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Friday, 10 February 2012

Barclays caps bonuses at £65,000

 

Barclays announced on Friday that it was capping cash bonuses at £65,000 as it reported a 3% fall in profits to £5.9bn. The bank also admitted it may miss the targets it had set itself for making returns to shareholders. Providing more detail about bonuses than usual, the bank said that the value of bonus per group employee was down 21% year on year to £15,200, while the average value of bonus per employee at Barclays Capital, its investment banking arm, was down 30% to £64,000 - just below the value of the cap. The bank said that annual bonuses for executives and its eight highest paid employees were down 48%. Chief executive Bob Diamond received a bonus in shares of £1.8m in 2010 so, if he is in line with the average, this might indicate that his bonus would be around £900,000. Barclays shares were down 3% at 225.9p in early trading. But the bank admitted that its return on equity was just 6.6% in 2011 - down from 8.8% the year before and well below the target of 13% set by Diamond. "Since setting the target the worse than predicted macro economic conditions, in addition to new regulatory constraints, mean that we may not be able to deliver 13% returns by 2013," the bank said. "We are not satisfied with the return on equity we delivered in 2011 and are committed to delivering steady improvement moving forwards. Our rock solid capital, liquidity and funding positions provide us with the flexibility and confidence to meet the economic and regulatory challenges ahead," Diamond added.

Saturday, 4 February 2012

Canadian woman charged in Gadhafi smuggling plot

 

The Mount Forest, Ont., woman held in a Mexican jail since November in a suspected plot to smuggle Moammar Ghadafi's son and his family out of Libya has been charged with falsifying documents, organized crime and attempted human smuggling. The charges were laid the same day Cyndy Vanier's family released a letter outlining what she calls deplorable conditions endured in the Mexican jail where she is being detained. Vanier, 52, was picked up in Mexico, where she and her husband have a winter home, last Nov. 10 and held without charges until Tuesday when a judge ordered warrants against two women and two men for a suspected plot to whisk Saadi Gadhafi and his family to Mexico. Those four people were Vanier, a mediator specializing aboriginal dispute and president of Vanier Consulting, and three other arrested in the alleged plot. Vanier has been pointed to as the ring leader. The charges were outlined in a press release from Mexico's office of the attorney general, who said its investigation showed a group had attempted to smuggle Gadhafi's son and his family in July but failed. A decision was made to make a second attempt and use another aircraft company to move the Gadhafis. The charges include accusations of falsifying a passport, voter registration card and a birth certificate. A house was bought in Bahia de Banderas, Nayarit, Mexico, to hide the family. There was also an attempt to buy an apartment in St. Regis hotel in Mexico City. The allegations, unproven in court, were linked to the theft of 4,586 passports in 2009. The charges outlined in the news release are for human smuggling, organized crime and counterfeiting three official documents. Vanier and the other female suspect are being held in a federal prison in Chetumal, Quintana Roo. The men are in a facility in Veracruz. Vanier wrote in the letter released by her family that she has been abused and tortured while in custody. Until Wednesday, she had been held on a judge's order. Under Mexico's preventative arrest law, people can be held up to 90 days without charge as investigators gather enough evidence to charge them. Bail is uncommon and not available at all for people accused of serious crimes. Her Canadian lawyer, Paul Copeland, said there was no coincidence as to why the letter was released early Wednesday when Vanier was finally charged. The family had it in their possession for some time, but waited until the detention order was over "so not to prejudice the situation." A spokesman for Minister of State for Foreign Affairs Diane Ablonczy confirmed Vanier contacted the Canadian government to allege she'd been abused in Mexican custody. "Officials have received, but have not verified Ms. Vanier's allegations. Canadians officials are reviewing these allegations and will act accordingly," John Babcock said. "Ms. Vanier faces very serious allegations in Mexico including the falsification of documents, human trafficking and participating in organized crime. Canadian officials are providing her with consular assistance, but Canadians travelling abroad are subject to the laws in the countries they visit. "Canada will continue to interact with Mexican authorities on her behalf as required, and our consular officials are ensuring that her medical concerns are being addressed." In a letter to Canada's foreign affairs department obtained by the CBC, Vanier said a dozen officers took her into custody on Nov. 9 and one of them struck her en route to a detention centre as they drove past her co-accused and lawyers. "I tried to yell out the open window ... and as I did, one of the female officers struck me with her elbow on the lower right side over the kidney. I could hardly breathe it hurt so much ... I started to cry ... and they laughed at me," she alleges. Police accused her of being a terrorist and didn't allow her to call a lawyer or the Canadian Embassy, she said. Vanier said she was also denied access to the bathroom for hours and not given medical attention. Mexican authorities allege Vanier was the ringleader who tried to smuggle the slain Libyan dictator's son, Saadi Gadhafi, and his family into the country by falsifying documents, opening bank accounts and purchasing real estate. Vanier, a vacation property owner in Mexico, said she was in the country with her husband looking to buy property. Police questioned her about her real-estate hunting. Further suspicion arose because Vanier travelled to Libya in July for the engineering firm SNC-Lavalin with a former Gadhafi staffer as her bodyguard. Three other people, two from Mexico and a man from Denmark, have been detained as alleged accomplices. "I have suffered physical, mental and emotional abuse and trauma, and my rights as a Canadian citizen have been violated based on my international human rights as well as the Mexican constitution," she wrote.

Thursday, 2 February 2012

German nationals face death penalty over drug smuggling charges in Malaysia

 

A district court near the Kuala Lumpur International Airport charged the three men on January 13 with drug trafficking, said a customs official who declined to be named. Airport officials arrested the men arriving from Istanbul on January 1 after finding 10.2 kilogrammes of methamphetamine hidden in the bags they were carrying, the official said on Wednesday. He said no plea had been recorded from the three pending the case's transfer to a high court once a chemist report on the drugs is ready. The two Germans have parents from Afghanistan but were born in Germany, while the Moroccan has lived in Germany for 15 years, the official said. Authorities in the Southeast Asian country went on "red alert" late last year following a surge in arrests and drug seizures, tightening passenger and luggage screening.

Times of London Dragged Into UK's Hacking Scandal - Another Rupert Murdoch newspaper being probed, says lawmaker

 

Police are investigating alleged email interception by Rupert Murdoch's Times of London, a British lawmaker said today—dragging Britain's oldest national newspaper into the broadening scandal over press wrongdoing. Labour Party legislator Tom Watson, who helped lift the lid on tabloid phone hacking, released a letter from police confirming they were investigating alleged email hacking by the Times. The 226-year-old Times has acknowledged that a former reporter tried to intercept emails in 2009 to unmask an anonymous policeman who blogged as NightJack. Editor James Harding told Britain's media ethics inquiry last month that the reporter had acted on his own and had been reprimanded. The paper later published the blogger's name, but Harding insisted it had been obtained by legal means. In the wake of the new development, Harding will be summoned back to give further testimony to the judge-led ethics inquiry.

Wednesday, 1 February 2012

Amy Winehouse coroner 'not qualified'

 

The family of singer Amy Winehouse have said they are "taking advice" following news that the coroner who oversaw her inquest has resigned. Camden Council has confirmed that Suzanne Greenaway had stood down because she had not been a lawyer in the UK for the required five years. The council said she had been appointed "in error" by her husband Andrew Reid, the coroner for inner north London. Ms Greenaway ruled that Winehouse, 27, died from accidental alcohol poisoning. She returned a verdict of misadventure. The Office for Judicial Complaints has begun an inquiry into Dr Reid's conduct. Letter of apology In a statement, Winehouse's relatives said: "The Winehouse family is taking advice on the implications of this and will decide if any further discussion with the authorities is needed." Ms Greenaway qualified in Australia in 1999 in September and was a member of the Supreme Court there but she had not worked as a lawyer for the required time in the UK, a Camden Council spokesman said. The spokesman added that the Winehouse inquest verdict remained legal and would only be judged illegal if it was challenged and subsequently overturned by the High Court. Amy Winehouse's father leaves St Pancras Coroners Court Dr Reid said he was writing to all of the families affected to apologise. He said: "While I am confident that all of the inquests handled were done so correctly, I apologise if this matter causes distress to the families and friends of the deceased." He has offered to hold the inquests over again if the families of the deceased request it. During her time as deputy assistant coroner, Ms Greenaway conducted 12 inquests in Camden, but mainly worked from Poplar Coroner's Court. Coroners are appointed by the Ministry of Justice who then interview and appoint their own staff, including in the case of Dr Reid, his assistant deputy coroner. Under the Coroners Act, he must then notify the local authority although it has no power of scrutiny over appointments, a Camden Council spokesman said. The inquest into Winehouse's death heard she was more than five times the drink-drive limit when she died on 23 July. Ms Greenway had said the "unintended consequence" of Winehouse drinking so much alcohol was her "sudden and unexpected death". Three empty vodka bottles, two large and one small, were found at her flat, St Pancras Coroner's Court heard.

