of this month."

The rise in the interest rate implicit in all the contracts in force, compared to the previous month, was in all destinations of funding considered by the INE: acquisition of land for construction of housing (5763%), construction of housing (5882% ) And acquisition of housing (5865%).

The average value of the shares outstanding, the entire credit to housing contracts in place, reached 54,650 euros in October. An amount which represents an increase of 68 euros for the previous month.

As regards destinations of financing, the average value of the outstanding debt on the total contracts associated with the purchase of the house was 58,691 euros, 73 euros more than in September. Already in contracts for construction of housing was 41,721 euros, an increase of 16 euros.


BBVA expected ECB interest rate of 1.5% in
After two cuts in about a month, the analysts estimate a further decline in the rate of interest of reference of the European Central Bank (ECB) as early as December. The BBVA revealed yesterday its forecast for 2009, which estimates that the rate reductions fall to 1.5% and that rates in the interbank market are fixed at around 3%.

In a meeting with journalists, the chief economist of the department of education for Europe's BBVA, Julian Cubero, said that "there are numerous uncertainties about the intensity and duration of what has been set as the worst economic crisis in decades." In the view of economist, in spite of future interest rate cuts in the reference, it is still too far from the interbank market rates. In addition, states that 'spreads' bank are not accompany the fall in rates with the same force. Julian Cubero, also left a warning: "It will be difficult to return to the values of 2007, before the crack of the crisis."

Vítor CONSTNCIO try to save BPP

The Bank of Canada will only give the Private Bank 45 million euros of the program of State guarantees for financing in international financial markets, accounting for 0.22% share of the bank has in the Portuguese market. The needs of Private Bank are much higher than that and now the seat of John tenant is in a situation of financial imbalance resulted in the reduction of its capital. Vítor CONSTANCIO, said yesterday in an interview on RTP, which had been all day working on a solution to the Private Bank, but that could not impose on private banks that helped the BPP. The Governor of the Bank of Portugal pointed the finger to the downward revision of Moody's, given the November 13, and that led to the current situation of the BPP. The Economic Daily knows that the private banks (CGD, BES, BPI, and BCP) refused to give any kind of aid Private Bank. Not only will not buy the bank, nor any of the assets, but are not available to provide liquidity as part of the refinancing needs of the portfolios of assets. The Banif also revealed not to have interest in buying the Private Bank.

Vehicles of the BPP invested in shares that have suffered major devaluations. "The Private Financial raised, with a group of investors, 100 million euros in capital. Later, [...] was negotiated with the bank JP Morgan financing via an 'equity swap' of up to 200 million. With these resources, could buy 2.4% of the capital of BCP, "reveals the report and accounts of the BPP. This' equity swap 'has been converted into a credit agreement with pledge of shares. The estimated an average price of 3 euros per share BCP in July 2007, the BPP will have invested around 338 million euros, a stake in BCP which now is worth 78 million. The debt to JP Morgan wins the interest unaffordable for the BPP and the solution is the implementation of safeguards, if there is no equity to strengthen.

The BPP was still affected directly in its own portfolio that invested in shares. The shares of the BPP in vehicles are less than 20% to avoid having to reflect the bank's capital ratio of the potential write-off. That is why Moody's, the November 13, issued a note which warns that the BPP have a high concentration of credit and a capital ratio of tight and that the Tier 1 ratio of 15.4% in June "Did not reflect the risk of the institution." The BPP was yesterday met for three hours with Victor Constantius to request that the guarantees were at least 500 million euros, to deal with the financial imbalance.

John tenant and shareholders Francisco Pinto Balsemão (with 6%) and Saviotti (with almost 6%) have in recent days, tried to call for help from some of the biggest private banks, to try to save the BPP, knew the Economic Daily . But none was available to respond to the call. Meanwhile, Stefano Saviotti said to be available to accompany a hypothetical bank's capital increase which will be discussed in future AG.


Bankruptcy in the "hands" of the Bank of Portugal
According to Pedro Ferreira Malachi, a partner of the Banking Uría Menéndez, "the Bank of Portugal, as supervisor, may require that banks take necessary steps to remedy the situations of breaches of the rules governing their activities." Being precise measures of sanitation, these "must protect the interests of depositors, investors and other creditors, and to safeguard the normal operation of the money market, financial or foreign exchange," continued the lawyer.

In practice, the Bank of Portugal has the power and duty to appoint an administration that takes account of the management of company assets of the bank. This administration has expanded the powers to administer under the general system of credit institutions, and its main task to normalize the functioning of the bank in question, defending the principle of trust.

However, another expert contacted by the Economic Daily alert for the overall situation of economic crisis and that with the recent nationalization of the Portuguese Business Bank by the Government, nothing is certain.

South Africa spoke with Cavaco and remains as adviser

South Africa was received yesterday by the President, at a hearing at the end of the day that served to explain personally to the Head of State all it knows about the case LBW. At the exit, the entrepreneur and former minister had a decision: it will keep the seat in the Council of State.

"After the return [of a travel abroad] asked for a hearing to the President of the Republic" - South Africa confirmed the Economic Daily. "Communicate to him that all my activity in the SLN was that I thoroughly explained in the interview to RTP and that therefore not committed any illegality in the exercise of my duties. From what I see no reason to give up my responsibilities as Counselor of State. "

The decision of South Africa, however, is not universally accepted in their own PSD. Yesterday, even before the leader of the PSD has said that the decision belonged only to South Africa itself to be an issue "of court personnel," the President of the Jurisdiction of the party, Nuno Morais Sarmento, came to public - in the " Speaking Of course "on Radio Renaissance - pointing the way to the exit of former minister of the post of adviser to the president:" Both noise it [South Africa] did that after all this dust raised, I see with difficulty that he can be kept in the Council of State. It is a personal opinion, I, in place of South Africa, would raise to the Council of State and defend the President. "

Yesterday morning, the President of the Republic was asked about this same issue. In a visit to Sines in the Algarve, questions remained about confidence in South Africa, Cavaco Silva preferred to refer to the reading of the legislation itself on the national advice of the Head of State. A law that many experts say does not allow the resignation of an adviser, with an output dependent on a request for dismissal. Still, the view is not unanimous.

