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Ground troops. I was fired because “there are ethical, moral and legal norms that I do not overstep” – observer.

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Ground troops.  I was fired because “there are ethical, moral and legal norms that I do not overstep” - observer.

Groundforce is having its worst months in its history since 2020. The pandemic brought the business to a near standstill, followed by layoffs and pay cuts, as well as a war between majority shareholder Alfredo Casimiro and another shareholder, TAP, who is also a customer (representing 70% of the company’s business) and a supplier. A soap opera with even more bizarre episodes, such as the exchange of accusations between Casimiro and the Minister of Guardianship, Pedro Nuno Santos, who even circulated tapes of the meetings between them.

Ground troops. Pedro Nuno Santos opens criminal case against Alfredo Casimiro for illegal recording

Paulo Neto Leite went through all of this and witnessed the hardships of a Portuguese service company (which handles the ground handling of commercial aircraft) – a case of success (followed by years of positive results) until a pandemic broke out. In the first big interview after (and after) his stepping down as CEO, the manager tells the Observer what actually led to his departure, ideas for the future of the company, and why he believes Groundforce is not only viable as essential.

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Groundforce has already crossed the limit of viability?
Groundforce is a company that has not crossed the limit of viability, because the company’s own business is a business that will last for a long time. We are talking about concession activities and have been hit hard by the pandemic, it cannot be hidden, but this is a company that has a future, it has qualified people. This is not the same as deciding to increase the packaging of yoghurt in a hypermarket, we hire several storekeepers and do it overnight. [Na Groundforce] We are talking about people who have a lot of training, who have a huge set of informational constraints due to security, and therefore this is not a business that can end overnight. This is a business that will flourish again. The country will always need support from tourism – tourism is an important activity of our GDP.

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[Vídeo. Essencial da entrevista a Pedro Neto Leite:]

None of the shareholders have the ability to capitalize the company; equipment sold by TAP; there are currently no cases. Most likely, you need help from Portuguese taxpayers or not?
Capital injection into the company has never been considered. What was on the table was the result of the moment we lived, the economy and lack of liquidity. All banks were very reluctant to help the aviation sector because it was not known how long the pandemic would last. In April 2020, we said: “Will this last until summer or will we have a difficult summer?” We never imagined that in March 2021 our airspace would be closed. Banks were not available for assistance in the aviation sector. And what was requested was approval, because with the restoration of operations, the company will be able to maintain its operations and support its business.

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Economy

In which municipalities are houses more expensive? And where do they cost less?

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In which municipalities are houses more expensive?  And where do they cost less?

The average value of a bank valuation of housing in Portugal, published this Thursday by the National Statistical Institute (INE), was 1,285 euros per square meter (m2) in December, and the value was higher in the Algarve and Lisbon metropolitan area (AML). than the national average. Not surprisingly, six of the ten municipalities with the most expensive square meter are in the AML and three in the Algarve.

The median value of the bank’s valuation in December reached 1,285 euros, which is 13 euros more than in November. Compared to the same month in 2020, the rate of change was 11.2%, the same as in November.

The historical INE series since 2011 leaves no room for doubt: the residential real estate market is hot, and housing bank valuations have never been higher.

Trends in median bank valuation in Portugal

Since August 2021, the average cost of bank housing has been steadily increasing. 1285 euros per square meter, registered in December, marks a new historical high in Portugal.

If we want to see a decline in the index, we need to go back to March 2020 – the month when the first case of Covid-19 was reported in Portugal – when the median fell from 1,111 euros per m2 (in February). until 1110 (in March).

Which municipalities have the highest housing ratings?

Lisbon is by far the municipality where the banks have priced the houses with the highest average value: 3,215 euros per m2. In the capital, the difference is more than 700 euros for the municipality in second place, Oeiras (2466 euros per m2), and the difference is more than 1400 euros for the last of the 10 municipalities where houses are more expensive, Loures (1791 euros). ).

