Wednesday, 30 November 2011

The top five members of a violent criminal street gang centered around West 137th Street in Central Harlem, are heading to prison.

 

 Leader Jaquan Layne, 21, was sentenced to 20 years to life in prison; his brother, Jahlyl Layne, 18, who oversaw sales of crack cocaine, was sentenced to 7½ to 23½ years in prison; Jonathan Hernandez, 19, convicted of a gang-related shooting, was sentenced to 15 years and 2 months to 17 years and 4 months in prison; Habiyb Mohammed, 31, who packaged the crack cocaine, was sentenced to 15 years to life in prison; and Jeffrey Brown, 20, who sold the crack cocaine, was sentenced to 15 years to life in prison. “The defendants derailed their lives and the lives of the teens they recruited to join their criminal operation, but the damage they inflicted upon these young people and their surrounding community does not have to be permanent,” said District Attorney Cyrus Vance Jr.. “The sentences imposed were fair and thoughtful. For some of the 14 defendants in this case, the sentences are not merely punitive – they also make use of alternatives to incarceration and set achievable benchmarks for particular defendants, such as graduating from high school and staying off drugs and out of trouble. On October 20, 2011, a jury in State Supreme Court convicted the defendants – members of crews known as “2 Mafia Family” (2MF or 2DEEP) and “Goons on Deck” (G.O.D) – on charges related to the running of a profitable crack cocaine operation between June 2008 and February 2011. In addition to the possession and sale of crack cocaine, the defendants conspired to possess semiautomatic handguns, revolvers and ammunition in order to maintain their dominance of the geographic area centered on West 137th Street between Lenox and Seventh Avenues, and to discourage incursions by rival street gangs. With this verdict, all 14 defendants who were indicted on related charges have been convicted.

Tuesday, 29 November 2011

Wife found Gary Speed's body, inquest hears

 

Wales football manager Gary Speed was found hanged at his home by his wife, an inquest was told today. The 42-year-old father-of-two was found dead at his Cheshire home on Sunday morning. Detective Inspector Peter Lawless, of Cheshire Police, told Cheshire coroner Nicholas Rheinberg that Speed's body was found by his wife Louise just before 7am. He said there appeared to be no suspicious circumstances and a post mortem examination found Speed's death was caused by hanging. Mr Rheinberg said: "I adjourn this inquest until January 30, 2012. The inquest will be heard in Warrington and will commence at 2pm." There was a huge media presence at the inquest in Warrington but members of Speed's family did not attend. The coroner asked the media to "respect the privacy" of Speed's family. Earlier today Welsh Assembly Members observed a minute's silence in the Senedd, Cardiff Bay, while flags continue to fly at half mast outside the Welsh Assembly buildings Ty Hywel and the Senedd. Speaking on behalf of the footballer's widow, Louise, and the family, Speed's agent and best man at his wedding Hayden Evans said last night they had been "overwhelmed" with messages of support and condolence. Tributes to the former Leeds United, Everton and Newcastle United midfielder, also poured in from a host of public and sporting figures, led by Prime Minister David Cameron. Mr Cameron said: "I know he meant an enormous amount to people and people feel very, very sad on his behalf and on his family's behalf." The Football Association of Wales chief executive Jonathan Ford said the organisation had received messages from UEFA and FIFA, with the Welsh flag at FIFA House in Zurich flying at half-mast. Mr Ford said: "He was such a great person and he is such a loss." Tottenham winger Gareth Bale, one of the brightest talents in Speed's Wales side, said it was a "massive shock". "It is a tragedy, everyone still can't get their head around it and all our condolences go out to his family and his kids. It is a hard time," Bale told tottenhamhotspur.com. Supporters have left scarves, football shirts and flowers across several football stadiums - including Everton's Goodison Park, Leeds United's Elland Road, Newcastle United's St James' Park and The Millennium Stadium and Cardiff City Stadium, where Wales played their home games. The FAW has opened a book of condolences at its offices in Cardiff allowing fans to express their feelings about Speed's death.

Saturday, 26 November 2011

TWO families are rejoicing after two men held in a Spanish prison were set free after four-and-a-half months

 

Kyle Thain, 24, and James Harris, 29, have been released on bail from Font Calent jail in Alicante.

This has left family members and friends overwhelmed – and they haven’t given up hope of getting them back to Britain for Christmas.

Kyle’s brother Jay, 29, said: “This is the best I have felt in a long while. It’'s amazing news.”

Sharon Harris, 56, Kyle’s mother, and husband Dave, 58, sold their Southend home to help fund the legal fight.

Yesterday, £8,000 was transferred to Spain for each of the lads’ bail.

Kyle of Sandringham Road, Southend, and James, of Pelham Road, Southend, have been held without charge since July 8. They are accused of attempted murder after two men were stabbed during a bar brawl near Alicante, close to where they were staying on a lads’ weekend away. They were arrested as they went to board the flight home.

The two pals have always maintained their innocence and insist they did not even set foot in the bar where the violence took place. Their families are convinced there has been a terrible case of mistaken identity.

Kyle and James are now due to leave prison today once funds have cleared. Jay and Sharon will fly out tomorrow where they will be reunited with Kyle and James who will stay with James’s mother Kate Burgess who has been in Spain since their arrest.

The decision on bail was finally made after a judge was presented with evidence that has been available all along.

Jay said a previous solicitor had told a judge that Kyle and James had pictures of them at their apartment around the time of the bar fight.

The new solicitor apparently put the time and date stamped pictures in front of the judge and said they convinced him it was sufficient evidence to at least release Kyle and James from jail.

A previous bail application in September was denied earlier this month and Kyle’s mum Sharon said she was beginning to prepare for Christmas being a “non-event”.

But now the two families are looking forward to trying to clear the names of Kyle and James once and for all.

Jay, also of Sandringham Road, added: “This is a really positive step in the right direction.

“The aim is to try and get them bail to the UK and to continue fighting for the case to be dropped completely.”

Since Kyle and James were arrested family and friends in south Essex have rallied in support with fundraising events netting thousands of pounds for the legal fight.

