"The end of a difficult period of almost two years," according to Filipe Santiago after the completion of the sale of Tivoli hotels to Thai-owned Minor Hotel Group.
The €294 million deal has dragged on for 18 months due to a Special Revitalisation Process, the seizure of assets and an unwanted legal claim by Montepio bank.
Property buying activity in Portugal stagnated last December, according to the 'Portuguese Housing Market Survey' released today, which regarded December as "a temporary trend" while predicting that sales will grow throughout 2016.
Based on responses from estate agents, dull sales last December were mitigated by demand for leases which continued to strengthen, leading to a growth in rental prices achieved.
The floods that swept through Albufeira’s downtown area last November 1st, caused an estimated €20 million of damage and associated losses, €5 million of which were not covered by insurance policies.
Over 200 residents, bar owners and shopkeepers were affected as a prolonged downpour overwhelmed the inadequate flood relief systems completed in defiance of expert opinion by the council, led at the time by Desidério Silva who has remained silent on the issue.
Despite the widely held view that the Portuguese drink sensibly, blending moderate wine consumption with the healthy Mediterranean diet, the figures show a different picture as 3% of the population "have a consumption level considered high risk or harmful."
The number of registered alcoholics in treatment at the end of 2014 was just shy of 12,000 but health experts agree that the realistic figure is nearer 60,000 people in need of treatment.
A British tourist died from excessive heat while on the sun bed he was using in Ibiza.
Neil Murphy, 43, died on the first day of his holiday, an inquest has heard.
The discussions continue in Brussels to twist Portugal into compliance with required Stability Pact norms by kicking the 2016 State Budget around until it fits.
Brussels will decide on Friday whether the efforts of the eurocrats and Portugal’s team from the Finance Ministry are worthy of approval.
“Operation Mamma Mia” has revealed a milti-million euro scam where cheaper Spanish and Greek oils were being palmed off to consumers as Italian extra virgin oil in an effort to cash in on the cachet of an Italian brand.
The undercover operation discovered that some producers were falsely labelling their bottles.
The Algarve golf scene has burst back into life after years of dogged promotion and objections to the austerity levy of a 23% VAT rate on rounds played.
Last year’s figures are just out and show the best performance since 2007 with 1.2 million rounds played, some 81,500 more than last year with October the best month.
