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Thursday, 29 March 2012

Baggage handlers to strike at Easter

 

Baggage handlers at Stansted Airport are to strike over Easter in a row over pay, the GMB union announced today. The move follows an overwhelming vote in favour of industrial action by 150 GMB members employed by Swissport after the union claimed that shift changes would lead to wage cuts of up to £1,000. The GMB said strikes will be held on Good Friday, Easter Saturday and Easter Monday, threatening disruption to passengers flying on holiday for the holiday break. GMB official Gary Pearce said: "GMB members have voted overwhelmingly for strike action and for action short of a strike. "Up to now the company has been intent on imposing these changes without agreement and this is completely unacceptable, as this vote shows. "GMB has offered several alternative shift patterns and working arrangements but the company refuses to listen so far. "I have notified Swissport of the ballot result and I have asked them for more talks to try to avert action over these pay cuts. "GMB members consider that Swissport is attempting to make savings at their expense and they are not willing to agree to this. "Unless there is urgent talks and a settlement, this vote for action this will result in disruption over the Easter Bank Holiday weekend. "The travelling public need to be aware that it has been this aggressive move by Swissport to cut our members pay at a time of high inflation that has led to this strike vote. "If the strike goes ahead, Swissport is entirely to blame for the disruption."

Wednesday, 28 March 2012

Shawn Tyson guilty of murdering two Britons in Florida

 

An American teenager has been found guilty of the first degree murder of two British tourists in Florida. James Cooper, 25, from Warwickshire, and James Kouzaris, 24, from Northampton, were shot dead on a public housing estate in Newtown, Sarasota. The pair, who met at Sheffield University, were killed after drunkenly wandering into the estate in the early hours of 16 April 2011. The court heard Shawn Tyson, 17, killed them after trying to rob them. Tyson, who was tried as an adult despite being 16 at the time of the shooting, faces life in prison with no chance of parole. 'Shattered soul' The families of Mr Cooper and Mr Kouzaris were not in court but said in a statement they were satisfied with the verdict. They added: "It is a fact that we were given a life sentence when our sons were so brutally and needlessly taken from us. "Ours is a life sentence, with no chance of parole from a broken heart, and a shattered soul." Mr Kouzaris and Mr Cooper had been out drinking in downtown Sarasota before they were shot The families also criticised the Sarasota court system that freed Tyson after a judge warned he was a danger to the public. Hours before he shot the two Britons, Tyson was arrested for a separate shooting incident in which no-one was hurt. In the statement the families said: "The evil of the killer is one thing, but the fact is, he would not have been on the streets had instructions to keep him incarcerated been passed from one judge to another." Killer's boast When the mistake came to light the Mayor of Sarasota, Kelly Kirschener, vowed the city's prosecutors would never let anything similar happen again. During the trial jurors heard how Mr Kouzaris and Mr Cooper had been out drinking in downtown Sarasota before getting lost and wandering into the Newtown area in the early hours. The prosecution said they were confronted by Tyson who tried to rob them and then shot them when he realised they had very little money. The court heard Tyson had boasted to his friend Latrece Washington, who testified against him, that one of the men had begged for his life but he shot him anyway.

Legal High Mexxy, Alternative To Ketamine, To Be Outlawed

 

legal high known as "mexxy" is to be outlawed, the Government has announced. It follows concerns that two people whose bodies were found in Leicestershire in February may have taken some form of the drug after buying it over the internet. Methoxetamine, or mexxy, will initially be made illegal for 12 months while Government advisers decide whether to ban it completely. Crime Prevention Minister Lord Henley said: "Making this drug illegal sends a clear message to users and those making and supplying it that we are stepping up our fight against substances which are dangerous and ruin the lives of victims and their families. "But making drugs illegal is only part of the solution. "It is important for users of these harmful substances to understand that just because they are described as legal highs, it does not mean they are safe or should be seen as a 'safer' alternative to illegal substances." Anyone caught making, supplying or importing the drug faces up to 14 years in prison and an unlimited fine. Under the change in law, police and border officials will also have new powers to search or detain anyone they suspect of having the drug and seize, keep or dispose of a substance they suspect is methoxetamine. After its growing use as a party drug, the Home Office referred mexxy to the Advisory Council on the Misuse of Drugs (ACMD) for its views on controlling it earlier this month. The drug, used as an alternative to ketamine, is widely available on the internet. Its effects include a faster heart rate, hallucinations, hypertension, loss of balance, higher blood pressure, agitation and cardiovascular conditions. Tests by the ACMD also found evidence that use of methoxetamine can lead to "significant additional toxicity". Professor Les Iversen, chairman of the ACMD, said: "The evidence shows that the use of methoxetamine can cause harm to users."

Tuesday, 27 March 2012

French judges seek arrest of Equatorial Guinea leader's son

 

Two French judges sought an international arrest warrant for the son of Equatorial Guinea's President Teodoro Obiang Nguema on money laundering charges, a judicial source said on Tuesday. The two judges, Roger Le Loire and Rene Grouman, consider there are grounds to suspect that Teodorin Obiang, who is agriculture minister in the small, oil-rich central African country, acquired real estate in France by fraudulent means. The warrant will not be released until a prosecutor has reviewed the request and decides whether to proceed. Teodorin is frequently seen enjoying an extravagant lifestyle abroad with multi-million dollar mansions, jets and yachts. Billboards in the capital Malabo seek to show him at work and in touch with the people, but diplomats and analysts cite his playboy lifestyle as a cause for concern. The French judges, who have been handling the case since 2010 on the basis of "concealment of embezzled public funds," suspect that the properties were purchased with public money from Equatorial Guinea. The judges had previously sought permission from the government of Equatorial Guinea to question Teodorin, but that request was rejected, Olivier Pardo, lawyer for the oil producing nation, told Reuters in Paris. "Unless one wishes to violate the sovereignty of the State of Equatorial Guinea and harm relations between France and Equatorial Guinea, it is absurd to want to launch an arrest warrant," he said. As part of the investigation, French police raided a building belonging to Equatorial Guinea in a wealthy area of Paris in February. After three days they removed art works and fine wines worth several million euros. The building was valued at about 150 million euros and investigators say it housed a nightclub and hairdressers, which suggested it was not being used as a diplomatic residence. Anti-corruption organisation Transparency International had filed the original legal complaint against Teodorin Obiang. On March 1, Teodorin filed for defamation against Daniel Lebegue, the president of the French arm of Transparency, denying he had embezzled funds. President Teodoro Obiang has ruled the former Spanish colony for more than three decades, making him the longest-serving African leader following the demise of Libya's Muammar Gaddafi, with rights groups labelling his regime one of the world's most corrupt. The country produces about 240,000 barrels of oil per day. In January, Teodorin asked a U.S. court to dismiss attempts by the Obama administration to seize some $71 million worth of his assets, denying charges that they were obtained with allegedly corrupt funds taken from his country. He argued he had not violated U.S. or Equatorial Guinea law and called the corruption allegations "character assassination" against him and his country. Equatorial Guinea in October said it wanted to appoint Teodorin as its deputy permanent delegate at U.N. cultural agency UNESCO in Paris, a position that would give him diplomatic status in France. Until now the agency has not received any official documentation to proceed further with that request.

JetBlue plane in emergency landing after captain's apparent breakdown


The captain of a JetBlue plane screamed "They're going to take us down!" and rambled about al-Qaida as passengers pinned him to the floor while another pilot took charge to make an emergency landing. An off-duty airline captain who was a passenger on the flight entered the cockpit, locked the door and landed in Amarillo, Texas, the airline said in a statement. JetBlue Airways said the original pilot on flight 191 from New York's John F Kennedy international airport had been taken to hospital after suffering a "medical situation" on board. The captain had earlier stormed through his plane rambling about a bomb and threats from Iraq until passengers on the Las Vegas-bound flight tackled him just outside the cockpit, passengers said. He had seemed disoriented, jittery and constantly sipped water when he first marched through the cabin, then began to rant about threats linked to Iran, Iraq and Afghanistan after crew members tried to calm him down. "They're going to take us down! They're taking us down! Say the Lord's prayer!" the captain screamed, according to passenger Tony Antolino. Josh Redick, who was sitting near the middle of the plane, said the captain seemed "irate" and was "spouting off about Afghanistan and souls and al-Qaida". Gabriel Schonzeit, who was sitting in the third row, told the Amarillo Globe-News: "He started screaming about al-Qaida and possibly a bomb on the plane and Iraq and Iran and about how we were all going down." "A group of us just jumped up instinctually and grabbed him and put him to the ground," Antolino said after arriving in Las Vegas later Tuesday. "Clearly he had an emotional or mental type of breakdown." Antolino, a security executive, said he and three others pinned down the captain as he ran for the cockpit door and sat on him for about 20 minutes until the plane landed at Rick Husband Amarillo international airport at 10am. Shane Helton, 39, who was seeing off his son at Amarillo airport, said: "They pulled one guy out on a stretcher and put him in an ambulance." The flight had left New York around 7am and was in the air for three and a half hours before landing in Texas. The passengers completed their journey to Las Vegas several hours later on another flight. The FBI was co-ordinating an investigation with the police, the FAA and the Transportation Safety Administration, said FBI spokeswoman Lydia Maese in Dallas. She declined to comment on arrests. Earlier this month an American Airlines flight attendant took over the public address system on a flight bound for Chicago and spoke for 15 minutes about 9/11 and the safety of their plane, saying: "I'm not responsible for this plane crashing," passengers said. She was wrestled into a seat while the plane was grounded at Dallas-Fort Worth international airport. The attendant was taken to hospital. In 2008 an Air Canada co-pilot was forcibly removed from a Toronto to London flight, restrained and sedated after having a mental breakdown. A flight attendant with flying experience helped the pilot make an emergency landing in Ireland. None of the 146 passengers and nine crew members on board were injured. In August 2010 JetBlue flight attendant Steven Slater pulled the emergency chute on a flight from Pittsburgh after it landed at John F Kennedy international airport. He went on the public address system, swore at a passenger, grabbed a beer and slid down the tarmac. He was sentenced to probation, counselling and substance abuse treatment for attempted criminal mischief. An aviation expert remembered only two or three cases in 40 years where a pilot had become mentally incapacitated during a flight. John Cox, an aviation safety consultant and former airline pilot, said incidents in which pilots become mentally incapacitated during a flight were "pretty rare". He said he could only recall two or three other examples in the more than 40 years he has been following commercial aviation. Airlines and the FAA strongly encouraged pilots to assert themselves if they thought safety was being jeopardised, even if it meant contradicting a captain's orders, Cox said. Aviation safety experts had studied several cases where first officers deferred to more experienced captains with tragic results. In Tuesday's case the FAA is likely to review the unidentified captain's medical certificate, which must be renewed every six months to a year.

