Arab Today, arab today shares in portuguese bes bank plunge on default fears
Last Updated : GMT 18:50:37
Arab Today, arab today
Arab Today, arab today

Shares in Portuguese BES bank plunge on default fears

Arab Today, arab today

Arab Today, arab today Shares in Portuguese BES bank plunge on default fears

Espirito Santo Bank
Lisbon - AFP

Shares in stricken Portuguese bank Banco Espirito Santo (BES) plunged further on Tuesday, sinking more than 20 percent at one point.
In mid-morning trading, shares in the biggest private bank in Portugal, were down 15.28 percent to 0.38 euros.
The BES crisis dragged down shares in two other Portuguese banks, BCP and BPI, and the overall  stock market was down 1.49 percent.
Investors are worried that one of the holding companies behind BES might default on debts.
On Monday, the price of the already weakened BES shares had fallen by 7.48 percent despite a change in the top management team at the bank.
Credit rating agency Fitch said the immediate repercussions of the problems at BES on other Portuguese banks were restricted for now but warned that the banking system was vulnerable to a loss of confidence.
Shares in Portugal Telecom were down 1.50 percent to 1.84 euros. In April the company had bought 897 million euros ($1.2 billion) worth of debt in one of the BES holding companies.
Of this, 847 million euros ($1.15 billion) is due to be redeemed on Tuesday.
This effective loan to Rioforte, the company which groups the two non-financial branches of the Espirito Santo group, was strongly criticised by Brazilian telecom operator Oi which is due to complete a merger with Portugal Telecom later this year.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today shares in portuguese bes bank plunge on default fears Arab Today, arab today shares in portuguese bes bank plunge on default fears

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today shares in portuguese bes bank plunge on default fears Arab Today, arab today shares in portuguese bes bank plunge on default fears

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday