Banco Espirito Santo

Chinese brokers had been looking to use some of the cash they raised this year to expand their global reach and offer a full range of products and services abroad, complementing China's internationalisation of its currency.

US stocks rallied on Monday, lifted by Portugal's decision to rescue Banco Espirito Santo BES.LS and earnings from Warren Buffett's Berkshire Hathaway.

US stocks rose in early trade on Monday, lifted by earnings including those of Warren Buffett's Berkshire Hathaway, with gains partly offset by drops in high-yielding dividend stocks in the utilities sector.

Lisbon on Sunday announced a near 5 billion-euro rescue of the country's largest listed bank Banco Espirito Santo, preventing its collapse and potential contagion across the continent's banking sector.

Following a frenzied weekend of discussions between Portuguese and European Union officials, Portugal agreed to spend 4.9 billion euros ($6.58 billion) to rescue Banco Espirito Santo, or BES, its largest listed bank. The deal comes just months after the country exited an international bailout.

Portugal's Espirito Santo family business survived wars, dictatorship, revolution and family feuds for almost 150 years. Now, one of Europe's last banking dynasties is being stripped of its wealth and influence amid accounting irregularities, huge unreported debts, and a police investigation.

Ricardo Salgado, a Portuguese economist and Banker, who was forced to quit as head of stricken Portuguese bank Banco Espirito Santo (BES) in May, was arrested today in connection with money laundering, the chief prosecutor's office told AFP.

Stock markets in Europe and Asia rose on Monday as investors put aside concern about euro zone banks and looked forward to corporate earnings and a raft of global economic events, including testimony from the head of the Federal Reserve.

European markets had calmed on Friday as investors decided that losses associated with the founding family of Banco Espirito Santo were unlikely to disrupt Portugal's financial system or revive broader worries about the bloc's weaker economies.

Chinese brokers had been looking to use some of the cash they raised this year to expand their global reach and offer a full range of products and services abroad, complementing China's internationalisation of its currency.

US stocks rallied on Monday, lifted by Portugal's decision to rescue Banco Espirito Santo BES.LS and earnings from Warren Buffett's Berkshire Hathaway.

US stocks rose in early trade on Monday, lifted by earnings including those of Warren Buffett's Berkshire Hathaway, with gains partly offset by drops in high-yielding dividend stocks in the utilities sector.

Lisbon on Sunday announced a near 5 billion-euro rescue of the country's largest listed bank Banco Espirito Santo, preventing its collapse and potential contagion across the continent's banking sector.

Following a frenzied weekend of discussions between Portuguese and European Union officials, Portugal agreed to spend 4.9 billion euros ($6.58 billion) to rescue Banco Espirito Santo, or BES, its largest listed bank. The deal comes just months after the country exited an international bailout.

Portugal's Espirito Santo family business survived wars, dictatorship, revolution and family feuds for almost 150 years. Now, one of Europe's last banking dynasties is being stripped of its wealth and influence amid accounting irregularities, huge unreported debts, and a police investigation.

Ricardo Salgado, a Portuguese economist and Banker, who was forced to quit as head of stricken Portuguese bank Banco Espirito Santo (BES) in May, was arrested today in connection with money laundering, the chief prosecutor's office told AFP.

Stock markets in Europe and Asia rose on Monday as investors put aside concern about euro zone banks and looked forward to corporate earnings and a raft of global economic events, including testimony from the head of the Federal Reserve.

European markets had calmed on Friday as investors decided that losses associated with the founding family of Banco Espirito Santo were unlikely to disrupt Portugal's financial system or revive broader worries about the bloc's weaker economies.