James Duarte, a professor of constitutional law at the New University, says that in this respect "is not explicitly mentioned in the law that possibility [of the President to dismiss an adviser to state], but it is not expressly prohibited. It is a dubious question but I believe that the President is free to dismiss the case if miss this relationship of trust. The most likely is that I believe the President should you lose this relationship of trust, talk to your counselor and abandon this. "In case this did not happen yesterday.

Oliveira e Costa was arrested VIP

Jose Oliveira e Costa spent the first night in a real VIP chain of Judicial Police and is alone in a cell, following the decision by Judge Carlos Alexandre
00h30m
Carlos Varela

Reasons of security led to the judicial decision to send Oliveira e Costa to jail Zone Prison from the Judicial Police, a prison considered a true VIP area in the prison system.

Typically, prisoners of preventive district of Lisbon goes to the Prision de Lisboa (EPL), but it was not the case with the former manager of LBW, whom the judge Carlos Alexandre, the Central Court of Criminal Procedure (TCIC), determined the sent to jail to the Judiciary.

The magistrate took this decision because of the delicate state of health Oliveira e Costa, who has serious heart problems, apart from the fact that the chain in question is more controlled and less subject to incidents between prisoners. It is that, although indicted for seven crimes and apparently injured Tuesday LBW in the hundreds of millions of euros, Oliveira e Costa is considered a "special prison".

The former manager is thus alone in a cell, without having to share the space with another prisoner, as normally might happen in the EPL.

And, secondly, because it can receive up to one thousand prisoners and the cells are scattered through a single corridor, it is also easier for the prison guards to maintain order in the establishment, with more guarantees of safety.

The installation and de Oliveira Costa in jail, and given the local conditions, will also facilitate the continuation of investigations, the office of the Central Department of Investigation and Prosecution (DCIAP), particularly because much remains unclear, particularly the way disappeared as the millions of euros.

Yesterday, for example, the weekly "Sol" news that Costa Oliveira and misappropriating 12 million for his personal account and for a company that was holding the A1, 66 million.

That money had been like a home loan worth 90.5 million euros, contracted to Bank Island, Cape Verde, by Oliveira e Costa, but that was never paid, that amount has been listed as missing by Island.

The conclusion will be the Bank's Consultant Mazars Island, through an audit at the request of the administration of LBW by Miguel Cadilhe, on the line, however, the audit also run the very low birth weight. In the business of the Island was, indeed, involved the very low birth weight, through covert actions by companies' off-shore "based in Gibraltar and London, issues that are now being investigated by DCIAP.

The controversy and cases around the LBW not stop yesterday and the vice governor of the Bank of Portugal, António Marta, came through the "Express", deny South Africa. The JN had advanced on Wednesday that the former minister of the PSD taken gone to the Bank of Canada to report their doubts about the management model of LBW.

Antonio Marta account an opposite version and ensures that South Africa was asking him why the Bank of Portugal as he walked "on top" of LBW. Justified with a "non-transparent management." South Africa will suggest that "it was all good people."

MP seeks trail of money

The public prosecutor is now trying to track millions of allegedly misappropriated by Oliveira e Costa, the former banker who is from before in preventive detention in jail for PJ annexed, would be consumed, among others, in which the loans made in LBW and they were never paid.



Amounts are millions that the Bank Island (BI) from Cape Verde have made a loss, but they are no longer in the accounts of former administrator of LBW, which can hardly be claimed by the bank that the government recently nationalized.

The task of researchers will now be arduous. They will have to make the journey to find the money to its destination. What could prove difficult, given that those funds have gone through many tax havens, often ending in accounts so that its encrypted authentication is almost impossible.

Authorities believe also that a considerable amount of profits illegally obtained by Oliveira e Costa was then translated into purchases of valuable works of art. What resulted, however, that the day that effect the arrest, details of the Fiscal Brigade which accompanied the magistrates of had DCIAP also a search to an art gallery in Aveiro to give the private collections of ex - banker, who has been Secretary of State for Fiscal Affairs.

Let us remember also that the assets declared by the former administrator of LBW - which, like the CM reported yesterday, a few months ago was estimated at 6.5 million - is far from the value that authorities believe have been illegally collected by ex-banker.

Moreover, Oliveira e Costa, recently divorced, ex-wife delivered the most movable and immovable property. Yolanda Maria Rodrigues Oliveira e Costa raised the buildings and villas as well as time deposits and the shares of listed companies. Oliveira e Costa was only with the actions of the Society of Business Lusa (SLN) and with an account to order with just over 20 thousand euros.

Economic activity in Portugal relatively "stable" in October

The indicator of the Bank of Portugal which measures economic activity was virtually halted in October, just like what happened in the previous month, said today the central bank Portuguese. Already private consumption to accelerate again.

The indicator of the Bank of Portugal which measures economic activity was virtually halted in October, just like what happened in the previous month, said today the central bank Portuguese. Already private consumption to accelerate again.

According to the indicators of economic conditions, released today by the Bank of Portugal, the monthly coincident indicator for measuring economic activity, registered a variation rate of 0.3% in October, after a variation of 0.2% in September .

Since July this indicator shows that developments very low, between 0.1% and 0.3%.

"In October 2008, the monthly coincident indicator for the trend rate of economic activity, calculated by the Bank of Portugal, had been relatively stable compared to the previous month," refers to the institution headed by Victor Constantius in the report Indicators of Conjuntura November.

Consumption back to recover

Despite the intensifying crisis, data from the Bank of Canada indicate that consumption has accelerated in October, with an annual growth of 1.4%, which compares with a rise of 1.1% in September.

