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Sunday, 5 February

Expresso

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Jornal de Negocios

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The Economist

  • Accounting in China: Seeing the forest for the trees

    p div class=content-image-float clearfix img src=http://media.economist.com/sites/default/files/imagecache/290-width/images/print-edition/20120204_WBP002_0.jpg alt= title= class=imagecache imagecache-290-width width=290 height=596 / span class='caption'Careful where you tread/span /divCAN you trust Chinese accounts? Many investors fear (and several short-sellers are betting) that the answer is “no”. Sino-Forest, a big forestry firm listed in Toronto, is a case in point. Last year Muddy Waters, a short-seller, accused it of running a Ponzi scheme, which it denies. On January 31st Sino-Forest released the final report of independent investigators into the charge. Insiders crow that the gumshoes found no smoking gun. The gumshoes grumbled that, lacking access to all the evidence, they were “not able to reach definitive conclusions”.America’s SEC is trying to force the Shanghai office of Deloitte Touche Tohmatsu, a big Western accountancy firm, to hand over papers related to Longtop, a Chinese software firm that was delisted by the New York Stock Exchange last year. Deloitte refuses, saying this would violate Chinese laws on “state secrets”. Deloitte may have a point. If it co-operates, its local staff could be jailed under Chinese law.Many accountancy problems spring from reverse takeovers, when a Chinese firm buys a foreign one to.../p
  • Fighter jets: Bomb bays to Delhi

    p“WE’VE been waiting for this day for 30 years,” said Nicolas Sarkozy, France’s president, on the news this week that India had gone into exclusive negotiations with Dassault Aviation, a French firm, to buy 126 of its Rafale warplanes for $15 billion-20 billion. France has not sold a single Rafale overseas, and until this week the plane’s future looked iffy. Shares in Dassault Aviation soared by 18.5%.The loser, ironically, was the Rafale’s cousin, the Eurofighter Typhoon, built by a consortium led by EADS, Europe’s defence and aerospace champion, which is jointly controlled by Germany and France. EADS itself owns a 46% stake in Dassault, a legacy of earlier French government meddling, so its own shares inched up on the news.Dassault won its exclusive-bidder status by offering the lower price. Both European jets had satisfied the technical requirements of the Indian Air Force, which wants zippier planes to guard against China’s Chengdu J-10 combat aircraft and Pakistan’s ageing American F-16s. In tests over the Himalayas and the Rajasthan desert, India had eliminated the F-16 and F/A-18, the Russian MiG-35 and Swedish JAS 39 Gripen from the process during 2009-10.The capabilities of both the Rafale and the Eurofighter were on display during the Libyan war. The Typhoon is the superior air-to-air interceptor. The Rafale switches more easily into a ground-attack mode.After.../p
  • Health care in America: Shopping around for surgery

    p div class=content-image-full img src=http://media.economist.com/sites/default/files/imagecache/full-width/images/print-edition/20120204_WBD001_0.jpg alt= title= class=imagecache imagecache-full-width width=595 height=335 / /divAMERICANS spent $2.6 trillion on health care in 2010, a staggering 18% of GDP. Yet few of them have the faintest idea what any treatment costs or how it compares with any other treatment. Prices vary wildly and seemingly without reason (see chart). Insurance terms require a dictionary. For most Americans, buying a procedure is akin to choosing a house blindfolded, signing a mortgage in Aramaic, then discovering the price later. Slowly, however, this is changing. div class=content-image-float clearfix img src=http://media.economist.com/sites/default/files/imagecache/290-width/images/print-edition/20120204_WBC518.gif alt= title= class=imagecache imagecache-290-width width=290 height=281 / /divThe past decade has seen a shift in how people pay for medicine. Americans’ health spending is growing at a slower pace. This is partly because of the downturn, but not entirely. The rate of growth fell every year between 2002 and 2009, note David Knott and Rodney Zemmel of McKinsey Company, a consultancy. There are many reasons for this—for example, many costly drugs have lost their.../p
  • Big boats: Offshore finance

    p div class=content-image-full img src=http://media.economist.com/sites/default/files/imagecache/full-width/images/print-edition/20120204_WBP003_0.jpg alt= title= class=imagecache imagecache-full-width width=595 height=335 / span class='caption'Nice boat, but where can I park it?/span /divEVEN superyacht-owners are feeling the pinch. Last year only 173 superyachts (vessels over 30 metres long) slipped into the briny, according to Superyacht Intelligence, a consultancy. That’s 27 fewer than in 2010 and far below the peak in 2008, when 260 floating pleasure palaces hit the waves. The number of vessels on order, too, slipped from 453 in 2011 to 423 this year. But cheer up: their combined length rose from 20km (12 miles) to 23km. The super-duper rich are surprisingly unimaginative when it comes to dreaming up new ways to outdo each other.The biggest yacht ever was launched in 2010. Roman Abramovich, a Russian billionaire, reputedly forked out €500m ($660m) for the 164-metre em class=ItalicEclipse/em (pictured). It includes such essentials as a mini-submarine, a hair salon and two helipads. (Owning a yacht with only one helipad would be embarrassing—a bit like owning a football club that is only fourth in England’s Premier League.)Quite sensibly, Mr Abramovich has hung on to his other superyachts. On the brokerage market (second-hand.../p
  • Carlos Slim: Let Mexico’s moguls battle

