The world’s third-largest economy shrank 0.9% in the January-to-March period compared with the previous quarter, according to government data released Monday. While it was slightly better than the 1.2% decline forecast in the Refinitiv analyst poll, it was still the second quarter of a row in a row – meaning Japan has now entered a recession.
The decline was more dramatic, a 3.4% decrease, when measured as an annual rate.
Japan’s economy was struggling before the outbreak: Economic activity contracted late last year when the country absorbed sales tax increases and wrestled with the effects of Typhoon Hagibis, a strong storm that hit the country last fall.
And although the virus began to overload the country in early 2020, analysts warned that Japan’s first quarter did not capture the full effects of the pandemic.
“The sharp decline in output in the first quarter showed the spread of the virus had dealt a significant blow to economic activity in March,” wrote Tom Learmouth, Japanese economist for Capital Economics, in a research note Monday. He said that “far worse” would come in the second quarter, estimating a 12% quarter-to-quarter decline.
Private consumption, which accounts for more than half of Japan’s economy, fell 0.7% – and that was before the government declared a state of emergency that led to national restaurants and retail closures.
“That’s just the tip of the iceberg,” Learmouth said. “April and May will be much worse.”
Exports – which account for 16% of the Japanese economy – shrank 6% in the quarter, as goods tied to the country’s main trading partners stagnated. It was the sharpest contraction for the sector since 2011, when a major earthquake and tsunami struck the country.
Meanwhile, the Japanese government has announced a around $ 1 trillion in stimulus packages to protect the economy from a pandemic collapse. That is equivalent to around 20% of Japan’s annual output. The Shinzo Abe government is likely to announce more action before the end of this month.
Teodoro Obiang was received on Tuesday (28.06) at the headquarters of the Community of Portuguese Speaking Countries (CPLP), where, not to mention the process of abolition of the death penalty in his country, he promised to comply with all the necessary recommendations of the membership. by organization. .
“We are ready, we are organizing to fulfill all the conditions that all CPSG member countries demand,” the President of Equatorial Guinea said in press statements without the right to ask questions.
Accompanied by Zacarias da Costa, executive secretary of the CPLP, Obiang assured that Portuguese, considered a foreign language in Equatorial Guinea, is on the rise, mainly because many young people are already learning the language in schools.
“Portuguese will become the language spoken throughout the country,” he promised.
The President of Equatorial Guinea is in Portugal as one of the senior government officials invited to the United Nations Oceans Conference, which is taking place in Lisbon until 1 July.
The presidential delegation of Equatorial Guinea includes First Lady Constance Mangue, Foreign Minister Simeon Oyono Esono, and Mozambique Murade Muraga, former CPLP Executive Secretary, who serves as Obiang’s Special Adviser for the Portuguese Language.
Jorge Trabulo Marquez spent 38 days canoeing in the Atlantic Ocean.
The head of state of Equatorial Guinea held several bilateral meetings, including with the President of the UN General Assembly, Adullah Shahid; was at the International Craft Fair (FIA), this Wednesday will be received by his Portuguese colleague Marcelo Rebelo de Sousa and will visit the Sanctuary of Fatima.
At the hotel where he was staying in Lisbon, Obiang received Portuguese journalist Jorge Trabulo Marques, who spent 47 years in prison in Malabo after 38 days of trying to cross the Atlantic by canoe from Sao Tome. . . .
Marquez says he was 30 years old at the time and it was Obiang, then supreme commander of the armed forces, who saved him from death.
“At that time, I was considered a spy because it was hard to believe that a European would sit in a canoe,” Jorge Trabulo Marquez told DW Africa.
“I was taken to Black Beach Maximum Security Prison and sentenced to hang. Five days later, while I was walking, the phone rang and it was Commander Obiang, the nephew of President Macias, who called me to his office to give the president a writ of execution.”
Meeting between President Teodoro Obiang and journalist Jorge Trabulo Marquez on Tuesday (28.06)
But Obiang, then 33, went against the execution order for his uncle Macias Nguema.
“Thank God he was understanding, he was generous, he took my word for it and set me free. I was here today to thank him for life because I saw death before me. Every night I heard piercing cries; terror prison. Whoever entered alive, came out in a tomb.”
At this meeting, the journalist expressed his gratitude by offering a picture painted with a portrait of a man who saved his life in a country where the Castilian language prevails and where the death penalty has not yet been completely abolished.
Musician DJ Narciso is the only Portuguese name in the first group of artists at Poland’s Unsound festival, which will take place in Krakow in October, the organization announced today.
The Portuguese DJ Narciso appears in the dance program of the festival, reminiscent of the organization that is part of the Príncipe publishing house from Lisbon.
