Sunday, August 23, 2015

Wall Street penalized by the performance of the Chinese economy – the Minute News

By 15:00 [hour from Lisbon], the Dow Jones industrial followed the retreating 0.93% to 16,833.99 points while the Nasdaq technological yielded 1.00% to 4828.55 points.

Also the broad index Standard & amp; Poor’s 500 followed the losing 0.81% to 2019.21 points.

Investors are apprehensive about China’s economy that continues “to be on the agenda” and influenced by negative global stock markets , analysts cited by Bloomberg financial news agency.

The release today of an indicator on manufacturing activity in China, which registered a contraction at the fastest pace since 2009, deepened “further” the investors’ fears about the slowdown in the Chinese economy growth, stressed.

The new data about the Asian giant industry “are to drag the red” bags, which during the week suffered heavy turbulence caused the devaluation of the yuan enacted by the Chinese Central Bank, the slowdown of the Chinese economy and the drop in raw materials, particularly oil.


Saturday, August 22, 2015

Álvaro Sobrinho denies direct investment in the Sporting SAD – RTP

At issue is the investigation of the CMVM with the Bank of Portugal which aims to discover the origin of money invested at Sporting, especially if had origin in BES Angola. It is considered the largest single shareholder in the club with almost 30 percent of the shares and is also accused in the case BES Angola.


Álvaro Sobrinho denies “categorically” investment in the Sporting SAD – Vision

Lisbon, Aug. 22 (AP) – The businessman Álvaro Sobrinho, former non-executive chairman of BES Angola, today denied “peremtória and categorically” that has made “any direct investment” in the Sporting SAD, that is largest single shareholder.

In a statement, Álvaro Sobrinho also accuses the Commission of Securities Market (CMVM) to evidence a ‘biased attitude repeated “against him.

” It’s peremtória and false categorically that, Álvaro Sobrinho, or Holdimo, of which I am a shareholder, as a shareholder of Holdimo, have made any direct investment in the Sporting SAD, “writes the entrepreneur, reacting to” news published in the last 24 hours ” about the existence of “any investigation of the CMVM” the alleged investments in SAD of “lions.”


Álvaro Sobrinho denies “categorically” investment in the Sporting SAD – Jornal de Negócios – Portugal

The businessman Álvaro Sobrinho, not former executive chairman of BES Angola, denied on Saturday “peremptory and categorically” that has made “any direct investment” in the Sporting SAD, it is the largest single shareholder.

In a statement, Álvaro Sobrinho accuses the Commission of Securities Market (CMVM) to demonstrating any “reiterated biased attitude” against him.

“It is peremptory and categorically false that I, Álvaro Sobrinho, or Holdimo, of which I am a shareholder, as a shareholder of Holdimo, have made any direct investment in the Sporting SAD,” writes the entrepreneur, reacting to “news published in the last 24 hours “about the existence of” any investigation of the CMVM “the alleged investments in SAD of” lions. “

” Rather than advertised CMVM, there was never money input Holdimo or me itself from the purchase of Sporting SAD shares. The CMVM know it was the Sporting Clube de Portugal that proposed the entry Holdimo in the capital of SAD in an operation at the time the Regulatory Authority approved without any reservation, “said yet.

In a statement, the entrepreneur maintains that there by the regulatory “a repeated biased attitude” towards him, pointing out the fact that already in the past the regulator wrongly questioned the regularity of their participation in other businesses.

“Now the same demand was ever made by the CMVM regarding, for example, other media groups that coexist in qualifying holdings of funds who knows if no face,” noted .

The CMVM clarified on Friday that “are underway and the necessary steps will be carried out” in relation to financial operations under “sports companies”, implying notably Álvaro Sobrinho, main individual shareholder of Sporting SAD.

