Government rejected plan to create 50,000 jobs

Restaurants empty and many go bustPortugal’s hotel, restaurant and catering enterprises are being encouraged to hike their prices fully to reflect the 23% rate of VAT, part of which currently is being adsorbed by the businesses.

If the VAT rate stays at 23% in the 2014 budget, which it set to do, the full amount will be passed on to customers.

Portugal’s travel agencies in sales slump

Travel agencies sales fall againPortugal's Travel Agency sector is predicted to invoice at least 7% less this year as slackening demand and strong pressure on prices take their toll.

"The adverse economic situation in recent years has caused sharp falls in revenue for tour operators and travel agencies in Portugal" according to a D&B report released today.

Angola drops Portugal as trading partner

Georges ChikotiAngola has made it clear that closer trading cooperation between the two countries is will not happen.
In an interview on Public Television of Angola, the Angloan minister of foreign affairs mentioned South Africa, China and Brazil as alternative trading buddies.

"Angola will look for new horizons and will rethink its foreign policy with other priorities. We have other partners who are more important," said Georges Chikoti in a snub that will send shockwaves through Portugal’s corporate sector.

Earthquake felt across the western Algarve

Lisbon earthquake, devastatingAn earthquake measuring 4.5 on the Richter scale was recorded at 3pm today with an epicentre located about 190 kilometers south-southwest of Cape St. Vincent.

The tremor was reported by concerned citizens in Portimão, Quarteira and Loulé.

British housing market on the move again

Housing on the move againMortgage approvals jumped 40% in September, making it the highest monthly level since the critical slump in 2009.

By the end of the month, nearly 43,000 loans for house purchases were made, according to the British Bankers Association.

'Destiny Algarve' - well targeted and welcome

Off-season tourism sensibly targeted, an Algarve firstThe Algarve Tourism Association is launching a well-targeted promotional campaign in the UK, Ireland, Germany, Holland, Belgium, France and Scandinavia as ‘Destiny Algarve’ hits online and offline media.

These markets rightly are considered "strategic for the region" and all have flights to Faro, according to the Algarve Tourism Association whose two goals are 'to mitigate the effect of seasonality in the region and to promote awareness of the existing routes to Faro airport.'

Expats in Italy face house demolition

This is not justiceA house in Italy owned by British expats has been seized by the authorities there because it was built illegally on agricultural land.

Moreover, the couple has been charged with owning an illegal property, an offence which incurs a sentence of two years in jail or a €50,000 fine.

Property price boom fears in Germany

German house boomGermany is increasingly concerned about a possible property price boom after foreign investment has pushed prices up.

The strong economy has lured foreign investors, who are now being blamed for prices in major cities becoming overvalued by as much as 20%.