Spanish savings bank directors suspected of fraud

 

Spanish savings bank has fired two directors and is investigating two former executives for allegedly syphoning off €20 million ($26.5 million) into secret pension funds, the bank said Saturday. The board of directors of Caixa Penedes bank had "required the departure" of its president, Ricard Pages, and director general Manuel Troyano. It said both men had agreed to leave, the bank said in a statement. The decision comes after state prosecutor for the northeastern region of Catalonia, Teresa Compte, said her office was investigating all four on suspicion of involvement in illegal activity. Regional newspaper La Vanguardia said the case was the first time prosecutors had investigated senior executives for "criminal responsibility" in their handling of a savings bank. The prosecutor named the other two former executives as Joan Caellas and Jaume Jorba. Caixa Penedes along with partners Cajamurcia, CajaGRANADA and SA NOSTRA owns Banco Mare Nostrum, S.A. (BMN). The group received €916 million ($1.21 billion) in restructuring aid from the Bank of Spain's Fund for Orderly Bank Restructuring (FROB). The fund was set up to aid institutions meet higher reserve requirements and is aimed at strengthening their finances and quelling fears that Spain might be Europe's next country to need a bailout. Caixa Penedes said its board "disapproved of the content, method, lack of transparency, unusual nature and disproportionate size" of the remuneration package the four directors had helped themselves to. The pension funds were set up in another institution without the knowledge of Caixa Penedes's board. Ignacio Fernandez Toxo, spokesman for trade union Comisiones Obreras said that if the money could be recovered it could help offset the €45 million ($59.53 million) in wage bill savings BMN had recently said it would seek from its work force. He said many BMN employees are members of Comisiones Obreras. The investigation comes as Spain is burdened with an unemployment rate of 21.5 percent — nearly 5 million people out of work — the eurozone's highest. The country's borrowing costs have also risen to an almost unsustainable level of 7 percent interest rate on 10-year bonds. An auction of 12- and 18-month bonds last week also went badly, with Spain forced to offer very high interest rates to investors.

Friday, 25 November 2011

A woman claiming to be the ex-wife of Colonel Gaddafi's captured son Saif al-Islam has emerged in Ukraine with extraordinary stories alleging domestic violence and womanising.


Nadia, a blue-eyed brunette claims to have met him when she worked as a stripper in a top Moscow nightclub, and says she is currently in hiding, fearing for her life.

She claimed that as she prepared for marriage to Saif, she had to fly to Paris to have an operation to 'restore' her virginity. '

'The doctor proved my innocence in the presence of Saif's aunt. Then I embraced Islam,' she added.

'I tried to have a normal family, but Saif wanted to live as a single man with lovers and orgies,' she said in a Ukrainian newspaper interview.

While there is no proof of her claim of have married and divorced Saif after two years, her claim appears to be taken seriously in Russia and Ukraine.

If she is who she says, she could be a key witness at his trial whether it is in Libya or under the jurisdiction of the International Criminal Court.

One aspect of his trial is likely to be his alleged friendship with a number of prominent British figures, including Prince Andrew, Tony Blair and Lord Mandelson.

High life: Nadia claims playboy Saif loved luxury and money and was a womaniser. He is pictured here at the Viennese Opera Ball in 2006

High life: Nadia claims playboy Saif loved luxury and money and was a womaniser. He is pictured here at the Viennese Opera Ball in 2006

'Our house looked like more as bordello: a lot of his friends and a lot of women,' she said.

'We got married under religious traditions, I embraced Islam for that, but nobody treated me as the mistress of the house.

'There was no respect at all. My husband tried to make me a submissive Eastern woman, and I couldn't stand that attitude.

 

 

'That broke me, ate me from inside. And what's more important, Saif took drugs and he couldn't control himself when he was under narcotics.

 

 

 

'He had certain sexual perversions in sex, for example, he liked to do it in public. I understood that we couldn't live together.'

Nadia, who is believed to be 29, claimed that their relationship ended after a furious row in a restaurant which culminated with him beating her and throwing her out of a window but she miraculously survived.

She claimed she was in a coma for 47 days, and that Gaddafi - who acknowledged her but never started a conversation with her - was outraged by his son's behaviour.

Gaddafi was known to have employed Ukrainian nurses in his medical team, but until now it was not known his second son has a wife from the former Soviet country.

Arrested: Sair al-Islam Gaddafi sitting with his captors in Obari airport on Saturday

Arrested: Sair al-Islam Gaddafi sitting with his captors in Obari airport on Saturday

Of Gaddafi himself she said: 'About me being in hospital, he was in a fury. He kicked Saif away to the desert. It could spoil the reputation of the family that was already not so clean.'

She left Libya and returned to Moscow. 'The last time he came was in 2008, and he suggested that we lived together again ~ but I was cold to him by that time.'

Nadia said she was working in Moscow until 2010 but a mutual friend then told her to disappear or she could face danger.

She claimed that Saif could not have replaced his father. 'He was afraid of his father, as of fire. And Gaddafi, I think, despised him for internal weaknesses.'

The fall: Saif al-Islam sits after his capture, with his fingers wrapped in bandages and his legs covered with a blanket, at an undisclosed location

The fall: Saif al-Islam sits after his capture, with his fingers wrapped in bandages and his legs covered with a blanket, at an undisclosed location

Playboy Saif loved luxury and money. She said: 'He was cheating on me all the time.'

Nadia - it is not known if this is her real name - is apparently in hiding in the Crimea where she says she is fearful of his enemies. 'I don't know any secrets, but still I'm scared,' she said.

She claims not to be rich but for Saif 'it was all in a day's work to spend $20,000 (USD) at a restaurant.

'When we separated I had only luxurious earrings which I managed to sell for $1million. I lived in Moscow on this money. Now almost nothing is left.'

Her most recent interview was with Ukrainian paper Respubika. It was made shortly before his capture.

'I thought Saif would turn my life into an Eastern fairytale,' she said. 'It didn't work.'