The Bank of Canada has lowered growth in consumption of September, from 1.4% to 1.1%.

"The monthly coincident indicator for the development trend of private consumption rate, calculated by the Bank of Portugal, again recovered against the previous month," states the report by the Bank of Portugal.

TAP offers more than 100 extra flights to the Azores Madeira

TAP will strengthen its operation to Madeira and the Azores during the Christmas and New Year, offering its passengers 103 extra flights in total, among the day on December 14 and January 6.

"During this period, the company offers more than 24 thousand additional seats between the mainland and the Autonomous Regions, to the cities of Funchal, Horta and Terceira, this special offer corresponding to the increase in demand expected for Christmas', explains the company .

Between Madeira and the Continent (Lisbon and Oporto), the company planned a total of 78 additional flights (of which 54 starting at 24 in Lisbon and Porto, respectively) which translates into an increase of over 22 thousand seats.

In the Azores, the offer reaches the 13 extra flights between continental Portugal and Third and 12 between the mainland and Horta.

"The two destinations put together a capacity increase of more than seven seats ten hundred", concludes.

Cavaco Silva defends coordination between EU states

The President supports the regulation and coordination between Member States of the European Union to combat the crisis. A message was left this Friday morning at the third Council for Globalization held in Sintra.

Cavaco Silva believes that the response to the crisis lies in the coordination between Member States of Europe and emerging countries. Cavaco Silva wants more transparency and stresses that one can not ignore the fight against climate change to escape the crisis.

"Firstly, we need coordination between Member States to achieve some success cope with this situation. This coordination can not be confined to developed countries, but must include emerging countries, particularly China, India and Brazil ", stressed the President.

Already Barroso says the EU is preparing a package to stimulate the European economy.

The statements were made in the Council of Globalization which runs from Sintra. The summit brings together several representatives of major Portuguese companies and is marked by informality.

Oil prices resent possible decrease in demand

Prices for crude oil are in high in London and downwards in New York, and the negative trend of the market, due to fears that the demand for fuel will decrease as the world economies into recession.

Pedro Duarte

At 17h06, a barrel of Brent (oil of reference in Europe) for delivery in January was negotiated in the ICE in London to rise 59 cents to 48.67 dollars, after arriving to fall to a minimum since February 2005 in 47 , 40 dollars.

At the same time, the January contract of West Texas Intermediate (the reference oil in the U.S.) were traded on NYMEX in New York to lose 10 cents to 49.32 dollars, having come to be negotiated in the lowest since May 2005 in 48.25 U.S. dollars.

According to experts contacted by Bloomberg, the European and Asian companies are to join their North American counterparts in redulão the use of fuels and has both the Organization of Petroleum Exporting Countries (OPEC), the International Energy Agency ( IEA) and the Department of Energy (DoE) of the United States this month revised down its forecast for global demand crescimetno.

"The oil is acting as a sort of indicator of Economy," Bloomberg told a manager of FIG Partners Energy Research & Capital Group, what price that "while opinion that the economy is sinking, the sentiment in the oil market will be negative. "

Already the operator of senior Alaron Trading, Phil Flynn, the Bloomberg noted that "the news recessionary are indicative of a demand the destruction of a historic scale. There's a lot of negative sentiment in the market, and yesterday's failure to obtain a package of Aid the largest automotive manufacturers has helped to increase this perception. "

CDS wants to hear Minister of Agriculture in Parliament on the CAP

The CDS-PP will call the Agriculture Minister Jaime Silva, to Parliament to explain the results of the reform of the Common Agricultural Policy (CAP), which the Christian Democrats considered negative for Portugal.

"The minister likes to present as successes are what draws and draws what are shattered," he criticized the CDS-PP Abel Baptista, whereas the "national interest" was not "adequately foreseen in several places."

Jaime Silva said yesterday in Brussels that the main concerns with Australia that left for the negotiations of the mid-term review of the CAP were met, highlighting the "flexibility" in the use of aid.

The last round on the reform of the oldest policy - which was being discussed for over a year, during the Portuguese presidency of the EU in the second half of 2007 - began Wednesday afternoon, continuing throughout the night until have reached a compromise between the 27 and the European Commission during the morning of Thursday.

The optimism expressed by the minister is removed by Abel Baptist who points out that "Portugal will receive less than deserved, less than the European Commission proposed in the modulation of direct payments to farmers."

As for "innovations in the payments of many small farmers", he admitted that "were eased at the request of several countries," but stressed that "harm the interests of subsistence agriculture, especially in northern Portugal."

The Christian Democrat stressed that the Minister of Agriculture failed to a further extension, as what was achieved in 2003 "liberalization of the milk, scheduled for 2015.

Both organizations of farmers or the dairy farmers saw yesterday that injured left Portugal with the decisions adopted at a meeting of the reform of the CAP.

Cavaco wants more transparency

The President of the Republic, Cavaco Silva, warned yesterday the Portuguese and foreign entrepreneurs to the need for more transparency in financial markets and the improvement of its regulation.

'I think a good reason for everything that occurred recently in the international financial system, is linked to a lack of transparency of different financial vehicles', Cavaco Silva stressed at the opening of the Council for Globalization, in Sintra, where they were present the largest national bankers.

To combat the international financial crisis, the Portuguese Head of State held an important 'coordination' not only between EU Member States and with developing countries, particularly China, India and Brazil. 'We need coordination between Member States to achieve face, with some success, this situation. Such coordination can not be confined to developed countries, must include emerging countries', defended.

The President considered, however, that "one can not look only for the appearance of banks and the crisis of the financial system." 'Look is also to the goals of medium and long term, as is the problem of decarbonisation of the planet, and what should be done to encourage renewable energy', warned Cavaco, who also highlighted the presence of the Government in the Council.

