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Ricardo Machado buys the former estate of Espiritu Santo from the Spaniards – Agriculture and fisheries

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Ricardo Machado buys the former estate of Espiritu Santo from the Spaniards - Agriculture and fisheries

Ricardo Machado is the new owner of it all: 7,300 ha, of which 1,200 ha are tourist hunting grounds reserved for famous national and international hunters during the period allotted for hunting big game such as deer, fallow deer, mouflon, corsair or wild boar . .

This is Herdade do Vale Feitoso, the largest gated private property in Portugal and one of the giants of the Iberian Peninsula.

Located in Idanha a Nova, Castelo Branco area, it was bought by the Espírito Santo (GES) group in 2004 and converted by the Salgado into a kind of family estate, a place for parties and hunting with friends.

Meanwhile, the GES collapsed and the owner of the Companhia Agrícola de Penha Garcia estate, named after a village in Idanha with just over 500 inhabitants, went bankrupt.

The BES heir later seized these assets and the company was declared insolvent in February 2017, during which Novo Banco demanded a €53.3 million loan.

Since the end of 2018, the bankrupt Peña Garcia estate has been promoting various sale procedures with successive price reviews, as it was sold to a real estate investment fund owned by the Spanish group Tenigla last year.

Purchase for an amount “far in excess” of the 20.7 million paid by the Spaniards.

Herdade do Vale Feitoso has now passed into the hands of Ricardo Machado at a price “well in excess” of the €20.7 million paid by the Spaniards, the Portuguese businessman assured Negosios, without disclosing the exact value of the deal.

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Machado assures that he will “support the entire investment plan of 50 million euros” that the Spanish group announced for Vale Feitoso, making it a “self-sustaining estate”, as its goal is to bet “on the acquisition of more forest areas”. “.” in our country.

With the acquisition of the former estate of Espírito Santo, the Portuguese businessman, who has succeeded in business projects in several African countries, intends to “follow a plan to reorient the geographical presence of his investment portfolio, reducing his presence on the African continent and increasing the stakes on Europe and, in particular, on Portugal,” Machado explains in a note sent to Negosius.

In the context of this territorial reorientation strategy, the Portuguese businessman adds that “he sold his assets in the multilateral bank Afreximbank and in a commercial bank in Ghana, including other real estate assets, some of which are related to retail, which he owned in the same African country. “.

Its aim, he says, “is to continue and expand the Herdade do Vale Feitoso transformation project that the Spaniards started and which includes a combination of stakes in forestry and livestock, tourism and hunting.”

The project adds to other investments Machado says he already has in Portugal, “in the centre, in the south and in the islands, in agri-food, tourism and energy areas.”

Millionaire lawsuit against General Electric and the state of Angola

Meanwhile, Ricardo Leitao Machado and his company AEnergy are “continuing several litigations in civil and arbitration courts in the US, UK, Switzerland and Angola against the US group General Electric and the Republic of Angola.”

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Machado is holding them “for breach of contract, fraud and non-contractual damages related to 13 contracts and investment projects in Angola worth US$1.2 billion that were unilaterally terminated by the Angolan state, including the subsequent illegal expropriation of equipment and other assets.” Aenergy,” he accuses.

On this occasion, last April it became known that the US justice refused to consider the case initiated by AEnergy against the Angolan state, so now the case will be considered in Luanda.

On May 7 last year, the company filed a lawsuit in New York Federal Court against the American company General Electric and the government of Angola, seeking compensation of about $550 million (more than $539.3 million) for termination of contracts.

The case concerns 13 contracts signed between Aenergy and the Ministry of Energy and Water Resources (Minea) in 2017 for the construction, expansion, conversion, operation and maintenance of power plants in Angola.

This is a civil lawsuit filed by Aenergy, owned by Ricardo Leitao Machado, and its subsidiary Soyo SA combined cycle power plant against Minea, the Ministry of Finance, Empresa Pública de Produção de Eletricidade (ENDE) and the National Electricity Distribution Company (Prodel), named ” Angolan Defendants” and against three General Electric (GE) corporations, a former commercial partner of the prosecutor.

Aenergy’s original indictment in New York Federal Court, filed in May 2021, charges the “Angola defendants” with eight offenses, including two offenses of termination of contract, one of illicit enrichment, two of breaking the law (physical and intangible assets) and the crime of illegal expropriation.

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Aenergy has been embroiled in a dispute with Angola since Angola’s chief executive terminated several contracts with the company in 2019, alleging a breach of trust due to alleged breaches, allegations the company denies, ensuring it warned Minea and completed several projects. without receiving payment.

(News updated at 18:48)

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Vinted has been targeted by online scammers | Internet

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Vinted has been targeted by online scammers |  Internet

Platform online Wynted was attacked by tell jokes. According to Portal da Queixa, a Lithuanian company that buys, sells and exchanges goods has received several complaints from Portuguese users who have been deceived by fraudulent schemes.

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How Asia’s richest woman lost half her fortune in a year

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How Asia's richest woman lost half her fortune in a year

60 minutes / YouTube

For years, Yang Huiyan’s fortune has been at the center of headlines, comments, and calculations outside of China.

Yang Huiyan, who is only 41 years old, is not only the richest woman in her country, but also the most the richest in all of Asia.

FROM inherited a real estate empire from his father over ten years ago, his fortune continues to grow. But in 2022, everything changed: last year it suffered a real decline.

According to Bloomberg Billionaires Index calculations, Yang saw his net worth drop more than 52% last year.

In 2021, Bloomberg estimated the fortune of a business woman at about $33.9 billion (about 33 billion euros), which fell to around $16.1 billion (about €15.7 billion) in July last year.

