A very good morning for you both. Virus continuing to strengthen. Why no cure . We will be talking about where there are positive moves to be made. We expect litigation costs to fall. Number should occur. We are going to focus on it in just a moment. Now isu need to k portugals central bank has taken control. Israel has announced the seven hour ceasefire with gaza. This follows yesterday which included chilling of the United Nations shelter. The ceasefire would occur from 10 00 until 5 00. Portugals central bank has taken over. Amounting tos 5 billion euros. It is still a costly venture for the country. Essentiallyit works. The Portuguese Central Bank is taking control. This was financed by its biggest bank. Then when they are ready they the juniort. Bondholders have those parts. It is an empire a compass thing encompassing so many things. Positive is that it has been sorted out, recapitalized. What that says is this is an example of menu efficiency with which of the new efficiency wit
From bloomberg here in london. The banks are a big theme in europe. What me assure you of that. Is gettingito santo a bailout from portugal. Profits fell by 12 . That missed analysts asked him its estimates. Lets figure out what is going on. Jonathan ferro and manus cranny are with me. Bes, it looks so simple. I dont think it is that simple. You have a bailout. You have some money left over from the bailout support to recapitalize the banker in that goes to read capitalize the bank. Are going toeople bear the brunt like the shareholders. A lot of analysts are saying. My take away is within two share price has dropped 70 . You have seen a bailout. This has played out in almost no time at all. This is just before those stress tests later this year. Despite the fact that there is a clear sovereign link, this money is coming from the lens of resolution fund. How is the fund being funded . By the government. Offhis bank will get spun and people will get shares again. It will get sold off. L
Conducts more air strikes putting pressure on donetsk. Youre watching Worldwide Exchange. Bringing you Business News from around the globe. A warm welcome to Worldwide Exchange. Heres whats coming up on todays show, a gold rush to cut costs. This is australias second biggest gold mine in the country. Also, could a political crisis in bulgaria be putting the trouble of ktb in doubt . And as investors await michael kors earnings, we learn what could be killing the handbag brand . Portugal unveiled a rescue plan protecting taxpayers to leave junior bondholders carrying the can. The countrys biggest lender will be split into a good bank and a bad box holding the toxic assets linked to the business empire. The bs shares are currently suspended after a record 3. 6 billion euro loss was posted last week. The European Mission says the bailout is in line with the eu state rules. To shares in pierre, we are looking at the beginning of the session this morning with Portugal Telecom shares under w
In delivering on what we said we would do. We cant control how mr. Putin thinks, but what we can do is say to mr. Putin, if you continue on the path of arming separatists with heavy armaments that evidence suggests may have resulted in 300 innocent people on a jet dying and that violates International Law and undermines the territorial integrity and sovereignty of ukraine, then youre going to face consequences that will hurt your country. And there was a lot of skepticism about our ability to coordinate with europeans for a strong series of sanctions. And each time we have done what we said we would do, including this week when we put in place sanctions that have an impact on key sectors of the russian economy, their energy, their defense, their financial systems. It hasnt resolved the problem yet. I spoke to mr. Putin this morning, and i indicated to him, just as we will do what we say we do in terms of sanctions, well also do what we say we do in terms of wanting to resolve this issu
We are here in london. I am guy johnson. What do we have coming up . Ready for recovery . Legal woes may be a thing of the past for hsbc. The bank reports results in about 15 minutes. We will bring you those numbers as we get them. Ppi could still be a big problem. We are going to talk about that. We are taking you to our top story. Portugal is taking control of boko a spirit of center Banco Espirito santo. Mark is here with the details. A lot of money. How is it being spent . It is being spent by the bank of portugal, the central bank. Up Resolution Fund was set in 2012, financed by the countrys 84 banks. They will take over the bank as a whole. Suspended shares on friday. It will move most of the assets and put it into this new bank, baank , which is new bank. It will use the proceeds when it sells the bank to pay off the treasury. So the Resolution Fund to the bank. Exactly. Within the central bank. That is what has bailed out Banco Espirito santo. Luckily, portugal still has 6 bill