Latest news with #Els
North Wales Chronicle
14 minutes ago
- Business
- North Wales Chronicle
Els launches new Portuguese golf club alongside Montgomerie and Duval
The four-time major champion played a nine-hole exhibition to open the Els Club Vilamoura with Scottish legend Colin Montgomerie and 2001 Open Champion David Duval. Els Club Vilamoura, is a championship-standard 18-hole golf course, designed by Els, that features a luxury clubhouse and signature amenities such as the 261 Bar, and was built on the previous Victoria course, which hosted the Portugal Masters from 2007 to 2022. Els, who won the US Open in 1994 and 1997 and two Open crowns in 2002 and 2012, invited Montgomerie and Duval to play the course, as well as Portuguese Champions League winner Luis Figo and former England striker Peter Crouch. Els Club, Vilamoura has been built in partnership with English investment fund Arrow Global and management company DETAILS and is the first private-members club in the Algarve (Image: Portugal Invitational) Els said of his new club: 'I've been coming to Vilamoura for many years, I've spent many summers with my family here and we just love Portugal. 'Golf is in a pretty sweet spot at the moment and [creating this course] has been a really nice venture. 'We want the conditions to be absolutely perfect and for people to have a great experience and good food.' Els Club, Vilamoura has been built in partnership with English investment fund Arrow Global and management company DETAILS and is the first private-members club in the Algarve. Membership is extended only to those proposed by founder members or those invited by the club. During a press conference on the morning of the Els Club launch, it was also announced the course would host the new PGA Champions Tour event, the Portugal Invitational after signing a five-year deal. The first edition of the event is set to be held between 31 July to 2 August 2026 and has been brought about through the work of The PGA Tour Champions, Arrow Global Group and Turismo de Portugal and Turismo de Algarve. A field of 78 players will be welcomed to the new track with the likes of Bernhard Langer and Miguel Ángel Jimenez set to compete at the event that boasts a whopping prize purse of £2.23million ($3m). PGA Tour Champions President Miller Brady said: 'This Tour is a global showcase of the game's legendary players, and we know the great golf fans in Portugal and throughout Europe will welcome the opportunity to watch them compete in person at The Els Club Vilamoura.' Els added: 'It's wonderful to see those plans now coming to fruition and we're grateful to PGA TOUR Champions President Miller Brady, the team at Arrow Global Group and Turismo de Portugal and Turismo de Algarve, for sharing in our vision and bringing this exciting new tournament here.' Vilamoura is just a 25-minute drive from Faro airport, which boasts connections to 90 airports worldwide, and is also just a two-hour drive from Lisbon. The resort is rich in culture, gastronomy and outdoor activities and is home to its famous marina which is a multiple winner of the Yacht Harbour Association's Best International Marina award. Montgomerie said: 'The golf course is superb, and the clubhouse is fantastic. It's not just a course for the present; it's a course for the future as well,' while Duval added: 'It'll be much anticipated for everybody on the Champions Tour, and I struggle to see how it won't be a huge success a year from now.' PGA TOUR Champions announces the Portugal Invitational to be held at The Els Club Vilamoura on course designed by Ernie Els. PGA TOUR Champions, Arrow Global Group, Turismo de Portugal, and Turismo de Algarve will deliver a five-year partnership and will debut the week of July 27, 2026, and will feature a field of 78 players. For more information visit
IOL News
2 days ago
- Business
- IOL News
How rising inflation affects interest rates in South Africa
Although inflation in South Africa has edged up slightly, economists believe that interest rate cuts are still likely – and necessary – as the overall price environment remains subdued even though prices are expected to continue to rise. June's consumer price index (CPI) rose to 3%, up from May's 2.8%, marking the first time in three months that inflation has returned to within the South African Reserve Bank's (SARB) 3% to 6% target range. Despite this small increase, inflation remains low by historical standards and well below the 5.2% seen a year ago. Old Mutual chief economist Johann Els said that while food prices, particularly red meat, were a touch higher than expected, partly due to the effects of foot-and-mouth disease, most categories remained muted. 'Consumer goods inflation is still very subdued,' he said, with clothing, furniture, and appliances still in negative territory year-on-year and core inflation slipping to 2.9%. This paints a picture of an economy with weak pricing pressure, which Els argued justifies a further 0.25 percentage point cut to interest rates at the Monetary Policy Committee meeting next week. Els said government has a 'window of opportunity' to announce a reduced 3% target for inflation. SARB governor Lesetja Kganyago has been pushing for a lower inflation target, although this will require a National Treasury policy change. 'If we miss this window of opportunity over the next few months, it's going to be more difficult for the Reserve Bank to get inflation down sustainably to 3%' as it will start drifting upwards into next year, he says. Els said that inflation is expected to rise moderately through the rest of the year, approaching 4% by December. 'If we miss this window, it will become more difficult for the Reserve Bank to sustainably bring inflation closer to 3% once it starts drifting upwards again.'
