MAX MOSLEY ENJOY THE AUTÓDROMO INTERNACIONAL DO ALGARVE

April 2009

 

The Autódromo Internacional do Algarve received this weekend the visit of the FIA President. Max Mosley was received by Paulo Pinheiro and visited the entire complex and was very liked with what we saw. This was another important step in the international afirmation of AIA. The infrastructure is a motive of honour for all the Portuguese.

After the visit, Max Mosley said: “This is an impressive circuit. It’s very beautiful and original. Interesting because it hás significant changes of level and blind corners, parts of the circuit where you would have to commit yourself before you can see where you are going, and that’s a feature of a lot of classic European circuits. The first step to host Formula 1 is a commercial arrangement. If they made a commercial agreement with Bernie Ecclestone and FOM then there wouldn’t be the slightest difficulty about putting them on the calendar”, explain the FIA President.

Naturally Paulo Pinheiro was very grateful with the visit of the maxim representative of FIA and with the opinion of Max Masley about the track. “I think this circuit would be a motive of honour for all Portuguese people and is fantastic what we archive in just five months. The visit of Max Mosley just can leave us happy and more with him said about the track,” said the maxim responsible of Autódromo Internacional do Algarve.

 

Source Autodromo do Algarve

Technorati Tags: formula 1,autosport,motor sport,algarve circuit,racing algarve,racing portimao,portimao race track

Blue flags galore – Portugal beaches

16/5/2009

This year 266 beaches on mainland Portugal, Madeira and the Azores will hoist the sought after ‘Blue Flag’, said José Archer, President of the Blue Flag Association.

This means 30 more beaches than last year have achieved the high standards necessary to be awarded a ‘Blue Flag’. Of those 30 beaches, 20 were first-time candidates and a further 25 re-applied after not making the cut last year, 15 of which saw their award revoked.

However, a number of beaches also lost their flags this year, the majority of which were through lack of safety.

To fly a ‘Blue Flag’, which can only be hoisted from June to September, beaches must comply with 29 different criteria, including indicators of hygiene, water quality, natural beauty and safety.

By region, the Algarve has the most number of ‘Blue Flag Beaches’, with 54 acclaimed areas of the coastline.

For the first time, Faro Ria, Camilo beach (Lagos) and Fuzeta Ria (Olhão) are amongst these.

Source, The Portugal news

Algarve bouncing back

9/5/2009

A combination of statistics and surveys have this week indicated that the Algarve can look forward to the coming summer with reserved optimism. Airport passenger figures appear to be recovering, coupled with a marked improvement in hotel occupancy. Furthermore, a British study has put Portugal as the second cheapest destination in the Euro Zone for Britons to visit and it would be the cheapest, if it were not for the pricey cost of sun cream.

Despite the crisis, it appears a stop has been put to the huge drops in hotel occupancy rates and airport passenger figures.

Hotel occupancy rates improved in April to 49.1 percent, while Faro airport passengers numbers, having recorded successive drops of at least 20 percent in each of the first three months this year when compared with the same periods in 2008, staged a dramatic improvement in April where unofficial figures show a drop of only 1.6 percent when compared with same month last year.

“Crises have their advantages, and it has forced us to rethink many aspects of tourism”, explained Dr. António Pina, chairman of the Algarve Tourism Board (ERTA) when confronted on Thursday by The Portugal News with what some observers have deemed to be the start of the sooner-than-expected recovery of tourism in the Algarve.

The ERTA chief revealed that sectors linked to tourism in the Algarve have revealed new-found “dynamism” in what he believes could be the recipe to bail the tourism-reliant region out of the current crisis.

Dr. Pina added: “The Algarve has its cake, which is the sun, the sea and golf. But we have been working on other areas to boost tourism. Wine routes, excellent bird-watching, nature walks are but some of the features the region boasts to attract more tourists”.

Meanwhile indications are that the summer will see no drop in the number of tourists to the region, with price cuts being practised by resorts across the region.

A study by the UK’s Post Office Travel Services this week put the Algarve back into the world’s top ten most competitive destinations for British tourists. Even more striking was that it was placed second in Euro Zone.

