1. President of the European Council Speaks about the Destruction in the Baltic and Russia’s “Ghost Fleet”
António Costa, President of the European Council, condemned the “deliberate destruction” in the Baltic Sea following the cutting of an underwater cable between Finland and Estonia. Costa emphasized his intent to strengthen the European Union’s common response, particularly against Russia’s “ghost fleet,” a network of ships involved in circumventing sanctions by transporting Russian oil. In a post on the social media platform X, Costa expressed his firm stance on protecting critical infrastructure in Europe.
Costa stated that he had been in contact with Finnish Prime Minister Petteri Orpo and Estonian Prime Minister Kristen Michal to monitor the incident. He praised the swift actions of Finnish and Estonian authorities, as NATO pledged to increase its military presence in the Baltic. NATO’s Secretary-General Mark Rutte confirmed an investigation led by Finland into the potential sabotage of submarine cables, expressing full support for both Estonia and Finland in identifying those responsible.
The “Eagle S,” a tanker suspected of being part of Russia’s ghost fleet, was intercepted off the coast of Finland and linked to the cable damage. The ghost fleet is key to bypassing sanctions, as these tankers transport Russian oil, financing the country’s ongoing war in Ukraine. This incident follows other sabotage events in the Baltic, including the Nord Stream pipeline explosions in 2022, further escalating tensions between Russia and the West.
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2. Luxury Hotel, Shops and a Mini-Cinema: The Strategic Expansion of CCB
The Alves Ribeiro Group won the international competition to design the new “Quarteirão das Artes” (Arts Block) at the Centro Cultural de Belém (CCB), with completion expected by 2028. This expansion will add 20,000 square meters to the existing space, featuring a luxury hotel with 161 rooms and 126 tourist apartments. The design emphasizes a high-end atmosphere, with arts integrated throughout, including sculptures, video projections, and paintings in public spaces, creating an immersive cultural environment. The development will also maintain a connection to Portuguese literature, with authors’ phrases inscribed in the pavement, enhancing the arts-focused identity.
The commercial and services section will host exhibition spaces, ateliers, studios, and shops, offering a diverse mix of cultural and retail experiences. A 55-seat cinema will be a key feature, designed for small-scale screenings and events such as intimate meetings and corporate gatherings. This new multimedia space will provide a versatile venue for audiovisual experiences, further enriching the cultural landscape. Additionally, the commercial area will include restaurants and cafes, fostering a lively, dynamic environment for both visitors and locals.
The project is seen as a strategic initiative for the CCB Foundation, which will benefit from a long-term revenue source through the sublease of the land for 65 years. This new income stream aims to support and expand the CCB’s cultural offerings, increasing its financial sustainability. As part of this, the development will play a crucial role in enhancing the foundation’s ability to offer high-quality cultural events, while also contributing to the ongoing revitalization of Belém’s cultural and commercial ecosystem.
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3. Largest M&A Deals of National Companies in 2024
The market for mergers and acquisitions (M&A) in Portugal ended 2024 on a disappointing note, with a 33% drop in transaction volume, the lowest since 2016. The year recorded only 584 M&A operations, a 21% decrease compared to 2023, marking the worst performance since 2020, largely due to the pandemic. Note that the drop contrasts with global growth, with the global market set to reach $3.5 trillion, a 15% increase from 2023. Despite this, several significant deals stood out, especially in the energy sector, such as the sale of EDP’s assets in Brazil for €482 million.
Among the largest deals, the purchase of FairJourney Biologics by Partners Group for €900 million stands out as the biggest transaction of the year. The energy sector continued its dominance, with KKR’s €453 million acquisition of Greenvolt, followed by the sale of wind assets in Canada by EDP Renováveis for €413 million. Other deals worth considering include the acquisition of Cimpor by Taiwan Cement Corporation for €480 million and the strategic partnership in biofuels between Galp Energia and Mitsui, valued at €400 million.
Additionally, Abanca’s purchase of Eurobic for €300 million made a significant impact, consolidating its position as the seventh-largest bank in Portugal. Despite the market’s contraction, these deals demonstrate the continued investment interest in key sectors, particularly in energy, biopharmaceuticals, and infrastructure, amid a globally more dynamic M&A landscape.
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4. Portuguese Companies Experience Relief in IRC for the First Time in 10 Years
In 2025, Portuguese companies will experience a long-awaited tax relief, as the corporate income tax (IRC) rate is set to decrease by one percentage point from 21% to 20%. This reduction, part of the 2025 State Budget proposal (OE2025), follows years of negotiations, with the opposition agreeing after initially opposing such broad cuts. The IRC rate reduction, which applies to taxable profits, will be reflected in the 2026 tax settlement. Additionally, the tax rate on the first 50,000 euros of taxable profits for micro, small, and medium-sized businesses will drop from 17% to 16%, and autonomous taxation on vehicles will decrease by half a point.
