News

Chinese closing in on EDP

Paul Rees 05 March 2018

The Chinese state-owned company CNIC has bought another 2% of EDP’s shares, in a deal worth €200 million.

CNIC held 3.02% of EDP and bought another 1.96% at the end of 2017, to hold 4.98% of EDP, according to EDP's annual report, dated March 5th.

Government teams assessing storm damage to Algarve farms

Paul Rees 05 March 2018

The Secretary of State for Agriculture, Luís Medeiros Vieira, today visited some of the areas affected by the recent bad weather and tornados in the Algarve.

Viera said there are three teams already assessing the damage, with more coming in to help by the end of the week.

Faro tornado - Mayor says gypsies will have to return to shanty town

Paul Rees 05 March 2018

The gypsy community, rendered homeless after Sunday’s tornado damaged their collection of shacks, temporarily has been housed in a pavilion in Faro.

Faro Mayor, Rogério Bacalhau, admitted today the municipality had no provision for housing for the 100 or so newly homeless residents, "As soon as conditions permit, they will have to return to the places where they have been for many years," admitting that that "there is no permanent housing available for these people."

Golden Visa scheme "poses major corruption risks"

Paul Rees 05 March 2018

"I have no doubt that this is an absolutely corrupt scheme in which members of government, real estate agents, lawyers, and others are involved,” insisted Member of the European Parliament, Ana Gomes - the anti-corruption organisation, Transparency International, has come to much the same conclusion as it today claimed that Golden Visa programmes in Europe pose "major corruption risks."

Tornado hits the Algarve

Paul Rees 04 March 2018

A tornado swept across Faro and Olhão council areas on Sunday afternoon, leaving a trail of destroyed trees, cars and walls.

A gypsy community of around 100 people, living in an area known as Cerro do Bruxo at one of the entrances to Faro, had their makeshift housing torn apart and destroyed by the wind which raged for an hour from 4pm.

Portimão to re-use waste water from new treatment plant in Companheira

Paul Rees 04 March 2018

Treated effluent from the new Wastewater Treatment Plants at Companheira, near Portimão and from the one being built between Faro and Olhão, will be reused for irrigation.

This guarantee was given by Carlos Martins, Secretary of State for the Environment, at the ‘Water Challenges’ meeting in Albufeira.

Aljezur mayor loses final appeal against 'loss of mandate' ruling

Paul Rees 03 March 2018

The mayor of Aljezur, José Amarelinho, may not be mayor much longer as his final appeal to the Constitutional Court has been rejected.

The case against the Mayor of Aljezur goes back to 2012 when the socialist mayor was condemned by Lagos Court which ordered he be relieved of his mayoral position, also to serve three years and two months in prison unless he paid €5,000 to the League for the Protection of Nature.

Álvaro Sobrinho siphoned off €499 million from BES-Angola, alleges Der Spiegel

Paul Rees 03 March 2018

The German publication, Der Spiegel, and the weekly Portuguese paper, Expresso, have shared details of how Álvaro Sobrinho, the former boss of Banco Espírito Santo - Angola (BES-A), managed to divert funds, including €227 million in customers’ cash deposits.

Álvaro Sobrinho, is suspected of receiving $433 via three Angolan companies and another $182 million from two offshore companies. The total he is alleged to have siphoned off is the equivalent of €499 million, money that was advanced as ‘loans’ to companies which then was diverted for his control and use.