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Saturday 20 September 2014

Portugal yields fall

Published 11/03/2014 | 02:30

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Portuguese bond yields fell sharply yesterday to near four-year lows on increasing optimism the country could follow us out of its international bailout programme later this year.

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Portugal's economy is expected to grow 1.2 pc this year and last month passed the penultimate review of its fiscal and economic performance under an EU/IMF bailout.

"In some European circles, they are warming up to the idea of Portugal trying to do like Ireland... which obviously would be good news for investors because that implies a lower degree of subordination," said Vincent Chaigneau, head of fixed income and forex strategy at Societe Generale.

Portuguese bond yields fell 12 basis points to 4.48pc.

FRACKING TEST FINISHED

Oil company San Leon said it has completed the hydraulic fracture stimulation programme and testing of the Rogity-1 well on the Braniewo S Concession in Poland's Baltic Basin.

This three-stage frack and testing programme at Rogity-1 was performed as part of the farm-out agreement with Wisent Oil & Gas.

Wisent will design, perform, and fund the costs of the programme including testing each zone to assess the potential for commercial oil production.

DISSENT ON EBAY BOARD

EBay urged its shareholders to vote against the two directors whom activist investor Carl Icahn nominated to its board.

The e-commerce company said that both nominations were rejected by its board's Corporate Governance and Nominating Committee.

Mr Icahn, who owns just over 2pc of eBay, has also been pressuring the company for weeks to spin off its PayPal payments business. He has also repeatedly accused eBay of poor corporate governance.

UNTESTED DRUG RELEASE

German health regulators have granted Northwest Biotherapeutics special permission to sell its experimental brain cancer drug, DCVax-L, in the country, even though the small US biotechnology company has not yet completed its late-stage trial of the immunotherapy.

The special "hospital exemption" in Germany would allow Northwest to sell DCVax-L for five years, and to seek renewed approval afterward, Northwest Biotherapeutics Chief Executive Officer Linda Powers said in an interview. The exemption allows Northwest to sell DCVax-L through hospitals and their outpatient clinics.

Irish Independent

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