BES will reveal hole “bad bank” – Journal of Business – Portugal

BES will reveal hole "bad bank" – Journal of Business – Portugal

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BES will reveal hole ” bad bank “

Not only is the New Bank that will have a new balance. BES also will provide information on the assets and liabilities that were in “bad bank”. Will bare the value of the hole of the institution.

The value of the hole that dictated the collapse of Banco Espírito Santo will be known with the publication of the updated balance sheet of the institution where the toxic assets remain resulting from management …

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ESFG advances to court against the New Bank creation – Economic

ESFG advances to court against the New Bank creation – Economic

Lusa

18:06

Manager bankruptcy of ESFG brought two cases in the Administrative Court of Lisbon.

The Espírito Santo Financial Group (ESFG ), whose bankruptcy was declared on 10 October, forward with legal action for annulment of the decision setting up the New Bank, according to a statement sent to Lusa.

Also today was received at the Administrative Court of Lisbon another action to annul the decision to suspend voting rights of ESFG BES , taken by the Bank of Portugal on 30 July, the statement of the law firm PLMJ .

The actions were brought by the insolvency administrator of ESFG , defending the interests of creditors, which mandated the law firm PLMJ to represent the financial arm of Group Holy Spirit in those two cases.

Crew TAP started Sunday two days of strike – publico

Crew TAP started Sunday two days of strike – publico

                 

                         
                     

                 

 
                         

The TAP cabin crew will start at 00h on Sunday the first two-day strike to demand compliance with the company agreement in force since 2006.

                     

                         On 15 October, the National Civil Aviation Flight Personnel Union (SNPVAC) delivered a notice of strike four days, divided into two periods: the first was the October 30 and November 1 and the second will 30 November to 2 December.

“We maintain the second period of strike and, in terms of membership in this second period of strike, we think will walk within the same numbers occurred during the first period in the order of 98%, “said board member of the Union, Nuno Fonseca, Lusa.

While acknowledging that this strike will hurt the air carrier’s passengers, Nuno Fonseca said that” the impact will be lower once that, as happened during the first strike period, TAP did a great job in changing flights and the use of other airlines. “

On Wednesday, the union reiterated its intention to keep a strike by cabin crew TAP, scheduled for Sunday and Tuesday, considering that talks with the company were unsuccessful.

On Thursday, an official source of airline told Lusa that the TAP contacted the “very large majority of passengers” with flights scheduled for Sunday and Tuesday to reprogram your travels and is considering the two-day strike with “absolute tranquility.”

However, the same source pointed out that at issue daily losses of about five million, and affect the “reputation and image of TAP”.

However, workers SPdH (Groudforce), PORTWAY and temporary employment agencies in ‘handling’ (assistance at airports), assigned to the Union of Workers of the Aviation and Airports (SITAVA), will hold a 24-hour strike on Monday, 1 December.

The workers claim the negotiation and the creation of a collective agreement for the sector ‘handling’, covering all workers regardless of the operator.

 
                     
                 

TAP strike starting at midnight Sunday – Express

TAP strike starting at midnight Sunday – Express

From midnight on Sunday, the TAP cabin crew will start the first two days of strike. This is the second period of strike – the first was held on October 30 and November 1 – appearing on the notice of strike four days presented on October 15 by the National Crew Civil Aviation Union ( SNPVAC).

It relates to the talks with the airline, the union considered to have been “unsuccessful” in order to enforce the agreement of the company, in force since 2006. In this, are provided for, among others, the right of workers to a weekend of rest week every seven weeks and timely planning of rostering.

is expected to join the strike on Sunday and Tuesday equals the first period, said Lusa Nuno Fonseca, the direction of SNPVAC. “We maintain the second period of strike and, in terms of membership (…), we think will walk within the same numbers recorded in the first period, the order of 98%”

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The company has been in the last few days, to contact the passengers with flights scheduled for Sunday and Tuesday, alerting them to the need to reprogramme their flights in order to minimize the damage caused to those who had trusted marked these days. “The [the strike] impact will be reduced, since, as happened during the first strike period, TAP did a great job in changing flights and the use of other airlines,” he stressed Nuno Fonseca.

However, another official source company admits that with these outages are concerned daily losses of around five million euros, as well as any damage to “the reputation and image of TAP”

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New Bank directors made defendants after police searches – publico

New Bank directors made defendants after police searches – publico

                 

                         
                     

                         
                     

                         

                 

 
                         

The police searches conducted yesterday by the anti-corruption unit of the Judicial Police the facilities of the New Bank and the place where now the old BES works, resulted in the seizure of about five million documents and the constitution as defendants some bank directors chaired by Eduardo da Cunha Stock.

                     

                         PUBLIC found that the police action, triggered the 41 sites, 34 of them home-based, at the request of the Research Center Department and Prosecution (DCIAP), based on the criminal complaint filed by the Bank of Portugal after the forensic audit report against acts the previous administration led by Ricardo Salgado, resulted in the seizure of about five million parked documents in the computer facilities of the New Bank in Taguspark. It is here, in Oeiras, which is all documental records of the group and that will certify the suspected crimes committed by managers and senior executives, some of which carried over to the New Bank, by involving customers of the institution, or give new emphasis to data already confirmed by the investigation.

Following, were made defendants some Directors of the former BES who remained in office in the New Bank. The warrant search of the Criminal Central Court, signed by Judge Carlos Alexandre, was directed in this case specifically want the old BES (who now works at Rua Barata Salgueiro, Lisbon) or the New Bank, where there were searches at headquarters, on the 14th floor of the Avenida da Liberdade in Lisbon (besides the Taguspark the building). In the latter two sites, the New Bank, the presence of researchers went on for several hours.

In addition to the evidence on any financing scheme and GES debt blind, worth about a thousand million, using the Swiss vehicles, service providers (BES and GES) of Eurofin name, there is the suspicion of using a blue bag, ES Enterprise, which in recent years have been used to move about 300 million for payments not documented within the group, but also to third parties.

