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Montepio. Vitor Melisias leaves the stage

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Montepio.  Vitor Melisias leaves the stage

Almost 40 years later, Vitor Melicias will not be in a senior position at Associação Mutualista Montepio Geral (AMMG), which will be voted on on December 17th. He joined Mutualista in 1983, during the stabilization phase after the institution was on the verge of entering a wave of bank nationalization in the post-revolutionary period and continues to this day. But for the first time, he is missing from the lists for either the administration or the supervisory board – names already being evaluated by the Insurance and Pension Fund (ASF) Office of the Supervisory Board.

“I cannot stay in Montepio forever. The fact that I did not apply is simply a desire for renewal, for the spirit of the organization to exist. I can’t stay in the office forever. It doesn’t make any sense. The refusal to submit an application is a positive act of cooperation with the institution, supporting the renewal, eternal life of the institution, ”he says Nasser do SOL.

The Franciscan priest also recalls that he was one of the main factors behind the term limits, and as far as the remuneration he still receives, he says that he only receives attendance vouchers – a few hundred euros – as other functions he currently favors Mutualista does not receive any remuneration. “I haven’t received a reward from Montepio for 18 years. I have a pension and everything I get goes to the Franciscans. “

In interview i, he already mentioned that he received three types of pensions: one from social security, another from Montepio, which he deducted as a member, and another called the statutory Montepio pension, which is for those who have been there for more than five years. “All together should give a maximum of 3,900,400 euros. And from this account automatically, without passing through my hand, 3,000 euros are transferred to the monks. There are 900 people left to manage their lives, to help the poor, ”he said to i.

The guarantee is again given to Sunrise, citing that Franciscans live “with the greatest simplicity, no frills.”

Nevertheless, Melisias does not exclude the possibility of promotion with his name to the General Assembly or the Assembly of Representatives. “There is no list for these positions yet. If they convince me that I have to leave because it will be favorable, I probably won’t be able to say no. ” And he leaves a guarantee: “I really want not to go, but the feeling of solidarity with the institution can” force “me to do it.”

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And despite not being listed on any of the lists, he admits that his name inspires confidence. And he says that his absence does not mean that he no longer supports the project. “We need to be given peace of mind. It is an institution with 200 years of history, which has grown, strong, organized, has 600 and a thousand such members. ” However, he admits that in recent years, especially in the wake of the pandemic, the numbers have fluctuated. “Some come in and others leave. This is important and not a cause for concern. “

Countdown

Along with Virgiliu Lima, who represents the succession list and has names like Idalia Serrao, João Carvalho das Neves, Rui Heitor and Fernando Amaro, Alipio Dia and Luis Patrao, there are three more competing lists.

One is the so-called “Staff List” headed by Pedro Alves, who raised the candidacy after João Vicente Ribeiro asked to leave “for personal reasons” drawn up by Maria Eduarda Osorio, Nuno Parames and Pedro Libano Monteiro.

Eugenio Rosa, as well as Ana Drago, Antonio Coutu Lopez, Catarina Homem, Luis Costa and Thiago Mota Saraiva are running for the leader of the Mutualista, while another list supported by Ribeiro Mendes, who ran in the last election against Thomas Correia, is Pedro Corte Real (President), Miguel Coelho, Mario Valadas, Nazare Ribeiro, Nuno Rolo, Marcelo Gama and Ana Nogueira.

Nasser do SOL knows that, using the electoral practice of Thomas Correia, Virgilio Lima has traveled all over the country from end to end, visiting branches of Banco Montepio. This “charming” operation began in July and did not end until August. Branches in Braga, Porto and Aveiro were recently visited. Our newspaper discovered that these visits were made under the pretext that they were the president of Associação Mutualista, and that they had the goal of interviewing employees to find out how the relationship with customers and partners is going.

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Despite this round, the Executive Committee sent a note to the workers on the risks of conflicts of interest in connection with the elections: “The electoral process for the Montepio Geral Associação Mutualista is very close, this is an important event in the life of this institution. … Caixa Económica Montepio Geral (“Banco Montepio”) is neutral and absolutely independent in this process, convinced that this is the best way to do our part to protect the interests of MGAM and its members, ”says the document.