The great Asian gold theft crisis

 

Two small faces pull the curtain back in a side room and peer round to see who is at the door. After they run back inside, their mother, Mrs Rashid, unlocks the front door. Five weeks ago, she came home one evening to find the door ajar. The downstairs floor of her house was relatively untouched but upstairs the bedrooms had been ransacked – drawers opened, wardrobes emptied, clothes and belongings scattered everywhere. "It was such a huge shock," she says, sitting on the sofa, her voice breaking slightly. Her husband, Mr Rashid (neither want to give their full names), a big man sitting across the room, shakes his head. "They took it all," he says. The thieves who broke into this semi-detached house in Earley, near Reading, stole around £70,000-worth of gold jewellery. To those who are not from a south Asian family, it might seem remarkable to own so much valuable jewellery, but families such as the Rashids (Mr Rashid runs a small business) live in ordinary houses and are not particularly wealthy. Their gold collection – elaborate necklaces, rings, earrings and bangles – is treasure that has been handed down from generations of their families in Pakistan or bought as wedding gifts. It's our savings, our security, says Mrs Rashid, visibly upset. If, in future, the family needed money, they would have sold some pieces. "It's like paying a mortgage for 20 years and then having a house worth thousands of pounds afterwards – it's the same thing with gold," she says. "Our parents gave it to us, we would have given it to our children, they would have given it to their children," says her husband. They tried to put their gold in the bank, but "there were no lockers available. Everyone is looking for one." With other investments looking distinctly shaky in the economic crisis, last year gold prices reached record levels. In the autumn, an ounce reached a peak price of £1,194; today it is worth around £1,100 and analysts predict it could reach a new peak later this year or early next, as people seek safer investments, and demand for gold jewellery rises with the growing middle-classes in India. Asian gold (sometimes called Indian gold) is a broad term that covers jewellery bought and held by south Asian families, and often passed down through the generations. It tends to be the highest quality – often 24 carats, the purest gold – and it has vastly increased in value, sometimes to the point where a family can't afford to insure it. Thieves know that some south Asian families may have a large collection of gold at home, and it is these houses they target. There are no figures for the number of gold thefts, let alone the theft of Asian gold, but everyone I speak to believes the number of robberies is increasing. Last year, several police forces in areas where there is a large Asian community, such as Leicester and Slough, ran awareness campaigns after a spate of opportunistic robberies – there have been several reports of women who have had their gold jewellery snatched in the street – and burglaries. For a while, an attempted gold theft was a line of inquiry in the murders of Carole and Avtar Kolar in Birmingham in January, though the police later ruled this out. Mr Rashid shows me the window in the downstairs bathroom that was broken, and where the thieves must have got in. He thinks the house was being watched, because he noticed a silver car outside the front some days before. "My family is so frightened," he says. "My kids won't go upstairs on their own, it's a completely different life since it happened." They feel the police have not been very supportive, and they have little hope the perpetrators will be caught. "I was already upset, and a policeman said: 'Your gold must have been melted down by now,'" says Mrs Rashid. "I was even more upset when he said that." The Rashids know of several other families in the area who have been burgled. "A few watches and a BlackBerry were taken, but they were looking for gold," says Vikas Tandon, whose house in the area was broken into in September. "They seemed to know where to look – I am confident they used metal detectors. There were bowls of jewellery in one of the rooms, with real gold and artificial jewellery mixed in together. They only took the gold, so they knew what they were looking for." Tandon has now installed CCTV cameras "to give the family more confidence. The loss of the gold itself is bad, but the psychological after-effects of being burgled are worse. Everyone is scared." A local councillor, Tahir Maher, says: "A lot of residents have been very badly affected. It started in the summer. It is very much Asian families who are being targeted." In one day, he says, five homes in the area were burgled and gold stolen. He went door-to-door warning families to keep their gold in safes, or put it in the bank, "although banks have started to stop giving people safe deposit boxes, so people are keeping their gold at home". It isn't just homes that are targeted. This month, in Bradford, two men wearing balaclavas stole bagfuls of gold worth up to £100,000 – a third man had driven a 4x4 into the back of a jewellers as it was closing up. The terrified staff fled. In areas of Birmingham where there are a large number of Asian jewellers, several shops have been robbed. In the Handsworth area, where many south Asian people come to buy jewellery, there are numerous jewellers. Wedding sets – an elaborate necklace and earrings in 22-carat gold – can cost upwards of £5,000 for a fairly basic design, though the sets I see on display in many of the shops are much cheaper, lesser quality versions. Most of the jewellers have CCTV cameras and metal shutters. One of the jewellers I go into is protected by cameras, a metal grille, bulletproof glass and two time-lock doors. Another jewellers across the road was robbed last year during the day by three armed men. "There were customers in the shop," says the owner, who does not want to be named and is reluctant to go into details. He says there is an increased level of fear among jewellers specialising in Asian gold. "There is a fear daily. This is what we are living with now." Nigel Blackburn is chairman of Lois Jewellery, one of the biggest gold buyers in Birmingham's Jewellery Quarter. The staff behind the counters are busy dealing with a steady stream of customers bringing everything from random old bits of broken chains and odd earrings, to cases full of gold jewellery. It is weighed, the quality gauged, and cash is handed over. I watch some people leave with bundles of notes – one man, who has brought in several kilos of gold, walks out on to the street with nearly £75,000 in £50 notes stuffed into a plastic carrier bag. Blackburn's company buys £4-5m worth of gold every week, and about £500,000 of that is Asian gold. Much of it comes from jewellers wanting to get rid of stock, from owners selling pieces and from smaller dealers selling it on. He shows me a tub of bangles ready for smelting (once molten, they are poured into a mould and come out as gold bars). The prices have rocketed. Six years ago a kilo of Asian gold jewellery would have fetched £6,000; now it is worth £30,000. How much of it is stolen? Hopefully none of it, he says. His staff do what they can – sellers fill out a form before their gold can be bought – but he says: "ID means nothing these days – criminals can forge anything." Mainly his staff rely on judgment. "If someone brings in a gold chain that has been snapped, it could have been pulled off someone's neck," he says. "If someone is out there" – he points to the timelock door where people can be seen before they are admitted – "and they look nervous or they just don't look 'right', that will raise alarm bells. We will not buy from anybody we're not sure of. There are unscrupulous [dealers] round here. They buy it, they melt it and then you can't prove anything." Many of the dealers have smelting equipment, and it can be done in a matter of minutes. Inevitably, sometimes stolen gold "slips through the net. But we've got the CCTV to give the police. We have cameras trained on the scales, so we film everything we buy, and the people who sell it." He works closely with the police and they are called any time he is suspicious of somebody; he was responsible for 14 arrests one week. If there's a robbery, especially in the Midlands, he will be alerted, "so we know what to look out for". Another jeweller in the area who buys gold says she knows of dealers who don't care if they buy stolen gold. She thinks she has been offered stolen Asian gold in the past, "but I refused to buy it. I don't want to make my money in a dishonest way." But there are numerous ways to easily sell gold with few questions asked. "There are places in shopping centres that will buy gold and pay good prices. Even Tesco now buys it," says one jeweller. There is also a wealth of online scrap gold dealers who will pay upwards of £800 an ounce for the finest quality (usually Asian) gold – simply send the jewellery off in an envelope and wait for money to be sent back. "One of the issues is that gold jewellery is often not traceable," says Paul Uppal, MP for Wolverhampton South West, who has taken an interest in the issue of gold theft. "Constituents had spoken about it, and also coming from an Asian family it was word-of-mouth as well. At the moment, it's easy to smelt the gold down and sell it off." Gold sales aren't covered under the Scrap Metal Dealers Act, which requires dealers to keep detailed records of metal received; many think the act is inadequate. It could be updated later this year if a current six-month pilot scheme is a success, but it isn't clear if precious metals will be included. "Anyone can walk into a jewellers and the gold can be smelted down within 20 minutes," says Uppal. "There needs to be some sort of audit trail. I've mentioned it to ministers whenever I can but the problem is, it seems to be viewed in the grand scheme of metal theft. This is quite nuanced, and very specific to the Asian community as well." In Earley, councillor Maher has helped set up a neighbourhood watch-style group aimed at the Asian community worried about gold burglaries. It is still a new scheme, but he says it is growing. "People are looking out for each other," he says. He is working with the police closely because he says his big fear is that "people may take matters into their own hands in a bad way". The way he talks makes it sound like a community under attack – Maher knows of families who have lost tens of thousands of pounds' worth of gold, including elderly people, a single mother and another woman who miscarried after discovering her house had been broken into. "People are living in fear. Mothers were scared to be at home with their children in the day, and older people were frightened of being attacked in the street or followed home," he says. "There is a lot of mistrust. This has cost the community a lot."

