Portuguese Prime Minister Hails 44th New USA President Barack Obama

APPA NEWS, LISBON-PORTUGAL -Portuguese PM José Sócrates has sent his warmest congratulations to the newly elected President Barack Obama.

The Portuguese PM’s message focused on the notion of change by stating “this triumph represents an opportunity for change, both in the United States and the World”, noting the American election as a truly historical moment, signaling also an opportunity for a fresh start, a renovated relationship between the United States and Europe, working together for Peace and Cooperation between the two continents, in a better regulated global world.

The Portuguese Government, together with the French President Sarkozy, the British Prime Minister Gordon Brown and the European Commission President Durão Barroso, were the very first European leaders to convey to the new President of the United States, Barack Obama, messages of congratulations on a truly unforgettable electoral Marathon.

Portuguese Fine Art Market Hit by Financial Crisis

APPA NEWS, LISBON - PORTUGAL - Portuguese Fine Art markets have been hit by the global financial crisis, especially the Art Auction market, which has recorded a 10% decrease in both value and bidding calls.

However, according to some of the most prominent Portuguese auctioneers, the crisis is unlikely to hit severe levels as seen in foreign markets, where both Christie’s and Sotheby’s are feeling the crisis more severely than Portuguese auction houses.

Fine Art market prices were somewhat inflated, according to Portuguese sources, an issue now having an effect on the present decrease, but the general view is that a severe crash in the Portuguese Fine Art market is unlikely to develop.

Portuguese Politics Bordering On Hysterics

APPA NEWS, LISBON - PORTUGAL - Portuguese politics have been known for many years for running high spirited and with a fair dose of wit, but a new corner stone has been turned, with a formidable row between the opposition parties and the Portuguese Government, concerning the recent uptaking of BNP Bank into public ownership, after it apparently ran into murky waters, following the international financial crisis.

During a press conference held at São Bento Palace, the Portuguese Parliament HQ, the Government considered Ms Manuela Ferreira Leite [pictured left/above], the main opposition party PSD leader, of “acting desperate”.

The “pleasantry” followed an apparently rather assertive and vociferous attack on the Prime Minister by Ms Ferreira Leite, who accused the Portuguese PM of being “an authoritarian who cannot be trusted”, during the PSD party Annual Conference closing speech. The attack came rolling downhill at speed, due to the recent decision by the Portuguese Government to nationalise BPN Bank, sparking fears of a wave of nationalisations.

Ms Ferreira Leite, who is known at home and abroad for her “Thatcher-like” style did not spare the Prime Minister, and demanded a formal apology from the Government.

Meanwhile, the leader of the opposition party CDS-PP, Mr Paulo Portas, who never ceases to amaze for his energetic attacks, demanded the resignation of the Governor of the Bank of Portugal, Mr Vitor Constancio, following the BPN Bank nationalisation. According to the CDS-PP leader, the Bank of Portugal is not independent enough nor can it be trusted as an independent regulator.

The Government however replied by reasserting the regulator’s independence, and accused the opposition parties of bias, saying that the opposition tends to recognise the regulator’s independence only when its decisions are to their liking.

The row is expected to continue, especially if Portugal comes to face more financial turmoil, eventually leading to the nationalisation of other banking institutions, a situation which is not expected to develop, as the Government denies plans for further action.

Former Portuguese Bank CEO’s Son Dies Suddenly Aged 22

APPA NEWS, LONDON - UK -Paulo Guilherme Teixeira Pinto, the youngest son of Paulo Teixeira Pinto, former BCP Millenium Bank CEO [pictured left], has died suddenly last Saturday, 1st November.

The young man, aged 22, collapsed suddenly while at his family home, where he was accompanied by his mother and elder sister, aged 25.

The fatal and horrific incident which was as sudden as completely unexpected, was caused by a CVI [cerebral vascular incident] according to Portuguese newspapers, but a sudden cardiac arrest has also been reported as confirmed by Lisbon Forensic Medicine Institute. APPA News has not been able to confirm either way.

Paulo Guilherme was a Law student at the Portuguese Catholic University of Lisbon, where he attended his fourth and final year, being expected to graduate at the end of 2009.

APPA News news room takes the opportunity to present to Paulo Guilherme’s family our deepest sympathy and sincere condolences.

Portuguese PM Argues The Case For Banking Nationalisation

APPA NEWS, LISBON - PORTUGAL - Portuguese PM José Sócrates has argued the case for taking banks into public ownership, should the need arise.

The Portuguese PM’s comments were the short answer to opposition leaders from CDS-PP party, who have been questioning the matter, following the Government’s decision to take BPN bank into public ownership, as a result of the recent credit crunch and the financial crisis.

“The Government decision to take a bank into public ownership is entirely legitimate”, said Mr Sócrates, when questioned in regards to the legislative process which lead to the nationalisation of BPN bank, adding however that such decisions must now pass through Parliament for approval, as required by the Portuguese Constitution.

The Portuguese Prime Minister’s comments took place at the end of a meeting between the Government and trade unions, to agree upon an increase on the Portuguese National Minimum Wage, which is expected to reach EUR 450.00, with effect from 1st January 2009.