MPs to investigate State's excessive support payments to EDP

parliamentPortugalNow that the vast subsidies, handed by taxpayers to Portugal electricity supplier, EDP, have been given a full airing in the media, parliament today approved the creation of a committee of inquiry to look into the matter most thoroughly.
 
Between 2009 and 2012, taxpayers paying these CMEC support payments were providing a sum equal to one third of EDP's profits. 

Petrol price rise - nine times in nine weeks

petrolpumpThe price of petrol and diesel is going up again on Monday - for petrol, this is nine price rises in nine weeks.
 
Fuel in Portugal will hit a new three year high due to the rise in the international oil price the continuing poor performance of the euro against the US dollar.

Finanças to be handed details of all €50,000+ bank accounts

financaslogoThe Government has decided to re-submit the diploma that allows the Tax Authority to access citizens' private bank accounts which have a balance of €50,000 or more. 
 
The Council of Ministers again approved the law that was vetoed by the president in September 2016.

Chinese government prepares takeover bid for EDP

edpCurrent EDP shareholder, the State owned China Three Gorges company, is preparing a €9.07 billion takeover bid for Portugal’s energy company, representing a premium of just under 5% to Friday's closing share price.
 
China Three Gorges currently holds just over 23% of EDP with CNIC, another company owned by the Chinese state, holding almost 5%.

Motorway PPP corruption inquiry - two former ministers among the suspects

a22An investigation into Portugal’s ruinous Public Private Partnership (PPP) road building programme reveals that two former Public Works Ministers, Mário Lino and António Mendonça, and the former Secretary of State for Public Works, Paulo Campos have had their phone tapped since 2012.
 
As a result, a criminal investigation is being finalised into suspicions of their criminal association, corruption, harmful management, influence peddling, tax fraud and money laundering.

EDP's earnings down - apart from wind and solar division

edpPylonEDP’s first quarter results were down 23% on the same period last year, mainly due to the sale of its natural gas distribution business in the Iberian Peninsula and adverse exchange rates.
 
EDP still ​​earned €166 million in the first quarter of this year, but the only part of the business that grew was wind and solar power generation.

Albufeira - 90-year-old loses €340,000 in cash and property scams

eurozoneA man and two women accused of stealing from a 90-year-old Albufeira resident, took advantage of his inability to read or write and enriched themselves by €340,000, claims the prosecution.
 
According to the Public Prosecutor, two of defendants, a mother and daughter, aged 54 and 22, helped by the victim’s godson, a man of 66, - "little by little, they gained his confidence."

Xutos & Pontapés headline Olhão's 33rd Seafood Festival

shellfishThe organisers of the 33rd annual Olhão Seafood Festival have confirmed that Xutos & Pontapés will be in this year’s line-up, closing the event on the 15th of August.
 
Other acts include Agir, Vanessa da Mata and Ana Moura who will perform over the six day festival which sees the city filled to capacity.