Malaya case hears dramatic statement from Fidel San Román

 

The constructor, Fidel San Román, who is now 72, on Monday ratified, one by one, all the payments which the prosecutor considers he made to Juan Antonio Roca, the man who was the Municipal Real Estate Assessor in Marbella Town Hall. As the Malaya case continues in Málaga, the amounts paid by San Román totalled 3.08 million € and were given in exchange for first occupancy licences for the properties he had built in the town. It was a dramatic statement to the court. ‘When the homes were ready to be handed over to the purchasers, the Town Hall told us that the money was needed, and if not paid, things could not move forward’, he said talking about a development of 800 apartments. He told the court that in 2005 alone he paid Roca more than three million € in ‘white physical cash taken out of the accounts of his companies’, and that the payments were normally made in Roca office in Marbella, but sometimes in Madrid. It’s a direct contradiction of claims made by Roca in the case so far. Roca has admitted receiving payments from Fidel San Román, as well as Aifos and Construcciones Salamanca, but said the payments were not made for favours but for ‘advisory work’. Román dismissed this saying his family business had never paid for advisors. The developer is presenting himself now as a victim of blackmail. Not paying would have been ‘business suicide’ and added that he knew that he doing something bad, but that he did not have any other option. The prosecutor is asking for a nine year prison sentence and 48 million € fine for San Román on charges of bribery and money laundering.

Five Britons in court in UK for Mallorca pyramid fraud

 

Five British citizens are in court in the United Kingdom shortly for having allegedly set up a pyramid selling fraud which resulted in 70 residents of Calvià on Mallorca being defrauded out of 12 million €. They are alleged to have captured 150 investors in several countries, promising enormous profits on the stock market from a company called Gilher Inc. The accused are charged with massive fraud, money laundering in Panama and the Seychelles, although they are all claiming innocence. The Serious Fraud Office says the operation started in 2001 and has named the main accused as 60 year old John Hirst, from Brighouse, and Richard John Pollet from Poole, both of whom had luxury villas in Calvià with an active social life. They were members of Mallorca Cricket Club and the Rotary Club, and they offered interest of up to 18%. It was 1.5% return per month, making 18% per annum, and a 2% bonus was paid if invested for a year. Police say that they managed to capture as many as 70 British residents of Mallorca, mostly retired people who often handed over their life savings and sums of between 11,000 and 223,000 €. Similar numbers of victims were seen in France and the United States, who paid over some 12 million € in total under the promise of large profits. Problems started at the end of 2009 when the first complaints about fraud were seen. Hirst and Pollet have both denied the charges when they appeared at Bradford Crown Court in a plea and case-management hearing. Hirst pleaded not guilty to money laundering linked to a 33,000 pound transfer from the Bank of Cyprus to Gilher Inc, and a 428,000 pound investment in Last Second Tickets Limited. His wife Linda, pleaded not guilty to various money laundering charges including one related to the purchase of a 552,000 pound house with her daughter Zoe in Send, Surrey in 2008. All five defendants were granted bail until the pre-trial hearing which is expected on April 20, and Judge Durham Hall has confirmed the trial date has been set for June 18. It’s expected to last eight weeks.

Monday, 30 January 2012

Amsterdam Hells Angels leave clubhouse

 

The Amsterdam chapter of the Hells Angels motor club have left their clubhouse at the H.J.E. Wenckebachweg. The club handed over the keys to the building to city officials at 1030 on Monday morning. A wrecking machine arrived immediately afterward to demolish Angel Place later on Monday. The clubhouse on the H.J.E. Wenckebachweg was home to the Hells Angels for more than 40 years. The city council wanted to redevelop the area and initiated an expropriation procedure. However, the judge ordered the council to pay the Amsterdam Hells Angels 400,000 euros in compensation. It is not yet known if and where they will open a new clubhouse. Amsterdam Mayor Eberhard van der Laan has said he will do anything in his power to prevent the motor club from finding a new place in the capital. He added that Amsterdam is willing to help nearby municipalities bar the Hells Angels following their expulsion. Many of the neighbouring municipalities are concerned the Hells Angels may move into their area. The motor club is suspected of organised crime including drugs trafficking and blackmailing restaurants and cafés. The town of Diemen has already announced the Hells Angels are not welcome there. Daniël Uneputty Unu will resign as president of the Amsterdam Hells Angels on Monday. He said the name of his successor is already known internally, but that the person in question will himself announce his appointment when he is ready to do so.

Spain Declares War on Online Pirates

 

As 2012 began—and less than two months after winning control over the Spanish parliament—the right-leaning Partido Popular passed a controversial new anti-Internet-piracy law that will impose strict penalties on website owners who fail to remove copyrighted material from their sites. Sound familiar? The law, named after the former culture minister, Ángeles González‑Sinde [above], gives the Spanish government nearly the same broad-ranging authority found in the equally controversial Stop Online Piracy Act (SOPA) now wending its way through the U.S. Congress. Owners of the material can now complain to a government commission that can issue an order to block a website's service. The Spanish law was initially brought up for consideration and rejected in 2010. Evidence obtained by the Spanish paper El País suggests that the United States has been pushing hard for a reevaluation of the measure ever since, using trade agreements as leverage to prod the Spanish government to resurrect it. It's no surprise that the United States has shown such interest. Piracy is epidemic in Spain. Thirty percent of the population uses file-sharing sites, often to download Hollywood movies. But there are good reasons to think that the Sinde law will only encourage more of this behavior. Because the law goes after only the content provider and leaves intact an individual's right to a digital copy, it may actually encourage Spanish citizens to use peer-to-peer file sharing, says Rosa María Garcia Sanz, a professor in the department of communication law at the Complutense University of Madrid. In fact, there is little evidence to suggest that the enforcement strategies called for by the new law actually work to stop illegal downloading. France passed a law in 2009, known as Hadopi, or the "three strikes" law. It gives the government the authority to interrupt service for individuals who are caught downloading illegal content after they've received two warnings. Plenty of people took the legislation more as a challenge than a threat; many immediately began avoiding detection, thereby sidestepping the regulation, with the aid of virtual private network servers. The Sinde law will be just as tough to enforce, according to Professor Sanz: "Even blocking domain name system [DNS] sites," she says, "would just encourage users to use alternative and unregulated DNS servers. In other words, there is a real problem of applying the law because it [is] so easy to circumvent the technical barriers used to block users from reaching the websites." The same will likely be true in the United States, where SOPA has been held up in the House Judiciary Committee since last year, and a far-flung group of individuals and organizations have targeted companies that have come out in support of the antipiracy measure. Even the Obama administration has suddenly taken an under-the radar position against SOPA. Developers are already providing tools to circumvent the legislation. The Firefox add-on DeSopa was written as a proof of concept, but if the law is implemented, the add-on would allow users to resolve blocked domains by obtaining an IP address through foreign DNS servers. But these kinds of solutions, which would certainly become popular if SOPA is enacted, carry serious security concerns. They would most likely increase the incidence of DNS hijacking, whereby an attacker redirects queries to a faulty, and potentially malicious, IP address. Security analysts at Sandia National Laboratories, in Albuquerque, raised these concerns in response to both the Senate and House versions of the bill, calling the DNS filtering mandate a fruitless " 'whack-a‑mole' approach that would only encourage users and offending websites to resort to low-cost work-arounds." It's unclear how seriously members of Congress are taking this advice. Indeed, the Obama administration's opposition may make SOPA moot. As U.S. lawmakers pause to catch their breaths after the first rounds of this battle, they might consider taking an even bigger step back to watch how the Spanish effort plays out—to see whether legislation actually brings about the hoped-for result.

