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Housing loan: if Euribor reaches 2%, families will pay “another 200 euros every month”



Housing loan: if Euribor reaches 2%, families will pay "another 200 euros every month"

The provision of mortgage loans may increase by more than 200 euros from next year. According to the Portuguese Consumer Protection Association (DECO), this is the result of higher interest rates.

In negative territory since November 2015 Euribor started to rise at six months at the beginning of the year and now, for the first time in seven years, has reached positive values.

On the SIC antenna market analyst Katarina Castrospeaks of “the beginning of a new paradigm (…), which began to be tested at the beginning of the year and which has only been aggravated by this geopolitical conflict,” the war in Ukraine.

BUT The six-month rate is most commonly used in Portugal for home loans and is trending higher. Now it is close to 0.01% and is projected to reach 2% next summer.

In the case of a loan of 200 thousand euros, if the Euribor reaches 1%, we are talking about an additional 110 euros per month. If it reaches 2%, we are talking about an additional 200 euros every month. To give you an idea, the €630 fee increases to €840. It’s very important” warns Nuno Rico, economist at DECO.

BUT The question does not arise for those with a fixed rate, but more than 93% of mortgages in Portugal are issued at a floating rate.

And if we new loans, increase immediatelyin others, it depends. But no one runs away. “Each time the index is revised, in this case depending on its maturity, every three, six or 12 out of 12, families will be penalized.“, the DECO economist predicts.

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The Euribor depends on the reference rate of the European Central Bank (ECB), which has already announced that it will have to raise interest rates to control inflation. What you don’t know yet is when you are going to do it and how many times.

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The company creates a revolutionary battery with a power reserve of 1000 km



CATL: Empresa cria bateria revolucionária com 1000 km de autonomia

Battery electrical problem? The electric vehicle segment has grown significantly and one can clearly see the evolution of the entire ecosystem, especially in terms of autonomy and charging points. However, vehicle autonomy continues to be one of the areas of strong research and there are simply impressive solutions that show that we are on the right track.

Recently, a new battery has been introduced that guarantees 1000 km of battery life and can be charged up to 80% in just 10 minutes.

The Qilin battery has an energy density of 255 Wh/kg.

The Chinese giant CATL has introduced a fantastic new product for the electric segment. This is a battery that guarantees 1000 km of battery life and is able to charge up to 80% in just 10 minutes, isn't it fantastic? according to the channel insidersThe next generation battery will be more efficient and energy intensive and will hit the market as early as next year.

The battery, called Qilin, has an energy density of 255 Wh/kg. CATL said it will supply BMW with state-of-the-art cylindrical batteries from 2025, guaranteeing high performance for a new family of electric vehicles manufactured by the German company.

CATL: The company creates a revolutionary battery with a range of 1000 km

Despite all the innovations, CATL is going through hard times. In the first quarter of 2022, due to the increase in the cost of raw materials, profit fell by 24%. In May, the company said it expects better results in the second quarter by adjusting its pricing tables.

It should be noted that CATL sold the equivalent of 41.4 GWh of batteries in the first 4 months of the year alone, double that of LG Energy Solution, which sold "only" 20 GWh.

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Miners and companies leave the cryptocurrency market en masse because it does not bring profit



Mineração de criptomoedas

As we have been reporting over the past few weeks, the cryptocurrency segment is going through a less fortunate phase, with the valuation of currencies plummeting, leaving investors wary.

In this sense, this reality has several implications, including the fact that miners and companies operating in the sector are leaving the cryptocurrency market en masse as their mining is no longer profitable.

Miners and companies say goodbye to the cryptocurrency market

The cryptocurrency market is going through hard times and in particular, bitcoin, the most popular digital currency in the world, fell below $20,000 last Saturday (18), showing lowest value since December 2020. Not at the time of this writingthis cryptocurrency is worth $21,347.03.

So we are now seeing some of the repercussions and reactions to this fall in digital currencies. Recently, for example, we reported that we witnessed video card wholesale used for cryptocurrency mining.

And the latest news goes even further and indicates that, including due to the increase in the price of electricity, miners and companies investing in the cryptocurrency segment are now massively leaving that same market, since it has ceased to be profitable.

As you can see from the chart above, the TWh energy consumption related to Bitcoin had an interesting increase between mid-2021 and early 2022. But after some stable time, the same consumption has fallen sharply in past times.

At a peak of around 200 TWh, this consumption was the same as that spent by entire countries such as Argentina. Another interesting comparison is that this same consumption is equal to the amount of electricity consumed by all data centers around the world in a year.

But at the moment, even large companies that are betting on the practice of mining digital currencies are leaving this sector because they believe that it is currently a big problem when they cannot make a profit and bear the daily costs.

In addition, the energy consumption associated with Ethereum ends up having the same characteristics. As you can see in the chart above, there was a significant increase in January, which slowed down in recent weeks and then fell sharply.

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Prices have risen and uncertainty about the future advises saving. Find out how and where



Prices have risen and uncertainty about the future advises saving.  Find out how and where

CNN Portugal spoke to an economist to see if the country should brace for a recession and put together some savings tips that could help mitigate the effects of a possible protracted economic crisis.

