1. Portugal Experienced the Third Largest Growth in the Eurozone in the Third Quarter

In the third quarter of 2024, the Eurozone’s GDP grew by 0.4% compared to the previous quarter, with Portugal achieving the third highest growth rate of 1.9% year-on-year among available data. Despite this positive performance, Portugal’s growth was below the Eurozone average. Germany managed to avoid a recession with a slight 0.2% growth, while Ireland rebounded significantly from a contraction of 1% to a 2% increase in the same period.

France also saw growth, moving from 0.2% to 0.4%, aligning with the Eurozone’s overall trend. However, Latvia, Hungary, and Sweden fell into technical recessions due to consecutive quarters of GDP contraction. Spain, as Portugal’s largest trading partner, recorded a quarter-on-quarter increase of 0.8%, contributing to the Eurozone’s economic resilience.

Analysts expect cautious recovery in business activity and consumer confidence, driven by declining interest rates and easing inflation. The European statistical agency reported a 0.9% year-on-year increase in seasonally adjusted GDP for both the Eurozone and the EU, with Spain leading in annual growth at 3.4%. Meanwhile, Germany continues to experience declines, further affecting the overall Eurozone performance, as it recorded a 0.2% contraction.

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2. You Can Now Check if The Train is Delayed Without Going to The Station

CP has launched a new feature that provides real-time information about train status, allowing passengers to check if trains are on schedule, delayed, or canceled without needing to go to the station. This enhancement coincides with the company’s 168th anniversary and expands on previous capabilities, enabling users to access precise and continuous updates on the circulation status of all trains across the CP network, including Alfa Pendular, Intercidades, regional, and international services.

Passengers can immediately verify the status of each service and receive alerts for delays exceeding five minutes on long-distance trains and three minutes on urban trains. The real-time information is accessible through the CP website and app, where users can consult the “Next Trains” section to view expected stopping times at various stations. However, CP advises that while this feature is a significant advancement in railway mobility, passengers should always confirm boarding lines at the station due to the potential for unforeseen changes and technical constraints. The new functionality was developed internally by CP employees, highlighting the company’s commitment to improving the travel experience for its users.

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3. Web Summit Brings the After Summit to Time Out Market Lisboa

From November 11 to 14, Time Out Market Lisboa will welcome techies attending the Web Summit, the world’s largest technology and innovation convention, which expects over 70,000 participants and 900 speakers. While Parque das Nações will become a hub for networking and business ideas, Time Out Market will serve as the go-to spot for great food and drinks, featuring the best chefs and restaurants, where 66 nationalities gather to enjoy a diverse culinary experience.

During this period, the market will come alive with a unique atmosphere, including live music from Portuguese bands every night at 9 PM. To complement the dining experience, Time Out Bar will offer a special cocktail called Summit Sparkler, crafted with gin, bergamot, floral cordial, lemon, honey, and sparkling wine, priced at €10. Open daily from 10 AM to midnight, Time Out Market promises to be an exciting gathering place for attendees to relax and enjoy the best of the city’s cuisine.

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4. State Budget for 2025 Approved in General

The first budget of Prime Minister Luís Montenegro’s government, the 2025 State Budget, was approved in the Portuguese Parliament, with PSD and CDS voting in favor, PS abstaining, and other parties voting against. After more than ten hours of debate, this initial approval was reached, marking a new phase for the budget, with a detailed debate set to begin on November 22, culminating in a final global vote on November 29.

During the session, the government emphasized its commitment to “balanced accounts,” with Finance Minister Joaquim Miranda Sarmento stressing that while budgetary stimulus is constrained by the need to prepare for future economic shocks, the administration’s actions would reflect a “reformist” spirit. Despite promises of reducing the corporate tax (IRC) from 21% to 20% and lowering tax burdens, opposition parties like the Bloco and PCP expressed dissatisfaction, questioning the limited impact on companies paying IRC.

The Socialist Party (PS) maintained its stance of abstention, with its parliamentary leader Alexandra Leitão cautioning that they would not give “blank checks” in the next stage of discussions. In a final note, Pedro Nuno Santos of the PS highlighted ideological differences, stating that “this is not, and will never be, the PS’s budget,” while government officials warned against attempts to “undermine the budget’s objectives” in the upcoming specialty phase.

