Portugal

Part of Espirito Santo empire may try to block sale of insurer

Photo

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.

Photo

Portugal GDP to grow 1 percent in 2014 28 Aug 2014

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.

Photo

Exclusive - Portugal's Espirito Santo clan in 11th-hour borrowing spree in 2014 - sources 25 Aug 2014

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.

Photo

BES junior bondholders pick law firm over bank split 21 Aug 2014

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.

Portugal court partially approves government austerity measures 14 Aug 2014

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.

Photo

Don't repeat mistakes of Irish bailout, former IMF official warns Portugal 13 Aug 2014

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.

Don't repeat mistakes of Irish bailout, former IMF official warns Portugal 13 Aug 2014

* Former IMF official Mody: bank bondholders should suffer

Photo

Portugal central bank chief sees likely IPO for swift 'new BES' sale 07 Aug 2014

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.

Photo

Portugal Telecom CEO Granadeiro steps down after bad debt deal 07 Aug 2014

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.

European shares hit by Lisbon losses and Russia tensions 07 Aug 2014

* Ukraine/Russia sanctions keep stock markets on back foot

Photo

Islamic State issues video of beheading of U.S. hostage

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.