With a war in Ukraine with no end in sight, the times ahead will be challenging. Inflation continues to rise, while fuel, housing and raw materials lag behind. More and more important, though more difficult, is conservation.

Is a recession coming? According to Ricardo Ferras, professor of economics at the University of Lusofon and ISEG researcher, it is too early to talk about this scenario. “We know that the most recent forecasts from international organizations point to a slowdown in the Portuguese economy over the next few quarters. But, at least for now, they don’t see the country going into recession.”

“However, there is a huge unpredictability in the world, so any macroeconomic scenario has a high degree of uncertainty. and investments,” he added.

According to the economist, “a protracted economic downturn will certainly be synonymous with deep destruction of wealth. If household consumption and corporate investment collapse, there will be bankruptcies and layoffs.”

Since the beginning of the year, everything has risen in price and revenues do not keep up with this growth. According to a report by Ricardo Ferras, “Food and drink rose 7.6%” and combined “housing, water, electricity, gas and other fuel prices rose 7.7%.” Only fuel increased by “an astronomical 20%”. And all this within five months.

To try and alleviate these difficult times ahead, CNN Portugal also spoke to Natalia Nunez of Deco’s financial protection team. Despite the difficulties, there are exercises that can be done daily and that can save tens of euros at the end of the month.

From housing, fuel and grocery shopping, here are some of the specialist’s recommendations.

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Public transport or own car?

  • follow public transport user, the main advice is to find the pass that best suits your needs if you are not a Unified Social Pass user. “Sometimes there are municipalities that do some kind of discount for people over 65 or for young people, and people don’t know about it,” recalls Deko;
  • If you live relatively close to work, you can always choose to walk or bike;
  • If you really need to use own car, since there is no public transportation that gives the answer, decide to share the car with other people, whether they are colleagues or friends who work in the same place or in the same area. So you can split the cost of fuel or tolls;
  • Before fill the car, always try to compare prices at different gas stations and choose the one that offers the most affordable prices. O website of the Directorate General of Energy and Prices can help you in this search;
  • Avoid using the car for short distances that can be covered on foot;
  • try to have one economical driving: Avoid aggressive driving, try to maintain a constant speed and do not always accelerate and brake. Keep engine RPM as low as possible by using higher gears to keep RPM low.

Prepare for a trip to the supermarket

According to Natalia Nunez, it is “important for families to know how much they spend on food every month” in order to be able to set savings goals. After this analysis, here are the most practical tips:

  • Make a list before you go shopping. And maybe it’s not a good idea to do it in your head. It’s best to look in your pantry and write down what you really need so you don’t buy items that you end up having to spend or use;
  • Make a meal plan it can also help to create an even more stringent shopping list because you end up only buying what you know you’re going to eat;
  • Set a budget. Do not shop without setting a limit on the amount you are willing or able to spend. According to Natalia Nunez, “it’s important to shop for a while” in order to “be able to see and compare all the prices.” Don’t forget that the cheapest prices are not always at eye level on the shelves, they can be higher or lower;
  • Don’t be tempted by promotions. It is important to have an idea of ​​the original price of the non-promotion product in order to know if advertising is really paying off, even if they are promotions packages;
  • Still in the field of promotions you should be aware of product expiration. This is because it may be useful to take, for example, two detergents, but this does not apply to yogurts. If the deadline is too short, “we run the risk of spending the money”;
  • Don’t go to the supermarket hungry. This is one of the factors that tends to induce the consumer to buy more than he really needs.
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Try to cook as much food as possible at home, trying to avoid food waste.

Is it time to reevaluate your mortgage?

Natalia Nunez reminds us that the most important thing in this area is “to look at the level of our efforts”. providing home loan should not exceed 35% of net profit. “This is the golden rule,” he explains.

If your mortgage payment is about 45% of your monthly net income, you should try to understand if your conditions match those of the market. If this is not the case, you should call the institution where you have a mortgage and try to renegotiate the terms.

You should also check if the spread matches the values ​​that are practiced in the market. As? Running some simulations on banks websites or on Banco de Portugal banking customer portal. These simulators can be used by anyone and are a “good source of condition checking”.

You should also check the amount of insurance associated with your home loan. When applying for a mortgage loan, an agreement is also concluded with an insurance company and, as a rule, people forget to check whether these values ​​are still being adjusted. The rule is the same as for the spread, simulate or contact insurance intermediaries.

What charges do you pay to the bank?

If you have a single bank account that always has a cost associated with it, namely maintenance costs, consider requesting that this account be converted to a minimum banking account. According to Decaux, this is a way to “reduce costs”;

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You may have already wondered if it makes sense to have a savings account. Natalia Nunez believes that she does this only if “it’s not very expensive.” To do this, “we need to seek and negotiate.” However, a savings account remains the most efficient way to save some money.

If you do not have a savings account, you should not do two things: keep the accumulated money in a checking account, that is, in the account that you use every day; or even keep money in an envelope at home.

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