Saif panel

 



Thursday, 24 November 2011

550 kilos of cocaine hidden in bananas intercepted in Algeciras

 

National Police have found more than 550 kilos of cocaine hidden in boxes of ‘top quality bananas’ which were being introduced into Spain via the port in Algeciras. The drugs were hidden in the plastic linings inside the cardboard boxes containing the bananas, found in containers which had come from Ecuador. The drug runners benefitted by the quicker customs procedures for fruit. 11 people have been arrested in Madrid, including the alleged head of the gang. The police investigation started in the middle of last year as a group of Ecuadorian and Colombian men who were planning to send a large amount of cocaine from South America to Spain were uncovered. The members of this gang had top security measures to avoid detection by the Police. Thanks to the methods discovered in that organisation, with the drug hidden in the plastic, it has been possible to make these latest arrests.

Five injured in Canary Island Hotel gas explosion

 

Five people have been injured, four of them seriously in a gas explosion in a hotel in Gran Canaria. The propane gas escaped during transfer of the gas from a tanker to the Hotel Cordial on the Playa de Mogán and caused an explosion which led to a fire. Five people were affected by burns, four of them are reported to be in a very serious condition, according to the emergency services coordination centre. Four of the injured are workers from the hotel and the fifth is a foreign tourist. The driver of the gas tanker escaped unhurt as he was on the other side of the tanker when the explosion happened. 1,000 tourists were evacuated from the hotel after the blast. They will be allowed back after fire experts have inspected the building. The emergency services were alerted just after 9am on Wednesday, and they immediately sent a medical helicopter, five ambulances and a rapid intervention vehicle to the scene.

Tuesday, 22 November 2011

Don't just book it, Thomas Cook it. So runs the slogan. Would you

 

Don't just book it, Thomas Cook it. So runs the slogan. Would you? Here's interim (that's reassuring) chief executive Sam Weihagen doing his safe-as-houses routine: "It's business as usual. We are trading within all our covenants. We have all the protection in place like any other travel company, and customers should not worry at all." Well, not quite like any other travel company. Thomas Cook of course holds an Air Travel Organisers' Licence from the Civil Aviation Authority which means customers should get their money back in the event of calamity. But the simple fear of being stranded a week after passengers of Austria's Comtel Air had to bribe pilots with £20,000 just to return to Birmingham is bound to unsettle would-be customers. There's a circle at work here and it is vicious. Given the choice between a similarly priced holiday with Thomas Cook or, say, Thomson, why would you risk the former? To counteract this, Thomas Cook might have to slash prices. That will eat into margins, cut profits and put banking covenants at risk. It might very quickly find it needs to borrow even more money. The company insists: "This is a robust business that has a strong future". We'll see.

Police were in dark over foreign axe killer living in UK

 

COPS did not know an East European axe murderer was living in the UK until he caused a killer car crash, a court heard yesterday. Intars Pless, 34, hacked through a friend's throat in his native Latvia, then moved to Britain after he got out of jail. But Lincoln Crown Court heard police can only check a foreign national's record if they break the law here. So Pless's horrific crime came to light only after he drove into moped rider Valentina Planciunene, 37, while over twice the limit. Stuart Lody, prosecuting, told the court: "On the night of Valentine's Day he decided it would be a perfectly good idea to drink a very large quantity of whisky. Surprised "He and a friend spent a considerable period of time drinking whisky and driving around. "During the driving he was possibly drinking whisky as well. An empty whisky bottle was found in the boot of the car. "At the time of the collision he was heavily under the influence of alcohol. His ability to drive would have been severely impaired." Pless was convicted of causing death by dangerous driving after the jury heard he left her dead in the road in Wyberton Fen, Lincs. He was told he faces a long jail term. The judge also called for his deportation.

Thomas Cook is running low on cash and has begun talks with its banks

Thomas Cook
Thomas Cook planes parked at Munich airport last year. Photograph: Alexander Hassenstein/Getty Images

Thomas Cook is running low on cash and has begun talks with its banks, in an effort to increase its borrowings to tide it over the slow Christmas season.

Shares in the tour operator fell by more than three quarters on Tuesday morning after it admitted that trading has "deteriorated" in recent months. It is now seeking to borrow more in the short term, and has postponed the publication of its financial results until the talks are concluded.

Shares in the company, which abruptly lost its chief executive three months ago, tumbled by more than 75% to 9.3p at one stage.

Tour operators tend to run low on cash in the slower winter months, but even so, the news stunned the City. Only last month, Thomas Cook said it had agreed a further £100m in short-term funding from its banks explicitly for the winter lull.

A spokeswoman said that discussions with banks were merely a "prudent" and "pro-active" move. Thomas Cook still has cash in the bank, she said, but wants to be prepared for any unexpected shocks over Christmas. All customer orders are protected by the ATOL protection scheme and equivalent programmes, she added. "Thomas Cook still has cash on the balance sheet, but because conditions have deteriorated further [since October], particularly around trading, some of that extra funding has been used up. Thomas Cook feels it needs more headroom to be prudent," she said.

Interim CEO Sam Weihagen added: "It's business as usual. We are trading within all out business, and financial, covenants, we have all the protection in place like any other travel company, and customers should not worry at all."

The company is seeking roughly £100m more in its latest talks. It made the decision to renew talks with banks on financing after realising the scale of the recent downturn in an internal trading update meeting yesterday.