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5. Digital Art Festival Is Coming to Trafaria

The first edition of the Periphera festival, taking place from November 8 to 10, will explore the intersections between art and technology in Trafaria and at the Convento dos Capuchos. Organized by the Nova IAT Platform and the Municipality of Almada, the festival features exhibitions, performances, talks, and workshops, with free admission requiring prior registration. Despite Trafaria’s temporary lack of ferry connection to Lisbon until November 17, the festival promises an engaging experience for attendees.

The event has already begun for a group of nine national and international artists participating in a residency at the Presídio da Trafaria, focusing on art, technology, and community. During the festival, eight works created during this residency will be showcased alongside contributions from other confirmed artists, professors, researchers, and entrepreneurs. Workshops on musical creation, 3D printing of cultural heritage, and game design will allow participants to engage actively, while performances will occur at the Casino da Trafaria.

Where? Multiple locations in Trafaria.

When? November 8-10, starting at 10am.

How much? Free, depending on application.

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6. Majority of Portuguese Families Leave Savings Idle in Deposits

Portugal’s household savings rate reached 9.8% in the second quarter of 2024, a peak since late 2021, yet it remains below the Eurozone average of 15.3%. This fluctuating trend in savings reflects the impact of inflation and interest rates, with significant historical lows and highs recorded in recent years. Since the mid-1980s, various structural factors, including financial liberalization, access to credit, and optimistic future income expectations, have contributed to a decline in savings, with many families relying on the social security system as a safety net for retirement.

Despite a recent recovery, a 2023 financial literacy survey revealed that only 53.9% of respondents saved in the last year, a decline from previous years. The majority of savers (84%) kept their funds in current accounts or at home, practices that yield no interest, while only a minority invested in more lucrative options like time deposits or stocks. This lack of proactive financial management indicates a worrying trend, especially in an environment of low real interest rates, risking the erosion of savings’ real value over time.

To address these challenges, experts suggest enhancing financial literacy, introducing fiscal incentives for medium- and long-term savings, and promoting investment diversification. The recent uptick in the savings rate, while encouraging, signals the need for a more robust savings culture in Portugal, emphasizing the importance of informed financial decision-making and strategic planning for retirement to ensure families’ long-term economic resilience and the stability of the national economy.

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7. Castelo Branco Advocates Creativity as a Tool for Economic Development of the Territory

The second Ibero-American Forum of Creative Cities, which concluded in Castelo Branco, emphasized the role of creativity as an instrument for economic development and a driver of local progress. Hélder Henriques, the vice president of the Castelo Branco City Council, highlighted that “creativity should also generate value in the economy, employment, and progress” while preserving cultural heritage. The forum brought together a range of global experts to discuss these themes and the significance of creative cities.

The event in Castelo Branco comes on the heels of the city’s achievement in 2023, when it gained membership in the UNESCO Creative Cities Network in the category of Crafts and Folk Arts. Henriques noted that the city’s application was largely based on its renowned Albicastrense embroidery, which has “a set of very notable dimensions.” This cultural treasure is expected to receive further recognition, with the vice president expressing optimism that it will soon be listed in the national inventory of cultural heritage.

Henriques stated that the forum is vital for networking and sharing experiences, allowing participants to connect and exchange ideas about creative projects. In addition to Castelo Branco, several other Portuguese towns, such as Idanha-a-Nova, Leiria, Óbidos, and Caldas da Rainha, are recognized as part of the UNESCO Creative Cities initiative, reinforcing Portugal’s commitment to fostering creativity across its territories.

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8. Millennium BCP Aiming to Distribute Three Billion to Shareholders by 2028

BCP aims to distribute over three billion euros to shareholders by 2028, planning to increase the payout ratio from 30% to 50% of profits and allocate up to 25% for share buybacks. Miguel Maya, the bank’s manager, emphasizes the importance of satisfying shareholders after a decade of support, ensuring that all 150,000 shareholders benefit. The bank projects annual profits of one billion euros or more, targeting a total of four to 4.5 billion euros by the end of the strategic plan period.