Explaining its findings, researchers said while attention has been focusing away from the Euro Zone for holidaymakers on a strict budget this summer, price cutting in some of the most popular Euro Zone destinations mean that the UK’s traditional favourites may cost less than expected, with the Algarve being highlighted in the study.

Sarah Munro, Post Office head of travel services said: “The Euro Zone has taken a bashing this year but our survey suggests that tourist outlets in many resorts are taking dramatic steps to encourage tourists. Despite the weak pound, this means that UK tourists who shop carefully could find that they get more than expected for their money.”

At around £42 for 10 holiday items, including drinks and meals, Bulgaria’s Sunny Beach resort was two and a half times cheaper than Antigua - the most expensive destination surveyed. Two other holiday spots outside the Euro Zone, Turkey and Croatia, joined Bulgaria as Europe’s cheapest options for a bargain break.

Under the ten items surveyed, the cost in Portugal amounted to £67.47, only 39p more than in Spain. However, taking away the cost of sun cream, which is almost £2 more expensive in Portugal than in Spain, the Algarve would be the cheapest summer destination for Britons in the Euro Zone by some margin.

France is the most expensive Euro Zone destination in this year’s barometer - costing £11.22 (+16.7 per cent) more than Spain. And one of the newest Euro Zone entrants, Cyprus, joins France as the highest priced European holiday destinations. By contrast Malta, which, like Cyprus, joined the Euro Zone in January 2008, has held its prices steady and emerges as third cheapest after Spain and Portugal.

Ironically the biggest price hikes were in the long haul destinations, highlighted as great value in previous surveys. The same 10 commodities surveyed by the Post Office have risen by 53.7 per cent in Thailand - which still remains the cheapest long haul destination - and by 46.9 per cent in Egypt.

Meanwhile, hotels in the Algarve reported improved occupancy rates after a dreadful start to the year.

After hitting all-time lows in January and February, March and April showed some improvements, with April bouncing back to report figures similar to those recorded the same month last year.

According to figures sent to The Portugal News by the Association for Algarve Hotels and Resorts (AHETA), occupancy was at 49.1 percent, down only 4.6 percent.

Three-star hotels reported an increase of 26.5 percent in occupancy rates, while four and five star hotels fell, which is explained by money-conscious tourists accepting a reduction in quality in exchange for significant cash savings.

AHETA president Eldérico Viegas told The Portugal News on Thursday that summer occupancy rates will probably be on a par with those recorded in 2008, mostly due to the cut in rates being practised across the country.

Mr Viegas added that the current crisis is what he termed “a transitional period” and one in which the Algarve will have to fight to keep regular tourists, especially those from Britain. He further called on hotels to accompany prices being asked in other rival destinations, and to not rely solely on the “affinity” Britons have for the Algarve to keep occupancy rates, and prices, up.

Source The Portugal News

Is the worst of the economic downturn over?

 

LONDON, England (CNN) -- The worst troughs of the global economic downturn could be over, although there remain risks ahead, according to the man who spearheaded perhaps the most complete study yet of the genesis of the current financial crisis.

On the rise? Stock markets have shown some signs of

Technorati Tags: economical recession,recovery,house,house prices,buy,deals algarve

recovery

Thomas F. Cooley is Dean of the NYU Stern School of Business, which delivered its swift response to the financial turmoil, a collection of 18 papers examining different aspects of the phenomenon, to 100 leading U.S. policymakers, including inside the Obama administration, Congress, the Federal Reserve and financial regulators, bringing an appreciative response.

Cooley, who organized the production of the papers by 33 members of the Stern faculty over a period of just six weeks, told CNN he believed thatrecent sharp rises in stock markets could herald the beginnings of a wider recovery.

"There are distinct signs of a recovery in the U.S. economy, parts of Europe and elsewhere. There is a definite sense that the worst is over," he said. "But there are still many risks in the system, and we need to be cautious in what we evaluate because a lot of the problems aren't being addressed.

"For example, the recovery of the labor markets will be slow, partly because of the effects of monetary policy and the stimulus package."

Cooley organized the finance and economic staff into rapid and coordinated action in November in an attempt to address the what he describes as "clearly the worst financial crisis since the Great Depression."

