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Costa Silva may revive interest in Algarve offshore gas exploration – Energy

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Costa Silva may revive interest in Algarve offshore gas exploration - Energy

Economy and Maritime Minister António Costa Silva said this Thursday in Parliament that Portugal can now have an important natural gas hub in the Algarve and produce this fuel, which is currently in short supply in Europe, given the threat from Russia to cut off supplies to European Union countries. , which depend almost exclusively on it.

Faced with statements from SDP MPs made in 2018 when he was the CEO of the oil company Partex (owned by Gulbenkian and then sold to Thai shareholders) and said it was “not worth investing anymore in Portugal”, Costa Silva justified it. he said this in light of the hurdles and hurdles that the company he leads was facing from the government at a time when it wanted to explore offshore gas in the Algarve.

“I have huge gas reserves off the coast of the Algarve, but it was impossible to move forward, so I say that it was not worth investing,” the minister said, emphasizing: “If today there are companies interested in investing in these reserves and if they come to me, I won’t have reservations. I don’t think outside the box. I don’t have any boxes.” However, the minister assured that there is still no deep sea mining project.

Costa Silva was heard this Thursday at the joint hearings of the Committee on Economy, Public Works, Planning and Housing and the Committee on Agriculture and Fisheries as part of the assessment, in particular, of the state budget for 2022.

Four years ago, when he was in charge of the fate of Partex, the current economy minister said that his company had just decided to stop investing in Portugal and that he would not challenge the termination of contracts with the government for exploration and exploration of oil.

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“We just decided not to invest any more in Portugal, it’s not worth it. We gambled on the Algarve project because there was a government where the much-criticized Minister Alvaro Santos Pereira was developing natural resources and realized that the country needed a wave of reindustrialization and that this would create wealth and jobs,” he said.

And he explained: “When the government changed, we went into the opposite cycle, which is to govern according to what the mayors and public opinion say, without having a clear idea of ​​​​the importance that the Algarve project can have,” said is he.

According to the official, the project [do Algarve] was “plausible and workable”, and seismic campaigns were carried out. He also adds that he has closed projects in Peniche and Alentejo.

According to the then president of Partex, “a policy that opposes companies and profits does not create favorable conditions for investment and the development of the country.”

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Economy

LUNA Creator Wants to Hard Fork to Save Cryptocurrency and Kill UST Stablecoin

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LUNA Creator Wants to Hard Fork to Save Cryptocurrency and Kill UST Stablecoin

Do Kwon has a plan to try to revive the Earth’s ecosystem and its cryptocurrency MOON: Retire current network and UST stablecoin.

South Korean founder of Terraform Labs defended this Monday (16th) that Earth’s blockchain must go through hard fork which will split the current network into two parts. The old version will be called “Terra Classic” and the new one will be simply “Terra”.

With the adoption of the new version of the blockchain, a new cryptocurrency called Luna appears on the market, and the old token is renamed Luna Classic with the symbol LUNC.

In the new Terra ecosystem, UST is abandoned in the old chain, and the updated version of Terra no longer has stablecoin algorithm.

“Land is more than UST,” Kwon wrote. “While UST has been the central narrative of the Earth’s growth story over the past year, the spread of UST has led to the development of one of the strongest developer ecosystems in crypto that is worth preserving.”

Case a offer will be voted on by the community this Wednesday (18), the hard fork that will create the new Earth circuit will take place next Friday (27).

Distribution of the new version of LUNA

If the hard fork is approved, the new version of Luna will be distributed in the form of airdrops targeted at coin holders.

According to Do Kwon’s proposal, Luna will be distributed free of charge to holders and users who make bid current currency version; for UST holders and developers of major Earth applications.

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According to Kwon, the Terraform Labs wallet will not be participating in this giveaway, which “makes Terra a fully community-owned network.”

The tokens will be distributed to users who had Luna and UST in their wallet at the time the snapshot was taken, with a record of the wallets and their amounts in the given time period.

To determine the distribution of tokens, two snapshots will be taken: the first entry “before the attack” will be from block 7544914 on May 7, and “launch” will be block 7790000 mined on May 27th.

In total, 1 billion Luna tokens will be issued in the new version of the blockchain, distributed as follows:

25% – community pool regulated by management

1% – emergency allocation for core developers (no crashes)

4% are core developers

35% – holders with Luna (minus Terraform Labs wallet) in snapshot”before the attack

10% – Luna holders (including derivatives) in a snapshot”launch

25% – UST holders in the picture”launch

In order to prevent tokens from being dumped into the market after launch, the proposal states that new holders will be locked by coins (cliff) during a year.