This information, as revealed by the PUBLIC also focuses the attention of the prosecutor, who now seeks to determine the scope of action of ES Enterpise. Already Eurofin vehicles, such as the ES Enterprise are based in Switzerland, worked as a group of service providers led by Ricardo Salgado, who came to hold up to 1999, about 23% of these companies, and that the BOP admits having worked over several years as a “black box” used by Salgado to hide losses of GES and BES.

There are also suspected of other potentially illegal operations, including two revealed on 19 October by the magazine 2 CIVIL in a work entitled “Chronicle of the Empire End”. One relates to the purchase of Escom (owned by GES and debtor BES) in 2006 by the builder José Guilherme (whose Salgado says he has received a gift of € 14 million) of about 30% of Luanda three towers under construction for seven million dollars. This position would be resold to Escom, before the floors are offered for sale for $ 34 million.

The second controversial operation is associated with the BES debt of the business population of the President of Benfica, Luís Filipe Vieira with credits in the bank led by Salgado in 2012 of around 600 million euros. The former financial manager of BES, Morais Pires, restructured debt and put it in funds of BES Vida and ESAF, wiping out pressure on Luís Filipe Vieira, who thus ceased to be on the list of major debtors to BES required by Bank of Portugal and the troika .

                     
 
                     
                 

Commission has proposed new EU budget – Economic

Commission has proposed new EU budget – Economic

Luís Reis Pires

Yesterday 12:33

First proposal was rejected the European Parliament, due to cuts imposed by the Council.

The European Commission today proposed new European budget for next year, after the first was rejected by MEPs. Brussels is a time trial to reach agreement with Parliament and the Council around a proposal to prevent Europe from start 2015 in twelfths.

The above proposal provided contributions of € 140 billion, the maximum allowed by the European Council and that was far below the 146,600 million requested by MEPs. The new proposal is now 141.3 billion euros, corresponding to an increase of 0.7% over this year

However, there remains a basic problem:. Commitments expenses continue to be much higher than the money from the budget. The Brussels proposal points to commitments totaling 145,200 million euros d, 1.8% more than this year. The European Parliament said when chumbou the first proposal that Europe could not continue to constantly submit budgets deficit.

The Vice President for Budget and Human Resources, the Bulgarian Kristalina Georgieva said today expect that the new proposal “pave the way for an agreement on the budget for 2015″ and that it “helps to tackle the growing problem of unpaid bills.” – that precisely from the fact that if orçamentarem more commitments than contributions

The proposal will now be analyzed by the European Council and MEPs in the coming weeks to try an agreement by the end of the year.

Investigations by fraud, breach of trust, forgery … – Daily News – Lisbon

Investigations by fraud, breach of trust, forgery … – Daily News – Lisbon

(Updated at 19:10 for the purpose of searches to Ricardo Salgado home)

The Attorney General’s Office announced today that the steps
 arising in connection with a criminal case “of the Holy Spirit universe”
  have on suspicion basic aggravated fraud, breach of trust,
 forgery, money laundering and tax fraud.

“In
 investigations, related to the so-called Holy Spirit universe,
  are concerned suspicions of serious fraud crimes, abuse
 trust, forgery, money laundering and
 tax fraud, according to a note of the Attorney General’s Office (PGR).

  PGR said that, with respect to investigations directed by the Ministry
 Public are held during the day several attempts,
 including 34 home visits a lawyer and six related to
 related entities with the exercise of financial activity.

According to Francisco Proenca de Carvalho, lawyer Ricardo Salgado, the court proceedings in the former manager’s house of BES in Cascais, ended around 17.30.

Secretary of State confident of “consistent fall” of … – iOnline

Secretary of State confident of "consistent fall" of … – iOnline

The Secretary of State for Employment, Octavio Oliveira, expressed his confidence in the “consistent fall” of the unemployment numbers, although the results released today by the National Statistics Institute (INE) show a “slight increase” in October.

According to INE, the unemployment rate (from 15 to 74 years) estimated for October was 13.4%, 0.1 percentage points more than estimated for September.

With the release of these results for October 2014, INE starts the monthly estimates of the Employment Survey for key labor market indicators (population employed and unemployed by sex and age group, and corresponding rates), in addition to the publication of the usual quarterly estimates.

Speaking to Lusa agency in Lamego, where the late afternoon today inaugurated the Training Center of the UGT, Octavio Oliveira said that it was “a slight increase in this rate relative to September.”

However, he stressed that the “path that continues to go is a consistent decline, lasting, unemployment, which has been held for six consecutive quarters.”

“It is a path we have traveled the decline in unemployment, the reduction of youth unemployment, long-term unemployment, creating jobs,” even with full-time hours and better on the nature the bonds, he said.

The Secretary of State said that despite this, as a responsible Government in the area of ​​employment, is not satisfied with the situation.

“It is still very worrying for the high level that is, for what it embodies respect to the Portuguese who are in this situation,” he added.

The secretary general of the UGT, Carlos Silva, considered for unemployment numbers have contributed factors such as “lack of private investment” and “investment needs of most companies in the country.”

On the other hand, said that while “the international agencies ‘rating’ not withdraw Portuguese debt garbage, companies will continue to encounter difficulties in obtaining finance.”

With Lusa

Internet access in optical fiber increased 34.9% – TVI24

Internet access in optical fiber increased 34.9% – TVI24

Internet access in optical fiber in Portugal was the fastest growing until September, an increase of 34.9% over the same period 2013, contributing to the increase in fixed broadband, announced on Wednesday the regulator Anacom.

In a statement, Anacom – National Communications Authority said that in late September ‘existed in Portugal about 2.75 million fixed internet accesses, 2.7% more than in the previous quarter. ”

The hits on fiber optics, “which increased 8% in the quarter and 34.9% year on year, were the main contributors to the observed growth and now account for 21% of total accesses.”

However, the main Internet access technology in fixed broadband continues to be ADSL, with a weight of 39.4%, followed by cable modem, with 36.4%.

“The number of users who actually used Internet using mobile broadband was 4.5 million, up 14.9% from the previous quarter and 24.4% year on year, numbers that translate highest quarterly growth ever “, said the Governor chaired by Fatima Barros.

