1. Heavy Rain and Flood Threat from Depression Hermínia Lead Civil Protection to Reinforce Warnings
The Portuguese Civil Protection raised the alert level due to worsening conditions with heavy rain, strong wind gusts up to 110 km/h, and potential flooding as river levels rise. The most severe impact is expected during the night on Sunday and early Monday, with red warnings issued in five districts for faster mobilization of resources. The advisory includes urging citizens to avoid high-risk areas, such as near the sea, and to be cautious when traveling due to rain, snow, and ice on the roads.
The storm conditions, including heavy rain and strong gusts, are expected to persist until next week. Although no major incidents have been reported yet, Civil Protection is closely monitoring the situation, with an emphasis on preparedness for the coming days. The public is being urged to remain vigilant and take necessary precautions as the situation develops.
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2. DBRS Financial Rating Agency Upgrades Azores’ Rating
Mornigstar DBRS has upgraded the Autonomous Region of the Azores’ rating to “BBB,” changing the outlook on all ratings from positive to stable. This upgrade reflects the recent boost in Portugal’s rating and the Azores’ government focus on consolidating public finances. The regional government aims to progressively return to the operational performance levels seen before the COVID-19 pandemic, supported by strong tourism and labor market growth.
Despite these positive factors, DBRS highlights that fiscal performance remains weak, with the 2025 budget focusing more on investment than on fiscal consolidation. The agency also notes the privatization process of Azores Airlines, which may occur by the end of 2025, subject to possible extensions.
The restructuring plan for SATA, which operates Azores Airlines, has reduced short- and medium-term risks. DBRS will continue to monitor the implementation of the plan and assess any potential negative financial impacts on the region. The overall outlook is shaped by these evolving factors impacting both the Azores’ economy and public finances.
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3. EDP Plans to Host Data Centers on Land of Former Coal Plants
Rui Teixeira, the executive director responsible for Finance (CFO) at EDP, revealed that the Portuguese electric company is considering hosting data centers on the land of its former coal plants in Spain. Note that the original plan was to develop green hydrogen and battery projects on these sites. However, with the rise of artificial intelligence, the company now believes that the best use of these access points to the grid might be for data centers instead.
This information was shared by the CFO in an interview with Bloomberg during the annual meeting of the World Economic Forum in Davos. The energy usage of data centers is expected to increase eightfold in the next decade, according to Aurora Energy Research, in a report published in November.
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4. Portuguese Companies Among the Lowest in Europe for Artificial Intelligence Adoption
Portugal is one of the European Union countries with the lowest percentage of companies using artificial intelligence (AI), with only 8.63% of companies adopting AI technologies in 2024. This figure represents a modest increase of less than one percentage point from the previous year, indicating slower growth compared to other EU countries. While AI has gained significant attention globally, particularly after the rise of ChatGPT, the actual adoption remains low in Portugal.
In contrast, countries like Sweden and Denmark have seen significant increases in AI use, with Denmark leading at 27.6%, followed by Sweden and Belgium. Portugal ranks seventh from the bottom in the EU, ahead of countries like Italy and Cyprus. The rise of AI adoption across Europe highlights the growing importance of the technology for business operations and competitiveness.
The slow adoption in Portugal is a concern, given AI’s critical role in boosting competitiveness, as emphasized by the European Commission. This comes as Portugal’s government prepares a national AI agenda, led by Minister Margarida Balseiro Lopes, to address the technology’s strategic importance in improving business operations and economic growth.
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5. Nova SBE Creates Laboratory to Help Solve the Country’s “Productivity Problem”
Luís Cabral, academic director of the Public Policy Institute at Nova SBE, highlighted that Portugal “has everything to be a cutting-edge economy, but it isn’t “due to the country’s productivity problem.” To address this, he launched a new laboratory dedicated to understanding the components of productivity growth in Portugal and how public policies can support this growth. The lab will produce studies and initiatives aimed at influencing public policies, particularly those related to the economy’s performance and resource allocation.
Cabral pointed out that, despite having good physical and human resources, Portugal’s productivity remains low due to issues such as poor management quality, a mismatch between workers and companies, and high contextual costs that hinder business activity. The lab, supported by the Haddad Foundation, aims not only to analyze these issues but also to propose concrete public policies and engage policymakers, with the goal of improving Portugal’s productivity through actionable research.
The lab will focus on three initiatives: research-action projects, workshops for problem analysis and solution identification, and the involvement of policymakers to ensure better access to microdata. The first results are expected by December, with the long-term goal of producing research that can directly impact public policies and avoid academia isolating itself in theoretical work, says Cabral.
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6. Economy “Must Accelerate” to Keep Up with Portuguese Qualifications, Says Secretary of State for Employment
Adriano Rafael Moreira, the Secretary of State for Employment, highlighted the issue of overqualification in Portugal, pointing out that the economy needs to accelerate to match the pace of higher education. He emphasized that the mismatch between qualifications and available jobs is driving the emigration of qualified young people, and it is essential for the economy to evolve in parallel with the advancements in higher education.
However, Moreira clarified that improving productivity in Portugal requires more than just a focus on higher education. He called for a comprehensive approach that includes professions not requiring higher qualifications and stressed the importance of companies having access to financing. Additionally, he pointed out that foreign investments must bring decision-making centers to Portugal to avoid distant decisions like collective layoffs.
