The Swiss financial regulator, Finma, is to press ahead with the forced liquidation of the local subsidiary of Banco Espírito Santo due to its ‘excessive debt'.
“On September 19, 2014, the Swiss Financial Market Supervisory Authority began bankruptcy procedures against Banque Privée Espírito Santo” according to a statement issued today which added that the regulator estimated it would be possible to reimburse client deposits “swiftly and to their full amount.”
The new €10 banknote will be in circulation as from Tuesday 23rd September.
The new version is more colourful and is claimed to be ‘safer’ although there may be a delay before all vending machines can be adapted to accept the note.
The team that developed the Citius computer system for Portugal’s Justice department resigned en masse in January but when doing so suggested it be a good idea that there be a month’s handover period for its members to explain the various access systems and database intricacies in an essential transfer of knowledge.
This proposal was rejected by the Financial Management and Equipment Institute of Justice (IGFEJ) which insisted the team members all left on February 4th and now seems to have no real idea how the system works.
Portugal's Prime Minister promises to lower taxes next year and that there will be a decision on the minimum wage increase "very soon."
Pedro Passos Coelho today said that there is "no one in the government that is not working hard to reduce the tax burden, but this will only happen if conditions in the country permit."
The mystery may now have been solved as Faro GNR officers have tracked down and arrested a man on suspicion of stealing 250 bee hives.
These honey bee homes have been disappearing across the Algarve in alarming quantities, bringing despair to farmers in some of the most remote areas of the region who rely on the sale of honey often for a sizeable part of their income.
The 26-year old man who was found to have a veritable arsenal of weapons in the garage of his house in Ferreiras, Albufeira is spending the weekend in the local GNR station.
On checking his record, the authorities have confirmed that the man has two previous arrests for drug trafficking and possession of firearms.
Portugal's favourite maker of porcelain sanitaryware, Valadares, is to start up again under new ownership.
Rising from the U-bend of the insolvent Valadares is new company ARCH, run by a group of former employees who witnessed Valadares going down the tubes two years ago.
Cutting taxes for some economic sectors and not for others would be unfair, according to Portugal’s President, when asked about reducing VAT on golf at an event in Albufeira.
Wishing to avoid “higher tax injustices” the President thought he had got away with this controversial topic as the golf industry commissioned a report when VAT was raised to 23% which showed that the net cash affect on the exchequer was less revenue from golf, not more.