How clothes retailer Peacocks ran up £750m debts

 

The retailer Peacocks is the biggest company in Wales to have collapsed in recent years. There are not many firms with a headquarters in Wales with a turnover of more than £700m. A number of reasons have been cited for the failure, including the role of the Royal Bank of Scotland (RBS) during talks to restructure its debts. But the reality is that Peacocks was brought down by the deal that allowed a management buyout in 2006. The context is important here, in 2005 Peacocks was a plc and expanding strongly. A few years earlier it had bought the Yorkshire-based retailer Bonmarche, which had 350 outlets. There were already 418 Peacocks stores at the time. But the chief executive Richard Kirk felt it was not being taken seriously enough by investors in London and he led a management buy-out so the firm could expand at a faster rate. In order to do it, the company borrowed £460m. Heavily criticised The last official company accounts we have date from 2010, and they show that by then the company's overall borrowings had risen to £596m. The administrators KPMG now say the overall debt stands at £750m. That debt is around the same as the overall sales of the group. It means that every pound being taken at the tills is ultimately owed to someone else. The debts became too much for Peacocks which went into administration last week after talks on restructuring part of the debt collapsed. Administrators KPMG say the overall debt stands at £750m The taxpayer-owned RBS was one of the lenders which refused to pump any more cash into the business. Despite being heavily criticised by some local MPs and many of the staff, RBS insists it was not alone in refusing to invest any more. The reason Peacocks' debt rose so much was because of part of its borrowings called Payment in Kind or Pik notes. These have high interest rates, in this case 17% charged on a compound basis, but the interest is deferred and rolled over for repayment later on. When the times are good, they allow companies to grow quickly by putting off repayment. But eventually they have to be dealt with. At the time of the management buyout in 2006, Peacocks owed £150m pounds in Pik notes. In 2010, that debt had risen to £300m. 'Mountain of debt' Before the company went into administration, those Pik notes were said to be worth close to £400m. In a business selling relatively cheap clothing where there are tight profit margins, the banks could not see a way where Peacocks could get close to paying off this debt. In defence of Peacocks' directors, the management buy-out which saddled the company with so much debt was a deal done at the height of the buy-out boom when many similar deals were being signed off. The model works if the company is sold off after a few years at a higher price but in this case the credit crunch and the recession made that difficult. Sadly, it shows that in recent years, the success of one of Wales' most high profile and biggest companies was built on a mountain of ever-increasing debt.

UBS trader denies gambling £1.5 billion in Britain's biggest banking fraud

 

Mr Adoboli, 31, east London, will go on trial accused of losing the cash while working for Swiss banking giant UBS. He spoke only to enter not guilty pleas to two counts of fraud and two counts of false accounting as he appeared in the dock at Southwark Crown Court. Adoboli, wearing a tailored grey suit and dark blue tie, sat forward in his seat and took notes as pre-trial arrangements were made. He said "Thank you, your honour" as Judge Alistair McCreath set a provisional trial date of September 3. "I remand you in custody," the judge told Adoboli. "I or some other judge will hear some application for bail."

Britain's banks slashed $50 billion (£31.8 billion) from their exposure to France, Italy and Spain during the summer as financial institutions ran scared

 

Britain's banks slashed $50 billion (£31.8 billion) from their exposure to France, Italy and Spain during the summer as financial institutions ran scared from Europe's debt crisis, according to the Bank for International Settlements. The latest figures from the Basel-based BIS, "the central banker's bank", revealed that UK banks' total exposure to the three European strugglers had fallen to $430.4 billion at the end of September, against $479.9 billion at the end of June. UK banks' stocks of French, Spanish and Italian sovereign bonds were unceremoniously dumped as bond markets turned on vulnerable European nations. The BIS figures revealed UK bank holdings of French, Italian and Spanish sovereign debt dived 32% to $55.5 billion over the quarter, with holdings of Italian bonds suffering the biggest sell-off. Banks sought safety in German bunds, boosting their holdings by more than $40 billion during the period. The European Central Bank's December move to pump nearly €500 billion (£420 billion) into ailing financial institutions for three years eased the immediate threat of a damaging credit crunch. However, France was stripped of its triple-A credit rating this month, Italy's debt-laden economy is heading into recession and Spanish unemployment broke through five million.

Spain seen heading for recession as economy shrinks

 

Spain's economy looks set to slip into recession after contracting for the first time in two years in the last quarter of 2011, highlighting the challenge for EU leaders as they meet to find ways to boost growth while cutting budgets. The leaders are meeting in Brussels on Monday with the goal of helping Europe's economy but they have to balance austerity with the need to help countries struggling with dismal economic performance. The finances of neighboring Portugal faced fresh scrutiny by markets on Monday and Spain's prime minister said this year's official growth goal would be missed. Gross domestic product in Spain shrank 0.3 percent in the fourth quarter from zero growth the previous quarter, preliminary data from the National Statistics Institute showed, in line with forecasts in a Reuters poll. Spain has massive unemployment -- around a third of the euro zone's unemployed are Spanish -- and a banking sector that has been hobbled by a collapsed property sector.

Saturday, 28 January 2012

Prostitute in French footballer sex scandal launches own underwear range

The prostitute at the centre of the French footballer sex scandal has transformed from call girl to cover girl with a new underwear range. Zahia Dehar made headlines last year when she alleged that top France stars Franck Ribery, Karim Benzema and Sidney Govou had paid thousands of pounds for sex with her when she was just 17. Now 19, she has launched a new line of lingerie at Paris couture week with none other than designer Karl Lagerfeld shooting her lookbook. Advertisement >> Following the scandal, which ruined the reputations of the three stars involved, demand for Zahia soared and she became a lingerie model appearing on the covers of top fashion magazines. Now she has enlisted the help of top French designers including François Tamarin, Bruno Legeron, and Jean-Pierre Ollier to create the couture pieces for her collection. On her Twitter page, Zahia said that working with Lagerfeld had been a ‘dream come true’ while the designer was quoted as saying: “It was fun to do her.” He reportedly added: “She is very French courtesan, like Liane de Pougy or the Belle Otéro.” Ribery, 28, Benzema, 23, and Govou, 31, all faced three years in prison and fines of up to £40,000 for having underage sex. All three eventually escaped jail. Speaking after the scandal, the former prostitute said that Ribery, Benzema and Govou had all treated her “with utter respect” and should be left alone.

Protein Rich Diet Good For Losing Weight,

 

A recent research has revealed that a diet rich in proteins can prove helpful in making a woman to lose weight. The research was conducted by the researchers of the Sydney University. It has further been pointed out by the researchers that a change in the diet plan can lead to improved lifestyle. For the research, a number of women were recruited. The participants of the research were divided into two groups. The first group was provided with the rich carbohydrate diet plan and the other with rich protein diet. Moreover, the participants of the study were advised to meet their dietician regularly and were also asked to go for walk for at least 30 minutes a day. During the study, it was found that the women who relied heavily on a protein diet were successful in losing a significant level of body weight. The participants on protein diet reported of experiencing improved self esteem. Moreover, the iron level of the participants was also good as compared to the women relying upon carbohydrate diet. The researchers are of the view that their findings would bring a revolution in the way the women follow certain diet plans to lose weight. A large number of women are said to rely on carbohydrate diet for losing weight. A diet rich in protein can not only help a woman in losing weight but also helps in improving the immune system as the diet is rich in essential mineral, vitamins and nutrition which are essential for the over al growth of the body. These days, obesity has become a graver issue as many countries are struggling to deal with it. In the previous studies, the obesity has been linked with life threatening diseases like diabetes and heart diseases.

rich Irish still live life with a bang!

 

Not everybody is going broke in Ireland these days. While the bankruptcy courts continue to clog with casualties of the recession, like the Stokes brothers, there still remains a wealthy sector of society flying well above the financial carnage. Preferring to indulge in luxury jaunts outside the country rather than display any largesse at home, they head to places far beyond Irish shores for treasured moments they'll never boast about in the society columns. One such pair headed first class Down Under for a specially organised New Year's Eve treat for two, high atop the Sydney Opera House to view the biggest fireworks display on the planet. It was the ultimate night to remember for the middle-aged couple, and all organised by their personal concierge service -- where discretion comes as part of the package. Though the ranks of Ireland's rich and famous have been severely thinned out by the economic downturn, there are still plenty of low-profile millionaires out there willing to spend big on the finer things in life. Quintessentially, the international concierge service with an office in Dublin, is one such agency facilitating the whims of a wealthy Irish membership -- but nowadays without the flash and brash. The service, opened in Ireland in 2006, is surviving well, despite the downturn. "Our membership numbers in the hundreds," says managing director Wayne Cronin. "Many are entrepreneurs and business executives who travel across different timezones on a weekly basis and want personal assistance at the end of a phone wherever they are." The age demographic runs from 30 to 55 years old, with a 70-30 male-to-female split. The low-profile pleasures of today's rich are a long way from the excess of a 2004 Quintessentially members survey showing the Irish ranked first in the world for spending on property, private jets, cars and the trappings of a luxury lifestyle -- ahead of even the Middle East, Russia, China and the USA. Wishes granted to affluent Celtic tigers in those halcyon days included having a member's prized Aston Martin shipped to South Africa just for a week's holiday. Another client with romance on his mind requested, and got, a private jet painted lurid pink for a unique marriage proposal on a Caribbean island. Quintessentially, started in 2000, is the brain-child of Ben Elliot, a nephew of Camilla Parker Bowles, and film producer Aaron Simpson. Offering "a golden Rolodex capable of lifting velvet ropes worldwide," the operation, built on the personal touch, now has branches in 64 cities around the globe. General annual membership costs up to €1,600 a couple with access to 'all lifestyle requests', with dedicated membership running from €3,250 for a single to €5,200 for a full-time Lifestyle Manager. Elite Membership, costing up to €30,000, is by invitation only and provides an exclusive team of dedicated personal managers in each Quintessentially territory -- a kind of Jeeves for the jaded. Discretion prevents Wayne Cronin from hinting at who Quintessentially's Irish members might be, but stars like Sophie Dahl and Coldplay have been fulsome in their praise over the years. Elton John, David Bowie, J K Rowling and Kate Moss have also been associated with the company. "I rely on Quintessentially mainly in times of crisis. They help me jump the queue," Jemima Khan once observed. Other unusual demands made by wealthy Irish members recently included: sending an entire circus troupe to a client's home for his child's birthday party. And at another kid's party, the company sourced a dozen live penguins to add to the merriment. In the realm of boys' toys, one thirtysomething received the ultimate in high-testosterone gifts taking the controls of an Air Force fighter-jet at 43,000ft. On the other extreme, one couple wanted to celebrate a significant anniversary with a romantic private dinner on an iceberg in New Zealand -- which they got, with first-class tickets out and back. Cronin cites another recent instance where he organised an assistant to travel to Paris to exchange a dress for a client who didn't have the time to go herself. "Time is money to people at this level, and it's clearly worth it to have somebody else do chores like this for them," he said.

