Portugal Telecom has been ordered to pay a fine of $1.25 million to settle U.S. charges that it failed to disclose it had more than €1.6 billion invested in commercial paper before it was acquired by Brazilian telecom group Oi.
The paper was issued by Ricardo Salgado’s Espírito Santo International and Rioforte Investments, two Grupo Espírito Santo subsidiaries, writes Matthew Heller on the CFO.com website.
Monsanto, the American agrochemical giant and producer of genetically-modified seeds, is to merge with another crop chemical and pharmaceutical behemoth, the Germany company Bayer.
On Wednesday Bayer said it had agreed to pay $66 billion (€58.8 billion) to secure the takeover.
The Algarve Tourist Association has reported record figures from the booming golf market with 691,676 rounds played in the first half of 2016, an increase of 15% over the same period in 2015.
Last year’s 1.2 million rounds is the figure to beat and the association is optimistic that this year’s golf market will continue to grow and exceed last year's impressive numbers.
As the president of the ‘Ports Authority of Sines and of the Algarve,’ João Soares Franco, at last is relieved of his command, he has made clear his attitude towards Portimão’s dock expansion scheme, described by the former Minister of the Economy as a 'no brainer' to boost the local economy.
João Franco said that "the cruise business will never pay for the investment - even the cheaper option" and that in addition to environmental implications, extending the docks in Portimão “will have little economic viability.”
Portugal’s Finance Minister, Mário Centeno, patiently has explained that next year’s tax planning involves the tax burden on individual earners reducing, funded by rises in indirect taxation.
Centeno gave assurances that the rate at which VAT is charged will remain unaltered but that other indirect taxes will rise to fund income tax reductions.
Alcoutim council continues its charm offensive with a selection of financial incentives for those living or moving to this eastern Algarve council area.
Not content with its 2014 'grants for babies' scheme to encourage couples to set up home in the area, the council has proposed in its September 7th meeting that it continues to charge the minimum possible in property rates.
A Volkswagen engineer admitted guilt last Friday to charges of helping to create the illegal emissions device installed into VW diesel vehicles that was designed to provide false information.
After pleading guilty, James Liang, 62, agreed to cooperation with US prosecutors who are working on a criminal case against the German manufacturer.
The train that derailed in northern Spain last Friday was found to have been travelling at 118 kilometres per hour, said the high court in Galicia on Tuesday.
The information came from the train’s black box which had been rescued from the scene of the crash.
