Portugal–US Economic Development ·
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Thursday, 17 April

Expresso

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Jornal de Negocios

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The Economist

  • Business in the UAE: Improving the desert climate

    pFOREIGN investment is flooding back, the malls are filling with shoppers and deals are being struck: business in the United Arab Emirates is booming once again. The IMF this month upgraded its forecast for the emirates’ economic growth in 2014 from 3.9% to 4.4%.As memories of the crisis recede, companies are remembering the reasons that make the emirates attractive. The high income of the population, 84% of whom are expatriates, is one. Geography is another. The country is conveniently located between Europe and Asia, with two world-class airlines, Emirates and Etihad.The UAE has done a lot to make life easy for firms, keeping paperwork to a minimum and moving much of it online. It comes 23rd out of 189 economies in the World Bank’s latest ranking for the ease of doing business, the highest in a region that has seen a tumultuous few years. It takes only eight days to set up a business, three fewer than the average for the OECD, a club of mostly rich states. “Two years ago I’d have said the UAE does well relative to the region,” says Habib al-Mulla of the Dubai office of Baker McKenzie, a law firm. “Today I’d say it globally, too.”On April 13th the country’s president, Sheikh Khalifa bin Zayed al-Nahyan, signed into law a measure to promote smaller firms by giving them greater access to official contracts and loans. Yet businesspeople are disappointed by a draft of a.../p
  • Coal: The fuel of the future, unfortunately

    pdiv class=content-image-full img src=http://cdn.static-economist.com/sites/default/files/imagecache/full-width/images/print-edition/20140419_WBP001_1.jpg alt=Three workers carrying coal in a basket title= width=595 height=335 / /divWHAT more could one want? It is cheap and simple to extract, ship and burn. It is abundant: proven reserves amount to 109 years of current consumption, reckons BP, a British energy giant. They are mostly in politically stable places. There is a wide choice of dependable sellers, such as BHP Billiton (Anglo-Australian), Glencore (Anglo-Swiss), Peabody Energy and Arch Coal (both American).Other fuels are beset by state interference and cartels, but in this industry consumers—in heating, power generation and metallurgy—are firmly in charge, keeping prices low. Just as this wonder-fuel once powered the industrial revolution, it now offers the best chance for poor countries wanting to get rich.Such arguments are the basis of a new PR campaign launched by Peabody, the world’s largest private coal company (which unlike some rivals is profitable, thanks to its low-cost Australian mines). And coal would indeed be a boon, were it not for one small problem: it is devastatingly dirty. Mining, transport, storage and burning are fraught with mess, as well as danger. Deep mines put workers in intolerably filthy and dangerous conditions. But.../p
  • Schumpeter: Munk’s tale

    pdiv class=content-image-full img src=http://cdn.static-economist.com/sites/default/files/imagecache/full-width/images/print-edition/20140419_WBD000_0.jpg alt=Illustration of a man with a golden hat title= width=595 height=335 / /divYOU can’t be right all the time. In a 1995 profile of Peter Munk, the founder of Barrick Gold, a mining giant, em class=ItalicThe Economist/em concluded that the biggest problem facing the company was who would replace him as boss. Mr Munk will at last step down as the company’s chairman at the annual meeting on April 30th, aged 86. In the same profile we fretted that by spending $500m on a property company, Mr Munk risked ending up in the same boat as two fellow Canadian tycoons, Paul Reichmann and Robert Campeau, who had gone spectacularly bankrupt. In 2006 Mr Munk had the last laugh, selling the company for $9 billion.There were lots of reasons why our 1995 profile was so pessimistic. Mr Munk was already 67. The mining industry is an unforgiving one. Diversifying into property is a well-known road to ruin. And Mr Munk had a catalogue of failures to his name. But we forgot one vital thing: his ability to turn failure into success and threat into opportunity.Failure is a hot topic in American business at the moment. Silicon Valley entrepreneurs argue that the valley’s success is its tolerance for failure. Historians.../p
  • Made in Spain: A pressing issue