Chicago cops accused of working for Latin Kings held without bond

 

Two Chicago police officers accused of committing armed robberies at the will of alleged Latin King members were ordered held without bond Monday. Alex Guerrero, 41, and Antonio C. Martinez Jr., 40, were the ones in handcuffs Monday afternoon, appearing before a federal judge in orange Porter County jumpsuits. The duo were named in a 46-page indictment unsealed Friday that alleges a racketeering conspiracy among fifteen Latin King gang members or associates. Guerrero's attorney, Kevin Milner, fought for his client to be on home detention. He said his clients' parents offered to put up their $175,000 Chicago home for their son's pretrial release. "For Mr. Guerrero to violate his bond, his parents would be on the street homeless," Milner said. "I've known Mr. Guerrero for 15 years. He would rather slit his wrists than do that to his parents." Milner claimed there was no evidence against Guerrero, and that the father of six had no criminal record. According to the indictment, Guerrero and Martinez Jr., committed armed robberies of drug dealers in Illinois and Indiana while in uniform and under the guise of performing legitimate police operations. They allegedly turned over the drugs and money to the Latin Kings in exchange for about $10,000 in kickbacks. Assistant U.S. Attorney David Nozick argued that Guerrero and Martinez were dangers to the community after using Chicago police vehicles, service weapons and uniforms to rob people at gunpoint. Nozick also said Guerrero was a flight risk, as his wife has family in Mexico and he faces up to life in prison.  Magistrate Judge Andrew Rodovich ordered Guerrero held without bond. Milner said they were disappointed with the decision, and that his client would be sitting in jail for at least a year pending trial for a crime he did not commit.  "I don't know who will give him that year back," Milner said. Martinez Jr., did not contest being held pending trial.

Police on the Costa del Sol were yesterday hunting a gang who stole £1million of cocaine from a warehouse where authorities held seized drugs before destroying them.

Police on the Costa del Sol were yesterday hunting a gang who stole £1million of cocaine from a warehouse where authorities held seized drugs before destroying them.

The thieves used laser equipment to cut through the metal doors of the store in the docks at Malaga, the capital of the southern Spanish holiday coast. 

They struck when there were no security guards on duty and  it had been left to the paramilitary Civil Guard to watch the building.

The drugs were being stored in a warehouse in Malaga when the thieves struck

The drugs were being stored in a warehouse in Malaga when the thieves struck

 

Drugs seized by police and customs are stored there for tests to be carried-out before the courts issue orders to destroy them.


Monday, 21 November 2011

Prison for man who left €5,000 bill at Marbella hotel



 

A MAN has been sentenced to a year in prison for failing to pay a bill of more than €5,438 at a luxury Marbella hotel. He had been staying at the Marbella Club on the Golden Mile for a week in September 2003 and during the stay, used different services which amounted to €5,438, which he left without paying. The hotel made a formal complaint but the trial wasn’t held until this year mainly due to difficulties locating the man. He admitted that he has stayed at the hotel but had refused to pay the bill because he thought it excessive for the services he had received. His lawyer maintained that he attempted to reach an agreement with the hotel, which the manager claims that he had shown no intention of paying, and that until the day of the trial, when he handed in €3,349, he hadn’t received any money from him. The judge considered that the man had intended to commit fraud and he was sentenced to two years in prison and the payment of the bill plus interests. He appealed, and Malaga Provincial Court, although maintaining that he intended to commit fraud, reduced the sentence by one year because he had attempted to repair some of the damage by bringing a large part of the money he owed to the trial to give to the hotel.

Sunday, 20 November 2011

shiny Audis and BMWs that still line the narrow streets of Benalup are a reminder that this Andalucían country town once boasted the greatest number of luxury cars per head in the south-western province of Cádiz.

Benalup Street Andalucia Spain
 Photograph: Tracey Fahy /Alamy

The shiny Audis and BMWs that still line the narrow streets of Benalup are a reminder that this Andalucían country town once boasted the greatest number of luxury cars per head in the south-western province of Cádiz.

These days this charming place, set bull-rearing countryside inland from Gibraltar, holds a different kind of record: not only the worst unemployment rate in the country, but the worst in Europe.

"I don't know whether they can fix this," said 19-year-old Juan Carlos Gutiérrez, one of hundreds of young people who dropped out of school and now drift between part-time work, training courses and the dole queue. "I've picked asparagus and worked in a packing factory, but the jobs never last. The future is screwed."

"Everyone our age is out of work," agreed Nora Pérez, 22, as she waited for the hearse bringing her grandmother to her funeral in the picturesque square of Our Lady of Perpetual Help. "My father went to Germany when he was young. Our generation may emigrate as well. Some of my friends have already left."

A grey-bearded, bespectacled man grins from a campaign poster overlooking the tiny ornamental gardens and bandstand on San Juan Street and calls on the people of Benalup to "sign up to change". He is Mariano Rajoy, the conservative People's party (PP) leader set to become Spain's prime minister at the general election on Sunday.

Rajoy will inherit a country in crisis. Growth is zero and unemployment has hit 23%. In Cádiz province, one in three is jobless. In Benalup 1,500 adults are without work. In a country where 46% of the under-25s cannot find employment, Benalup's unqualified youngsters are getting desperate.

"Many got into debt when times were good, buying houses and cars and starting families," says Ricardo Jiménez, who runs the local branch of the Catholic charity Caritas. "Families are very close and help one another out, but we already help 80 families and more come every month. Some are asking for help to feed their babies," he said. That means almost 5% of the town needs church handouts.

Others are handed money by the town hall or given whatever jobs local politicians can invent. "If we have to dig a ditch we do it by hand, rather than with a digger, because that way we employ more people," said councillor Manuel Moguel.

When Luis Moreno, 23, left school five years ago there was no need to worry about finding a job. All you had to do was walk on to a building site. "It was very simple," he says.

Now he receives €526 (£450) a month to attend a training course designed to turn a dozen locals into graphic designers, though design jobs are not plentiful in Benalup. "We have to learn new skills," he says. He is one of the lucky ones. Courses like this are heavily oversubscribed.

As markets demand ever higher interest payments for lending Spain money, and the European Union instructs its politicians to slash its deficit, public money is drying up. Yields on Spanish debt have now overtaken Italy's and soared to the same levels at which Greece and Portugal needed to be bailed out. And if Spain – a much larger economy – fails, then it may bring down the euro.

Spain's biggest problem remains the money owed to banks for property or land bought during a decade-long boom fuelled by cheap credit. The rows of unsold new homes in Benalup are evidence of Spain's housing bubble, which burst in 2008, leaving 700,000 unsold new houses on the market.

By 2004, more than 80% of Benalup's labour force worked in construction, building homes or holiday apartments along the nearby Mediterranean coast.

"Kids left school at 16 because they could earn €3,000 a month working a three-and-a-half-day week," says Moguel. "I had university-trained engineers working in my company who were earning less than that."

