José Guilherme says he lost €25 million when BES collapsed

besJosé Guilherme, the businessman famous for giving Ricardo Salgado a ‘gift’ of €14 million, said he lost €25 million when the Bank of Portugal divided Banco Espírito Santo into good bank/bad bank and could still "lose a lot more."

In February, the humble builder was called to the committee of inquiry looking into the BES collapse so he could some clarification about allegations that he sent a €14 million present to his friend Ricardo Salgado, the former president of BES, but claimed he could not travel due to poor health as rather conveniently he was living in Angola, but he could write down his answers.

US fund buys Vilamoura

vilamouraThe management of US fund Lone Star has announced its acquisition of Garvecat, the company responsible for developing the Vilamoura resort.

The value of the transaction was not disclosed and according to a Lone Star statement, the company's aim is "to revitalise the resort through a long-term investment plan."

Rising unemployment plagues Portugal

assemblyUnemployment in the euro region fell again in February. The rate was recorded at 11.3%, a very slight fall from what it had been in January.

Over the course of the year it dropped from 11.8%.

Espírito Santo Property offers bondholders 'repayment in full' by 2020

herdadecomportaThe directors of Espírito Santo Property today outlined a scheme for bondholders to get their money back in dribs and drabs over the next five years.

Desperate for approval for the Special Revitalisation Plan that management has submitted, but which needs creditor approval, management has proposed that money invested up to October 31, 2014 will be paid back to bondholders by 2020.

Eurozone remains in deflation, but Germany escapes

euPrices in the eurozone have remained low making March the fourth month in a row of lower prices.

But the region is in deflation giving rise to fears amongst observers that the recent trend could prove to be a downward spiral of prolonged stagnation.

‘Algarve Medronho’ causes fury for Alentejo producers

medronhoAlentejo council mayors are up in arms about the application by the Algarve medronho producers for submitting a Protected Geographical Indication request without including Almodôvar, Beja or Ourique.

The mayors have challenged the Algarve’s ownership of local firewater production and say that as their regions produce much of the raw material for the drink’s production, their councils should be added to the list of producing councils and the Alentejo should be added to the 'Algarve' demarcation.  

Portimão dredging - flood risk fears in Ferragudo

cruiseshipLagoa councillors fear that works to the eastern jetty at the entrance to the Arade river will increase the risk of local flooding.

The planned reduction in the length of the jetty on the Ferragudo side of the river, panned so as to allow entry of large cruise ships into Portimão harbour, is worrying the mayor and council members who are keen to study the hydrodynamic study being produced by the National Civil Engineering Laboratory.

Fewer foreigners turned British last year

immigrationThere has been a steep drop in the number of foreign nationals being awarded British passports.

The number was at its lowest level in 13 years.