Portugal escapes EU fine for budget deficit variance

moscoviciThe EU's Economic Affairs Commissioner, Pierre Moscovici, (pictured) has performed a U-turn to the benefit of Spain and Portugal by postponing a decision on fining the two countries for running excessive budget deficits.

“We have concluded that this is not the right moment economically or politically to take this step,” said Moscovici today.

US Monsanto and German Bayer in merger talks

bayerThe German pharmaceutical giant Bayer has put in an unexpected bid to take over the US group Monsanto, the biggest seed company in the world.

The two have said they have met in a ‘private discussion’ of a negotiated acquisition, emphasizing that negotiations are only exploratory.

Debt relief for Greece rejected

acropGermany is holding steadfast in its opposition to debt relief for Greece.

Threadbare Greece has been pushing to get its EU creditors to write off at least some of its debts, arguing that it can not sustain its heavy loan repayments.

Alcohol is the root cause of 25% of crime in the Algarve

beerdrinkerThe Algarve's court prosecutors have listed various crimes committed in the Algarve during the first quarter of 2016, one in four was for drunk driving.

Second on the list was driving without a license, third was violence, fourth was theft and burglary and the fifth was disobeying an office of the law.  

Portugal's banks fail to help customers through difficult times

taxMany of Portugal’s banks already have received taxpayers’ cash to recapitalise, or they have been flooded with cash prior to being sold off at a loss by the State, but when the tables are turned, bankers have been behaving true to form.

Last year 132,000 families in Portugal were unable to pay their full monthly mortgage so, encouraged by the government’s assurance that the banks are being more customer-focused over arrears problems, many asked for some financial and contractual leeway in order to keep the roof over their family’s heads.

Sea Week in Lagos - green energy and Algarve caviare

oceanLagos council is hosting a clean environment, 'no oil please' conference with the launch of Sea Week, kicking off with a session on coastal zone management this coming Friday.

The council has announced a key seminar on the management of coastal zones, seas and oceans and the importance of the maritime economy to the Algarve with the council's mayor standing shoulder to shoulder with his colleagues at mayors group AMAL against regional oil and gas exploration.

Frozen bank account changes should enable debtors to function

segurancasocialThe clearly unfair practice use by the State of freezing the bank account balances of those owning money to Social Security is to be changed.

Currently, the State freezes an account, however much it contains, leaving many people unable to use what should be their free balances after the Social Security debt is cleared.

Lagos hostage dad sentenced to 16 years in jail

pspAntónio Duarte, the man who last year held hostage three people in the Children and Young Persons Protection Commission in Lagos and shot at a policeman, has been sentenced in Portimão to a sixteen years and six months in prison.

According to the state prosecutor’s statement, Duarte was "convicted of attempted first degree murder, aggravated kidnapping and the possession of a prohibited weapon. He also has been convicted for crimes of domestic violence and rape committed over several years against his partner."