LISBON - Part of the troubled business empire of Portugal's Espirito Santo family said on Friday it may try to block the planned sale of an insurance company it once controlled, adding to opposition already expressed by a group of investors.
LISBON - Portugal's economy will grow 1 percent this year, allowing the country to meet its budget deficit goals despite the impact on public accounts from a rejection by the constitutional court of some austerity measures, Finance Minister Maria Luis Albuquerque said on Thursday.
LISBON - The corporate empire of Portugal's Espirito Santo family issued 5 billion euros of new debt in the first six months of 2014, according to people familiar with the matter, just as the clan’s businesses were nearing bankruptcy.
LONDON - Junior bondholders of Portugal's Banco Espirito Santo have selected law firm Shearman & Sterling to represent them in a challenge to the terms of the bank's rescue and will open discussions with the Bank of Portugal later this week, a source familiar with the situation said.
LISBON - Portugal's constitutional court gave the government on Thursday more leeway to cut the budget deficit by approving, in part, austerity measures included in an IMF/EU bailout that Lisbon exited in May.
FRANKFURT - Portugal is making the same costly mistake as Ireland by rescuing a troubled bank and largely sparing its bondholders losses, one of the architects of Ireland's bailout has warned.
* Former IMF official Mody: bank bondholders should suffer
LISBON - Portugal will promote a "swift and transparent" sale via a likely public offering of the healthy lender that was carved out of the troubled Banco Espirito Santo, the country's central bank chief said on Thursday.
LISBON - Henrique Granadeiro, the chief executive officer of Portugal Telecom SGPS , resigned on Thursday, the company said, three weeks after it was forced to take a cut in its share of a merger with Brazil's Oi due to a debt deal that went wrong.
* Ukraine/Russia sanctions keep stock markets on back foot
DUBAI - The Islamic State released a video on Tuesday purporting to show the beheading of American hostage Steven Sotloff, raising the stakes in its confrontation with Washington over U.S. air strikes on its insurgents in Iraq.