Crédit Agricole takes €700m hit over bailed-out Portuguese bank
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Crédit Agricole is to write off its stake in the troubled Portuguese lender Banco Espirito Santo, at a cost of €708 million. It comes after the Lisbon government announced a €4.9 billion rescue plan for BES on Monday. The news sent the French bank’s shares soaring in early trading. Also today: how the United States is playing catch-up with China at its African leaders' summit in Washington.