The market is spooked by the pending report into Portugal Telecom loans to Grupo Espírito Santo subsidiary Rioforte.
PT shares slid closer to the cliff edge today with a 20% drop to their lowest value ever and are trading at around 5% of their value just a year ago.
Following the article reproduced below published last December the Editor received the following commentary from Ulrich Bieger at Ferrostaal which we are delighted to print including his comments about 'ethical conduct.'
The offending text has been removed, but you will get the drift:
This Wednesday the Ria Formosa Polis Society officially is to evict owners of over 100 buildings considered illegal on Praia de Faro, but this process may now be delayed due to measures filed in court by some owners.
116 second homes and outbuildings are marked for demolition, but some may escape being possessed by Polis due the lawsuits already lodged in Loulé court.
The Algarve’s hospitals can look forward to a boost in doctors as 121 junior medics have chosen to finish their training in the Hospitals of the Algarve Group led by Dr Pedro Nunes.
The new junior doctors attended a welcome reception on Monday at Portimão hospital where members of the board welcomed those who have chosen to complete their training in the Algarve.
The former leader at BES subsidiary Rioforte, João Rodrigues Pena, said today that he believed that the company was "unfortunately, doomed from the start," stating that the collapse was all down to poor management within Grupo Espírito Santo.
"Today I am convinced with the information that I have, which is to a large extent public due to the work of the commission of inquiry, that the collapse of Grupo Espírito Santo was due to poor management practices and its serious financial situation which went for years and which the events of September 2013 to August that year unfortunately led to the inevitable collapse," said Pena to the parliamentary commission that is looking into the management of Banco Espírito Santo and Grupo Espírito Santo.
People in the UK appear increasingly keen to chalk up credit card and personal loan debt.
Demand has been at its highest since the recession, having spiked in the pre-Christmas period, according to a Bank of England survey.
Eurozone growth is at its lowest rate in more than 18 months.
The region’s three largest economies remained weak in the ending three months of 2014.
British detectives will travel to Greece to reinvestigate the Ben Needham case, the two-year old toddler who disappeared on the Greek island of Kos in 1991.
The Home Office has agreed extra funding for the South Yorkshire police.
