1. Tribeca Festival Lisbon Takes Place in October with Robert De Niro in Attendance
Lisbon is set to host its first edition of the Tribeca Festival on October 18-19, with the event featuring the presence of Robert De Niro, who co-founded the original Tribeca Film Festival in New York. The Portuguese edition, organized by SIC/OPTO in partnership with the Lisbon City Council, will include screenings of both Portuguese and international films, alongside immersive experiences and discussions with renowned figures such as Patty Jenkins and Whoopi Goldberg. The festival will take place in multiple venues across Lisbon, with Hub Criativo do Beato serving as the main stage, signaling the city’s potential to become a significant hub for cinema.
Despite being condensed into two days, unlike its four-week New York progenitor, the Tribeca Festival Lisbon aims to maintain the spirit of its original version, with plans for future editions if the inaugural event succeeds. The program seeks to highlight both local and international talents. With no competitive sections planned due to the event’s shorter duration, the focus will be on creating opportunities for networking and collaboration, potentially leading to Portuguese co-productions under the Tribeca label.
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2. Portuguese Medals at the Paralympics So Far
Portugal’s Paralympic journey in Paris has been marked by remarkable achievements, beginning with Miguel Monteiro’s historic gold medal in the shot put. At just 23 years old, Monteiro set a new Paralympic record with a throw of 11.21 meters, surpassing his own world record. The young champion, who considers himself privileged to hold this position, made a plea for more support: “We need athletes, and parents should let their children pursue sports.”
Adding to Portugal’s success, Diogo Cancela, a 22-year-old swimmer from Coimbra, secured a bronze medal in the 200-meter individual medley, finishing just .14 behind the silver medalist. Competing in the SM8 category for athletes with motor impairments, Cancela’s time of 2:23.64 was nearly five seconds faster than his qualifying mark, bringing Portugal its second medal in Paris. Both athletes, each excelling in their respective disciplines, symbolize the strength and potential of Portuguese Paralympic sport.
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3. TAP’s Financial Performance Compares Well with That of Possible Buyers
Portugal’s TAP airline, despite facing challenges, shows promising signs in its financial performance when compared to its potential buyers. TAP achieved a modest profit in the first half of 2024, outperforming its peers in terms of operational costs per available seat-kilometer – €7.11, the lowest among the interested airlines. Although TAP’s revenue per passenger remains below that of its competitors, its ability to maintain low costs and improve operational profitability, with a margin increase to 7.1%, positions the company, led by Luís Rodrigues, as a strong contender in a difficult aviation market.
While IAG, one of the interested parties, leads with the best financial health and a net profit of €905 million, TAP’s stability and strategic cost management have enabled it to remain profitable – although with a slight profit of €400,000. The financial leverage for TAP improved significantly, with a reduction, in net financial debt, to €266 million, thanks to increased cash reserves, highlighting the airline’s resilience. This contrasts sharply with the struggling Lufthansa and Air France-KLM, both of which reported significant losses, demonstrating TAP’s relative strength in a challenging landscape.
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4. Cryptocurrency Pyramid Scheme Defrauded 156 Portuguese Who Lost Over 18 Million Euros
Portugal is among the countries that were affected by a massive cryptocurrency pyramid scheme involving the company OmegaPro, which defrauded 156 people in the country and over three million worldwide. OmegaPro, which promised returns of up to 300%, operated between 2019 and 2023, presenting itself as an investment and marketing company with headquarters in London and Dubai. The sophistication of the scheme, which involved a ranking system offering prizes like money, electronics, and trips, has led to investigations in multiple countries. In Portugal, the victims are among those left reeling from what could be the largest pyramid fraud scheme ever.
The extent of the fraud was significant, with victims transferring their investments in cryptocurrencies to OmegaPro, hoping to profit from Forex market fluctuations. High-profile figures, including former athletes like Luís Figo and Hollywood actors like Steven Seagal, participated in OmegaPro events, adding a sense of legitimacy to the scheme. However, as investigations unfold, the true scale of the fraud and the total financial loss remain uncertain, leaving many, including the 156 affected in Portugal, forced to deal with being in the red.
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5. Government Authorizes Ten Million Euros in Spending on Menstrual Hygiene Products Until 2025
The Portuguese Government has authorized a spending of up to ten million euros for 2024 and 2025 for the purchase and distribution menstrual hygiene products through the Directorate-General of Health (DGS). This measure, announced in May by Minister Margarida Balseiro Lopes, aims to provide free menstrual products in schools and health centers across the country, starting in September. The expenses are capped at 8 million euros this year and 2 million euros in 2025, with the possibility of carrying over any surplus from the previous year.
This initiative is part of the Government’s effort to combat menstrual poverty, ensuring “equality in access to health and menstrual dignity” while also “increasing school and economic participation.” The Resolution of the Council of Ministers, effective from August 22, outlines that the funds will come from the DGS budget, with the procurement process conducted via public tender published in the Official Journal of the European Union.
