Portugal–US Economic Development ·
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Thursday, 27 November


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Jornal de Negocios

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The Economist

  • Low-cost airlines: Making Laker’s dream come true

    pdiv class=content-image-full img src=http://cdn.static-economist.com/sites/default/files/imagecache/full-width/images/print-edition/20141129_WBP001_0.jpg alt= title= width=595 height=335 / /divSIR FREDDIE LAKER, the pioneer of cheap “no frills” transatlantic flights in the 1970s (pictured), could not make his ventures succeed. But he did inspire the low-cost carriers that have brought affordable air travel to the masses over the past 15 years or so. Ryanair of Ireland is now the world’s biggest international airline by passenger numbers, carrying 81m people last year. Budget airlines round the world, from Southwest in the United States to AirAsia in Malaysia, have succeeded where Laker failed by sticking to shorter routes.Subsequent attempts to apply the low-cost model to long-haul routes have flopped as badly as Laker. Oasis Hong Kong Airlines went into liquidation in 2008, a year after starting cheap long-haul flights to London and Vancouver. More recently, AirAsia’s sister airline for longer flights, AirAsia X, abandoned its attempts to run budget flights to Europe. The incumbent full-service airlines have lost much of their short-haul business (flights of up to three hours or so) to the low-cost carriers, but they continue to dominate the skies on the longest routes.However, a number of airlines in Asia, AirAsia X among them, have continued to test.../p
  • Schumpeter: Making a success of succession

    pdiv class=content-image-full img src=http://cdn.static-economist.com/sites/default/files/imagecache/full-width/images/print-edition/20141129_WBD000_0.jpg alt= title= width=595 height=335 / /divON NOVEMBER 24th Louis Chenevert, the chairman and chief executive of United Technologies, resigned abruptly without explanation. The rumour mills began to whirr: the American giant, which makes helicopters, aircraft engines and lifts, is not given to delivering surprises. But the company acted immediately: Greg Hayes, the chief financial officer, was quickly promoted to CEO, and Edward Kangas, the firm’s lead independent director, was made chairman. Analysts praised the swift decisions, and the company’s share price rose.Yet two days later shares in Thomas Cook, a travel company, plunged when it said its boss, Harriet Green, was leaving and that the executive who had been preparing to succeed her, Peter Fankhauser, would slip smoothly into her seat. Even when firms have a succession plan, investors may still take fright when it is carried out, especially when the departing boss has been as successful as Ms Green. But the risks are far higher when there is no plan, and this is often the case. A survey this year by the National Association of Corporate Directors found that two-thirds of American public and private companies had no succession plan. Another survey,.../p
  • Budget carriers in India: In short-haul for the long run

    pdiv class=content-image-float-290 retina-290 img src=http://cdn.static-economist.com/sites/default/files/imagecache/original-size/images/print-edition/20141129_WBC360.png alt= title= width=580 height=562 / /div“I AM running a marathon,” says Jeh Wadia, the founder of GoAir, a low-cost Indian airline. “I am not increasing my pace.” In India’s competitive air-travel business, slow-and-steady wins the race, reckons Mr Wadia. GoAir started in 2004, has 19 aircraft and a modest 9.2% market share (see chart). It has seen bigger carriers come and go. Two years ago Kingfisher Airlines, an offshoot of a drinks company, ceased flying, going the way of Air Deccan, Air Sahara and Paramount Airways before it. GoAir may be small but it is profitable, a boast some bigger rivals cannot make.Air India, the state-owned carrier, is a money-pit. Its latest bail-out, agreed in April 2012, gives it until 2021 to complete a turnaround. It is tough to compete with a rival whose losses are endlessly underwritten, or with other ailing airlines that slash fares to stay alive. In other parts of the world budget airlines can cut costs by outsourcing maintenance, baggage-handling and security. Indian airlines must keep such functions in-house, although the regulations may soon be relaxed. There are other costs. Aviation fuel is heavily taxed. Trained pilots are scarce. No wonder.../p
  • Pharmaceuticals: The price of failure

    pdiv class=content-image-float-290 img src=http://cdn.static-economist.com/sites/default/files/imagecache/290-width/images/print-edition/20141129_WBD001_0.jpg alt= title= width=290 height=384 / /divIN THE pharmaceuticals business there are few issues more loaded than the cost of developing a new drug. For a number of years estimates from industry groups on either side of the Atlantic have put it at $1.2 billion-1.8 billion. A new study by the Centre for the Study of Drug Development at Tufts University in Massachusetts reckons the average cost for drugs developed between 1995 and 2007 was $2.6 billion. Among those rejecting this new figure as highly misleading are Médecins Sans Frontières, a charity, and the Union for Affordable Cancer Treatment, a patients’ group.The main point of controversy over such estimates is that they roll in the costs of those drugs that failed to win approval and, for good measure, the cost of capital required for the RD. Tufts’s estimate includes $1.2 billion for the return on capital forgone while a drug is in development, on the assumption it would have otherwise earned a generous 10.5% a year. The remaining $1.4 billion is the average RD cost of a random selection of drugs, multiplied by risk factors that account for the chances of failure at each stage.Successful drugs cost far less than even the lower, $1.4.../p
  • Electricity firms in Japan: Solar shambles

    pEIGHTY miles north-west of Fukushima’s hulking nuclear corpse, Yauemon Sato, a small businessman, has charged into the solar-power business. Mr Sato has rented land, hired a workforce and lined up ¥80m ($6.8m) in capital from local investors and banks. His company says it can produce electricity for about 700 households. But the local power utility is refusing to buy more than a quarter of it.Japan set one of the world’s highest tariffs for renewable energy in 2012, as part of a bid to live without atomic power following the Fukushima disaster. Electricity companies were ordered to pay ¥42 a kilowatt-hour (kWh) to novice producers like Mr Sato. The promise of such a high guaranteed price triggered more than 1.2m applications, mostly for solar-power installations. Japan’s power utilities say they are overwhelmed and have revolted. Most have begun blocking access to the transmission grid.Kyushu Electric, which supplies electricity to 9m customers in Japan’s sunny south, was the first to balk, in September, after 72,000 solar-power producers rushed to beat the deadline for a cut in the guaranteed tariff to ¥32 a kWh. The company says it will accept no new applications to join the grid until it has settled concerns about the reliability of supply from the new producers. The Ministry of Economy, Trade and Industry (METI) is backing the utilities, and mulling a further tariff cut.../p
  • Estate agents: At home with technology

    pdiv class=content-image-float-290 img src=http://cdn.static-economist.com/sites/default/files/imagecache/290-width/images/print-edition/20141129_WBP005_0.jpg alt= title= width=290 height=396 / span class=caption...and not by agent/span /divSTEP into an estate agency in small-town America and it is as if the internet had never been invented. Prospective buyers pop by in person to pore over printed floor-plans; fax machines cough up contracts; and viewings are set up by telephone.The internet was supposed to be the great disintermediator. And of all the middlemen it should have wiped out by now, estate agents are among the least popular. This is especially so in America, where realtors, as they are called there, are far more expensive than in other rich countries. They charge sellers around 6% of the value of their homes, typically splitting this fee with agents representing the buyers. Yet most sellers still use them, and websites, like ForSaleByOwner, that offer to put them directly in touch with buyers have had limited success. Last year only 9% of home sales in America were conducted without an agent—down from 13% in 2008.So far the most successful online property firms are “aggregator” websites, which bring together listings from many estate agents, charging them fees for hosting the ads. They are thus a further layer of intermediary, taking the.../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