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Recession in Australia: Economy had its worst quarter on record

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Recession in Australia: Economy had its worst quarter on record
The country’s GDP in the second quarter decreased by 7% compared to the previous quarter. Australian Bureau of Statistics (ABS) said Wednesday. This is the second consecutive quarter of recession for Australia – GDP contracted 0.3% in the first quarter – and the largest drop since the record began in 1959. It was also worse than the projected 5.9% drop that was expected according to the Refinitiv analyst survey.
The authorities attributed the fall to the pandemic and the halting measures that the country took to contain it, although Australia had already argued about the problems before. The country was devastated earlier this year worst forest fires he has seen in decadesmaking consumer spending and tourism more difficult, according to Australian Tourism Export Council

In the last quarter, the closures of hotels, restaurants and other services due to the pandemic were clearly hit: household consumption fell by more than 12%, while spending on services fell by almost 18%.

“We have done our best to soften the blow to the Australian community from Covid-19,” Treasurer Josh Friedenberg said in Canberra on Wednesday. “Saving lives and ensuring that the Australian health system is able to test, track and treat coronavirus cases has been and will remain our priority.”

There is probably more pain ahead. The Reserve Bank of Australia has said the rate of recovery outside the last quarter is uncertainty depending on how long the outbreak lasts. And Victoria – Australia’s second most populous city of Melbourne – is now withstanding the most severe constraints felt the Australians during the pandemic, after the brutal second wave of the virus.

“This will have a big impact on the September numbers,” added Friedenberg.

The recession is a landmark turn for the Australian economy, which has experienced 29 years of economic growth. IN the streak was partially caused due to China’s insatiable appetite for commodities such as iron ore and coal, as the country has become the world’s second largest economy. (Notably, these relations have worsened recently: tensions between China and Australia spilled on beef, a little bit and wine after the last country called for an investigation into the causes of the pandemic.)
Australia imposes strict measures on new viruses in Victoria as early successes fail

The recession will put pressure on the Reserve Bank of Australia to consider additional measures to keep the economy afloat, said Marcel Tiliant, senior economist for Australia and New Zealand at Capital Economics. The central bank has already cut its money rate to a record low to help businesses and households weather the downturn.

The pandemic has harmed many world powers. All leading advanced economies – Canada, France, Germany, Italy, Japan, UK and USA – saw their economy plummet in the first half of 2020.

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Portuguese tennis player Gonçalo Oliveira in the doubles final of the Lisbon Belém Open

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Portuguese coach praises the development of women's handball after the Iberian duel

Oliveira and Kolar defeated France’s Manuel Guinard and Venezuela’s Luis David Martínez in the semi-finals for first place in the series, in straight sets with partial scores of 6-1 and 6-2 after 58 minutes of play.

In the title match, they will take on the Ukrainian duo of Vladislav Manafov and Oleg Prikhodko, who eliminated Jivan Nedunchezhyan of India and Christopher Rungkat of Indonesia 6-4 and 6-2 in the semi-finals.

For the 27-year-old Portuguese tennis player, this will be his 31st doubles final at the ATP Challenger Tour and third at the Lisboa Belém Open after reaching the final in 2017 with compatriot Frederico Gil and champion in 2020 with Dominican Roberto Cid Subervi.

In singles, Italian Marco Cecchinato, semi-finalist of Roland Garros in 2018, beat Spaniard Carlos Taberner 7-6 (7-2) and 6-4, scheduling a meeting in the semi-final with the “Reserve” Kazakh Timofey Skatov, responsible for eliminating Frenchman Benoit Pera, in three matches, with a score of 6-4, 2-6 and 7-5.

The other semi-final of the Lisbon tournament will be discussed between Austrian Filip Mizolich, who defeated Giulio Zeppieri 6-4 today, and Frenchman Luca van Assche, the executioner of compatriot Alexander Müller, who finished seventh. parts 6-4 and 7-5.

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Portuguese fund CA Património Crescente wins European award for highest return – Imobiliário

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Portuguese fund CA Património Crescente wins European award for highest return - Imobiliário

Open-ended real estate investment fund CA Património Crescente has once again received the MSCI European Property Investment Awards in the Diversified Portfolio category for 2021.

This is the 12th time that the Portuguese fund, established in 2005, has received this award, which distinguishes the national real estate portfolio with the best return. In 2021, CA Património Crescente’s real estate portfolio returned 7.8%, compared to 6.3% in the benchmark.

The largest share of real estate income was received through shopping centers and offices: 8.7% and 8.6% respectively, according to the Portuguese fund Negócios, which at the end of August had a portfolio of 141 assets worth 1,031 million euros.

CA Património Crescente is one of the six funds managed by Square Asset Management, with Grupo Crédito Agrícola being the custodian bank and responsible for its marketing and investments mainly in real estate destined for trade, offices, services, industry, logistics or hotels.

The CA Património Crescente fund returned an annualized return of 5.1% in April, which declined slightly to 4.23% after two years, rising to 4.72% after three years and 4.74% after five years. . The average ten-year yield was 3.95%.

Square AM was also once again awarded by Euromoney, which recognizes major leaders in real estate financial products and services, as the “Best Investment Manager” of 2022.

Square AM has been on the market for 17 years and is one of the largest real estate fund managers in Portugal with €1.3 billion in assets and over 25,000 investors.

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Benfica announces a partnership with Portuguese driver Miguel Santiago.

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Benfica announces a partnership with Portuguese driver Miguel Santiago.



Young competes at the National Speed ​​Championship and the FIM GP Junior World Championship.

Benfica have announced a partnership with driver Miguel Santiago, a Portuguese driver who works in the National Speed ​​Championship and the FIM Junior World Championship. Santi, who started taking his first steps in motorsport in 2016, was pleased with someone during the presentation. “The dream has come true! When I was little, before riding motorcycles, I played football, went to Benfica’s school in Mafra, I always dreamed of becoming a Benfica athlete. I never thought! A few years ago, if you had asked me, I would have said no, I believed that one day I would be here, it is a great pride. I have no words. I just hope to reach the goals, glorify the club. I have the race, the desire and the ambition.” , repeated the 18-year-old BTV pilot.

Miguel Santiago is thinking about becoming the queen of motorcycle racing.

“In recent years, the FIM Junior GP has attracted many riders to the Moto GP where 20 out of 24 riders [que participam] come from this contest. Participation in Moto GP is considered the greatest school of prodigies, I am proud to be there and so close to the level of Moto GP,” he said.

Flavio Miguel Silva


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