Cannabis: Legal high

 

CANNABOOST plant food is one of the best selling products at the Hydroexpress hydroponics store in Stirchley, a working-class part of Birmingham. The small shop, its windows filled with graffiti-style posters, also sells fertilisers with names like “Nirvana” and “Bud Candy”, alongside strong lights and giant rolls of tin foil to line greenhouses. In one corner, a couple of juicy-looking tomato plants grow in a demonstration set-up. But the youth behind the counter guesses that his customers are “not all growing tomatoes”. Birmingham now has 58 hydroponics shops, up from 42 just a year ago. Whether aided by the latest plant-growing technology or not, cannabis production is soaring. According to the Association of Chief Police Officers, the number of cannabis factories detected each year increased from around 800 in 2004 to 7,000 in 2010. Birmingham is one of the most fertile areas; West Midlands Police, which set up a Cannabis Disposal Unit in 2010 to tackle the problem, dismantled more than 500 factories last year. Your correspondent visited one recently closed by police; the gardener was a cocaine-addicted woman growing a few plants in a spare room in the hope of earning a cut. Other set-ups have been found in tents in the bedrooms of high-rise council flats and in the lofts of terraced family houses. Many growers are simply feeding their own habits. As one officer on the West Midlands Police drugs team says, “It’s becoming the most popular cottage industry in the country.” In this section A big splash with little cash Falling flat Earning a hearing The worst job in the world Constituency of the world Mother tongue Money for old metal »Legal high A rock and a hard place The Notting Hill budget Reprints Related topics United Kingdom Birmingham, England Small growers are squeezing out both importers and the well-connected, often Vietnamese, gangs that once dominated domestic production. The big cannabis factories set up by the latter, with their telltale heat hazes, are fairly easy to spot. Smaller operations are often uncovered only when the electric lights start fires, or when local teenagers mount a burglary. The police and the courts can neither keep up with the surge in small-scale production, nor are they desperately keen to do so. Last month the government published new sentencing guidelines that advised judges to treat small cultivators less strictly. Attitudes to smokers are softening, too. The reclassification of cannabis in 2009, from class C to the more stringent class B, was oddly accompanied by a more liberal approach to policing consumption. Users caught on the street are rarely arrested; rather, they are issued “cannabis cautions” (a reprimand which doesn’t appear on a criminal record) or fined. In Brixton, a south London neighbourhood, an open-air cannabis market exists within ten minutes’ walk of the underground station. The dealers are frequently moved on but they soon regroup elsewhere. As one dealer admits, his competitors are a bigger hassle than the police. “They get to fightin’, over money and things,” he says in a deep Caribbean drawl. Violence is far more likely to get a dealer into legal trouble than business. Strangely, this lackadaisical approach is not encouraging people to take up the reefer habit. According to the European Monitoring Centre for Drugs and Drug Addiction, the proportion of people who admit to having used cannabis in Britain has fallen more quickly than in any other European country over the past few years. Just 6.8% of adults told another survey that they used cannabis in 2010, down from 10.9% eight years earlier. The herb is now ubiquitous and effectively tolerated—and, perhaps as a result, not all that alluring.

Cat-Sized Rats Invade Florida

 

Cat-sized rats are causing trouble in the Florida keys. A pack of Gambian giant pouched rats have been breeding in the keys despite officials’ efforts to eradicate them. NBC Miami reports that Officials are worried about the vermin making it over to the mainland, saying that the hungry species could wipe out crops and upset the delicate ecological balance in Florida. Scort Hardin, the exotic species coordinator for Florida’s Fish and Wildlife Conservation Commission, said: “We thought we had them whipped as of 2009…. In the early part of 2011, a resident e-mailed me and said he saw one of the rats. We were skeptical but went back and talked to people and [saw] there were rats that we missed.” Hardin believes that there are less than two dozen giant rats roaming Grassy Key where they were trapped during multiple efforts last year. The Wildlife Conservation Commission will set out once again this July in an attempt to trap the Gambian giant pouched rats. Hardin told Keys Net: “I would not imagine there’s more than another couple of dozen at most. We’ve caught them all within a half-mile of each other… We think they have not moved far but they clearly reproduced.” MSNBC reports that the cat-sized rats were introduced to the island by a local rat breeder more than a decade ago. The rats have moved into the wild where they are now breeding and wreaking havoc on the ecosystem.

New Black Panther leader arrested as group sets bounty in Florida shooting

 

high-ranking member of the New Black Panther Party was arrested for possession of a firearm by a convicted felon, the DeKalb County Sheriff’s Office said Monday. DeKalb County Sheriff's Office Hashim Nzinga, 49, was arrested for possession of a firearm by a convicted felon. More Atlanta area news » Immigration-related complaint may become ‘moot' 'Chicken Man' house explodes Trayvon Martin rally at Capitol draws many Gang member guilty of 2011 killing Hashim Nzinga, 49, recently announced on CNN that his group was offering a $10,000 reward for the capture of George Zimmerman, the man who fatally shot 17-year-old Trayvon Martin in Sanford, Fla. CNN identified Nzinga as the chief of staff of the New Black Panther Party. According to a DeKalb arrest warrant, Nzinga was in possession of an FN Herstal 5.7 x 28 handgun, which investigators said he pawned at a shop on Rockbridge Road. That alleged transaction would be illegal due to Nzinga’s convictions last month for felony deposit account fraud in Gwinnett County, the DeKalb Sheriff's Office said. Nzinga was arrested by members of the fugitive squad at a probation office in Lawrenceville and transported to DeKalb County Jail. The New Black Panther Party is offering a $10,000 bounty for the capture of Zimmerman, the Florida neighborhood watch captain who shot and killed Martin, an unarmed teenager, last month. "An eye for an eye, a tooth for a tooth," Black Panther leader Mikhail Muhammad said Saturday at a rally in Sanford, where Martin was killed Feb. 26, according to Fox News. Zimmerman has claimed he shot Martin in self-defense, but the New Black Panthers are calling for mobilization of 10,000 black men to capture Zimmerman, who has gone into hiding, the Orlando Sentinel reported. "He should be fearful for his life," Muhammad said. "You can't keep killing black children." According to the website of the Southern Poverty Law Center, the New Black Panthers "is a virulently racist and anti-Semitic organization whose leaders have encouraged violence against whites, Jews and law enforcement officers." The group was founded in Dallas in 1989 and believes black Americans should have their own nation, according to the SPLC. Zimmerman shot Martin as he returned to his father's house from a store where he had bought candy. Zimmerman told a 911 dispatcher that Martin was acting suspicious and told police that he was attacked by Martin. Sanford police say they were advised by prosecutors that they did not have enough evidence to charge Zimmerman.

Monday, 26 March 2012

Facebook App Lets You Add Enemies Online

 

Forget friending. A new Facebook app allows users of the social network to identify and share people, places and things as “enemies” for all to see. The app, called EnemyGraph, lets you list anything with a Facebook presence — ranging from “friends,” to foods, to products, movies or books — as an enemy. Since the app launched March 15, it’s seemed to appeal especially to users with a liberal bent. Some of its most-selected nemeses so far include Rick Santorum, Westboro Baptist Church and Fox News. The app was developed by a professor and two students at the University of Texas at Dallas. Dean Terry, who directs the school’s emerging media program, helped conceptualize the project, while graduate student Bradley Griffith and undergraduate Harrison Massey built the app. Griffith said EnemyGraph has so far accumulated some 400 users. But more importantly, its creators say, press coverage has helped meet the team’s goal of sparking a larger conversation about the nature of social media and Facebook in particular. “One thing that has always struck me is the enforced niceness culture,” Terry told Mashable. “We wanted to give people a chance to express dissonance as well. We’re using the word enemy about as accurately as Facebook uses the word friend.” But the app has utility beyond simply sparking a philosophical debate, Terry adds. Researchers and marketers have long gathered information on social media users based on what they support, but at the expense of possibly overlooking another valuable data source. “You can actually learn a lot about people by what they’re upset about and what they don’t like,” Terry says. “And the second thing is that if you and I both don’t like something, that actually creates a social bond that hasn’t been explored in social media at all, except with Kony and some big examples like that.” Terry and Griffith teamed up last year to create Undetweetable, a service allowing Twitter users’ deleted tweets to be uncovered posthumously. That project gained some attention as well but Twitter quickly forced it to shut down. Terry wouldn’t be surprised if EnemyGraph meets a similar fate from Facebook. “My guess is it goes against their social philosophy and purpose,” he says. “It is a critique of their social philosophy for sure.” Do you like the EnemyGraph idea? Let us know in the comments.