As money poured into people's pockets, the number of banks in town doubled. La Caixa, a newly arrived savings bank, started a local lending war – its manager winning awards. "Kids were buying houses and cars with the loans. And those who already had a house bought another one," says Moguel.

Now the town is plastered with "For Sale" signs from Servihabitat, the real estate branch of La Caixa, which is repossessing properties – though owners must still pay off their full debt after homes have been taken away. "That's unfair. You can't have a bank saying your home is worth €180,000, lending you the money and then repossessing it at half that price," says Moguel, a Socialist. He is uncomfortably aware that Spain's torrid affair with speculative capitalism happened largely on the watch of the Socialist government led by outgoing prime minister José Luis Rodríguez Zapatero.

Even in Benalup, where the Socialists once won 90% of the vote and which still remembers the bloody suppression of an uprising by local anarchists in the 1930s, the vote is now sliding to the right. "It used to be tough in this town to be from the People's party, but we won 43% of the vote at municipal elections in May," says Vicente Peña, a 40-year-old veterinarian who heads the party's local branch.

Peña delivers the same diagnosis of Benalup's ills as his Socialist opponents. "Too many people dropped out of school to become bricklayers. They can't even write a sentence properly."

Vicente Ruiz, owner of the El Buyí bar, will vote for Rajoy. "When Caritas is the biggest employer in town, things are really bad," he says. "It is shameful to have to ask for charity. What we need is a Mrs Thatcher."

Public money is being spent on silly projects, clients in his bar agree. "I've had 60-year-old women coming to bricklaying courses," says one, Nicolás. "It is ridiculous, but they each get their own overalls and hammer."

Peña says that, among other things, people will have to go back to the land. But even there things are going badly. Local horses, bred at stud farms set up as a trophy hobby by nouveau riche local builders, are now being sacrificed for meat and exported to dinner tables in northern Spain.

Pura Raza Española ponies are going for €150. Even fighting bulls are on the decline. "Town halls subsidised many bullfights," says rancher Salvador Gaviria. "But now they have no money, so the market is sinking." The number of bullfights across Spain has fallen by a third as a result.

Benalup is too far inland from the beach to attract tourists. A golf resort set up by a Belgian company, Fairplay, is said to be struggling. The Hotel Utopia, a boutique-style establishment that opened recently, was almost empty this week.

Spaniards hope Rajoy, who has been deliberately ambiguous about his austerity programme and liberal reform plans, can fix their problems. "If changing to Rajoy is going to solve everything, then why haven't the markets – which know he is going to win — shown they trust him?" asks Moguel.

Rajoy will come under immediate pressure to reveal how he plans to square a budget that needs some €41bn of savings next year. Those must come on top of austerity measures already imposed by Zapatero, who cut civil service pay and froze pensions.

Alberto Ruíz Gallardón, PP mayor of Madrid and a probable minister, has called on the socialists to hand over power quickly. "It could be dangerous to prolong the caretaker period," he says.

But parliament does not meet again until 13 December and it may take another fortnight to appoint Rajoy formally. Even if he takes over immediately, jobs are unlikely to reappear in Benalup.

Fortunately it retains the Cádiz tradition of laughing at adversity. Benalup's carnival musical groups are already practising the typicalchirigota songs that parody the powerful. Rajoy, Angela Merkel and the European Central Bank can all expect to feature in them by the time carnival comes around in February.

British bonds win 'safe haven' tag in eurozone debt storm

 

British government bonds are attracting strong support, in sharp contrast to their troubled eurozone peers as investors seek a safehaven from a debt crisis now spreading to Italy, Spain and even France. British government bonds, or gilts as they are known, are in huge demand largely because the Bank of England is buying them up with newly-created money that it hopes can in turn be used to stimulate an anaemic economic recovery, analysts say. But investors are also reassured by the British coalition government's determined efforts to slash state debt and avoid the severe troubles that have snared the crisis-hit eurozone trio of Greece, Ireland and Portugal.

TWO MILLION EUROS CLAIMED AFTER CANCELLED STONES CONCERT

The council are seeking to claim a total of 2,251,000€

The PP mayor of El Ejido in Almería, Francisco Góngora, has criticized the "negligence" of the former government team and announced that the city council are to begin legal proceedings against the promotions company who were to stage a concert by the Rolling Stones in 2006.

Following the findings of "many irregularities" in the case, the council are now seeking to claim a total of 2,251,000€, which they feel they are owed, in view of the cancellation.

The announcement was made at a press conference in which Francisco Góngora claimed that there was a “contractual obligation” by the promoter to ensure that the concert went ahead and that even if the company were insolvent, then they would seek recompense from the individuals responsible for the incomplete commitment made to the previous government team.

Information indicates that there was a contractual clause that stipulated that insurance must be provided that should the concert be cancelled, then the promoter would be able to repay any money owed, in full, through an insurance claim. It is believed that this insurance was never provided.

Although some money is said to have been returned, it was only about half of the 4.176 million euro that the city had paid for the organisation of the concert.

There also appears to be a lack of information as to where the money actually went and who might be accountable for the cash given to the company by the council. There have also been allegations made that this whole case could be part of a much wider campaign of both political and corporate corruption.

Now, reviewing the clauses of the original contract, it has been found that the rights to claim the money back would expire after 15 years.

Góngora, also stated that there were economic losses of 2.6 million euro recorded after the second concert by the Rolling Stones in El Ejido held in 2007, which were due to "mismanagement" whereas the projected ticket sales were calculated at 60,000 attendees, but only 20,000 tickets were actually sold.

Referring to the award of the second contract by the previous council, Góngora  stated that "despite the failed previous contract they rehired the same company for four million euro of which they did not deduct anything owed," continuing that he considered the failings to be down to the complacency of the previous PSOE government.

The Ministry of Interior for Andalusia had already imposed a 60,150 euro fine on the organisers for breaching the rules on show cancellations in failing to return ticket money within the maximum four days which is set out by the governing body. In actual fact, it took several weeks for the organisers to return the money raised on the 50,500 tickets sold for the cancelled concert.

