Portugal News

Portugal Accelerates Drone Law After 8 Close Encounters with Aircraft

Portugal is expediting a law that will introduce mandatory registration and insurance for drones weighing more than 250 grams (8.8 ounces). The measure follows eight near-misses between drones and commercial aircraft at Portuguese airports in June. Airlines have warned of …

China’s Fosun International to Buy Stake in Portugual’s BCP for $185M

Fosun International Ltd. agreed to pay 174.6 million euros ($185 million) for a stake in Banco Comercial Portugues SA, Portugal’s biggest publicly traded lender by assets. A unit of Fosun will subscribe to about 157.4 million Banco Comercial shares at …

China to Encourage More Investments in Portugal (Including Insurance)

China will encourage more of its companies to invest in Portugal in areas such as finance, insurance, health care and infrastructure, President Xi Jinping has told the visiting Portuguese Prime Minister Antonio Costa. Both countries need to deepen cooperation in …

Ageas Completes Acquisition of AXA’s Portuguese Business for $215.2 Million

Ageas has completed the purchase of AXA’s Portuguese operations, which has a non-life business, a direct/internet non-life business and a life business. AXA said the sale was completed for a total cash consideration of €189 million ($215.2 million). This transaction, …

AXA Enters Exclusive Negotiations to Sell Portuguese Operations

AXA announced it has entered exclusive negotiations with Ageas for the potential sale of AXA’s Portuguese operations. These operations include AXA’s entire stake in AXA Portugal Companhia de Seguros SA (P&C business), AXA Portugal Companhia de Seguros de Vida SA …

ACE Launches Casualty & Fire Cover for Fashion Firms in Spain & Portugal

ACE Group has launched ACE Moda TM, a packaged insurance product designed to cover the casualty and fire risks of companies in the fashion retail sector as it continues to develop its proposition for retail and luxury goods companies across …

Towers Watson Inks Joint Venture with Broker MDS for Portugal Benefits

Global professional services company Towers Watson and Portuguese broker MDS have combined forces to establish a benefits brokerage consulting service in Portugal. MDS was founded in Porto in 1984. It is now the leading broker in the Portuguese market with …

Bondholder Group Sees Over $131.8 Trillion Greek Default Risk

A disorderly Greek default would probably leave Italy and Spain needing outside help to stop contagion spreading and cause more than €1 trillion ($1.318 trillion) of damage to the euro zone, the group representing Athens’ bondholders warned. Greek private creditors …

Best Affirms MAPFRE RE ‘A+’ Ratings; Outlook Remains Negative

A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of ‘A+’ (Superior) and issuer credit rating of “aa-” of Spain’s MAPFRE RE, Compania de Reaseguros, S.A. However, Best’s outlook on both ratings remains negative. The ratings …

Stress Test Puts Banks’ Euro Zone Debt in Spotlight

Pressure on Europe’s banks to raise more capital increased on Monday after last week’s stress tests revealed their holdings of European sovereign debt, with likely losses on Greek bonds a growing concern. A health check of 90 European banks unveiled …