Portugal–US Economic Development ·
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Thursday, 18 December


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Jornal de Negocios

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The Economist

  • Lawyers’ pay: Bonus babies

    pdiv class=content-image-float-290 img src=http://cdn.static-economist.com/sites/default/files/imagecache/290-width/images/print-edition/20141220_WBP001_0.jpg alt= title= width=290 height=437 / span class=captionHmm, what colour Porsche should I buy?/span /divNEARLY eight years have passed since young lawyers at large American firms last got significant pay rises. With law-school graduates plentiful and demand for corporate legal work tepid, the standard starting salary has been stuck at $160,000 a year since 2007. Heartbreaking, isn’t it? But in the past month an unexpected financial arms race has erupted over year-end bonuses. It seems that associates (junior attorneys) are at last in a position to extract a greater share of the profits they produce for their bosses, the partners.Unlike on Wall Street, legal bonuses have not generated much drama in recent years. What usually happens is that in early December Cravath, a big New York outfit, announces its payouts, then every firm that considers itself a peer matches them. However, on November 21st Simpson Thacher, which in 2007 had been the first firm to offer $160,000 starting salaries, jumped the gun. After a banner year in which it represented Alibaba, a Chinese e-commerce giant, in the largest stockmarket flotation yet seen, Simpson declared the biggest bonuses since the financial crisis..../p
  • Baidu: Searching for the next big thing

    pIT IS that rarest of things, an internet-search firm that does not have to worry much about Google. Baidu’s dominance of the market for search-related advertising in China has remained unchallenged since its American counterpart quit the country a few years ago, rather than put up with official censorship. For a while, Baidu simply milked its strong position in its home market. But more recently the shift from computers to smartphones, and thus to searching via apps rather than browsers, has forced the Chinese firm to get serious about innovation. Another factor is its desire to keep up with two other rapidly growing online firms, Alibaba and Tencent.Baidu has been doing a lot of inventing in-house. Its researchers have devised excellent voice-recognition systems for Mandarin, for example. Its mapping app is arguably the best in China. It has invented smart chopsticks that give warnings when food is unsafe to eat. It has its own version of Google’s smart spectacles; and a bicycle that monitors the rider’s vital signs. And Baidu recently opened a research centre in Silicon Valley headed by Andrew Ng, a pioneering researcher in artificial intelligence.Even more intriguing are its investments in outside innovators. In early December the firm put $3m into Pixellot, an Israeli firm making software that enhances online videos. It has also put money into a Finnish firm developing.../p
  • Schumpeter: Sailing through a scandal

    pdiv class=content-image-full img src=http://cdn.static-economist.com/sites/default/files/imagecache/full-width/images/print-edition/20141220_WBD000_0.jpg alt= title= width=595 height=335 / /divIT MUST all seem like a distant nightmare now. After the revelations of phone-hacking at the em class=ItalicNews of the World/em emerged in 2011, Rupert Murdoch was hauled before Parliament, calling it “the most humble day of my life”. Executives and journalists were arrested. The scandal prompted Mr Murdoch’s News Corp to drop a cherished plan to buy out the other investors in BSkyB, a satellite broadcaster (since renamed Sky). Some predicted that the affair, which included the hacking of a murdered schoolgirl’s voicemails, could be Mr Murdoch’s and his firm’s undoing.However, corporate karma turns out to be more lenient than business schools lead students to believe. Far from watching their empire crumble, Mr Murdoch and his family have more than doubled their wealth since the scandal broke. Mr Murdoch, who is 83, remains firmly in charge, and his sons, Lachlan and James, seem better placed than ever to succeed him one day.The Murdoch clan’s resilience points to an overlooked reality in business: sometimes a loss can turn into an unexpected win. The crisis forced Mr Murdoch, a devoted newspaperman, to make difficult choices that he never would have in.../p
  • Technology firms: Frothy.com

    pdiv class=content-image-full img src=http://cdn.static-economist.com/sites/default/files/imagecache/full-width/images/print-edition/20141220_WBP002_0.jpg alt= title= width=595 height=335 / /divIN DECEMBER 15 years ago the dotcom crash was a few weeks away. Veterans of that fiasco may notice some familiar warning signs this festive season. Bankers and lawyers are being priced out of office space in downtown San Francisco; all of the space in eight tower blocks being built has been taken by technology firms. In 2013 around a fifth of graduates from America’s leading MBA schools joined tech firms, almost double the share that struck Faustian pacts with investment banks. Janet Yellen, the head of the Federal Reserve, has warned that social-media firms are overvalued—and has been largely ignored, just as her predecessor Alan Greenspan was when he urged caution in 1999.Good corporate governance is, once again, for wimps. Shares in Alibaba, a Chinese internet giant that listed in New York in September using a Byzantine legal structure, have risen by 58%. Executives at startups, such as Uber, a taxi-hailing service, exhibit a mighty hubris.Yet judged by the financial yardsticks of the dotcom era there is as yet no bubble. The NASDAQ index of mainly technology stocks is valued at 23 times expected earnings versus over 100 times in 2000. That year.../p
  • European telecoms: Going mobile again

    pdiv class=content-image-full img src=http://cdn.static-economist.com/sites/default/files/imagecache/full-width/images/print-edition/20141220_WBP003_0.jpg alt= title= width=595 height=335 / /divBRITISH TELECOM will not be coming back to ask for a re-merger. That was what Sir Christopher Bland, BT’s then chairman, promised after shareholders had approved plans to spin off the firm’s mobile-telephony unit in 2001. Until December 15th it looked like his word was not going to be kept: O2, as its former wireless arm is now called, seemed to be BT’s preferred takeover target for getting back into the mobile business. But BT instead decided to enter exclusive talks to buy another operator, EE, for £12.5 billion ($19.6 billion).The deal could still go the other way if the talks with EE fall apart. But whichever partner BT eventually chooses, the marriage will be a manifestation of a wider trend in the telecoms industry: its bosses believe that there are worthwhile synergies to be had by owning both wireless and wireline networks.For years it was seen as best to keep the two apart. In 2001, O2—currently owned by Telefónica of Spain—was deemed better off alone, mostly because it was held back by the stodgy brand and poor customer-service reputation of BT, the former state monopoly. Elsewhere in Europe, although the legacy fixed-line operators stayed in mobile.../p
  • Telecoms in America: On the airwaves