Russian shot in UK was due to give evidence

 

Russian banker shot five times close to London's financial district had been days away from giving evidence to an investigation into the attempted murder of a former business associate, his lawyer has said. German Gorbuntsov, who at the height of his business empire owned four Russian banks, was walking towards his apartment block near the Canary Wharf banking district when a gunman opened fire on Tuesday evening, leaving him badly injured. London police said on Saturday they were keeping an open mind about the motive of the attack. Gorbuntsov's lawyer, Vadim Vedenin, said the 45-year-old remained in a medically induced coma to give him a chance to recover, and that doctors were hoping to revive him in about three days. Vedenin said his client had been due to give evidence before the end of the month to an investigation by Russian prosecutors into the attempted murder of another Russian banker and former business associate of Gorbuntsov's, Alexander Antonov, in 2009. "He was preparing to give evidence on certain people. He has already given it in written form and he was going to do so in official testimony," Vedenin said by phone on Saturday, adding that Gorbuntsov had come to London because he feared for his life. The attack occurred outside the door of a block of high-end serviced apartments a short walk from the skyscrapers of Canary Wharf. A member of the building's staff, who declined to give his name, said he heard no shots, but ran outside when he heard frantic shouting. "He is a customer here. He was still alive. He spoke to us in Russian. I understood what he was saying," the member of staff, a Polish man, said. "He was swearing a lot." LONDON RUSSIANS London is home to thousands of Russian business people seeking capital, prestige and, in many cases, a haven from the rough and tumble of their home country's financial world. Alexander Antonov made his career in the nuclear industry, then became its banker as owner of Konversbank, a financial institution founded to serve the nuclear industry about two decades ago. Antonov said he and Gorbuntsov had disagreed over the terms of a bank sale just before the debt crisis of 2008, but that there had been no acrimony. "Our relationship is friendly, and it has always been friendly," he told Reuters. "I have a great personal interest in his testimony." The attempt on his life in 2009 was linked in Russia to the 2008 murder in Moscow of Ruslan Yamadayev, a powerful opponent of the Kremlin-backed Chechen leader Ramzan Kadyrov. The two incidents were tried as a single case and three men were convicted. But the person or persons who ordered the murders was never identified, and the case had lain dormant until this year. Diplomatic relations between Russia and Britain have been tested by a series of disputes involving Russian emigres. Russia has refused to extradite the man suspected of murdering former Russian spy Alexander Litvinenko by putting radioactive polonium in his tea in London. Meanwhile London courts have refused to extradite men wanted in Russia, including the Russian tycoon Boris Berezovsky, a former Kremlin insider turned fierce critic with criminal convictions in Russia. Berezovsky, who says the charges brought against him in Russia are politically motivated, said by telephone from London that he did not know Gorbuntsov personally, nor did he know of any Russian criminals hiding out in London. "One can give differing views, but it is important to understand that, from my not-exactly-dilettantish point of view, there is no place safer than London from Kremlin bandits or from Russian or international criminals," he said. "But that of course is no guarantee they won't get you."

socially disruptive narcissists More Facebook Friends You Have, the More Unhappy You Are

 

A  study has discovered a direct link between the number of friends you have on Facebook and how much of a “socially disruptive narcissist” you are—giving us one more reason to tone down our Facebook addictions. Researchers at Western Illinois studied 294 college students and found that those with more friends on Facebook tended to score higher on the Narcissistic Personality Inventory questionnaire. They tended to respond more aggressively to comments, change their profile pictures more often, and updated their news feeds more regularly than others. This may not be all that surprising, but it does provide a bit of motivation to re-evaluate what Facebook does for you, if you fit into one of these categories (and if not, at least you can stop feeling bad about not having very many Facebook friends—it’s probably a good thing). None of this is to say Facebook is inherently bad, of course. It’s still a great way to keep in touch with family and friends, especially after you’ve fixed all of its annoyances—you might just want to dial back on all the photo tagging. While you’re at it, you can also move some of those friends to your Acquaintances list using Facebook’s new tool, which will hide them from your news feed more often.

Sunday, 25 March 2012

Whitney Houston full autopsy report to offer more details

Whitney Houston’s full autopsy report may offer more clues about whether the singer suffered a heart attack before her drowning death, officials said Friday. The full report, which is expected to be released in a few weeks, may include test results and physical descriptions of the singer’s heart that will show whether she suffered a heart attack, Assistant Chief Coroner Ed Winter said. The report is being compiled and Winter said he did not have access to its findings, which might show whether there were any obvious signs such as discoloration of her heart that would suggest Houston had a heart attack before slipping underwater in a bathtub at the Beverly Hilton Hotel on Feb. 11. Houston’s death has been ruled an accidental drowning, with heart disease and cocaine use listed as contributing factors. The report also will include detailed toxicology results that will show how much cocaine and its byproducts were in Houston’s system when she died. Coroner’s officials said Thursday that the results showed the singer used cocaine shortly before her death, and there were indications of chronic use. Beverly Hills police detectives will use the full coroner’s report to complete their investigative file, which is not expected to be publicly released. The department has said there were no signs of foul play in connection with Houston’s death. Houston’s death on the eve of the Grammy Awards stunned the music industry and fans worldwide. The singer had battled addiction for years, but friends and family have said she appeared committed to making a comeback in the months before her death.

Friday, 23 March 2012

Study Suggests Link Between Narcissism And Facebook


There may be a direct link between the number of friends you have on Facebook and just how much of a “socially disruptive” narcissist you are, according to a recent study published in the journal of Personality and Individual Differences. Facebook habits of 294 students between the age of 18 and 65 were studied by researchers at Western Illinois University. They also measured two of what they describe as  ”socially disruptive” elements of narcissism- grandiose exhibitionism (GE- having to be at the center of attention), and entitlement/exploitativeness (EE-  having a sense of self entitlement/deserving of respect) of the students. The study found that those who scored highly on the Narcissistic Personality Inventory questionnaire changed their profile pictures more often, responded more aggressively to negative comment about them on their Facebook walls, tagged themselves more often, and updated their news feeds more regularly. Carol Craig, a social scientist and chief executive of the Centre for Confidence and Well-being stated: “Facebook provides a platform for people to self-promote by changing profile pictures and showing how many hundreds of friends you have. I know of some who have more than 1,000.” According to the Guardian, Christopher Carpenter, who ran the study, said: “If Facebook is to be a place where people go to repair their damaged ego and seek social support, it is vitally important to discover the potentially negative communication one might find on Facebook and the kinds of people likely to engage in them. Ideally, people will engage in pro-social Facebooking rather than anti-social me-booking.” Are we really narcissistic? Or could it simply be we are just bored? Or maybe just really friendly and outgoing, looking to meet new people? Do you think these researchers are reading just a little too much into it?

Thursday, 22 March 2012

Minimum price for alcohol introduced in bid to tackle Britain's binge crisis

The cost of a pint of beer will be at least 80p and a pint of strong cider would be at least £1.60. Mr Cameron said he was trying to tackle the country’s binge drinking culture and was targeting those who ‘pre-load’ on cheap supermarket drink before going out. He wants a 40p minimum charge for each unit of alcohol, following similar moves in Scotland. The prime minister said: ‘We’re consulting on the actual price but, if it is 40p, that could mean 50,000 fewer crimes each year and 9,000 fewer alcohol-related deaths over the next decade.’ The minimum price was welcomed by police and health campaigners, who say drink was behind 1.2million hospital admissions and 1million crimes last year, and  cost Britain £21billion a year. Critics, however, say it will unfairly punish the vast majority, who are sensible drinkers and comes just hours after a five per cent rise in duty on drink was confirmed in the budget. Mr Cameron also wants to give pubs more powers not to serve people who are drunk, a zero tolerance approach to drunken behaviour in hospitals, a ban on multi-buy discounts and a late night levy on pubs and clubs to help pay for policing. A consultation will take place in the summer, with a new law introduced by the end of the year. He said: ‘Binge drinking is a serious problem. And I make no excuses for clamping down on it.’ Supermarkets will oppose a minimum price. At Asda, a can of Smartprice lager costs 22p. The supermarket is also selling wine at £2.30 a bottle. It contains 8.3 units of alcohol, meaning it will rise in price by at least £1.

Whitney Houston drowned after cocaine use, says coroner


Whitney Houston's death was caused by accidental drowning, but drug abuse and heart disease were also factors, a coroner has ruled. Coroner's spokesman Craig Harvey said drug tests indicated the 48-year-old US singer was a chronic cocaine user. The announcement ends weeks of speculation over the cause of Houston's death. She was found submerged in the bath of her Los Angeles hotel room on the eve of the Grammy Awards on 11 February. In a statement, the LA County Coroner's office described Houston's manner of death as an "accident", adding that "no trauma or foul play is suspected". The cause was cited as drowning and "effects of atherosclerotic heart disease and cocaine use". Other drugs found in her blood included marijuana, as well as an anti-anxiety drug, a muscle relaxant and an allergy medication. But these were not factors in her death, the coroner's statement said. Patricia Houston, the singer's sister-in-law and manager, told the Associated Press news agency: "We are saddened to learn of the toxicology results, although we are glad to now have closure." The pop star was laid to rest at a cemetery in her home state of New Jersey after a funeral that was attended by celebrities including Oprah Winfrey, Alicia Keys, Mariah Carey and Mary J Blige. The singer, who was one of the world's best selling artists from the mid-1980s to late 1990s, had a long battle with drug addiction.

Tuesday, 20 March 2012

Second arrest after man killed at Herbie Hide's home

 

A second person has been arrested on suspicion of murdering a man at the Norwich home of former boxing world heavyweight champion Herbie Hide. Tafadzwa Kahn, 25, of St Giles Street, Norwich, died from a stab wound at the house in Long Lane, Bawburgh, on Sunday morning. An 18-year-old man from the Norwich area was arrested on Tuesday. The first person arrested, a 16-year-old boy, remains in custody in Wymondham Police Investigation Centre. Detectives said the stabbing followed an argument at a party in the house. 'High visibility patrols' The property remains sealed while a forensic examination is carried out. Police said they would continue to provide high visibility reassurance patrols in the area. More than 100 people were at the party at the time of the stabbing. Police said earlier they were "fairly certain" Mr Hide was not on the premises at the time of the stabbing. Mr Hide told the BBC on Monday: "The reality of this right now is a man is dead. Imagine this - a lady was told her son has gone. Imagine that." A spokesman said a post-mortem examination found the cause of death was a stab wound to the body. Mr Hide and his family have relocated while investigations at the house continue. Mr Hide won the WBO (World Boxing Organisation) heavyweight title for the first time in 1994, beating American Michael Bentt, but lost it to another American, Riddick Bowe, the following year. He regained the title in 1997 and made two successful defences before losing to Vitali Klitschko in 1999.

Azhar Ahmed to stand trial over Facebook post about dead soldiers


Azhar Ahmed, 19, appeared at Dewsbury magistrates' court charged under the Communications Act 2003 with sending a message that was grossly offensive on March 8. In court a racially-aggravated public order charge was withdrawn, but Mr Ahmed, from Ravensthorpe, West Yorkshire, denied the new charge. Police and demonstrators outside Dewsbury Magistrates Court (Picture: PA) He has been bailed and is due to stand trial at Huddersfield magistrates' court on July 3. There was a large police presence outside court as 50 far-right protesters staged noisy demonstrations when he arrived and left. Mr Ahmed's court appearance came as the bodies of the six soldiers killed in Afghanistan on March 6 were repatriated to RAF Brize Norton in Oxfordshire. Demonstrators shouted when Azhar Ahmed arrived and left court (Picture: PA) They died when their Warrior vehicle was struck by an improvised explosive device in Lashkar Gah in the deadliest single attack on British forces since 2001. Sergeant Nigel Coupe, 33, of 1st Battalion The Duke of Lancaster's Regiment was killed alongside Corporal Jake Hartley, 20, Private Anthony Frampton, 20, Private Christopher Kershaw, 19, Private Daniel Wade, 20, and Private Daniel Wilford, 21, all of 3rd Battalion the Yorkshire Regiment.