The Secretary of State also called for reducing the tax burden and eliminating bureaucratic obstacles to boost productivity. He acknowledged that policies should be “coherent, consistent, and persistent,” and urged a more predictable business environment, criticizing frequent changes in tax laws. Note that these points were made during the launch of the new lab aimed at addressing Portugal’s productivity issues. Moreira’s comments underscore the need for structural changes in both the economy and policy to enhance national productivity and avoid stagnation, which currently holds Portugal below the European average.
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7. Secretary of State for Local Administration and Spatial Planning Created Two Companies That Could Benefit From the New Land Law
Hernâni Dias, the Secretary of State for Local Administration and Spatial Planning, has created two companies in the real estate and construction sectors, which may benefit from the new land law he was involved in drafting. In October 2024, while still in office, he founded MCRH Singular, LDA, alongside his wife and children. He holds 35% of the company, with his wife managing it and holding another 35%, while their children each own 15%. The company focuses on real estate, civil construction, and asset management in Bragança, where it is based.
Two weeks after founding MCRH, Hernâni Dias established a second company, Prumo, Esquadria e Perspetiva, LDA, with a minor, in which MCRH holds 50% of the capital. The remaining 50% is owned by the minor, and the management is once again led by his wife, along with another woman who has familial connections to the minor partner. This company, located in Maia, aims to capitalize on the opportunities presented by the new land law. Both companies are positioned to potentially benefit from the legal changes related to land use.
Additionally, Hernâni Dias is currently under investigation by the European Public Prosecutor’s Office regarding possible kickbacks he might have received during his tenure as mayor of Bragança. The investigation focuses on a property in Porto, occupied by his son, which is owned by the son of a partner in a construction company that won the tender for expanding the Bragança industrial zone. The investigation has raised questions about potential conflicts of interest related to his involvement in public projects and personal business ventures.
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8. Chinese New Year Celebrated at Alameda, in Lisbon, with a Parade and a Market
On January 29, the new year begins according to the lunar calendar. In Lisbon, restaurants and cultural institutions are already celebrating the arrival of the new year – and the new Chinese zodiac sign – but the main event will be the grand celebration at Alameda on February 1 and 2, which is free to attend.
On Saturday, February 1, the traditional parade will take place between 10:30 AM and 12:30 PM. Through traditional costumes, music, and dance, the participants will showcase the best and most colorful aspects of Chinese culture. Starting at 1:00 PM, a performance will take place at the Fonte Luminosa. Throughout the day, until 5:00 PM, there will also be a food and craft market, all true to the culture of the vast Asian giant. For the first time, this celebration, organized by the City of Lisbon, the Chinese Spring Festival Association, and the Embassy of the People’s Republic of China, will span two days on the city’s agenda. On Sunday, February 2, Alameda will once again host the festivities. The performance will be repeated at 2:00 PM, and the market will once again invite both Lisboans and visitors to explore more about China and its traditions.
Note that, according to Chinese tradition, each year in the lunar calendar is ruled by one of the 12 animals of the Chinese zodiac. This year, we are about to enter the Year of the Snake, a period traditionally associated with characteristics such as wisdom, change, longevity, and swift and effective decision-making.
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9. Eleven Years Later, The Rolling Stones Are Returning to Portugal
The Rolling Stones are set to perform in Lisbon on May 20, 2025, as part of their Hackney Diamonds Tour, one of their most successful ever, having already generated 225 million euros in profit. This will mark their first concert in Portugal since 2014, and the band has performed in the country multiple times before, including shows in 1990, 1995, 2003, 2006, and 2007. The concert is expected to take place at the Estádio da Luz, as the band will be performing at various stadiums around the world, with Blitz speculating this as the venue due to the large-scale nature of their tour.
The Hackney Diamonds album (2023) has received positive critical reviews. Chris Deville from NME praised the album, acknowledging that while the Rolling Stones didn’t need to release another album, they chose to do so out of desire rather than obligation. Deville described the album as “genuinely enjoyable” and noted that while it may not be a “new brilliant chapter” like Bob Dylan’s Rough and Rowdy Ways, it avoided being “a disaster and a shame.” The album represents the band’s continued ability to surprise and please their audience, even without a pressing reason to create new music.
When they perform in Portugal, Mick Jagger will be 81, Keith Richards will also be 81, and Ronnie Wood will be 77. Despite their ages, the Rolling Stones show no sign of slowing down, and their upcoming concert demonstrates their ongoing relevance and remarkable legacy in rock music. The Hackney Diamonds album may not be a groundbreaking work like some past albums, but it’s a testament to their enduring influence and their unceasing desire to perform and create, making it clear they’re not simply relying on past fame.
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10. Lisbon’s Pharmacy Museum Marks Auschwitz Liberation with Exhibition and Film Cycle
Lisbon’s Pharmacy Museum is commemorating the 80th anniversary of the liberation of Auschwitz prisoners with a new exhibition and a themed film cycle. The museum’s permanent collection chronicles the history of humanity through the evolution of pharmaceutical history, while the temporary exhibition focuses on the liberation of Auschwitz, showcasing objects from survivors and their families.
The exhibition, opening on January 31, will feature poignant items such as a train ticket stub, a piece of clothing worn by prisoners with the Star of David, the label of a Zyklon B canister (the pesticide used in the gas chambers), and documents related to the capture of Nazis. It will also display photographs donated by an American pharmaceutical soldier. These items were either donated by families of Auschwitz survivors, other World War II survivors, or purchased at auction.
In addition to the exhibition, a themed film cycle will take place. Although the exhibition itself runs until the end of February, the film series will continue into the following year. The cycle will kick off with the screening of Schindler’s List (1993) by Steven Spielberg, on the same day the exhibition opens, at 9:00 PM.
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