Hunted down: Saif al-Islam Gaddafi looks dejected and withdrawn following his capture

Looking haggard and fearful, Saif Al Islam Gaddafi cowers in terror after his capture by Libyan fighters yesterday.

His old swagger gone, the British-educated son of Colonel Gaddafi was clearly terrified that he might encounter the same fate as his father, who was killed a month ago.

Saif could yet face the death penalty for his crimes, but Libyan officials promised he would, at least, receive a fair trial. That trial could prove highly embarrassing for influential British figures – including Prince Andrew and Tony Blair – if Saif reveals details of the close links he enjoyed with them.


Hunted down: Saif al-Islam Gaddafi looks dejected and withdrawn following his capture

 

The 39-year-old former playboy and womaniser was captured trying to flee across the border into Niger. A mob of angry protesters tried to storm the plane but were beaten back by soldiers under orders to keep their prisoner alive so he could face justice.

Only three weeks ago Saif had vowed to avenge his father’s death, declaring defiantly: ‘I am alive and free and willing to fight to the end.’

 

 

But last night he was facing the likelihood of trial in his own country –  or extradition to the International Criminal Court in The Hague on charges of crimes against humanity. 

Thousands of Libyans celebrated in the streets after hearing that the fugitive, who remained loyal to his father’s murderous regime to the end, had been captured without a struggle.

The dictator’s heir was intercepted near the oil town of Obari as he tried to reach the frontier in a 4x4 vehicle, accompanied by three bodyguards. 

Desert fighters acting on a tip-off fired into the air and ground to bring the car to a halt.
As they checked the identity of those inside, Saif told them his name was Abdelsalam – which means ‘servant of peace’ – but he was immediately recognised and taken away by the fighters.



Saturday, 19 November 2011

Saif al-Islam Gaddafi after his capture, his fingers wrapped in bandages and his legs covered with a blanket

Saif al-Islam gaddafi captured
. Photograph: Reuters Tv/Reuters

Saif al-Islam Gaddafi, the fugitive son of Libya's deceased former dictator, has been arrested in southern Libya, according to officials from the country's new government.

Libyan state TV reported that Saif has arrived in captivity and unhurt at an army base in the town of Zintan, 90 miles south-west of Tripoli.

Muammar Gaddafi's second and highest-profile son was captured along with several bodyguards by fighters near the town of Obari in Libya's southern desert, said the interim justice minister and other officials.

Saif was said to be in good health, according to the justice minister Mohammed al-Alagi.

"We have arrested Saif al-Islam Gaddafi in [the] Obari area," the minister told Reuters.

Saif was captured near the southern city of Sabha with two aides trying to smuggle him out to neighbouring Niger, militia commander Bashir al-Tayeleb said.

Zintan, a base for forces in the Nafusa Mountains which played a key part in the storming of Tripoli in the summer, is reported to have crowds dancing in the streets and waving the Libyan flag.

There are reports that an angry mob tried to storm the plane on which Saif was taken to the western mountain town of Zintan, the home of one of the largest revolutionary brigades in Libya.

Gunfire is echoing across the capital, Tripoli, where large crowds have gathered in Martyrs' Square firing volleys of automatic fire in the air. "A great day, a great day," said Abdullah, a taxi driver, stuck in one of the traffic jams that built up around the square.

A Reuters reporter said a man who appeared to be Saif, but who refused to confirm his identity, was on a plane flown by militiamen to the town.

The man wore traditional robes with a scarf pulled over his face, but his features, visible despite a heavy black beard, as well as his rimless spectacles, conformed to pictures of the 39-year-old younger Gaddafi.

The man's thumb, index finger and another finger were heavily bandaged.

Libyan TV also showed him He is sitting by a bed and holding up three bandaged fingers as a guard looks on.

An anti-British backlash gathered pace in Germany yesterday as David Cameron and Angela Merkel struggled to disguise the gulf between them on how to tackle the eurozone crisis.

 

An anti-British backlash gathered pace in Germany yesterday as David Cameron and Angela Merkel struggled to disguise the gulf between them on how to tackle the eurozone crisis. The Prime Minister returned from talks in Berlin with the German leader having made little progress in agreeing emergency action to stop the financial contagion spreading. Tensions were inflamed after a close ally of Ms Merkel predicted Britain would eventually adopt the euro. The German media joined the clamour, with the mass-circulation newspaper Bild questioning whether it might be better for Britain to leave the European Union altogether. Behind the leaders' smiles at a joint press conference yesterday, they acknowledged fundamental differences remained on three key issues: * New eurozone rules. Ms Merkel called for "limited" changes to European treaties to impose fiscal discipline on the single currency but stressed negotiations should only be for eurozone members. Mr Cameron wants Britain involved in the talks because of the potential impact of the decisions on the UK; * Whether the European Central Bank should intervene to support the eurozone. Ms Merkel – backed by the German public – is fiercely resisting the move, which she fears would fuel inflation. But Mr Cameron insisted that all the eurozone's institutions had to "do what is necessary to defend it"; * Taxing financial transactions within the EU. Ms Merkel supports the step but Mr Cameron fears it would disproportionately hit the City and said it would work only if applied globally. The Prime Minister said: "It is obvious we don't agree on every aspect of European policy, but I am clear we can address and accommodate and deal with those differences." He also stressed the two leaders were "very good friends" and "absolutely" in agreement on the importance of completing the single market, budget discipline and stopping EU spending from rising by more than inflation. But shortly before Ms Merkel also paid tribute to the "strong bonds of friendship" between the countries, her veteran Finance Minister used less diplomatic language in which he seemed to predict the end of sterling. Wolfgang Schäuble told the news agency DPA it was Britain's right to remain outside the eurozone "for the time being". But he said it was a matter of time before non-eurozone states became convinced of the euro's advantages. "One day the whole of Europe will have a single currency and perhaps it will happen more quickly than many people on the British island think," he said. Meanwhile, in an article headlined 'The Sick Empire', Der Spiegel magazine described Britain's plans to eradicate its budget deficit by 2015 as "utopian". It added: "The situation on the island is more dramatic than in parts of the continent. It's bad news nearly every day. "But the British government gets away with it by proclaiming carry-on-as-usual policies and by blaming its economic stagnation on the eurozone." The war of words between Berlin and London erupted on Tuesday after Volker Kauder, Ms Merkel's parliamentary party leader, lambasted Britain for being too self-centred on Europe. "Just looking for their own advantage and not being prepared to contribute – that cannot be the message we accept from the British," he told a congress of his ruling conservatives. The former Prime Minister, Sir John Major, weighed in behind Mr Cameron last night as he condemned the financial transaction tax as "a heat-seeking missile...aimed at the City of London". He also warned of an "undemocratic" move towards eurozone fiscal union. In an interview with Al Jazeera, he also predicted "one or two countries" would be forced to quit the euro.