Focusing on organic growth rather than acquisitions, BCP seeks to compete in the “Champions League” of profitability, aiming for a turnover near 200 billion euros and over eight million customers. The financial margin is expected to drive results, contributing significantly to profits despite a projected decline in interest rates. Maya asserts that BCP’s focus is on generating value for investors, positioning itself as a sought-after stock in investment portfolios.

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9. Around 200 People Marched for Mozambique in Lisbon

Around 200 people gathered in Lisbon to protest against violence and political oppression in Mozambique, marching from the Mozambican embassy to Praça do Comércio while chanting slogans and holding signs calling for “help” and “justice.” Protesters, led by young Mozambicans from the Quid Iuris project, expressed frustration over “many freedoms” being restricted, criticizing Frelimo’s long standing rule since 1975 and the newly elected President, Daniel Chapo. This demonstration aimed to raise international awareness and appeal for support from the Portuguese government.

The protest reflected rising tensions following the October 9 election, in which Chapo won with 70.67% of the vote, a result contested by Venâncio Mondlane, who came in second with 20.32%. Mondlane’s supporters, many of whom were present at the march, believe the election was unfair and accuse the ruling party of suppressing dissent. Back in Mozambique, the unrest has escalated, with supporters facing police brutality, including tear gas, while access to social media remains limited.

Organizers like Ernesto Damião and Gilana Sousa emphasized the march’s role in demonstrating “solidarity with our people” and urging Portuguese authorities to support Mozambicans in their struggle. They argue that “Portugal and Mozambique have strong foreign relations” and that Portugal could help foster a much-needed dialogue. Reflecting on the decades-long hardships and the worsening tensions, protesters called for an end to “tyranny” and expressed a desire for change amid what they described as “50 years of suffering.”

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10. Tyler Stone Helps Benfica Defeat FC Porto at Luz and Avenge Supercup

Benfica emerged victorious over FC Porto at Pavilhão da Luz (82-77), avenging their recent Supercup loss in a fiercely contested “Clássico.” After trailing through the first two quarters, Benfica tied the game in the third and clinched the win in the fourth, driven by a standout performance from Tyler Stone. This game brought together the two primary title contenders, and despite being early in the season, a win allowed either team to establish a slim initial lead over their rival. Both teams entered with perfect records from two rounds, alongside Oliveirense and Ovarense, though with differing results in recent European competitions: Benfica fell to Italy’s Derthona in the Champions League, while FC Porto triumphed over Hungary’s Szolnoki Olaj in the European Cup.

Benfica’s coach, Norberto Alves, emphasized before the game the need for offensive efficiency to secure a victory, contrasting with Porto’s coach, Fernando Sá, who highlighted the shared goal of winning, no matter the circumstances. After a tense start, Benfica took the lead for the first time through a three-pointer from Stone. Despite FC Porto regaining the advantage in the third quarter with three three-pointers in quick succession, Benfica pulled back, fueled by an impressive dunk and free throws by Eduardo Francisco, tying the game heading into the final period. Carrying the momentum from a strong close to the third quarter, Benfica surged forward in the fourth, seizing a hard-fought victory and extending their unbeaten run to three games, widening the gap between themselves and their main rivals.

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As climate change continues to intensify weather patterns globally, cities in southern Europe are facing unprecedented challenges. The recent flood in Valencia, Spain, on October 29, 2024, serves as a grim reminder of the increasing risk. In a terrifying eight-hour period, a year’s worth of rain fell on Valencia, causing severe destruction and resulting in a death toll that has climbed to 95 people. This catastrophic event has reignited questions about Lisbon‘s readiness to face a similarly devastating flood. Portugal’s capital has experienced its share of severe flooding events over the years, and the city is taking extensive measures to reduce its vulnerability. But is Lisbon truly prepared? The short answer is no – like many cities that would be faced with the amount of torrential downfall that Valencia just received. Let’s take a look at the history of recent floods in Lisbon and what the city is doing to prepare for the worst. 