Harry Potter Star Jamie Waylett Jailed For Two Years For Violent Disorder In London Riots


Actor Jamie Waylett, who starred in the Harry Potter films, has been jailed for two years for being part of a violent mob during last summer's London riots. The 22-year-old, who played Hogwarts bully Vincent Crabbe in six of the films, was found guilty of violent disorder by a jury at London's Wood Green Crown Court. The actor, who had already admitted swigging from a stolen bottle of Champagne during the rioting, was cleared of intending to destroy or damage property with a petrol bomb he was pictured holding. He already has a previous conviction for cannabis possession. Waylett of Hillfield Road, northwest London, was with a gang of at least four people who went into Chalk Farm on August 8, the third night of violence in the capital. He was captured on CCTV at various points during the evening, often with his hood over his head. Buildings on fire in Tottenham during the riots Judge Simon Carr sentenced the actor to two years for violent disorder and 12 months for handling stolen goods, to run concurrently. Jailing him, the judge said: "A considerable amount has been said about what happened over those few days. Anyone watching the footage in this case can only imagine the mayhem that took place on the streets. "You chose to go out on to the streets on what was the third day of the violence. "You were pictured on a number of occasions with a bottle full of petrol with a rag as a wick. "I accept entirely the jury's verdict that you did not throw or have any intention of throwing it, but merely being in possession of it would have been terrifying to anyone who saw you." Waylett will be eligible for parole after serving a year in jail. The star, who had a shaved head and a goatee beard, wore a white shirt with an open collar and a dark suit to hear the sentencing. He nodded to the public gallery as he was led down to the cells.

Monday, 19 March 2012

18 Best Places to Retire Overseas

When choosing a place to spend your retirement years, the cost of living is important. But it is only one consideration. The ideal retirement spot is a place where you can live a rich life filled with friends, travel, discovery, physical and intellectual distractions, and opportunities for growth. A super-low cost of living is great, but more important is the quality of life your retirement budget is buying you. Many of the best options for enjoying an enormously enriched retirement lifestyle on even a very modest budget can be found overseas. Here are the world’s 18 top retirement havens, where an interesting, adventure-filled lifestyle is available for a better-than-reasonable cost. The Americas 1. Panama. Panama is the world's top retirement haven. Panama City no longer qualifies as cheap, but other spots in this country certainly do. Panama continues to offer the world's gold standard program of special benefits for retirees. The currency is the U.S. dollar, so there is no exchange rate risk if your retirement savings and income is in dollars. The climate in Panama City and on the coasts is tropical, hot, and humid. However, the climate in the highlands can be temperate and tempting. Panama is the hub of the Americas, meaning it's easily accessible from anywhere in North and South America and Europe. 2. Belize. Belize is a great place for reinventing your life in retirement. This tiny, under-developed, sparsely populated country offers two distinct lifestyle options: Ambergris Caye is the best of the Caribbean at a discount, while the Cayo is a frontier where independent-minded pioneers can make their own way and do their own thing, peacefully and privately. The climate is tropical, warmer on the coast, and cooler in the mountainous interior. The official language is English, so there’s no foreign language barrier for Americans. You’ll find a well-established and welcoming community of expats in San Pedro and on Ambergris Caye, and an emerging community of expats in the Cayo around San Ignacio. 3. Colombia. Medellin, a city of springtime and flowers, is the unsung jewel of Colombia. This city is pretty, sophisticated, cosmopolitan, safe, and affordable. Perhaps the most appealing advantage in Medellin is the cost of real estate. It's an absolute global bargain. You can buy property in a good neighborhood for as little as $1,000 per meter. Medellin’s second biggest appeal is its climate, which is spring-like year-round, thanks to the high elevation. Medellin is a more developed city than you might imagine, with five of the best hospitals in Latin America, universities, museums, art galleries, and an efficient and reliable metro system. It also has international-standard shopping and many interesting nightlife options. If you fancy Paris or other Continental city choices, but don't want or can't afford Europe, I strongly recommend you take a look at Medellin. This city is one of the best places in the world to hang your hat. 4. Uruguay. It seems that the more troubled the rest of the world becomes, the more people are finding appeal in Uruguay, a stable commodity-based economy with a sound banking system. Uruguay is neither an aggressor nor a target of aggression in the world arena, and it's not a high-stakes player in world politics. Costs have risen in recent years thanks to the strength of the Uruguayan peso and the sinking value of the dollar. But, even as the cost of living and of real estate rose, Uruguay has become even more popular as a lifestyle and retirement destination. Accordingly, people are coming to Uruguay in record numbers, with residency applications up over 300 percent since 2007, many of these coming from the United States. 5. Ecuador. Ecuador is perhaps the best choice in the Americas for a retiree looking to enjoy a rich and interesting quality of life on a limited budget. I recommend Cuenca, the former Inca and Spanish capital, a current UNESCO World Heritage Site, and the intellectual heart of Ecuador. Cuenca is home to about 1,500 full-time residents from North America. This is not a big number compared with some more recognized Mexican retirement choices, but Cuenca clearly qualifies as an expat-friendly city, offering one of the most interesting retirement lifestyles available anywhere. Amenities include theater, orchestra, shows, restaurants, broadband Internet service, reliable electricity and telephone, and drinkable tap water. Cuenca’s appeal as a retirement haven is expanding in important ways, thanks to a recently developed program promoting the city as a medical tourism destination. The city's five top hospitals have joined together to offer bundled programs of medical tests, procedures, and services available for from $66 to $401. Costs for comparable services in the United States would be multiples of these amounts. In addition, Cuenca is now offering nursing care of a standard suitable for and appealing to the expat retiree at a cost of just $450 per month, including 24-hour doctor and nurse attendance, food, laundry, personal care, and occupational and rehabilitative therapy. 6. Nicaragua. Another top choice for a retiree with a very limited budget is Nicaragua. This country’s Pacific coastline is every bit as dramatically beautiful as that of neighboring Costa Rica. Infrastructure is under-developed in both countries, but the cost of living and especially real estate are noticeably lower in Nicaragua, making the pot-holed roads easier to bear. Nicaragua also boasts two of the top Spanish-colonial cities in the Americas: Granada, a pretty and romantic city that everyone should see once, and Leon. Both places were founded in the early 16th century by Cordoba. 7. Roatan, Honduras. I’m not a big fan of mainland Honduras, which is under-developed and, in some places, unsafe. However, the Bay Island of Roatan is a world apart and one of my two top picks for affordable retirement in the Caribbean (the other is Ambergris Caye, Belize). 8. Argentina. Argentina is a dynamic and charming nation that rides perpetually between crisis and boom. This rich country boasts abundant natural resources and offers many appealing retirement lifestyle choices, including the eclectic and cosmopolitan neighborhoods of Buenos Aires, the provincial capitals, a finca in the countryside, and a boutique vineyard in Mendoza. Retirement life in Argentina could be many things, but never dull. The downside is a rising cost of living, thanks to local inflation and the falling value of the U.S. dollar versus the Argentine peso. 9. Mexico. This is historically one of the most recognized retirement havens for Americans. But Mexico today is suffering from a lot of bad press thanks to its drug wars. However, Mexico is a big country, and the drug goons haven’t overtaken it entirely. It continues to offer some of the best coastal lifestyle and retirement options in the Americas, including Puerto Vallarta, my number-one choice for an affordable life of luxury on the Pacific. A couple could enjoy a a five-star retirement in this beautiful and romantic coastal town of marinas, golf courses, yacht clubs, and fine dining on a budget of as little as $2,500 per month. 10. Chile. Chile is a developed, First World destination that is also quiet, safe, and stable. Unlike its more scandalous neighbor, Argentina, Chile offers a cultured, comfortable lifestyle that is relatively calm. Santiago is a city of classic-style architecture, cobblestoned streets, and cafes with outdoor seating, in many ways reminiscent of Paris or Barcelona. This city of 7 million is also remarkably clean and friendly and boasts a diverse and expanding property market that is affordable on a global scale. You could own property at some of the city’s best addresses for less than $2,000 a meter. One important downside to retirement in Santiago is the air pollution, which is a serious problem, especially during the winter months. A better option could be the country’s beautiful Lake District to the south of Santiago, which is a favorite retirement choice among Chileans themselves. Europe 11. France. France is a land of superlatives. Its capital has been called the most beautiful, most romantic, and most touristed city on earth. It also boasts some of the world’s best wines, cheeses, restaurants, shopping, castles, gardens, parks, beaches, museums, cafes, galleries, vineyards, and architecture. The typical concern for anyone who has ever dreamed of a new life in France is that it's too expensive for the average retiree to consider seriously. Not so. Paris isn't cheap. But elsewhere in France you can find realistic options, even if your retirement budget is modest. Perhaps the most retirement friendly region in this country is in the southwest, north of Spain, where small country towns offer a way of life that is quintessentially French and also very affordable. 12. Italy. The cost of living in Rome, Florence, Venice, and Tuscany might be beyond the limits of your retirement budget. But that doesn't mean you should take Italy off your list entirely if this is the country that stirs your imagination and speaks to your soul. A retiree on a budget interested in Italy could look at Abruzzo. From this beautiful Old World base, within a half-day's drive of both the coast and the mountains, you could plan excursions to Italy's better-known and more expensive outposts as often as you liked. 13. Ireland. Americans have long dreamed of retirement on the Emerald Isle and with good reason. Ireland is safe, peaceful, relaxed, welcoming, friendly, hospitable, and English-speaking, making it an ideal retirement choice for many. Ireland today is also more affordable than it has been in more than a decade, and its property market has fallen off a cliff. Real estate prices are down 50 percent or more in many markets and are still falling. If you, like so many others, have dreamed of wiling away your retirement years on your own little piece of the Auld Sod, this could be the best time in your lifetime to think about making that purchase. 14. Spain. Spain is known among expats for its Atlantic and Mediterranean coastlines, especially its infamous (and unfortunately over-developed) Costa del Sol. But there's more to this country than its costas. Barcelona, for example, is a world-class city on the ocean, perfect if you're looking for a cosmopolitan life near the water. Real estate prices in this country have fallen tremendously since the highs of four or five years ago. If retirement in Spain appeals to you, this could be the time to search for a great deal on Spanish retirement digs. 15. Croatia. Croatia, a country with an extraordinarily complicated history and an extremely open-minded, forward-looking population, is at another turning point in its long history. Countries at turning points are interesting places to be. I recommend the country’s Istrian Peninsula, which serves up some of the most delightful scenery on the planet. The land seems to rise up to embrace you, and everywhere you look, something nice is growing like olives, grapes, figs, tomatoes, pumpkins, blackberries, and wildflowers. Even the buildings seem to be part of the earth, built of its white stone and red clay. This sun-soaked region offers one of the most appealing lifestyle options in Europe today. Asia 16. Thailand. Thailand boasts both really cheap and developed and comfortable lifestyle choices. It is also noteworthy as being one of the few countries in this part of the world that offers formal options for long-term and retirement visas. Hua Hin is one of the few classic retirement havens in Southeast Asia, complete with golf courses, factory outlets, and gated communities. Foreigners make up approximately 15 percent of that population, and most of them are retired. With 12 golf courses in operation and another 3 under construction, this is definitely the place to go if you're a golfing enthusiast. Hua Hin is a place where, if you were so inclined, you could live a North American lifestyle and never have to involve yourself more than superficially with the local Thai culture. This could be a plus or a minus for you, but it is worth noting when discussing options in this typically exotic part of the world. 17. Vietnam. While Thailand is well-established as an interesting option for expats and foreign retirees, Vietnam is an emerging choice, which could get a lot more attention in the coming few years. Nha Trang offers an interesting coastal retirement option for adventuresome retirees. Nha Trang’s total population of more than 200,000 includes an expat population of about 1,000 people, meaning foreigners here are still pioneers. You'll find no organized activities for foreigners, such as expat clubs or softball leagues. The lack of a big foreign population makes it easier to have meaningful interactions with the locals. The major attraction in Nha Trang is its cost of living, which can amount to much less than $1,000 per month for a retired couple. If you're a budget-minded retiree with an interest in Asia, this town should be on top on your list. 18. Malaysia. After Thailand, Malaysia is the easiest country to navigate in this part of the world. The country's capital, Kuala Lumpur, is a city of contrasts. The shining stainless steel Petronas Towers, two of the tallest skyscrapers in the world, anchor a startlingly beautiful skyline that is truly unique to this city. Modern, air-conditioned malls flourish, selling everything from beautifully handcrafted batik clothing to genuine Rolex watches and Tiffany jewelry. In the shadows of these ultra-modern buildings, the ancient Malay village of Kampung Baru still thrives, with free-roaming roosters and a slow pace of life generally found in rural villages. Less than a 20-minute walk from the city center, you can find yourself conversing with monkeys in the city-jungle surrounding one of the highest telecommunications towers in the world. A walk of less than 30 minutes leads you to Chinatown and Little India, where merchants offer their wares, foods, and culture in happy neighborhoods that showcase the amazing diversity of the city. Unlike some places in Asia, foreigners are genuinely welcomed in Kuala Lumpur. Language isn't a problem, as almost everyone speaks adequate English. Immigration is easy, and it is possible to stay for an extended period with a simple tourist visa. Although Kuala Lumpur is more expensive than rural Malaysia, it can be marvelously inexpensive by Western standards. You can realistically expect to cut your living expenses by a third and still enjoy a lifestyle comparable to what you are accustomed to now.

