Portugal | Public debt reaches a record high

Portugal’s public debt reached a record high rising to 250.3 billion euros, according to information released by the Bank of Portugal. The figure for May represents an increase of €0.3 billion compared to April, with net government debt net of deposits increasing by € 1.4 billion compared to the previous month, totaling €226.3 billion, with assets in general government deposits falling by €1.1 billion. The Portuguese government expects public debt at the end of the year to stand at €246.1 billion, which, although lower than the current value, represents a deterioration compared to €242.6 billion at the end of 2017. Portuguese weekly newspaper Expresso recently reported that Portugal’s public debt is the 11th highest in the world as a percentage of GDP.

East Timor | Companies instructed to reform by September

Collective companies and limited partnerships will cease to exist in East Timor as of September 14, 2018 and will be required to decide whether to be transformed into a limited liability company or a joint stock company. The legal obligation will not entail any cost to the companies, as registration for this transformation will be free of charge. The alternative for the companies that do not meet this obligation will be their dissolution, according to the new Law. All registered collective companies and registered partnerships that have not met the processing obligation shall be officially declared dissolved by the registrar as of December 14, 2018.