Banco Espírito Santo secretly funded Espírito Santo International through Panama for two years, according to the Financial Times.
The FT has seen documents that reveal that the Banco Espírito Santo accounts did not show these secret loans made to Espírito Santo International, which indirectly owned 25% of Banco Espírito Santo.
The Cessna 152 light airplane that crashed and sunk off the Sagres coastline last Friday 12 September has been located on the ocean floor.
The position of the wreckage has been confirmed by Navy divers who have inspected the remains of the aircraft.
The Novo Banco team that had been charged with rebuilding the balance sheet of the 'good bank' split off from the collapsed BES, and restoring confidence in the disgraced institution, has quit.
The executives selected by the Bank of Portugal to lead the resurgence of the remaining good bits of the old BES has been hamstrung almost from day one as Carlos Costa from the Bank of Portugal continued with his own agenda to sell off Novo Banco in short order, even appointing BNP Paribas to pre-select interested parties.
Portugal’s Prime Minister, Pedro Passos Coelho, said today that he was confident that the situation in country’s judicial system “gradually will normalise” and that he has no reason at all to sack his Justice Minister, Paula Teixeira da Cruz (pictured).
The PM saw no reason to replace the minister whom the government has charged with undertaking the extraordinary reform that many governments have not had the courage to do.
The purchase of property in the Algarve by foreigners is increasing, thanks largely to the government’s notably benign tax treatment of inbound foreigners whom it treats better than Portuguese nationals.
The British remain the best customers for Algarve property, followed by French, Chinese, German, Belgian and Swedish buyers many of whom are swayed by the generous tax breaks offered to retirees.
The Italian economy, the third largest of the eurozone, is now 9% smaller than it was when the financial crisis struck in 2007.
In the intervening years, it has spun backwards three times into recession. The most recent was announced very recently; the previous one endured on for two years.
Two years after a fire destroyed Portimão Retail Park, the stationery and office supplies company Staples is opening a store in Parchal, Lagoa.
Staples’ choice of location in a different municipality is a blow to Portimão council which is in need of all the rates income it can get its hands on as it struggles with over €130 million of debt.
A Portimão resident has been declared missing presumed dead after his Cessna 152 light aeroplane crashed this morning off Sagres.
The experienced Portuguese pilot, a man of 74, set off from the Aero Club of Portimão and the sound of the Cesna engine last was heard by the crew of a fishing boat in dense sea fog.
