Spain has pushed both France and Italy out of the way and has become the world’s largest exporter of wine in 2014.

It sent 22.8 million hectolitres abroad last year. But despite this 22% increase, profits fell by 2.2%.

The sale of 50,000 residential tourism units in Portugal would represent a turnover of more than €10 billion, with €500 million received in direct taxes, according to a study released today.

"Impact on the Portuguese Economy of each new Foreign Resident," developed by the Portuguese Association of Resorts (APR), in partnership with PricewaterhouseCoopers concluded that sale of 50,000 properties also could represent 120,000 new jobs per year.

At least 1000 refugees in just the last two days have been rescued in the Mediterranean, according to Italian officials.

Ten people died at sea after their boat capsized.

The first five sections of the long-awaited forensic audit by accountancy firm Deloitte on the Banco Espírito Santo collapse has been delivered to the Attorney General's Office.

So far, 36 offences by the Ricardo Salgado management regime have been highlighted, with the bank’s administrators accused of ‘intentional acts of ruinous management’ and 21 deliberate instances of ignoring direct instructions from the Bank of Portugal in just seven months.

Thousands of British workers in the banking sector could see their bonus opportunities reduced by new EU regulations.

The European Banking Authority has extended its bonus cap to small banks and building societies as well as subsidiaries of banking groups such as asset management and insurance.

Spain’s Socialist party in Andalucia has announced plans to set up an anti-corruption office.

The announcement was greeted as a “joke” by opposition parties.

João Miguel Gouveia will not face trial for his alleged involvement in the death by drowning of six Lisbon University students at Meco beach in 2013.

The judge in the case has concluded that there was no coercion, or ‘tyrannical behaviour’ by Gouveia and that the six students simply were swept from the beach by a wave and drowned in the rough sea.

A surprise recovery in retail sales took place in January as consumers went on a shopping spree and even the Portuguese took part.

Retail sales went up by 1.1% in January compared to December, but annual sales rose a welcome 3.7%.