Credit Suisse put together securities that then were bought by four tame offshore investment companies which in turn sold them on to BES customers through BES branches.
All well and good except the securities that were bundled up and sold by Credit Suisse were made up of investments in the failing Espírito Santo empire.
A cunning new scheme, first announced two years ago, has been launched by the tax office and the heath service to ensure patients pay for their health consultations and chargeable treatments, or their cars could be seized.
The new system being trialled involves health service staff handing a note to every patient leaving an appointment. The note contains a payment reference for settling the bill at the nearest ATM.
The European Union will tap into emergency funds to augment the price of fruit and vegetables in order to compensate farmers who were caught in Russia’s ban on importing food from the EU.
The European Commission said it would spend €125 million.
Monarch airlines is believed to be planning staff cuts of as many as 1,000 jobs.
If cuts this deep are made, it would affect about one-third of the airline’s workforce.
Morrisons supermarket says it will extend its opening hours in an effort to attract customers back to it.
It is going for ‘dawn and dusk’ hours, which could be as early as 6am to 11 pm at 230 of its 490 outlets.
In the first five months of 2104, Portugal recorded a trade deficit of €4.1 billion, the fifth largest in the European Union and a shock to the government whose main aim is to persuade the elctorate how much better everything is getting.
By May, the UK, France, Spain, Greece had the largest difference between exports and imports, as show in data published today by Eurostat; Portugal was just behind Greece.
A drug courier has been stopped, searched and arrested at Faro airport by the Judicial Police who discovered that he had two kilos of cocaine hidden in his bags.
The detainee, referred to only as 'a foreigner,' by the police had flown in to Faro from a South American country putting him high on the list of people to search.
A Spanish tourist made a grim discovery at Rocha Negra near Praia da Luz on Monday as he came across a body.
The remains are almost certainly those of fisherman Ricardo de Jesus Fernandes, 37, who disappeared on April 11. More than four months later he has been found, wedged into a crevasse at the base of the cliff.
