Having had to abandon his 11-metre ketch Dumpling after a collision with a huge white vessel the size of an oil tanker or container ship three weeks ago, single-handed yachtsman Nick Cole has learned that his badly damaged and disabled boat has been located and towed back to Madeira.

The Portuguese authorities have identified two white vessels that were in the collision area at the time, but the Falmouth Coastguard has refused to divulge the names because it is “commercially sensitive.”

At long last one of the Algarve’s mayors has had the cojones to point out that the Algarve public has been duped over the tolls and the EN125 redevelopment.

Loulé mayor Vítor Aleixo accused Estradas de Portugal of cheating the Algarve “with the announcement that the redevelopment of the EN125 would be resumed, since the work as scheduled will not benefit the region.”

The enquiry into the death of six students at Meco beach last December has concluded it was just an accident and the drownings can not be blamed on the sole survivor, João Gouveia.

The case was filed yesterday by the prosecutor but, as expected, the lawyer representing the grief stricken families of the victims, Vitor Ribeiro Parente, already has said that as soon as this decision is officially recorded he will appeal.

The British people and certainly their government may sigh with relief after the International Monetary Fund said that the UK has the fastest growing economy out of all the major developed countries.

The IMF expects Britain to grow faster than the US, Germany, France, Canada and other nations. As a result, the agency has increased its forecast for UK growth to 3.2% in 2015.

Virgin Money is to repay the £150 million financing package it got when it purchased failed Northern Rock two years ago.

The run on Northern Rock in August 2007 was the start of the financial crisis in Britain. The Newcastle-based lender was nationalised in February 2008 with a £1.4bn bail-out.

Heathrow airport has had to axe 150 head office staff so far this year and threatens that more jobs will go unless it has approval for a new runway.

Now a pay deal has been struck with 5,000 of its 7,000 workforce for pay increases which are below the rate of inflation. It is believed the deal will save Heathrow £30 million.

The latest Summer Perspectives survey into the holiday plans of Portuguese families shows the delightful result that 84% are to stay and holiday within the country, and 44% are intent on heading to the Algarve.

August is the ideal month for the majority (54%) of Portuguese and 56% will take at least a ten day break in the sun.

The Portuguese are the most unhappy and pessimistic in Europe when it comes to the economic situation, according to a survey released today by the European Commission.

In Portugal, 52% of citizens surveyed fear that the impact of the crisis on employment will worsen.