Spain takes legal action against Spanair

 

Spain's government has launched legal action against the now-defunct airline Spanair for allegedly violating the country's aviation regulations by suddenly ceasing operations, a minister said Saturday. An estimated 22,000 passengers who had booked seats on more than 220 canceled flights have been left looking for alternative arrangements and instructions on how to seek reimbursements. Spanair, owned by a consortium based in the northeastern region of Catalonia, shut down its operations late Friday because of a lack of funding. The legal proceedings begun by Spain's government could lead to Spanair being fined euro9 million ($11.8 million) for two "serious infringements" of aviation security legislation, Development Minister Ana Pastor said. The alleged infractions related to obligations linked to continued service and passenger protection. Chairman Ferran Soriano said the airline had failed to attract inward investment and consequently the regional government of northeastern Catalonia took the decision to stop providing funds. Spanair, whose hub was Barcelona airport, employed around 2,000 people and used the services of about 1,200 ground staff. Spanair's financial woes were exacerbated by a 2008 crash that killed 154 people. Eighteen people survived what was Spain's worst aviation disaster in 25 years. The airline, which also ran a commuter service between Madrid and Barcelona, was in trouble financially before Spanair Flight JK5022 -- an MD-82 jet -- crashed on takeoff on Aug. 20, 2008 as it tried to leave Madrid bound for the Canary Islands. In 2010 Spanair, which was Spain's No. 4 airline, reported an operating loss of euro115 million ($151.2 million) and had survived thanks to finance provided by the Catalan government and some private investors. The Catalan government cited the "current economic climate" and "European legislation concerning competition" as the major factors influencing its decision. In Brussels, the European Low Fares Airline Association said those of its members flying overlapping routes with Spanair would offer specially discounted fares to enable stranded passengers to return home. Offers are subject to seat availability, said the organization of budget airlines -- which includes Ryanair and EasyJet. The association's secretary-general, John Hanlon, said in a statement the aim was to assist Spanair passengers who were experiencing difficulties with travel plans. National carrier Iberia Spanish Airlines SA said it had also offered to help.

Pilot Strike Affects Scores Of Travelers

 

Ten thousands travelers were left stranded at Spanish airports Friday due to a new strike by pilots of Iberia, the flag carrier of Spain. The strike, part of protest activities that started on Wednesday against the airline’s plan launch a branch for low-cost flights, forced rescheduling 93 out of 277 domestic and international flights, according to a statement by the company. The company affirmed that its new branch “Iberia Express” would affect neither the working conditions or the pay of pilots. The branch, meant to cover the costs of short and medium routes, would generate more revenues and create new jobs, it added. Meanwhile, the airline’s pilot association said it would stage another strike on Monday unless their employer scrapped the low-cost flight plan which would turn the company into a mere provider of cheap service. The pilots staged similar strikes on December 18 and 29, 2011, and on January 9 and 11, 2012, thus forcing some 55,000 passengers of 422 Iberia flights to find alternatives to airline.

Spain's 4th largest airliner goes broke

 

Spain's fourth largest airliner, Spanair, has stopped operations after failing to seal a last minute deal aimed at rescuing the company from financial bankruptcy. Spanair ceased operations on Friday night after failing to negotiate a deal with Qatar Airways who sought to buy a stake in the airline, according to the Catalan regional government in Spain. Over 3,500 employees have lost their jobs as a result of the decision. Moreover, at least 22,000 passengers have been affected as 380 domestic and international flights have been cancelled this weekend alone. Experts report that Spanish regional governments which hold a controlling stake in Spanair have been under pressure to cut costs to help the central government reach budget cut goals this year. Spanair has tried for some years to compete with low-cost carriers operating in the country. Since the economic crisis in Europe began, Persian Gulf oil-producing states have been investing in eurozone companies. There are fears that more delays in resolving the eurozone debt crisis, which began in Greece in late 2009 and infected Italy, Spain and France last year, could push not only Europe but also much of the rest of the developed world back into recession.

Thousands of passengers faced massive travel disruptions across Spain

 

Thousands of passengers faced massive travel disruptions across Spain on Saturday after domestic carrier Spanair cancelled all of its flights Friday night and prepared to file for bankruptcy. The abrupt collapse of the Barcelona-based carrier took place shortly after Qatar Airways walked away from talks to take over the money-losing airline after months of negotiations. "Due to a lack of financial visibility for the coming months, the company has had no option but to cease flying out of a duty of care for the safety of its operation and the well being of all concerned," Spanair said in a statement late Friday. "The appropriate next steps will be taken as soon as possible." More than 200 Spanair flights have been cancelled, affecting over 22,000 passengers. Spain's Public Works Minister Ana Pastor said on Saturday that the government may slap Spanair with about EUR9 million in fines and cancel its airline license due to the sudden cancellation of flights and failure to assist passengers. The Public Works ministry, which supervises the transport sector, said Spanair is required to assist customers and reimburse cancelled tickets. Many affected passengers complained on local television stations that Spanair was struggling to provide flight alternatives or even return the luggage from passengers who checked in shortly before all flights were abruptly cancelled on Friday night. A Spanair spokeswoman declined to comment on specific complaints from customers. The company said it has set up a customer service hotline, while Spain's airport authority AENA is providing passenger support services at the country's main airports. Flagship carrier Iberia Lineas Aereas de Espana SA said it was accepting affected Spanair passengers in its flights and offering lower airfares. Other domestic carriers are also assisting Spanair customers. "The Company would like to apologize to everyone affected by this announcement and thanks the aviation authorities for their help and support," as well as other airlines that assisting affected passengers, Spanair said on Friday night. A company spokesman didn't immediately return calls seeking comment on Saturday. The government of Spain's Catalonia region is Spanair's main shareholder with a stake of 85.6%, while Spanair's former owner, Scandinavian airline SAS AB (SAS.SK), holds a stake of 10.9% of the troubled carrier. SAS issued a profit warning on Friday night. It said that following the decision of Spanair's board to apply for bankruptcy, it will write down EUR165 million of the outstanding debt and receivables on Spanair and set aside another EUR28 million in guarantees and costs linked to Spanair's bankruptcy. "SAS Group will follow customary procedures as a creditor in the upcoming bankruptcy process," the Scandinavian company said in a press release late Friday, adding that it had already reduced the value of its shareholding in Spanair to zero. Created in 1986 with SAS as top shareholder, Spanair was purchased in 2009 by a group of local investors led by Catalonia's regional government, moving Spanair's headquarters from the Balearic Islands to Barcelona. The company, which has more than 2,000 employees, struggled financially in recent years, particularly after the crash of one of its aircraft during takeoff in Madrid almost four years ago, killing more than 150 passengers. As the economic crisis intensified in Spain, the Catalan government sought to keep the Barcelona-based airline afloat as part of an effort to develop Barcelona's El Prat Airport as a regional hub. However, it decided months ago that it couldn't keep supporting the company at a time when the government itself is facing serious financial headwinds, with the Spanish economy mired in its worst crisis in decades amid a deep property bust. Catalonia's financial support also sparked complaints from rivals on grounds that Spanair was getting unfair government support, in violation of European Union rules. In addition to an unprecedented economic crisis with record high unemployment rates, Spanair faced cutthroat competition from discount carriers and the expansion of Spain's high-speed rail network.

