Portugal–US Economic Development ·
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Events & Notices

Sunday, 27 July


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Jornal de Negocios

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The Economist

  • Siemens: Fixing the German dynamo

    pdiv class=content-image-full img src=http://cdn.static-economist.com/sites/default/files/imagecache/full-width/images/print-edition/20140726_WBD001_0.jpg alt= title= width=595 height=335 / /divLONG-LIVED companies can change radically over time. Nokia, for example, began in 1865 as a pulp mill; recently it sold its mobile-phone business to Microsoft (see a href=http://www.economist.com/news/business/21608756-newish-chief-executive-offers-good-intentions-mixed-news-cloud-lifting target=_blank rel=nofollowarticle/a) and now it mainly makes networking equipment. By contrast, Siemens has been quite consistent. em class=ItalicThe Economist/em first wrote about the company in 1868, when it joined a consortium to build a telegraph cable from Britain to Russia and India. In an 1882 article about another tech boom—the spread of electric lighting after the perfecting of the dynamo—we noted that Siemens was hedging its bets by making both alternating- and direct-current ones. To this day, when asked to sum up his firm’s business in a word, Joe Kaeser, its chief executive, says, “electrification”.Mr Kaeser is nonetheless hoping to remake Siemens, at least partly. After electrification, he likes to add two more words: automation and digitisation. The engineering giant is to focus on doing these three things profitably. Businesses that do not fit.../p
  • Schumpeter: Unplugged and unproductive

    pdiv class=content-image-full img src=http://cdn.static-economist.com/sites/default/files/imagecache/full-width/images/print-edition/20140726_WBD000_0.jpg alt= title= width=595 height=335 / /divAT FIRST glance it would appear that China has gone online, and gone digital, with great gusto. The spectacular rise of internet stars such as Alibaba, Tencent and JD would certainly suggest so. The country now has more smartphone users and households with internet access than any other. Its e-commerce industry, which turned over $300 billion last year, is the world’s biggest. The forthcoming stockmarket flotation of Alibaba may be the largest yet seen.So it is perhaps surprising to hear it argued that much of Chinese business has still not plugged in to the internet and to related trends such as cloud computing and “big data” analysis; and therefore that these technologies’ biggest impact on the country’s economy is still to come. That is the conclusion of a report published on July 24th by the McKinsey Global Institute (MGI), a think-tank run by the eponymous consulting firm. It finds that only one-fifth of Chinese firms are using cloud-based data storage and processing power, for example, compared with three-fifths of American ones. Chinese businesses spend only 2% of their revenues on information technology, half the global average. Even the biggest, most.../p
  • Herbalife: Shake, rattle ‘n’ roll

    pdiv class=content-image-float-290 retina-290 img src=http://cdn.static-economist.com/sites/default/files/imagecache/original-size/images/print-edition/20140726_WBC390.png alt= title= width=580 height=562 / /divTHE “death blow” that Bill Ackman promised to land on Herbalife this week raised expectations of a dramatic ending to one of the most remarkable battles in the history of Wall Street. On July 22nd the billionaire boss of Pershing Square, a hedge fund, delivered a three-hour presentation that he said would kill off the seller of nutritional shakes and foods by showing it to be a criminal enterprise that preys on the poor. But as he spoke, Herbalife shares ticked steadily higher. The low-point for Mr Ackman—whose fund has reportedly made a $1 billion “short” bet on the company’s share price falling, was when his father asked how close he was to proving that Herbalife is a pyramid scheme. He replied, wearily, “Dad, if you don’t know it by now...”Appearing before an audience of nearly 500, plus 10,000 or so viewers online, Mr Ackman, at times tearful, attacked targets ranging from Carl Icahn, a rival billionaire so bullish on Herbalife he has put five directors on its board, to David Beckham and Lionel Messi, two footballers whose shirts have borne the firm’s name, Madeleine Albright, a former secretary of state who also champions it, and PwC, its.../p
  • Online privacy and law enforcement: Unwarranted