The clarification was provided by the office of the institution chaired by Carlos Tavares, in response to a question from deputy PSD Duarte Marques whether “financial movements and made investments “not the former CEO of BESA” deserved on the part of the Portuguese Securities Market Commission (CMVM) any screening with regard to the origin of the capital. “

” In the context of assignments of the CMVM and in conjunction, in particular, with the Bank of Portugal, are underway and will be held any necessary steps and appropriate to ascertain the origin and monitoring of financial transactions referred to in the questions asked by Mr “, can be read in the response.

In clarification, the CMVM specifies that the scope of its powers “are not mutually exclusive financial transactions and investments made in Portugal by Dr. Álvaro Sobrinho or companies owned or managed by the said former President of BESA, whenever it is found to be relevant to assessment of the origin, obtaining conditions and capital movements. “

” Especially when these have as their source or intended to finance resource or investment in the capital market. In this context, the CMVM also monitors the activity of public companies, including those that take the form of sports companies (the ‘SAD’), for the special purpose of safeguarding acting in accordance with the rules of the Securities Code ( “Cod. VM”) and the applicable related legislation “, still inform without ever referring to Sporting SAD.

After disclosure Coach Jorge Jesus hiring for Sporting in early June, Álvaro Sobrinho, the largest single shareholder of SAD ‘Leo’ was appointed by the press as being involved in the financing of the operation.

At the end of June, in clarification given to Socialist MEP Ana Gomes the CMVM had already confirmed to be “ascertain the fulfillment of duties of care” by the Sporting SAD regarding the clearance of the source of funding of the club for the season 2015/2016.

letter signed by the president of the CMVM, Carlos Tavares explains that the Sporting SAD lies “subject to the supervision of CMVM, with regard to the fulfillment of the duties of accountability, qualifying holdings and inside information.”


Cimpor prepares closing factories and firing in Brazil – Jornal de Negócios – Portugal

Camargo Corrêa is preparing the sale of assets and reduction of staff in Brazil, reports Friday the Economic Journal. Operation in Portugal runs better.

Affected by the slowdown in economic activity in Brazil and by the scandals and fines associated with various legal actions, including within the framework of operation “Lava Jet” Camargo Corrêa, the Brazilian company that controls Cimpor is considering closing factories and reducing its staff in Brazil, reports Friday, August 21, the Economic Daily. The company’s operation in Portugal is going well by comparison.

“Cimpor currently carries out a package of measures that serve the dual purpose of setting the present time to market and increase operations efficiency. Among they stand out the rationalization of the structure, either through suspension of low utilization transactions either by adaptation of the local team – the optimization of production costs, the development of partnerships and investment review, “wrote the company in statement sent to CMVM with the results of the first half.

In the first six months of the year, cement fell by 13.5% in sales volume to 5.4 million tonnes, which translated a fall of 16.1% in value to 474.4 million euros, summarizes the Economic Daily

In Portugal the operation runs better:. sales rose 1.4% in volume for the 2, 4 million tons, and 6.9% in value to 150.6 million euros, an increase classified as “remarkable” by the company.


Consumer credit continues to increase – the Minute News

The study published by Informa D &. B reveals that since 2013 there has been a resumption of lending activity consumption

“In this context, the new investment increased by 15% in 2013 reaching 3705 million euros, while in 2014 rose 11.4% to 4128 million euros, “reads the statement sent to newsrooms.

The same note explains that the recovery of the Portuguese economy that is ongoing “allows to foresee an increase in credit demand in the short and medium term”, and is “likely that the amount of new loans granted operations sign at the end of 2015, an increase of about 15% to 4,750 million euros “.

” The institutions with universal activity concentrated about 59% of the total amount of new investment in consumer credit in 2014, while the remaining 41% were institutions with activity specialized in credit (financial institutions credit and banks specializing in consumer finance), “reads the statement.


Number of registered unemployed fell in July – TSF Online

According to monthly unemployment data released by the IEFP, the number of unemployed in July 3958 decreased from the previous month and down 78,998 over the same month last year. The Algarve region recorded the largest annual relative reduction, less 18.7% unemployed, 3,776 fewer people than in July 2014.