Recession causes 2,000 heart attack deaths

 

Since 2002 the number of people dying from heart attacks in England has dropped by half, the study conducted by Oxford University found. But within that, regional data revealed there was a 'blip' in London that corresponded to the financial crash in 2008 and continued through 2009. Heart attack deaths have dropped due to better prevention of heart attacks in the first place with fewer people smoking and improvements in diet through lower consumption of saturated fat. The treatment of people who do suffer a heart attack has also improved leading to fewer deaths with faster ambulance response times, new procedures to clear blocked arteries and wider use of drugs such as statins and aspirin. The research published in the British Medical Journal showed around 80,000 lives have been saved between 2002 and 2008 as deaths from heart attacks declined.

News International offices searched as four more men are arrested

 

Four men, including a serving police officer, have been arrested in connection with Scotland Yard's investigation into payments to police officers by journalists. Police are also carrying out searches of the News International offices in Wapping, east London, and the homes of the four people. A 29-year-old serving police officer was arrested at his place of work in central London on suspicion of corruption and misconduct in public office. The officer, of the Met's territorial policing unit, is the second police officer to be arrested under the Operation Elveden investigation. A 48-year-old man and a 56-year-old man were arrested at their homes in Essex. Another man, aged 48, was held at his home in north London. All three were arrested on suspicion of corruption and aiding and abetting misconduct in public office. Scotland Yard said the arrests were made following information provided by News Corp's own investigation team. Rupert Murdoch set up the management and standards committee in July following the escalation of the phone-hacking scandal. According to well-placed sources, it has been conducting a forensic analysis of payments by all journalists between 2000 and 2006. A statement from the Met police said: "The arrests were made between 06.00 and 08.00 by officers from Operation Elveden, the MPS [Metropolitan police service] investigation into allegations of inappropriate payments to police. "The home addresses of those arrested are currently being searched, and officers are also carrying out a number of searches at the offices of News International in Wapping, east London. These searches are expected to conclude this afternoon. "Today's operation is the result of information provided to police by News Corporation's management and standards committee. It relates to suspected payments to police officers and is not about seeking journalists to reveal confidential sources in relation to information that has been obtained legitimately." All four men were being questioned at police stations in Essex and London, police said. Twelve people have so far been arrested under Operation Elveden. The operation is being supervised by the Independent Police Complaints Commission, and is being run in conjunction with Operation Weeting, the MPS inquiry into the phone hacking of voicemail boxes. It was launched after officers were handed documents suggesting that News International journalists made illegal payments to police officers. Others questioned as part of the inquiry include the former News International chief executive Rebekah Brooks, the ex-Downing Street communications chief Andy Coulson, the former News of the World managing editor Stuart Kuttner, the paper's former royal editor Clive Goodman, the former News of the World crime editor Lucy Panton and the Sun district editor, Jamie Pyatt. Brooks and Coulson are both former editors of the News of the World, which was closed in July at the height of the hacking scandal following revelations that the murdered teenager Milly Dowler's phone was hacked. Deborah Glass, the deputy chair of the Independent Police Complaints Commission, said: "It will be clear from today's events that this investigation is following the evidence. "I am satisfied with the strenuous efforts being made by this investigation to identify police officers who may have taken corrupt payments, and I believe the results will speak for themselves."

Thursday, 26 January 2012

Britain, US and France send warships through Strait of Hormuz

 

This deployment defied explicit Iranian threats to close the waterway. It coincided with an escalation in the West's confrontation with Iran over the country's nuclear ambitions. European Union foreign ministers are today expected to announce an embargo on Iranian oil exports, amounting to the most significant package of sanctions yet agreed. They are also likely to impose a partial freeze on assets held by the Iranian Central Bank in the EU. Tehran has threatened to block the Strait of Hormuz in retaliation. Tankers carrying 17 million barrels of oil pass through this waterway every day, accounting for 35 per cent of the world's seaborne crude shipments. At its narrowest point, located between Iran and Oman, the Strait is only 21 miles wide. Last month, Admiral Habibollah Sayyari, commander of the Iranian navy, claimed that closing the Strait would be "easy," adding: "As Iranians say, it will be easier than drinking a glass of water." But USS Abraham Lincoln, a nuclear-powered carrier capable of embarking 90 aircraft, passed through this channel and entered the Gulf without incident yesterday. HMS Argyll, a Type 23 frigate from the Royal Navy, was one of the escort vessels making up the carrier battle-group. A guided missile cruiser and two destroyers from the US Navy completed the flotilla, along with one warship from the French navy.

Wednesday, 25 January 2012

3 years after US accident, boat washes up in Spain

 

As he swam toward the coast of Nantucket, Mass. in August 2008, Scott Douglas, 58, watched his yellow fishing boat disappear, carried away by the swelling surf. He thought it would be the last time he'd ever see the Queen Bee. But yesterday, more than three years after Douglas and his brother-in-law were tossed off the boat by a wave, the U.S. Coast Guard called to say the vessel had washed up on the Spanish coast. It was rusty and covered in barnacles, but intact. "It looks entirely different," Douglas said upon seeing the photos. "That's amazing." Douglas remembers the water was restless on the day he set out to sea, and the fish weren't biting. He tried to keep the boat stationary, bracing himself as huge rollers crashed into it. advertisement "At all times, it's a very sketchy area," Douglas told msnbc.com. "You wouldn't want to be dumped in the ocean there." But that's exactly what happened when a rogue wave knocked Douglas and his brother-in-law, Rich St. Pierre, off the boat and into a sink-or-swim fight for survival. Douglas remembers thinking the water was not too cold. "The only way I was going to survive was just to get started, not tread water," he said. But swimming didn't come as easy to St. Pierre, 68, who had gone through open heart surgery a year earlier. However, a survival kit containing an inflatable device had been knocked off the boat and floated to St. Pierre's side. It was a miracle, Douglas said, noting that the kit was the only item from the boat in the water with them.  Courtesy of U.S. Coast Guard Scott Douglas, 58, watched his yellow fishing boat disappear in 2008, carried away by the swelling surf. He thought it would be the last time he'd ever see the Queen Bee. Douglas swam for about an hour and made it to shore on Smith's Point, a beach off the coast of Nantucket. Dripping wet and exhausted, he walked up to a cabin and asked to use the phone to alert the Coast Guard. Not long after, he saw St. Pierre walking on dry land. "At the end of the day, it just wasn't our time," Douglas said.  While that marked the end of their ordeal, the Queen Bee's journey didn't end there.  Lt. Joe Klinker, a U.S. Coast Guard spokesman, said the most likely scenario is that the boat somehow got across the continental shelf and into the Gulf Stream. "From there it may drift north off the coast of northern Canada and then east with the North Atlantic currents," Klinker told msnbc.com. He said it's rare, but not unheard of for an object off the coastline of the United States to drift across the Atlantic to Europe. But a boat? "I've never heard of anything like this," Klinker said. Smith's Point Llanes NRoad 1000 miles1000 miles 2500 km2500 km  It's not uncommon, he said, for the Coast Guard to locate derelict ships from Florida off the coast of Virginia, or vessels from Virginia off the coast of Massachusetts, but never in Europe.  The ability to withstand the hardships of the Atlantic has a lot to do with the make of the boat, Klinker said. The Queen Bee is a 26-foot center console fishing boat made by Regulator.  "It probably could have floated for another three years," Klinker said. The Spanish Coast Guard alerted their U.S. counterpart Tuesday. Based on salvage law, the boat now belongs to Spain. Douglas, who is now retired and lives in New Jersey, said he doesn't want the boat back. But with four grandchildren, he has thought about turning Queen Bee's story into a children's book.    "It's interesting to see what life takes and gives," he said.

Eating fried foods didn't hurt the hearts of Spaniards who follow a Mediterranean diet

Eating fried foods didn't hurt the hearts of Spaniards who follow a Mediterranean diet, but the findings are too good to be true for Canadians, experts say.

A study in Wednesday's issue of the British Medical Journal suggests that frying foods in olive and sunflower oils is not associated with an increased risk of heart disease or premature death.

The Mediterranean diet favours fruits, vegetables, fish and whole grains.  The Mediterranean diet favours fruits, vegetables, fish and whole grains. (iStock)

Prof. Pilar Guallar-Castillón from Autonomous University of Madrid and her co-authors surveyed the cooking methods of 40,757 adults aged 29 to 69 over an 11-year period. None of the participants had heart disease when the study began.

The people were asked in a typical week whether they ate food that was fried, battered, crumbed or sautéed. Their answers were divided into categories based on how much fried food they consumed.

During the follow-up period, there were 606 events linked to heart disease and 1,134 deaths.

"In Spain, a Mediterranean country where olive or sunflower oil is used for frying, the consumption of fried foods was not associated with coronary heart disease," the study's authors concluded.

The results directly apply only to Mediterranean countries where foods are fried in a similar way to Spain, the researchers noted.