Recent Floods in Lisbon

Lisbon is no stranger to intense rainfall and flooding. On December 7, 2022, the city experienced extreme flooding after receiving over 80 mm of rain in just 24 hours. The resulting deluge led to significant damage across the city, tragically claiming the life of a person trapped in a flooded basement home in Algés, in the municipality of Oeiras. A few days later, on December 12 and 13, another wave of heavy rain struck Lisbon and the nearby district of Setúbal. During this event, the Tapada da Ajuda weather station recorded an additional 65.6 mm of rain within three hours, while Almada in Setúbal measured 59.7 mm in a five-hour period. These floods resulted in widespread destruction, disrupting transportation and leading to countless emergency rescues.

One of the deadliest flooding events in Lisbon occurred on November 25-26, 1967. Known as the “great floods,” this disaster struck the Lisbon metropolitan area, impacting 14 municipalities and claiming between 500 and 700 lives, making it the deadliest flood in Portugal’s history. The rain was heaviest in the region between Estoril and Alenquer, with over 120 mm falling in just five hours, causing the Tagus River and its tributaries to rise by 3 to 4 meters. The floodwaters inundated homes up to their first floors, dragging debris, stones, and mud, while high tide further exacerbated the devastation. Many of those affected were recent rural migrants living in flood-prone areas, whose homes were swept away in the sudden deluge. With no flood alert system in place, the flood caught most people unaware, making it Portugal’s deadliest national disaster since the 1755 earthquake.

Current Projects to Combat Flooding in Lisbon

In response to increasingly frequent and severe flooding, Lisbon has implemented an ambitious drainage plan to mitigate future flood risks. The origins of the project date back to 2002, when the first calls for a comprehensive drainage system arose. In 2008, the planning was completed, and it took another seven years before Lisbon formally presented its €250 million drainage master plan. This plan includes constructing two massive collecting tunnels designed to divert excess rainwater away from the city’s streets and directly into the Tagus River.

The first and largest tunnel, extending 4.6 kilometers from Campolide to Santa Apolónia, collects rainwater from various key locations, including Avenida da Liberdade and Avenida Almirante Reis, alleviating pressure from overburdened drainage systems. The second tunnel, which spans 1.6 kilometers between Chelas and Beato, aims to provide additional flood protection. Both tunnels, with diameters of 5.5 meters, operate independently of Lisbon’s sewage system in order to ensure that rainwater flows uninterrupted into the river.

The current stage of construction focuses on the critical areas of Santa Apolónia and Avenida da Liberdade, with anticipated completion dates ranging from early 2025 to late 2026, although it is always hard to say when projects of this size will be completed. The tunnel systems are designed to create a vortex effect, redirecting water to prevent flooding in Lisbon’s low-lying Baixa district. Although the construction has caused some temporary disruption in the city, engineers and planners are optimistic that these tunnels will significantly reduce flood risks once completed.

The drainage plan also includes additional protective measures, such as retention basins in Ameixoeira and Ajuda and a rainwater infiltration system in Parque Eduardo VII. Smaller drainage tunnels, like the 350-meter tunnel near Oriente Station, offer further flood protection. These structures ensure a more distributed approach to flood management across Lisbon, enhancing resilience against future heavy rainfall events.

Lisbon Unveils 86 Emergency Meeting Points for Disaster Preparedness

In tandem with physical infrastructure improvements and the recent earthquake felt in Lisbon on August 26, 2024, Lisbon has bolstered its disaster preparedness strategy by designating 86 emergency meeting points throughout the city. These meeting points serve as safe havens for over 600,000 residents during crises, including floods, earthquakes, tsunamis, and fires. The selection process for these sites took into account various risk factors, including soil composition, seismic susceptibility, and proximity to essential emergency infrastructure.

These sites, developed in collaboration with local parish councils and Lisbon’s Municipal Civil Protection Service, offer citizens a safe location to gather with emergency kits until help arrives. Distinct signage will soon mark each meeting point for easy identification, ensuring that residents can quickly locate safe zones during a disaster.

