The US vulture fund, Lone Star, now is in ‘exclusive negotiations’ with the Bank of Portugal to buy Novo Banco, is confident about the future of the loss-making business and optimistic about the Portuguese economy.
Olivier Brahin, chairman of Lone Star Europe, said he is committed to reaching an agreement with the Bank of Portugal to support Novo Banco in a way that will benefit "its customers, employees, creditors and the Portuguese economy in general."
The number of people taking advantage of Portugal’s various generous tax incentives has risen 44% in a year, including many retirees qualifying for zero tax on their incomes and young people applying for non-habitual resident status.
In just one year, the number of foreigners granted non-resident status increased from 7,414 in 2015 to 10,684 at the end of 2016.
Portugal’s Communist Party lodged a petition on Monday for parliament to vote on abolishing the tolls on the Algarve’s Via do Infante motorway.
"There is clear evidence that the introduction of tolls on the Via do Infante five years ago was deeply detrimental to the interests of the Algarve, with very negative repercussions on the mobility of citizens and economic activity in the region, contributing to the increase in difficulties for companies, the destruction of employment and the rise in regional road accidents," reads the document.
Kate and Gerry McCann are embarking on a new legal battle seeking to overturn last month's court ruling that failed to clear them of being involved in their daughter Madeleine’s disappearance, as indicated in the book by Gonçalo Amaral (pictured).
The couple’s lawyer confirmed the McCanns are to challenge claims by the former police inspector, Goncalo Amaral, that they had somehow had faked Madeliene’s abduction from an apartment in Praia da Luz in May, 2007.
The ‘Portuguese Consumer Confidence Index’ covering the last quarter of 2016 rose to an “all time high” of 74 points, according to data released in the Nielsen Global Consumer Confidence.
“The level of national consumer confidence exceeded that recorded in Finland (68), France (66), Russia (63), Italy (58) and Greece (53).”
The European Union average was 81 points and the global average was 101 points.
GNR officers from Silves and Carvoeiro were called to a domestic violence incident at the sea-side holiday town on Sunday only to come across a mini-greenhouse constructed inside the property, full of healthy cannabis plants.
A full search of the property resulted in the discovery of the plants, cannabis seeds, dried and bagged cannabis ready to be sold, tools and fertliser to tend the crop and scales to weigh the resulting drug.
Gibraltar has impounded the superyacht of a Russian billionaire because its German shipbuilder says €15.3 million in fees remains outstanding.
'Super Yacht A' has been stuck in the British territory since Wednesday.
Starbucks’ first steps into Italy have run into heavy weather as protest turns ugly.
The US coffee retailer last week announced plans to open between 200 and 300 outlets in Italy, starting in Milan and Rome.