The decline in the annual unemployment in July included both men and women . According to IEFP, in men the decrease was 13.8% and women 12.1%.

As for the age group, young people and adults showed an annual decline in unemployment, respectively 13.1 % and 12.9%. The registered unemployed for less than one year decreased 12.6% compared to July 2014 and the long-term unemployed (with enrollment less than one year) decreased by 13.2%. The number of unemployed seeking a new job declined from the same month of 2014 (-13.5%) as well as those seeking their first job (-7.7%).

In July were received at IEFP 15,365 jobs, a total of 112,072, which is 9.3% more year on year. In the same period they were placed in the labor market 10,059 people, representing a 14.5% increase year on year.


Fuels will fall further in price next week – Digital Journal

According advances the Business Journal, gasoline should be between one to two cents cheaper, while diesel relief is expected to max out a cent.

So, starting next Monday -feira, gasoline will download of 1.49 cents per liter, while the diesel liter current falls below 1,196 cents

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Less registered unemployed in the employment centers – Journal News





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Friday, August 21, 2015

Fuel accent falls next week – Jornal de Negócios – Portugal

come here further declines in fuel prices in the domestic gas stations, fruit of the minimum oil in the markets. Reductions that will already feel the week of the start.

After the climbs before the holidays, warm weather has brought sharp declines in fuel sales figures. A trend that has been going on since a few weeks ago and that will keep the next result of the sharp depreciation in oil prices in international markets. Both petrol and diesel will be a few cents cheaper.

The oil has been increasing negative behavior in the markets, at a time when supply is high and demand is reduced if foreseeing that China further reduces the buying pressure in the market. A context that fired this week, West Texas Intermediate, the US, to a new minimum of six years to $ 40.20. The Brent in London, is the $ 46.80.

This sharp drop in oil dragged the prices of their products, including gasoline and diesel. The average price of a metric ton of gasoline shrank by 4.5%, as the “diesel” decreased 2.1%, as in euros. A development which points to a more significant reduction in gasoline prices, as has been happening. The Business calculations point to a decline between one and two cents per liter.

The diesel can also get cheaper, but the price reduction margin is lower. The sales price may be reduced by up to one cent per liter, with the average price of sales to lower the current 1,196 euros, according to data from DGEG. Gasoline, which this week fell from 1.50 euros to 1.49 euros, can deepen recent declines.


Interest rate on mortgage contracts is falling 11 months ago – publico





The interest rate on housing loan contracts returned to maintain the downward trend, falling in July to 1,257% in the last month and prolonging the downward trend of the past 11 months, revealed Friday the National Institute of Statistics (INE).


                         In contracts in the last three months, the interest rate stood at 2.453%, down by 0.191 percentage points compared to June, the largest decline since November 2012, highlights the INE.

Fall interest rates continues to reflect the downward trend in Euribor rates, which are associated with the large majority of contracts in Portugal, and in the case of three-month Euribor is even in negative territory.

The average value the loan repayments for all the credit agreements, was fixed in July for 241 euros, the same as in June. This situation is explained by the fact that the amortization of capital increase whenever down the component of interest.

According to INE, the value of the average amount outstanding, for all contracts, dropped 57 euro July to 52,512 euros.

In contracts in the last three months, the average value of principal outstanding stood at 82,588 euros, which represents an increase compared to June, which stood at 81 444 euros.



Registered unemployed down nearly 13% – Jornal de Negócios – Portugal

The number of registered unemployed in the employment centers fell 0.7% in July compared to June, and 12.9% compared to July 2014, totaling 532,698, it was released this Friday by the Institute of Employment and Vocational Training (IEFP).

According to monthly unemployment data released by the IEFP, the number of unemployed in July fell 3,958 from the previous month and dropped 78,998 in relation to same month last year.

The Algarve region recorded the largest relative reduction counterpart, less 18.7% unemployed, 3,776 fewer people than in July 2014.

The decline in the annual unemployment in July included both men and women. According to IEFP, in men the decrease was 13.8% and women 12.1%.

