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LISBON ASICS Gel Kayano Trainer Knit Red Black Cheap , July 16 (Xinhua) -- Portuguese bond yields fell on Wednesday, an optimistic sign of investors' confidence despite the country recently being hit by financial turmoil caused by Portugal's leading private bank Banco Espirito Santo (BES) which covered its financial hole.
Portugal emitted Wednesday 1.25 billion euros in six and 12-month treasury bonds, according to national debt agency IGCP, with the average interest rates on short-term bonds at 0.243 percent and 0.453 percent on long-term bonds.
Earlier this week European stocks stumbled after it emerged that the bank's overall holding company, Espirito Santo International (ESI) was covering a hole of at least 1 billion euros in its accounts.
The BES bank's shares had their worst day of the year and its only banking dynasty lost control of the bank, with the family selling a fifth of its 25 percent stake on Monday and its chief executive Ricardo Salgado, the great-grandson of the banks' founder, stepping down.
Amilcar Morais Pires, former chief financial officer at BES, was expected to be Salgado's successor but on Tuesday he also abandoned the bank.
The European Markets are now benefitting from easing tensions in Portugal after the bank assured it has enough financial reserves of more than 2 billion euros to deal with negative fallout.
Last Friday Prime Minister Pedro Passos Coelho told holders they could trust the bank and said he had no doubts regarding the Portuguese financial system's "tranquillity", adding that tax-payers would not have to bear the losses of private companies.
The bank's new chief executive, Vitor Bento, on Tuesday promised the start of a "new chapter," vowing to "recapture the confidence of the markets," in a note sent to his 10,000 employees.
Carlos Costa, director of the Bank of Portugal, the country's central bank, also reassured investors that they wouldn't have to bear the bank's troubles.
"If any additional capital is necessary, because of risks which in this current moment are not visible, there are for sure shareholders interested in participating in BES'capital increase," he told national broadcaster TVI.
The crisis, however, is likely to have tanished Portugal's image, after the country emerged in May from a 78-billion-euro bailout it had signed with its international lenders in 2011.
Analysts still warn that the Portuguese market is now more vulnerable and point to a lack of transparency.
"Investors are rightly concerned as to how issues at BES may impact not only the bank, but also the sector and indeed the wider Portuguese economy as a whole, but let's face it, this is nothing new," Joao Monteiro, Valutrades analyst, told Xinhua, adding that the same group was approaching default in 2008, which was averted following aggressive interventions.
He adds: "The real concern this time round is the genuine lack of transparency."
He said the best solution for the market would be either taxpayer intervention or for the bank to be nationalized."Whether this is possible is a different matter altogether," he said.
Economist Joao Cantiga Esteves told Xinhua: "This problem could have been solved weeks ago, but it seems they are now on the right track and what is most important now is to assure that such an important bank finds balance."
"Investors are worried, they took too long to find a solution and to take measures for a new administration. They could have speeded up themselves rather than waiting for the Central Bank to organize the reshuffle."
The Bank of Portugal has maintained that the bank's solvency is solid after having been reinforced with a recent capital increase, Cantiga Esteves said, adding it is important for the Central Bank to continue its efforts to isolate the bank from the Espirito Santo family.
"The Central Bank has been for some time trying to assure that the bank is immune and isn't affected by the Espirito Santo family, and took the necessary measures. It is now important to maintain that," he said.
The BES has a shareholder meeting scheduled for July 31 to confirm the new appointments.
NANJING, Jan. 29 (Xinhua) -- Customs authorities in east China have intercepted a batch of insects that could have severely damaged local trees in China.
The Agriotes paludum insects were caught in oak logs imported from France in Lianyungang in Jiangsu Province, according to the Jiangsu Entry-Exit Inspection and Quarantine Bureau on Monday.
It is the first time that the species was intercepted in China.
The Agriotes paludum usually reside in dead tree branches or under tree bark. They can accelerate the ageing of trees, undermining agricultural and forest safety.
Phil Neville denied he is sexist and said he has huge respect for women, in his first media appearance after being appointed England women's head coach.
Neville apologised a day after taking the job for past tweets about women.
"I had to - I didn't like the words used," said the 41-year-old. "I'm not a sexist. I've lived my life right."
The appointment has been criticised because of Neville's lack of coaching and women's football experience but he denied the job was a "stepping stone".
"I'm England manager. Any job after this will be a step down," Neville told BBC sports editor Dan Roan.
The former England defender has only ever managed one game - at Salford City, a team he co-owns - but has coached former club Manchester United, England Under-21s and Spanish side Valencia.
"I'm qualified for the job, I have a [coaching] Pro Licence. It's to work in all aspects of football.
"I've worked at elite level. I've worked abroad. Some of the players are world class. I'm best qualified for this job.
"I didn't get it by default. I didn't just get handed the keys to women's football. This is not something that has been pluc. Wholesale Jerseys Wholesale NCAA Jerseys Free Shipping Wholesale Jerseys Free Shipping Wholesale MLB Jerseys Wholesale NFL Jerseys China Cheap Soccer Jerseys From China Cheap Adidas NHL Jerseys Wholesale Jerseys Wholesale Jerseys Wholesale Jerseys Free Shipping |
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