Thursday, 22 June 2017
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montepioThe European Investment Fund (EIF) and Caixa Económica Montepio Geral (Montepio) have signed a guarantee agreement to provide EUR 20 million for small and medium-sized enterprises (SMEs) in Portugal. This agreement benefits from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe.

Under the new agreement, Montepio will provide attractive loans to innovative SMEs and mid-caps over the next two years. EIF’s guarantee is provided under the “EU InnovFin finance for Innovators” initiative, backed by Horizon 2020, the EU Framework Programme for Research and Innovation. The transaction would not have been possible so soon without the backing of the Investment Plan. It follows the news on 24 October that the European Investment Bank (EIB) signed a EUR 20 million loan with Montepio, which was also backed by the Investment Plan.

Euro Weekly UpdateIf politics was the main driver for currencies at the end of last week, then it most certainly was again throughout the past five days. Wherever you were this week everyone had one eye on the US presidential election.
It was an all but a steady introduction to the week for Europe; Germany reported a -0.6% monthly fall in factory orders while, for Euroland as a whole, retail sales were down by -0.2% and investor confidence improved by four and a half points to 13.1. Swiss inflation was steady at -0.2% and the Swiss National Bank's foreign currency reserves increased from SFr628bn to SFr630bn: they go up every month as a result of the SNB's interventions to sell the franc.

Portugal’s 2017 Budget. Will You Be Affected?Portugal’s finance minister, Marion Centeno, has announced his proposed budget for 2017. The key reform that could affect expatriates living here is the introduction of a “wealth tax” on property.

It will now be debated in parliament, and once approved it will come into effect on 1st January 2017. There may be changes before the budget is finalised.

Premier FX partners with South Africa-based Currency AssistThe new collaboration provides South African residents with greater access to world currencies, while South African expats receive expert advice on moving money in and out of South Africa.

United Kingdom-registered Premier FX has partnered with South African-based Currency Assist. The cooperation brings together two boutique currency exchange companies, from across the globe, with similar company cultures, yet unique solutions for the markets they service. The partnership is especially advantageous for South African citizens with foreign monetary interests.

Euro Weekly UpdateInvestors' changing appetite for risk was the most important factor in the euro's week.  When they leaned towards nervousness - as they did when Donald Trump edged ahead of Hilary Clinton in the US opinion polls - they bought the safe-haven euro, yen and franc.

Portuguese Women Will Be Working For Free From November 13th!Portuguese women step away from your desks on November 13th, you won’t be paid from this date.

Expert Market, Europe’s leading B2B marketplace, has conducted new research investigating the full extent of the gender pay gap across the continent and found that for many months of the year, women are still effectively not being paid.

US President in Waiting - How will the markets react?The next 12 months will be an uncertain world, with a busy political period with the US Presidential Election, continuing Brexit, and Elections in France and Germany. We expect much market volatility due to these events.

In recent decades, political events have had a limited influence on financial markets. But this is could be changing, particularly as we approach the US presidential election on 8 November.

Euro Weekly UpdateThe Euro was the biggest loser this week giving up almost 2% against the pound and 1.5% against the US Dollar. The majority of this move followed the European Central Bank meeting press conference with President Draghi. After initially confirming the ECB governing council did not discuss extending the QE program leading to a jump in the Euro value, he quickly undid this work by confirming that they did not discuss tapering the program either.