29 August, 2014 by The TZ Newswire Staff Comments Off on Special Report: The billion-dollar fall of the house of Espirito Santo
Special Report: The billion-dollar fall of the house of Espirito Santo
On June 9, with his 150-year-old Portuguese corporate dynasty close to collapse, patriarch Ricardo Espirito Santo Salgado made a desperate attempt to save it. Salgado signed two letters to Venezuela’s state oil company, which had bought $365 million in bonds from his family’s holding company. The “cartas-conforto” – letters of comfort – were written on the letterhead of Banco Espirito Santo, a large lender controlled by the family. “Banco Espirito Santo guarantees … it will provide the necessary funds to allow reimbursement at maturity,” said the letters.
29 August, 2014 by The TZ Newswire Staff Comments Off on Disappearing euro zone inflation set to heighten ECB concerns
Disappearing euro zone inflation set to heighten ECB concerns
BRUSSELS/FRANKFURT (Reuters) – Euro zone inflation dropped as expected to a fresh five year low in August, data showed on Friday, something likely to concern the European Central Bank but not force it into immediate policy intervention. Consumer prices in the 18 countries using the euro rose by just 0.3 percent year-on-year in August, the smallest increase since October 2009, the European Union’s statistics office Eurostat reported.
29 August, 2014 by The TZ Newswire Staff Comments Off on Euro zone inflation at 5-year-low; ECB action eyed
Euro zone inflation at 5-year-low; ECB action eyed
Euro zone inflation continued to fall in August, boosting expectations that the ECB will try bolster the region’s economy by announcing more stimulus.
29 August, 2014 by The TZ Newswire Staff Comments Off on Europe Markets: European stocks rise ahead of key euro-zone inflation data
Europe Markets: European stocks rise ahead of key euro-zone inflation data
European stock markets climb on Friday, partly recovering from a Ukraine-spurred selloff the prior day, with investors waiting for closely watched euro-zone inflation figures.
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29 August, 2014 by The TZ Newswire Staff Comments Off on The Wall Street Journal: EU leaders to meet on tougher Russian sanctions
The Wall Street Journal: EU leaders to meet on tougher Russian sanctions
European leaders will discuss stepping up economic sanctions against Russia, after recent reports indicated a growing presence of Russian troops in Ukraine and a worsening of the conflict, German Chancellor Angela Merkel says.
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29 August, 2014 by The TZ Newswire Staff Comments Off on How Shiller is signaling ‘significant upside’ for S&P
How Shiller is signaling ‘significant upside’ for S&P
One research firm has detailed how Yale professor Robert Shiller’s own economic indicator could actually be signaling a strong period ahead for equities.
28 August, 2014 by The TZ Newswire Staff Comments Off on Malaysia Airlines to cut 6,000 jobs, spend $1.9 billion on restructuring: Khazanah
Malaysia Airlines to cut 6,000 jobs, spend $1.9 billion on restructuring: Khazanah
Malaysia Airlines (MASM.KL) will cut 30 percent of its workforce as part of a restructuring that will cost 6 billion ringgit ($1.90 billion), majority investor Khazanah Nasional [KHAZA.UL] said on Friday. Khazanah said the carrier will trim its staff by 6,000 to 14,000 as it seeks to stem long-running losses worsened by two aircraft disasters this year. The state fund said the airline will be de-listed from the Kuala Lumpur exchange by the end of 2014, adding that Ahmad Jauhari Yahya will stay on as chief executive until July 2015.