A NEW breed of super-rich is crawling out of the mahogany woodwork in Australia.

 

A NEW breed of super-rich is crawling out of the mahogany woodwork in Australia. With the recent mining boom and strengthening dollar, a new report has revealed that more than 2500 individuals are worth at least $US30 million. The report, the first conducted by Sydney-based Wealth-X - which describes itself as a wealth intelligence firm - showed that 2750 Australians earned at least $US30 million (30 of them are billionaires). Wealth-X Australia vice-president Adrian Jenkinson said the number of ultra-high net worth (UHNW) individuals reflected the strength of the resources boom. "A lot of the wealth is a result of the current economic environment ... (especially) around mining and mining-related services," he said. "It's directly linked to the commodities boom." Clive Palmer did not make the cut with the survey valuing him at a paltry $1.27 billion, far below the Sunday Mail Rich List estimate of $6 billion. But Queensland-born Chris Wallin, of QCoal, made 7th position with a net worth of $US3 billion. The top three were Gina Rinehart, with a net worth of $US10.1 billion, Ivan Glasenberg at $US9 billion and Andrew "Twiggy" Forrest $US4.9 billion. Mr Jenkinson said the majority of UHNW individuals had become wealthy for the first time. "Unlike Europe, where you have large pockets of old wealth . . . these are people who are becoming very wealthy for the first time," he said. He said the new generation would retain its newfound wealth through smart banking and investing, but they were still willing to indulge in luxury "playthings". "They're interested in luxury goods - art, watches, boats, planes and helicopters," he said, adding that traditional investments such as property and motor vehicles would always be popular. Mr Jenkinson said Wealth-X had only recently been introduced to Australia but the organisation planned a number of connected studies on the rising number of ultra-rich individuals. He said people would always be interested in the studies, with the public and media constantly fascinated by the ultra-wealthy lifestyle. "They're always interested in what the ultra-wealthy are doing and what they're buying," he said. But he said the survey also helped the wealthy individuals to better connect with each other. "It helps people in the overall investment community understand where the money is," he said.

Friday, 18 November 2011

SIX people have been arrested for their involvement with a gang which stole jewellery from elderly people

 

SIX people have been arrested for their involvement with a gang which stole jewellery from elderly people. They are believed to be responsible for more than 120 robberies in 19 provinces throughout Spain, including Almeria, where some of the members were based. Around 450 pieces of jewellery have been recovered and will be exhibited at the Almeria Guardia Civil station for owners to identify. The way they operated was by one of them asking people over the age of 65 for directions to distract them while taking their belongings, or in other cases, they would offer to sell them cheap jewellery which they put on them while removing the valuable items they were wearing. They travelled in high-range vehicles all over Spain and chose small towns, isolated areas, and locations surrounding homes or centres for the elderly. On some occasions if the victim resisted, they would take the jewellery by force and had knocked down some of the victims.

ONE of Europe’s most powerful hashish smugglers was arrested in Estepona

 

ONE of Europe’s most powerful hashish smugglers was arrested in Estepona, National Police said. The arrest of the 33-year-old man was part of an operation against drug traffickers based in Huelva in which more than 3,620 kilos of hashish were seized from a pneumatic boat at a shipyard in Isla Christina, Huelva. The two men on board were dressed as Guardia Civil officers so as not to arouse suspicion. They were arrested along with eight others. The criminal organization smuggled drugs to Spain via Malaga and Huelva from Morocco. Two days later, National Police the leader of the organization, who had a prison order against him from 2010 for drug-related crimes, was arrested in Estepona. He is considered by police to be one of Europe’s most powerful drug barons. In the operation, police seized 100 mobile phones, documents, three computers, four vehicles, a jet-ski, a motorbike, two satellite phones, six GPS devices and €27,000 in cash. The documents led to the arrest last month of a Guardia Civil officer who allegedly provided the gang with information on vehicles and their owners.

The World Bank today approved $297 million in loans to Morocco to help finance the Ouarzazate Concentrated Solar Power Plant Project

