King Juan Carlos of Spain plans to abdicate, as announced by Prime Minister Rajoy.

Crown Prince Felipe, 45, will become the next king.

Loulé has been chosen as a European City of Sport 2015 in an award ceremony this week-end presided over by the President of the Association of European Cities and Capitals in Europe, Gian Lupatteli.

Loulé mayor, Victor Aleixo, interpreted the choice as "a stimulus to the promotion of sport policies and health," placing particular emphasis on "informal sport" practiced by large sections of the local population from the coast to the mountains, "Not just in competitive sporting competitions."

The Fábrica do Inglês and the Cork Museum, both on the same site in Silves, have been auctioned off.

The complex closed in 2009 due to overwhelming debts of the owner which had turned the old cork factory into a restaurant, leisure complex and Cork Museum.

A delay of over a year in finalising the sale of the old Lagos train station is hampering the opening of a café and art gallery by a British couple.

The old station building was opened in 1922 but has been derelict for eight years until its sale in March 2013 to a British couple resident in Lagos.

Spain is to undertake several initiatives to help stimulate the economy and to reduce the tragic unemployment rate.

A key measure will be the reduction of corporation tax from 30% down to 25%.

Amidst all the sharp power it is exercising, HMRC has been sending letters asking savers to explain why their “effective rate of tax” is lower than the national average.

In the letters HMRC says: “Looking at the figures in your self assessment tax calculation for the tax year ended, we can see that your effective tax rate is lower than average for people with a similar amount of income to you. This could mean that there is something wrong with your tax return.”

After a long-awaited drop in prices, fine Bordeaux vintage wines are again being south after, particularly by rich investors in Asia.

Demand for exclusive Bordeaux, such as Petrus and Chateau Margaux, has already risen by 30% in Asia this year.

The long-awaited and much criticised Environmental Impact Statement relating to the proposed IKEA site near Loulé will be decided on in the first half of July and a decision published.

The pro-business Committee for Coordination and Regional Development of the Algarve today announced a short deadline for its decision and it is hoped that members will have had time properly to read the document and debate the potential impact and options available.