As for the age group, young people and adults showed an annual decline in unemployment respectively 13.1 % and 12.9%.

The registered unemployed for less than one year decreased 12.6% compared to July 2014 and the long-term unemployed (with enrollment less than one year) decreased 13.2%.

The number of unemployed seeking a new job declined from the same month of 2014 (-13.5%) as well as those seeking their first job (-7.7% ).

In July were received in IEFP 15,365 jobs, a total of 112,072, which is 9.3% more year on year.

In the same period were placed in labor market 10,059 people, representing a 14.5% increase year on year.


Money Sobrinho at Sporting under investigation by the Bank of Portugal and the CMVM – Daily News – Lisbon

The Bank of Portugal (BoP) and the Committee on Securities Market (CMVM) are investigating the investments made by the former president of BES Angola, Álvaro Sobrinho, in Portuguese listed companies, including the SAD Sporting.

The information contained in the reply sent by the Portuguese capital market supervisor to two requests submitted by Mr Duarte Marques, PSD, however available in the list of documents relating to parliamentary committee of inquiry into the management of BES / GES on the official website of the Parliament.

“In the context of the powers of the CMVM and in conjunction, in particular, with the Bank of Portugal [BoP] are in progress and the necessary and appropriate reputable work will be carried out to ascertain the origin and monitoring of financial transactions referred to in the questions asked by the honorable Member, “reads the document sent last Wednesday to parliament by the party led by Carlos Tavares.

This answer came almost two months after the Social Democrat have sent two requests to the CMVM.

In one, Duarte Marques questions whether “the financial flows and investments made by dr. Álvaro Sobrinho deserved of the CMVM a screening with regard to the origin of such funds “and” CMVM is willing to check and follow the trail and the source of funds used by enterprises owned or managed by dr. Álvaro Sobrinho the acquisition or investment in companies in Portugal, listed or not. “


Thursday, August 20, 2015

Greece: Tsipras announced the government’s resignation – Digital Journal

The Greek prime minister, Alexis Tsipras, announced his resignation and the government led by Syriza party, according to communication to the Greeks made on Thursday by public television.

Tsipras, 41, in the government’s leadership since January this year, said it was his “political and moral obligation” to the Greeks call new elections. Announcing his resignation, the head of the coalition government led by Syriza, left wing radical party, he stressed that needs a clear mandate for a strong government. “The mandate that I received the January 25 ran out,” said cited by international agencies.

The scramble for the dismissal of Tsipras already had to guess, since tens of Syriza MPs did not approve the agreement for the third rescue and later in the parliamentary vote on the measures agreed with the creditors, the parliamentary majority that supports the Executive, down to 119 by 300 deputies.

With the confirmation that the Greeks will be called again to the polls, Greece will, in September, the fifth legislative elections since 2009.

According to sources cited by Reuters, still no official confirmation, the elections should take place on September 20.

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Savings applied in state certificates increased by 50% in July – publico





The savings applied by the Portuguese in state certificates rose 50.4% in July, totaling 152 million euros, compared to 101 million in June, and with a clear preference for Treasury Certificates at the expense of savings certificates.


The monthly growth of savings entrusted to the State rises 50.4% in July, although the value has little expression in cumulative terms: a change in the total balance of savings certificates and Treasury, which currently stands at 19,770 million euros , is only 0.7%.

The statistical bulletin of the Bank of Portugal published on Thursday, reveals that the subscriptions in Treasury Certificates Saving More, which currently offers an interest rate substantially High, attracted EUR 132 million. In June, the figure had grown by 90 million euros. The value of July back to beat the value of May, which had amounted to 127 million euros

In Savings Certificates, the change in the balance was for 20 million euros, including 15 million capitalization (interest and retention bonuses). Without this cap, new subscriptions are up for five million euros. In June, the net subscriptions had grown by one million euros.

The Monthly Bulletin of IGCP, the institute that manages public debt, also released Thursday, shows that Certificates of redemptions Savings amounted to in July, EUR 50 million, ie well above the amount of new subscriptions. In Treasury Certificates were also noted surveys, but only in the amount of four million euros.