“Of the total, 3.5 million accessing through mobile phones, ‘says Anacom, recalling that” the development of mobile broadband has been driven by the increasing number of users of smartphones in this quarter now account for 47.1% of all mobile phone users “, an increase of 8.7 percentage points compared to 2013.

Vodafone was in September the operator with the highest growth in fixed broadband access subscribers wide, while the PT and the US experienced a stabilization, according to data released today by the regulator Anacom.

Vodafone leads growth

“Vodafone was the sixth consecutive quarter, the provider that, in net terms, most subscribers managed to capture, reaching a share of 9.8% at the end of the quarter “ended in September, ie 0.9 percentage points more than in the previous three months and two percentage points year on year, said the Anacom.

Regarding the PT group, the fixed access share stood at 49.3% in September, about half a percentage point less than in the previous quarter, says the National Communications Authority (Anacom).

“The US group had a share of access 34.8%, which decreased 0.1 percentage points from the previous quarter,” he added.

For active customers mobile broadband, Meo share was 47.5%, followed by Vodafone with 28.1%, and the US, which resulted from the merger between Optimus and Zon, with 24.2%.

“The Internet access traffic Broadband increased about 7.1% in the third quarter “of this year, said Anacom, which adds that” the development is explained by the fixed broadband increase (6.5%), which is about 95.8% of the total. ”

But the Internet access traffic from mobile accesses rose 22.3%, mainly through cards / modems.

“This type of traffic, which represents about 72% of mobile Internet traffic, increased 26.2% this quarter, ‘says.

But the Internet access traffic via mobile phone “has increased (13.1%), representing 27.6% of the total,” concludes.

Revenue from mobile Internet access service totaled 264.9 million euros, 2% more than in the same period of 2013.

Portugal and Emirates make commitments on security … – publico

Portugal and Emirates make commitments on security … – publico

                 

                         
                     

                 

 
                         

The meeting of the Joint Committee Portugal-United Arab Emirates held this Tuesday and Wednesday in Abu Dhabi resulted in two agreements in the areas of food security and culture and a letter of intent in the defense sector. And in three promises for customs cooperation and tourism and the creation of a joint business committee.

                     

                         It was also agreed that the next meeting of the Joint Committee will be held in Lisbon by the end of the first half of next year – before the parliamentary elections, therefore. Might happen the same as in Abu Dhabi: to coincide with the visit to Portugal’s Crown Prince and President of the Emirates, Sheikh Mohammad bin Zayed Al Nahyan, who accepted on Wednesday the invitation of Cavaco Silva for a trip to Lisbon.

This Wednesday signed a food safety Agreement to the compatibility of food quality control systems. It is essential for obtaining export licenses for Portuguese entrepreneurs to broaden the offer range in trade to the Emirates.

There was also a cultural agreement, which includes, for now, the sharing of files on to the Discoveries: Portugal holds most of the documents to the reports, charts and navigation books of the first Europeans who arrived in the Persian Gulf and the Emirates are interested in at least be able to organize temporary exhibitions of these assets, described source of the Portuguese delegation. Recall that in Abu Dhabi is being constructed an area dedicated to culture in Saadiyat Island, which will host at least three museums. – Two of them with license to use the name of the great Louvre and Guggenheim, and a national museum

On Thursday, since the presence of the defense minister, José Pedro Aguiar-Branco (traveling from East Timor directly to Dubai), a letter of intent in the defense industry will be signed on . especially in technological niches

In addition to these, were tacked two cooperation agreements: one in the customs area, or in tourism, especially in cross-tourism promotion and vocational training in Portuguese schools and in hotels in two countries.

It was decided to create a joint business committee between the private business confederation of the Emirates and the Portuguese counterpart. The intention is that this entity will help strengthen information exchange mechanisms and investment opportunities between the two countries, said the source entourage. The Emirates are close to becoming the first trading partner of Portugal in the Gulf, dethroning Saudi Arabia. For four years, exports of goods doubled from 60 to 120 million euros. To add to this account there is still another 40 million in services.

Portugal also gave proposals for cooperation in the field of justice (legal assistance and extradition) and universities (through teacher training programs and exchange of students with European Academies).

also advanced in the energy sector, through meetings with Masdar, the holding company of the Emirates for energy in the renewable sector and intelligent mobility. And they open doors for cooperation in health, both through patient Emirati treatment programs in Portuguese units, and through the export of medicines produced in Portugal for the Arab confederation.

PUBLIC traveled at the invitation of the National Media Council of the UAE

 
                     
                 

Treasury advances to a public debt exchange operation – publico

Treasury advances to a public debt exchange operation – publico

                 

                         
                     

                 

 
                         

The Portuguese Treasury will hold on Wednesday an offer of government debt exchange, in order to postpone to 2021 and 2023 to reimburse some of the loans due next year and in 2015. The IGCP, which manages the public treasury, scheduled this with one day in advance, taking advantage of the glide path of the Portuguese debt.

                     

                          In this operation, the IGCP proposes to public debt holders acquired in three issues (to be amortized in October 2015, February 2016 and October of that year) to exchange these securities by others of equal value to be reimbursed later (in April 2021 and October 2023).

At issue are three lines of bonds issued in the past by IGCP (on different dates and with different maturities) and the Treasury intends to buy back before the deadline of amortization. Investors accept an early redemption of the bonds and, in return, buy new titles that are only reimbursed later.

For this offer, the agency led by Cristina Casalinho does not draw a target for the amount of debt exchange, because the ball is now on the side of investors to get their hands debt securities of those three lines obligations. The first issue relates to securities with a maturity of ten years (bonds issued in 2005 and to repay investors in 2015), the second has a five-year maturity (2011/2016) and the third has a maturity of ten years (2006/2016).

Ultimately, it all accept the offer of IGCP, it would mean that the Treasury could exchange 15 960 million by issuing an equal amount of bonds to win later. The amount involved in the operation will thus depend on the acceptance of those who are holding debt securities.