5 Top Ways Stars Lose All Their Cash

Last week Gary Busey passed a mandatory online financial management course in an attempt to convince a U.S. Bankruptcy court he'll start sensibly managing his money.  The veteran actor recently filed for Chapter 7 bankruptcy. But in Hollywood, going broke is just about as as common as a leaked nude photos; just ask Toni Braxton, Larry Wilcox, Vince Neil, Mike Tyson, and Stephen Baldwin, all of whom have recently filed for bankruptcy. Not to mention Zsa Zsa Gabor’s husband, who was forced to put their Bel Air mansion on the market last year to pay the ailing star’s medical bills; Wesley Snipes, who was imprisoned for three tax-related misdemeanor convictions; and Nicolas Cage, who lost one of his homes to foreclosure and has been plagued by IRS issues. So how is it that some of the most well-paid people on the planet can end up with next to nothing? We talked to financial management experts and they ticked off the top five ways rich celebs lose it all (or close to it). 5. They have no idea how money management works.  “Most celebrities have extremely creative minds. But in my experience, the most creative folks tend not to want to spend time dealing with business issues,” tax and business expert Joseph M. Doloboff, Partner at Blank Rome LLP in Los Angeles told FOX411’s Pop Tarts column. But don’t famous folks hire financial planners and business managers to take good care of their millions? “Most of them do, but at the end of the day, these accounts are still in a celebrities’ name, which gives them ultimate control over their wealth,” said Certified Financial Counselor for Financial Advice for the Artist, Erin Elizabeth Burns. Which can mean big spending, big mistakes and… 4. Bad advice.  Pete Krainik, Founder and CEO of The CMO Club, a networking resource for top marketing executives, noted that some celebrities do not have the skill sets to identify and determine the right business/financial managers for their needs. “Because they don’t think of themselves as brands, they don’t put the efforts or plans in place to maximize their value for endorsement deals,” he explained. “They should have themselves significant additional revenue streams – it is not just about getting the next role, but getting the next deal.” But some such "additional revenue streams" can also run in the red.. Last year, the Las Vegas rendition of Beso – the restaurant/nightclub co-owned by Eva Longoria – filed for bankruptcy to restructure nearly $5.7 million in debt and other liabilities. Prior to that, the Jay-Z owned 40/40 sports bar in Sin City shut its doors a mere eight months after opening. Britney Spears’s southern-inspired Nyla Restaurant reportedly hit monetary blows before she also severed ties, and both Jennifer Lopez’s “Sweetface” clothing line and restaurant Madres went dark. 3. Theft and fraud.  Hollywood's highest profile people are actually human, which means they too are susceptible to being screwed by business managers, badly worded deals and corrupt advisors. Just ask Kevin Bacon and wife Kyra Sedgwick, who were taken to the cleaners by Ponzi schemer Bernie Maddoff. Doloboff also said prominent factors in a celeb’s financial crumbling is their tendency to bring "friends" -- or family -- into the fray as business partners or employees. “Many professional athletes and entertainers want to help their friends while simultaneously helping themselves,” he said. “The best advice is to refrain from doing business with friends. True friends don’t condition their friendship upon doing business together.” Comedian Dan Cook will probably adhere to that – in 2010, his half-brother Darryl McCauley was ordered to pay the comic $12 million in restitution after pleading guilty to embezzling funds from him. McCauley allegedly stole $12,500 a month as Cook’s business manager. Friends and fraud – double whammy! 2. Drugs, booze, and bad habits. Stars are known to fall when the temptations of drugs/alcohol/hard partying turns into a dangerous addiction. It can also be more than an expensive habit, as addiction often impacts other areas. “You are far more likely to make poor decisions when under the influence of drugs or alcohol. When you’re dealing with celebrities, the problem is that their support groups, (friends, family, entourages, et al), often consist of enablers,” explained Richard Taite, the Founder and CEO of rehab center Cliffside Malibu. “It comes as no surprise that a successful celebrity can face financial destitution if they are abusing drugs or alcohol and are left to their own devices.” 1. Ridiculous overspending. Last but not least, some beautiful yet broke folks just lead foolishly fabulous lives (we're talking to you, MC Hammer) and refuse to accept that fame (and its fortune) can be fleeting. “Most celebrities have luxuries such as a cook, a driver, a personal stylist, a personal assistant etc.,” said Burns. “They become accustomed to this lifestyle, but when their contract isn’t renewed, or when the films offers stop coming in, they are still living this life of luxury with the expectation that they will always be in demand.” Yes, sadly, not every Hollywood tale has a happy ending. But with some good financial advise, the ending doesn't have to be tragic.

More and more footballers are going bankrupt despite Premier League wages now averaging £1.47 million a year,

 

More and more footballers are going bankrupt despite Premier League wages now averaging £1.47 million a year, experts have claimed.  Mark Sands, head of bankruptcy at accountancy firm RSM Tenon, said the lavish lifestyles of the players coupled with poor investment choices has led to increased vulnerability. "In 2010 the average salary of a player in the Premier League was £1.47 million, 56 times the average UK wage," Sands told the Birmingham Mail. "But as their wages have increased so have the number who become insolvent. "We have certainly had an increase at RSM Tenon in the past three years. The main reasons for this can be unsustainable consumption, falling incomes after leaving the top flight, poor investment and lack of financial awareness." Last month former England international Lee Hendrie was forced to declare himself bankrupt after racking up debts of more than £200,000 with the taxman, despite earning £24,000 a week at the peak of his career. RSM Tenon stated: "The debts have apparently been a result of a tax scheme Hendrie was advised to enter into which was rejected by HM Revenue & Customs, leaving an unpaid tax bill which led to the petition. “Investments made during his peak years, in properties and film-related partnerships, went bad, leaving no money for Hendrie to turn to when times were tough.” Last year, current Tottenham goalkeeper Brad Friedel was also declared bankrupt after his non-profit US football academy ran up debts of close to £5m.

TOWIE to shoot summer special in Marbella

 

Sam Faiers and the rest of her TOWIE castmates are apparently jetting off to Spain to film a special this summer. The reality TV stars will be shooting in sunny Marbella - where they holidayed last May - later on this year, reports the Daily Star. Speaking at the Tric Awards, Sam said the special will need "lots of dramas, a fight and maybe a wedding." Co-star Gemma Collins, who was snapped soaking up the rays in a black bikini during last year's trip, said the group are "all up for it". "We've been begging for a summer special in Marbella for a while," she said.

Could abolishing tax havens solve Africa's financing needs?