With a current yield of 2.25% gross, down from 5% before the rate cut applied to February, the accumulated balance of Treasury Certificates amounting to seven billion euros.

The accumulated balance of savings certificates amounted to 12,716 million euros. This latest product offers a lower interest rate, influenced by the fall in Euribor, to which they are associated, is now below 1% (compared to 3% before the change to the beginning of the year).

Although the remuneration of state breakdown products, interest rates offered by bank deposits are still very low, without competing with the public debt products.



BES: aggrieved manifested front of the Ministry of Finance on 27 – TVI24

It is yet another manifestation of victims of Banco Espírito Santo, this time in Lisbon. On Thursday (27) the injured BES will protest the repayment of commercial paper front of the Ministry of Finance from 11:00, a rally scheduled by the Association of Indignados and Deceived the commercial paper and announced on its website.

The last demonstration took place on Monday in Guimaraes. The goal is the same: claim reimbursement of the money invested in commercial paper to the BES counters.

There are about 2,500 customers of the New Bank that acquired commercial paper Espírito Santo Group (GES) to the branches of Banco Espirito Santo (BES) totaling EUR 527 million that have not been reimbursed – it is not yet known solution to this problem.

The AIEPC has organized over the past few months several protests in cities across the country.

The Administrative Court of the District Lisbon admitted earlier this month an injunction filed by AIEPC, which requires that the Bank of Portugal inform the buyer of the New Bank of the amount of commercial paper due to about 2,500 subscribers which around EUR 530 million, ie to include this amount as an “impairment” in the accounts of the financial institution.


Money invested in visas “gold” fell 70% after the corruption scandal – Jornal de Negócios – Portugal

The amount invested by foreign citizens through this program declined to around 247 million euros, writes the public this Thursday, August 20th. In July, it issued only 10 visas. All the Chinese.

In July this year were only issued 10 visas “gold”, known formally as residence permits for the Purpose of Investment, writes Público Thursday , August 20. Were all attributed to Chinese citizens.

Thus, worsens the downward trend observed since the end of 2014, after the alleged corruption scandal in receiving visas.

From January to July this year, the value of investment in the issuing of such visas has fallen 70% over the same period, from EUR 817 million to 247 million. In total, were issued 408 residence permits, less than half of the 1,526 in the same period.

In July, the Foreigners and Borders Service suspended the emissions for two weeks for lack of legal framework between the previous and the new legal regime. This month, investment was up by 5.6 million euros

The investigations into alleged corrupt practices in the issuance of such visas. – Known as Operation Labyrinth – led to the arrest of senior officials of public administration and the resignation of Minister of Internal Affairs Miguel Macedo.


Wednesday, August 19, 2015

PSP makes six arrests in anti-drug operation in Amadora – Renaissance

The PSP did on Wednesday over a dozen searches of dwellings in Cova da Moura, in Amadora, Damaia, Alfragide and Mina.

This operation resulted in six arrests four them for drug trafficking suspect.

The Commissioner Rui Costa, the Metropolitan Command PSP, told SIC Notícias which was the culmination of a yearlong investigation.

The PSP tonight took out several searches in a process that investigates drug trafficking in Amadora.


PSP holds six people in raid operation in the municipality of Amadora – publico





The PSP detained on Wednesday six people during an operation which took place in several locations in the municipality of Amadora, no recording of incidents, told the Lusa agency Commissioner Rui Costa.


                         “So far we registered six arrests, four of them through arrest warrant of compliance issued by the prosecution and two for illegal possession of firearm,” he said.

The operation, which began at about 20h and which included house searches took place in the Moura Cova and three other scattered parts of the municipality of Amadora.

During the search, according to the commissioner Rui Costa, were seized three shotguns, “whose possession was illegal “and products suspected to be drugs, including cocaine and heroin.

” We also have the apprehension of scales, press and other materials commonly used to divide and condition the narcotic for sale, “he said.