And he reminds employees of the rules: “In carrying out their professional activities, they must refrain from taking positions on any candidates that are under scrutiny, regardless of the means used in contact with clients and employees of MGAM; No electoral initiative may be carried out within the MGAM electoral process at the Banco Montepio premises; They must immediately inform the board of directors when they are on the list of candidates; any public interference or communication in relation to the electoral process that is permissible under applicable law can only be carried out in a personal capacity, which must be duly noted and cannot represent or bind Banco Montepio, “adding that” a breach of the above obligations may constitute a disciplinary offense, and the following conduct is therefore prohibited: the use of Banco Montepio funds and facilities, namely email, telephone, Internet access and similar technologies, to exchange or distribute messages in support of a candidate or list; using the funds that Banco Montepio has provided to carry out its functions, to attend campaign promotions, to collect votes or to promote a list or candidate (eg cars and mobile phones). “

The Banco Montepio Executive Committee has also begun a program to decentralize its meetings, starting with Guimaraes, which it attended last Wednesday. As a reminder, the term of office of the current management of Banco Montepio expires on December 31, which means that the selection of a new management team for the bank will be one of the first tasks of the new administration of Associação Mutualista.

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2020 accounts approved

Also this Thursday, the consolidated financial results of the Montepio Geral Group for 2020 were approved by 97.28% of votes at the next general meeting. “In a year marked by the strong negative impact that the pandemic has had on the entire national, European and global financial sector, the financial sector of the Montepio Group was no exception, registering a series of extraordinary events that negatively impacted Banco Montepio Geral’s bottom line (- 86 million). Without this completely exceptional reality, the consolidated financial statements would have amounted to 65 million, ”he said in a statement.

According to Virgiliu Lima, the accounts were approved “after the partners were fully informed of the very positive results already registered in 2021, with an increase in the number of employees, financial margins, results and performance indicators,” adding that “the non-financial sector is experiencing a positive upward cycle and the financial industry provides indicators that confirm a clear recovery. ” And he left a guarantee: “No one is proud of the negative results, but the road of recovery that the Montepio Group is already on to this date, and the performance of all our employees in 2020 and 2021 as part of the restructuring fill us. proudly. at the group level, in terms of simplifying the number of special purpose vehicles, adjusting the number of branches and work teams, always on a voluntary basis. At the same time, we look to the present and the future with determination, calmness and confidence. “

Figures that don’t convince opponents. The executive group states that the accounts “reveal a failure to value the Institution”, believing that “the course of ongoing asset devaluations can be reversed.” The list, led by Eugenio Rosa, also criticizes the losses, believing that “it is time to try to apply the good reports and best practices that members deserve and have been waiting for.”

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Economy

Sonae increases profit to 42 million and breaks sales record until March – Empresas

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Sonae increases profit to 42 million and breaks sales record until March - Empresas

Despite a loss of 59 million euros in the first quarter of 2020 and a profit of only one million euros in the same period last year, the Sonae group closed its accounts before March with a net result of 42 million euros, year on year. year EBITDA increased by 17.2% to 149 million euros.

Sales rose 5.1% to a record €1.69 billion, with MC (Continente)’s business accounting for almost €1.3 billion, up 3.8% on the first three months of last year.

“The start of 2022 has been very good for Sonae. Our businesses have continued to perform well in their respective markets and the group has maintained a robust growth trajectory with higher levels of profitability, resulting in a higher portfolio valuation,” says Claudia. Azevedo, CEO of Sonae, in a message accompanying the 2022 Q1 earnings presentation released this Wednesday, May 18, to the Securities Markets Commission (CMVM).

Claudia Azevedo also highlights numbers reflecting a robust capital structure with leverage ratios and comfortable liquidity levels: “Our consolidated results, together with portfolio management activities, generated €627 million in ‘free cash flow’ over the last 12 months, allowing for a significant reduction in net debt of approximately for 600 million euros,” he says.

Strictly speaking, the reduction in net debt over the past year amounted to 588 million euros, of which 368 million were between January and March 2022.

At the same time, in the first three months of this year, it invested 110 million euros in acquisitions.

