The success of Antiga Confeitaria de Belem had been built around the uniqueness of its signature product. Many comparable custard cakes, known as pasteis de nata, were available, but the bakery had established its Pastel de Belem as a distinct product with the power to attract tourists from all over the world. The Pastel de Belem stood out because its recipe had been a well-kept secret for decades. The 2020 COVID-19 crisis propelled Antiga Confeitaria .....more

In January 2007, Metro do Porto, a light rail network, entered into an interest rate swap agreement with Banco Santander Totta on a notional principal of €89 million. The intent was to reduce the interest costs that Metro do Porto was incurring. This was a complex swap agreement that brought immediate benefits to Metro do Porto but proved catastrophic in the long run. Two years after the swap commenced, a “snowball clause” in the swap agreement took .....more