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6. State Budget 2025: Government Projects Increase in Public Spending of €5.8 Billion for Next Year
In the context of the 2025 State Budget, the Portuguese government has projected an increase of €5.8 billion in public spending, while still maintaining a budget surplus. This projection, sent to the Parliament, includes the impact of various measures already in place, those announced by the Government, and those approved by the opposition. Most of the increased expenditure, €3.52 billion, comes from expected effects like salary increases and pension updates, while new governmental initiatives, such as the IRS Jovem program and agreements with teachers, will add €1.51 billion to public spending.
Parliament-approved measures will contribute an additional €740 million to the 2024 accounts, with significant costs attributed to IRS adjustments, toll exemptions, and reduced VAT on electricity. Despite the substantial increase in expenditure, the government anticipates that this will be balanced by an increase in tax revenue, driven by economic growth, enabling a positive budget outcome for 2025.
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7. Portuguese Government Working on the Creation of an “Energy Super Agency”
The Portuguese government is working on the creation of an energy “super agency” by merging the Directorate-General for Energy and Geology (DGEG), the Energy Agency (ADENE), and the National Entity for the Energy Sector (ENSE) into a single institute. This new entity, which will have administrative and financial autonomy, is expected to be led by Paulo Carmona. Although the Ministry of Environment and Energy denies the existence of such plans, sources close to the process confirmed the Government’s intention to advance with this restructuring. The move aligns with the AD’s electoral program, which proposed “reforming public regulatory and administrative institutions in the energy sector” to “streamline and accelerate licensing and authorization processes” and to strengthen oversight.
This initiative arises from the “lack of capacity to monitor the sector,” particularly in overseeing “concession contracts for networks” like gas and electricity, and the need for “planning and support in public policies.” The current entities are seen as lacking the “technical capacity and flexibility to exercise their competencies,” especially in “accompanying the concessions of the national grid and gas distribution networks.” Despite the Ministry’s denial about the veracity of the plan, the restructuring aims to address these shortcomings, though it is not yet clear what will happen to the current leaders of these entities or how challenges, such as managing strategic gas reserves, will be addressed.
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8. Unemployment Stable in the EU, but Portugal Remains Above Average
Portugal’s unemployment rate decreased to 6.2% in July 2024, remaining above the EU average of 6% but below the Eurozone’s 6.4%. The labor market in Portugal shows signs of resilience, mirroring the broader European trend. However, it still faces challenges. Despite this decrease, Portugal remains among the countries with the highest youth unemployment rates, registering 20.9% in July. As youth unemployment continues to be a pressing issue, the Portuguese government is motivated to reform internship programs and boost incentives for permanent hiring.
In contrast to countries like Spain and Greece, where unemployment rates remain significantly higher, Portugal’s overall unemployment figures are more favorable, yet not without their challenges. While the country’s youth unemployment rate has seen a slight improvement from the previous month, it remains a significant concern, ranking fifth highest among EU nations. The Government’s ongoing efforts to address these issues are crucial as Portugal works to align its labor market more closely with the more robust economies within the EU.
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9. Portuguese Government Rejects Free Lusa Services
Following the State’s recent acquisition of a majority stake in the news agency Lusa, increasing its ownership to 95.86%, the Government stated that it aims to provide “special prices and discounts” while ensuring the agency’s editorial independence through upcoming structural changes that will introduce additional oversight layers between the Government and editorial teams. The Government, however, has rejected the idea of making the services of the news agency ‘Lusa’, free, but it is working towards reducing costs for media organizations, particularly local and regional outlets.
The minister emphasized that offering Lusa’s services for free could create a singular perspective on events and potentially lead to job losses in other media outlets and clarified that the forthcoming media action plan will not include direct financial support, differing from previous pandemic-era measures. Additionally, Pedro Duarte mentioned plans for technological modernization within RTP (main national TV Channel) to enhance information quality without increasing reliance on private advertising revenue. The government’s increased involvement in Lusa is presented as a move to modernize and update its public service contract without external shareholder constraints.
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10. House Rents to Rise in 2025 – How Much Can My Rent Increase?
According to the inflation rate used to calculate the annual rent adjustment, house rents may increase by up to 2.16% at the beginning of next year. The National Statistics Institute (INE) estimated inflation at 2.16% in August, which serves as the basis for the rent update. With it, landlords and tenants can now find out how much their rents might rise in euros, although the final data will only be released on September 11. For lease contracts ranging from 250 to 2,000 euros, this means increases between 5 and 45 euros.
For example, a rent of 250 euros will see an increase of 5.4 euros, raising it to 255.4 euros. A rent of 500 euros will go up by 10.8 euros. Higher rents, such as those at 1,000 euros, will increase by 21.6 euros, while a 2,000-euro rent will see a rise of 43.2 euros from January 1. These increases, based on the 2.16% coefficient, apply uniformly across all contracts covered by the law, though the exact euro amount will vary depending on the current rent.
Read more from our source here.
