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TAP raises minimum wage to €1,410 and cuts pilot cuts by 10%



TAP raises minimum wage to €1,410 and cuts pilot cuts by 10%

TAP will raise the minimum wage for its workers from €1,330 to €1,410 retroactively through January and cut pilot pay cuts by 10%, the airline announced today.

“As a result of this open and ongoing dialogue, it was decided to upgrade the guaranteed minimum wage from €1,330 to €1,410 retroactively until January 2022. This will ensure that the principle of protecting an uncut level of remuneration equivalent to two national minimum wages is maintained,” the TAP executive committee said in a statement sent to the workers and to which Lusa had access.

According to the letter, specifically for pilots, an executive committee chaired by Christine Urmier-Widener “will unilaterally reduce the cuts they have incurred by 10%,” as well as pay the landing allowance without reduction and retroactively until January 2022 and suspend the application. mechanism of “return” (and, accordingly, do not plan overtime work).

The “clawback” mechanism is provided for in paragraph 12 of the ATE [Acordo Temporário de Emergência] and allows a fine to be applied to TAP if it exceeds 300,000 flight hours per year, as well as limits that TAP cannot schedule overtime for pilots, as explained in a note that Lusa had access to.

In terms of the aircraft fleet for the coming years, the company said the “executive team’s final decision” points to an “Embraer fleet of 19 aircraft for 2022” and “an increase in the Airbus fleet is expected” for 2023. .

“We are working on scenarios and preparing them for approval by our shareholders,” he said.

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On Wednesday, a group of trade unions representing the majority of TAP workers said the TAP executive committee had decided to break off the “negotiation process.”

Various trade union structures emphasized that they understood that “the executive committee of the TAR put itself in a position of confrontation, disrupting the course of the negotiations that took place, taking on from that moment all the duties that may arise in the future.”

On Saturday, the Civil Aviation Pilots Union (SPAC) accused TAP of taking a “baffling negotiating position” by issuing an “ultimatum” as it gave a deadline of Tuesday to accept its proposal under pain of changing the agreement. as part of the restructuring.

The SPAC said in a statement that “Given that TAP is unable to respond, this letter clearly represents an unacceptable position for the company, demonstrating an incomprehensible negotiating position.”

According to the pilots’ union, if the proposal is not accepted, “TAP is unilaterally changing the ATE. [Acordo Temporário de Emergência]with up to 10% additional trim reduction [em vez dos atuais 20% adicionais] until November 30 of the current year, suspending the “return” mechanism for the same period.

Today, TAP decided to unilaterally make the changes it proposed to SPAC.

In a message sent to workers, the air carrier’s executives warn that growth in volumes and activity “does not mean the company is profitable” as it needs to “meet all financial obligations of the recovery plan to create a sustainable PUSH.”

The executive committee also added that TAP’s path to recovery is “gaining new momentum in recent months” thanks to the start of the market recovery and financial assistance from the state, without which “the company would not have survived.”

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“But let there be no doubt: the company is still in crisis and the financial situation is still very fragile,” argue TAP managers, who highlight new difficulties, such as fuel costs and exchange rate fluctuations, due to economic developments and war in Ukraine. .

“TAP must continue to meet all the assumptions and goals set out in the Restructuring Plan approved just six months ago. The company is committed to this plan and its survival depends on meeting the agreed commitments.

The Board also makes it clear that the current pay cuts are “an obligation of everyone during the life of the plan” and that they cannot be changed “simply because business volumes increase”.

“In addition, one of the main goals identified for these cuts was to be able to accept a guaranteed minimum wage to which no cuts would apply. The application of this minimum guarantee means that the actual reductions are not 25%, but vary on average from 12% to 15%,” the letter says.

In terms of pilots specifically, the executive committee acknowledges that the emergency agreement reached under the recovery plan is “more demanding and difficult” due to additional cuts, but claims they were agreed to keep jobs during the life of the plan.