“These results were achieved under very difficult conditions, marked by the Russian invasion of Ukraine,” notes Claudia Azevedo, noting that “despite the fact that Sonae was not subjected to direct and material contact with these countries,” the group’s business “already felt indirect consequences of the conflict, namely through rising energy prices, widespread inflation and restrictions in supply chains, having managed to overcome these problems,” he concludes.

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However, “regardless of how the global economy and financial markets develop, with our business group, strong financial position and the competence of our teams, we are well positioned to navigate through this cycle of uncertainty, continue to strengthen our competitive position and take advantage of the opportunities presented,” — says the CEO of the group based in Maya.

Fashion up, wear down, Sierra triples profits

In terms of business units, beyond the giant MC, which Sonae says “continues to gain market share,” the focus is on the fashion business, where he explores brands like MO, Salsa, and Zippy, “with Zeitreel able to get back up to sales in the first quarter of 2019, after two very difficult years for the fashion industry affected by the restrictions of the pandemic”, ending the first three months of 2022 with sales of 96 million euros, an increase of 57% compared to last year.

In the sports business, sales of ISRG (Iberian Sports Retail Group), Sonae’s joint venture with JD Sports, which owns the SportZone brand, rose 66% to €366m, with online channel share up 15.7% to 21.1% into circulation, “largely due to the acquisition of Deporvillage,” Sonae admits.

Wortena, after two years of strong growth in a row, “the electronics market in Portugal contracted in the first quarter of 2022, mainly due to the pandemic in the first quarter of 2021, which markedly improved the online channel and increased sales of computer products.” . In addition, a “less severe winter” has passed, which “limited the search to seasonal categories”.

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“This unfavorable context for the electronics market and the reorganization of the supply in the Spanish mainland contributed to the reduction in turnover. [da Worten] from 4.1% to 261 million euros in the first quarter of 2022,” says Sonae.

At Sierra, which represents the group’s real estate business, especially shopping malls, “there were positive signs of recovery in early 2022”, net income tripled to 9.8 million euros, while asset valuation increased by 5.1% to 972 million euros. which further emphasizes this tenant. sales are up over 90% year on year.

In financial services, Universe’s output increased by 23% to €257 million, gaining “96k new customers compared to the first quarter of 2021, reaching around 989k at the end of the first quarter of 2022,” he said. assures.

As of March, Nos recorded a turnover of 373 million euros, representing a year-on-year growth of 10.6%, driven by the media and entertainment segments (over 71.1%) and telecommunications (9%), “with a positive contribution from the impact of mobile subscriptions, B2B service solutions and roaming revenues through fewer travel restrictions,” explains Sonae. Profit increased by 35% to 41 million euros compared to the first quarter of last year.

Finally, Bright Pixel (formerly Sonae IM) “continues to actively manage her portfolio” by adding several sells (she left Safetypay and ciValue) and buys (she joined Experify and Hackuity) and took part in the €35 Cybersixgill promotion. millionth round of funding.

“At the end of the first quarter of 2022, the capital invested in the active portfolio reached 159 million euros, and the net asset value was 378 million euros,” Sonae concludes regarding the performance of its technology investment division for the first three months. this year.

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However, following the end of the quarter, Bright Pixel agreed with Thales Europe to sell all share capital and voting rights to Maxive, the holding company that includes S21sec and Excellium.

“The transaction has an underlying ‘corporate value’ of Maxive of €120 million and is estimated to have a positive impact on Sonaecom’s consolidated results of around €63 million,” Sonae clarifies.

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Economy

The number of fake accounts threatens Musk’s Twitter purchase

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The number of fake accounts threatens Musk's Twitter purchase

Billionaire Elon Musk, who has vowed to eliminate “spambots” from Twitter, has claimed through the social network that there may be more such automated accounts than expected, rendering the purchase agreement unfeasible.

The recent turn by the world’s richest man to buy the social network was controversial and, according to some analysts, pointless, short of trying to drive down the cost of Twitter or renegotiate a deal that experts say is getting more and more expensive for the Tesla CEO.

While such heavy-handed tactics are not uncommon in corporate mergers, the way in which this happens, becoming a widely publicized topic on the same platform that Elon Musk intends to acquire, is almost unprecedented, according to the Associated Press (AP).

