Portugal–US Economic Development ·
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Friday, 21 November

Expresso

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Jornal de Negocios

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The Economist

  • Schumpeter: The tyranny of the long term

    pdiv class=content-image-full img src=http://cdn.static-economist.com/sites/default/files/imagecache/full-width/images/print-edition/20141122_WBD000_0.jpg alt= title= width=595 height=335 / /divTHE sheep in “Animal Farm” repeat the slogan, “Four legs good, two legs bad”. In the management world these days, the chant is “Long-termism good, short-termism bad”. The em class=ItalicHarvard Business Review/em constantly thunders against the evils of short-termism. Bosses of listed companies give off-the-record briefings to journalists bemoaning shareholders’ inability to see beyond the ends of their noses. In the continental European model of capitalism, long-termism means that businesses will prosper by pursuing the enduring interests of all their “stakeholders”, workers and suppliers included. More recently, supporters of Anglo-Saxon capitalism have produced a variant of this argument: firms will enjoy sustained growth if they favour the interests of long-term shareholders over traders who hold stock for briefer periods.This is not merely rhetoric. Policymakers are drawing up plans to give long-term investors more shares, more voting power or tax incentives. France already has a rule that gives extra voting rights to long-term shareholders; and the European Commission is mulling something similar. The Delaware Supreme Court—which sets the tone of much.../p
  • Executive compensation: If you hire them, pay will come

    pdiv class=content-image-float-290 img src=http://cdn.static-economist.com/sites/default/files/imagecache/290-width/images/print-edition/20141122_WBD001_0.jpg alt= title= width=290 height=377 / /divWARREN BUFFETT once noted that if you want independent advice, don’t ask a barber whether you need a haircut. But if, as a chief executive, you want to earn more, then it makes sense to hire a compensation consultant. Or so concludes a new study* from the Judge Business School at Cambridge University.Though its findings hardly seem a shock, previous studies that tried to link bosses’ pay and the use of consultants had found no significant effect. However, this new research was made possible by a rule brought in by America’s Securities and Exchange Commission (SEC) in 2009. It says that when a company hires a consultant for advice on both compensation and other matters, it must disclose the fees paid in each case. When consultants are hired solely to give advice on compensation, the fee need not be disclosed.The reason for this asymmetric rule was that the SEC feared some bosses were in effect bribing consultants to recommend them for pay rises by bunging them lots of other, more lucrative work. Making the fee structure more transparent would discourage the practice, the regulator hoped.The academics used three tests. First, they compared companies that kept.../p
  • The taxi-app market: Uber-competitive

    pDESPITE its tender age of only five years, Uber, an American firm that links taxi passengers to drivers through a smartphone app, already has several records to its name. It has raised $1.5 billion in venture capital and reached a valuation of more than $17 billion. It has expanded to 229 cities in 46 countries. It is rumoured to be bringing in gross revenues of almost $1 billion a month. But it now seems, in record time, to have gone from hero to villain in the eyes of much of the technology press. Praised in its early days for disrupting unreliable, high-cost local taxi monopolies, Uber now stands accused of using unfair tactics against both rivals and critics.On November 17th it emerged that an Uber executive, Emil Michael, had said at a private dinner that the firm should consider spending $1m to dig up dirt on its critics in the media, in particular Sarah Lacy, the editor of Pando, a tech-news site. Mr Michael has since apologised. Travis Kalanick, Uber’s boss, said on Twitter that his remarks showed “a lack of humanity and a departure from our values and ideals”, but brushed off calls for Mr Michael to resign.Although it is hardly an excuse, the remarks were a reaction to a series of highly critical articles on Uber, in particular by Ms Lacy and her publication. She has argued that Mr Kalanick, known for his libertarian views and combativeness, is an example of.../p
  • Vietnam’s state firms: Excess baggage 

    pdiv class=content-image-float-290 img src=http://cdn.static-economist.com/sites/default/files/imagecache/290-width/images/print-edition/20141122_WBP003_0.jpg alt= title= width=290 height=433 / span class=captionNot such a smooth take-off/span /divWHEN the government launched an initial public offering of shares in Vietnam Airlines on November 14th, it was hoping that the flotation of one of few companies widely known outside the country would help it speed up a plan to “equitise” hundreds of state firms. However, the IPO, in which a stake of just 3.5% of the airline was on offer, attracted not one foreign investor. Local banks were the main buyers.State-owned enterprises (SOEs) account for about a third of Vietnam’s GDP, in industries ranging from finance to fabrics, seafood-processing to shipbuilding. Not all are duds: Vinamilk, a dairy firm, attracted a number of foreign investors to its successful IPO in 2003, and this September foreign investors bought about half of the shares sold in a $57m IPO of Vinatex, a big textiles firm (though the firm did not sell as many shares as it had wanted).Nevertheless, the opaque bureaucracies at most SOEs make them breeding-grounds for graft and mismanagement. In the most prominent example, in 2010 Vinashin, a shipbuilder, defaulted on a foreign loan, triggering a downgrade of Vietnam’s sovereign debt. Many.../p
  • Video games: Console-ation prize

    pdiv class=content-image-float-290 retina-290 img src=http://cdn.static-economist.com/sites/default/files/imagecache/original-size/images/print-edition/20141122_WBC272.png alt= title= width=580 height=562 / /divThe releases last November of Sony’s PlayStation 4 and Microsoft’s Xbox One were seen as the last hurrah of high-end home games consoles. The previous versions of each device had been roundly beaten by the lower-tech Nintendo Wii. And simpler games played on smartphones and tablets were rapidly gaining popularity. Sony’s strategy was to make its new console a more sophisticated, specialist device aimed at hard-core gamers. Microsoft went the other way, making the new Xbox a versatile multimedia device, aimed at a broader market. Sony’s strategy quickly began to prove more successful: in its first six weeks it sold 4.2m of the new consoles to Microsoft’s 3m.Microsoft replaced the head of its Xbox division and cut its prices. But a year on from the launches, Sony is still far ahead, and IHS, a market researcher, predicts it will stay that way. Still, the Xbox One now outsells the latest version of the Wii, and has done better than previous Xboxes./p
  • Mobile telecoms: The endangered SIM card

    pAPPLE revolutionised online music with the iPod and iTunes. It may be about to transform the payments business, given the successful launch last month of Apple Pay. And the next set of businesses to have their applecarts overturned may be the mobile-telecoms operators. Some of Apple’s latest iPads have a new type of SIM card that lets users switch easily between operators without replacing the card. This could seriously weaken the operators’ grip on their market, especially if Apple were to follow up by putting the new SIMs in iPhones or replacing them with software.The job of the SIM (subscriber identity module) is to store some unique numbers and an encryption key, which are used to identify the subscriber when the device is communicating with the network. For as long as wireless networks carried mostly voice calls, SIMs worked well. Their chips are hard to hack: prying them open to get at the stored information can make them self-destruct. Since only mobile operators were allowed to issue SIMs, and were given much leeway over the terms on which they did so, they were able to create monthly payment schemes which subsidised the upfront cost of a handset. This helped mobile telephony to get going, and thereafter provided a mechanism for persuading consumers to keep on trading their old phones for ever more sophisticated new ones.However, now that most mobile devices can.../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.

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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