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Dos Santos Has To Raise Bid For Portugal Telecom

Portugal's securities market regulator, CMVM, said on Wednesday Angolan billionaire businesswoman Isabel dos Santos has to increase the 1.35 euro a share price in her takeover bid for Portugal Telecom SGPS. CMVM said in a statement it did not accept ...

Daily Headline - global.abi.org - 12/17/2014 - 21:51 - 0 comments

Espirito Santo Group In Bad Shape For Years And Chief Knew, MPs Told

The Espirito Santo Group (GES), whose collapse led to a state rescue of Portugal's second-largest bank in August, was a financially fragile "house of cards" for years and its chief knew of irregularities there, a former GES shareholder sai ...

Daily Headline - global.abi.org - 12/11/2014 - 21:54 - 0 comments

Brown Rudnick Alert: Banco Espírito Santo: Large Losses and Lots of Questions

Just when Europe seems to be exiting recession, and following Portugal’s formal exit from its Eurozone bailout earlier this year after 3 years of painful austerity, a bank collapse in Portugal has hit the business pages as further revelations come out on ...

Resource Article - abi_admin - 12/11/2014 - 14:34 - 0 comments - 0 attachments

Espírito Santo Faces Money-Laundering Investigations

As investigators sift through the wreckage of Banco Espírito Santo SA, their focus is expanding beyond the alleged fraud and accounting problems that doomed the large Portuguese lender, the Wall Street Journal reported today. They also are looking in ...

Daily Headline - abi_admin - 12/01/2014 - 17:37 - 0 comments

Novo Banco CEO Sees No New Capital Need, Deposits Recovering

The first balance sheet of Portugal's Novo Banco, the successor to Banco Espirito Santo following a state rescue in August, will show solvency ratios above the required threshold and no need for additional capital, its chief executive said, Reuters ...

Daily Headline - global.abi.org - 11/27/2014 - 19:36 - 0 comments

Portugal Investigates 'Massive' BES Debt Issues To Cover Family Dues

The Bank of Portugal is investigating former management of Banco Espirito Santo over suspected illegal debt issuance via a Swiss go-between to replace liabilities of the collapsed business empire of the bank's founding family with BES debt. Bank of ...

Daily Headline - global.abi.org - 11/17/2014 - 20:08 - 0 comments

Portugal Attacked After Bailout Reforms Flag

International lenders have attacked Portugal for allowing the pace of reform to slacken since the country exited a three-year bailout programme, warning that some of the progress made at the cost of tough austerity measures could be reversed, the Finan ...

Daily Headline - global.abi.org - 11/05/2014 - 22:40 - 0 comments

Regulators Temporarily Ban Short-Selling of Portugal Telecom

Regulators in Portugal and Britain have temporarily banned short-selling of Portugal Telecom’s stock after the company’s shares declined to a record low on Monday over its exposure to a company with ties to the Espírito Santo family, the International ...

Daily Headline - global.abi.org - 10/21/2014 - 20:28 - 0 comments

Novo Banco Moves Closer To Deal For Troubled Angola Arm

Portugal's Novo Banco -- the successor to bailed-out Banco Espirito Santo (BES) -- has moved closer to a rescue deal for its Angolan unit, with the African nation's central bank agreeing a recapitalisation plan for the local business, Reuters r ...

Daily Headline - global.abi.org - 10/20/2014 - 20:14 - 0 comments

Espírito Santo’s Main Holding Companies Head for Liquidation

A court in Luxembourg has denied a creditor-protection request from the main holding companies of the Espírito Santo empire, paving the way for a liquidation of all its assets, The Wall Street Journal reported. Espírito Santo International SA and Rio ...

Daily Headline - global.abi.org - 10/19/2014 - 21:30 - 0 comments

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