The Canadian ratings agency DBRS on whose benign rating Portugal’s government relies to keep the treasury from a hike in bond rates, has looked at the Caixa Geral refinancing deal is not overwhelmed with confidence.
Part of the refinancing agreed with the European commission is for €1 billion to be raised from individual investors in a debt issue that given the creditors zero rights if the bank goes bust. This sum is but part of the €4.6 billion Caixa Geral requires to keep going.
Seven floundering French tourists were rescued after their boat turned over in the waves not far from an isolated shore near Caneiros beach, Ferragudo.
The tourists were rescued by the Ferragudo lifeboat service with the help of two lifeguards after the seven metre inflatable was caught in rough surf and started to sink.
Banco Português de Investimento (BPI) is shutting down 25 of its branches before the end of September, including the one in Montenegro, Faro.
The closures follow 76 closures in the first half of the year and are part of a restructuring under BPI president Fernando Ulrich.
Spain’s caretaker leader, Mariano Rajoy, said on Saturday that the formation of a new government is “more of a wish” than a fact.
Rajoy is facing a vote of confidence on Wednesday in the country’s parliament to see if he will be given a second term in office. The matter could go to a second confidence vote, which will be held on Friday if Wednesday's ballot fails. In the second vote a simple majority will suffice to put Rajoy back in power.
Spanish police hailed their arrest of 57 people as the quashing of a major nationwide crime circuit dealing in the illegal immigration of Chinese nationals, according to a statement issued on Saturday.
The authorities believe that Chinese nationals living illegally in Barcelona were given falsified contracts as domestic workers in order to obtain residence permits.
Dear reader - due to a temporary technical problem, the weekly newsletter email has been delayed, so here is the text as a news item:
For those who wish to receive this newsletter by email in the future, please email you name to newsletter@algarvedailynews.com and you will be added to the list.
The captain of the brand new Seven Seas Explorer luxury cruise ship decided after all not to venture into Portimão’s harbour in a move that has left local businesses angry that nothing yet has been done to enable large cruisers to dock with ease and safety.
The head of the Algarve ports authority, now run from Sines, said everything had been ready to welcome the massive cruise ship but the Captain decided he was not going to risk it, citing ‘sea conditions’ as the reason to skip Portimão.
The GNR is to run the last phase of Operation Hermes from Friday to Sunday with additional patrols and ‘support for holidaymakers’ on main roads.
The operation is intended to ensure safety on the main exit routes from popular vacation spots as the end of the summer holidays sees thousands returning from the Algarve to all points north and east.