    pdiv class=content-image-float-290 img src=http://cdn.static-economist.com/sites/default/files/imagecache/290-width/images/print-edition/20140419_WBP004_0.jpg alt=Man pouring fruit out of a basket title= width=290 height=304 / span class=captionThese are Spanish, not Italian/span /divTHE French government once scuttled a possible foreign bid for Danone, a big dairy firm, on the ground that it was a national industrial “jewel”. If yogurt is strategic for the French, olive oil has the same exalted status in Spain. Four savings banks wanted to sell their combined 31% stake in Deoleo, the country’s largest producer, and under Spain’s stockmarket rules anyone buying such a large stake has to bid for the whole company. Earlier this month, when it emerged that all the bidders were foreign, ministers said they would prefer that it remained in Spanish hands, and raised the possibility of the state taking a stake in the firm.On April 10th a British private-equity firm, CVC Capital, won the backing of Deoleo’s board after making the highest offer, valuing it at €439m ($607m). But given the controversy over selling to foreigners, two of the four would-be sellers now look like keeping their stakes. CVC will end up owning 30% of Deoleo but will later seek to buy the rest.Olive oil accounts for a mere 0.8% of Spain’s exports. Yet it is an extra-sensitive matter..../p
  • Peugeot’s revival plan: Striving for the podium

    pTHE Peugeot group (PSA) won the Marrakech World Touring Car Championship on April 13th, with Citroën C-Elysées coming first, second and third. That cheered its new boss. Carlos Tavares, a racing fanatic, joined Peugeot’s archrival, Renault, as a test driver in 1981, rising to become that company’s number two before taking the wheel at PSA on March 31st. He now wants to see his new company enjoying the same success financially as it has had on the racetrack.The second-largest European carmaker, in volume terms, is struggling to escape from losses topping €7 billion ($9.7 billion) in the past two years. A €3 billion capital increase agreed on in principle in March, which hands both Dongfeng, a Chinese carmaker, and the French state 14% stakes in exchange for €800m apiece, will help PSA secure its future. On April 14th Mr Tavares set out how he proposed doing it.Mr Tavares is seen by many as the first genuine “car guy” to run PSA for some time. His real forte may be on the numbers side, however. “Back in the Race”, as his recovery plan is called, has four broad goals but one overwhelming message: forget about volume and market share, focus on profits and cashflow. The first aim is to distinguish more clearly Peugeot’s high-end family cars from Citroën’s cheaper, trendy ones, pulling out Citroën’s DS range as a stand-alone premium brand. The idea is to reduce the percentage.../p
  • Technology firms: Status shift

    pGOOGLE splashed out an undisclosed sum of money on April 14th to buy Titan Aerospace, whose solar-powered drones it plans to use to help deliver wireless internet access to remote parts of the world. Like Google’s new drones, which can reach impressive heights, tech shares soared in the early part of this year. Then in March a sell-off began that battered the stocks of many Silicon Valley stars. The tech-heavy NASDAQ stockmarket index steadied somewhat early this week, and shares in older tech firms like HP and IBM, which are traded on the main market, have done well. But investors and companies are still jittery.Those worried that a new internet bubble pumped up by wild dreams and unabashed greed is now deflating will be watching closely to see whether tech firms’ latest results give further cause for alarm. On April 15th Yahoo published its quarterly earnings, which showed a tiny increase in revenue after excluding the cost of fees paid to its partner websites. Its shares rose on the news. Google was due to report its results the next day, after em class=ItalicThe Economist/em went to press.It is not just web firms whose performance is under the microscope. Shares in biotech companies, which adapt and exploit processes found in living organisms to create drugs and other useful products, have also taken a beating. Having risen by 60% last year, the NASDAQ biotech.../p

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Financial Times — Europe

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Portugal-US Chamber of Commerce - slideshow image

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.

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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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Chamber Participates in Events Promoting Doing Business in the U.S.

In November 2013, the Chamber participated a seminar on Doing Business in the U.S., hosted by CIEP and ACL at their headquarters in Lisbon. The event included several speakers and a panel discussion with companies currently doing business in Portugal, including Malo Clinic, Electricidade Industrial Portuguesa, and ACL Impex. See here the Chamber’s presentation: PUSCC.pdf.

That same week, the Chamber also participated in Portugal Exportador, a trade conference aimed at showcasing Portuguese firms and establishing networking and business opportunities for those companies wishing to engage in international trade. See here the Chamber’s presentation. The Chamber met with over 25 companies interested in coming to the United States at this event. Given the strong demand for services, the Chamber, CIEP, and ACL decided to organize the trade mission. We look forward to additional partner events organized with our colleagues at CIEP and ACL.

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