BUDGETS TO THE CRISIS

The European Commission President Barroso said yesterday in Sintra, that the European response to the crisis must be "resolute and ambitious" and that the instruments should include "fiscal stimulus through." 'It will be a stimulus controlled and temporary, but we need a fiscal stimulus to counter the negative effects of financial crisis and allow Europe to resume growth and jobs', defended. The former Portuguese prime minister was invited by the president-elect of the United States, Barack Obama, to go to Washington after taking office in Jan. 20.

DIVERGENCE WITH DEFICIT

The Finance Minister, Teixeira dos Santos, admitted yesterday that there could be a worsening of the Portuguese budget deficit under the European plan to combat the crisis that will be announced next week by the European Commission. One hypothesis completely ruled out, hours later, the Prime Minister, José Sócrates. 'What I can say is that this year's budget deficit will be 2.2 percent, Portugal will be one of the few countries in Europe that maintains its budget deficit ", said Socrates. Teixeira dos Santos had already claimed that 'did not get the sense Portugal side. "

NOTES

EUROPEAN PLAN

The European Union introduced a package of measures to restore the European economy next Wednesday. José Sócrates welcomed the plan, saying that it supports the strengthening of public investment.

Slippage

Economists Teodora Cardoso, Miguel Frasquilho and Alberto de Castro argued yesterday that due to the current juncture, the European Commission may soon allow slippages in the budget deficit targets.

Government asks Brussels to support the automotive industry

The government will ask the European Commission to provide financial support to industry in Portugal. Will be negotiated with factories specific measures to maintain production and jobs.

Labor Minister Vieira da Silva, and the Economy, Manuel Pinho, met yesterday with representatives of the five factories for the production of cars in Portugal (Autoeuropa, PSA Citroen, Mitsubishi Trucks, Salvador Caetano and VN Automotive).

After the meeting, the leaders did not want to detail the substantive measures that are being designed. "We will have to move forward on several fronts. One is to submit a proposal to Brussels and other measures that are related to industry in Portugal. Dialed new bilateral meetings for next week," said Manuel Pinho, adding that "it is essential that the demand should be stimulated not only in Europe but the Portuguese market. "

Vieira da Silva said only that manufacturers and government agree to "request with the authorities of the European Union to provide financial support" as soon as possible. "Asked about whether the support measures could include lines of credit or a system of bank guarantees, Vieira da Silva stressed that "the instruments are not stabilized," but that the measures are "geared to help companies keep jobs and production."

In Portugal, the repercussions of the crisis cars are gaining international proportions. The factory of Renault in Cacia, Aveiro, will stop production once again on Monday, given that about three dozen-term contract will not see the contracts renewed.

Yesterday, the coordinator of the Committee of the Workers Autoeuropa, Antonio Chora, also revealed that the factory in Palmela will dispense nearly 200 employees in office through temporary employment agencies, for a month.

Between Dec. 17 and Jan. 12, compared to interruptions in production planned, the company apply the collective agreement of the company, which provides day stop paid. In temporary, there will not be entitled to remuneration.

Socrates says that commitments are not for bankers

Prime Minister points out that security is designed to finance companies and families The guarantees of the state loans made available to the national banking is not an aid to banks in itself, nor the bankers nor to the shareholders. The warning was made yesterday by the Prime Minister. Not to mention the request for an endorsement of 750 million from the Private Bank, an institution dedicated to the management of fortunes, José Sócrates was keen to stress that guarantees public and the banking recapitalization plan is intended to ensure that banks can claim out there to finance the economy and lend to businesses and families. Asked about whether the BPP would be entitled to assistance from the state, José Sócrates remember that there are rules to access the warranties and they have to be paid to taxpayers. The opinion on this application does not yet exist, said the prime minister, who spoke after the board of globalization. The initiative of COTEC met yesterday at Penha Longa leaders of major national and international companies. The global crisis and the need for a new equilibrium model of financial and regulatory issues were required. On the sidelines of the meeting and asked about the right of the BPP State guarantees, the finance minister replied that all banks operating in Portugal can use this instrument. Teixeira dos Santos said that each case must be evaluated on the basis of technical criteria by entities like Bank of Portugal and the Office of Management and Public Credit, entities that have not yet given its opinion. Shortly before, the president of BPI, Fernando Ulrich had been manifested shocked by a bank in the management of fortunes, as the BPP, is asking for an endorsement to 750 million euros. The BIS is the only one of the major national banks that do not need, for now, to resort to public confidence, which may be up to 20 billion euros. The fund, the BES and BCP have gone with the requests, and that in the case of the Millennium request up to five billion euros.

Common Front complains 5%

Thousands of workers of the Civil Service were in Lisbon yesterday in demanding wage increases. The government proposed 2.9 percent increase but the Common Front advocates an updated wage of five percent.

"We will continue to fight. The government has an absolute majority but can not have absolute power, you have to listen to the workers," stressed Ana Avoila, coordinator of the Joint Trade Union Front of Public Administration, affects the CGTP, in the closing speech of the event.

"The workers of the Civil Service refuse that the government invokes another crisis to penalize us," said Ana Avoila.

The unions also called "equal pay" to Spanish officials, in response to a statement from Secretary of State for Budget, Emanuel dos Santos, who in a meeting with the unions said that wage increases in Canada are the largest of the 27 European Union and that in Spain were only about two percent.

The Common Front claimed a membership of 50 thousand people, but the figures pointed to the PSP 20 to 25 thousand.

Wage negotiations between trade unions and the government began Nov. 6 and should have ended Wednesday, but the counter made by unions helped keep the negotiations open.

Oliveira e Costa is in custody

The former manager of LBW, Oliveira e Costa, was in custody, the most serious of the Penal Code, indicted for seven crimes, three more than were present when the judge Carlos Alexandre.

