Portugal–US Economic Development ·
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Friday, 30 January


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Jornal de Negocios

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The Economist

  • Schumpeter: Mammon’s Manichean turn

    pdiv class=content-image-full img src=http://cdn.static-economist.com/sites/default/files/imagecache/full-width/images/print-edition/20150131_WBD000_0.jpg alt= title= width=595 height=335 / /divSOME of the world’s best businesspeople are giddy with optimism. They live in a world of digital wonders where every problem has a solution and every scarcity is yielding to abundance. Others are haunted by pessimism. They live in a world of “secular stagnation”, “jobless growth”, zero-sum competition and stability-threatening inequality.The optimists’ headquarters is, of course, Silicon Valley. Technologists are quickly extending their problem-solving and productivity-boosting mindset to a mind-boggling range of industries: transport (Google and Uber), hospitality (Airbnb), house-cleaning and odd jobs (Task Rabbit). They are also dreaming planet-sized dreams. Elon Musk, the founder of the Tesla electric-car company, wants to send a man to Mars. Bill Gates, formerly of Microsoft, claims that the lives of the world’s poor will improve more in the next 15 years than they have in previous history. A host of Silicon Valley giants wants to reinvent food by growing meat in labs, to extend life-expectancy to 120 through gene therapy, and to empower humanity by inventing a personal assistant that will accompany you wherever you go. The recent meeting of the World Economic.../p
  • Apple: iThrone

    pdiv class=content-image-full img src=http://cdn.static-economist.com/sites/default/files/imagecache/full-width/images/print-edition/20150131_WBD001_0.jpg alt= title= width=595 height=335 / /divNEVER before has so much money been made by a single firm in such a short period of time. On January 27th Tim Cook, the boss of Apple, announced that it had made $18 billion in its latest fiscal quarter, which ran almost to the end of December 2014. That beats the previous record of $15.9 billion reported by ExxonMobil, an oil company, in 2012, according to SP Dow Jones Indices.Apple’s telephone-number-sized profit stemmed largely from sales of its hugely popular iPhone, which accounted for over two-thirds of its $74.6 billion revenue. Chief executives rarely admit to being dumbfounded by their companies’ performance, but Mr Cook said it was “hard to comprehend” the extent of the interest in Apple’s products. He noted that, on average, 34,000 iPhones were bought every hour of every day during the latest quarter. That added up to 74.5m phones, way more than market-watchers had expected.Apple is the world’s largest company by market capitalisation as well as its most profitable. Strikingly, it has risen to greatness using a rather old-fashioned business model: selling highly desirable objects at fat gross margins, which hit almost 40% in the latest quarter. The.../p
  • Manufacturing in India: Symphony solo

    pdiv class=content-image-full img src=http://cdn.static-economist.com/sites/default/files/imagecache/full-width/images/print-edition/20150131_WBP003_0.jpg alt= title= width=595 height=335 / span class=captionNo longer just for nabobs/span /divTHE plastics factory in Sanand, an industrial city in Gujarat, looks like just another car-component supplier. A phalanx of moulding machines makes parts for Tata Motors, GM and a new Ford plant which will open in Sanand this year.But an assembly line on the first floor is assigned to an unsung and unusual multinational. A 90-strong team is assembling air-coolers for Symphony, which unlike better-known Indian companies—integrated, diversified conglomerates like Tata Sons or Reliance Industries—does just one thing, and does it so well that it is not only the leading brand at home, but sells more than a fifth of its production abroad.Symphony’s success started when its founder, Achal Bakeri, returned to India in 1988 with an American MBA, determined to sidestep the family property business. He spotted a gap in a growing market: cooling rooms. Air-conditioners, which work by compressing gas, like refrigerators, are costly to buy and run. Air-coolers, which work on simple evaporation, are cheaper—but the models on sale in India tended to be clunky, noisy appliances, made to order in simple workshops. Mr Bakeri.../p
  • Network neutrality: To be continued

    pdiv class=content-image-float-290 retina-290 img src=http://cdn.static-economist.com/sites/default/files/imagecache/original-size/images/print-edition/20150131_WBC872_1.png alt= title= width=580 height=670 / /divA TERSE 900-word letter sent by ATT to America’s attorney-general a century ago changed the course of the telecoms industry. In exchange for not being broken up, the monopoly agreed to treat all phone calls equally. What became known as the “Kingsbury Commitment” entrenched the notion that existing transport rules would apply to so-called “long lines”.That helped build the world’s best telephone systems. But life is trickier now. Policymakers are wrestling with how that “common-carriage” approach should apply to the internet. In Europe ministers on January 27th discussed rules proposed by Latvia, which currently holds the European Union’s rotating presidency. America’s Federal Communications Commission (FCC) is expected to start discussing plans on February 5th (and vote on them on February 26th).The arguments revolve around “network neutrality”, a term coined ten years ago by Tim Wu of Columbia Law School. It underlies the extraordinary success of the internet: the businesses that operate the network—by transmitting data, or providing access to it—may not discriminate between different packets of data. So innovators do not need to ask for.../p
  • Chinese legal mergers: Rules and laws

    pdiv class=content-image-full img src=http://cdn.static-economist.com/sites/default/files/imagecache/full-width/images/print-edition/20150131_WBD002_0.jpg alt= title= width=595 height=335 / /divLAST October China’s Communist Party announced an “extensive and profound revolution” aimed at establishing the rule of law by 2020. It was a tacit admission that the country so far has relied more on connections than on statutes and contracts. China did not permit private firms until 1992, and its legal sector is underdeveloped: it has $7.6 billion in annual revenues, or 0.1% of GDP, compared with more than 1% in big European countries.So scoffers abound. But on January 27th Dentons, a Western firm, merged with Dacheng of China. Called Dacheng there and Dentons abroad, the new law firm is the world’s biggest, displacing Baker McKenzie. Its 6,600 lawyers make it 50% bigger than its rival.The tie-up also highlights change in the global legal market. Unlike accounting, legal services are fragmented: the new firm will have a market share of well under 1%. One reason is lawyers’ liking for autonomy. Another is regulation: many countries, including China, bar foreigners from their legal system.But globalisation has stoked demand for global legal services. More than a decade ago Britain’s elite “Magic Circle” law firms began merging with similarly well-positioned.../p
  • Business and the euro: Only a tailwind

    pONLOOKERS could be excused for thinking that Christmas had come again to the euro zone this month. On January 22nd the European Central Bank (ECB) said it was ready to buy over €1 trillion ($1.1 trillion) of sovereign and asset-backed bonds between March 2015 and September 2016. Growth, jobs and an end to the spectre of deflation were euphorically invoked by politicians, businessmen and journalists.The immediate result was to grease the skids under the sliding euro, worth $1.13 at mid-week. It is now down by 19% against the dollar since May 2014, and by 10% against its trading partners’ currencies. Most think it has further to fall.This is good news for the euro zone, especially weaker members like France and Italy where many firms struggled to sell their products when the euro was higher. “My dream is parity” of the euro with the dollar, said Matteo Renzi, Italy’s prime minister, at a meeting of the economic great and good at Davos. A cheaper euro should boost economic activity by making exports more competitive abroad and domestically produced goods more attractive at home. There are signs that this is beginning to happen.Euro-zone goods exports were 2% higher by value in the 11 months to November 2014 than in the same period a year earlier, on preliminary figures, with growth picking up in the second half of the year (see chart). In the first ten months they increased by.../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