Latest news with #JoaquimMirandaSarmento
Reuters
18-07-2025
- Business
- Reuters
Portugal to decide next week on future of central bank chief
LISBON, July 18 (Reuters) - The Portuguese government will decide next week whether to replace or reappoint Bank of Portugal Governor Mario Centeno, whose five-year term ends on Saturday, Finance Minister Joaquim Miranda Sarmento said on Friday. Centeno has been the target of frequent criticism from the political right, now in power, for moving from his role as finance minister in a previous Socialist administration to the central bank in 2020, a move detractors said undermined the institution's independence. Miranda Sarmento has previously said the cabinet would consider whether to reappoint Centeno, who has been a vocal so-called "dove" favouring looser monetary policy at the European Central Bank, or replace him towards the end of his term. Friday's cabinet meeting ended without a decision, however. The minister gave no further comment on the likelihood of Centeno being replaced after months of speculation that centre-right Prime Minister Luis Montenegro was looking for a new central bank chief, despite Centeno's strong European credentials at the ECB and as Eurogroup president in 2018-2020. The central bank declined to comment. Centeno has previously said he is ready to continue leading the institution. Central bank governors are proposed by the finance minister and nominated by the cabinet for a five-year term and can be reappointed once. The nominee must submit to questioning by a parliamentary committee - which has no power to block the nomination - before the government can officially appoint him or her. Portugal's parliament began its summer recess until September on Thursday, although committees can still hold hearings through next Friday. It is not uncommon for heads of regulatory bodies in Portugal to remain in office months after their terms expire. Filipe Garcia, head of Informacao de Mercados Financeiros consultants, said the fact that the government had not denied speculation that Montenegro sought to replace Centeno suggested that his days at the helm of the central bank were numbered. Several names of potential successors have circulated in Portuguese media recently, including the Vice President of the Federal Reserve Bank of New York, Joao Cabral dos Santos, and former CEO of Portugal's Novo Banco, Antonio Ramalho.
Reuters
10-07-2025
- Business
- Reuters
Portugal has no favourite among 3 airlines interested in airline TAP, says minister
LISBON, July 8 (Reuters) - Portugal has no preferred pick among the three major European airlines that have shown interest in the flag carrier TAP, whose partial privatisation the government is due to relaunch soon, Finance Minister Joaquim Miranda Sarmento said on Tuesday. Speaking on the sidelines of a Eurogroup meeting in Brussels, he said that "in the coming weeks, the government will announce its decisions" regarding the terms and conditions for the planned sale of less than 50% of TAP's capital. "It is public knowledge that Air France ( opens new tab, Lufthansa ( opens new tab and IAG (ICAG.L), opens new tab have expressed an interest in looking at the company and eventually making a proposal, which is obviously very positive for the country," he told reporters. "The winning proposal will be the one that is best for the country, we do not have any preferred partner, nor any special bias in favour of A, B or C," he told reporters. TAP's most attractive assets are its key slots to Brazil, Portuguese-speaking African countries and the U.S. from its Lisbon hub, which the Portuguese government wants to maintain. Asked whether the three major European airlines might lose enthusiasm because the government will hold a majority stake, he said: "These companies have shown a very significant interest in TAP, we will see which of them, whether all or not, will present proposals based on the privatisation conditions." TAP has long been earmarked for privatisation, but the process had once again stalled when the centre-right minority government collapsed in March. The coalition returned to power after a national election in May, still well short of a majority in parliament, which could block the sale of TAP.
Yahoo
07-07-2025
- Business
- Yahoo
Portugal Finance Minister on Trade, Tariffs, TAP
Portuguese Finance Minister Joaquim Miranda Sarmento discusses trade negotiations between the European Union and the US ahead of the July 9 deadline. "Tariffs will reduce economic growth both on the US and Europe," he tells Bloomberg's Francine Lacqua. "We do expect that at the end it's possible to have an agreement with very low tariffs," he adds. Sarmento also talks about airline TAP SA and foreign investment in Portugal. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-07-2025
- Business
- Yahoo
Portugal Sees EU, US Reaching Trade Deal With ‘Very Low' Tariffs
(Bloomberg) -- Portuguese Finance Minister Joaquim Miranda Sarmento said he sees the European Union and the US reaching an agreement with tariffs potentially below 10% that would help keep trade flowing. Trump's Gilded Design Style May Be Gaudy. But Don't Call it 'Rococo.' Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Massachusetts to Follow NYC in Making Landlords Pay Broker Fees Are Tourists Ruining Europe? How Locals Are Pushing Back NYC Commutes Resume After Midtown Bus Terminal Crash Chaos 'It's possible to have an agreement with very low tariffs, an agreement that could be perceived as beneficial to both parties and that could continue to allow us to trade and to increase value for our citizens,' Sarmento said in a Bloomberg Television interview in Brussels. 'We expect to have an update of what the Commission was able to negotiate with the US administration,' in the EU finance ministers' meetings to be held today and on Tuesday. Asked how low those tariffs could be, he later told Bloomberg Radio's Stephen Carroll 'probably less than 10%, but let's see what's the outcome.' The EU has until July 9 to clinch a trade arrangement with US President Donald Trump before tariffs on nearly all of the bloc's exports to the US jump to 50%. Trump has imposed tariffs on almost all its trading partners, saying he wanted to bring back domestic manufacturing, needed to pay for a tax-cut extension and stop other countries from taking advantage of the US. 'If the terms of the deal are not favorable for the EU then there is no agreement,' he said. 'If an agreement is not possible on Wednesday there will mostly likely be a new deadline. If at the end of the day an agreement' is not possible, Europe should not retaliate on a full scale and should be very selective.' Sarmento added that Portugal will support Eurogroup President Paschal Donohoe's bid for a second term heading the meetings of euro-area finance ministers. Sarmento also said the government is still evaluating whether to name a new Bank of Portugal governor or reappoint Mario Centeno, as his term heading the central bank ends this month. Separately, the government will announce the start of the privatization process of state-owned airline TAP SA in the coming weeks, the minister said. A plan to privatize TAP was delayed earlier this year after parliament toppled the center-right minority government in a confidence vote in March. Portugal held an early election in May that was won by the ruling coalition, which added seats in parliament while still falling short of an absolute majority. --With assistance from Stephen Carroll. For Brazil's Criminals, Coffee Beans Are the Target Sperm Freezing Is a New Hot Market for Startups SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate China's Homegrown Jewelry Superstar ©2025 Bloomberg L.P.
Bloomberg
07-07-2025
- Business
- Bloomberg
Portugal Sees EU, US Reaching Trade Deal With ‘Very Low' Tariffs
Portuguese Finance Minister Joaquim Miranda Sarmento said he sees the European Union and the US reaching an agreement with tariffs potentially below 10% that would help keep trade flowing. 'It's possible to have an agreement with very low tariffs, an agreement that could be perceived as beneficial to both parties and that could continue to allow us to trade and to increase value for our citizens,' Sarmento said in a Bloomberg Television interview in Brussels. 'We expect to have an update of what the Commission was able to negotiate with the US administration,' in the EU finance ministers' meetings to be held today and on Tuesday.