The measure was determined by the court in the Central Court of Criminal Procedure (TCIC), Carlos Alexandre, after nine hours of interrogation, with Oliveira e Costa, 73 years, to see him being indicted for the crimes qualified tax fraud, aggravated fraud, forgery, cheating (to shareholders), money laundering, abuse of trust and aggravated unlawful acquisition of shares.

The total is seven crimes, three more than when Oliveira e Costa began to be heard on Thursday night in TCIC, following the detention determined by the Central Department of Investigation and Prosecution (DCIAP), the public prosecutor.

Of that, in addition to the crimes of which Oliveira e Costa was indicted on arrest by the Fiscal Brigade and the Tax Inspectorate, under the care DCIAP, the judge Carlos Alexandre indicted him also the crimes of aggravated abuse of trust, cheating and illegal acquisition of actions.

Oliveira e Costa had returned to TCIC yesterday morning, and returned to be heard and, at lunchtime, the lawyer of the accused, John Gaspar, was a confident and highlighted the fact that his client is cooperating with justice, an issue that is linked to the fact that the condition of accused enable it to refer to the silence, which did not happen.

On coming out last night, the TCIC, and after the bailiff disclose the measures of coercion, the lawyer Leonel Gaspar has been sent to silence, at the time that his client was already on his way to the area near the prison Judicial Police .

Carlos Alexandre justified the disclosure of the measures of coercion, under secrecy of justice, citing the public peace, following interrogation of the former manager of LBW.

According to judicial sources advanced to the JN for the arrest of Costa Oliveira and were instrumental to audit determined by Miguel Cadilhe the accounts of LBW, as well as the information transmitted to the Bank of Portugal by the Bank of Cape Verde in relations between the irregular LBW Insular and the Bank, a bank that African country.

The Bank of Portugal eventually transmit the information transmitted by cable to the DCIAP Green, who has now investigating the LBW in the context of "Operation Hurricane".

Manufacturers of components want financial support and a year without pay Social Security

The chairman of the Association of Automotive Industry Suppliers (Afia) advanced to the TSF that will ask at the meeting on Friday with Minister of Economy, financial aid for the sector and a one-year moratorium on payment of debts to Social SecurityPedro Valente de Almeida said that in the meeting that Manuel Pinho will be representatives of several cars to debate the future of the industry, at a time of crisis, will insist on the application for financial assistance, despite the Executive has already rejected this hypothesis.

"We need financial support or at least a guarantee that enables the industry to remain at all costs it has' to face, especially to amortize investments, he said.

Among the proposals to aid the sector, Afia proposes a freeze on payments to Social Security for 'a year' and that this is not impossible to appeal to the business' bank financing.

However, he added, the freeze should not be done "in a general way", for which access to the moratorium, companies' must submit a business plan "showing that, after this period, ~ will be 'good taxpayers'.

According to company 'start war' between CTT and unions

The next week promises to be the turmoil in CTT. Yesterday the government announced the end of exemptions in working hours to 81 of the 103 leaders of the five unions that have not signed the new agreement of company (EA), demanding its return to workplaces, from December 1, advances the Public newspaper this Thursday.

This requirement is justified in applying the Labor Code, but the SNTCT (the largest union and one that was outside of Agreement) has a different reading of the matter. The belief is that the former AE 2006 is still in force (the company considered it extinct at the beginning of the month) and that trade unionists remain covered by it. So the union leaders "are actually in their jobs, but for meetings of clarification," said the secretary-general of SNTCT, Victor Narciso statements in the newspaper. The union has already delivered an injunction in the Labor Court to stop the expiry of the LA and is preparing to do so in an administrative court, next Monday.

Today has scheduled a meeting with Secretary of State for Communications and by the end of the week will again press the Ministry of Labor to "assume its responsibilities, enacting a compulsory arbitration of the dispute."

Banking is to inject 2.5 billion to meet ratios

The Portuguese bank will be forced to increase capital by the end of September 2009, to succeed in the new requirements of the Bank of Portugal, which require banks to have a Tier I ratio of 8%. These requirements should compel the banks to an additional injection of 2.5 billion euros. This is one of the conclusions of the study "The banking Portuguese side to the new emerging economic and financial: the potential impact and solutions for the preservation of shareholder value and to strengthen the competitiveness", presented yesterday by consultants AT Kearney.

"It will be very difficult to escape the capital improvements," said Joao Rodrigues Pena, 'managing' director of AT Kearney Portugal, during the presentation of the study. For the consultant responsible for the reinforcements of capital should also precipitate changes in the shareholding structure of banks. This is a more likely scenario than a wave of mergers and acquisitions. "There is a risk of movement in the shareholding structure of institutions, as early as next year," said Joao Rodrigues Pena.

The need to generate liquidity and to meet the capital ratios of Tier I require not only the realization of capital increases, but especially the disposal of assets not 'core'. The study identifies four of these assets: high amount of financial holdings, business units of non-bank, credits earned and immovable assets.

Apart from issues related to compliance with the ratios, the current context of crisis is also entail an increase in bad debt costs, which have grown more than 40% over 2008 and, according to AT Kearney, could reach more than 8 billion euros at the end of 2009. That is, more than double the figure recorded at the end of 2007 and about 3% of the portfolio of credit.

Another consequence of financial crisis, coupled with the economic downturn, so the bank is in the ratio of credit on deposits. The study shows that the Portuguese banking model proves to be very dependent on 'wholesale-funding' more exposed to risks of liquidity and hardly sustainable in the future. The ratio 'loan to deposits' increased from 75% in 1990 to 152% in 2007.

The sudden cooling of the banking product, the rising cost of the structure, the exponential growth of bad debt costs and necessary capital improvements to meet the new solvency ratios required by the Bank of Portugal also imply a drop in return on equity (ROE) the banking domestic, traditionally levels above 15% for values close to 6-7% in 2009.

