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Further austerity measures and higher tax rates for Portugal

Published on Oct. 17, 2012

Read Further austerity measures and higher tax rates for Portugal

The Portuguese Government presented in the Parliament the State Budget for 2013 on Monday. In the words of Vítor Gaspar, Minister of Finance, the Budget, the most austere budget ever in Portugal, includes a “sharp tax rate increase.”

The Judges Association announced that in case the document passed as it is -the Government has absolute majority- they will ask for "an inspection on its constitutionality", since they consider “the Budget violates tax system's principles, such as the ability to pay, envisages by the Constitution.”

The Council of Ministers drew up the State Budget after a 20-hours meeting. The Government expects to accomplish its deficit reduction commitment, cutting GDP to 4.5%.

First, the number of stages for the Personal ...

Gas Natural Fenosa into the Portuguese homes

Published on Oct. 10, 2012

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Gas Natural Fenosa is expanding its service in Portugal. The Spanish company, which supplied natural gas to the Portuguese industrial sector, is now determined to provide service within the domestic sector by the year 2015.

Gas Natural Fenosa owns already 12% of the local market and 60,000 industrial clients in its portfolio.

José Gil, Gas Natural Fenosa CEO, announced the decision last week during a conference in Lisbon. He also stated that the gas and electricity offers depend on the regulatory framework and the charges, which are fixed by the Electric Services Regulatory Entity.

Regarding the entity’s decision to expand the temporary charge for the October-December period, José Gil said that this resolution does not represent the market reality and this may serve as an incentive for the entry of new companies so that there is a competitive market.

Nestlé sets up a services center in Portugal

Published on July 30, 2012

Read Nestlé sets up a services center in Portugal

Nestle will launch 40 new Jobs and invest 6 million euros in Portugal factories.

The Swiss company has merged several of the iberian division departments (financial services, complementary activities and human resources) in its branch, Nestlé Portugal.

This is due to the commitment of Nestlé to Portugal, according to the statements of the vice-chairman and responsible of Nestlé European subsidiaries, Laurent Freixe:  “Last year 6 million euros were invested and this year it’s planned to maintain that amount and apply it to those 4 factories”. For example, The Avança factory in Aveiro received 9 million euros between 2011 and 2012 to increase its modernization capacity and security system.

This new center will imply the creation of 40 workplaces among the already existing 800 at the moment in Spain and Portugal.

Portugal Telecom focuses on investing in technology and innovation

Published on July 16, 2012

Read Portugal Telecom focuses on investing in technology and innovation

Portugal Telecom will hold the Technology and Innovation Conference in Lisbon on October 29 and 30, the telecommunications company announced recently.

The organizers will be Zeinal Bava, PT CEO, and Luis Pacheco de Melo, PT CFO. It will be addressed to investors, analysts and capital market brokers, and its main objective is to share with them PT’s position to take advantage of the synergy growth in the digital area.

The conference will deal with topics such as network and technology strategy, innovation projects and services to develop proposed by PT for their customers in Portugal as well as in the international markets where we have businesses.

PT has several strategic alliances with international companies and institutions, including the American ...

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