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Portugal

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  • Portugal bank slated for sale gets new management Sunday, 14 Sep 2014 | 1:13 PM ET

    LISBON, Portugal— The Bank of Portugal has appointed a new senior management team to run Novo Banco, a bank which the government wants to sell and recoup the 3.9 billion euros taxpayers provided to resolve Portugal's biggest financial scandal.

  • Leadership of revamped Portugal bank to resign Saturday, 13 Sep 2014 | 10:45 AM ET

    LISBON, Portugal— The leadership of Portugal's Novo Banco bank says it is resigning— just two months after being named to manage positive assets of the former Banco Espirito following its collapse and division into two parts under Portuguese government intervention. Novo Banco is being prepared to be sold.

  • Lisbon subway stoppage brings commuter misery Wednesday, 10 Sep 2014 | 5:47 AM ET

    LISBON, Portugal— Lisbon subway staff have walked off the job during the morning rush hour in a protest against pay cuts and the company's possible privatization. The government is trying to cut costs at state-owned public transport companies, such as the Lisbon subway. The Lisbon subway company is 4.3 billion euros in the red.

  • LONDON, Sept 4- European shares rose on Thursday, with a key benchmark briefly hitting a 6-1/ 2 year high, as the European Central Bank further cut interest rates and unveiled plans to buy assets in a bid to shore up inflation in the euro zone.

  • LISBON, Aug 29- 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. The "cartas-conforto"- letters of comfort- were written on the letterhead of Banco Espirito Santo, a large lender controlled by the family.

  • Regulators decided on Aug. 3 to put its healthy assets into a new entity, Novo Banco, and leave family borrowings, shareholders and junior creditors behind in BES.

  • METALS-Stronger dollar snuffs out copper rebound Monday, 18 Aug 2014 | 9:00 PM ET

    SYDNEY, Aug 19- London copper held steady on Tuesday as brighter prospects for the U.S. economy were chilled by caution over China's stuttering property market, while a stronger dollar sapped a rebound from seven-week lows.

  • *Senior bondholders in Banco Espirito Santo spared pain. FRANKFURT, Aug 13- 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.

  • *Ukraine/ Russia sanctions keep stock markets on back foot. LONDON, Aug 7- Concerns about Portugal's banking system and tensions between Western powers and Russia pulled down European stock markets on Thursday.

  • Losses in Lisbon peg back European shares Thursday, 7 Aug 2014 | 10:30 AM ET

    *Ukraine/ Russia sanctions keep stock markets on back foot. LONDON, Aug 7- Concerns about Portugal's banking system hit the Lisbon market on Thursday and weighed on European shares, which were also kept in check by tensions between Western powers and Russia.

  • Portuguese bank woes weigh on European equities Thursday, 7 Aug 2014 | 6:13 AM ET

    *Concerns over Portuguese banks hits Lisbon market. LONDON, Aug 7- Concerns about Portugal's banking system hit the Lisbon stock market on Thursday and weighed on European equities, which were also kept in check by tensions between Western powers and Russia.

  • PARIS, Aug 7- Exchange operator Euronext posted a 4.6 percent increase in quarterly operating profit on Thursday, boosted by cost cutting and a rise in stock market listings, and said it would accelerate its cost-savings plan.

  • European shares slip again; eyes on ECB Thursday, 7 Aug 2014 | 4:30 AM ET

    PARIS, Aug 7- European stocks dipped in early trade on Thursday, extending a week-long slide as tensions between the West and Russia continued to spook investors. The DAX, which hit a near-five month low on Wednesday, has lost 10 percent since mid June, hurt by worries that the Ukrainian crisis and sanctions against Russia could derail Germany's economic recovery.

  • FRANKFURT/ MADRID, Aug 5- Bidders are readying indicative offers for the Spanish assets of Germany's top utility E.ON, three sources familiar with the matter told Reuters, adding bids would value the whole portfolio at about 2 billion euros.

  • NEW YORK, Aug 4- Bond prices rallied and European bank stocks rose on Monday after Portugal devised a plan to prevent the collapse of one of its biggest lenders.

  • US STOCKS-Wall St up on earnings, Portugal bank deal Monday, 4 Aug 2014 | 10:32 AM ET

    *Berkshire Hathaway shares up after results. *Michael Kors shares reverse premarket move, fall 5.5 pct. NEW YORK, Aug 4- U.S. stocks rose in morning trading on Monday, lifted by earnings including those of Warren Buffett's Berkshire Hathaway, with gains partly offset by drops in high-yielding dividend stocks in the utilities sector.

  • Portugal bites the bullet on a bank bailout Monday, 4 Aug 2014 | 10:05 AM ET

    Portugal bailed out Banco Espirito Santo (BES), its biggest bank. Get used to seeing this.

  • FRANKFURT/ ATHENS, Aug 4- Brussels is considering scrapping the troika that supervises Greek reforms to allow Athens to pursue its own plan to bolster the economy in return for a drip-feed of debt relief, European officials say.

  • BUSINESS-NEWS-SCHEDULE AT 1230 GMT / 8.30 AM ET Monday, 4 Aug 2014 | 8:56 AM ET

    LONDON- Europe's largest bank HSBC warns that regulators' zeal to punish wrongdoing is putting its staff off taking reasonable business risks, as it reports a 12 percent drop in first-half profit. Portugal in $6.6 bln rescue of Banco Espirito Santo.

  • ATHENS, Aug 4- Incoming European Commission President Jean-Claude Juncker played down on Monday the option of an outright writing off of part of the euro zone loans to Greece to make the country's debt more manageable.