The study concluded that in the new context will emerge a growing distinction between 'players' of the sector: the survivors, the losers and winners. "The banks will be losers institutions that with the current shareholding structure, will not be able to stay," concluded the head of AT Kearney Portugal.


What will change in the national banking

1 - bad debt costs could double
The current crisis is having an impact on the failure of credit, which is visible to the growth this year. In 2008 the bad debt costs grew more than 40% and is expected to increase will not stop here. According to the study A.T. Kearney, released yesterday, the bad debt costs could rise to more than eight billion euros at the end of 2009, ie more than double the figure recorded at the end of last year and about 3% of the portfolio of credit granted. This is the highest percentage since the end of 1998.

2 - Risk of ROE reduction
The weakening of the banking product, the increase in bad debt costs and increases in capital will involve a reduction in return on equity (ROE) from levels above 15% to close to 6-7% by the end of 2009.

3 - Ratio of credit on deposits
In the last decade, the development of banking Portuguese relied largely on the growth of granting credit, and the ratio 'loan to deposits' (credit on deposits) went from 75% in 1990 to 152% in 2007. Since 1997 the average annual rate of growth of credit is about 1.8 times the level of deposits. The national bank has one of the highest ratios' loans to deposits' of the euro zone, showing the Portuguese banking model as dependent on 'wholesale funding, and thus more exposed to liquidity risk.

City calls logistics platform

Jobs, Defensor Moura took the presence of the Prime Minister at the opening, this Wednesday, three factories Enercon's claim to the creation of a logistics platform near the seaport. "The city requires," assured.

Building yesterday, the presence in Surat Thani, the Prime Minister, José Sócrates, who chaired the ceremony of inauguration of three more plants of Enercon, the local mayor, Defensor Moura, claimed the authority to establish a logistics platform near the seaport city. "It's a requirement," stressed the Edil, whereas "necessary" for recovery of road-rail access to port and Virginia Legacy construction in place of an interface for transport.

The Virginia Legacy mayor spoke at the ceremony of inauguration of three factories in the cluster of wind energy, which was considered by José Sócrates as "one of the most modern and important country." Opened yesterday were three plants (one in North Beach and two in Lanheses) as well as an administrative center and training (in the second of those locations), investments that in total, estimated at more than 40 million euros and should employ, once to work in full, about 300 workers.

The work in the two poles of the county, the multinational account already more than half a thousand people, a figure that should soar, ensures the consortium, the close of 2000 jobs will direct. In Lanheses, the firm claims, yet, erect a second unit to build the rotor blades, which was not contractually with the authority, this unit must employ means that thousands of people.

Yesterday, highlighted by the promoters as the "godfather" of the cluster industry, José Sócrates said that the image of the country "has changed in three years, this change offered by tender launched by us in 2005", which would be won by the consortium involved by the German multinational, Tension in Portugal. "In three years alone, built one of the largest and most modern wind clusters in the world, which has its epicenter in Viana do Castelo," said the prime minister.

The chairman of the consortium, Anibal Fernandes, said, and the accusations made by unions, according to which the Enercon "and requires very little pay," guaranteeing that, in the company, "there are no low wages." According said the wage figures "are appropriate to the functions performed in accordance with the collective agreement." It stated further that the lowest salary around 700 euros, the value added that the shift allowances and attendance.

Lufthansa is optimistic for 2009 and launches flight Lisbon-Milan

Despite the decline of 101 million in operating profits from January to Septembera Lufthansa is optimistic about its' performance 'in the next year and for the domestic market, will launch from May direct flights between Lisbon and Milan

"Next year will be very challenging. We are ready for a big demand and this new route proves our bet on the domestic market ', told reporters the general manager of Lufthansa for Portugal, Frank Wagner.

Thus, from the summer of next year, Lufthansa going to offer direct flights between Lisbon and Milan Malpensa, as well as a new route between London and Milan before, in February of next year, the carrier to proceed with direct flights between Milan and Barcelona, Brussels, Budapest, Bucharest and Paris.

Already on the results of the company in the first nine months of the year, pointing to an operating profit of 984 million euros (101 million less than for the same period), Frank Wagner considers them 'excellent', taking into account the instability of the international environment.

Net income in the same period was 551 million euros, compared with 1.6 billion in 2007.

"We have the flexibility and we are focused on following the trends of market demand", stressed the director-general. Also according to the spokesman of Lufthansa, the strategy is simple: "There is always interested in growing in the most promising. We will take into account the needs of our customers, but also the shareholders', said Frank Wagner.

Crisis will not hinder growth in revenue

Despite the financial crisis, Lufthansa provides revenue higher in 2008 than in the previous year. The group estimates an operating profit of 1.1 billion euros.

In the first nine months, the group achieved revenues of 18.6 billion euros, 13.6% more than in 2007. Traffic grew 18% to 15 billion euros. For this result, contributed to total integration of Swiss, but also increasing the number of passengers with average revenues stable segment of the business of transporting passengers.

On the expenditure rose to 18.9 billion euros during the first nine months, with the increase in fuel prices to contribute to this topic in the order of 4.1 billion.

The "cash flow" operational totaled 2.1 billion euros.

Indicators show continuation of economic downturn

The economic indicators for the month of October 2008 continued the downward movement of previous months, in line with the behavior of the euro zone, as informed today the National Institute of Statistics (INE).

Eudora Ribeiro

In its summary of economic juncture, the INE advances that gross fixed capital formation stressed its negative variation between July and September, reflecting the changes, too negative, the components of transport equipment and construction.

In that document, the INE note that the economic climate indicator fell 0.3% in October, against a rise of 0.1% in September.

"The indicator of economic climate, now available for October and indicator of economic activity, available for September, extended the sharp downward movements in previous months," said the INE.