In the issue which currently expires in October of next year the state issued 6275 million euros, to which is added 3500 million the issue for which the duration is February 2016, more 6185 million auction maturing in October of that year.

At the holders maturing in October 2015, the IGCP, offers 102.702 euros each 100 EUR par value; on the second line of obligations, maturing in February 2016, the offer is 107.16 euros; the bond line titles October 2016, the IGCP is offering 106.85 euros for every 100 euros of par value.

Anyone who accepts the amortization buy new titles, two lines of IGCP obligations : the first is to repayment date in April 2021 and an interest rate of 2.163%; the second ends in October 2023 and has an associated interest 2,838%

In the secondary market -. where it is possible to measure investor sentiment, given the trajectory of interest transactions or mere transaction intentions debt among investors – the Portuguese titles are in this fall on Tuesday in the leading benchmark deadlines. The titles to ten years, the retreating interest by 12.30pm to 2,914 euros.

With this operation, the IGCP seeks to alleviate the debt repayments in the first two full years in which Portugal will be all alone on the market without be receiving in the rear tranches of EU loans and the International Monetary Fund.

 
                     
                 

Members hear President background that inherits New Bank – Economic

Members hear President background that inherits New Bank – Economic

Maria Ana Barroso

maria.barroso@economico.pt

Yesterday 00:05

The more or less success in the sale of the bridge bank will dictate higher or lower invoice for banks contributing to the Fund led by José Ramalho with the resolution of the BES.

Members of the parliamentary committee investigation to the case BES / GES will today hear José Ramalho, the chairman of the management committee of the Resolution Fund, current holder of the New Bank. This hearing, originally scheduled for the 17th, comes at a time when there are many doubts as to the actual invoice that this bridge bank may leave behind.

The resolution fund, which is the result of contributions banks, injected EUR 4900 million in the New Bank, the ‘good bank’, which resulted from the old BES , purged of bad assets. OBES is now an institution that, in time, will be settled and where they were a group of assets and liabilities, a heritage that was for shareholders and bondholders subordinates.

From 4900 million which constitute the initial capital of the New Bank, 3.9 billion is money borrowed by the Treasury that banks will have to return within two years. If the institution is sold before – expectedly during 2015 -. The balance of the accounts was done at that time

Last week, the option taken by the Bank of Portugal to advance the resolution of the BES was highly questioned in Parliament, especially by contrast with the option to directly recapitalize the bank using public money. One of the issues raised by Members was to assess the effect this may have on the banking sector as a whole, if necessary account for a very large loss on sale of the New Bank. This is because, if the sale value not allow reset the 4.9 billion euros, it is for the sector institutions, in proportion to their weight in the market, replace that money. Now, there are many voices that are specifically questioned the possibilities of a New Bank alienation generate the necessary amount.

The theme promises to mark the hearing Ramalho, which is now heard for 15.30. On the other hand, the very embodiment of the resolution is a path that is only beginning to be explored and therefore raises doubts as the BES was the institution where this format is, first tested in Europe.

The hearing today happens in a week when strongly slowed down the pace of the hearings, after last week, have been the three financial supervisors ears, as well as the current Finance Minister Maria Luís Albuquerque, and the former Minister Teixeira dos Santos. After these first hearings have served to try to understand the responsibilities of supervisors and leaders in the dossier, next week will be the time to listen to some of the main faces of management, case Ricardo Salgado.

Hearings next week

Vítor Bento
Took the lead BES after the end of the reign of Salgado. Expected to manage an institution not expire but just to preside over a bridge bank, leaving shortly after in disagreement with the course followed. Must be heard in the 2nd.

Ricardo Salgado
is the man everyone wants to hear and not appeared in public this that broke one of the biggest financial scandals ever in Portugal. Should be heard on December 3.

José Maria Ricciardi
I wanted to replace Salgado ahead of BES and is still ahead of BES I bank that advised operations of BES as the controversial last capital increase of the bank.
You should speak on 4.

Pedro Queiroz Pereira
The president of Semapa and former former shareholder of ES Control will have made several complaints about what GES was going on. Must be heard in the 9th.

US: consumer confidence unexpectedly falls in … – Digital Journal

US: consumer confidence unexpectedly falls in … – Digital Journal

According to data released on Tuesday, the Conference Board confidence index fell to 88.7 points, against 94.1 (revised) reading in October, down which surprised economists, whose projections showed . for new monthly increase

The trend observed in the survey reflects a lower optimism of families in relation to their current and future conditions

.

Credit interest rate housing drops to minimum eight months – Economic

Credit interest rate housing drops to minimum eight months – Economic

Catherine Melo

Yesterday 14:10

The average interest rate charged by banks at the time of granting housing loans fell in October for the third consecutive month, according to the INE, to the lowest level since February. The decline in Euribor support this evolution.

The Portuguese with housing loans are benefiting from the trend recorded decrease in Euribor rates that serve as reference in their contracts. According to the National Statistics Institute (INE), the interest rate on housing loan contracts decreased in October to 1.439% compared to 1.471% in September. In addition to being the third consecutive month to ease, this is also the lowest interest rate since February this year.

Following the interest rate of descent, also the average loan repayments for the mortgage loans together recorded a relief. Its value fell one euro in September, compared to 259 euros recorded in August and September for 258 euros. For contracts concluded in the last three months, the slump in October was more significant, having benefited from a drop of nine euros compared to September, to 344 euros.

However, with respect to all the mortgage loans, the value of the average amount outstanding stood in October at 56,916 euros, representing a reduction of 103 euros from the previous month, being given so following up the downward trend observed since 2011.

Chronology Case Socrates – Digital Journal

Chronology Case Socrates – Digital Journal

The Criminal Center Court decided to measure more severe duress, detention pending trial for José Sócrates and the businessman Carlos Santos Silva, who was Lena group manager between March 2008 and October 2009, and the driver John leg. The lawyer Gonçalo Ferreira Trindade, Judge Carlos Alexandre determined the ban on contacts with the other defendants to be absent abroad, with the obligation to give the passport and to report weekly to the Central Department of Investigation and Penal Action (DCIAP) .