To further enhance public preparedness, Lisbon has also launched the LxReSist platform, an online tool and mobile application designed to increase the city’s seismic resilience. LxReSist provides residents with building-specific information on seismic vulnerabilities and encourages structural reinforcements to improve building safety. With many tourists visiting Lisbon each year, the platform will soon be available in multiple languages to ensure accessibility for all. The platform empowers Lisbon’s residents and visitors with practical information to help them make informed safety decisions in the face of natural disasters.

Ongoing Infrastructure Improvements

Lisbon’s €150 million drainage project is currently halfway completed and promises substantial improvements to the city’s flood resilience. Mayor Carlos Moedas emphasized the importance of these drainage works, particularly in light of the devastating December 2022 floods. Preliminary evaluations have revealed that 5% to 10% of Lisbon’s municipal buildings may require structural reinforcements to withstand earthquakes, another natural hazard that the city is preparing for as part of its broader disaster readiness strategy.

Beyond flood management, Lisbon has installed two tsunami warning sirens and plans to add eight more over the coming years. These systems form part of the city’s comprehensive emergency response strategy, which also includes an SMS alert service that notifies residents of emergencies and provides safety recommendations.

What You Can Do to Prepare for a Major Flood in Portugal?

While Lisbon’s ongoing drainage improvements and emergency infrastructure enhance its flood resilience, residents can also take individual steps to prepare for extreme weather events. The following recommendations provide practical ways to stay safe:

1. Prepare an Emergency Kit – Keep essential items such as water, non-perishable food, a flashlight, a first-aid kit, and important documents in a waterproof bag.

2. Stay Informed – Register for Lisbon’s SMS alert service by sending a message with the text “AVISOSLX” to 927 944 000. Staying informed can help you act quickly in an emergency.

3. Know Your Emergency Meeting Point – Familiarize yourself with the nearest emergency meeting point designated by the city and ensure that all family members know the location.

4. Elevate and Protect Valuables – If you live in a basement or a low-lying area, consider elevating furniture and valuable items to prevent water damage in case of flooding.

5. Move Your Car to Higher Ground – Make sure that your car is not parked in a low-lying area prone to flooding when torrential downpours occur. One area in Alcântara, for example, across from Alcântara Terra train station, floods each time there is significant rainfall and should always be avoided during bad weather events. We only recommend doing this if it can be done days before a major weather event or perhaps as a regular practice. Do not attempt this during the middle of heavy rainfall.

5. Review Insurance Policies – Check your insurance coverage for flood damage and consider purchasing additional coverage if you live in a high-risk area.

In Portugal, home insurance is mandatory for homeowners with a mortgage, although it is not required for those living in rented properties. Landlords, however, are generally responsible for obtaining at least a minimal insurance level on rental properties, covering the structure itself, and they may factor this expense into rental pricing. Homeowners and landlords alike often consider additional coverage options to protect against the wide range of risks that properties in flood-prone areas might face.

There are two main types of building insurance available in Portugal: fire insurance and multi-risk insurance. Fire insurance, known as seguro de incendio, is the minimum requirement for property owners and protects against fire damage, with most policies also extending to cover natural disasters like floods, storms, and lightning strikes. For more comprehensive coverage, property owners can opt for multi-risk insurance, or seguro multirriscos, which includes additional protections, such as public liability coverage. Many policies also offer contents insurance as an add-on, safeguarding personal belongings within the property. The cost of home insurance varies based on factors like property value, the level of coverage chosen, and the specific risks associated with the location.

6. Create a Family Emergency Plan – Designate a safe spot within your home, plan an evacuation route, and ensure that all family members know the procedures for evacuating during a flood.

Final Thoughts

As demonstrated by the tragic flood in Valencia, extreme weather events can lead to catastrophic loss of life and property in a matter of hours. Lisbon has recognized the urgency of preparing for such disasters and invested in advanced drainage infrastructure and establishing comprehensive emergency plans. The city’s dedication to enhancing its flood resilience is evident in its ambitious drainage plan, newly established emergency meeting points, and digital preparedness platforms like LxReSist.

