Portugal

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Portuguese Holding Company Seeks Protection

Espirito Santo International, one of the holding companies of Portugal’s Espirito Santo banking family, filed for creditor protection in Luxembourg on Friday as the business empire’s problems also spilled over to Angola, where the central bank said the l ...

Daily Headline - global.abi.org - 07/20/2014 - 17:48 - 0 comments

Portugal Telecom May Sue BES Over Unpaid Family Company’s Debt

Banco Espirito Santo (BES) could be sued over a loan that one of its founding family's holding companies failed to repay to Portugal Telecom, sources said on Thursday, as credit rating agencies downgraded the bank and its key shareholder. Still, Fin ...

Daily Headline - global.abi.org - 07/17/2014 - 21:25 - 0 comments

Portugal Telecom and Brazil Phone Giant Revise Merger Terms

Portugal Telecom and Oi of Brazil said on Wednesday that they had renegotiated the terms of their planned merger to salvage a deal threatened by the financing problems of the Espírito Santo group, which is controlled by Portugal’s most powerful family, t ...

Daily Headline - global.abi.org - 07/16/2014 - 22:03 - 0 comments

Oi Partners Could Sue Portugal Telecom Over Debt Deal

Some large shareholders in Grupo Oi SA could sue partner Portugal Telecom SA if a debt investment made by the latter ends up in default, which could delay the companies' planned merger, a source close to the deal said, Reuters reported. Shareholders ...

Daily Headline - global.abi.org - 07/15/2014 - 21:28 - 0 comments

Suspension of a Portuguese Bank’s Shares Shakes the Markets

Investors received a jolt on Thursday when shares of Portugal’s second-largest bank, Banco Espírito Santo, were suspended from trading, prompting fears that the bank might need to be rescued, the International New York Times reported. The move sent h ...

Daily Headline - global.abi.org - 07/10/2014 - 23:01 - 0 comments

Concerns Over Banco Espírito Santo Rattle Portuguese Investors

Shares in Banco Espírito Santo led declines after media reports that Espírito Santo International, which owns part of Espírito Santo Financial Group, which in turn owns a large stake in BES, had delayed coupon payments on some of its short-term debt, T ...

Daily Headline - global.abi.org - 07/09/2014 - 22:41 - 0 comments

Short-Selling of Banco Espírito Santo Briefly Banned

Securities regulators in Portugal and Britain have temporarily banned short-selling in Banco Espírito Santo after the Portuguese lender’s stock fell more than 16 percent on Monday on fears about its corporate parent, the International New York Times ...

Daily Headline - global.abi.org - 07/01/2014 - 23:39 - 0 comments

Portugal Turns Down Last Tranche Of Rescue Loan

Portugal has taken the unusual step of sacrificing a €2.6bn loan payment to avoid being rushed into drawing up alternatives to budget measures overturned by the country’s constitutional court, the Financial Times reported. Lisbon’s official lenders h ...

Daily Headline - global.abi.org - 06/12/2014 - 22:48 - 0 comments

Last Tranche Of Portugal’s Bailout At Risk Because Of Austerity Ruling

Portugal’s lenders cannot pay the last tranche of the country’s bailout until a rejection by the supreme court of a series of austerity measures is resolved, prime minister Pedro Passos Coelho said today, the Irish Times reported. Mr Passos Coelho sa ...

Daily Headline - global.abi.org - 06/03/2014 - 22:18 - 0 comments

Portugal's Economy Needs Further Help

had contracted 0.7% in the first quarter of the year from the previous three months, as exports ...

Daily Headline - global.abi.org - 05/15/2014 - 21:47 - 0 comments

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