Spanish participants more active

"When I look at the group of patients evaluated in Spain 10 years ago, they were much more active and fit than we are as Canadians nowadays," said Dr. Beth Abramson, a cardiologist at St. Michael’s Hospital in Toronto and a spokesperson for the Heart and Stroke Foundation of Canada.

And overall, people in the study ate a diet that was heart healthier than a typical North American diet.

The Mediterranean regime favours fruits, vegetables, fresh fish and whole grains.

"Occasionally having some fried food now and then isn't going to be harmful probably in the long run, but routinely frying food just adds to the chance that you're going to become overweight and out of shape," Abramson said.

The investigators only questioned participants about their diet at the start of the study, which isn't as reliable as checking in more often, Abramson said.

Floria Aghdamimehr, a wellness and life coach in Halifax who teaches people how to improve their diet, said the study confirms the value of using olive oil, though sparingly.

The nutritional content of foods changes when they are fried, Aghdamimehr said.

Nutritional changes with frying

"Most of the deep-fried foods people eat in North America … [uses] oil [that] is being recycled — reused several times,” Aghdamimehr said.

In Spain, fried food doesn't equal fast food from restaurants the way it often does in North America, the researchers said.

"Frying leads to an increase in trans fats and a decrease in unsaturated fats in foods," said Prof. Michael Leitzmann of the department of the epidemiology and preventive medicine at University of Regensburg in Germany in a journal editorial published with the Spanish study.

"Frying also increases the energy density of food and makes food more palatable, which may lead to the consumption of larger amounts."

The study was funded by the Fund for Health of Spain, five Spanish regional governments and the Catlan Institute of Oncology.

Underworld bankers Daniel Keenan and Andrew Barnett who laundered £17m of drug money are jailed

 

Two underworld bankers who laundered more than £17million in drug money have been jailed for a total of 17 years. Daniel Keenan, 41, and Andrew Barnett, 45, used a stolen identity to clean up proceeds from a massive cocaine and heroin dealing operation by making currency exchanges They were caught out when police stopped Barnett with £500,000 in cash stuffed into a satchel. The pair were subsequently linked to Ian Kiernan, who was jailed for 20 years in 2001 for his key role in one of Britain's biggest-ever drug smuggling plots. Andrew Barnett (left) and Daniel Keenan (right) laundered the vast proceeds from a cocaine and heroin ring by making currency exchanges Barnett was stopped on 26 November 2009 near Marble Arch carrying a satchel found to contain 535,000 euros in 200 euro notes. He also had a receipt from a nearby money service bureau called Interchange. Convicted blackmailer Keenan contacted the police station a few days later, claiming he had asked Barnett to carry out the transaction, and was promptly arrested on suspicion of money laundering. Investigations revealed Keenan used a stolen identity to set up his Interchange account. Since opening the account in April 2008, Keenan and Barnett had made more than 300 transactions totaling more £17million. The money was generally brought in for exchange in £20 notes in large bags. The pair admitted money laundering but initially claimed the cash came from illicit gambling on horse racing. But after a two-day hearing at Southwark Crown Court they admitted knowing that that bundles of cash had come from drug deals. This is some of the money recovered by police from the pair, who were caught when officers stopped Barnett with £500,000 worth of currency stuffed into a satchel Jailing Keenan for 11 years and Barnett for six years, Judge Nicholas Loraine-Smith said the offences were 'hugely successful' and committed while Keenan was on license from prison. He told Keenan: 'Interchange was visited more than 400 times as you or others delivered cash amounting to a total of £17.5million. 'I accept that initially you thought you were being used to launder the proceeds of illegal gambling. 'But eventually the amounts of money involved must have made it clear that they could only come from the most serious of crimes - sale of Class A drugs. 'You yourself signed for 58 deliveries amounting to £12million while your assistant Mr Barnett signed for about £5 million. 'When police detained Mr Barnett you came up with a number of explanations and produced quantities of false paperwork to try and justify your business which included the use of other people's identities.' Daniel Keenan is here seen on CCTV counting out huge piles of banknotes. Keenan and Barnett laundered more than £17million in organised crime profits Barnett had claimed he was simply acting on behalf of Keenan and was paid £200 each time he want to the Interchange. Drug baron Ian Kiernan had been jailed for 20 years and banned from racecourses for 10 years after a Jockey Club investigation found he was involved in corruption in horseracing. The head of the syndicate, Brian Wright - dubbed The Milkman because he always delivered - was jailed for 30 years in 2007. The link between Kiernan, described as the drug ring's storeman, and the launderers was only discovered in December when police investigated Keenan's mobile phone records. Prosecutor Mark Fenhalls said: 'When Mr Keenan's phone records were looked at they showed that that most of the calls were made to his partner, then his mum, and then Kiernan, in that order.' He was found to have been in contact with Kiernan - who was on temporary licence from HMP Latchmere - on all but one of the days on which transactions of more than £400,000 were processed. Keenan was serving a five-year sentence for blackmail and consiring to defraud the clothes shop Monsoon when he met Kiernan in jail. The court heard Barnett visited Kiernan in prison in 2003, Mr Fenhalls said it was 'inconceivable that Barnett... did not know that he was assisting Keenan to launder the proceeds of cocaine dealing on a vast scale. 'No other explanation or inference sensibly arises from the available evidence.' Barnett, of Twickenham, Middlesex and Keenan, of Egham, Surrey, admitted converting criminal property. Keenan also admitted fraud by false representation, having a fake passport and possession of articles used in fraud, a fake bank card.

Drug smugglers and dealers to get law thaw in UK

 

Drug smugglers and street dealers could avoid prison in the UK even if caught with heroin, cocaine or thousands of pounds worth of cannabis, under new guidelines on drug offenses published by the Sentencing Council for England and Wales on Tuesday. The new guidelines, to come into force next month, on February 27, were put out following a three-month public consultation. They cover importation, supply, production, permitting premises to be used for drug-related activities, and possession offences. "Drug offending has to be taken seriously. Drug abuse underlies a huge volume of acquisitive and violent crime, and dealing can blight communities. Offending and offenders vary widely, so we have developed this guideline to ensure there is effective guidance for sentencers and clear information for victims, witnesses and the public on how drug offenders are sentenced,” said Lord Justice Hughes, deputy chairman of the Sentencing Council, as quoted by the British media. According to the official website of the Council, the guidelines intend to distinguish the leading players in drug smuggling from those in subordinate roles such as drug mules, who may be coerced or misled into carrying drugs. It will mean that sentences are based on a court’s assessment of the offender’s role, and on the quantity of drugs involved, or the scale of the operation. Reports suggest offenders who play a “limited” role in gangs, including low-level dealers and so-called drug mules, who bring narcotics into the country, could now face community orders rather than jail sentences. This particular draft received major support during the consultations. Drug barons playing a leading role in large-scale offences such as smuggling and supply will continue to face long prison sentences, as will those who sell directly to the public, especially to children. Police have suggested that gang leaders would be able to escape jail by claiming that they were lesser members. “How can a court be expected to differentiate between the person who says, I am very low in the chain, and those high up?” questioned Peter Smyth, chairman of the Metropolitan Police Federation, as quoted by The Telegraph. “No matter how big a role I played, if I was in their shoes and arrested for drugs I would say I was a low-level player or forced into it. If they can see a loophole, then of course they will go through it.” Under the new guidelines, dealers caught with 6kg of cannabis, valued at thousands of US dollars, or 20 ecstasy tablets, could now avoid prison and receive a community sentence. Heroin and cocaine dealers deemed to have played only a “minimal” role and workers in small cannabis “farms” could also escape custody.

London hospitals write off 'over 90%' owed by foreign patients

 

London hospitals have written off more than 90% of what they are owed by foreign patients not entitled to free NHS care, BBC London has learned. A Freedom of Information request showed Newham Hospital Trust wrote off 96% of what it had invoiced last year. Meanwhile, Basildon and Thurrock wrote off 97% of what it was owed, having previously recovered £68,061 out of £116,561 of its debt. In total, £7.6m was written off by 33 NHS trusts in the region, since 2009. Across the trusts, a total of £26m is owed by patients, of which £18.4m continues to be actively sought. However, hospital trusts said chasing the money was difficult if patients leave the UK. In a statement, Basildon and Thurrock said: "We scrupulously manage our finances and only write off debt after following the full debt collection process." Continue reading the main story Hospital variations in amount written off Newham Hospital wrote off £345,000 out of £358,000 Basildon and Thurrock wrote off £47,000 out of £48,500 Hillingdon hospital wrote off £335,000 out of £660,000 Luton and Dunstable wrote off 2,000 out of 85,000 South London wrote off £29,000 out of £481,000 All figures relate to 2010-11 All hospitals are required to recover money owed for treating these patients.