    pLAWYERS for Microsoft and the American government are due to face each other in a court in New York on July 31st. The two sides have been arguing for months about a warrant, served on Microsoft in December, which requires the company to hand over e-mails stored at data centres in Ireland. Microsoft has already challenged the warrant once, but the judge who issued it upheld it.Microsoft has two main objections to the warrant, which law-enforcement officers sought during an investigation into drug-trafficking. First, it says, an American warrant cannot be used to seize evidence held abroad. Second, it claims that the warrant breaks the constitution’s Fourth Amendment, which forbids “unreasonable searches and seizures”, by not specifying where the evidence is to be taken from. The warrant refers only to “information…stored at premises owned, maintained, controlled or operated by Microsoft”. The company says the government should get the information by approaching the Irish authorities, using a bilateral treaty.The government calls this absurd. If Microsoft’s argument stands, it believes, criminals could put electronic evidence beyond the long arm of the law simply by claiming to live outside the United States. (Microsoft, which has more than 100 data centres in 40 countries, stores e-mails and other data according to where users say they live.) The government also says using.../p
  • German beer: Pure, cheap and a bit dull

    pdiv class=content-image-full img src=http://cdn.static-economist.com/sites/default/files/imagecache/full-width/images/print-edition/20140726_WBP002_0.jpg alt= title= width=595 height=335 / span class=captionQuality, quantity but not much variety/span /divTHE dirndl-clad waitress bringing huge mugs to em class=ItalicLederhosen/em-wearing revellers at Oktoberfest is an image that, like none other, shows how central beer is to German culture. The national brewers’ association declares Germany “European Champion”. It brewed 94.4m hectolitres last year, beaten only by China, America and Brazil.But the truth is that Germans are going off their ale. At unification in 1990, annual consumption averaged 148 litres per head; last year it was just 107 litres. Instead, they are turning to wine, which has a higher status. Connoisseurs think there is another reason for falling sales: that so many German beers are bland and indistinguishable. The country has many tiny breweries whose ales can only be had locally. Some, like the smoked beers of Bamberg in Franconia, are distinctive. But many of the small fry competently but predictably turn out a narrow range of flavours.Rory Lawton, an Irish beer expert in Berlin, thinks Germany’s em class=ItalicReinheitsgebot/em, or beer-purity law, is discouraging innovation. The 1516 law was intended to make it.../p
  • Microsoft: Cloud lifting

    pdiv class=content-image-float-290 img src=http://cdn.static-economist.com/sites/default/files/imagecache/290-width/images/print-edition/20140726_WBP003_0.jpg alt= title= width=290 height=451 / span class=captionAs Nietzsche once said.../span /divNO ONE could mistake Satya Nadella for Steve Ballmer, his predecessor as Microsoft’s boss. The burly Mr Ballmer brought high-decibel bumptiousness; the svelte Mr Nadella (pictured) speaks in measured tones and quotes Eliot, Nietzsche and Rilke in his news conferences and memos. The new style may in time grate as much as the old, but so far investors like what they see. Since Mr Nadella took over in February, the technology giant’s share price has climbed by 23%, to nearly $45—the highest since April 2000, shortly after Mr Ballmer’s tenure began.On his first day in the job Mr Nadella said he planned to make Microsoft fit for a “mobile-first and cloud-first world”. Microsoft, the king of the desktop age, has been dethroned by the smartphone revolution. But Mr Nadella thinks the ubiquity of its software, in both homes and businesses, still lends it power. On July 22nd he gave his first proper progress report, in the shape of Microsoft’s fourth-quarter results.Those numbers showed that the cloud part of Mr Nadella’s plan is starting to lift Microsoft up, but that the mobile side is weighing it down. The.../p

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Financial Times — Europe

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Portugal-US Chamber of Commerce - slideshow image