“Fortunately, with the increase in work next summer, it is no longer necessary to protect the same number of pilot jobs through a temporary emergency agreement, and TAP management is sensitive to this factor,” added the message, which ensures that the TAP Executive Committee seeks to “maintain an open dialogue with trade unions, pilots and all workers”.

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Tech sell-off throws Wall Street to the ground – Bolsa



Wall Street is drowning in recession fear.  S&P 500 at 14-month low - Stock Exchange

Major stocks across the Atlantic closed in negative territory and technology pulled Wall Street into the red. The report, which showed Americans more pessimistic about the outlook for the economy, didn’t help.

The Dow Jones industrial index fell 1.56% to 30,946.99 points, while the Standard & Poor’s 500 fell 2.01% to 3,821.55 points.

For its part, the Nasdaq Composite Technology Index fell 2.98% to 11,181.54. Despite this, it was the downfalls of giants like Amazon and Tesla that mostly took place.

Operators have taken another “reality shower” following a disturbing consumer confidence report, Bloomberg reports. The barometer of consumer expectations for economic development, reflecting a six-month forecast, fell to almost a decade’s low, discouraging investors.

The data comes at a time when analysts are still optimistic about corporate earnings in the quarter that is about to end, as record net profits are forecast for the S&P 500 group of companies.

However, the bleak economic outlook pushed Wall Street’s major indexes into negative territory after gaining about 1%.

The quarterly recovery in asset portfolios also caused volatility in Tuesday’s session.

For strategists at Goldman Sachs, earnings forecasts for companies this quarter are overly optimistic, which the bank says puts stocks at risk of further losses as Wall Street analysts cut their estimates.

Max Kettner, strategist at HSBC, also believes that stocks are not yet reflecting the impact of a potential recession and corporate results expectations are likely to be revised down.

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Pedro Braz Teixeira. “We are facing the first decarbonization energy crisis”



Pedro Braz Teixeira. "Estamos perante a primeira crise energética da descarbonização"

Faced with soaring energy prices, Pedro Braz Teixeira believes the best solution, instead of limiting imports, is for the EU to impose a tax on Russian imports, while “we continued to import the same amount of oil, but Russia got half of what he gets today” .

The new energy challenges were one of the topics of the debate organized by the Competitiveness Forum, moderated by Luis Mira Amaral. Jorge Mendonça y Costa, Executive Director of the Portuguese Association of Large Industrial Electricity Users, Ricardo Nunez, President of the Energy Traders Association, Pedro Sampaio Nunez, Former Secretary of State for Science and Innovation, and Pedro Neves Ferreira, Managing Director of Energy from EDP as speakers .

We are facing new energy challenges, but we are already seeing skyrocketing prices, especially with regard to fuel prices…

There is an important structure: we are facing the first energy crisis of decarbonization, which makes it especially difficult because it is an energy crisis in which we are trying to change the consumption pattern of the type of energy very quickly and perhaps we are trying to change too quickly. While everyone agrees on the need for decarbonization, the pace at which it is being planned does not seem very compatible with the technologies currently available because renewables have not gained much weight in recent decades and we are still very dependent on away from fossil fuels and wants a very fast transition. Even 2050 seems a little unrealistic.

And we’re already paying…

This energy crisis that we are experiencing began last spring, when there were a number of factors in the energy market that dictated these changes. The recovery of the economy along with the energy transition eventually made this worse, and for years we’ve been talking about decarburization, and it’s holding back investment in ancient fossil energy sources. I’m not going to explore new wells if I already know that I can’t sell them later.

So that led to a lot. This lack of planning results in us not having new energy because it takes a long time and we also don’t have old energy because we say the old has no future and therefore there is no investment in the old. . And at the same time, there is not enough energy on both sides, and when there is not enough energy, the price rises.

And now stakes like nuclear power and coal are back on the table…

The desire to go too fast repels us, but we cannot forget the problem of war. In fact, not only war, but also sanctions, because sanctions punish more than war. I am sincerely concerned about the sanctions. In this sixth round of sanctions, the EU wants to cut oil imports to Russia by 90% by the end of the year.

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And this is not enough time.