 

The past month, the spotlight has been on James Ibori, the governor of Nigeria's Delta state from 1999 to 2007, who pleaded guilty at in a London court to 10 counts relating to conspiracy to launder funds from the state he governed. Ibori was accused of siphoning off an estimated $250m and laundering it in London through a number of offshore companies and financial intermediaries to fund his extravagant lifestyle of lavish mansions, expensive cars and private jets. This mode of illicit capital flight is by no means restricted to one rogue Nigerian governor or even African leaders at large, nor is it the most important means by which capital leaves the continent (and developing countries generally) illicitly. True, $250m from one source is substantial. But this pales into insignificance compared with the estimated $100bn that left Nigeria illicitly between 1970 and 2008, according to Global Financial Integrity (GFI). The bulk of this haemorrhage, contrary to popular belief, is not through the laundering of corrupt money but through commercial activities, and particularly through multinational corporations. According to GFI's conservative estimates, more than $1.8 trillion left African shores illicitly between 1970 and 2008. Of this, only 3% is attributable to bribery and theft by government officials, 30%-35% results from the laundering of criminally acquired wealth (drugs, illegal arms sales, human trafficking, etc), and the bulk – 65%-70% – is from commercial activities, especially through trade mis-pricing of goods. Over the last 10 years, the average annual outflows of this sort exceeded $50bn. This compares with annual aid inflows of less than $30bn. The outflows are largely to avoid or evade tax and to conceal wealth. This week's proposed change by the chancellor, George Osborne, on how foreign subsidiaries of multinationals based in the UK are taxed, will give even less incentive to keep money in poorer countries. Reform of these controlled foreign company rules in the upcoming budget would strengthen the financial case for shifting money to tax havens by making profits made by multinationals abroad and retained in offshore jurisdictions free from UK tax. This could cost developing countries £4bn a year in lost tax revenue, according to ActionAid estimates. These outflows undermine the rule of law, stifle trade and worsen macroeconomic conditions. They are facilitated by around 60 tax havens and secrecy jurisdictions that enable the creating and operating of millions of disguised corporations, shell companies, anonymous trust accounts and fake charitable foundations. They allow the likes of Ibori and many multinational corporations to cripple Africa financially and politically. Given that about 50% of global trade passes through tax havens, these jurisdictions facilitate trade mis-pricing by making it difficult for documentation to be traced. Transnational companies have the ability to set up multiple trusts and shell companies in these jurisdictions. This is significant because about 60% of global trade takes place between and within multinational companies. Secrecy also attracts criminal activity, and the laundering of corrupt money through concealment of the natural beneficiaries behind shell companies and trusts. Africa is experiencing economic growth, and for the increasing wealth to be channelled to public services, development and the achievement of the millennium development goals by 2015, it is urgent the problem of tax havens as a conduit for illicit outflows is addressed. The high-level panel set up by the African Union, the African Development Bank and the UN Economic Commission for Africa, and chaired by former South African president Thabo Mbeki, is a significant step forward – and testifies to the importance of this issue for Africa's development. The ball is now in the court of the rich countries.

Saturday, 17 March 2012

Premier League footballer Fabrice Muamba is in intensive care after collapsing during an FA Cup tie.

 

 The 23-year-old was said to be critically ill in the London Chest Hospital after falling to the ground at White Hart Lane in front of millions of television viewers watching the sixth round tie between Tottenham Hotspur and his club, Bolton Wanderers. Outside the hospital, the club's manager Owen Coyle said the following 24 hours were "absolutely crucial" and urged people to pray for the player's recovery. A Bolton spokesman said: "Bolton Wanderers can confirm that Fabrice Muamba has been admitted to the heart attack centre at London Chest Hospital where he is currently in a critically ill condition in intensive care. No further information will be issued at this stage. The club has requested the media to respect his family's privacy at this time." A packed White Hart Lane looked on with a worldwide audience watching live coverage on ESPN as the Trotters midfielder suddenly fell to the floor. Confusion turned to horror as medics sprinted on to the pitch to begin resuscitating the young man. Players looked shocked and watched in disbelief as the former England Under 21 star was treated with a defibrillator for several minutes before being stretchered off wearing an oxygen mask and taken to hospital. World Cup referee Howard Webb abandoned the game. As the message was relayed around the stadium with the score at 1-1, the fans applauded and chanted Muamba's name. Premier League chief executive Richard Scudamore said: "The thoughts of the Premier League, its clubs and players are with Fabrice Muamba, his family and Bolton Wanderers. We would like to praise the players, match officials, coaching staff and medical teams of both clubs at White Hart Lane for their swift actions in attending Fabrice. "The league would also like to commend the compassion shown by the fans of Bolton Wanderers and Tottenham Hotspur. We hope to hear positive news about Fabrice who is and has been a wonderful ambassador for the English game and the league at Arsenal, Birmingham City and Bolton Wanderers." Manchester United star Rio Ferdinand wrote on Twitter: "Come on Fabrice Muamba, praying for you." England striker Wayne Rooney wrote: "Hope fabrice muamba is ok. Praying for him and his family. Still in shock." Muamba's team-mate Stuart Holden, added: "Still praying for Fab, the guy is a fighter on and off the field. We love you bro."

Facebook's 'dark side': study finds link to socially aggressive narcissism

 

Researchers have established a direct link between the number of friends you have on Facebook and the degree to which you are a "socially disruptive" narcissist, confirming the conclusions of many social media sceptics. People who score highly on the Narcissistic Personality Inventory questionnaire had more friends on Facebook, tagged themselves more often and updated their newsfeeds more regularly. The research comes amid increasing evidence that young people are becoming increasingly narcissistic, and obsessed with self-image and shallow friendships. The latest study, published in the journal Personality and Individual Differences, also found that narcissists responded more aggressively to derogatory comments made about them on the social networking site's public walls and changed their profile pictures more often. A number of previous studies have linked narcissism with Facebook use, but this is some of the first evidence of a direct relationship between Facebook friends and the most "toxic" elements of narcissistic personality disorder. Researchers at Western Illinois University studied the Facebook habits of 294 students, aged between 18 and 65, and measured two "socially disruptive" elements of narcissism – grandiose exhibitionism (GE) and entitlement/exploitativeness (EE). GE includes ''self-absorption, vanity, superiority, and exhibitionistic tendencies" and people who score high on this aspect of narcissism need to be constantly at the centre of attention. They often say shocking things and inappropriately self-disclose because they cannot stand to be ignored or waste a chance of self-promotion. The EE aspect includes "a sense of deserving respect and a willingness to manipulate and take advantage of others". The research revealed that the higher someone scored on aspects of GE, the greater the number of friends they had on Facebook, with some amassing more than 800. Those scoring highly on EE and GG were also more likely to accept friend requests from strangers and seek social support, but less likely to provide it, according to the research. Carol Craig, a social scientist and chief executive of the Centre for Confidence and Well-being, said young people in Britain were becoming increasingly narcissistic and Facebook provided a platform for the disorder. "The way that children are being educated is focussing more and more on the importance of self esteem – on how you are seen in the eyes of others. This method of teaching has been imported from the US and is 'all about me'. "Facebook provides a platform for people to self-promote by changing profile pictures and showing how many hundreds of friends you have. I know of some who have more than 1,000." Dr Viv Vignoles, senior lecturer in social psychology at Sussex University, said there was "clear evidence" from studies in America that college students were becoming increasingly narcissistic. But he added: "Whether the same is true of non-college students or of young people in other countries, such as the UK, remains an open question, as far as I know. "Without understanding the causes underlying the historical change in US college students, we do not know whether these causes are factors that are relatively specific to American culture, such as the political focus on increasing self-esteem in the late 80s and early 90s or whether they are factors that are more general, for example new technologies such as mobile phones and Facebook." Vignoles said the correlational nature of the latest study meant it was difficult to be certain whether individual differences in narcissism led to certain patterns of Facebook behaviour, whether patterns of Facebook behaviour led to individual differences in narcissism, or a bit of both. Christopher Carpenter, who ran the study, said: "In general, the 'dark side' of Facebook requires more research in order to better understand Facebook's socially beneficial and harmful aspects in order to enhance the former and curtail the latter. "If Facebook is to be a place where people go to repair their damaged ego and seek social support, it is vitally important to discover the potentially negative communication one might find on Facebook and the kinds of people likely to engage in them. Ideally, people will engage in pro-social Facebooking rather than anti-social me-booking."

It's Not Dementia, It's Your Heart Medication: Cholesterol Drugs and Memory

 

One day in 1999 Duane Graveline, then a 68-year-old former NASA astronaut, returned home from his morning walk in Merritt Island, Fla., and could not remember where he was. His wife stepped outside, and he greeted her as a stranger. When Graveline’s memory returned some six hours later in the hospital, he racked his brain to figure out what might have caused this terrifying bout of amnesia. Only one thing came to mind: he had recently started taking the statin drug Lipitor. Cholesterol-lowering statins such as Lipitor, Crestor and Zocor are the most widely prescribed medications in the world, and they are credited with saving the lives of many heart disease patients. But recently a small number of users have voiced concerns that the drugs elicit unexpected cognitive side effects, such as memory loss, fuzzy thinking and learning difficulties. Hundreds of people have registered complaints with MedWatch, the U.S. Food and Drug Administration’s adverse drug reaction database, but few studies have been done and the results are inconclusive. Nevertheless, many experts are starting to believe that a small percentage of the population is at risk, and they are calling for increased public awareness of the possible cognitive side effects of statins—symptoms that may be misdiagnosed as dementia in the aging patients who take them. Fat and the Brain It is not crazy to connect cholesterol-modifying drugs with cognition; after all, one quarter of the body’s cholesterol is found in the brain. Cholesterol is a waxy substance that, among other things, provides structure to the body’s cell membranes. High levels of cholesterol in the blood create a risk for heart disease, because the molecules that transport cholesterol can damage arteries and cause blockages. In the brain, however, cholesterol plays a crucial role in the formation of neuronal connections—the vital links that underlie memory and learning. Quick thinking and rapid reaction times depend on cholesterol, too, because the waxy molecules are the building blocks of the sheaths that insulate neurons and speed up electrical transmissions. “We can’t understand how a drug that affects such an important pathway would not have adverse reactions,” says Ralph Edwards, former director of the World Health Organization’s drug-monitoring center in Uppsala, Sweden. Two small trials published in 2000 and 2004 by Matthew Muldoon, a clinical pharmacologist at the University of Pittsburgh, seem to suggest a link between statins and cognitive problems. The first, which enrolled 209 high-cholesterol subjects, reported that participants taking placebo pills improved more on repeated tests of attention and reaction time taken over the course of six months—presumably getting better because of practice, as people typically do. Subjects who were on statins, however, did not show the normal improvement—suggesting their learning was impaired. The second trial reported similar findings. And a study published in 2003 in Reviews of Therapeutics noted that among 60 statin users who had reported memory problems to MedWatch, more than half said their symptoms improved when they stopped taking the drugs. But other studies have found no significant link between statins and memory problems. Larry Sparks, director of the Laboratory for Neurodegenerative Research at the Sun Health Research Institute in Sun City, Ariz., goes so far as to say that “you’ve got a better chance of buying a winning lottery ticket, walking outside and getting hit by lightning and dying” than you do of suffering a cognitive side effect from statins. Vulnerable Genes? Many experts agree that for most people the risk is quite low, but they are beginning to believe the effects are real. “A subset of the population is vulnerable,” argues Joe Graedon, co-founder of the consumer advocacy Web site the People’s Pharmacy, which has collected hundreds of reports of cognitive-related statin side effects in the past decade. Some researchers believe these people have a genetic profile that puts them at risk.

