A second company owned by the Espírito Santo group, the main shareholder of Banco Espírito Santo, has applied for creditor protection in another blow to the Portuguese banking dynasty’s crumbling business empire.
Rioforte, the holding company for the group’s non-financial assets, said it had filed for court protection in Luxembourg late on Tuesday. The application came less than a week after the company failed to meet debt repayments totalling €897m owed to Portugal Telecom.
Espírito Santo International, the parent company for the group’s holdings, has already had a request for creditor protection accepted by the Luxembourg courts after submitting an application on Friday.
Both companies said their applications to be placed under controlled management were partly aimed at achieving an orderly disposal of assets. “A transparent and orderly restructuring” of the company would provide for “long-term financial sustainability,” Rioforte said in a statement. >> Read More
Now at 7760 ,After Kissing low of 7752 level.
Our SMS to our Subscribers ,Sell NF ,BNF………….No if and But ,Everything looking Tired.
Below 7792 level ,Our Targets were :7751——7737 level.
(Now ,Watch 7737 level ….If trades below this level for 15-20 minutes …WE SEE PANIC upto 7696-7682 )
In Morning only ,We had written it will face Hurdle at 7818—7841….Sell on Rise (Stop 7865 )
Just see As expected its Bloodbath in TATA STEEL ,MARUTI ,MRF ,YES BANK ,REL.INFRA
Now ,Those who knows levels will mint money other wise ??
Technically Yours/ASR TEAM/BARODA/INDIA
Today ,Morning Boldly written………………..Just see ,Now kissed low of 528 level
Technically Yours/ASR TEAM/BARODA
Last week I stumbled across this excellent video about Graham which includes old clips from his investment classes as well as some of his former students (including Warren Buffett, Rob Brandes and Irving Kahn) giving interviews about the effect the legendary investor had on them:
Momentum is building toward a deal that would make painful losses inevitable for investors holding about $20 billion in bonds issued by Puerto Rico’s highway, water and electricity authorities even as some big U.S. mutual funds launch a legal battle to squelch a new law that authorizes a restructuring.
The Puerto Rican government and most of its creditors have hired U.S.-based bankruptcyexperts to advise them through the Caribbean island’s efforts to solve its debt problem, and the resolution figures to look a lot like a U.S.-style bankruptcy.
The crisis came to a head late last month when Governor Alejandro Garcia Padilla pushed through the Public Corporations Debt Enforcement and Recovery Act to create a bankruptcy-like process for restructuring the debt of commonwealth-run corporations. That’s caused prices on some of the bonds of the electric utility, known as PREPA, to fall to 40 cents on the dollar or below. PREPA is widely viewed to be in the weakest condition of the agencies.
Municipal bond mutual funds including Oppenheimer & Co. and Franklin Templeton sued to block the law. Some of their funds have suffered negative returns since the Recovery Act triggered the decline in Puerto Rico bonds, a long-time favorite among fund managers thanks to their triple tax-free status and fat yields. Supporting the law is a group of distressed debt investors who bought more than $3 billion of Puerto Rico’s general obligation (GO) and governmental development bank (GDB) bonds, which can’t be restructured under the law. >> Read More
As the tit-for-tat public relations blitz continues to play out, Ukrainian President Petro Poroshenko has demanded that the self-proclaimed Donetsk People’s Republic (DPR) and Luhansk People’s Republic (LPR) be recognized as terrorist organizations, “so that any cooperation or support the terrorists receive is recognized as such under international law.” Now that the US has ‘proved’ that the separatists shot down MH17, we suspect the calls will grow louder… even as Poroshenko says he opposes martial law.
As Interfax reports,
Ukraine will demand at an EU Foreign Affairs Council meeting on Tuesday that the self-proclaimed Donetsk People’s Republic (DPR) and Luhansk People’s Republic (LPR) be recognized as terrorist organizations, Ukrainian President Petro Poroshenko said.
“We [Ukraine] and the Netherlands will make every effort, in particular during the meeting tomorrow of the EU Foreign Affairs Council where Ukrainian Foreign Minister Pavlo Klimkin will speak, so that the so-called Luhansk and Donetsk People’s Republics be declared terrorist organizations and so that any cooperation or support the terrorists receive is recognized as such under international law,” Poroshenko said on Monday while visiting the Dutch embassy in Kyiv.
Ukraine is preparing international lawsuits against the self-proclaimed DPR and LPR, to label them as terrorist organizations, Poroshenko said earlier on July 19 during a meeting with Dutch Foreign Minister Frans Timmermans.
But… >> Read More
Last Close : 6181 level.
Not able to cross our LAXMAN REKHA of 6267 & crashed !!From last 2 sessions falling from same level.