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Insolvent Caixa Geral pays top director €423,000 a year - before bonus

caixageral2"It’s a tough job, but somebody’s got to do it," - that 'somebody' is António Domingues who as the new Chairman of Caixa Geral de Depósitos will struggle by on €423,000 a year - or €30,000 a month for 14 months each year, with ample vacation and a bonus of up to 50% of his fixed salary.

The remuneration package funded by the taxpayer-owned bank is, according to the Finance Minister, about right compared to others in the banking sector, a sector already noted for its fat-cat, callous and often incompetent directors, a sector that has seen big brand names such as BES and Banif collapse leaving shareholders and investors high and dry.

Communists pester government on EN125 roadwork delays

roadworksIt was the Communist Party MPs today that demanded of the government some sort of explanation on the continued holdup with the roadworks on the Algarve’s EN125.

‘Resuming soon’ was meant to mean September 1st after the roadworks were suspended before the summer crowds descended in July. No work yet has restarted and a mysterious veil of silence has descended.

Picota forest fire started by local man

fireA serious forest fire on two fronts was fought by up to 93 firemen on the slopes of Picota, Monchique this afternoon.

The fire started at 1:30, sending a tower of smoke into an almost windless sky with ground crews struggling across difficult rocky terrain.

Portugal may slip through Friday's DBRS ratings review unscathed

The rating review on Portugal's financial health, due to be delivered on Friday by Canadian agency DBRS, portuguese eurolooks likely to remain ‘as is’ with Friday’s announcement a crucial test of whether or not the government is making any headway at all in sorting out the economic mess.

Reuters reported today that Portugal's bond yields hit their lowest level in nearly five weeks and last Friday slashed the economy’s deficit target for 2017 to 1.6% from an estimated 2.4%.

Potent antibiotics found in use on farm animals

pillsSome of the strongest antibiotics available for humans have been found to be in use on farms in large parts of European Union countries.

Antibiotics to fight lift-threatening infections are in frequent use in animals, according to the European Medicines Agency (EMA).

Germany welcomes more babies

baby2012The birth rate in Germany has been rising over the last four years, pushing the level to 1.5 infants per woman last year.

The last time the rate was this high was in 1982.

Norwegian Air set to offer more flights from Gatwick

airplane2Norwegian Air says it has plans to increase its flights from Gatwick Airport no matter what the British government decides on airport expansion.

The UK government has been mulling over the idea of enlarging London air capacity and may one day decide between either Heathrow or Gatwick.

Islamic State has recruited from Portugal

isisPortugal’s secret service has identified for the first time, citizens living in Portugal with links to the Islamic State.

Previous instances have involved Portuguese living abroad but retaining their Portuguese citizenship so this is the first time that a senior figure has admitted that there are home-grown supporters of the Islamic State.