Pan-European Days at the New York Stock Exchange, May 2014

Chamber board member Ricardo Caliço attended the event on behalf of the Chamber and reports back that the three-day conference was aimed at showcasing investment opportunities in Europe. This year, the program included the European Economic Forum at the New York Stock Exchange, featuring representatives from European Union, chief economists from major financial institutions, and other high-level thought-leaders to discuss the latest developments in the major European economies. The Program also included an investor conference at the Waldorf Astoria hotel organized by, ING, KBC Securities, Millennium BCP/Auerbach Grayson and Societe General. The investor conference provided opportunities for Euronext-listed companies from Portugal, Belgium, France, and Netherlands to meet privately with North America based institutional investors. The 13 Portuguese companies presented in the event were: BES, BPI, CTT, EDP, EDPR, Espirito Santo Saude, Galp, Impresa, Jerónimo Martins, Millennium BCP, Mota Engil, REN and Zon. The Portuguese Government was represented by Isabel Castelo Branco, Secretary of State of Treasury, and by the Treasury and Debt Management Agency. See more details here.

Posted on 2 Jun 2014
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Portuguese Artist Julião Sarmento to Exhibit in New York City

The Sean Kelly Gallery will host an exhibition by Portuguese artist Julião Sarmento, from March 28 - May 3, 2014. Further details can be found here.

Posted on 21 Mar 2014
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Chamber Attends Workshop on the New York Nonprofit Revitalization Act of 2013

New York State’s laws governing charitable and other nonprofit organizations date from the 1960s. The New York State Attorney General’s Office has undertaken revisions in the form of the New York Nonprofit Revitalization Act of 2013. The changes have two main purposes: reducing burdens on nonprofits through the modernization of statutory requirements; and increasing public trust in the nonprofit sector by strengthening board governance and enhancing Attorney General enforcement powers. Most provisions will take effect effective July 1, 2014. As a 501c4 nonprofit corporation, the Portugal-US Chamber of Commerce will also need to adhere to new regulations. More information about the Revitalization Act of 2013 can be found here.

Posted on 6 Mar 2014
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Vista Alegre Exhibits at the 2014 San Francisco International Gift Fair

Visit Vista Alegre’s booth at the San Francisco International Gift Fair, 15-18 February 2014. More information about the Fair can be found here.


Posted on 17 Feb 2014
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Eight Portuguese companies to visit New York City, 4-6 February 2014

In collaboration with the Associacao Comercial de Lisboa (ACL) and the Confederacao Internacional de Empresarios Portugueses (CIEP), the Chamber is hosting eight Portuguese companies from the textile, technology, artisanal foods, olive oil, wine, spirits, shoe wear, and lighting design sectors. The firms will meet with U.S partners based in New York and New Jersey, and will also meet with Portuguese and U.S. officials and representatives of the Portuguese business communities. For further details, contact the Chamber at .(JavaScript must be enabled to view this email address).

Posted on 28 Jan 2014
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Our Organization

The Portugal–US Chamber of Commerce in New York was founded in 1979 to stimulate economic development, trade and investment, and cultural exchange between the United States and Portugal. As a member of the Association of Portuguese-American Chambers of Commerce (APACC), it works closely with its counterparts in Portugal, Canada, and across the United States to promote shared interests in Portugal and expose the vast economic opportunities of the country. The Chamber provides its members ongoing opportunities to network with individuals also engaged in Portugal-US affairs as well as numerous channels by which they can obtain essential bilateral support and information.

Membership Benefits

Membership in the Chamber is open to all individuals who are interested in building a strong economic partnership between Portugal and the United States. Current members range from small businesses to large corporations in the fields of banking and finance, construction, communications, education, import/export, law, and transportation, to name a few.

Membership benefits include:

  • Frequent Chamber events that promote networking and foster strong community ties
  • Access to prominent business and government leaders
  • Alerts of noteworthy cultural and social events in New York City
  • Business luncheons and seminars to expose members to exciting new economic opportunities
  • Access to online resources and members-only directory