Despite these advances, the unpredictability of climate change and the increasing frequency of extreme weather events mean that no city can ever be fully immune to natural disasters. While Lisbon is making commendable progress in its preparations, continued vigilance, public education, and infrastructure development remain essential to ensure the safety of its residents. In a world where monster floods are becoming more common, cities like Lisbon must continue adapting to protect their communities.

1. IMF Praises Portugal, But Productivity and Investment Are Threats

The IMF praised Portugal’s impressive performance in recent years, noting economic trajectory with growth double that of the euro area. However, challenges such as low productivity and insufficient public investment pose threats. Dauphin emphasized the importance of addressing aging population and geopolitical tensions affecting inflation.

Pandemic recovery has led to increased savings and a desire to travel, contributing to a resilient labor market. Portugal’s increased attractiveness in tourism is essential for accelerating growth and improving living standards. Despite improvements in education, broader measures are crucial for productivity enhancement and reducing bureaucracy.

Addressing low productivity and public investment is key for continued economic growth. Portugal’s fiscal responsibility has resulted in a remarkable reduction of public debt, showcasing a strong consensus among policymakers on maintaining economic stability. The IMF forecasts growth around 2% this year, reflecting optimism despite existing challenges. Tourism remains a vital sector, underpinning the recovery and contributing to Portugal’s economic resilience.

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2. The Challenge for Portugal Is to Position Other Sectors Like Tourism

Portugal’s tourism sector is projected to close 2024 with “record-breaking revenues” of €27 billion, originally set as a target for 2027. At the APAVT Congress, Economy Minister Pedro Reis praised “the strength, conditions, and professionals” in tourism, calling it a “global leader” and emphasizing that the challenge is “to place other sectors where tourism is…in the first line.”

While tourism is “one of the main drivers” of Portugal’s economy, some argue it “negatively impacts residents” in certain cities through congestion and higher housing prices. Reis countered that tourism brings “quality, sophistication, and professionalism” to Portugal, adding that it serves as crucial “leverage” for industries like “real estate, agriculture, and hospitality,” extending benefits across the economy.

To prevent “oversaturation” in urban centers, the goal is a balanced territorial distribution and continued investment in “quality upgrades” across offerings. Portugal’s economic ambition, according to Reis, must focus on “execution, implementation, and shifting from diagnosis to action in reindustrialization and agricultural growth,” capturing global positioning as a “first-line” destination.

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3. Portugal Needs to Scale Its Businesses to Grow

The II Portuguese Business Congress, hosted by AEP (Portuguese Business Association) at Exponor in Matosinhos, focused on urging strategies to scale Portuguese businesses as a means to drive national growth. Key themes for economic development include ESG, artificial intelligence, and people-focused strategies, with speakers from top organizations like OCDE, The Navigator Company, Bial, and Sonae MC. José Manuel Fernandes, president of AEP’s General Council, emphasizes that Portugal’s tax structure, specifically the 31.5% IRC rate, acts as a “clear disincentive” for business expansion, while immigration policy should align with economic needs to bolster the workforce.

Fernandes highlights scaling as essential for “overcoming low productivity” and reaching EU standards, arguing that obstacles like excessive regulation and bureaucracy hinder Portugal’s economic competitiveness. Emphasizing the potential for growth through a favorable investment climate, he advocates reducing corporate tax and implementing support for knowledge development, talent retention, and demographic challenges. Expanding the economy in rural areas through foreign investment would “promote population stability” and foster local supplier networks, particularly in industrial sectors.

The AEP’s initiatives cover training, internationalization, technical information, and competitive growth, aiding over 4,000 companies in 2023 with extensive events, partnerships, and missions to international markets. AEP’s long history—175 years—mirrors Portugal’s industrial evolution, having pioneered training with the country’s first Escola Industrial, organized national and international expos, and created enduring support structures for companies. This legacy underscores AEP’s role as a vital advocate for Portugal’s business community and economic development.

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4. Portuguese Government to Launch €50 Million Sustainable Tourism Support Line

The Portuguese government will activate a new €50 million support line called Turismo+Sustentável, aimed at funding sustainable tourism projects, with management by the Banco Português de Fomento (BPF), as announced by the Minister of Economy today.

