UTAO: Impact of policy goals of the Stability Program until 2021
In the document issued by the Technical Unit for Budgetary Support (UTAO) on 25 July, “discretionary policy measures simultaneously contribute to reducing the budget deficit and stimulating the economy.” However, they identify implementation risks of some initiatives in the Stability Program (PE) 2017-2021.
According to the same entity, “the positive impact on the macroeconomic scenario induced by the fiscal stimulus measures should be superimposed on the opposite effect associated with measures of a contractionary nature, such as the expected increases of indirect taxes that have a sectoral nature.”
However, UTAO warns of the risks associated with extraordinary sectoral contributions, such as those affecting the banking sector, “whose legality is being challenged in court by some of the entities involved in the payment of these contributions”.
Beato Creative Hub: The biggest creative hub in Portugal and one of the most significant in Europe
On July 25th, the Beato Creative Hub project was publicly presented at a session attended by Fernando Medina, Mayor of Lisbon, and Miguel Fontes, Director of Startup Lisboa
The Beato Creative Hub, located in the old facilities of a Military Maintenance warehouse in the Lisbon quarter of Beato, has about 20 buildings, which occupy an area of 35 thousand square meters. The project aims “to contribute to the urban rehabilitation of the area, to creating jobs and attracting companies focused on innovation and entrepreneurship.”
In addition to the creative spaces for companies, the new creative centre will integrate catering areas, auditoriums and exhibition rooms, a laundry, a supermarket, so that the Hub “is not an aggregator but a factor of attraction.”
In the presentation, it was announced that all infrastructure works in the common areas will be supported by the Lisbon Municipality, while the interior works will be of the responsibility of the companies that will rent the spaces. It is expected that, when fully operational, the space will be responsible for about 3 000 jobs. The announced in the press first occupants of Beato’s new creative hub are Factory Berlin, a German business incubator, the Portuguese beverage company Unicer and the Mercedes-Benz digital hub.
Altice TVI purchase
Altice has made a public offer of acquisition of Media Capital, an operation which can cost around 440 million euros
Altice, a French multinational company led by Patrick Drahi, aims to complete the acquisition of TVI’s owner by the end of 2017. However, the acquisition depends on the approval of Media Capital shareholders and Portuguese and European regulators.
Shareholders seem to be favourable to the acquisition. Prisa, the Spanish company that owns 94.69% of Media Capital, is highly in debt and a sizable repayment is due in 2018. This has made Prisa want to alienate Media Capital urgently, especially after failing to sell the Spanish publisher Santillana.
This purchase also depends on the positive review of three regulators, the Competition Authority, the Regulatory Entity for the Media and the European regulator, the Directorate-General for Competition.
This last intervention by a European regulator aims to verify if the IPO meets the financial criteria, since it is a transaction between companies with headquarters in different countries of the EU.
Friday, 14 July 2017 14:19
Lisbon, July 14 (Lusa) - The Altice Group has reached an agreement with Prisa to acquire Portuguese media company Media Capital SGPS, SA, which owns television station TVI, the company said on Friday. According to a statement f...
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