This is a huge amount of energy, and reaching this goal by the end of the year is unrealistic. It is very likely that we will have, especially with the approach of winter – when more energy is spent in Europe, namely for heating – a new increase in energy prices. By the way, this week we have new data and Russia is already cutting off gas supplies to Europe, which makes it clear that Europe will not be able to replenish its strategic gas reserves to weather the winter.

What I think will be on the table is that Russia is planning to take Europe to start the winter with a rope at its throat, with no reserves and no wiggle room, because it’s “plate won, plate worn out.” and Russia can cut off the gas supply at any time.

No plan B?

Oil and coal are two commodities that are easy to transport from one place to another. Of course, this is not the most practical solution, but we could import coal from Australia because it is physically possible. Now there is no gas, we need pipelines and liquefied gas, unlike oil, where no infrastructure needs to be built.

António Costa Silva has already proposed Sines as an alternative to gas.

Yes, but then there is no pipeline connection beyond the Pyrenees. This is a project that makes sense in the medium term but does not have an immediate response. I’m afraid that this winter we will have another surge in energy prices, then new pressure to raise interest rates, and soon we will have an economic slowdown. In fact, this week the chairman of the US Federal Reserve warned that there are factors beyond his control and that we could be in for inflationary surprises. Inflation is out of control and I see a very clear risk.

Is that why the Competitiveness Forum was more pessimistic than the government in terms of economic forecasts?

Because we are very concerned about the new increase in inflation.

Are we in danger of facing another crisis?

I would single out two aspects: on the one hand, the pandemic has brought an extraordinary innovation from the EU, in which they have finally managed to create a European responsibility, unlike what happened during the whole euro crisis, when they do not want to talk about it. And with the pandemic, European bonds were issued and this completely blocked path opened up. And if it was opened to help fight the pandemic, then it could also be opened to solve other European problems. Here we have a big advantage. In addition, we must be alert and be able to act very quickly. The euro crisis began in 2009 with the Greek elections, during which they revealed the whole financial situation, in which, after all, the Greek deficit was three or four times what they announced.

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What happened? Greece fell in May 2010, followed by Ireland and Portugal. It wasn’t until July 2012, after three rescues from three countries, that Mario Draghi started talking about the problem. Now the ECB got together, determined what the rate hike would be, and 10 days later the markets went crazy, leading the ECB to an emergency meeting and showing it was preparing a mechanism to be announced in July to prevent fragmentation. debt market, that is, to help Italy’s debt. Therefore, only after the announcement of this, the markets calmed down. This means that they are very attentive.

But, as a rule, exchanges react to problems in advance.

In the case of the markets, everything follows the American stock market. And the American stock market entered the so-called bear market, that is, where the bear hibernates and becomes negative. And when the market drops 20% from the previous high, that means you will enter a bear market, which is usually a very negative outlook. The US stock market, having infected everyone else, is negative about the outlook for the US economy, although here we must recall what Nobel laureate Paul Samuelson said: Stock markets have predicted nine of the last five recessions. .

Even now, BdP is forecasting growth of 6.3% this year and inflation of up to 5.9%. But after that, Mario Centeno said that he could not rule out the risk of a financial crisis…

Risk must be faced even as a risk, that is, it is not a certainty. Of course, it was possible to finally reach a peace agreement in Ukraine, but there is a risk that the situation will worsen. And when we talk about the financial crisis, it has more to do with the increase in interest rates in the eurozone, and Portugal will inevitably suffer, and with it there may be unrest. But I’m not so worried about the financial crisis, I’m more concerned about the energy issue, because the EU is stuck in this system of wanting to cut Russian imports by 90% by the end of the year.

Sanctions should hurt those who are subject to sanctions, not those who apply them. What is happening is that it will hurt us, and oil prices before the war were $60, and now $120, so Russia sells less, but sells twice as much. In other words, no more bills. There was a proposal that the EU, instead of restricting imports, introduce a tax on Russian imports. It so happened that we continued to import the same amount of oil, but Russia received half of what it receives today.

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Was it some kind of emergency tax?

