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Montepio. Vitor Melisias leaves the stage



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. “


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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Fasten your seat belts well. Volatility persists on Wall Street – Stock Exchange



Fasten your seat belts well.  Volatility persists on Wall Street - Stock Exchange

Stocks on the other side of the Atlantic have experienced another day of high emotions, a real roller coaster, to the point where CNN Business said “investors better tighten their belts because there is no sign of an end to Wall Street volatility.” .

The Dow Jones industrial index fell 0.19% to 34,297.73 points. Remember, on January 5th it reached a level that was not there before, 36,952.65 points.

The Dow Jones index was losing ground in the sell-off move that was seen for most of the session, but in the last hour of trading it managed to turn around, as it did yesterday. However, in the last stretch, he again caught his breath, and he returned to negative terrain.

Johnson & Johnson and American Express, which are the two components of the Dow, fared well after delivering good “forecasts” in their keynote presentations that helped revitalize the index, but not enough to keep it afloat.

The Standard & Poor’s 500 closed down 1.22% at 4356.45. Its all-time high was reached in intraday trading on January 4 at 4818.62 points.

On the other hand, the technology index Nasdaq Composite, which is in the correction zone, depreciated by 2.28% and stopped at 13,539.30 points. The Nasdaq’s all-time high is 16,212.23 points, set on November 22.

Contributing to strong volatility was a two-day Fed meeting that kept investors waiting. Tomorrow at 19:00 in Lisbon, instructions on the monetary policy of the Central Bank will be given, but everything still indicates that the Fed will start raising the key rate in March.

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Investors are also attentive to the presentation of technology accounts. After Netflix on Thursday and IBM this week, it will be Microsoft’s turn today to publish its results after the stock markets close. Tesla follows tomorrow and Apple on Thursday.

Maybe a new rally

Pains and Capital, in a research note that Negosios had access to, indicated yesterday that the sell-off registered last week caused the S&P 500 to lose the equivalent of six months of gains.

“The big question for investors this week is: Where do we go next? First, the market is deeply oversold. The S&P 500 is showing the lowest Relative Strength Index (RSI) reading since the March 2020 crash. However, the market is as oversold as and during the first wave of the global pandemic,” said Graham Summers, chief strategist at Phoenix Capital Management, in the aforementioned “research” by Gains Pains Capital.

“This suggests a bounce is expected. It is highly unlikely that stocks will continue to fall from now on. Instead, we may have a rally after the Fed meeting on Wednesday. extra “foam” from the markets,” he added.

Near debut for the S&P 500

On Tuesday, the S&P 500 reversed its negative trend and entered a bullish field, and if it maintained a positive trend until the close, that would be a feat.

According to Bloomberg data dating back to the early 1980s, the S&P 500 never dropped at least 2% from the previous session for two consecutive sessions before ending up positive. And today was supposed to happen.

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Another interesting statistic is that only eight times – on two consecutive days – did the index fall 1% during intraday trading and then close higher: three times in 2002, three times in 2008-2009 (during global financial crisis), once in 2015. and one in 2020.

“Buy dip”

One of the reasons for the retracement throughout the session and even into the close (just like yesterday) is the fact that many investors take advantage of the dip to buy – so-called “buying the dip”.

“Stock buyers have resurfaced to take advantage of shares at a bargain price after a sell-off sparked by fears of a tougher Fed stance and a Russian military buildup on the border with Ukraine,” Bloomberg notes.

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Broken recovery and high inflation: this will be the year 2022, according to the IMF



Broken recovery and high inflation: this will be the year 2022, according to the IMF

The recovery of the economy from the crisis caused by the pandemic will slow down in 2022, according to the forecasts of the International Monetary Fund (IMF), published on Tuesday in Washington. Annual global growth will slow from 5.9% in 2021—the highest level since 1973—to 4.4% in 2022 and 3.8% in 2023, a more optimistic trajectory than that recently proposed by the World bank.

The progressive slowdown is due to a “glut of growing cases” that pile up without resolution and exacerbate disparities in the pace of economic recovery in various parts of the world, fueling rising inflation in all major cities. especially the US — and disruptions in global supply chains forcing governments to start tightening fiscal policy to deal with record global public debt close to 100% of global GDP. To all this “burden”, the IMF adds growing geopolitical tensions (especially in Eastern Europe and the Asia-Pacific region), a gap in covid vaccinations (only 4% in poor countries) and a high probability of a multiplication of natural disasters due to climate. change.