Friday, 16 March 2012

Spain Approves Canary Islands Oil Exploration


The Spanish government approved Friday a controversial permit to explore for oil offshore the Canary Islands, in an area that could become by far the largest source of oil production in a country heavily dependent on crude imports. Approval of an exploration license marks the latest move in Spain's shift away from a policy of subsidy-dependent renewable energy projects as it seeks ways to improve its trade balance and steady its budget, but will likely face opposition from environmentalists and local government officials concerned about the threat of damage to the island's tourist-friendly, white-sand beaches.

Spain's public debt soars to record high


Spain's public debt soared to a record high at the end of 2011, Bank of Spain figures showed Friday, as Madrid struggled to slash costs and escape the eurozone debt crisis. Public debt amounted to 734.96 billion euros ($960 billion), equal to 68.5 percent of annual economic output at the end of 2011 -- up from 66 percent three months earlier and 61.2 percent at the end of 2010. The accumulated debts breached the European-Union agreed limit of 60 percent of gross domestic product (GDP) but was still below the eurozone average, which approached 90 percent in the third quarter last year. It was the highest public debt ratio recorded in Spain since statistics in the current format were first published in 1995. Spain's public debt is rising fast because of runaway annual public deficits that have shot past EU-agreed targets, in part owing to high spending by regional governments. The previous Socialist government, ousted by the conservative Popular Party in November elections, had forecast a debt of 67.2 of GDP for the end of 2011, aiming to curb it to less than 70 percent in 2014. But the European statistics unit Eurostat was not so optimistic. It forecast a public debt of 69.6 percent in 2011, 73.8 percent in 2012 and 78 percent in 2013. Spain's conservative government, which took power in December, has yet to announce a new public debt target. The public debt ratio has grown without interruption since the first quarter of 2008 when, after nearly a decade of fast growth and budget surpluses, which trimmed the debt, it amounted to 35.8 percent of GDP. The situation in the 17 regions is particularly worrying: at the end of 2011 their accumulated debt rose to 140.1 billion euros, or a record 13.1 percent of national GDP, from 11.4 percent a year earlier. Municipal debts, however, eased over the year to 35.4 billion euros or 3.3 percent of GDP. Regional governments enjoy a high level of autonomy, prompting concerns in financial markets that their spending could compromise the central government's deficit-cutting goals. Spain had agreed to cut its annual public deficit to 6.0 percent of GDP in 2011 but it overran that target by a wide margin and ended up reporting a deficit of 8.51 percent of GDP. After winning a slight relaxation from Brussels in its goals for this year, Spain is now aiming for an annual deficit of 5.3 percent in 2012 and 3.0 percent in 2013. But the regions are not entirely to blame. The central government's finances also deteriorated in 2011, as its public debt rose to 52.1 percent of GDP at the end of the year from 46.4 percent a year earlier.

Cadíz second bridge delayed until at least 2013


The Ministry for Development has announced a delay in the opening of the second road bridge into Cádiz which will now not be open to traffic until 2013. Minister, Ana Pastor, said that not with all the money in the world could a 2012 opening be achieved. 2012 was the target date so that it coincided with the bicentenary of the 1812 Spanish Constitution which was signed in the city on March 19 1812. The General Courts of Spain were transferred there while in refuge from the Peninsular War. The Minister added, ‘It will take at least another 15 months, and that only if there is no wind’. The Ministry of Development says the suspension bridge is now 75% complete, but a fundamental part of the project, linking to the 13 pivot bases which are already showing in the middle of the Cádiz Bay is still to be done. The bridge is the largest road infrastructure project in Spain and has a cost of about 300 million € and will link Cádiz with Puerto Real. It will be known as the Puente de la Constitución de 1812, and not the ‘Puente de la Pepa’ which was the name given by the previous Minister, Magdalena Álvarez.

Thursday, 15 March 2012

Place your bets on Euro Vegas

IT MAY just be the single largest contrarian bet in the euro zone. Sheldon Adelson, a casino tycoon, is expected soon to choose between Madrid and Barcelona for a €16 billion ($21 billion) gambling resort. The euro-zone turmoil does not faze him: “It will take us four to five years,” he told Forbes magazine. “By then everything will be solved.” Mr Adelson’s Las Vegas Sands (LVS) hopes to create a “Euro Vegas”, capable of attracting the 1 billion people who live in the 50 countries within a five-hour flight from Spain. He chose the country because of the weather and because its unemployment rate, now at 23%, “assures us the support of the government”. The numbers are certainly eye-popping. LVS would invest €6 billion in a first phase to build four hotel strips—eventually reaching 12—as well as casinos, shops, restaurants, golf courses and convention centres. LVS says the project could create 260,000 indirect and direct jobs, enough for nearly half the unemployed in Madrid. Spain is already the fourth-largest holiday destination in the world, but LVS reckons Euro Vegas would attract 11m new tourists on top of the 57m a year Spain already gets, increasing tourism spending by €15.5 billion over the next ten to 15 years. In this section News of the world Good for you, not for shareholders Zimplats happens Watch this space »Place your bets on Euro Vegas Luxury on the cheap Nazis in space The view from Liverpool Reprints Related topics Gambling Barcelona Madrid Spain Madrid and Barcelona, used to battling it out on the football pitch, have won a promise of neutrality from the central government. Barcelona admits that Madrid has the edge so far, since it has been talking to Mr Adelson on and off since 2007. But Barcelona has not given up. Mr Adelson recently visited a beach-front site near the city’s El Prat airport, which like Madrid’s Barajas has plenty of spare capacity. National and local leaders are keen on the project but opponents are sceptical of LVS’s claims about job creation, and worry that the casino will become a “fiscal and legal paradise” of tax breaks and exemptions from labour laws—a charge which regional officials deny. However, LVS is thought to be seeking a relaxation of Spain’s ban on smoking in public places, and lower gambling levies. Whichever city won would also have to bear the cost of such things as transport links to the resort. Given Spain’s precarious public finances, and considering that, as Mr Adelson puts it, there are “tens of billions to be made” from the resort, the authorities ought to resist any temptation to splash out taxpayers’ money to win the deal. They will have to assuage public fears of encouraging gambling addiction, infiltration by organised crime and the environmental impact of such a giant construction project. As in Singapore, where LVS recently opened a big casino resort, Spanish officials play down gambling as a small part of the overall package. Another worry is that the project will not happen at all. Spain has had its share of unrealised property developments. A €17 billion casino complex in the desert of Aragon, proposed in 2007, remains unbuilt. But LVS has withstood the global downturn pretty well, and the success of its Macao and Singapore operations gives it plenty of financial firepower. LVS boasts that its Marina Bay Sands development has “moved the needle” in Singapore, with record tourism figures one year after its opening. Euro Vegas would be much larger. A casino resort may lack the prestige of, say, a technology cluster, but Spain will have to take a few gambles to get its soaring unemployment under control.

Wednesday, 14 March 2012

The former chief reporter of the News of the World was arrested yesterday by police investigating the phone hacking scandal, on suspicion of intimidating a witness.

Neville Thurlbeck, 50, who was also news editor on the defunct Sunday tabloid, was detained by appointment at a central London police station by officers from Operation Weeting a day after his former editor, Rebekah Brooks, was arrested with five others on suspicion of conspiring to pervert the course of justice. He was later released on bail. Yesterday's arrest came as James Murdoch used a letter to the House of Commons media select committee to distance himself once more from any wrongdoing inside News International (NI). He blamed two former trusted lieutenants, Colin Myler and Tom Crone, claiming there were "inconsistencies" in their evidence to MPs. Mr Thurlbeck has been a central figure in the unfolding phone-hacking saga since being named in the so-called "for Neville" email. This showed voicemail interception went beyond a single "rogue" reporter at the NOTW. He was arrested last year on suspicion of conspiring to hack phones and eavesdropping voicemail messages. During recent months, he has adopted a higher media profile, with broadcast appearances and the launch of a blog commenting on developments in the crisis enveloping NI. In a blog entry last week, Mr Thurlbeck revealed how Will Lewis, a key member of News Corp's Management and Standards Committee, which has been marshalling millions of internal NI emails to Scotland Yard, had hired a private security company to provide security at his home. Mr Thurlbeck published the name of the security company, noting that it had spent several hours at Mr Lewis's home, and gave the name of the street where the NI executive lives. In a subsequent blog, Mr Thurlbeck, who is suing his former employer for unfair dismissal, said his story had prompted approaches from lawyers and a public relations company representing Mr Lewis, asking for the removal of his posting. He claimed it was suggested to him that the details he had provided about the security company "somehow implied I had put [Mr Lewis's] home under surveillance. Bonkers!". He added: "I accepted their point that printing the name of his street was distressing to his family and took this down immediately as I have absolutely no wish to do this. Although I have not been asked to do so, I would like to apologise to Mrs Lewis for any distress." A spokesman for the Management and Standards Committee declined to comment last night on Mr Thurlbeck's arrest. Meanwhile Mr Murdoch has sought to influence the parliamentary report into phone hacking, which is expected to be published before the Easter recess, by telling the committee that he did not mislead them, that he never tried to hide wrongdoing at the NOTW, and that when he did ask questions about what was going on, he was given "false assurances" by senior executives at Wapping. In a personal letter to John Whittingdale, chair of the media select committee, the former executive chairman of NI initially takes responsibility "for not uncovering wrongdoing earlier". However, the limited apologetic tone of his seven page letter, in which he accepts that it "would have been better if I had asked more questions", also contains evidence of anger directed at former trusted lieutenants inside NI. He says he relied too much on people who assured him that investigations had been carried out and who claimed that further inquiries were unnecessary. The former NOTW editor, Colin Myler, and News Group Newspaper's former legal manager, Tom Crone, are named repeatedly and described as offering "inconsistencies" to Parliament, while Mr Murdoch says his own evidence "has always been consistent". The letter states: "The truth is that incomplete answers and what now appears to be false assurances were given to the questions that I asked." In summaries of earlier evidence to the committee, he says he was "never intimately involved with the workings of the NOTW"; and on key meetings that discussed how senior executives were dealing with the emerging hacking culture, he says: "I was given a narrower set of facts than I should have been given..." He also says that if "Messrs Crone and Myler" had given him the highly critical private opinion offered in 2008 by NI's leading counsel, Michael Silverleaf QC, which described "widespread wrongdoing", then he would have "acted differently". He ends his letter by repeating that he neither knew about, nor attempted to hide, wrongdoing, and tells MPs: "The evidence does not support any other conclusion." James Murdoch: What he wrote "I take my share of responsibility for not uncovering wrongdoing earlier. However, I have not misled Parliament. I did not know about, nor did I try to hide, wrongdoing. I do not believe the evidence before you supports any other conclusion..." "It has been said I did not ask enough questions. However, the truth is that incomplete answers and what now appears to be false assurances were given to the questions that I asked."