Asked whether there have been incidents log during the raids, the commissioner Rui Costa said the “operation took place with normality that was expected”.

“We made the searches, without significant change in order, “he said.



Sonae’s sales grew 1% with positive contributions from all business – publico





The consolidated turnover of Sonae SGPS increased 1% in the first half, to 2 329 million euros, with all business areas to record a positive trend in sales, said on Wednesday the company.


                         The main indicators of Sonae accounts, which owns the PUBLIC evolved positively. The operating profit (EBITDA) increased 11.1% to 191 million euros and the direct result grew 23.5% to 56 million euros.

Net profit attributable to shareholders almost doubled 52 million euros to 97 million euros.

One of the biggest contributions to earnings came from In, which noted “exceptionally positive results,” said the official source PUBLIC Sonae. Operating profit of the telecommunications company increased by 2.6% to Euro 700 million.

Also Sonae Sierra, which posted growth in the direct results (revenues from rents) and indirect, generated by the improvement in the assessment of real estate assets, positively helped the consolidated results of the group.

Despite the sales growth in all business areas, the evolution of profitability had different performances. In food retail, Sonae MC registered a sales increase of 0.4% to 1 633 million euros over the same period, benefiting from the expansion of the sales area, with two more stores, but also through the expansion of franchise formats (My Super, Well’s, Bom Bocado and note!). According to the same source, the competition in the sector remains high, which led the company “to invest very aggressively in promotional campaigns”, with negative effects on EBITDA, which fell 13.5%, or EUR 14 million over the same period last year.

In the non-food retail sector, the turnover also increased 0.4% to 582 million euros, an increase of 5.1% in unit International. The company explained that the performance of different business areas were different, with “very interesting” growth in Worten (appliances and electronics) and Sport Zone (articles and sports equipment), and lower performance of Zippy, especially in Portugal and Spain, “where the collection spring / summer did not have the desired results.”

The IM Sonae, Investment Management unit recorded a 4% increase in turnover to EUR 124 million .

In the first half donates year, the group led by Paulo Azevedo continued to accelerate investment and to slow down the debt. The investment in retail business, which has contributed to strengthening the company’s internationalization, increased 48.6% to EUR 109 million.

The debt decreased by EUR 75 million to 1413 million euros. Considering the payment to France Telecom, debt reduction is even greater, reaching 180 million euros.

To debt reduction helped the sale of assets of Sonae RP, amounting to EUR 185 million .



ECB reduces emergency liquidity to Greek banks – The Ball


                         Portugal in 25th place in the Human Freedom Index – Portugal occupies the 25th of a total of 152 countries surveyed in the first edition of “Human Freedom Index”, released today by the Institute US American Cato. In the first table is Hong Kong (China), are followed by Switzerland and Finland.
 “The index is now presented lists a wide analysis of human freedom, understood as the absence of coercive constraints, and uses 76 indicators of personal and economic freedom” in areas such as law enforcement, security, movement, religion, the size of government or individual relationships contribute to this study.
 According to the authors of this research ‘is the most comprehensive index created so far for a sufficiently significant number of countries “, because it establishes a direct relationship between human freedom and democracy, with Hong Kong the exception.



Gold shops harming state in more than 4.5 million euros – Jornal de Negócios – Portugal

There are hundreds of operators with closed fiscal activity that continue to operate, fleeing taxes, reveals the Diário Económico based on an audit of the Finance Inspectorate.

There are hundreds of the gold trade operators who have closed fiscal activities which continue to operate, escaping the tax authorities and harming the state at 4.5 million euros VAT, to which is added the loss in IRC and IRS revenue news Wednesday the Economic Daily.

The findings are the Finance Inspectorate and the result of an audit that concluded that the gold trade used is “a huge area of ​​activity risk of fraud and tax evasion, with lack of adequate control Tax “authority.

have been detected “hundreds of operators with licenses for the exercise of activity, after finding terminated tax, mostly for several years,” says the report, which calculates a VAT revenue potential higher missing to 4.5 million euros, “along with obvious implications on IRS and IRC.”

