Search Results for: Portugal
EU regulators expect Novo Banco sale to proceed as agreed
September 15th, 2014
European Union state aid regulators expect Portugal to sell Novo Banco, the successor to troubled Banco Espirito Santo (BES) (BES.LS), in line with a pledge made in return for regulatory approval of its 4.9-billion-euro state bailout. “There is a ...
US lawmakers cautious about cash method of accounting
September 12th, 2014
Switching to accrual accounting would be severely damaging to businesses, US lawmakers have warned in a letter calling for the preservation of the cash method of accounting. The letter, signed by a bipartisan majority of the US House of ...
Goldman Sachs faces BES losses
September 2nd, 2014
Goldman Sachs lent over £500m to Banco Espirito Santo (BES) just a month before the Portuguese government was forced to bail out the crisis-hit bank. The Wall Street bank bought up $835m (£503m) worth of the Portuguese lender’s bonds ...
The billion-dollar fall of the house of Espirito Santo
August 29th, 2014
On June 9, with his 150-year-old Portuguese corporate dynasty close to collapse, patriarch Ricardo Espirito Santo Salgado made a desperate attempt to save it. Salgado signed two letters to Venezuela’s state oil company, which had bought $365 million in ...
Bulgarian Government Urged to Solve Banking Crisis
August 5th, 2014
Bulgaria is dealing with its worst banking crisis since the 1990’s as the European Union and international investors have issued warnings about the fate of one of the country’s largest banks. The Bulgarian government is struggling to find a ...
Asia stocks steady after Wall Street rally, dollar off peaks
August 5th, 2014
Asian stocks slipped on Tuesday after a survey showed China’s services sector growth fell to a record low, souring the positive mood from upbeat U.S. earnings and relief over Portugal’s rescue of its largest bank. Spreadbetters saw Europe faring ...
Investors Cheer Portuguese Bank Rescue
August 4th, 2014
Investors breathed a sigh of relief on Monday after Portugal prevented the collapse of one of its biggest banks, putting some life back into European stocks following last week’s slide and pushing bond yields lower across the board. Lisbon ...
Gold Above One-Month Low as U.S. Economy Assessed With Rates
August 4th, 2014
Gold traded above a one-month low after three weeks of losses as investors weighed the health of the U.S. economy against the outlook for higher borrowing costs. Silver climbed from the lowest level in six weeks. Gold for immediate ...
Will Europe start to lend again?
August 4th, 2014
The European Central Bank will take over supervising banks in Helsinki and Lisbon in November after finding out unprecedented scrutiny to their books. The reason for doing so is to restore confidence in the euro zone’s banks, battered by ...
Asian shares pressured by Wall Street, geopolitical tensions
August 4th, 2014
Fears of further declines on Wall Street pressured Asian shares on Monday, as concerns over geopolitical tensions and Argentina’s debt default eclipsed U.S. data that argued against an earlier start to the Federal Reserve’s rate-tightening cycle. Japan’s Nikkei average ...