James Murdoch pleads innocence ahead of committee report

James Murdoch has written to an influential parliamentary committee, investigating a phone hacking scandal at his company, to apologise and restate his innocence ahead of a potentially damaging report that could determine his future in Britain. The 39-year-old son of Rupert wrote to the committee to accept responsibility for failing to uncover the criminal behaviour, which has damaged the reputation of the News Corp media empire, British politicians and police. At stake is his role as chairman of British pay-TV group BSkyB and potentially his future at News Corp, where he had for years been marked out as the heir apparent to his father Rupert as chief executive.   "I did not know about, nor did I try to hide, wrongdoing," he said in the letter published by the committee on Wednesday. "Whilst I accept my share of responsibility for not uncovering wrongdoing sooner, I did not mislead parliament and the evidence does not support any other conclusion." Analysts and some shareholders believe Murdoch would struggle to remain at BSkyB if he is singled out for particular criticism as it could impact his ability to negotiate with the government and regulators on behalf of one of Britain's most powerful media firms. The all-party committee summoned James and his father Rupert to a hearing at the height of the scandal last July, for a three-hour often testy grilling that was watched live by millions on television in both Britain and the United States. Just four months later, the younger Murdoch had to return to answer further detailed questions over what he knew and when after two former colleagues publicly contradicted his evidence. News Corp's British newspaper arm News International had long argued that the hacking of voicemails to generate stories was the work of a single rogue reporter and private investigator who had already gone to jail for the crime. But as more people came forward to accuse the company of hacking their phones, that defence crumbled and attention turned to those at the top of the company and it was asked why they had not pushed further to discover the truth. "Clearly, with the benefit of hindsight, I acknowledge that wrongdoing should have been uncovered earlier," Murdoch said in his letter. The parliamentary committee had originally planned to publish its report before Christmas but due to the sensitivity of the material it is having to write the document by committee and is now aiming for the Easter holiday in April.

Goldman Sachs director quits 'morally bankrupt' Wall Street bank

 

A Goldman Sachs director in London has resigned after publishing a devastating open letter accusing senior staff of being "morally bankrupt" and bent on extracting maximum fees from clients by offloading unsuitable investment products. Greg Smith, who has left his post as executive director of the firm's equity derivatives business in Europe, claimed that chief executive Lloyd Blankfein and president Gary Cohn have "lost hold of the firm's culture on their watch". He added that "this decline in the firm's moral fibre represents the single most serious threat to its long-run survival".. Smith's charges, which were swiftly denied by the bank, were published in Wednesday's New York Times and raised questions about the firm's relationship with existing clients, whom Smith claimed were referred to as "muppets". Lord Oakeshott, the Liberal Democrat peer and his party's former Treasury spokesman in the Lords, said the matter raised questions about any relationship between the UK government and Goldman. Smith, who joined Goldman as a summer intern and worked at the firm for 12 years, first in New York and then in London, claimed managing directors made their remarks about "muppets" in internal email. "I attend derivatives sales meetings where not one single minute is spent asking questions about how we can help clients. It's purely about how we can make the most possible money off them." Selected as one of 10 people, out of a firm of 30,000, to appear in a Goldman recruiting video which is played on college campuses around the world, Smith has hired and mentored new recruits and managed a summer intern programme for the bank. "I knew it was time to leave when I realised I could no longer look students in the eye and tell them what a great place this was to work," he wrote. He said junior analysts are absorbing a culture in which the most important question is "how much money did we make off the client?", and that hearing talk of "muppets," "ripping eyeballs out" and "getting paid" will not turn them into "model citizens". "Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an axe murderer) you will be promoted to a position of influence." In response, Goldman Sachs denied that Smith was giving an accurate view of life at the company. "We disagree with the views expressed, which we don't think reflect the way we run our business. In our view, we will only be successful if our clients are successful. This fundamental truth lies at the heart of how we conduct ourselves," the bank said. Fast-track to promotion Smith claims to have advised the five largest US asset managers, Middle East and Asian sovereign wealth funds, and the world's two largest hedge funds. His letter did not name them, but Bloomberg ranks Man Group and Bridgewater Associates as the biggest hedge funds. The LibDem peer Oakeshott said: "We know in the City that Goldmans help themselves before their clients. Now here's the proof. Greg Smith says you get promoted there if you make enough money for the firm and you are not an axe murderer - and the people of Greece and the rest of the eurozone are paying the price after Goldmans cooked their books and Greece joined the euro at an unsustainably high exchange rate. Until this culture is stamped out, Goldmans are not fit and proper to receive a penny of British taxpayers' money or advise our government in any way." Goldman is among the gilt-edged market makers which help to facilitate trading in UK government bonds. Smith claims the fast-track to a Goldman promotion involves persuading clients to invest in stocks or other products "that we are trying to get rid of because they are not seen as having a lot of potential profit"; getting clients to trade "whatever will bring the biggest profit to Goldman" – referred to internally as "hunting elephants" and securing a job trading "any illiquid, opaque product with a three-letter acronym". Goldman has lost the "secret sauce" that allowed it to endure for 143 years and is at risk of losing its clients' trust, wrote Smith: "Goldman Sachs is one of the world's largest and most important investment banks and it is too integral to global finance to continue to act in this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for."

Tuesday, 13 March 2012

Rebekah Brooks and husband arrested in phone hacking inquiry

REBEKAH Brooks and her racehorse trainer husband are among six suspects arrested today by detectives investigating allegations of phone hacking at News International. The former News International chief executive and Charlie Brooks were arrested at their Oxfordshire home on suspicion of conspiracy to pervert the course of justice, sources said. Police are searching several addresses after dawn raids also took place in London, Hampshire and Hertfordshire, Scotland Yard said. Ms Brooks, a former editor of The Sun, had been on bail after being questioned by detectives last summer on suspicion of phone hacking and corruption. Today’s arrest comes after her lawyer, Stephen Parkinson, said evidence given by Sue Akers at the Leveson Inquiry had brought “much prejudicial material” into the public domain.

Taliban fire at delegates visiting Afghan massacre site

 

Taliban militants opened fire on an Afghan government delegation visiting one of the two villages in southern Afghanistan where a US soldier is suspected of killing 16 Afghan civilians. The delegation was talking with families of the victims in Balandi village on Tuesday when they heard shooting, said Qayum Karzai, a brother of the Afghan president who was part of the group. He said he did not believe anyone was killed in the attack, but he had heard reports of one person wounded in the foot. "We were giving them our condolences, then we heard two very, very light shots," said Karzai. "Then we assumed that it was the national army that started to fire in the air." He said that the members of the delegation were safe and were heading back to Kandahar city. An Associated Press reporter accompanying the delegation said the gunfire came from two different directions. The US is holding an army staff sergeant in custody who is suspected of carrying out the killings before dawn on Sunday in two villages close to his base in Kandahar province's Panjwai district, considered the birthplace of the Taliban. Villagers have described him stalking from house to house in the middle of the night, opening fire on sleeping families and then burning some of the bodies. Nine of the 16 killed were children, and three were women, according to Karzai. Taliban spokesman Zabiullah Mujahid vowed to take revenge for the attack in a statement sent to reporters on Tuesday. He said the soldier should be tried as a war criminal and executed by the victims' relatives. Also on Tuesday, hundreds of students in eastern Afghanistan shouted angry slogans against the US and the American soldier accused of carrying out the killings, the first significant protest in response to the tragedy. The killings have caused outrage in Afghanistan but have not sparked the kind of violent protests seen last month after American soldiers burned Muslim holy books and other Islamic texts. Afghans have become used to dealing with civilian casualties in over a decade of war. Some have said the deaths in Panjwai were more in keeping with Afghans' experience of deadly night raids and air strikes by US-led forces than the Qur'an burnings were. But the students protesting at a university in Jalalabad city, 80 miles east of the capital Kabul, were incensed. "Death to America!" and "Death to the soldier who killed our civilians!" shouted the crowd. Some carried a banner that called for a public trial of the soldier, whom US officials have identified as a married, 38-year-old father of two who was trained as a sniper and recently suffered a head injury in Iraq. Other protesters burned an effigy of Barack Obama. "The reason we are protesting is because of the killing of innocent children and other civilians by this tyrant US soldier," said Sardar Wali, a university student. "We want the United Nations and the Afghan government to publicly try this guy." Obama has expressed his shock and sadness and extended his condolences to the families of the victims. But he has also said the horrific episode would not speed up plans to pull out foreign forces, despite increasing opposition at home to the war in Afghanistan.

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