Brexit. Petrol tax. Novo Bank.

Brexit

Not a lot of news in Madeira over the last week, with a lot of international coverage focusing on the UK’s referendum on the EU. There was an interesting article in the Wall Street Journal a couple of days ago reporting that investors were paying more attention to the bookies than the pollsters when it comes to predicting the outcome of the “Brexit” vote on June 23rd, after the pollsters got it so wrong with the last general election in the UK. If you “follow the money”, bookmakers Ladbrokes are currently giving odds of 1/3 for “Remain” compared to 9/4 for “Leave” – so gamblers seem to believe that it is more likely Britain will stay in the EU.

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On the back of the uncertainty, recent days have seen the pound drop to a seven-year low against the dollar, and sterling has continued to plummet against the Euro (above), currently at €1.26 against a high of €1.42 just three months ago. The Daily Mail asked a number of financial institutions for their forecasts if the UK voted to leave the EU – Goldman Sachs were the most pessimistic, predicting that sterling would fall a further 15-20%, “potentially dragging sterling/dollar down to around $1.15-$1.20 and lifting euro/sterling to around 90-95 pence”.

Pricey Portuguese Petrol

The Diario reports on a study by Deloittes  released yesterday showing that Portugal now has the second highest taxes on gasoline among EU countries when the purchasing the purchasing power of the citizens of each country are taken into account. With regard to the level gasoline taxes Portugal is only surpassed by Romania, whilst the taxes on diesel puts Portugal in fifth place among the 28 member countries. The study factored in the forthcoming increase in tax of six cents per litre on both petrol and diesel. The recent tax rises are part on the latest compliance with austerity measures which also see tax increases on vehicles and tobacco in Portugal.

Novo Bank

The Algarve News reports that Novo Banco (formerly BES) has posted a loss of €980.6 million for 2015. In a statement sent to the Portuguese Securities Market Commission, the bank stated that the figures reflect €1.054 billion in provisions for customer loans, securities and real estate losses – a number of these in Madeira – see previous blog. The same website reports that the same bank is in urgent discussions with management over plans to dismiss 500 staff. Nearly 500 employees have already left through voluntary redundancies and retirement but the restructuring target of 1,000 has not been met.
Banif, another Portuguese bank that also had to be rescued and was recently sold, posted a message on it’s online operation that the website would be down for 24 hours earlier this week. Three days later it came back on-stream as Santander. The two failed banks (BES and Banif) between them must account for more than half of the banking activity in Madeira.

Weather

As mentioned in the Comments on the last post, the weather forecast is poor for the coming weekend, with the possibility of more rain, falling as snow in the mountains.

Irish Lunch

The English Church have asked that we publicise a forthcoming event:

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25 thoughts on “Brexit. Petrol tax. Novo Bank.”

  1. I am surprised the English Church isn’t recognising Mothering Sunday on 6 March or what is wrong with celebrating St David’s Day on 1 March (that is Wales) if they are doing Ireland.

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  2. The English Church always used to give all ladies in the congregation a flower on Mothers Day, presumably they’re doing Ireland because I believe the Chaplin in Irish. It isn’t what it used to be at the Church.real shame there used to be a team of great people when Father Hayden was there.

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  3. Any suggestions on where to buy a gas BBQ?( I really hate the hassle of charcoal). So far I found a very expensive Weber BBQ at AKI but not much else. Any suggestions appreciated.

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  4. I think the flowers were donated by Betty Garton, Boa Vista Orchids. No idea if she is still doing this. I presume they are still having a Mothering Sunday service and this is their “Themed Lunch”. Chaplain and one of the Church Wardens are Irish so maybe that is why it is an Irish Theme. The church is on a slow death. Serious money shortages and a dwindling membership. Haydn was a real people person but the last priest spent money like it was going out of fashion. All they are interested in is people with money.

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  5. Hello . We bought and lost at MRP , and had paid with credit card. We were also told by the credit card company they did not have statements from more than 6 years past . When involving the Financial Ombudsman , this changed and eventually we were offered a “settlement ” . Keep fighting for what is yours is my advice , and contact the Time Share Association who have been so helpful. Good luck yo all .

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  6. Hi there, i was looking for some information on the laws in Madeira regarding our lives becoming intolerable due to our neighbours barking dogs and wanted to know if there was any useful and helpful information on your website that could help. We have called the police but there is not much they can do. What are the laws in this country for something that really disturbs the peace. So many tourists complain about the barking dogs in this beautiful island and they say they would not be back as that really does spoil their holiday. Apologies if this is not something that you can help with, i am just desperate. Thank you Carla

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  7. we have had a similar problem with dogs, I reported it to the City Hall and after 6 months they said it was not their problem, we had to go to the police as it was a civil case. The police are not interested and the neighbour just told us to get earplugs. I am afraid you may be up against it, it is a huge problem here.

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  8. about the barking dogs maybe try and speak to your neighbour about the problem if doesn’t work go to the (camara) see if anyone there will help you out in that matter and the police should at least have a word with your neighbours

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  9. Hello, I enjoyed looking at your blog. I was wondering if you could answer a question that I can not get an answer too. How many cases of Dengue Fever were there in 2015 and am I at risk if I visit. I can only find figures for 2012. Thanks, Natasha

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  10. Natasha, there have been no recorded cases of Dengue Fever since the outbreak of 2012 quickly died away. However – and some people don’t grasp the difference – the particular variety of mosquito that can carry the disease is still present on the island, as it is in a lot of warmer climates.

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  11. There is a ‘Travessa’ where we stay which we take to get to the nearest bus stop. Nice Houses each side and used regularly as a cut through. It is a dogs’ toilet. Absolutely disgusting. We cannot understand how people don’t clear up after their dogs. They aren’t strays. Last time out I emailed the local council office ( for Santa Maria Maior) and did get a prompt reply but no help whatsoever. … They can’t be expected to clean regularly, residents need education etc etc. I think the will just isn’t there to improve things.

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  12. If people have any suggestions for Useful Links please let us know. I am getting a collection of links to info that is useful for people considering buying property in Madeira and will add them in soon.

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  13. Hello,

    I am in Funchal right now. The weather forecast of the windspeed does not match the reality. The forecasts was about 2 Beaufort, but I thought it should have been at least 4-6 the past days in the Lido area. Does anyone knows a reliable weatherstation?

    Thanks in advance, Hans.

    Reply

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