“We believe that this distribution of tokens, in addition to LFG’s best efforts to help UST holders, better takes into account the different interests and time preferences for each stakeholder group and, more importantly, creates the most viable path for the rebirth of the Earth’s ecosystem.” concluded Do Kwon.

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Economy

Millennium BCP Nearly Doubles Earnings to $113M – Banking & Finance

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Millennium BCP Nearly Doubles Earnings to $113M - Banking & Finance

In the first quarter, Millennium BCP posted a profit of 113 million euros, up 95% on the same period last year. The vast majority of this result came from Portugal at €107.6 million, up 29% year-over-year, the bank said in a statement to CMVM.

A result that was “impacted by €123.3 million in fees associated with a Swiss franc loan portfolio provided by a subsidiary in Poland.” Excluding these expenses, the net profit would have been 174.6 million euros, the bank guarantees – in this case, an increase of 52.6% compared to the comparable value in 2021.

The bank also reports that operating expenses reached 255 million euros, up slightly by 1.1%.

In terms of equity, which indicates the bank’s ability to withstand external shocks, the CET 1 (Common Equity Tier 1) ratio was 11.5%, while the total capital ratio was 15.5%.

The total assets of the bank increased from 88.4 billion euros to 95.6 billion euros, an increase of 8.1%, the bank also indicates.

Deposits and other customer resources increased by 10.1% (from 65.3 to 71.9 billion euros), while loans to customers increased by 4.5% (from 54.2 to 56.6 billion euros).

In the difference between these two elements – interest charged on loans issued and interest paid by the bank to depositors – net interest income increased by 24.1%, to 465 million euros.

As for overdue loans, they grew from 5.5% to 4.6% over the year.

Inflation and interest rates do not significantly affect impairment

At a press conference this Monday, Miguel Maia said that inflation and the new context of higher interest rates should not have a major impact on the bank’s depreciation. “In the main scenario, I don’t see an increase in impairment,” the bank’s CEO said.

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This greater calmness is facilitated by the employment situation. If there had been an escalation in this case, “we could have had an additional problem,” he added. “Fortunately, no.

Miguel Maya, who even sees some positive effects in moderate inflation, stresses that it will now depend on how long it takes to reach the 2% level. According to the CEO, the war will continue to play an important role in determining the evolution of prices.

Regarding the possible purchase of Novo Banco, Miguel Maia reiterated that Millennium BCP’s growth is occurring organically and not through acquisitions. “It’s not part of our strategy to make it clear once and for all,” shot Miguel Maia, who however admits he’ll appreciate the opportunity when it becomes available. “We look at any operation that enters the market,” he stressed.

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Economy

Portugal will be the fastest growing country in the EU in 2022 (and inflation is accelerating)

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Portugal will be the fastest growing country in the EU in 2022 (and inflation is accelerating)

BUT The European Commission is more optimistic and sees Gross domestic product (GDP) of Portugal will grow by 5.8% this year, which means an upward revision from previous forecasts. OUR The inflation rate, also revised upwards, should be set at 4.4%. em 2022, according to the spring economic forecast released this Monday.

In a previous forecast released on February 10, the European Commission estimated that Portugal’s GDP would grow by 5.5% this year. The inflation forecast was 2.3%.

The report of the European Commission notes that “in Growth prospects remain strong despite challenges associated with commodity prices, global supply chains and greater uncertainty in external demand.”

With the settlement rate for this year, Portugal will be the country that will grow the most in 2022according to the forecasts of the European Commission:

Next year, Brussels forecasts GDP growth in Portugal at 2.7%, while inflation is expected at 1.9%.

The European Commission also improved by 1.5 percentage points (pp) the Portuguese deficit forecastpending government account deficit 1.9% this year, in accordance with government decree.

In its spring macroeconomic outlook, Brussels projects a deficit of 1.9% of gross domestic product (GDP) this year, compared to 3.4% estimated in the fall, and is also more optimistic about budget performance in 2023, when a deficit is expected. at a rate of 1%, when a negative balance of 2.8% was previously predicted.

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Thus, the European Commission’s forecast of a shortage of technical specialists is in line with the forecast of the Ministry of Finance for this year, which is the basis of the state budget proposal.

[Notícia atualizada às 10h39]

Read also: Inflation is at 6.1% this year in the eurozone, peaking in the second quarter.

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