The changes to vehicle taxation will see companies paying less on the acquisition of cars, motorcycles, and commercial vehicles, with rates adjusted across several price brackets. For example, vehicles costing up to 37,500 euros will be taxed at 8% (down from 8.5%), while those over 45,000 euros will see a decrease from 32.5% to 32%. This new structure will bring significant savings, with a car priced at 34,999 euros potentially saving 7,000 euros in taxes. The 2025 budget also ensures that fully electric vehicles continue to face a 10% autonomous tax rate.
Incentives for business capitalization and salary increases are also central to the budget. Companies can now deduct 200% of salary increases, up from 150%, up to a limit of 4,350 euros, provided they increase wages by at least 4.7% without widening the wage gap. In addition, the fiscal regime for capitalizing businesses will be more favorable, with the deduction for capital contributions now increasing by 50%, and a new benefit allows individuals to deduct up to 20% of cash contributions made to companies from the gross profits. These changes reflect a broader effort to support businesses while encouraging investment and wage growth.
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5. Pâtisserie BomBom – A New Spot in Campolide
Pâtisserie BomBom, located in Campolide, is the dream venture of Sandra Castro and Pedro Oliveira, who moved to Portugal from France about three years ago. Aiming for a French-style pâtisserie, they opened this contemporary, colorful space after finding the perfect location while visiting their children at the French Lycée. With a background in university work and startups, they partnered with Brazilian pastry chef Juliette Bayen, whose expertise includes training in France at École Ducasse. Together, they created a space that’s both inviting and cosmopolitan, offering traditional French pastries with a fresh, modern twist.
The pâtisserie offers a range of fine pastries, including delicate choux, croissants, pains au chocolat, and beautifully crafted tarts. The menu features seasonal creations, such as orange choux, with plans for future spring additions like fraisier, a classic French dessert. Sandra and Pedro emphasize that the focus is on quality and authenticity, ensuring that everything is made by hand with fresh ingredients. Juliette Bayen, with her meticulous approach, guarantees the excellence of every pastry, from the buttery croissants to the artisan tarts. The pâtisserie also serves a selection of lunch options like tartines, croque monsieur, and sandwiches, blending French, Portuguese, and Brazilian influences.
Since opening, BomBom has become a neighborhood hub, with a community vibe that extends beyond just French expats. Pedro and Sandra envisioned a space that feels like a true Parisian pâtisserie, but welcoming to everyone. In addition to its pastries, the shop offers seasonal menu items and plans to introduce a Saturday brunch. With a growing local following, they’re already excited for the future, with the added touch of a Parisian-style terrace for when the weather warms up. Their journey is a success story of passion, quality, and community spirit.
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6. Marvila Celebrates Epiphany Again, with Liters of Beer and Lots of Music
On January 11, Marvila will once again host Ouro, Incenso, e Birra, a lively celebration of the Dia de Reis. The event, organized by the Lisbon Beer Department—Musa, Dois Corvos, and Fermentage—promises over ten hours of music with free concerts from popular Portuguese bands like Glockenwise, Surma, Sunflowers, and Yakuza, along with performances from Bad Tomato, Al-Qasar, and others. The event will also feature DJ sets from Benjamin, O Baile Todo, and more, continuing until 3:00 AM.
This year, food offerings will include Kau Barbecue and Raiders pop-up stalls, while a special Winter Ale beer brewed by the three breweries will be available. All proceeds from the sale of cups will benefit Porta Amiga, an organization that supports people in difficulty or isolation in the Marvila neighborhood. The event blends music, food, and community support, marking a festive and socially responsible celebration of the Dia de Reis in Lisbon.
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7. CP and Carris to Strengthen Services on New Year’s Eve
On the night of January 1, 2025, additional train and bus services in Lisbon will be implemented for the New Year celebrations. CP – Comboios Urbanos will operate special trains from Rossio to Sintra at 1:30 AM, 2:00 AM, 2:30 AM, 3:00 AM, 4:00 AM, and 5:00 AM, with additional trains running from Cais do Sodré to Cascais at 2:00 AM, 3:00 AM, and 4:00 AM. Bus services will be increased in the early hours of January 1, with Carris reinforcing its “Rede da Madrugada” network starting at midnight. However, some routes will operate with modified schedules on New Year’s Eve and Day, including the suspension of certain lines and service reductions during the morning of January 1.