By mid-December, what were termed the White Papers were being delivered to policymakers, looking into subjects including banking, credit ratings, hedge funds and regulators, as well as bailout efforts.

Cooley says he decided to act after receiving a series of outside requests for assistance in understanding what was taking place.

He said: "Our faculty was tapped many times to provide analysis of the events, and it was logical to move from analysis to discussing solutions.

"The scale and scope of the financial failures gave our collective work a sense of urgency."

In another expression of guarded optimism, Cooley says that while the initial crisis was the worst since the Great Depression, the wider picture is very different.

"The economic consequences are not as severe, nor will they be, as compared to the 1930s," he said. "That is because we have a better understand and better tools, and because governments and central banks around the world have been very proactive in addressing issues."

As well as potentially guiding policy, Cooley adds, the project brings added value to Stern's students, some of whom are now studying the issues as a new part of the MBA program.

"This was the ultimate teachable moment for our students to understand what went wrong and why," he said.

"Understanding what went wrong is critical to addressing the underlying issues and putting in place mechanisms so that they won't happen again."

And now to the big question -- how did the banking crisis happen at all? One element, Cooley says, is the sheer complexity of many modern banking techniques and the lack of proper oversight in how they operated.

"There is no doubt that the innovations in modern finance can be incredibly complex, and that the risks created in modern financial systems are difficult to understand and measure. Many in upper management at the banks didn't fully understand the risks involved," he said.

"As is clear from the events of the past year, this has been a disgraceful failure of risk management."

 

Source CNN.com

Is the worst of the economic downturn over?

 

LONDON, England (CNN) -- The worst troughs of the global economic downturn could be over, although there remain risks ahead, according to the man who spearheaded perhaps the most complete study yet of the genesis of the current financial crisis.

On the rise? Stock markets have shown some signs of

Technorati Tags: economical recession,recovery,house,house prices,buy,deals algarve

recovery

Thomas F. Cooley is Dean of the NYU Stern School of Business, which delivered its swift response to the financial turmoil, a collection of 18 papers examining different aspects of the phenomenon, to 100 leading U.S. policymakers, including inside the Obama administration, Congress, the Federal Reserve and financial regulators, bringing an appreciative response.

Cooley, who organized the production of the papers by 33 members of the Stern faculty over a period of just six weeks, told CNN he believed thatrecent sharp rises in stock markets could herald the beginnings of a wider recovery.

"There are distinct signs of a recovery in the U.S. economy, parts of Europe and elsewhere. There is a definite sense that the worst is over," he said. "But there are still many risks in the system, and we need to be cautious in what we evaluate because a lot of the problems aren't being addressed.

"For example, the recovery of the labor markets will be slow, partly because of the effects of monetary policy and the stimulus package."

Cooley organized the finance and economic staff into rapid and coordinated action in November in an attempt to address the what he describes as "clearly the worst financial crisis since the Great Depression."

By mid-December, what were termed the White Papers were being delivered to policymakers, looking into subjects including banking, credit ratings, hedge funds and regulators, as well as bailout efforts.

Cooley says he decided to act after receiving a series of outside requests for assistance in understanding what was taking place.

He said: "Our faculty was tapped many times to provide analysis of the events, and it was logical to move from analysis to discussing solutions.

"The scale and scope of the financial failures gave our collective work a sense of urgency."

In another expression of guarded optimism, Cooley says that while the initial crisis was the worst since the Great Depression, the wider picture is very different.

"The economic consequences are not as severe, nor will they be, as compared to the 1930s," he said. "That is because we have a better understand and better tools, and because governments and central banks around the world have been very proactive in addressing issues."

As well as potentially guiding policy, Cooley adds, the project brings added value to Stern's students, some of whom are now studying the issues as a new part of the MBA program.

"This was the ultimate teachable moment for our students to understand what went wrong and why," he said.

"Understanding what went wrong is critical to addressing the underlying issues and putting in place mechanisms so that they won't happen again."

And now to the big question -- how did the banking crisis happen at all? One element, Cooley says, is the sheer complexity of many modern banking techniques and the lack of proper oversight in how they operated.