“Next week, we will launch this support line for sustainable projects, a €50 million fund designed in collaboration with Banco de Fomento, to be distributed through commercial banks,” said Pedro Reis at the 49th Congress of the Portuguese Association of Travel and Tourism Agencies (APAVT), held in Huelva, Spain.

According to Turismo de Portugal, this fund, managed by BPF, provides guaranteed credit to support investments in environmental sustainability, including energy management, water management, waste management, and biodiversity. The APAVT congress, concluding today, gathered 750 tourism industry professionals.

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5. Tumultuous Events Threaten Portugal’s Image

Riots in the Lisbon region threaten Portugal’s image as a safe country, impacting foreign investor confidence. The unrest, ignited by the tragic death of Cape Verdean citizen Odair Moniz, led to significant violence, including “numerous” incidents of burning vehicles, stoning police cars, and injuries. Foreign investors expressed surprise and concern in WhatsApp groups, highlighting the importance of Portugal’s safety perception. This situation could affect the country’s ranking in the Global Peace Index, where Portugal is currently the seventh safest country in the world, reflecting a decline from previous years.

The government announced measures to monitor inappropriate behaviors, indicating the severity of the unrest. “There’s a certain astonishment among people,” noted investor Stephan de Moraes. Prompt resolution of the turmoil is crucial to avoid reputational damage. Over the last decade, the stock of foreign direct investment in Portugal has risen significantly, attributed to the perception of safety and the regime of golden visas. However, ongoing disturbances can jeopardize this positive image, especially as international media coverage amplifies concerns about public order.

The underlying issues of economic inequality are crucial. “The lack of opportunities leads to protests of discontent,” suggests de Moraes. Investors are increasingly attentive to security matters, particularly given the current tensions. Quick and decisive government action is needed to restore investor confidence and prevent further deterioration of Portugal’s international standing as a safe haven.

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6. Group of Citizens Files Criminal Complaint Against André Ventura and Pedro Pinto for Statements Related to the Death of Odair Moniz

A group of citizens, including former Minister Francisca Van Dunem, has filed a criminal complaint against André Ventura and Pedro Pinto for statements deemed “incitement to crime” and “glorification of criminal acts.” Pinto, the parliamentary leader of Chega, remarked that “if security forces shot more to kill, the country would be more orderly,” while Ventura defended the police officer involved in the shooting of Odair Moniz, asserting, “we should thank this police officer.” The complaint has gained support from notable figures like João Maria Jonet and Isabel Moreira, with Van Dunem emphasizing that “no democrat can ignore these statements,” urging for a collective response against the climate of hatred and violence.

The proposal for the complaint argues that Pinto’s statements encourage the improper use of weapons by security forces, representing “glorification of a crime.” The signatories contend that both Ventura and Pinto incited “disorder and disobedience” among security agents, thereby committing “incitement to collective disobedience.” Additionally, statements from Ricardo Reis, who thanked the police officer on social media, were cited as constituting a crime of criminal association. The complaint reflects a growing concern over statements that undermine respect for the law and promote violence in the wake of recent events.

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7. From Jewelry to Modern Painting, Lisbon’s Autumn Fair Is Coming

Jewelry pieces, silver, contemporary and modern paintings, sculptures, sacred art, earthenware, furniture, and porcelain. This is the showcase of antiques and art that you will find at the fifth edition of the Autumn Fair. Held at the National Society of Fine Arts, the event organized by the APA – Portuguese Association of Antiquarians returns from November 13 to 17. The event dedicated to contemporary art and antiques brings together a total of 17 Portuguese antiquarians and gallery owners, who present “unique and carefully selected pieces for a fair that has become part of Lisbon’s cultural agenda,” as stated by the organization in a press release.

Internationally renowned for their paintings, the fair will highlight works by Sonia Delaunay, Paula Rego, Vieira da Silva, and Manuel Cargaleiro. Pedro Cabrita Reis and Fernando Daza will represent the contemporary art segment, with additional emphasis on pieces by Júlio Resende, João Vieira, and Rogério Ribeiro. Luiz Ferreira, Manuel Alcino, and others will bring pieces in Portuguese silver. Alongside all the artworks and antiques present at the fair, the APA’s leadership emphasizes that the goal is to “promote and deepen the opening to various artistic expressions, enabling a dialogue between the ancient and the contemporary.”