It was a tax on oil exports. For example, Russia sells to India at a 25% discount, it’s like a tax. In other words, he sells to others at huge discounts.

This increase in energy costs is putting a burden on companies…

If this extraordinary tax were introduced, it would represent an extraordinary income for the entire treasury of all European countries. And at the same time, the margin for helping companies and families will be much larger. We see the opposite: we are paying with oil, half of which was state income.

And in the face of this increase in costs for companies, how do you feel about António Costa’s call for a 20% increase in wages for private workers?

This is an increase over five years and I divide this 20% over all the years it is not so significant, and in this year 2022 with inflation at such a level that 20% is the accumulated inflation over all these years.

The Competitiveness Forum was one of the first organizations to transition to the Recovery and Sustainability Plan payment deferral. How do you feel about Antonio Costa’s statements that “skepticism must be overcome”?

Portugal has been receiving European funds since 1981, so we have been receiving European funds for 41 years and we have had a stagnant economy for 20 years. I think it’s fair to think that we’re misusing European funds. And for at least 20 years we misused European funds, because when we received European funds, we had an obligation to move closer to Europe and not lose ground.

Over the past 20 years, we have misused European funds, and I apologize for this history of misuse of European funds and for the fact that PRR does not have a strategy based on economic growth, and therefore skeptical about the possibilities of PRR.

This is in line with what he was already defending when he said that “in recent decades everything has gone wrong in economic policy”…

It is not normal to use European funds. Portugal, even without European funds, was obliged to move closer to the European Union, because we are in a privileged space, we have the same currency, we have the same rules and we have the example of other countries. And even without European funds, we must move closer to Europe, and even with European funds we cannot do this.

Is income always the same regardless of the government?


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Gasoline sells 4 cents above reference price



Gasoline sells 4 cents above reference price

During the week of June 20-26, average prices at gas stations were four cents above the average weekly price set by the regulator, and diesel was 1.5 cents higher, according to ERSE data.

According to information from the Weekly Report on Supervision of Selling Prices to the Public released today by the Energy Services Regulatory Authority (ERSE), “compared to the previous week, it was found that the national average of selling prices to the public, announced on , and reported in Balcão Único da Energia, was 4.0 cents/l [cêntimos por litro] higher than this week’s effective price for plain gasoline 95, which is the highest value since the publication of this report.”

“In the case of plain diesel fuel, the public selling prices announced on the portals were also higher, by 1.5 cents/l”, and “in percentage terms, plain gasoline IO 95 was announced on the portals 1.9% higher than the effective price. , while regular diesel is also 0.7% above the effective price.”

The effective price is the average weekly price determined by ERSE, which is the result of the sum of several factors, namely: “fuel prices in international markets and related shipping, primary logistics, including in this part the strategic and security of the National Oil System, additional costs, related to the inclusion of biofuels and the retail component, plus related taxes,” he explained.

In the same report, ERSE indicated that “Even compared to the previous week for discount prices”, which are the average prices published by the Directorate General of Energy and Geology (DGEG), they “remained below the effective price”. , with plain 95 petrol “the deviation is 0.1% compared to the effective price and plain diesel – 1.7%”, and “in absolute terms, these estimates are located, for 95 and plain diesel, at 0.2 cents / l and 3.6 cents/liter below effective prices, respectively,” notes ERSE.

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The regulator also said that this week (June 27 to July 3) “the effective pre-tax price is 1277 EUR/l. [euros/litro] for plain 95 petrol and 1393 euro/l for plain diesel” and that “after tax, the effective price is 2132 euro/l and 2123 euro/l for plain 95 petrol and plain diesel, respectively”.

Fuel prices are down this week, with the government estimating three cents per liter of diesel and 3.9 cents for gasoline, according to Treasury Department data sent to Lusa today.

In the case of diesel fuel, the forecast drop is the first since the beginning of the week on May 30th. Gasoline saw a second week of declines in a row, which ended the growth cycle since May 9.

ERSE has started publishing a new fuel price watchdog report weekly since May 30, which will compare the prices set at filling stations with those calculated by the regulator.

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