The Tesla founder recently pushed investors to their limit by announcing that he was temporarily putting on hold the purchase of the platform he announced for nearly $44 billion, only to later correct that information and indicate that he remains committed to acquiring it.

“This is the strategy you are trying to use as a way to avoid [do negócio] or get a lower price,” said Brian Quinn, associate professor of law at Boston College.

Musk took to Twitter on Tuesday to say that the agreement reached to buy the company cannot “move forward” unless the social network provides public evidence that less than 5% of the accounts on the platform are fake or “fake spam.”

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Experts say Mux cannot unilaterally halt the deal, though that hasn’t stopped the billionaire from acting as if he could.

If he backs out of the agreement, he could be ordered to pay a $1 billion fee.

On Monday, Elon Musk bluntly and sarcastically responded to reports from the CEO of Twitter about fake accounts.

Parag Agrawal emphasized in his post that the social network blocks more than half a million “spam” accounts every day “before users even see them.”

“The most difficult problem is that many accounts that at first glance seem to be fake are actually real people. And some of the fake accounts that are actually the most dangerous and cause the most harm to our users may appear to be completely legitimate,” he added.

According to Agrawal, this is why the Twitter team cannot identify all fake profiles.

“We measure it within the company. And every quarter, we estimate that less than 5% of the quarterly monetized active users (mDAUs) are spam accounts,” he said.

However, the CEO indicated that “actual internal estimates for the past four quarters have been well below 5%.”

But Elon Musk mentioned in a tweet this Tuesday that there are “20% fake/spam accounts,” four times as many as Twitter claims.

Musk warned that the figure could be much higher and that his offer to buy was based on the accuracy of the social network’s records.

For Brian Quinn, the words of the founder of Tesla do not make sense.

“The disclosure you are asking for is the same information that the company has been filing with the SEC (U.S. Securities and Exchange Commission) for a long period of time,” he said.

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This Monday, Elon Musk said for the first time during a technology conference in Miami that he would like to pay less to buy Twitter and that a bargain at a lower price was out of the question.

Also at All In Summit, Musk estimated that at least 20% of the 229 million Twitter accounts are “spam” “bots”, noting that this percentage is at the low end of his estimate.

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Economy

Lagarde Cuts ECB Chief Economist Interventions During Monetary Policy Meetings – Monetary Policy

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Lagarde Cuts ECB Chief Economist Interventions During Monetary Policy Meetings - Monetary Policy

European Central Bank (ECB) President Christine Lagarde wants more votes to be given to all national central bank governors on the institution’s board during monetary policy meetings, reducing the intervention of the chief economist. and executive committee members at meetings, Reuters reported, citing six people close to the matter.

The British agency claims that Lagarde asked Philip Lane, the central bank’s chief economist, and Isabelle Schnabel, a member of the institution’s “executive board”, to limit their intervention and leave more room for those in charge of the central banks of the 19 eurozone countries. can comment on monetary policy in the region.

Lagarde decided to limit board presentations to 20 pages and asked staff to finish their seminars by lunchtime on the first day of the long-awaited ECB monetary policy meetings.

Also, these meetings now start on Wednesday mornings instead of the usual afternoons. In turn, Thursday’s session starts half an hour earlier to give more room for debate.

According to the same sources, these rules have already been applied at the last meeting on monetary policy, which took place on 14 April.

Lane’s presentations and proposals take center stage at the ECB’s membership meetings, which include an informal Wednesday night dinner attended by 19 ECB governors and six board members.

Until these rules were enforced, there were meetings where Lane’s presentations exceeded 60 pages, limiting the time for debate between the 19 eurozone governors.

As for Schnabel, these new rules are only preventive in nature, since, according to the same sources, his appearances are “relatively short”.

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“Philip has a huge presence [nestas reuniões]it’s good to balance [a sua posição com a dos governadores] “, one of the sources concluded.

The Council of the European Central Bank will meet on June 9 to discuss monetary policy in the euro area, while markets and the institution’s own members, including Lagarde, point to an interest rate hike already underway. end of the asset purchase program.

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