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bop2A diploma has been discussed in a Council of Ministers meeting to subject the financial management of the Bank of Portugal to supervision by the General Inspectorate of Finance.

The Inspectorate already supervises services and public entities and the Government wants the Bank of Portugal to undergo the same rigours, with the exception of its role as the country's Central Bank.

culatraThe Algarve University’s ‘Culatra 2030 - Sustainable Energy Community’ project being run with the Culatra Island Residents Association has been selected by the Secretary for Clean Energy for EU Islands to be a test base for localised renewable energy production.
Technical solutions will be discussed with groups of experts, including researchers, business associations and business sector technicians in a debate with the residents.

cttvanAuditors, appointed by Anacom to keep a check on the accounts issued by Portugal's privatised post office, concluded that CTT has been fiddling the books by apportioning costs to the postal service that in fact were incurred while setting up in-store branches of Banco CTT.

The regulator says the cost-sharing methodology used by CTT, between the various parts of the business, is inadequate and has allowed part of Banco CTT’s costs to be attributed to the universal postal service which allowed management to push for an increase in postal charges while making the bank's figures look better than in reality.

Processionary caterpillarsI have searched the books and net, to come up with more comprehensive information on them. I must thank the various holiday companies for helping with some of the technical information, writes Jan Cobley.

I know of dogs who have lost their tongues to these beasts and it is not a pretty sight and so distressing. There seems to be little local information about them, there are companies in the Algarve which will spray the pine trees where they live.

edpPaul Singer from the Elliott fund has announced an alternative plan to the EDP takeover bid from China Three Gorges.

Elliott believes that EDP is undervalued by the market and that the takeover bid is not in the best interest of shareholders. He argues that the price offered by the Chinese state-owned company of €3.26 per share is "unacceptable" and that the Chinese are not committed to resolving regulatory concerns.

TrainOldThe Portuguese economy, bailed out by the European Union eight years ago, is booming, writes Reuters, adding that Portugal “is enjoying its highest economic growth in nearly two decades, fuelled by record tourism, an upswing in the housing market, a growing tech sector and strong exports. Private investment has returned to 2009 levels, helped by foreign investors including Chinese companies.”

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