Main events:

Friday, November 21
The Attorney General’s Office (PGR) issues a statement in which confirms that José Sócrates and three other people were arrested on Friday night as part of a survey by the Central Department of Investigation and Penal Action (DCIAP) investigating “suspected of crimes of tax evasion, money laundering and corruption “.

The PGR confirmed an advanced news just before the online editions of the Sun and the Morning Post and explained that the detainees would be interrogated today by the investigation of the trial judge,” which investigates banking, movements and money transfers without known justification and legal means, “being” independent “of the Mont Blanc view, having not had even” from the same “.

Saturday, November 22
The mid-morning, Catarina Martins, coordinator of the Left Bloc party, which is meeting in Lisbon Convention, declined to comment on the arrest of Socrates, saying it is an investigation that is up to the judicial authorities: “In the policy, which is policy, justice that is justice, “he said.

Still in the morning, the Socialist candidate for prime minister, António Costa, sent a message to the militants of the PS, who elect these elections direct a new secretary-general, who asked them not to confuse the “personal solidarity and friendship” for José Sócrates with the political action of the party, stressing that “it is only justice lead, completely independent” process and “It is essential to preserve” the party in the assessment of this case.

Near noon, RTP revealed that suspended the review space that Socrates had on Sundays on Channel 1.

Around the same time, the former leader of the BE, Francisco Louçã at the entrance to the party convention, refused to make “hasty” judgments about the arrest of the former prime minister. Louçã admitted that this case “will have an effect on the whole country,” but cautioned that it takes “prudence”, that “there is only judged cases when they end” and that, for the political, “are of a different nature” and would only be evaluated later. Finally, it considered that Portugal needs a justice “better prepared” and “more resources” to fight “extremely complex processes” as “money laundering, corruption and crime of the banks.”

Vice President and PSD coordinator, Antony Costa, said, in the early afternoon, Maia, the party will not make “any political commentary” on the arrest of Jose Socrates for it is a “justice issue “adding that one should wait” serenely that judicial institutions to provide clarifications as are deemed appropriate in the light of unfolding events. “

At about 14:00, the PGR returned to issue a statement in which reveals the identity of the other three detainees, in this investigation:. businessman Carlos Santos Silva, the lawyer Gonçalo Ferreira Trinity and the driver John Leg

The PGR use, on the other hand, that the investigation originated “a bank communication” to DCIAP in law enforcement and prevention of money laundering repression. “

The leader of the CGTP, Armenian Carlos, on the sidelines of a march in Port defended may need to” wait that justice work quickly. “

On the sidelines of a rally in Albergaria-a-Velha, the secretary general of the PCP, Jerónimo de Sousa said he did not want to comment on the arrest of former Prime Minister, stating that there must be “the clearance of all truth, the operation of research and Justice and not rush judgments or convictions,” adding that “no one is above the law.”

At 16:30, the authorities investigating the case ended searches they were doing in Socrates’ residence in Lisbon, the former Prime Minister followed, told police source Lusa.

At 16:45, José Socrates came to Campus Justice in Lisbon, transported from his residence in a car uncharacteristic and emergency operation, to be presented to the judge Carlos Alexandre, the Central Court of Criminal Investigation, for the first judicial interrogation.

CDS-PP, a statement sent to Lusa by the deputy party chairman Nuno Magalhães, emphasizes respect the separation of powers and the independence of the judiciary and therefore will not comment on “ongoing investigations in the judicial system.”

Also the former leader of the PSD Marcelo Rebelo de Sousa, in Aveiro, in a celebration of the 40th anniversary of the party, sent a political and legal assessment of the arrest of former Prime Minister for your comment space on TVI on Sunday but said that in some cases, the “solidity of the facts” can justify such a decision. However, cautioned that “to understand the legal implications of this case,” you must “have the result of the interrogation and the judge’s decision, it might take more or less time.”

In the Guard, the margins Local Government Academy, sponsored by Mayors Social Democrats and the Institute Francisco Sá Carneiro, the Holy House of Mercy provider and also former Prime Minister Pedro Santana Lopes, considered on Saturday night that the arrest of the former prime minister José Socrates is a fact “sad to Portugal” and that raises questions about “the point that the state has come.”

The former prime minister made headline news detention in the international press, with theme featured, among others, the Spanish El Mundo and El País, the British Financial Times, Le Monde in the French or Brazilian O Globo.

By 22:20, José Sócrates have abandoned the Central Court of Criminal Investigation in Lisbon towards the Lisbon Metropolitan Command PSP, where he spent the second night in a row since his arrest. On leaving the court, his attorney, João Araújo, has not clarified whether it would have already started questioning the former prime minister.

Just before midnight, in his first speech to the socialist militants after Saturday have been elected as the new secretary general of the Socialist Party (PS), António Costa said the PS “is a party that does not adopt the bad Stalinist practice of photography elimination of this or that,” adding that the party ” assumes its entire history, the good and the bad times. ” He expressed solidarity with the arrested former prime minister, but declined to comment on the performance of the judicial authorities in the case.

Sunday, November 23
José Sócrates returned to TCIC by 8:35 to be questioned by the judge Carlos Alexandre.

Armenian Carlos, secretary general of the CGTP argued that “politicians are not all the same,” admitting that cases like that of José Sócrates may be a “discredit factor of politics.”

The Swiss pharmaceutical company Octapharma, for which the former prime minister works as a consultant for Latin America, said in a statement have been searching target in Thursday, November 20, at its facility in Portugal, of which not resulted in the arrest of any employee, as opposed to the initially advanced. At first, came to be wrongly reported that among those arrested was Lalanda Joaquim de Castro, representative of multinational pharmaceutical Octapharma. Octapharma came even willing to collaborate with the authorities.

Speaking to Lusa agency, bastonária of the Bar Association, Elina Fraga, admitted that the detention for questioning of Jose Socrates could be illegal, stressing the Criminal Procedure Code provides that in these cases detention may only occur “there is danger of leaks, flagrante delicto, danger of further criminal activity or there is a danger of some unrest in the community”.