"There is no doubt that the innovations in modern finance can be incredibly complex, and that the risks created in modern financial systems are difficult to understand and measure. Many in upper management at the banks didn't fully understand the risks involved," he said.

"As is clear from the events of the past year, this has been a disgraceful failure of risk management."

 

Source CNN.com

UK House prices and services boost recovery hopes

From Times Online

May 6, 2009

 

Elizabeth Judge

Hopes that Britain is set to emerge from the worst of the recession were lifted today with new figures revealing a dramatic ease in the slump in the country's services sector and a slowdown in the decline in house prices.

Figures from CPIS/Markit showed that the closely watched guage of activity at service companies - which range from financial services business to restaurants and account for nearly three-quarters of the country's Gross Domestic Product (GDP) - rose to 48.7 in April, the highest reading since August 2008 and the biggest rise in the index since April 1999.

Although any figure below 50 indicates contraction, the figure, up from 45.5 in March, was well above analysts' expectations. Nearly half of companies questioned said they expected acitivity to increase in a year's time.

In a further boost to hopes that the economy could be set to turn a corner, figures from Halifax revealed a slowdown in the rate of falling house prices.

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The House Price Index revealed that the average UK house price declined by 1.7 per cent in April - compared with a 1.9 per cent drop in March.

However, the survey showed that prices remain down 22.5 per cent from their August 2007 peak of £199,612 at £154,716. Prices were last at this level in April 2004.

The new data is the latest in a slew of more upbeat news about Britain's battered economy. Recent figures from Revenue and Customs showed that home sales jumped 40 per cent in March with 60,000 homes worth at least £40,000 each sold, compared with 43,000 flats and houses sold in February.

Another recent Markit survey revealed that the construction industry contracted at its slowest pace in seven months in April.

Today's data comes ahead of tomorrow's Bank of England's interest rate meeting. The Bank is widely expected to keep rates on hold, at a record low of 0.5 per cent.

Paul Smith, economist at Markit, cautioned that, despite the much slower rate of contraction in the service sector, it was too early to consider a return to growth.

Rising unemployment and the weak housing market would continue to weigh on companies providing services to consumer, he said.

Source The times online.co.uk

Mega overhaul of ‘Europe’s deadliest road’ starts this month

2/5/2009

Once notorious for being one of Europe’s deadliest and most dangerous roads, the EN125 has long been the subject of sporadic safety work and improvements. However, as of May, the road, which crosses the Algarve from one end to the other, is to undergo a huge overhaul in an attempt to dispel its less favourable reputation once and for all.

This week Prime Minister José Sócrates officially launched a public tender to determine which company will be responsible for carrying out the work, which will commence in May.

It is hoped that the overhaul will reduce the loss of life on the regional road by 35 percent.

Between 1998 and 2007, 290 people died on the EN125. And despite an improvement in statistics having been documented in 2008, during the first quarter of this year ten people have already died on the stretch, two more than during the same period last year.

Overall the regional upgrade, which will cover 273 kilometres of road in total, nearly 30 kilometres of which will be new roads, is hoped to take no longer than three years to complete and will include the construction of 64 roundabouts to replace the current crossings, which are the road’s ‘blackest’ spots.

Four new access roads and service areas are also included in the project.

Prime Minister Sócrates described the plan as a “strategic intervention” that represents an investment in road safety and said “This is also an investment in the Algarve’s economy, which is crucial in the area of tourism”.

“It wasn’t done earlier, but it is being done now. Now is the right time as the economy needs it and it is a good way to combat the crisis”, he added.

Public Works Minister Mário Lino underlined the project was “fundamental” to the Algarve.

“We have a new challenge, which is to have major works going on in May, but it will bring employment to many people. More than one thousand workers and 40 companies are waiting for this project to begin”, elaborated Minster Lino.

He guaranteed the region that until the works are complete, no tolls will be implemented on the A22 – Via do Infante.

“At this moment the EN125 is not an alternative to the A22. And while the Government argues, as a rule, that motorways should incur usage charges, there must be positive discrimination”.

Named the ‘Algarve Litoral’, the ‘new’ road will cost €280 million, €129 million of which will be regained.

 

Source The Portugal News