Monday, 23 January 2012

Expect more gang violence in London

As the news filtered out -- a series of suspicious fires at shops, parlours and clubs connected to biker gangs, along with a shooting outside a suspected Hells Angels clubhouse -- it seemed logical to conclude that London had unwittingly found itself in the middle of a biker war. That seemed upsetting, but understandable. After all, we've seen this kind of stuff before. It seemed familiar and, in some strangely perverse fashion, almost reassuring. But then London police Chief Brad Duncan revealed police believed the violence was the work of street gangs. Street gangs? Taking on the Hells Angels? That's crazy, right? Yes, it is. And that, as one expert warns, is precisely the problem. "It is audacious," says Irvin Waller. "But street gangs tend to be audacious." A founding executive director of the International Centre for the Prevention of Crime, current president of the U.S.-based International Organization for Victims' Assistance, longtime professor of criminology at the University of Ottawa and the author of several books -- including the influential Less Law, More Order: The Truth About Reducing Crime -- Waller has advised officials in more than 40 countries about how to prevent violence. And when told about our police chief's view that London is seeing a battle between gangs and bikers, Waller issues a dour warning. "None of this," he says, "is good news." Shootings and suspicious fires are, of course, never welcome. But Waller says the very make-up of a street gang -- young men typically, he says, between the ages of 15 and 25 -- is a recipe for recklessness. "These are basically young men who likely dropped out of school, or are not involved in jobs," says Waller. "If they've started to get involved in the drug trade, which would be consistent with what your police chief said, then they're probably carrying handguns for their own protection. And once you start carrying handguns for your own protection, you're living a risky life." Whereas members of the Hells Angels tend to be older, wiser and more dependent on a well-organized hierarchy with established procedures, Waller says street gangs are, by their very nature, more careless and impulsive. This local conflict has likely been triggered, he says, by a desire for a larger share of the lucrative drug market. "Your typical street gang does not have links to Colombia or Mexico, so they are basically retailers of drugs," says Waller. "The Hells Angels may also be retailers, but they've been involved in importing and distributing drugs... The Hells Angels are usually higher up the drug food chain." Waller, who has studied street gangs in Canada and Mexico, adds gang violence often escalates. "Youth gangs are not good news because they end up shooting each other, and other people get hurt," he says. "And there's no doubt there's a lot more violence associated with gang activity in Canada now than there was 15 years ago... Dramatically more." Waller says street gangs and handguns go hand-in-hand. "Now, roughly 20% of homicides are (committed) with a handgun," says Waller. "But if you go back 15 years, it was almost none that were (committed with) handgun." "What will the Hells Angels do?" asks Waller. "I don't know. But these are dangerous acts. And my concern is, where is this going to stop?"

Saturday, 21 January 2012

Galicia offers attractive alternatives.

Since the Middle Ages, the Catholic faithful have flocked to Galicia in the far northwest of Spain to worship at the shrine of St. James in Santiago de Compostela.But a new sort of pilgrimage to Galicia is under way, this one prompted by the excellent potential of the region’s vineyards. As travelers along the Way of St. James know, Galicia can be a forbidding place. Before reaching Santiago, they have to cross mountainous badlands where temperatures can dip well below freezing. On the coast, the landscape turns green and fertile — thanks to torrential rains that can roll in off the Atlantic at any time.

But vines are hardy, often producing the best wines in extreme conditions. Those of Galicia are decidedly different from the stereotypical Spanish wines, those that ripen under a powerful Mediterranean sun, which packs them full of fruit and alcohol.

Rather than power, the wines of Galicia display a lively freshness and considerable elegance. They tend to be medium-bodied, with no more than 12 percent or 13 percent alcohol — unusually low at a time when reds with 16 percent are not uncommon and even whites sometimes top 14 percent. And they often contain a streak of what growers call “minerality” — a nebulous term that, to me, means the fruit doesn’t mask a sense of place.

As consumers grow weary of so-called blockbusters — big wines of indeterminate origin that stain your palate and leave you too dazed to drink a second glass — Galicia offers attractive alternatives.

“For people who say there are only blockbuster wines in Spain, this is the answer,” said Wim Van Leuven, an importer in Mol, Belgium, who specializes in Spanish wines. “It’s really the Atlantic side of winemaking in Spain.”

He added: “Galicia is like a laboratory for the new Spanish generation, even though you can’t make these kinds of wines elsewhere in Spain.”

One of the newcomers, Rafael Palacios, is a member of one of the proudest winemaking families in Spain, with its roots in the country’s best-known wine region, Rioja. An older brother, Alvaro, was the key figure in an earlier Spanish winemaking renaissance, in the 1990s, when he started making world-class reds in the Priorat region of Catalonia.

When Rafael Palacios saw the vineyards around O Bolo, a village in the rugged eastern stretches of Galicia, he saw a similar opportunity to raise the profile of the white wines of Spain.

Perched on precipitous slopes at altitudes of 800 meters or so, around 2,600 feet, these are among the most strikingly beautiful vineyards in Europe. They are also extremely difficult to work, requiring the construction and maintenance of an elaborate system of terraces to protect the soil against erosion. Over the years, many growers who were unable to make much of a living from wine had abandoned their vines.

But Mr. Palacios was convinced that he could make great wine here from the godello grape, a variety that is native to the mountains of Galicia. Godello is what is known as a “neutral” variety, without strong fruit flavors. Instead, in the hands of a skilled winemaker, it is a medium for the terroir to express itself.

After overcoming the suspicions of the locals, who saw Mr. Palacios as an outsider, he started buying up vineyards in O Bolo, the highest part of a wine-growing region called Valdeorras. Many of them contain old vines, which produce the most characterful wine; their gnarly beauty seems like a permanent feature of the craggy landscape.

Mr. Palacios set up his bodega, or winery, in 2004, and he now makes three wines, including an entry-level bottling and a premium offering that blends grapes from several top sites. With the 2009 vintage, he added a third wine, called Sorte O Soro, using grapes sourced solely from his favorite vineyard, near the highest point in O Bolo. (Sorte means “lot” in Galician.)

Tasting Sorte O Soro, which will not be available commercially until the spring, was a bit like spending a day in these vineyards. It is intensely flavored, with a structure and breadth reminiscent of good white Burgundy — a bit like the feel of the afternoon sun at these high altitudes.

UK ticketholder wins £41 Euromillions jackpot

 

Camelot said that the winner scooped the rollover jackpot of £40,627,241 in Friday night's draw although no one has yet come forward to claim the prize. A Camelot spokesman said: "This is fantastic news – we're absolutely delighted to have yet another huge EuroMillions win here in the UK. "We have plenty of champagne on ice and look forward to welcoming the lucky ticketholder into The National Lottery millionaires' club. "Over 2,800 people have become millionaires since The National Lottery began and, to date, our players have raised an amazing £27 billion and counting for National Lottery Good Causes." The success is the seventh biggest UK lottery win. The record is held by Colin and Chris Weir, from Largs, Scotland, who won £161 million on EuroMillions last July.

City drummer Robbie France dies aged 52

 

sheffield-born hard rock drummer Robbie France has died aged 52 at his home in south-east Spain, it has been reported. The Spanish national newsagency EFE quoted ‘family sources’ as saying that the musician, who played with such groups as Diamond Head, Alphaville, UFO, Skunk Anansie and Wishbone Ash, died on Saturday. It said he was buried on Wednesday at Puerto de Mazarron, in the province of Murcia, south of Alicante. Mr France had lived in the Costa Blanca resort for the past three years. He was born in Sheffield in 1959. In the 1970s he emigrated to Australia, returning to the UK in 1982 and joining the hard rock band Diamond Head. Three years later he became drummer with the UFO, replacing Andy Parker. He settled in Puerto Mazaron in 1998 after stints with Skunk Anansie and the German group Alphaville. Last year he published a novel, Six Degrees South, partly set in Mazarron. The report said that the family did not give the cause of death.

Friday, 20 January 2012

Pound Falls Versus Euro, Gilts Drop as France, Spain Sell Debt

 

The pound posted its biggest weekly decline against the euro in almost three months and gilts dropped as French and Spanish borrowing costs fell at their first debt auctions after their credit ratings were cut. The yield on 10-year gilts rose the most in four months as demand for the relative safety of AAA government bonds eased amid signs global growth hasn’t lost momentum. Reports this week showed U.K. retail sales rebounded in December while U.S. initial jobless claims fell to the least in almost four years. Further advances in gilt yields may be limited next week before a report predicted to show the U.K. economy contracted in the fourth quarter of last year. “There are worries that the U.K. economy is heading back into recession,” said Michael Derks, chief strategist at FXPro Financial Services Ltd. in London. “It would not be surprising to see further weakness of the pound against euro in the near term.”

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