As regards domestic demand, the INE explains that private consumption accelerated in the third quarter, due to the recovery observed either in or in the durable consumer goods, but note, however, that this development is partly related to the postponement of purchases for the third quarter as a result of changes in VAT and the effect of base caused by the change of ISV in the similar period of 2007. "

The INE points out that the unemployment rate has fluctuated within 7.7% between July and September, 0.2 percentage points less than in the same period last year, and which, in turn, inflation rate was 2.3 % In the period under review, representing a drop of 0.8 percentage points from the previous month.

PSI 20 opens to lose almost 3% in line with Europe

The Lisbon stock market opened the session on strong drop to reflect the closing of the rather negative indices United States. The Galp, EDP and Portugal Telecom are companies that are more pressing the PSI 20. Eudora Ribeiro Thus, at 8:04 a.m., the PSI 20 falls 2.76% to 6098.71 points, in line with European peers, after the Dow Jones index yesterday closed the session Tuesday to back 5.07% and the Nasdaq Tuesday sunk 6, 53% for the lowest rates of the past five and a half years. In square Lisboa, are the titles of Galp and EDP that more are contributing to the loss. The national oil sinks 6.52% to 7.45 euros, led by energy and Antonio Mexia lost 3.14% to 2621 euros. In turn, EDP Renewable back 3.05% to 4508 euros, while the sum REN 0.8% to 2.53 euros. Portugal Telecom also pressing the PSI 20. The titles of the national carrier down 2.71% to 5.49 euros. In Financial Services, the BCP falls 1.74% to 0735 euros, the BES sinks 3.46% for 6325 euros and BPI slides 0.98% to 1514 euros. Note also that for Sonaecom back 2.0% to 0.98 euros after the JP Morgan has today started coverage of the shares in Sonaecom with a recommendation from 'underweight' and a 'target' of 1.10 euros . Of the twenty titles that make up the PSI 20, nineteen and a climb down (REN). The total turnover amounted to 2.55 million.

Oil trades at 50 dollars in London at least almost 2 years

The price of crude oil is back for the fourth consecutive day in London, and is already in the house of 50 dollars per barrel, the lowest rate in January 2007. Also in New York, the Light Sweet Crude is around 50 dollars, with the accent of fears that the contraction in the global economy will reduce demand for fuels.

Eudora Ribeiro

Thus, at 9.10, a barrel of Brent (oil of reference in Europe) for delivery in December was traded on ICE in London to fall 80 cents, or 1.55%, to 50.92 dollars, its lowest since 18 January last year when the touched 50.91 U.S. dollars.

At the same time the contracts of December West Texas Intermediate (the reference oil in the U.S.) were traded on the NYMEX in New York to devalue 94 cents to 52.68 dollars, the lowest since Jan. 23, 2007, when it was negotiated in 52.41 U.S. dollars.

"The scenario continues to be a weak demand, along with the economic fears and falling markets," said Antoine Halff to Bloomberg, a specialist in Newedge USA LLC in New York.

Experts note that the reduction of Japanese exports, the faster pace of the last seven years, the month of October, is the latest sign that the recession on a global scale is worse. This week, was to learn that Japan, the largest importer of oil in the world, entered into recession in the third quarter of this year.

BPP seeks approval of 750 million

The Private Bank Portuguese (BPP), which operates in the business of 'private banking', asked for an endorsement to the state of 750 million euros in order to combat the difficulties that the financial system through. The request, the first of its kind to be done, is being examined by the Bank of Portugal (bop). In an interview in the 'Business of the Week' of SIC, John tenant, chairman of BPP, explained that this assistance was sought to contract a loan from Citigroup to under the bottom of securities for the banking and 20 billion euros proposed by Government. John tenant still justified the request by the fact that financial markets are in difficulties due to international crisis, revealing that this state is the guarantee only way to save the BPP. The President does not admit, however, concrete problems in the institution he leads. According Joao Loureiro, the BPP is not a bank credit, so "we need financial markets that work" and "the whole financial system" is the crossing difficulties. About a possible sale of the Portuguese Private Bank, renter John indicated only that on the table are several possibilities. The 'Official Business' in its edition this Thursday, advancing to the sale of the bank is being negociad

Jaime Silva criticize lack of solidarity in the CAP

Portuguese government wants gradual liberalization of dairy The Ministers of Agriculture and Fisheries are from yesterday afternoon in a meeting in Brussels marathon negotiations on the interim review of the common history of the oldest Community, the Common Agricultural Policy (CAP). The project proposed by the European Commission, the voice of the Commissioner Mariann Fisher Boel, bears were two deficiencies, according to the Portuguese Minister Jaime Silva: missing the principles of "cohesion" and "solidarity between member states." In the table, and among the most important points for Portugal, is the end of milk quotas and a hasty liberalization, in terms of format, in the milk, they deserve the opposition of Jaime Silva. "We should not be afraid of liberalization," noted the governor before the start of the meeting, but "we need to terms with the means to prepare the sector." Thus, Jaime Silva will ask for a "review clause two years before" the implementation, scheduled by the Commissioner for 2015. "We must have a point of reflection," claimed the minister who added that "we must repair some mistakes of 2003" when the Portuguese government has accepted the end of quotas for milk and liberalization. The purpose of the order proposed by the Executive Committee on the redistribution of funds from modulation, Jaime Silva points out that if you lose the concept of "solidarity" between member states. In the model still in place, the savings generated by modulation made it to Brussels, to integrate the budget for rural development, and the Commission's proposal provides that the savings stay in each member state, resulting in a loss of money for small countries Such as Portugal. At this point, the account executive with the votes of large heavy: Germany, France and Spain.

Cadilhe requires that former managers of SLN pay damages caused to the group

The shareholders of the Company's Business Lusa (SLN), "holding company that until last week controlled the entire capital of the Portuguese Business, will legally claim the payment of compensation by the former directors of the SLN and of low birth weight who participated in irregular activities.

Among the target should be the former chairman of both companies, Jose de Oliveira Costa. At issue may be losses exceeding 700 million, taking into account the losses which were concentrated in the bank, leading to its nationalization and consequent withdrawal of the universe SLN.

