Agradecemos a partilha! Rich dark fruits and damson, hedgerow nose. Rich, mouthwatering palate, dark fruit, perfect balance, good length.
Lovely stuff. Finally here A kick ass glass that makes this good text book example of Douro wine fly! And what better than reading and exploring more about the region in the latest Decanter magazine!
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A good way to spend your friday evening and to kick start the weekend! Heatwave and Friday night. It is ok to want something uncomplicated and just refreshing, give me anything but bland supermarket Pinot Grigio though! Plenty of mouth watering freshness from this blend of Alvarinho and Trajadura varieties with aromas of peach, lemon and a minty touch. Low key wine for a relaxed evening cheering for France women football team playing the USA tonight!
Ricardo Rodrigues, a Portuguese wine connoisseur, will take us on a journey through six of Portugal's unique and culturally vibrant wines. Happening right now!!! Come and see us!!! What a joy to be the preference for the evening meeting of this fantastic group! Happy Friday industry fam!! Consumption of coal that year totaled 5.
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Portugal's electric generating capacity in totaled Total output of electric power in came to Demand for electric power totaled Industry including construction, energy, and water employs about one-third of the labor force, and its contribution to the national economy has grown significantly in recent decades. It accounted for Industrial production in had maintained a 1.
Portuguese industry is mainly light; the development of heavy industry has been hampered by a shortage of electric power. Textiles — especially cottons and woolens — are the oldest and most important of Portugal's manufactures. Other principal industries are automotive assembly, electronics, glass, porcelain, and pottery, footwear, cement, cellulose and paper, rubber and chemicals, cork and cork products, and food industries mainly canned fish.
Small artisan industries, such as jewelry and homespun and hand-embroidered clothing, are of local importance. Manufactured goods in the early s included cement, wood pulp, crude steel for ingots, paper and paperboard, and radios and televisions. In , footwear, textiles, wood and cork, chemicals, paper, and food and beverages wine were the central industries. In addition, the country has increased its role in Europe's automotive sector, and has a fine mold-making industry.
Foreign competition has cut into Portugal's textile industry. The agreement runs until , and was designed to give European textile manufacturers time to adjust to a world of unfettered competition. Nevertheless, barely a month after the EU-China agreement was signed, China reached its quotas for sweaters, followed soon after by blouses, bras, T-shirts, and flax yarn. Tens of millions of garments piled up in warehouses and customs checkpoints, which affected both retailers and consumers.
In , Portugal had 18 scientific and technological learning societies, and 20 scientific and technological research institutes. The leading scientific academy is the Lisbon Academy of Sciences, founded in In , Portugal had 27 universities and colleges offering courses in basic and applied sciences. In the latest year for which data was available of all bachelor's degrees awarded, Lisbon and Porto are the two leading commercial and distribution centers. Larger retail stores, shopping malls, and supermarkets have become well-established in many areas.
Franchising has also gained ground, particularly in the clothing and fast-food markets. Direct marketing through television and mail order sales has grown considerably. The most common advertising media are newspapers, outdoor billboards, radio, and television; movie theaters also carry advertisements. The usual business hours are from 9 am to 6 pm, Monday through Friday. Banking hours are generally am to pm, Monday through Friday.
An increasing number of shopping centers in urban areas have more flexible hours, including hours on Sundays. Portugal's foreign trade balance has regularly shown a heavy deficit, which it finances through net receipts from tourism, remittances from Portuguese workers abroad, and net transfers from the EU.
In , Portugal's exports consisted of capital goods The major imports in consisted of capital goods Portugal's leading markets in were Spain In all, Portugal's leading suppliers in were Spain In total, Despite chronic trade deficits, Portugal until managed to achieve a balance-of-payments surplus through tourist revenues and remittances from emigrant workers. After a few years of surplus boom, mainly due to the enormous. These measures, along with the hiatus in international investment caused by the — 91 Persian Gulf crisis and some deterioration in the merchandise trade account contributed to halting the growth of the total nonmonetary balance.
The country's large current account deficit was 7. Although foreign direct investment FDI in new manufacturing projects, such as the automotive and electronics sectors, increased in the s, in the early s FDI flowed to lower-cost manufacturing locations in central and eastern Europe, away from Portugal. The current account deficit was expected to widen in , reflecting deteriorating export competitiveness and slower external demand, but lower oil prices from the second half of were predicted to help narrow the deficit slightly in — A law, however, permitted private enterprise to return to the banking industry.
The Bank of Portugal, the central bank founded in , functions as a bank of issue, while the European Central Bank controls monetary policy. During the late s, Portugal's banking industry underwent significant restructuring due to foreign investment and consolidation. Fearing increased Spanish influence in the Portuguese banking industry, the Portuguese government sought to block the deal and the dispute appeared headed for the European Court.
Portugal's two stock exchanges, located in Lisbon and Porto, were closed after the coup of April The Lisbon exchange reopened in , and the Porto exchange in In January the market was split into three tiers, of which the first is the major liquid market: this included the 11 firms whose shares are traded regularly and which have a minimum market capitalization of e million. Trading outside the stock exchanges is still widespread. Into the late s trade on the exchange continued to grow as continued privatization led to greater amounts of Initial Public Offerings IPOs.