Economic analysts saw this not only as a grim sign of the state of the Chinese housing market, but also as a serious warning that The future of the world’s second largest economy.

This comes as the country’s real estate sector has been hit hard by falling home prices, declining buyer demand and a bad debt crisis that has affected some major property developers since 2020.

The situation has reached the point where some banks ran out of moneywhich caused protests in some cities of the Asian country.

And although Yang remains the richest woman in Asia, her position has begun to falter.

Yang is followed by chemical fiber entrepreneur Fan Hongwei, who also has an estimated net worth of around $16 billion, according to Bloomberg.

But who is Yang Huiyan and how did he make one of the biggest fortunes in the world?

heiress

Born in 1981 in Shuntak, a district of Foshan City, Guangzhou Province, in southern China, Yang is the daughter of one of the richest people in the Asian country: Yang Guoqiang.

Raised in one of China’s most influential families, she received an excellent education and was sent to the United States at the time of youth. In 2003, he graduated from the Faculty of Arts and Sciences at The Ohio State University.

Returning to China, he inherited from his father in 2007. most actions Country Garden Holdings, China’s largest real estate company.

Founded in 1992 in Guangzhou, Country Garden Holdings has been successful since its Hong Kong IPO and has raised about $1.6 billion, about the same as Google’s since its 2004 US IPO.

Although Yang is known for staying out of the public eye and living a low key lifestyle, center of countless headlines inside and outside of China.

One of the most high-profile cases occurred in 2018, when legal documents known as the “Cyprus Papers” were leaked and revealed that he had obtained Cypriot citizenship in 2018, despite China not recognizing dual citizenship.

Problems

Chinese market researchers describe Yang as a creative woman with business acumen.

In June last year, the International Hospitality Institute recognized it in its ranking the most influential people in the global hotel industry.

However, his business was already showing signs of weakness.

The situation in the real estate market in the country since 2020 has become more complicated not only because of the coronavirus pandemic, but also because the Chinese authorities tried to curb over-indebtedness in real estate.

This resulted in large builders facing payment struggles and forcing them to renegotiate a contract with your creditors.

The crisis worsened when Evergrande, the most indebted Chinese real estate company, defaulted on its dollar-denominated bonds in late 2021 after months of liquidity problems.

Since then and this year, several other major groups, including Kaisa and Shimao Group, have also applied for creditor protection.

The crisis has escalated in recent weeks after news of a “buyers’ strike” after thousands of people stopped paying their mortgages due to the delay in starting construction work on the houses. Due to the delay in the delivery of houses, companies did not start receiving mortgage payments on time.

All this led to the fact that Zagorodny Sad, which felt good in the first months of the pandemic, also faced liquidity problemto such an extent that last July he had to sell shares at a discount of almost 13% to raise funds.

And the long-term picture doesn’t look good for Young, his fortune, or the company he represents.

In a July report last year, ratings agency S&P estimated that real estate sales in China may fall by a third this year because of the mortgage strikes, a collective movement in which buyers decided to put mortgage payments on properties that were behind schedule.

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Meanwhile, Capital Economics, an independent London-based economics research firm, predicted that “without sales, many other companies will fail, which is financial and economic threat“for China.

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Biedronka from Jerónimo Martins fined by Polish consumer protection regulator – Comércio

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Biedronka from Jerónimo Martins fined by Polish consumer protection regulator - Comércio

Polish consumer protection regulator Biedronka (UOKiK) – The supermarket chain Jerónimo Martins in Poland fined the seller because of false advertising. Now the company faces a sanction that could reach 10% of annual income. According to the 2021 results published by Jeronimo Martins, Biedronka earned 14.5 billion euros last year.

In a note on the regulator’s website, UOKiK explains that Poland’s largest supermarket chain has launched a campaign called the Biedronki Anti-Inflation Shield, in which it promised to keep the prices of 150 of the most purchased products in its stores until the end of June. . And this is despite the fact that inflation in the country is growing at an accelerated pace and there is a state program to reduce taxes on basic products and fuel. If the consumer finds the same product at a lower price in another supermarket, Biedronka will refund the money.

The Polish consumer protection regulator added that no mention of the campaign could be found in stores and that product comparisons could only be made with competing supermarket chains. In addition, the reimbursement rules were “much stricter and even onerous, which could lead to a campaign being unprofitable” for the consumer.

Some of the rules were for products that had to be purchased in the same week, with the consumer having to take a photo of the compared product and keep the receipt intact. In this case, the consumer would have to submit an “online” notification seven days after purchase, and after acceptance, he would be obliged to send the goods, as well as proof of purchase and photos, also within seven days – all to the post office and “payment of shipping costs.” UOKiK President Tomasz Chrostny considered the advertising “slogans” to be “misleading”.

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Exacerbated this whole situation, reveals the regulator, the issue of payment. “Based on campaign messages, consumers might have expected the amount to be refunded in cash for any use. But the regulation explains that it was possible to receive only an electronic code with the value of the difference, which could also be used only for seven days” and in the stores of the Polish chain Jerónimo Martins.

In the same note, UCPC President Tomasz Hrostny explains the decision: “We have come to the conclusion that promotional messages may mislead consumers about the conditions of the promotion, due to its complex nature and, therefore, the inconvenience of its use by network customers. That is why I have filed three complaints against Jeronimo Martins Polska.”

Hrostny adds that “there is no doubt that information about the rules for using promotions should be easily accessible, and advertising slogans, content and presentation should not mislead consumers.” “Businesses need to be reminded that consumers have a right to true, clear and complete information,” he concludes.

(Updated at 15:19)

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