Thursday, 19 October 2017
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CaixaBankBarcelonaThe pain in Spain falls mainly in Catalonia as the Madrid Government today approved a law to make it easier for companies to relocate their corporate headquarters.

This tailored decree law now will be used by the directors of CaixaBank, the main economic institution of Catalonia which also controls Portugal's BPI, to approve the transfer of their head office from the Catalan capital of Barcelona to Valência, without having to convene an inconvenient general meeting of shareholders.

euThe European Commission said today that the Portugal’s plan to allow banks to work together with common debtors is an "important initiative" which will accelerate the recovery of viable companies.

"The restructuring of viable businesses should be accelerated while non-viable companies should not continue to weigh on bank balance sheets. The platform to strengthen the coordination of bad debt management is an important initiative in this regard," says the European Commission.

armacao2The average occupancy rate per room in the Algarve’s hotels was 89.2% in September, 1.9% up on last year and the highest in 17 years, according to the provisional monthly data released today by the Algarve’s hoteliers’ association.

More relevant was the increase in cash taken, up 7.2% during the month as businesses 'adjust supply with demand' and put prices up.

droughtWith no relief so far in October, Portugal’s weather service reports that for September this year, 80% of the mainland was suffering ‘severe drought’ at the end of a month that it categorises as ‘extremely hot.’

According to the bulletin, September was an increase in the area affected by severe and extreme drought conditions.

oilAljezurImagePortugal's government has given a “no” to the oil consortium Galp-Eni which had asked for test drilling contract extension for a further year to December 2018.

In a surprise move, the Government refusal to extend the contract, signed with the consortium to enable it to drill off Aljezur, stating that local councils potentially affected need to agree the extension.

Algarve Art Magazine'Algarve-Art' is proud to announce the publication of a new unique Algarve Art! quarterly Free online Art Magazine for the Algarve.

The First Edition of the brand new Algarve Art! magazine was launched this week. This is a new quarterly online magazine brought to you free of charge to read and enjoy.

The Magazine is linked to the new Algarve Art website https://algarve-art.com and newly formed Algarve Society of Artists.

INEM125A British man died on Thursday afternoon, October 5th, when his fixed wing ultralite crashed near the EN125 at Quelfes, Olhão.

A spokesman from the Civil Protection agency said the 70-year-old Briton crashed uncontrollably on a plot of land behind a restaurant from where a small air club operates.

spanishflagSpain's Constitutional Court has order that a session in Catalonia's parliament, which could be used to declare independence, must be suspended.

Catalan lawmakers have summoned Catalonia’s regional president, Carles Puigdemont, to address parliament about the referendum on independence held last Sunday amid police violence that was viewed with dismay across the world.