Adding to the furore over government plans to “sell” Novo Banco to US “vulture fund” Lone Star, ratings agency Moody’s has slashed the bank’s already abysmal ratings to the eighth level of “rubbish”.
Negocios online explains Moody’s was prompted by the ‘€500 million voluntary bond swap’ aspect of the deal, which it says will provoke losses for senior bond investors concerned.
Spring is not simply in the air, it’s in people’s steps. National statistics institute INE has just reported that “consumer confidence” is at a 17-year high following the Bank of Portugal’s upward review of the national economic recovery. Growth is increasing (finance minister Mário Centeno has told Bloomberg it could reach 2% this year), unemployment is markedly down (forecasts are for levels to drop below 10%) – and investors are stacking up on the horizon.
Confidence began to bubble last September, reports TVI24 – stressing this is the first upward sign since the height of the austerity years in 2013, and the “highest upward trajectory since March 2000”.
In a ruling that could have direct implications on any trial resulting from the Operation Marquês corruption probe, Porto judges have effectively said that crimes committed by politicians are “especially censurable” and should see them sent to jail.
The actual words were more diplomatic: “Penalties should not be suspended”.
As we went to press on Wednesday, the clamour over the “ruinous” sale of Novo Banco to American equity firm Lone Star Funds had finally honed in on the nitty gritty: the sale may never get off the ground.
The problems stacking up on the horizon include the need to ‘get authorisation’ from the European Central Bank, from Europe’s competitions authority and from investors who, yet again stand to lose a fortune.
If any of these provisos fall, the deal will be scuppered.
Rescue workers are conceding there is “no hope” for the two people still missing from the horrific explosions at a Lamego fireworks factory yesterday that have resulted in six confirmed deaths - the majority of them from the same family.
The horror has shattered the rural community of Avões which literally felt the earth rumble at 5.30 pm when the first explosion let rip.
Witnesses described “a boom that felt like an earthquake”.
A 90-year-old woman died on Monday after being attacked by the dog of owners of an old people’s home in which she was residing.
The Boxer/ Labrador cross has since been described as a gentle dog. But according to Correio da Manhã he attacked a member of staff taking him to his kennel on Monday afternoon, and then bit the elderly woman on the neck “and did not let go”.
CM says the dog’s owner was not present at the moment of the attacks.
Portugal is to receive €3.9 million from Europe’s Solidarity Fund - designed to help countries recover from natural disasters.
The roar of powerboats returns to the Arade River in Portimão in just a few a couple of weeks’ time.