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In this “top ten”, in addition to Lisbon, Oeiras and Loures, we find three more municipalities belonging to the AML: Cascais (2,427 euros per m2), Odivelas (1,877) and Amadora (1,821).

In addition to the AML municipalities, the Algarve has three municipalities – the region with the highest average (€1731 per m2, followed by AML since 1701): Loulé (€2160), Albufeira (1956) and Lagos (€1843). ).

Outside the Algarve and the AML, only Porto is in the top 10 with an average cost of 2,116 euros per m2.

In general, in all these ten municipalities, the median value of the bank’s valuation has increased compared to November.

Which municipalities have the lowest ratings?

Seia is the municipality that registered the lowest bank valuation of houses per m2 in the country in December: 570 euros per m2. It is followed by Fundão, where a square meter was valued at 585 euros.

Most of the municipalities in the “top 10” cheapest m2, such as Seia and Fundau, belong to the central region – the region that has the second lowest median value after Alentejo (904 and 867 euros per m2, respectively). : Guarda (686), Alcanena (669), Abrantes (623) and Entroncamento (661). In fact, Guarda is the only regional center that is among the municipalities with the lowest values ​​per m2.

From the Alentejo we find Elvas and Ponte de Sor with very similar prices (741 and 740 euros per m2 respectively) and from the north we have Celorico de Basto and Lamego with 657 and 699 euros per m2 respectively.

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Compared to November, only in Elvas, Entroncamento, Abrantes and Fundão did the median increase. In Seiya, the value remained, while in Celorico de Basto and Guarda, the value fell.

In Alcanene, Lamego and Ponte de Sor it is not possible to compare with November as INE does not have data for these municipalities for that month. In Ponte de Sor and Alcanena, the last month for which data is available is August, with the value increasing in Ponte de Sor and falling in Alcanena. In Lamego, the last available value is in September, with the average value per m2 decreasing compared to that month.

When comparing Seia and Lisbon, the difference between these two municipalities, which are about 300 kilometers apart, is more than 2,600 euros per m2.

Note. Of the 308 Portuguese municipalities, 168 are missing data for December, so this analysis is based on the values ​​of only 140 municipalities.

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Economy

D. Luís vendido por mais de 45 milhões de euros – Imobiliário

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D. Luís vendido por mais de 45 milhões de euros - Imobiliário

O fundo de investimento americano Principal comprou o edifício de escritórios D. Luís, em Lisboa, por 45.25 milhões de euros.

Em menos de cinco anos este edificio valorizou cerca de 16 milhões de euros. Em maio de 2017, o D. Luís, que fica na Rua do Instituto Industrial, junto à Av. 24 de julho, foi comprado pelo Rockspring Property Investment Managers LLP, fundo de investimento sediado em Londres, por 29 milhões de euros.

Posteriormente, o Rockspring foi adquirido pelo grupo de investidores alemão Patrizia que agora alienou o edifício ao Principal Real Estate Investors, que faz parte da Principal Global Investors.

O D. Luís conta com sete andares, uma área de 10.279 m2, com lojas e espaços de lazer e 146 lugares de estacionamento e está totalmente ocupado por várias empresas. Farfetch que ocupa uma área aproximada de três mil m2 nos pisos 2 e 3 do edifício. Tambémé no D. Luís que está a funcionar a multinacional americana Sitel, ocupando três pisos e um ginásio do Fitness Hut.

Até 2015 o D. Luís foi propriedade do Millennium BCP e era ali que funcionavam os serviços de backoffice do banco, até serem transferidos para o Tagus Park, em Oeiras.

Este é o segundo investimento da Principal em Portugal que acredita assim conseguir uma melhor distribuição dos seus ativos pela Europa, sendo que o grupo de investidores americano já marca presença em oito países europeus.

Além disso, escreve em comunicado Sebastian Lietsch, director de gestão de fundos da Principal Real Estate na Alemanha, as características do edifício ea sua localização “estão em linha” com a estratégia da empresa que procura investir em mercados “que têm vindor a crescer em termos demográficos, quer em inovação ou em negócios globais”.

