Portugal moves closer to implementing bail-out - papers

Portugal has moved a step closer to implementing a €78bn bail-out programme after the country's Social Democrats (PSD) won a conclusive victory in the general election yesterday.

The PSD, which gained 39% of the vote, will seek to form a coalition with the smaller conservative Popular party and leader Pedro Passos Coelho has said he will "go beyond" the agreement with the EU-IMF programme to restore international confidence in Portugal, the Financial Times reports.

Economists and business leaders have warned any delay in implementing the bail-out could lead to the country following the path of Greece in seeking even more assistance.

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Thousands of businesses and individuals have been warned they may fall foul of the Bribery Act after July 1 by accepting corporate hospitality.

Although the law is not designed to ban legitimate hospitality, it could be subject to interpretation, the Telegraph reports.

For example, tickets to sporting events where the donor is not also present could fall foul of the law while lavish gifts might not be tolerated.

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The CBI has called on the government to implement more measures to encourage housebuilding to stimulate economic growth.

Writing for the Telegraph, the organisation's deputy director-general said construction acts as an "economic multiplier" and said he wanted an "effective and responsive planning system that balances localism with economic growth".

He added housebuilding is languishing at its lowest peacetime level for 90 years, with five million people on waiting lists and "severe overcrowding in social and private housing".

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An increase in stock market flotations has helped to fuel growth in city jobs, although more workers are also seeking new opportunities.

Astbury Marsden said 6,650 new jobs were created in the City during May, up 7% on April, with the IPOs of Glencore and technology firms boosting growth, the Independent reports.

Meanwhile, 10,870 city workers are currently involved in an active search for a new job, the highest figure for six months.

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