Undermining the global economy

It is therefore not surprising that the IMF document released on Tuesday bears the ambiguous title “Hull Overload, Discontinuous Recovery and High Inflation”. Also, in a pessimistic tone, the speech of the Fund’s chief economist, and since last week, the first deputy general director, Gita Gopinath, was published. “Destroyed World Economy”named number two by Kristalina Georgieva in an article she published on the institution’s blog summarizing global trends.

As a result of this “overload” of growing and persistent problems, IMF economists cut growth forecasts for the world and the seven largest economies.compared to what they advanced in the World Economic Outlook (WEO) last October. This January publication is a limited interim update for large countries only, not including forecasts for small and medium-sized countries such as Portugal, which will not be published until April when the new full edition of the WEO is released.

Among the scissors, the highest cuts in growth Brazil (which is decelerating sharply, from 4.7% in 2021 to 0.3% in 2022, already close to stagnation), USA and Mexicoand more moderate for Germany, Canada, China and Spain.

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Some good news for Portugal

Despite lower forecasts, the global dynamics this year will be marked by strong divergence in growth rates.

According to the IMF, the ten largest economies will accelerate in 2022: Germany, Saudi Arabia, the five members of ASEAN (Association of Southeast Asian Nations), Spain, India (which turned out to be the largest economy with the highest growth rates). surpassing China) and Japan. The acceleration in Germany and Spain is good news for Portugal, which has these countries among its main export destinations.

On the contrary, there are 10 other major countries that have slowed down this year: South Africa, Brazil (the most dramatic case since the austerity introduced in 2021 by Economy Minister Paulo Guedes and consecutive interest rate hikes by the Brazilian Central Bank), China. (whose growth will almost halve and remain below 5%), the US, France, Italy, Mexico, the UK, Russia and the eurozone as a whole (slowing down from 5.2% in 2021 to 3.9% in 2022). Some of these countries are Portugal’s export destinations and these forecasts are a warning.

But these forecasts may have to be revised again in April or summer. There are problems that could get worse, the IMF quotes: the development of the pandemic; how China will deal with the real estate crisis and the disruption caused by the zero covid policy; multiplication of natural disasters; the growth of popular uprisings against the high cost of living; and exacerbation of geopolitical tensionswith the rise of Russia and China.

Inflation does not leave us, but next year it will decrease

Restrictions spurring consumer price growth will not ease in 2022. On the contrary, according to the IMF forecast, the surge in inflation will continue this year, and next year there will be only signs of a slowdown.

Some of the components that put the most pressure on the consumer price index, according to the forecasts of the Fund’s economists, will continue to grow: the average price of a barrel of oil of various grades will rise by 12%, the price of natural gas will rise by 58%, and the price of food raw materials will rise by another 4.5%.

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As a result of these price developments, forecasts point to an increase in US annual inflation from 5.3% (highest since 1990) last year to 5.9% this year (new high since 1982). Although at lower levels, a similar trajectory is expected for the eurozone, from 2.6% last year to 3% this year, the highest since 2011. In the case of emerging market and developing countries, the average annual rate will increase from 5.7%. up 5.9% over this period.

Anyway, inflation surge in 2023 slows down, proving to be “short-term”, although the IMF document does not use the word banned in official communications by many central banks. In the euro area, the forecast points to a decline in inflation in 2023 to 1.7%, which is slightly below even the forecasts (1.8%) presented by the European Central Bank (ECB) in support of the strategy approved and confirmed by President Christine Lagarde. ECB. In the US, inflation will fall to 2.7%, still above the Federal Reserve’s target (which wants to control prices at around 2%). In emerging and developing markets, it will decrease from 5.9% in 2022 to 4.7% in 2023.

Monetary tightening hurts: IMF recommends debt restructuring for the most vulnerable

This year, the IMF does not propose a single recipe, emphasizing the diversity of situations and the recommendation that “policies should be adapted to specific circumstances.” Kristalina Georgieva, CEO of the Fund, has already put forward this orientation in a debate held at the World Economic Forum conference in Davos this month. However, he cannot fail to highlight two central trends that will intensify in 2022: greater monetary and fiscal tightening.

Monetary tightening began last year when 50 central banks, mostly in emerging market and developing economies, raised interest rates.followed by some major central banks such as the Bank of England. Interest rate increases are expected to take first place this year. in several banks in developed countries, starting with the US Federal Reserve System (FRS), and that asset purchase programs have been discontinued in whole or in part, with the exception of Japan (which will deal with inflation around 1%). China has also shown itself to be opposed to monetary tightening, but the IMF will release an analysis of the Chinese economy on Thursday after the institution’s latest Article IV visit (allowing for this regular analysis).