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Também Irina Va, gestora sénior de transações e ativos da Principal Real Estate, sublinha que a localização do D. Luís é “tradicionalmente uma zona turística e residencial”, próxima da margem do rio Tejo sendo “uma zona comercial em expansão que se tornou popular entre os ocupantes de escritórios nacionais e internacionais à procura de espaço moderno”.

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Economy

The deficit is reduced by 2.8 billion euros. The government approved a new budget gloss – State budget

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The deficit is reduced by 2.8 billion euros.  The government approved a new budget gloss - State budget

The budget deficit decreased by 2,862 million euros in 2021 compared to the previous year in government reporting in terms of cash. The result now allows the government to assume that it has more than met its budgetary targets for the “sixth year in a row”. The information was disclosed this Thursday by the Treasury Department in a statement sent to the newsrooms.

Once again, the covid-19 pandemic did not stop the Socialist Executive from registering a new “budget brilliance”. João Leão, finance minister, closed 2021 with a deficit below the target of 4.3% of GDP, which was set in the state budget. And this despite the fact that last year was marked by an unexpected severe restriction in the first quarter.

“The evolution of the government account balance allows us to expect that the national account deficit in 2021 should be significantly better compared to 2020 (5.8%) and below the limit set for 2021 (4.3%), thus fulfilling the sixth times in a row, budget indicators,” the Ministry of Finance said in a statement.

The official deficit figure is calculated later by the National Statistical Institute (INE), but the cash clearing of the accounts, which is the responsibility of the General Office of the Budget, already allows for preliminary estimates.

The DGO Bulletin will be available at a later date, while the government is awaiting some numbers and conclusions. In public accounts, the budget deficit fell to 8.794 million euros. The improvement over 2020 is “attributable to revenue growth of 9.3% above spending growth of 5.2%,” it said.

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This “significant improvement in earnings is the result of a strong recovery in the economy and employment in particular,” explains the finance department. Spending, on the other hand, rose due to emergency measures to support the economy and increased spending by the National Health Service.

Emergency assistance to companies and families amounted to 7,437 million euros, and the amount provided through Social Security exceeded the amount provided for in the state budget by more than 1,100 million euros, the government guarantees. Over the past few years, parties on the left have accused the executive branch of failing to fully implement what it has budgeted and made possible in the Assembly of the Republic.

SNS with over 800 million euros

In terms of spending, the government notes an increase in spending on the National Health Service by more than 800 million euros compared to 2020. This increase is largely justified by an increase in personnel costs (by 317 million euros) as well as an increase in expenses for additional diagnostics (by 177 million euros). This section includes, for example, tests for covid-19. Personnel costs reflect the employment of 2,441 employees more than in the same month of the previous year.

In addition to these additional costs for SNS, there is also the cost of vaccines against covid-19, which amounted to 200 million euros.

Income blamed for recovery in economic activity

Revenue from taxes and contributions rose 6.3%, “reflecting the resumption of economic activity,” the government said. Tax receipts increased by 5.6% and social security contributions increased by 8% “as a result of a favorable evolution of the labor market”.

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But it is also worth noting “a significant increase in non-tax and non-insurance revenues (25.6%), largely due to the anticipation of funds under the Instrument for Assistance in Restoring Cohesion and Territories in Europe (EU REACT) and the Recovery Fund and Resilience Plan (PRR)”, — suggests the government. These funds have already entered the state treasury, but have not yet been spent.

Public investment rises, late payments fall

The government also notes the results of public investment. Growth was 27.7% in government reports, which management attributed to “the expansion of metro networks, the Ferrovia2020 investment plan and the impact of the digital school universalization project.”

The National Accounts estimate of growth at 27%, “a figure very close to the budgeted figure and the highest in a decade,” seizes the opportunity to move the government forward in an effort to address another of the recurring criticisms. opposition parties that complain about unfulfilled promises in this area.

(News updated at 16:19)

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