Portugal

Michael Barrientos for The New York Times

News about Portugal, including commentary and archival articles published in The New York Times.

Chronology of Coverage

Jul. 25, 2014

Ricardo Espirito Santo Silva Salgado, patriarch of Portugal's most powerful family and head of its bank, is arrested in connection with major money laundering and tax evasion case; arrest is in connection with a three-year investigation centering on the activities of a Akoya, a Swiss asset manager working mostly on behalf of Portuguese clients. MORE
Jul. 19, 2014

Espirito Santo International, one of holding companies of Portugal's Espirito Santo banking family, files for creditor protection as business empire's problems spill over to Angola, where central banks says local unit of Banco Espirito Santo needs more capital to deal with bad loans. MORE
Jul. 15, 2014

Financial problems of Portugal's Espirito Santo empire, country's most powerful family, only two months after country exited its international bailout program give investors a reminder of potential fragility of recovery; problems expose convoluted corporate structure in which assets are propped up by group's bank Banco Espirito Santo. MORE
Jul. 11, 2014

Shares of Banco Espirito Santo, Portugal's second-largest bank, are suspended from trading, prompting fears that bank might need a bailout; move causes soaring stocks and bonds in Portugal to plummet, spooking investors and raising concerns over the health of Europe's banking system. MORE
Jun. 29, 2014

Portugal's low minimum wage and relatively generous unemployment benefits make tough agricultural labor a hard sell, forcing companies to import workers from as far away as Thailand; most of Europe faces the same problem as it struggles to gain economic traction and foster opportunities, especially for its younger generation. MORE

Articles

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In Portugal, Ex-Chief of Bank Is Arrested

By RAPHAEL MINDER

The former official was brought to court for a hearing in a major money laundering and tax evasion case aimed at a Swiss asset management company.

July 25, 2014, Friday

MORE ON PORTUGAL AND: Money Laundering , Sobrinho, Alvaro Madaleno de Oliveira , Banco Espirito Santo SA , Tax Evasion , Portugal , Salgado, Ricardo Espirito Santo Silva , Akoya Asset Management SA

Portuguese Holding Company Seeks Protection

By REUTERS

Angola’s central bank said the local division of Banco Espírito Santo would need to increase its capital to deal with bad loans.

July 19, 2014, Saturday

MORE ON PORTUGAL AND: Banking and Financial Institutions , Portugal , Banco Espirito Santo , Angola

Portugal Telecom and Brazil Phone Giant Revise Merger Terms

By RAPHAEL MINDER

Portugal Telecom and Oi of Brazil have renegotiated the terms of their planned merger to salvage a deal threatened by the financing problems of the Espírito Santo group.

July 16, 2014, Wednesday

MORE ON PORTUGAL AND: Banco Espirito Santo , Brazil , Portugal , Banco Espirito Santo SA , Oi SA , Portugal Telecom , Mergers, Acquisitions and Divestitures , Bankruptcies

Back From the Brink, Portugal Still Has a Long Way to Go

By RAPHAEL MINDER

The financial problems of a powerful family have given investors a reminder of the difficulties that Portugal still faces.

July 15, 2014, Tuesday

MORE ON PORTUGAL AND: Banco Espirito Santo , Portugal , European Sovereign Debt Crisis (2010- ) , Banco Espirito Santo SA , Banking and Financial Institutions

Suspension of a Portuguese Bank’s Shares Shakes the Markets

By LANDON THOMAS Jr. and PETER EAVIS

The plight of a Portuguese lender plays into concerns about Europe’s financial system, setting off a sell-off in the Continent and the United States.

July 11, 2014, Friday

MORE ON PORTUGAL AND: Portugal , Economic Conditions and Trends , Banking and Financial Institutions , Banco Espirito Santo SA , Stocks and Bonds , Europe

What to Do About Banco Espirito Santo of Portugal

By GEORGE HAY and NEIL UNMACK

Full transparency and a quick restructuring are essential for Portugal’s second-largest bank by value, say George Hay and Neil Unmack of Reuters Breakingviews.

July 10, 2014, Thursday

MORE ON PORTUGAL AND: Portugal , Lisbon (Portugal) , Bank of Portugal , Basel Committee on Banking Supervision , Portugal Telecom , Banco Espirito Santo SA , European Sovereign Debt Crisis (2010- ) , Commercial Paper (Finance)

Coming to U.S. for Baby, and Womb to Carry It

By TAMAR LEWIN

Foreign citizens now make up most of the clients at large surrogacy agencies in the United States, highlighting a divide between the country and much of the world over fundamental questions on family.

July 6, 2014, Sunday

MORE ON PORTUGAL AND: Babies and Infants , Surrogate Motherhood , Portugal , Series , United States

Short-Selling of Banco Espírito Santo Briefly Banned

By CHAD BRAY

An audit in May by the Bank of Portugal found that the lender’s parent company was in “serious financial condition” and had “irregularities” in its accounts, putting pressure on Banco Espírito Santo’s stock.

July 1, 2014, Tuesday

MORE ON PORTUGAL AND: Portugal , Bank of Portugal , Financial Conduct Authority (Great Britain) , Stocks and Bonds , Short Selling , Appointments and Executive Changes

Despite High Unemployment, Portugal Looks Far Afield for Workers

By RAPHAEL MINDER

A low minimum wage and relatively generous unemployment benefits make tough agricultural labor a hard sell, so companies import workers from as far away as Thailand.

June 29, 2014, Sunday

MORE ON PORTUGAL AND: Wages and Salaries , Lopez, Eduardo , European Sovereign Debt Crisis (2010- ) , Unemployment , Labor and Jobs , Europe , Portugal , Thailand , Foreign Workers , European Union , Agriculture and Farming , Minimum Wage