The Homeland Security Annual Report had already warned of the risk of fraud in this sector, boosted by the economic crisis, according to the same paper.

“The credit access difficulties and illiquidity experienced in various industries, promote greater openness of national economic agents face the investments with potentially illicit origin,” it read in the document. The financial advisory, lending to the recovery of companies or trade in gold and precious metals were some of the activities identified.


Companies cut in working hours and wages – RTP

In June, there were 95 companies in “layoff” (for six months for suspending some employees or force a reduction in the time and to compensate workers receive only two-thirds of the salary), least nine than in the same period 2014 .

However the number of employees in these conditions has risen. 827 were in June last year and are 1,089 in June this year. A 32 percent increase that feels more in the number of workers forced to reduce hours. An upward trend observed since April.

The conclusion comes after awaiting the strategy office data and studies of the Ministry of Economy.

According to the same study one in five workers 19.6 percent earn the national minimum wage of 505 euros per month; in 2011, before adjustment measures imposed by creditors, only 11.3 percent received the basic pay of 485 euros. According to the Ministry of Economy, this is an increase of 73.6 percent.

And as the journalist John Torgal concluded, reading the study, companies resort to more cuts in working hours for face breaks in the business.

The study also notes that women were the most affected with 25 percent receive the minimum wage, while only 15 percent of men were affected.

Hotels and restaurants are the sector of activity where the weight of the minimum wage is higher (26.6 percent), followed by the manufacturing industry, such as confeções (24.8 percent), and administrative activities and support services ( 24.3 percent).


Sale of ‘street food’ grows in Portugal and boosts local economies – Pool – Digital Journal

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Tuesday, August 18, 2015

Ongoing reduces position in Pharol to 3.46% – TVI24

The Pharol, former PT SGPS, announced on Tuesday that the Ongoing reduced its stake to 3.46%, mainly because of the exercise of BCP of the right of ownership in the loan agreement with pawn shares.

On Friday night, the Pharol had informed the market that Banco Comercial Portuguese (BCP) had passed a qualifying holding of 6.1689% of the share capital and voting rights of the company, which is Brazilian telecommunications operator of reference shareholder Hi.

At the time, Pharol explained that the increased participation of BCP was due to exercise, on 12 August, “the right of ownership provided for by mutual agreement with pledges of shares and other securities “in the bank” has acquired 37,804,969 common shares, representing approximately 4.2169% of the share capital and voting rights “of the former PT SGPS.

Thus, the BCP started to have a corresponding shareholding to 55,304,969 shares of Pharol, ie 6.1689% of the share capital of the company.

Now, also in a statement sent to the Portuguese Securities Market Commission (CMVM), the Pharol said that the Ongoing – Strategy Investments, Nuno Vasconcellos company reduced its position “directly and through the company controlled by it Nivalis Holdings to approximately 3.46% of the capital “of the old PT SGPS.

This reduction in participation derives mainly from the “sale, on 12 August, 37,804,969 common shares of the company as a result of the exercise of ownership right provided for in the loan agreement with pledges actions “and also of” no re-acquisition by Ongoing of 22.56 million shares “of Pharol,” which were the subject of an Equity Swap Transaction (‘Swap’), as communicated in due course “, which expired on that date.

Because of these two events, the participation of Ongoing now represented “by 29,735,000 common shares, representing approximately 3.46% of the share capital of the company and voting rights.”

The Pharol said that these actions “are directly held by nivalis, whose holding is attributed (…) society Insight Strategic Investments, SGPS, which owns a holding of 62.55% of rights vote in nivalis, the Ongoing being the majority shareholder of Insight “.

The votes attributable to nivalis, the Insighr and Ongoing “are also attributable to the company RS Holding, SGPS, which is majority shareholder of Ongoing” and “Isabel Rocha dos Santos, who is majority shareholder of RS Holding, “concludes the Pharol.