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The tightening by the Fed will have global consequences, the IMF warns. The way the Fed communicates the removal of stimulus will or will not allow a correction to a greater or lesser extent. “ordered” in the markets,” said Geeta Gopinath at a press conference following the publication of the forecasts. A correction in some markets is expected or already underway, and some “are seeing high levels of exuberance,” Gopinath added.

“All countries must prepare for tightening financial conditions” and, in particular, emerging market and emerging market countries with more dollar debt will face “shocks,” the IMF document said. The fund advises them to try to negotiate (extend) maturities or even seek international support to restructure their debts. The IMF is calling on the G20 and private lenders to impose a debt moratorium on the 60% of the lowest-income countries that are already at risk of maximum stress.

On the budget side, government accounts will once again be “under pressure in the coming months and years” and governments should once again be “committed to demonstrating a medium-term plan that guarantees a path to debt sustainability,” the Fund advises. Brazil was the pioneer of austerity in 2021, and the award was received by Economy Minister Paulo Guedes during a debate held in Davos, where he stressed that he hoped to lock in a budget surplus in 2021 and that the Central Bank raised the Selic interest rate. several times. The next result, if the IMF forecasts come true, is a sharp decline in growth in 2022, approaching stagnation. Growth will accelerate next year, but only to 1.6%.

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Landlords must report rent by the end of the month. Set this and other IRS dates until the declaration is delivered



Landlords must report rent by the end of the month.  Set this and other IRS dates until the declaration is delivered



Landlords who are exempt and have not chosen to issue electronic rent receipts must submit a Model 44 return to the Finance Department via the Internet by the end of this month – Sunday 30th. delivered to the department by the following Friday.

And who are these taxpayers who are exempt from electronic income receipts?

These are owners who do not have and are not required to have an e-mail box and who did not receive more than 877,622 euros of rent (double the social support index) in 2021. These two conditions are combined.

Landlords who were 65 years of age or older on December 31, 2021, and taxpayers who receive rent under agreements covered by the Rural Lease Scheme, are also exempt.


˂ Consult and update your personal page on the Financial Portal with your family composition and other relevant personal items, such as the email address or NIB to which the state should transfer the IRS refund.

˂ Indicate spending on education and training in the interior of the country or in the autonomous region. You can deduct 40% of these fees up to a limit of one thousand euros, and the rent paid for the maintenance of a relocated student is not more than 300 euros.

˂ Tell the finance department about the rent for permanent housing if you have moved to the hinterland. You can deduct up to one thousand euros in the IRS instead of the usual 502 euros.

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˂ Consider the duration of long-term permanent housing leases (contracts of up to two years or more), as well as the termination of such contracts. This type of lease benefits from lower tax rates, which decrease in proportion to the number of years the property is occupied, as agreed with the tenant. This is done through the financial portal.



It is time to check or report, if your e-invoice portal personal account is not displayed in your personal account, invoices for expenses incurred in 2021. Based on these expenses, the IRS calculates a withholding from the IRS Fee, which reduces the weight of the invoice and increases the government’s possible refund. Thus, in addition to promoting a fairer tax system, the IRS is cutting costs when requesting an invoice with a taxpayer number for education and training, health care, and housing expenses.

There is also a discount related to general family expenses, which includes any fees, up to a deduction limit of €250 per taxpayer (€335 for single parent families). Maintenance payments determined by the court must also be indicated in the declaration according to model 3, since 20% of their total amount can be deducted from the tax. Don’t forget to request an invoice in certain areas of activity corresponding to the percentage of VAT paid in your pocket: 15% for car and motorcycle repairs, accommodation and meals, hairdressing, veterinary activities and gyms and 100% for expenses. with monthly passes for public transport.

Finally, keep in mind that there is a general limit to the set of tax deductions and benefits that follows from the mathematical formula. It varies by household income, the higher the lower the ceiling. Families with three or more children are eligible for an increase in the limit.

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Open an IRS campaign. It is not recommended to send or confirm the data, if they are subject to automatic declaration, during the first 15 days of the period, since, as a rule, it is during this period that the technical services detect possible errors in the system and correct them. You will not be affected in terms of calculating your tax, but you may be penalized with an increase in the time it takes to settle your return and the corresponding tax refund, if applicable.

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