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BCP is moving forward with job cuts. Unions Say Up To 1000 People May Leave – Banking & Finance

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BCP is moving forward with job cuts.  Unions Say Up To 1000 People May Leave - Banking & Finance

The BKP is preparing to “cut” the number of workers. The bank will start working from program of mutually agreed reforms and termination from next week. The decision was communicated to the employees of the financial institution by Miguel Maia this Wednesday in a note that Negotsios had access to. Unions say they can leave up to a thousand people.

“The process starts with this note, which I am addressing to all workers, and now I will continue to meet with unions, with the work committee and with DGERT, which may lead to some adjustments in how we planned the execution,” can be read in the note signed Miguel Maya.

“We expect that the period of compliance with the reform program and termination by mutual agreement will begin on June 16 and will last until August 18, after which, if necessary, to achieve reductions in accordance with specific criteria, which we considered to implement unilateral measures to reduce the number of workers. The end of the negotiation period is scheduled for September 20, ”says the executive president of BCP.

However, it is useless how many people can get away with this program. “We have not yet identified the conditions and the specific number of people that should be reached, as we understand that this should be known only after meetings that should be held with representative structures of workers, which, we assume, may take place before June 16. “. In the first quarter of this year, Portugal had seven thousand employees.

However, unions said in a statement sent this Wednesday that the decision could affect up to 1,000 workers. “Miguel Maia, CEO of Millennium bcp, met this morning with Maïs Sindicato, SBC and SBN to brief them on the decision to reduce the staff to 1,000 employees, the information was also shared today with the bank’s bank employees, “citing, noting that” if the process goes well from the bank’s point of view, it may not be necessary to get to a thousand exits. ”

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According to the information provided to the unions by the CEO, “the plan will have a greater impact on central services and is justified, according to the CEO, by the introduction of technological developments that have reduced the need for the current number of workers.” In addition, “the bank is also cutting back on outsourcing services, leaving only those that have clear technological advantages,” they add.

Regarding the terms of the program, the statement says that “Only workers aged 57 and over will be eligible for retirement, but they can also be contacted for termination by mutual agreement (RMA). “

In the case of an RMA, “BCP offers 1.4 effective monthly remuneration (RME). Workers who are considering this opportunity should be aware immediately that they will not be eligible for unemployment benefits. ”

Reduce to improve efficiency

According to the CEO of BCP, in a note sent to workers, “When we presented the strategic plan Mobilization 2018/2021, we were convinced that the phase of economic recovery and the balance of government accounts in Portugal would be reached by the end of 2019. and that also by that date, the BCP recovery will be completed with the prospect that the staff adjustments that we have already identified as necessary to ensure the bank’s competitiveness will be more relevant in 2020. ”

But the first quarter of 2020 was marked by a pandemic crisis that caused BCP to postpone its downsizing plans.

<< While it is expected that, given the nature of the crisis, the economic recovery will be good, there has also been an acceleration of the pandemic crisis and an increase in a number of trends that were already expected over a longer time frame, as well as how this has exacerbated the impact of a number of specific factors that very significantly affect and condition the competitiveness of banks headquartered in Portugal, ”reads the note.

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This includes “changing customer interaction habits and preferences”, “strong incorporation of technology into business models and processes in the financial sector,” but also “customer demand for prices with very low margins due to their ability to today they can use any bank or financial services operator (banks, Fintechs, BigTechs) at no additional cost. “

In addition, says Maya, “the efficiency of the bank’s business model should ensure sustainable profitability at a level higher than the cost of capital that we use, because if we do not, we do not (ROE 3.1%, 5, 1% and 5.2% in 2020, 2019 and 2018 respectively), it will not be possible to achieve the prosperity necessary to adequately reward workers. ”

The decision to reduce the number of workers “was taken on the basis of a thorough analysis of needs and existing capacity, taking due account of the specifics of the bank and the impact of new technologies on our business models and processes, as well as the expected evolution of BCP, which will be introduced to the market during the scope of the strategic plan review “, noting that “the restructuring to be undertaken will be intense and will not involve immediate cuts to levels equivalent to some of our major competitors.”

“The coming months will be very difficult. We must be able to implement the plan with minimal disruption to the bank’s operations, but we believe in the organization and the ability of people and teams to do it with the utmost rigor, ”he concludes.

(News updated with more information.)

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Economy

These are the 10 most expensive products in the last week.

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These are the 10 most expensive products in the last week.

An analysis of the applied values ​​by DECO Proteste shows that the price of the basic food basket “is €207.80 this week, €24.17 more than it was on February 23rd”, but €1.21 less than in the previous month. a week.

From February 23 to September 21, meat has risen in price by 17.82% (up 5.75 euros), while pork chop today costs 25% more, that is, 1.11 euros.

As for fish, the consumer protection association points out that it is now 14.97% more expensive than before the Russian war against Ukraine, 9.03 euros more expensive.