In , the PSI 20 Index rose Portugal's domestic insurance companies were nationalized in Foreign companies were required to accept government representatives among their directors. A new law, approved in , allowed the private sector to reenter the domestic insurance industry. Almost all Portuguese companies sell life and nonlife insurance, although some specialize in reinsurance only. In the wake of the reprivatization of the insurance industry, many insurance companies have sought alliances with banks. This position, in turn, serves as an impediment to new entrants into the insurance field, particularly from foreign countries.
However, the market is opening up and brokers from any European Union EU country can operate in Portugal. Third-party auto insurance and workers' compensation are compulsory in Portugal.
Contractors, travel agents, insurance brokers and other professionals are also required to carry liability insurance. Portugal's budgets accounting for the effects of loans and transfers have been in deficit since Major factors contributing to the deficits included spending on health and education programs, funding for major public investment projects, and large state-owned enterprise payrolls. To finance the deficit, the government issued bonds in the domestic market, which also serves the monetary policy purpose of absorbing excess liquidity.
Since then, monetary policy responsibilities have been absorbed by the European Central Bank. In the EU ordered the country to reduce deficits, which the government planned to do by raising the value-added tax and cutting spending. Public debt in amounted to Allowable deductions in calculating taxable corporate income include depreciation, interest payments, executives' salaries, and royalties. Otherwise dividends are taxed at general income tax rates. The progressive personal income tax schedule has six bands, not including a tax-exempt base.
Social security taxes amount to There are also taxes municipal taxes on the value of real estate. Other transactions taxes include stamp duties and transfer fees. Almost all tariffs are levied on an ad valorem basis according to the EU Customs Code, excepting luxury goods and petroleum, which have special higher rates. Portugal adheres to all EU trade policies, including multilateral trade agreements, and conforms to WTO regulations.
The government actively promotes foreign investment as an integral part of its economic development policy, and specifically through a government agency, API Agency for Investment in Portugal. As a member of the European Union, Portugal abides by the investment rules that govern the rest of the union. New foreign investment legislation was enacted in Foreign investment is permitted in all sectors except ports, water management, rail services, public service telecommunications operators, and the arms industry. Even in these areas, however, deregulation is under way.
Barca Velha - Histórias de Um Vinho (Portuguese Edition)
The foreign investment code contains liberal profit remittance regulations and tax incentives. Main investing countries are the United Kingdom, Spain, and France. Low labor costs, combined with unrestricted access to the EU market, have attracted foreign investment in new manufacturing projects, especially in the automotive and electronics sectors. However, FDI has slowed as low-cost manufacturing locations in central and Eastern Europe have become increasingly appealing to investors, especially since the admission of 10 new EU members in Therefore, Portugal can no longer afford to rely solely upon low wage costs to attract further investment.
In , radical economic transformations were accomplished through a series of decrees that nationalized the domestically owned parts of major sectors of the national economy. At the same time, large-scale agrarian reform measures led to expropriation of many of the country's privately owned large landholdings; other holdings were seized illegally by peasants.
When the nationalization and agrarian reform measures met with only limited success, partly because of liquidity problems, an emergency austerity plan was approved by the Council of Ministers in October The program included wage and import controls and the reduction of subsidies on consumer goods. As a result of Portugal's entry into the EC now EU , the highly protected, unresponsive, and inefficient economy is being transformed. State intervention is being reduced, and the physical infrastructure is being modernized. Privatization began in , with the share of gross domestic product GDP for non-financial public enterprises reduced from The government estimated that privatized companies would represent half of stock market capitalization by the end of In and , a series of important investments and acquisitions were made by companies such as Sonae and Jernimo Martins, Portugal's leading retail distributors; Cimpor, a cement producer; and Portugal Telecom and Electricidade de Portugal, the last of which was privatized.
The big banks were developing new overseas operations as well. The best indicator of Portugal's economic progress was Portugal's acceptance into the European Economic and Monetary Union in During the s and into the s, the economy grew at rates well above EU averages; however, growth slowed in — 03, and fell below the euro-area average for the first time in close to a decade. In , the external current account deficit remained one of the largest in relation to GDP among industrialized countries.
The unemployment rate also increased sharply.
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Nonetheless, an inflow of capital funds has financed infrastructure projects. Public spending was expected to equal Due to labor reform legislation, which took effect in early , and corporate and personal tax cuts in and , the government expected the economy to recover strongly in The government is attempting to change Portugal's economic development model from one based on public consumption and public investment to one focused on exports and private investment. A social insurance and social assistance program has been frequently updated since The program provides old-age, disability, sickness, and unemployment benefits, family allowances, and health and medical care.
The system is funded by payroll contributions from employers and employees.
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The government subsidizes social pensions for those persons not employed. Retirement is set at age 50 for miners, age 55 for fishermen and seamen, and age 65 for other professions.
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Medical benefits are provided to all residents, and cash sickness and maternity benefits are provided to employees. Paternity and adoption benefits are also available. There is a need based family allowance, a special education allowance, and a funeral grant. Women have full rights and protections under both the constitution and civil code.