Carris Metropolitana will also implement schedule changes, with interruptions and service reductions across its four operational areas. For example, service in Area 1 (Amadora, Cascais, Lisbon, Oeiras, and Sintra) can be checked on the official app, and in Area 2 (Loures, Mafra, Odivelas, and Vila Franca de Xira), service will be interrupted at 10:00 PM on December 31 and resume at 7:00 AM on January 1. Metro de Lisboa has not announced any changes to its schedule yet, though it is expected to provide more information soon. In previous years, the Metro has not extended its operating hours on New Year’s Eve, with trains running until 1:00 AM and resuming at 6:30 AM.
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8. Lisbon City Hall Strengthens Waste Collection Circuits to Mitigate Strike Effects
Lisbon City Hall has mobilized approximately 70 workers to perform 24 waste collection services this Sunday in response to the ongoing strike, exceeding the planned eight services. Pedro Moutinho, director of urban hygiene, emphasized that the extra teams on the streets are helping alleviate waste accumulation in certain areas due to the strike. Waste collection is typically limited to exceptional services on Sundays, and today’s tasks included support for markets and areas with heavy waste loads.
The urban hygiene workers have been on strike since Wednesday, with a full strike on Thursday and Friday, protesting overtime work. Moutinho clarified that the strike participation was below 50%, and during the night, the minimum services exceeded expectations with 64 circuits operating instead of the planned 46. Despite this, waste continues to accumulate, but services are working hard alongside local councils and residents to reduce the city’s litter.
The strike, organized by the STAL and STML unions, stems from a lack of response from the City Hall to issues within the sector, particularly regarding an agreement signed in 2023. The impact of the strike is expected to persist until January 3, with normal services resuming by January 4. The unions have also planned strikes for New Year’s Eve and into January 2, affecting regular and overtime work.
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9. Health Ministry Fails to Meet Deadlines for the Emergency Plan
The Health Ministry’s emergency plan has failed to meet several deadlines, with five urgent measures and 16 priority measures not completed as of August. Among the delayed measures, Axis 1 failed to implement a new clinical priority for cancer patients and enhance access to specialized consultations, while Axis 2 left two critical measures unfinished, including the establishment of referred gynecology care and expanded pediatric services. The working group also identified a lack of progress in strengthening agreements with the private and social sectors, describing the timeline as overly ambitious.
In Axis 3, aimed at improving urgent and emergency care, one urgent measure and three priority measures remain incomplete. This includes the requalification of emergency service spaces, freeing up occupied hospital beds, and establishing teleconsultations for less complex emergencies. The report acknowledges that the requalification measure is “not feasible in three months” and suggests reconsidering its classification, emphasizing the need for a more realistic timeline. Similarly, Axis 4, focused on primary and family health care, has failed to meet its urgent measures, with key initiatives like assigning family doctors to waiting patients and expanding public-private partnerships still in progress.
Axis 5, dedicated to mental health, has also fallen short, with one urgent measure and four priority measures not completed by the end of the year. These include the creation of community mental health teams and the development of structured programs for anxiety and depression. The working group underscores the urgency of these measures in addressing systemic gaps, such as the shortage of resources in primary care, the overreliance on hospital admissions, and the lack of intervention programs. The overall health transformation plan, approved in May, includes 54 measures, yet many remain unmet or behind schedule, leaving the system in need of significant reform.
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10. INEM Reached 1.5 Million Calls Answered
The National Institute of Medical Emergency (INEM) reached 1.5 million calls answered at the Urgent Patient Orientation Centers (CODU) as of this Sunday, a figure consistent with the data from the past two years. In 2024, the CODU answered 4,120 calls per day, or about 171 calls per hour. These calls include those made via 112 for assistance to accident or sudden illness victims, triage requests from the Integrated Medical Emergency System (SIEM), and calls transferred from the SNS24 line.
INEM emphasizes the importance of appropriately using emergency services and calls for cooperation from callers. Calls made to the European Emergency Number, 112, are first answered by the 112 Operational Centers, managed by the Security Forces, and are then forwarded to CODU for health-related situations. The CODU operates 24/7, staffed with professionals including emergency technicians, doctors, nurses, and psychologists to assess the necessary resources for each case.
INEM urges citizens to provide precise information, such as location, phone number, and type of situation, to ensure effective assistance. The institute stresses that emergency medical services should be used only in life-threatening situations. If an ambulance is not needed, calls are forwarded to SNS24 for proper advice. Despite facing challenges in 2024, INEM overcame them with the dedication of its professionals, partners, and the continued trust from citizens.
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