Around 18:00, Prime Minister Pedro Passos Coelho in Aveiro, referred to the detention of Jose Socrates, saying it is a process that fits to justice and not political, admitting that what happened “was not a thing trivial “. Although not want to comment, at the insistence of journalists turned out to say that issues such as the arrest of former Prime Minister are not “moods”, stressing still not be commentator, but the Prime Minister and, as such, have a duty to “ensure that all institutions work under in which they must.”

José Socrates leaves the TCIC facilities around 21:45 towards the Lisbon Metropolitan Command, PSP, where he spends the third consecutive night. In the courthouse lawyer Joao Araujo said that the judicial interrogation of former Prime Minister would be taken up on Monday, by 09:15. Socrates’ lawyer also said that the questioning was “going very well” and that Socrates was “great” and a state of mind “strong”.

Monday 24 November
Around 10:00 lawyers of former Prime Minister Jose Socrates, and businessman Carlos Silva Santos reached the TCIC, where the former prime minister was expected to resume the interrogation by Judge Carlos Alexandre.

The outgoing president of the Socialist Party, Maria de Belém, refused the arrest of Socrates undermine the party and defended the separation between politics and justice. Jorge Lacão and Vieira da Silva, both former ministers of the socialist governments of Jose Socrates expressed their “saddened” and “dismayed” by the situation experienced by the former prime minister.

The European Commission declined to any comment to the arrest of former Prime Minister claiming that involves not “national procedures” that are not directly related to money or activities of the European Union.

The interrogation of José Sócrates was stopped around 12:30 for lunch and resumed at 14:30.

In an interview with RTP, the former attorney general’s office, Pinto Monteiro, defended being made “a political aproveitamente a case law “that” undermines the PS. ” Pinto Monteiro also stated that during lunch he had with the former prime minister, days before it is held, spoke only about books and the former Brazilian president Lula da Silva, ensuring that Socrates did not ask “anything about justice “and did not know that it followed a lawsuit against the former prime minister. Former prosecutor acknowledged that lunch turned out to be “a complicated coincidence” and “unpleasant”, had “sympathy” by Socrates and stressed that “as a free citizen” lunch with anyone.

The lawyer José Sócrates, João Araújo, provides short statements to reporters, announcing that José Sócrates was in custody, as considered “profoundly unjust and unjustified” and took the opportunity to mention that it will appeal the decision.

The dissemination of coercive measures ordered by the judge Carlos Alexandre, originally scheduled for 18:30, it was minutes after the departure of the lawyer Joao Araujo, about 22:30 by the voice of a court official. The TCIC ordered preventive detention of former Prime Minister José Sócrates, your John Leg driver and businessman Carlos Santos Silva for economic crime suspects. The lawyer Gonçalo Ferreira Trindade, Judge Carlos Alexandre determined the ban on contacts with the other defendants to be absent abroad, with the obligation to give the passport and to report weekly to the Central Department of Investigation and Penal Action (DCIAP) .

Digital Diary with Lusa

Treasury certificates exhibit greater level of subscriptions since … – Economic

Treasury certificates exhibit greater level of subscriptions since … – Economic

Catherine Melo

Yesterday 15:38

The Portuguese put in October 332 million in the latest State of the savings product launched in October last year.

The state of savings products for retail continue to attract Portuguese savers. According to the latest Monthly Bulletin of Treasury Management Agency and Public Debt (IGCP), the Portuguese implemented in October, in net terms, 214 million euros in savings certificates, and 332 million in Treasury Certificates Savings Plus ( CTPM). The level of net subscriptions angariadas the latest state savings product launched in late October last year – CTPM -. Is the highest since the month following its release

With the amount raised by CTPM Last month, the IGCP extends to 3,039 million euros the total amount raised with this savings vehicle. The fact might be related to the offered compensation. These bonds have a gross rate of 2.75% in the first year, 3.75% in the second and 4.75% in the third. In the fourth and fifth years reaches 5% and may be even higher by GDP growth of Portugal. This product thus beats the remuneration offered, for example, by time deposits that have been suffering consecutive pay cuts. According to the Bank of Portugal, the average interest rate on new time deposits of households touched in September, a new minimum of four years in 1.34%.

The Savings Certificates have also achieved benefit from this reality, achieving capture from the beginning of the year 1,679 million euros in net terms. Any person who signs in November of this product will benefit from a gross interest rate of 3.071%.

BES What was said and what was said by the first days of … – iOnline

BES What was said and what was said by the first days of … – iOnline

The governor of the Bank of Portugal (BoP) ensured that took the resolution measure of the decision – “I just had an option” – without consulting the government. And that one could withdraw the suitability of Salgado earlier. Maria Luís Albuquerque confirmed that the resolution it was only communicated by Carlos Costa, and Teixeira dos Santos casts doubt remembering that the executive had to approve “fast” legislation that would allow the resolution of the BES. Carlos Tavares, chairman of CMVM, states that “did everything that could have been done.” Conclusion? The first 30 hours of hearings in the Commission of Inquiry to BES does not allow to draw strong conclusions.

On the table were some of the issues that i anticipated last week. For example, in relation to the fact that the problems in the GES were only made public in the first half, bop and government spoke with one voice: it was necessary to ensure system stability through a message of confidence. “Terms had a quiet August was the best that could happen to us,” one would refer to Carlos Costa with some signs of fatigue, when he had spent more than six hours of listening. The strategy notes the governor worked: the Portuguese have not lost confidence in the financial sector and the New Bank hardly lost deposits.

Asked by MEPs about whether this option makes sense, Teixeira dos Santos said he wanted to “keep the reviews” for you but noted that “the government has a responsibility to ensure the stability of and confidence in the financial system “. He continued: “If there is a risk to system stability and reasons that may affect public confidence in the system, the political officer shall transmit, if this is the case, messages that allow communicate such confidence.” The hearing of the former minister was the most serene and the shortest of that happened so far: only two hours.

