The former BES chief executive Ricardo Salgado has been released on €3 million bail and is not allowed to leave the country while charges of fraud, breach of trust, forgery and money laundering are investigated further.
Salgado’s early morning arrest today was followed by a hearing in the Central Court of Criminal Investigation in front of judge Carlos Alexandre which lasted long into the afternoon.
Having removed support for the Portugal Open tennis competition, Turismo de Portugal has removed its €1 million financial support for the Rally of Portugal.
Turismo de Portugal, led by John Cotrim de Figueiredo, justified the end of its support for the Rally of Portugal as being due to a change of strategy in tourism promotion.
Ricardo Salgado first was forced out of one of the top jobs in Portuguese banking as chief executive of Banco Espirito Santo amid family disquiet over his behaviour and the direction of his moral compass.
That was in June; now Salgado has suffered the embarrassment of being arrested as part of the long-running Monte Branco money laundering and tax evasion investigation - he was whisked away from his Cascais home in a police car at 08.30 this morning.
A man posing as a tourist from the UK has been using a pension in Lisbon as a base and travelling to the Algarve on numerous occasions to break into hotel rooms in the Algarve.
Three hotels in Albufeira were targeted by the 36-year old crook who has previously been up to the same tricks in Ibiza and Malaga in Spain.
The Governor of the Bank of England has been giving a lot of hints about a rise in interest rates, but he has not set a date or a level.
Mark Carney has said increases in the Bank Rate, once they begin, will be at a more “gradual and limited” rate than in the past.
Consumers in Britain are shaking off their fear of spending and popping into the shops, stores and supermarkets.
Retail sales at the end of June were up by 1.6% from the first quarter of 2014, and 3.6% higher than last June. The quarterly leap was the greatest in any time over the last 10 years.
The unemployment rate in Spain has dipped below 25% for the first time in the last two years.
Some 402,000 people were able to find work in the months of April to June.
The Port Authority of Sines and the Algarve has awarded the National Laboratory of Civil Engineering (LNEC) the contract to undertake a study to look at ways to improve the maritime access to the port of Portimão.
The study will look at reducing the length of the eastern breakwater by 70 metres while maintaining safety and protection in high seas.