    p div class=content-image-full img src=http://media.economist.com/sites/default/files/imagecache/full-width/images/print-edition/20120204_WBP001_0.jpg alt= title= class=imagecache imagecache-full-width width=595 height=335 / /divIN A futuristic art gallery which Carlos Slim opened last year in Mexico City, visitors can enjoy, among other things, a hall of rare coins and share certificates. Sometimes art speaks louder than words.Mr Slim is the richest man in the world. According to em class=ItalicForbes/em, he and his family have amassed a comfortable nest egg of $63 billion. (Bill Gates would be richer had he given away less of his stash, or Mr Slim more of his.) In Mexico Mr Slim is a giant: his companies account for more than a third of the stockmarket.The Slim fortune was made in telephony. After growing moderately rich from property, mining and other businesses, Mr Slim, the son of a Lebanese immigrant named Salim, bought Telmex, Mexico’s state-run telephone monopoly, in 1990. Telmex still has 80% of Mexico’s landlines, and about 75% of its broadband connections. Telcel, its sister company, has 70% of the mobile market. Both now belong to América Móvil, a Slim venture which has spread across 18 countries in the Americas and is the biggest or second-biggest player in all but three. With nearly 250m subscribers, it is the world’s.../p
  • Bakers and chaebol in South Korea: Let them eat cake

    pSOME parents give their children cakes. A few give them cake shops. The hot topic in South Korea is the trend for daughters and grand-daughters of em class=Italicchaebol/em families to open bakeries and other small food outlets. The em class=Italicchaebol/em are the conglomerates that dominate the Korean economy, so these plutocratic em class=Italicpâtissières/em have deeper pockets than any of the little bakers they compete against.Their baking has provoked outrage. Lee Myung-bak, South Korea’s president, calls it a “hobby” business for rich girls that threatens the livelihood of poor shopkeepers. Lee Ju-young, a member of the national assembly, likens it to Park Ji-sung (Manchester United’s Korean midfielder) lording it over amateurs in a backstreet game of football. A restaurateur in Seoul puts it more plaintively: “These families already control everything else in Korea. Why can’t they leave something for the rest of us?”The em class=Italicchaebol/em families have decided that this is not a battle worth picking. Scions of the Samsung, LG and Hyundai dynasties are all hanging up their aprons. Artisée, a chain of swanky pastry shops run by Lee Boo-jin, whose dad is the chairman of Samsung, is to close. So is the Hyundai-affiliated Ozen.Whether this will help small bakers much is open to question. Artisée has only 27 shops; Ozen a mere two. Both are.../p

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Financial Times — Europe

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Portugal-US Chamber of Commerce - slideshow image

New 16 November 2011 Statement by the EC, ECB and IMF on the second review mission to Portugal

The European Commission, the European Central Bank and the International Monetary Fund released a statement based on their second review mission to Portugal. The review indicates that growth in 2011 is better than projected, but that the recession in 2012 will be more pronounced than anticipated.

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Posted on 17 Nov 2011
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Donzelina Barroso attends the Second Meeting of Members of City Councils of Portuguese Descent

This meeting, organized by the Embassy of Portugal and sponsored by Grupo Banco Espirito Santo, included a number of participants, including the Chamber’s colleagues from the American Chamber in Lisbon. Nuno Cardoso of the Espirito Santo Investments moderated a panel on the Portuguese Economy, on the significance of the Portuguese communities globally, and on Espirito Santo’s presence in the United States. The full presentation will be available soon. This meeting coincided with the President’s visit to Washington, DC for meetings and also with the PALCUS annual gala.

Posted on 17 Nov 2011
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His Excellency Professor Anibal Cavaco Silva received at the Chamber on November 10, 2011

The Portugal-US Chamber of Commerce and the Portuguese American Chamber of Commerce of New Jersey were honored to host the President of the Portuguese Republic at a private reception on Thursday, November 10th, in New York City. The President, who was accompanied by Minister of State and of Foreign Affairs, Dr. Paulo Portas, addressed an audience of 70 people, focusing on the need for improved collaboration and promotion of Portugal during this difficult time. The President was confident in Portugal’s ability to weather this economic storm. Donzelina Barroso, president of the Portugal-US Chamber of Commerce, and Carlos Couto, Vice President of the Portuguese American Chamber of Commerce in New Jersey affirmed both Chambers’ commitment to collaborate and support the effort to help promote Portugal. The President’s remarks can be read here. Photographs of the reception will be posted in the coming days.

Posted on 15 Nov 2011
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Carlucci Versus Kissinger Book Launch at Georgetown University

Longtime Chamber friend, Dr. Bernardino Gomes, will be at Georgetown for the U.S. launch of his new book, Carlucci Versus Kissinger: The US and the Portuguese Revolution. Dr. Gomes is a former member of the board of the Luso-American Foundation and is currently a researcher at the Portuguese Institute of International Relations, among other activities. The book, co-authored by Tiago Moreira de Sá, a guest associate professor at the New University of Lisbon and also a researcher at Portuguese Institute of International Relations, has been very well received and helps to fill a gap in the scholarship of contemporary Portuguese History. The event will be held at 6 pm on Friday, September 16 at Georgetown’s Mortara Center. See here for details and RSVP information. The book may also be purchased through Amazon.com.

Posted on 13 Sep 2011
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Chamber and Portuguese Business and Industrial Associations to Collaborate

Donzelina Barroso, president of the Chamber, met in NY on September 12, 2011 with Pedro Madeira Rodrigues, secretary-general of both the Associação Comercial de Lisboa (http://www.acl.org.pt) and of the Confederação Internacional dos Empresários Portugueses (http://www.ciep.pt) to discuss possible areas of collaboration and cooperation among the three institutions. Aside from sharing information, the Chamber will plan to work with CIEP to share information about the needs of Chamber members and to jointly organize trade missions and other events.

Posted on 13 Sep 2011
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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