The Consumer Protection Association monitors weekly prices for a basket of 63 staples, which includes items such as turkey, chicken, hake, horse mackerel, onions, potatoes, carrots, bananas, apples, oranges, rice, spaghetti, sugar. , ham, milk, cheese and butter.

This week, in the period from 14 to 21 September, the top ten products with the largest price increases were zucchini (up 10%), spiral pasta (up 8%), cereals (up 7%), plus 6%), Flemish cheese . (plus 5%), Biscuit Maria (plus 5%), orange (plus 5%), flour for cakes (plus 5%), tomato pulp (plus 5%) and horse mackerel (another 4%).

Looking at the period since February 23 this year, DECO Proteste shows that all food categories have shown price increases, with meat (up 17.82%) and fish (up 14.97%) standing out the most. However, there is also an increase in fruits and vegetables (up 14.65%), food products (up 10.23%), dairy products (up 11.15%) and frozen foods (up 2.48%).

In addition, the top 10 products that rose the most between February 23 and September 21 were broccoli (up 55%), cabbage (up 49%), whole chicken (up 33%), fresh hake (up 30%). %), cakes. flour (30% more), turkey steak (28% more), Maria cookies (27% more), pork chops (25% more), vegetable oil 100%, vegetable oil (plus 24%) and tomato pulp (plus 23%).

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This increase is explained by the fact that Portugal is “heavily dependent on foreign markets to guarantee the supply of cereals needed for domestic consumption”, which currently “represent only 3.5% of national agricultural production, mainly corn (56%), wheat ( 19%). %) and rice (16 percent).”

“And if in the early 1990s self-sufficiency in grain was about 50%, now the value does not exceed 19.4%, which is one of the lowest rates in the world and forces the country to import about 80% of grain. , notes DECO.

The organization explains that “the Russian invasion of Ukraine, where most of the grains consumed in the European Union come from, and Portugal has thus put even more pressure on the sector, which has been struggling for months with the effects of a pandemic and drought with a strong impact on production and stockpiling.

“Limiting the supply of raw materials and increasing the cost of production, namely the energy needed for agri-food production, can thus be reflected in higher prices in international markets and, consequently, in prices at the consumer,” he emphasizes.

In addition, he points out that “a consistent increase in consumer prices, namely for such products as fuel and food, contributes to an increase in the rate of inflation.”

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Economy

Luxury Algarve Resort Changes Owner Two Years Before Opening – Turismo & Lazer

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Luxury Algarve Resort Changes Owner Two Years Before Opening - Turismo & Lazer

Singapore’s sovereign wealth fund GIC, one of the world’s largest investors, has bought a majority stake in SIG, owner of a €2.3 billion luxury resort chain, Eje Prime reported.

SIG manages the Sani and Ikos Resort brands, which will debut in Portugal in 2024 with the opening of the country’s first resort in Albufeira. It will be the group’s sixth hotel in Europe with active resorts in Spain and Greece.

According to a Spanish real estate newspaper, the Singapore fund’s deal included the purchase of British Oaktree, Goldman Sachs and Hermes GPE shares in SIG. The deal is expected to close in the last quarter of the year, with Andreas Andreadis and Mathieu Guillemin continuing to lead the company as CEO and Managing Partner, with Stavros Andreadis as Honorary Group Chairman.

The entry of the Singapore Fund will allow SIG to fulfill its plans for the next five years, which include investments of more than 900 million euros in new units in the Mediterranean.

SIG was established in 2015 and today owns ten resorts in Greece and Spain, with a total of approximately 2,750 rooms and suites.

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Economy

Do you have a diesel car and need to fill up? wait for monday

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Do you have a diesel car and need to fill up?  wait for monday

From this Monday, fuel prices will fall again, but this time only in the price of diesel fuel: in the main national oil companies, “the evolution of quotations in euros indicates a drop in prices to 2 cents per liter of diesel fuel, while 95th gasoline will maintain the registered price,” an industry source told Multinews.

The trend is also being replicated at private brand gas stations, which usually operate near hypermarkets, with “a sharp drop of 0.0187 euros per liter for diesel, while gasoline 95 will register the same trend, albeit slightly, 0.0025 euros – another source said.

So after all, filling a tank with 60 liters of diesel fuel costs 1.2 euros cheaper. In the petrol version, there is no change in the travel time to the service station.

According to official figures from the DGEG (Directorate General of Energy and Geology), both diesel and petrol 95 have been declining for four consecutive weeks. Recall that last week diesel fuel kept a higher price than gasoline 95 (1727 euros/l against 1695 euros), and this week this difference will disappear.

Also, according to DGEG data, the average price of regular diesel this Thursday was 1.752 euros per liter, while the average price of regular gasoline 95 was 1.693 euros per liter, indicating a downward trend. Average prices are based on data provided by over 2,400 stations across the country and include discounted prices.

This fuel price update takes into account the cost of a barrel of Brent oil on international markets. A barrel of oil has been trading at a low level for several weeks now. After peaking in the early days of the war in Ukraine, when oil hit $140 a barrel, fuel prices soared to record highs, the price of this “black gold” is now lower.

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