IOL News
2 days ago
- Business
- IOL News
Understanding the impact of rising inflation on South Africa's interest rates
Although inflation in South Africa has edged up slightly, economists believe that interest rate cuts are still likely – and necessary – as the overall price environment remains subdued even though prices are expected to continue to rise. June's consumer price index (CPI) rose to 3%, up from May's 2.8%, marking the first time in three months that inflation has returned to within the South African Reserve Bank's (SARB) 3% to 6% target range. Despite this small increase, inflation remains low by historical standards and well below the 5.2% seen a year ago. Old Mutual chief economist Johann Els said that while food prices, particularly red meat, were a touch higher than expected, partly due to the effects of foot-and-mouth disease, most categories remained muted. 'Consumer goods inflation is still very subdued,' he said, with clothing, furniture, and appliances still in negative territory year-on-year and core inflation slipping to 2.9%. This paints a picture of an economy with weak pricing pressure, which Els argued justifies a further 0.25 percentage point cut to interest rates at the Monetary Policy Committee meeting next week. Els said government has a 'window of opportunity' to announce a reduced 3% target for inflation. SARB governor Lesetja Kganyago has been pushing for a lower inflation target, although this will require a National Treasury policy change. 'If we miss this window of opportunity over the next few months, it's going to be more difficult for the Reserve Bank to get inflation down sustainably to 3%' as it will start drifting upwards into next year, he says. Els said that inflation is expected to rise moderately through the rest of the year, approaching 4% by December. 'If we miss this window, it will become more difficult for the Reserve Bank to sustainably bring inflation closer to 3% once it starts drifting upwards again.'
NBC Sports
3 days ago
- Sport
- NBC Sports
PGA Tour Champions announces new event in Portugal
The PGA Tour Champions is taking its show out of the country next year with the Portugal Invitational set for July 31 to Aug. 2. It's part of a five-year partnership and will be the first time a PGA Tour-sanctioned event for stroke play is in Portugal. That will give the PGA Tour Champions players the chance of a three-week stay in Europe if they choose. The Senior Open is the week before, and the Senior PGA Championship on the Legends Tour will be the week after. The 78-man field will have players from the PGA Tour Champions and the Legends Tour in Europe, with a total purse of $3 million at The Els Club Vilamoura. Ernie Els redesigned the course, which previously hosted the Portugal Masters from 2007 through 2022. The World Cup of Golf was held in Portugal in 2005. 'The players are going to love it, not just the golf course but this whole destination,' Els said. 'It's such a beautiful part of the world.'
USA Today
4 days ago
- Business
- USA Today
PGA Tour Champions announces new event in Portugal at golf course designed by Ernie Els
The PGA Tour Champions is heading to Portugal. Officials from PGA Tour Champions, Arrow Global Group, Turismo de Portugal and Turismo de Algarve announced Monday a five-year deal to host a new professional golf tournament in Portugal. The Portugal Invitational will debut the week of July 27, 2026, and will feature a field of 78 players, including World Golf Hall of Fame and PGA Tour Champions members, as well as Legends Tour members. It will be the first PGA Tour-sanctioned individual stroke play event to be held in Portugal and will feature a purse of $3 million USD. It will follow the ISPS Handa Senior Open and precede the Staysure Senior PGA Championship on the Legends Tour in a compelling three-week swing of European golf featuring some of the game's most iconic players. 'We are thrilled to partner with Arrow Global Group, Turismo de Portugal, Turismo de Algarve and Ernie Els to announce this exciting, first-of-its-kind PGA Tour Champions event in Portugal,' PGA Tour Champions president Miller Brady said in a release. 'This Tour is a global showcase of the game's legendary players, and we know the great golf fans in Portugal and throughout Europe will welcome the opportunity to watch them compete in person at The Els Club Vilamoura.' The event will be contested at The Els Club Vilamoura, designed by Els – a seven-time winner on the PGA Tour Champions and World Golf Hall of Fame member. The newly-redesigned Els Club hosted the DP World Tour's Portugal Masters from 2007-22, producing winners such as Shane Lowry (2012) and Padraig Harrington (2016). Portugal's only prior hosting of a PGA Tour-sanctioned event came at the 2005 World Cup of Golf, a former team competition. 'Whenever our firm designs a golf course, we always have an eye on what makes it a successful tournament venue, so this was always a big part of our plans for The Els Club Vilamoura. It's wonderful to see those plans now coming to fruition and we're grateful to PGA Tour Champions President Miller Brady, the team at Arrow Global Group and Turismo de Portugal and Turismo de Algarve, for sharing in our vision and bringing this exciting new tournament here,' Els said. 'Working with Arrow Global and everyone at Vilamoura has been an absolute pleasure these past few years; they had a clear vision and mission from the get-go, which allowed us to focus our efforts on creating the very best golf course that we could. We're very proud of this course; it looks incredible. There are a lot of great holes, a lot of memorable holes, and overall, it's a really well-balanced test of golf. The practice facilities here are world-class, too. Everything about The Els Club Vilamoura makes it the ideal tournament venue. The players are going to love it, not just the golf course but this whole destination. It's such a beautiful part of the world.' All three rounds of the Portugal Invitational will be televised on Golf Channel. Longtime PGA Tour executive Todd Rhinehart, who ran a number of the Tour's biggest events and most recently oversaw PGA Tour Latinoamérica as Vice President and Executive Director, was announced as the tournament director of the Portugal Invitational.
