Portugal News

EU Slams Rating Agencies after Portugal Downgrade

European politicians accused credit rating agencies on Wednesday of anti-European bias after Moody’s downgrade of Portugal’s debt to “junk” cast new doubt on EU efforts to rescue distressed euro zone states without debt restructuring. European Commission President Jose Manuel Barroso …

Portugal Adds to Europe Woes as Banks Meet on Greece

A credit rating downgrade to Portugal [by Moody’s Investors Services] added to fears Europe’s banks face heavy euro zone losses if a private sector plan to help Greece comes unstuck, piling pressure on creditors meeting on Wednesday. The Institute of …

Rating Agencies Might Stop Reports Due to EU Threats Say Sources

Credit rating agencies have warned the European Commission that they could stop rating risky countries if the EU executive goes ahead with plans to make them legally liable for errors of judgment, industry sources said. Tensions have been rising between …

MDS Acquires 50% Stake in Portuguese Auto Insurance Specialist

MDS Holdings, the Iberian and Latin American insurance broking group, announced that it has acquired a “50 percent stake in Coral, the former Portuguese in-house broker of Salvador Caetano Group, the largest automotive business in the Iberian market. Following the …

MDS Holdings Launches HERCO Portugal

MDS Holdings, the fast growing Iberian and Latin American insurance broking group, has launched HERCO Portugal as part of its initiative to expand its international risk management practice. HERCO was first established in Brazil over 30 years ago. MDS said …

Catastrophes Top 2010 List of Major Global Insurance Events

Natural and man-made catastrophes topped the list of the most significant events in 2010, with three major earthquakes, a near record number of hurricanes, some serious typhoons and windstorms, a volcanic eruption and a calamitous oil spill that blighted the …

Chubb Program Expedites Clinical Trials in Czech Rep., Hungary, Portugal

The Chubb Group of Insurance Companies announced that it has added the Czech Republic, Hungary and Portugal to its WORLDcert program, a proprietary online system that instantly generates certificates of insurance in 152 countries. The system enables life sciences companies …

Aon Benfield Cat Report for November Highlights Cold and Floods

In its latest monthly assessment of the world’s catastrophes for November Aon Benfield highlights the first winter weather event of the season across Europe with “notable affects.” the report, published by the company’s Impact Forecasting team, who evaluate global natural …

Euro Crisis Worries Spread; U.S. to Send Treasury Envoy

Global concern about the debt crisis rocking the euro zone mounted on Wednesday, with Washington sending a top U.S. Treasury envoy to Europe and G20 officials discussing the turmoil in a conference call. A day after investors pushed the risk …

France, Germany Say Euro Saved; Investors Remain Skeptical

Germany and France declared on Monday that Europe had taken decisive action to save the euro by rescuing Ireland and laying the foundations of a permanent debt resolution system, but investors were not convinced. Under pressure to arrest the threat …