Thursday, July 31, 2014

The God with the keys



Portuguese Regulator Bans Short-Selling After Banco Espirito Santo Unveils Massive $5 Billion Loss



Portuguese Regulator Bans Short-Selling After Banco Espirito Santo Unveils Massive $5 Billion Loss

Submitted by Tyler Durden on 07/30/2014 16:46 -0400

Having waited until after the US equity markets closed, Portugal's troubled Banco Espirito Santo unveiled an enormous EUR 3.577 Billion loss - that is 15 times larger than the loss the bank suffered a year earlier. The data  - to end-June, before the crisis really got going - already shows notable deposit flight, a 73.1% plunge in banking income, and a EUR 3 billion collapse in repoable assets (i.e. liquidity). On the heels of this Portugal's securities regulator has enforced a short-selling ban on BES... we suspect they would not have done that if all was systemically well in Portugal.

Full article here: http://www.zerohedge.com/news/2014-07-30/portuguese-regulator-bans-short-selling-after-banco-espirito-santo-unveils-massive-5

Argentina Default Imminent as Talks Collapse

http://online.wsj.com/articles/argentina-bonds-rise-to-multiyear-highs-on-prospect-of-deal-1406728458

Argentina Default Imminent as Talks Collapse
Setback Sends Argentine Shares Down in After-Hours Trading

By NICOLE HONG, TAOS TURNER and MATT DAY CONNECT
Updated July 31, 2014 3:45 a.m. ET

Argentina faces default Wednesday for the second time in 13 years if it doesn't meet a deadline to make payments to a small group of bondholders. WSJ's Matthew Cowley explains Argentina's dispute with these creditors and the long-standing battle that stems from the country's default in 2001. (Photo: Getty Images)

Argentina teetered on the brink of its second default in 13 years after talks with bondholders collapsed late Wednesday.

The setback, after glimmers of hope in recent days that a last-minute agreement could be reached, immediately sent Argentine stocks plunging in after-hours trading.

Still, there remained the possibility that talks could resume and a deal could eventually be reached.

At a press conference after talks with a court-appointed mediator ended Wednesday, Argentine Economy Minister Axel Kicillof, who had led the country's delegation to New York, said "we won't sign an agreement that would compromise Argentina's future." A spokeswoman later said negotiations would continue, without giving a timetable.

"Default is not a mere 'technical' condition, but rather a real and painful event that will hurt real people," said Daniel Pollack, the mediator, in a statement late Wednesday. He added, "The full consequences of default are not predictable, but they certainly are not positive."

The development is the latest turn in a years long battle between Argentina and a small group of hedge funds that have demanded full payment for bonds the country defaulted on in 2001. Argentina has refused to pay, despite an order by a U.S. District Court judge requiring it to pay the hedge funds. The issue came to a head Wednesday as Argentina missed a deadline to make a payment it owed to other bondholders, because the court order had prevented such a move.

Bank ‘glitch’ leaves thousands without wages across Ireland


http://www.irishtimes.com/news/ireland/irish-news/bank-glitch-leaves-thousands-without-wages-across-ireland-1.1883670

Bank ‘glitch’ leaves thousands without wages across Ireland
Bank apologies for error affecting public and private sector workers


Rachel Flaherty

First published:
Thu, Jul 31, 2014, 10:27

Thousands of people, working in both the public and private sector, have not been paid their wages today.

Teachers, nurses, gardaí, and also people working for private companies and civil servant pensioners have reported receiving payslips but no payments.

It is understood that people who inquired about the problem have been told there is a “glitch” in the bank transfer payroll problem.

A spokeswoman for Bank of Ireland confirmed there was a delay in processing payments last night.
“The Bank apologies profusely to those customers affected and wishes to reassure them that the credits will be in their account by first thing tomorrow morning,” she said.

“This delay only affected one file and the majority of BoI payments were processed in a timely manner.”

The spokeswoman could not confirm how many people had been affected by the error.
A source said many of people were in a “desperate” situation today with mortgages, car loans and health insurance payments scheduled to be taken out of their bank accounts.

People have reported receiving their payslips but no payments in their accounts, which are with different banks also including AIB and Ulster Bank.

A spokesman for the Department of Justice said it was a technical issues with Bank of Ireland that had caused their employees not to be paid.

He said Financial Shared Services, which handles the payments for many public servants, distributes pay through Bank of Ireland.

There are reports that the issue may be linked to the Single Euro Payments Area (SEPA) regulation. SEPA is a European Union system brought in to simplify electronic financial transactions including credit transfers and direct debits.

If you have been affected by the issue contact us at newsdesk@irishtimes.com

Wednesday, July 30, 2014

Happy Birthday Heather!



Excuse the left alignment of the video, jibjab seems to want to left align its videos....

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Personalize funny videos and birthday eCards at JibJab!