About the fact that the salt administration of removal only have happened in June, Carlos Costa said – repeatedly – that had no legal means to remove the suitability Salgado – This was confirmed by Maria Luís Albuquerque – and therefore used the “moral suasion” during the first half of the year to force to his resignation, which would eventually happen.

Youth get stuck at the viewpoint of the beach of Vila do Conde – Morning Post

Youth get stuck at the viewpoint of the beach of Vila do Conde – Morning Post

The first ’round’ the fight for truth in BES case – Economic

The first 'round' the fight for truth in BES case – Economic

Maria Ana Barroso and Filipe Alves

Yesterday 00:05

The first round of hearings in the Parliamentary Commission of Inquiry to the biggest financial scandal of the Third Republic left many questions unanswered.

The Parliamentary Commission of Inquiry to management acts in BES and GES began this week with the hearings of the Governor of the Bank of Portugal (BoP) Carlos Costa, the deputy governor Pedro Duarte Neves, the president of the CMVM Carlos Tavares, the Finance Minister Maria Luís Albuquerque, former Minister Teixeira dos Santos and the President of the ISP, José Almaça. In this first round of hearings, reporting personalities were concerned not to assume blame for any faults and were many unanswered questions

Option:. Resolution
The decision to moving on to the resolution, as opposed to public recapitalization hypothesis, has been a central theme of the investigatory committee or was this a parliamentary investigation and therefore with strong political weight. Beyond partisan issue, the fact that it has opted for a never before attempted option in the European Union 1 and the consequences and final bill have yet to see even justify that the subject is in the center of the discussion. The two main actors of this episode in the history of BES – out Vítor Bento has not yet been heard – came up with the same version, that was the precipitation of events that made the resolution the only possible solution, with Maria Luís Albuquerque to say yet that no one was ever ask you to resort to state aid. It is precisely here that ended the first round of hearings, is of prime ‘mysteries’ and that, despite the insistence of members these days, remains unclear. How could bop deciding to resolution without prior consultation with the Finance 2, given that a state loan was necessary for the resolution fund? And when the time left, actually, to be able to realistically put on the table the possibility of a private interest to strengthen the capital of BES ? It was really only the July 30?

reputation The issue of withdrawal or not the suitability of the former managers of BES , 3 as well as the analysis of what each supervisor could not do in this area was also of scrutiny of Members. The bop was at the center of this discussion. Pedro Duarte Neves, Deputy Governor, said that the evidence “were not sufficiently clear to advance with light suitability process of what is the case.” And that bop “used the information at its disposal to force out Ricardo Salgado.” Carlos Costa had a similar speech, speaking in a “real trial of iron” with the former leader of BES . The president of the ISP was asked why he continues in office the same management of Tranquility. “I can not make the mistake of having a company without shareholders and without administrators. Without trust the company does not work,” he argued. “In due time we will address this issue. We are collecting information,” said José Almaça on allocating responsibility, the ISP expects to complete by the end of the year.

Exam to past acts of BES
No, this was not even close or far the central theme of the hearings this week. Members wanted to see, especially the responsibilities of the various supervisors and policymakers – present and former – in the case. And the latter have tried not to make too many judgments at this stage, to the risks that entails. Anyway, for better or for worse, the first line of any institution or company are its managers, followed by the different levels of supervision. Still, there were some considerations. Carlos Costa said there are “signs of fraudulent management acts in the placement of debt by foreign entities.” And the bop already initiated several disciplinary procedures, “protected by the secrecy of justice”. The governor also said that began in September 2013 “all the evidence investigation process may have an impact on the suitability of their administrators” BES . And that “the work of the forensic audit are at an advanced stage”, with the aim “to establish and document evidence of any serious malpractices carried out by BES Group or members of its governing bodies. ” “There was a clear disobedience within the BES to the determinations of the Bank of Portugal,” said, for example, the Minister of Finance. But the former Minister of Finance of Socrates, Teixeira dos Santos, there was remembering that “if someone wants to fool the supervisor, wrong. And hides.” And because the management decisions that may be involved are not limited to what happened in BES , also president of the ISP was questioned. On the decisions taken at Tranquility to apply funds in debt GES, the President of ISP said that they “seriously undermined the status of technical provisions” of the company and that “he who has the power to make these decisions is the executive committee.

BES and BES
Angola What happened after all, the BES Angola 4 is one of the essential themes of what happened in BES . Not only for the possible political implications as the many ‘gray areas’ in this case. But even the huge impact that credit to the BES Angola had in the fall of BES . The governor of bop says that one of the files that is the basis of “disciplinary procedures” that the supervisor has in place, and are in judicial secrecy, is the research “relationship between BES and BES Angola” and there is a “risk of money laundering.” However, the veil is yet to rise. Including on sovereign guarantee to BES Angola credits , that while it was “irrevocable”, turned out to be torn by the Luanda authorities.

Communications with Brussels
Calendar resolution process has been one of the strong themes of the committee. In early October, the Economic reported that the Directorate General of the EU Competition (DG-Comp) opened the process of State aid BES on the night of 30 July 5, minutes after the presentation of the half-yearly loss of 3.6 billion. The news has questioned the official version of events and the governor of bop hastened to ensure that there existed any decision before 1 August and to say that the supervisor “does not correspond with the DG-Comp”. But the commission, Carlos Costa admitted that on July 30, “was established a first contact with DG-Comp on an informal basis, in which were discussed the different contingency scenarios that would involve State aid.”

Communication between supervisors
The BOP will not inform the CMVM 6 about what was going on, either with regard to the steps that made the GES in the months leading the resolution of the BES (Carlos Tavares said it was only notified of the audit of the ESI in May by the Luxembourg authorities and not by BoP) or about the measures applied in week prior to the intervention. Having been kept in the dark about what was being prepared, the CMVM does not consider it necessary to suspend the BES , which lost about 70% of its value in the days before Resolution, on 3 August. Asked on commission, Carlos Costa said: “What had been combined and which is in line with what is expected, is that communication to the CMVM must occur after the decision However, when I left the meeting of the Board of Governors [in. Friday, August 1] and saw the sharp drop in shares, I was careful to call the president of the CMVM to tell him he should suspend the price. ”
The president of CMVM confirmed it had received a call at 15H12 on Day 1, Friday, in which Carlos Costa warned of the risk of information leakage, without mentioning specifically what would go with BES . And he said, similar to what had already made the governor that “the primary responsibility [for the communication of relevant facts] is the issuer”, ie the BES . Carlos Tavares was keen to stress that “if the CMVM had more information before it would have been prudent to stop trading”. In turn, the President of ISP said to have been aware of resolution plans BES on Saturday, August 2, the day before the official announcement.