    pdiv class=content-image-float-290 retina-290 img src=http://cdn.static-economist.com/sites/default/files/imagecache/original-size/images/print-edition/20141213_WBC511.png alt= title= width=580 height=562 / /divTIMES are getting tougher for America’s mobile operators as they battle one another for business. On December 8th Verizon, which dominates the market together with ATT, gave warning that its profits were being squeezed as it rolls out discounts to entice customers away from rivals. Telecoms firms are scrapping over something else too: the wireless spectrum needed to carry voice and data services.Every so often, America’s Federal Communications Commission puts up airwaves for auction. The latest sale began on November 13th. Before it started, analysts took stabs at guessing how high the bidding might go, with bullish estimates coming in at $22 billion. But that amount was blown past in just a few days and bids now total a whopping $43 billion (see chart).What explains this appetite for airwaves? Part of the answer is that the last big spectrum auction in America took place in 2008, at a time when smartphones were only just taking off. Bids totalled almost $20 billion. Since then, smartphones and tablet computers have proliferated, putting pressure on existing airwaves. “Carriers have consistently underestimated the demands on their data.../p

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Financial Times — Europe

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Portugal-US Chamber of Commerce - slideshow image

Pan-European Days at the New York Stock Exchange, May 2014

Chamber board member Ricardo Caliço attended the event on behalf of the Chamber and reports back that the three-day conference was aimed at showcasing investment opportunities in Europe. This year, the program included the European Economic Forum at the New York Stock Exchange, featuring representatives from European Union, chief economists from major financial institutions, and other high-level thought-leaders to discuss the latest developments in the major European economies. The Program also included an investor conference at the Waldorf Astoria hotel organized by, ING, KBC Securities, Millennium BCP/Auerbach Grayson and Societe General. The investor conference provided opportunities for Euronext-listed companies from Portugal, Belgium, France, and Netherlands to meet privately with North America based institutional investors. The 13 Portuguese companies presented in the event were: BES, BPI, CTT, EDP, EDPR, Espirito Santo Saude, Galp, Impresa, Jerónimo Martins, Millennium BCP, Mota Engil, REN and Zon. The Portuguese Government was represented by Isabel Castelo Branco, Secretary of State of Treasury, and by the Treasury and Debt Management Agency. See more details here.

Posted on 2 Jun 2014
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Portuguese Artist Julião Sarmento to Exhibit in New York City

The Sean Kelly Gallery will host an exhibition by Portuguese artist Julião Sarmento, from March 28 - May 3, 2014. Further details can be found here.

Posted on 21 Mar 2014
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Chamber Attends Workshop on the New York Nonprofit Revitalization Act of 2013

New York State’s laws governing charitable and other nonprofit organizations date from the 1960s. The New York State Attorney General’s Office has undertaken revisions in the form of the New York Nonprofit Revitalization Act of 2013. The changes have two main purposes: reducing burdens on nonprofits through the modernization of statutory requirements; and increasing public trust in the nonprofit sector by strengthening board governance and enhancing Attorney General enforcement powers. Most provisions will take effect effective July 1, 2014. As a 501c4 nonprofit corporation, the Portugal-US Chamber of Commerce will also need to adhere to new regulations. More information about the Revitalization Act of 2013 can be found here.

Posted on 6 Mar 2014
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Vista Alegre Exhibits at the 2014 San Francisco International Gift Fair

Visit Vista Alegre’s booth at the San Francisco International Gift Fair, 15-18 February 2014. More information about the Fair can be found here.


Posted on 17 Feb 2014
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Eight Portuguese companies to visit New York City, 4-6 February 2014

In collaboration with the Associacao Comercial de Lisboa (ACL) and the Confederacao Internacional de Empresarios Portugueses (CIEP), the Chamber is hosting eight Portuguese companies from the textile, technology, artisanal foods, olive oil, wine, spirits, shoe wear, and lighting design sectors. The firms will meet with U.S partners based in New York and New Jersey, and will also meet with Portuguese and U.S. officials and representatives of the Portuguese business communities. For further details, contact the Chamber at .(JavaScript must be enabled to view this email address).

Posted on 28 Jan 2014
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Our Organization

The Portugal–US Chamber of Commerce in New York was founded in 1979 to stimulate economic development, trade and investment, and cultural exchange between the United States and Portugal. As a member of the Association of Portuguese-American Chambers of Commerce (APACC), it works closely with its counterparts in Portugal, Canada, and across the United States to promote shared interests in Portugal and expose the vast economic opportunities of the country. The Chamber provides its members ongoing opportunities to network with individuals also engaged in Portugal-US affairs as well as numerous channels by which they can obtain essential bilateral support and information.

Membership Benefits

Membership in the Chamber is open to all individuals who are interested in building a strong economic partnership between Portugal and the United States. Current members range from small businesses to large corporations in the fields of banking and finance, construction, communications, education, import/export, law, and transportation, to name a few.

Membership benefits include:

  • Frequent Chamber events that promote networking and foster strong community ties
  • Access to prominent business and government leaders
  • Alerts of noteworthy cultural and social events in New York City
  • Business luncheons and seminars to expose members to exciting new economic opportunities
  • Access to online resources and members-only directory