Where? Rua Barata Salgueiro, nº36 . When? November 13-17 / Wed-Sun / 15:00-21:00. How much? 12€ (the double ticket costs 20€).

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8. Portugal Plans to Purchase 36 Pieces of Artillery Military Equipment by 2034

Portugal plans to acquire 36 modern artillery systems by 2034, aiming to replace outdated equipment in the Armed Forces. The Minister of National Defense, Nuno Melo, indicated that the investment is part of the Military Programming Law (LPM), which allocates 60 million euros by 2026. This initiative aligns with the goal of achieving 2% of GDP for Defense by 2029, covering investments across all branches of the military.

The recent signing of a protocol with France represents a significant step, aiming for a unified artillery system to replace the current three different systems, which present logistical and operational challenges. General Eduardo Mendes Ferrão emphasized that these new systems will be digitized, facilitating easier logistics and greater interoperability with allies. The modernization process will also reduce the number of operators needed, significantly decreasing personnel requirements for artillery operations.

Melo highlighted the government’s commitment to prioritizing defense, noting recent increases in salaries and allowances for military personnel. With a focus on equipment modernization, this initiative reflects a broader strategy to enhance military capabilities while maintaining attention to recovery and support for personnel. The government aims to create a streamlined, modern, and effective military framework that aligns with international standards.

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9. There Are More 3,344 Teachers in Schools, but There Are Still 23,000 Students Without Classes

The plan “More Classes, More Success” accounts for the return of 557 teachers who left the profession. Despite the increase in teachers, “around 23,000 children and youth” still face missing teachers from at least one subject. The Minister of Education, Fernando Alexandre, emphasized: “We cannot live with thousands of students without classes.”

Alexandre presented figures from the plan’s implementation, noting that 54,000 students have experienced gaps in at least one subject. Over 7,000 students now have classes, thanks to teachers who agreed to extend their hours. This plan includes 17 measures aimed at reducing the number of students without teachers, yet approximately 23,000 remain without adequate instruction. The current school year has been challenging, with ongoing efforts to address issues in various disciplines and a commitment to improve teacher recruitment.

In the sectoral policy debate, Alexandre criticized “zigzagging opinions” and insisted that education policies must be guided by data and studies. He noted that “a review and update of all subjects” is in progress, expected to take effect in the next school year. He reiterated that schools need focus, not disruption, highlighting that there is room for improvements in the educational system. The minister also acknowledged the importance of prioritizing educational resources and fostering a more effective learning environment for all students.

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10. Portuguese National Stock Exchange Prepares to Say Goodbye to Greenvolt

The American fund KKR (Kohlberg Kravis Roberts) has become the owner of 97.6% of the Portuguese company Greenvolt after a Public Offering for Acquisition (OPA) allowed GVK Omega, a vehicle created by the Americans for this operation, to acquire a stake in the capital that it did not previously hold. Now, the Portuguese company led by João Manso Neto is preparing to bid farewell to the national stock market.

The results of the operation were announced this Friday after the market closed by Euronext, the company that manages the national stock exchange. Greenvolt ended the day down 1.32%, with shares priced at €8.2. GVK Omega paid an additional €19.7 million for 12.08% of Greenvolt’s share capital, along with the purchase of another 18.93% for €30.9 million, which included settling a swap contract made with Mediobanca, the operation’s intermediary. Adding these transfers to the shares already held (66.63% of the capital), KKR now owns 159.4 million shares of Greenvolt, equivalent to 97.6% of the capital.

This operation values each share at €8.310, raising the market capitalization of the Portuguese company to €1.35 billion. Once KKR surpasses the 90% threshold, they will initiate the mandatory OPA mechanism to delist the company from the stock exchange. Yesterday marked the last day of the offer period, which began in December of last year with the preliminary announcement of a voluntary offer. The settlement of the OPA will occur on October 29. Note that KKR is a global investment firm that provides alternative asset management as well as capital markets and insurance solutions.

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