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Report catalogk Foreign Private Issuer. Securities Catalgo Act of Commission File Number Exact name of registrant as specified in its charter. Fontes Pereira de Melo, Address of principal executive office. Consolidated Annual Report Main risks and uncertainties.
Statement by the persons responsible. Activities of the Poontos Directors. Report and opinion of the Audit Committee. Additional information to shareholders. The year was characterised by a global economic slowdown and by the contraction of GDP in the Eurozone, as a result of: In 1H12, the yields of the southern European government bonds reached new peaks due to the spillover of the financial crisis to other economies in the region, even though it was visible a reduction of the risks faced by the Eurozone.
In June, in response to escalating problems, Spain agreed on a programme to support the restructuring of its banking sector, with financiang of up to Euro billion.
In Italy, the focus was on the unexpected resignation of Italian Prime Minister, Mario Monti, after seeing the Government support withdrawn. The stabilisation of the financial markets was visible in 2H12, which translated into the narrowing of the peripheral economies public debt securities spreads against Germany. The Southern European indexes were pressured in 1H12 due to rumors of a Spanish bailout.
The US markets continued to show strong gains, as they benefited from a more expansionary monetary policy by the Federal Reserve FED and better prospects for the US economy: In China and Brazil, the roll-out of more rate cuts by Banco Central do Brasil and slower but still robust economic growth in China, resulted in rising equity markets: In the U.
After a very robust growth in the final quarter ofthe activity registered a slowdown in 1H12, followed by a stronger growth in 3Q12 and decelerated in the ending of the year.
Private consumption grew moderately. The productive investment caatalogo weak, reflecting high uncertainty about the fiscal framework and low levels of business confidence. The Eurozone crisis led the U. These effects were reverted in 2H12 due to the stability of the Eurozone, after the strong commitment of the ECB to defend the euro, which resulted in the appreciation of the euro and interrupted gains in the fixed rate market.
The labour market continued showing signs of improvement, with the unemployment rate declining to 7. The other positive aspect in the economy for was the housing market, which began to show signs of a turnaround.
Tmn pontos catalogo 2013
Housing prices, sales of new and existing homes, the housing starts and business confidence in the sector recorded an upward trajectory. Annual inflation ended the year at 2. By the end of the year, the U. The Eurozone slid into a double-dip recession in The annual GDP contracted 0. European countries responded to the escalation of the sovereign debt crisis in with a combination of bailouts, expansionary monetary policy and unprecedented austerity measures, which had a big impact on the European population and economy.
The unemployment rate soared throughout and stood at its record high of Notwithstanding such sluggish growth, the annual inflation rate stood at 2. This reduction of the annual inflation rate was possible notwithstanding the European monetary authority ECB-European Central Bank decision to decrease the reference interest rate to its historical minimum of 0. The midpoint of the new ranges shows Eurozone GDP contracting 0.
This was a clear first step towards the return of these countries to the credit markets. Inthe euro appreciated 1. In Portugal, the economic situation in was mainly characterised by the implementation of the economic and financial adjustment programme. Portugal is being perceived as a country committed to the ongoing adjustment programme. Along with the supportive stance of the ECB, this is translating into a very visible decline in Government bond yields which led the debt markets to re-open for non-financial corporations as well as for banks.
Nevertheless, the financial constraints imposed on the Portuguese economy as a result of the sovereign debt crisis and the need to deleverage remained in The continuing deleveraging in the private financial and non-financial sectors, coupled with a strongly restrictive fiscal policy and the cooling of activity in the Eurozone contributed to a contraction in real GDP of 3.
Household spending fell 5. Private consumption was still penalised by relatively high inflation, pressured by higher indirect taxes. Exports maintained a positive performance innotwithstanding a deceleration trend, with growth of 3. According to the IMF, the programme is broadly on track, despite stronger headwinds. In spite of the challenges in meeting the deficit targets, the commitment for fiscal consolidation has been very clear, and was reflected in a Euro 15 billion cut in primary expenditure in The government deficit fell from 9.
Nevertheless, tax revenues registered a negative evolution inresulting primarily from changes in the economic climate, reflected in particular in consumption and imports. Government debt also maintained an upward trend, reaching Inflation Consumer Price Index. Inthe Brazilian economy posted a slowing 1.
A critical factor was infrastructure bottlenecks that discouraged investment, to the extent that the government started with concessions to the private sector to relieve this infrastructure bottlenecks, helping to foster business confidence and a turnaround in investment.