The decision to move to court will be taken at the General Assembly (GA) in this society that was convened yesterday to December 18 and which will be voted on the request for invalidation of the capital increase of SLN.

Galp and Renewable potential winners in the post-crisis

The equity markets should start to anticipate an economic recovery in the first quarter of next year. According to an analysis of ESN, a group of analysts from several investment banks, Europe, which is part of the Caixa BI, the world's economies should begin to stabilize in the second half of 2009, despite a more sustained recovery only to be expected 2010. Analysts also point to Galp Energia and EDP Renewables as potential winners in the post-crisis.

"With consumer confidence still destroyed and the risks of the economy and the results still without end in sight, it seems too early to anticipate a sustained recovery in equity markets," advance the analysts in a note to analyze the end of last week. In that document, the analysts added that "expectations are for the emergence of a stabilization in the economies in the second half of 2009 and the equity markets could anticipate it before the end of the first quarter of 2009."

In a particularly difficult year for scholarships and the global economies to enter into recession, the prospects of the market continue to point to the risk of collapse of the results, due to economic deterioration, which could lead to further losses on the stock exchange. Still, industry analysts ESN emphasize that the cut-rate and lower interbank rates could offset the submission of accounts below the estimates, and remember that the European stock trading with the assessment lowest since the 80s.

Looking post-crisis, analysts see as potential winners of the crisis the oil services sector, telecommunications operators and airlines. Already the automotive sector, businesses of telecommunications equipment and the media should emerge as the key hindered by the economic recession. Despite this the long term, for now, those responsible continue to advise the exposure to more defensive sectors such as health, telecommunications or retail food. Do not remain in their cyclical companies, with the economies without giving further signs of recovery.

Galp Energia and EDP Renewable between winning

But the analysis highlights not only areas. The heads also show potential companies winning the crisis. Air France-KLM, Prosafe SE and BNP Paribas are among the companies that will exit from the crisis stronger. Also the Portuguese Galp Energia and EDP Renewables are among the activities preferred by ESN for the sectors of renewable energy and oil, respectively.

The partnerships in oil exploration in Brazil and the high potential for recovery of oil are among the strengths highlighted by analysts, who believe that "the current financial crisis provides a unique opportunity to invest in this company." Already the Renewable as one of the companies best positioned among the companies in wind energy.

Regarding monetary policy, the ESN believes that central banks will keep interest rates at historically low levels to sustain the economy, despite believing that the Fed will not raise interest rates to 0%. But the ECB should cut its rate to 2% in 2009, compared to the current 3.25%.

U.S. GDP should fall 2.6% in fourth quarter

The Gross Domestic Product of the United States to fall 2.6% in the fourth quarter, at annual rate, increasing only 0.7% for the whole of 2009, according to a poll of economists from the National Association for Business Economics, Nabe, published in this second - fair.

The 50 professionals who participated in the study estimated, on average, that the U.S. GDP to decline by 1.3% in the first quarter of 2009.

Following the fall in GDP of 0.3% annual rate in the third quarter (according to first estimate of the Department of Commerce) that mark a decrease in production in the country the third consecutive quarter, a fact that does not happen since 1975.

The study foresees a return to growth (from 0.5%) in the second quarter of 2009.

Already the Federal Reserve of Philadelphia issued a report noting that economists ears "think that the recession began in April 2008 and should last for 14 months," until the end of the first half of 2009.

According to the study, more than two thirds of the experts heard indicated that led into account in its forecasts the adoption of the new budget plan for reactivation, according to the promised by President-elect Barack Obama, who takes on Jan. 20.

The amount of this plan is estimated at 211 billion dollars, the study adds, emphasizing that its effect will be felt on GDP from the first quarter of 2009.

"It is time to postpone investment"

The President took the inauguration of the new center of logistics operations of the carrier Luís Simões, in Canterbury, to leave a sign of support for the investment options of José Sócrates. Pointing out that "the crises are opportunities," Cavaco Silva warned that "time is not to delay investments that are profitable."

'All socially and economically profitable investments should be made', argued the head of state, denying, however, to assess whether the large public works outlined by the Government, such as TVG and the new airport of Lisbon, are included in the package. 'I can not make comments on this matter because it is a source of great controversy politico-partisan', explained, but made it clear that the 'keyword' will always be the choice of projects' cost effective '.

Cavaco Silva believes that "the Portuguese businessmen can not let it conquer the fear and leave everything for tomorrow ', because, he said," is a mistake to postpone its implementation for tomorrow. "

Satisfied, Ana Paula Vitorino, Secretary of State for Transport, watched the speech Cavaco Silva 'as deencorajamento words. " 'What the President meant to say was that the solution in times of crisis does not stop, because that estagna the economy collapses and the social and economic system,' summarized. Questioned on whether the definition of Cavaco Silva concerned the high-speed railway and the new airport, Ana Paula Vitorino said that 'there is no doubt that these projects are, not from a financial perspective, but for economic and social, profitable '.

It is recalled that Manuela Ferreira Leite, líderdoPSDe aquelaquemuitos believed to be the voice of Cavaco active in politics, has on several occasions condemned the repeated and public investment to the country 'is not spending public resources that Portugal advances and this requires that the policy of public investment has to be very careful, 'said the PSD in Congress. In recent months Ferreira Leite has sought to graduate the speech, admitting that there are public investments, such as the airport, should be kept.

Jorge Costa, coordinator of Public Works of the PSD in Parliament, said the CM that 'the party is revising' in statements by the President ', with a view to be necessary to determine "the return" on investment'. And remember that the leader of the Social Democrats always said we had to learn to relaçãodecustos / benefíciodas works, that is, its profitability. Given that the PSD has not yet.

The new logistics platform is capable of 56 thousand pallets, working 24 hours a day.