The capital increase
Members also sought to establish responsibility with regard to the fact that regulators have allowed BES carry out a capital increase 1,045 million between May and June. The operation completed only a month and a half before the resolution of the bank and both the BoP as the CMVM have been criticized. In the committee, Carlos Costa defended criticism noting that its role is to ensure that banks have adequate capital ratios and it behooves the institutions define as reinforce, whether by capital increases with issue of new shares, either by sale of assets or other measures. Already Carlos Tavares recalled that the CMVM forced BES to refer the prospectus problems detected in the ESI, although without quantifying the value of the ‘hole’ in the ‘holding’. “The CMVM does not approve capital increases,” said the president of the CMVM. Tavares also rejected responsibility for the commercial paper issued by the GES, because they are private placements.

BES record Losses
The semi-annual losses of BES (EUR 3.6 billion), which precipitated the resolution of the bank, were also discussed in committee. The governor was assured several times throughout the month of July, which BES was “solid”, based on the data of 11 July. However, KPMG detected in the second half of the month, a GES financing scheme by issuing bonds BES that were placed with customers, with repurchase promise (via Eurofin and other intermediaries). Carlos Costa said the BoP only learned of the “preliminary” values ​​of these losses that broke the capital ratios of the bank at the end of July 25, by KPMG, being taken by surprise.

Mota-Engil Africa goes into the bag worth 11.50 euros per share – Economic

Mota-Engil Africa goes into the bag worth 11.50 euros per share – Economic

Rui Nuno Miguel Silva and Barroso

Yesterday 17:33

The Dutch regulator has approved the input prospectus purse African subsidiary Mota-Engil. The fixed price is EUR 11.50 per share which values ​​the company at 1.15 billion euros.

The prospectus of admission to trading of the shares of Mota-Engil Africa was approved by the Dutch regulator today informed the Mota-Engil. It was the last step before the actions of the African subsidiary of Portuguese construction company began trading on the Amsterdam stock exchange.

The entry into stock occurs without a public offering. The company will deliver 20% of its capital to whom halt actions of Mota-Engil to 22 January. The technical price of entry into bag is EUR 11.50. The remaining 80% of the company will remain in the hands of Mota-Engil.

In July, Mota-Engil Africa attempted entry into the London Stock Exchange, an operation that in addition to distributing shares as dividends to its shareholders Mota-Engil to 22 January, provided for the sale of shares. However, due to the crisis BES , the initial public offering would not move. In July, the price range for the Mota-Engil Africa’s share sale transaction was set between 11.50 and 14.50 euros.

What Socrates said about concealment of capital in July – Business Journal – Portugal

What Socrates said about concealment of capital in July – Business Journal – Portugal

In July, José Sócrates has reacted angrily to news that gave involved in the scandal Mont Blanc. This Friday was arrested on a different survey. But investigating suspected tax fraud, money laundering and corruption offenses.

No one knows why José Sócrates was arrested late this Friday, November 21 . It is known that there is a process originating in Mont Blanc, nor is it included. The survey, which shall include their arrest investigates’ suspicious of tax fraud crimes, money laundering and corruption. “

A few months ago, Socrates spoke about capital. “Never” had to move capital, said on RTP when it advocated a news magazine Saturday, 30 July, on the grounds that it was being investigated under the case of tax corruption Mont Blanc.

The Attorney General’s Office, who confirmed the arrest to interrogation, writes that the “investigation is independent of the survey called Mont Blanc, having not had the same origin.”

But the crimes that is suspect who is under investigation undergo capital and corruption. Themes that the former prime minister said this in reaction BBC1. “If we are talking about a case of concealment of capital, capital is needed to hide,” he defended himself.

“I have no account abroad. I never had accounts in foreign capitals or have to move. In France, have an account of CGD has always been my bank. I have only one bank account for more than 25 years. I have no savings, “said the official, in reaction to the news of Saturday directed that the PGR was keen to deny to say that Socrates was not being investigated as part of that case.

“When I moved to Paris, I asked for a loan can be a sabbatical and be able to live without working, as I was this year” said the former official, who was studying in Paris. “My heritage is declared to the Constitutional Court since I am deputy for over 15 years,” he said further.

Specifically on Mont Blanc, Socrates says unaware involved. “I have no capital, I never had accounts in foreign, do not know anyone of Akoya, one that is often referenced in case Mont Blanc.”

Macedo former ruler, the only minister of the MAI fined by GNR – to the Minute News

Macedo former ruler, the only minister of the MAI fined by GNR – to the Minute News

Miguel Macedo was the first Minister of Internal Affairs to be fined by the GNR. The episode occurred, according to the Sun, about a year ago when the then ruler circulated speeding. Although the fine was forgiven him, this made sure to pay it.

About a year, Miguel Macedo received a call from the commanding general of the GNR to rebuke it does by “wanting to be Prime Minister of Internal Affairs to be fined” by that police force.

But, it indicates the weekly Sun, the rebuking nothing to do with the fact that the then ruling have moved too fast, but with his attitude

All because, being caught driving at 162km / hour, after overtaking. – when he was on his way to Braga in their private car with her daughter – Macedo was keen to pay a fine of 120 euros

The fact that the Minister of Internal Affairs, which coordinates the police, and have an official engagement that day, justification. of speeding, would earn him forgiveness of the fine, which he refused.

“This guy is so bad, so bad, that can not be good for himself,” said himself, after the episode, among agents of the GNR Traffic Brigade.