Narciso created RS Produções in Río de Mouro, municipality of Sintra, in the middle of the last decade, which he shares with Nuno Beats, DJ Nulo, DJ Lima and Farucox.
This year he released the EP “NXE” with London’s Endgame by Chinese publisher SVBKVLT. According to a biography available on Bandcamp at the time of launch, DJ Narciso is “bringing together a new wave of artists from Kuduro from Lisbon, [sendo] one of the youngest members of Príncipe who helped redefine the genre.”
One of the most influential European festivals, which annually collects names from various musical fields and commissions works by contemporary authors, Unsound will present projects in Krakow in its 20th edition, such as the premiere of Osmium, which features Hildur Guðnadóttir. , Slater of Sam Blanket and James Ginsburg, who will play with singer Rulli Shabara on instruments made especially for the occasion, according to a statement from the event.
Polish cellist and composer Resina will join Frenchman Aho San in the Ego Death project, also curated by Unsound.
The Contemporary Spółdzielnia ensemble, in turn, will present “Vitriolum”, in which musicians interpret works on 3D-printed instruments “based on Carpathian flutes and ancient double reeds.”
The fund’s first investment in the blue economy and climate action is in Fuelsave, a German cleantech company.
Faber, a Portuguese emerging technology venture capital firm, announces that its Faber Blue Pioneers I fund exceeded its initial target of €30 million to close at €32 million.
Southern Europe’s first venture capital fund focused on “deep tech” for ocean sustainability and climate change has already made its first investment in Fuelsave, a German cleantech company.
Announced late last year, Faber Blue Pioneers I is funded by institutional investors with an impact strategy such as the European Investment Fund (FEI) and Portugal Blue, Sociedade Francisco Manuel dos Santos (through its part of Movendo Capital), Builders Initiative (the philanthropic arm of Builders Vision, impact platform founded by Lucas Walton, dedicated to creating a more humane and healthy planet and with an investment strategy in the oceans), the Calouste Gulbenkian Foundation and the Champalimaux Foundation, as well as entrepreneurs Peter Reeve, co-founder of SolarCity, CEO of Aqualink and president of Sofar Ocean Technologies, and Pedro Bizarro , co-founder and chief scientist of Feedzai.
Thus, the fund completes its first closure with a core of investors who are in full agreement with the thesis of the fund, with sustainable and investment programs on a global scale in this area, accompanied by successful entrepreneurs who want to support and contribute to the sustainability of the oceans and climate action, which Faber hopes to leverage with additional investors to join the fund’s closed end by the end of 2022.
Faber combines a dedicated focus on early stage deep tech startups (pre-seed and seed) with thematic funds, teams and dedicated advisors who actively work with entrepreneurs to build global artificial intelligence (AI) and climate companies. and ocean data and technology.
The goal of the fund is to invest in a portfolio of 20-25 early stage companies that develop innovative high-tech solutions with global ambitions in areas such as blue biotechnology, food innovation, ocean clean-up technologies or the decarbonization of many industries. with a clear contribution to the achievement of UN Sustainable Development Goals 13 and 14.
The fund is managed by a dedicated investment team led by Rita Souza and Carlos Esteban (Partners) and Bruno Ferreira (Venture Partner) with extensive experience in investment, entrepreneurship and technology. The team will work closely with a network of experts, including strategic adviser Thiago Pitta e Cunha (CEO of the Oceano Azul Foundation) and scientific advisors Susana Moreira and Joana Moreira da Silva (science and innovation researchers at Ciimar), as well as with other scientists and industry representatives. experts.
At the time of the first closing, the specialized investment group (based between Lisbon and Barcelona) analyzed more than 600 start-ups from all over Europe, with a particular focus on those starting in the Iberian Peninsula or elsewhere. geographically and who are looking for a suitable partner to expand their activities in Portugal and thus take advantage of the conditions that the country offers to launch high-tech and innovative projects in the blue economy.
The fund’s first investment was in Fuelsave, a German cleantech company focused on the decarbonization of the marine industry, and Faber already has additional investments nearing completion and to be completed over the next few weeks.
“We are proud to announce Faber Blue Pioneers I’s first major plan above the original goal with a remarkable group of investors who share our strong belief that science and entrepreneurs can accelerate innovation and have a positive impact on ocean and climate resilience. action. We are also very pleased to welcome Fuelsave to the fund’s portfolio as we believe its team will pave the way for the decarbonization of the maritime industry,” says Alexandre Barbosa, Managing Partner of Faber.
Faber is the first Iberian partner of 1000 Ocean Startups, a global coalition of incubators, accelerators, venture capital funds and other platforms dedicated to accelerating innovation with a positive impact on the oceans and supporting at least 1000 startups that are transforming the sustainability of the oceans, oceans and making a significant contribution to the Goal. United Nations in the field of sustainable development 14.