On the other hand, the exchange rate has contributed positively to the performance of the economy, since the catallogo of the Ministry of Finance and the Central Bank of Brazil BCB in order to maintain the currency value between 2. The reduction in cataligo pace of expansion in led the government to change the focus of its economic policy, passing measures to favour oriented investment recovery over the coming years.
In December, the Government and the BCB took three steps to reduce controls on foreign exchange flows, by: InBrazil continued to exhibit favourable conditions in the pnotos market, recording the lowest average historic annual unemployment rate at 5. Inflationary pressures, which were already present inwere extended throughoutmaking the consumer price index surpass the goal for the third consecutive year, having reached an average annual pongos of 5.
The primary budget surplus declined from 3. Domestic demand was robust but failed to be accompanied by aggregate supply. These policy changes are likely to have positive consequences in the future.
African economies, cataloyo had rebounded quickly following the slowdown caused by the global recession, were undermined last year by the Arab uprisings.
With the recovery of North African economies and sustained improvement in other regions, growth across the continent is expected to have accelerated to 4. External risks remain elevated. The strong recovery of foreign investment, with the exception of Northern African countries, spurred external flows.
The appetite of Asian and Latin American emerging economies for natural resources triggered a boom of international commodity prices, which underpinned resource-seeking investment in Africa. Prices are expected to remain at.
The monetary policy followed by the Angolan authorities was supported by a benign pace of price growth, leading the National Bank of Angola BNA to cut the key interest rate to Inflationary pressures are projected to fall to 9. With the completion of the Stand-By Arrangement, aimed to increase fiscal and monetary discipline, reform the exchange rate system, improve public financial management, create a sound banking system and enhance fiscal transparency, the IMF continued to monitor the Angolan economy and confirmed the good performance and progress.
The balance of the IMF was generally positive, showing the recovery of liquid foreign reserves to balanced levels, reduction in inflation, stabilisation of interest rates and the achievement of a scenario of exchange rate stability. In parallel, the IMF highlighted the significant progress in terms of transparency of public accounts. The Angolan authorities presented the new Sovereign Fund of Angola FDSEAwith an initial capital of USD 5 billion, which will serve mainly to invest in infrastructure promoting the hotel industry, agriculture, water and electric supply and communications, in order to create conditions for attracting foreign investment.
The Namibian economy is expected to grow by 4. The manufacturing sector is also expected to register strong growth owing to increased production of beverages.
The IMF said the economic outlook appears promising, although facing important downside risks, namely a fragile external climate that poses risks for commodity catlogo and prices. However, Commercial banks, mostly subsidiaries of South African banks, are well capitalised and profitable, with little direct exposure to the financial turmoil in Europe. GDP growth is projected to have slowed to about 4.
Consumer price inflation remained under control, falling to 2.
Tmn pontos catalogo
The exchange rate is caralogo against the Euro. InGDP is estimated to have grown 4. The public authorities expect oil production to start in Inflation in Dili remained high, having decreased slightly to Spurring private sector development by creating a business-friendly environment remains a priority catalkgo deepen the economy and mitigate its heavy reliance on government spending funded by petroleum revenue.
These commitments, together with a target of achieving high economic growth, align Timor-Leste with the inclusive economic growth agenda now being pursued in Asia and the Pacific.
Given the buoyant petroleum demand and rising prices, the outlook for economic growth and poverty reduction is promising. By letter dated 4 June, EC stated that it had no comment to make on the matter. Wholesale market for voice call termination on individual mobile networks. In this decision the cost model for mobile termination and the maximum prices to be applied by the three mobile operators considered to have significant market power SMP were approved, as follows: Prices are billed per second from the first second and independent of the origin of the call.
According to the draft decision concerning access obligations in the market of wholesale physical network infrastructure access, beside the obligation of granting unbundled access to copper loops and subloops and to ducts and poles, at national level, ANACOM intends to impose a geographical differentiated obligation to grant virtual access to optical fibre advanced bitstream: Still according to the draft decision, PT would also be forced to demonstrate to ANACOM that the difference between its retail prices and the prices of the wholesale offers made available to other operators does not result in a margin squeeze.
The multiband auction raised a final amount of Euro million from the winning bidders, as follows: This is the first assignment that allows a globally harmonised use. It is expected to have profound implications at European level, particularly in Television Broadcasting and in mobile networks and services.
This first program is focused on identifying new spectrum bands for the provision of broadband electronic communications services and in establishing the criteria and methodology for creating an European Spectrum Inventory.