The World Bank today approved $297 million in loans to Morocco to help finance the Ouarzazate Concentrated Solar Power Plant Project, taking a historic step toward realizing one of the first large-scale plants of this kind in North Africa to exploit the region's vast solar energy resources. With this approval from the Bank's Board of Executive Directors, Morocco takes the lead with the first project in the low-carbon development plan under the ambitious Middle East and North Africa Concentrated Solar Power (CSP) Scale-up Program. A $200 million loan will be provided by the International Bank for Reconstruction and Development, the part of the Bank that lends to developing country governments, and another $97 million loan will come from the Clean Technology Fund. "The World Bank is proud to provide the financing needed to make this large-scale renewable energy investment possible," said World Bank Group President Robert B. Zoellick. "Ouarzazate demonstrates Morocco's commitment to low-carbon growth and could demonstrate the enormous potential of solar power in the Middle East and North Africa. During a time of transformation in North Africa, this solar project could advance the potential of the technology, create many new jobs across the region, assist the European Union to meet its low-carbon energy targets, and deepen economic and energy integration in the Mediterranean. That's a multiple winner." The 500 megawatt (MW) Ouarzazate solar complex, as the first power site, will be among the largest CSP plants in the world and is an important step in Morocco's national plan to deploy 2000 MW of solar power generation capacity by 2020. The World Bank has supported Morocco's national Solar Power Plan since it was launched in 2009 and is now making this significant loan to co-finance the development and construction of the Ouarzazate Project Phase 1 parabolic trough plant through a Public Private Partnership between the Moroccan Agency for Solar Energy (MASEN) and a private partner. Ouarzazate Phase 1 will involve the first 160 MW and will help Morocco avoid 240,000 tons of CO2 equivalent a year. The Ouarzazate project will also contribute to Morocco's objectives of energy security, job creation, and energy exports. As a regional frontrunner in clean energy, Morocco is rising to the challenge of its international commitments made in the last two United Nations' climate summits and under the "Union for the Mediterranean." "The Ouarzazate first phase is a key milestone for the success of the Moroccan solar program," said Mustapha Bakkoury, President of MASEN. "While answering both energy and environmental concerns, it provides a strong opportunity for green growth, green job creation, and increased regional market integration. It will pave the way for the positive implementation of the regional initiatives sharing the same vision (Mediterranean Solar Plan, Desertec Industry Initiative, Medgrid, World Bank Arab World Initiative). The support of international financial institutions, like the World Bank, through development financing but also climate change dedicated financing, is essential to help bring the overall scheme to economic viability," added Bakkoury. Relevant Links North Africa Aid and Assistance Morocco International Organisations Energy Environment The Ouarzazate loan is in line with the World Bank's commitment to scaling up funding that helps developing countries cope with climate change and embark on a low-emission development path. The World Bank Group's renewable energy portfolio increased from a total of $3.1 billion between fiscal years 2008-09 to $4.9 billion in 2010-11. Given the simultaneous expansion of the overall energy portfolio during the same period, the renewable energy proportion rose from 20 percent to 23 percent. About the project: The World Bank, the Clean Technology Fund, the African Development Bank, the European Investment Bank, the Agence Française de Développement, European Union Neighborhood Investment Facility, and the Kreditanstalt fur Wiederaufbau are working with MASEN and a competitively selected private partner to implement Ouarzazate I.

FIVE members of a British family have been arrested for stealing 156,700 litres of diesel oil from a Malaga pipeline.

 

FIVE members of a British family have been arrested for stealing 156,700 litres of diesel oil from a Malaga pipeline. The highly-organised team are alleged to have used their plumbing knowledge to puncture the pipe and set up hidden hoses leading to their rented finca in nearby Campanillas. In early October oil company CLH noticed a drop in pressure in the pipe supplying Malaga airport and filed a complaint with the Guardia Civil, who immediately launched operation ‘Rudolf 2011’ to catch the thieves. Police located the leak and discovered a hut hiding the extracting devices. They traced the pipes to the Campanillas house where they arrested a man who was controlling the device. They also discovered a 500-litre capacity van connected to the supply with a hose. Later they arrested four more members of the family of thieves, who it is thought planned to sell the fuel on illegally. The Guardia Civil have said this is the first case of its kind in Andalucia. Rudolf 2011 will now investigate whether the group is part of a larger criminal organisation. Worryingly, much of the oil had leaked onto the ground through holes in the clandestine system, which was made using a high-pressure tap and household plumbing equipment.

Thursday, 17 November 2011

MOROCCAN man who murdered his girlfriend by stabbing her 15 times on Nerja’s emblematic Balcon de Europa

 

MOROCCAN man who murdered his girlfriend by stabbing her 15 times on Nerja’s emblematic Balcon de Europa has apologised to the victim’s family. Hicham Bellasfer, 32, killed 25-year-old Argentinean Cecila Coria in the Nerja bar where she worked, in September 2008. Coria’s sister Vanessa responded to the apology by calling Bellasfer a ‘scourge on society’ before demanding a long sentence.

Virgin buys Northern Rock for £747m

 

Northern Rock has been sold to Virgin Money, for £747m, marking the first return to the private sector of a UK government-backed bank since the financial crisis. Virgin, the retail banking arm of Sir Richard Branson, will pay £747m in cash upfront – roughly half of the £1.4bn of government equity that was injected into Northern Rock following its collapse in 2007. The taxpayer could receive up to an additional £250m if the business is sold or floated in future. The sale of the “good” part of the bank marks a £400m loss for the government. The bulk of the funding for Virgin’s bid was provided by Wilbur Ross, the US billionaire investor, who owns a 20 per cent stake in the group. More ON THIS STORY Q&A How the deal affects you Lombard Branson risks Northern exposure Metro Bank has issued just 100 mortgages Good news for Lloyds as Co-op bids for branches On London UK domestic banks ON THIS TOPIC N Rock expects to make profit in 2012 Northern Rock to set off privatisation wave Hedge fund says Northern Rock call is wrong Virgin’s success follows an unsuccessful first attempt to acquire Northern Rock before its nationalisation almost four years ago. This time Virgin faced very little competition for the business, which includes 75 high-street branches, 1m customers and £14bn of mortgages. The sale signals the end for one of the most notorious brands in British high-street banking.

UK press in dock over phone-hacking, lawyer says

 

Britain's entire press stands in the dock at an inquiry into media standards, said a lawyer representing victims of press intrusion and phone-hacking by Rupert Murdoch's News of the World. David Sherborne, who is representing 51 "core participants" at an inquiry set up as the hacking scandal engulfed News Corp's British arm, said Wednesday that "tawdry" tabloids were guilty of blackmail, bribery and vilification. He said his clients had endured lies, harassment and other "despicable" actions from the press and that phone-hacking might only be the tip of the iceberg. "It is the whole of the press, and in particular the tabloid section of it, which we say stands in the dock," he said. "It is time we had change and by that I mean real change." The Leveson inquiry, due to last a year, will make recommendations which could have a huge impact on the industry and lead to tighter regulation and, at the least, an overhaul of the current system of self-regulation. Lawyers for Britain's major newspaper groups have already pleaded for the essence of that system to remain and said that if anything, the press needed more freedoms. But in a scathing and detailed attack on newspapers, particularly the notoriously aggressive tabloid press, Sherborne said: "We are here not just because of the shameful revelations which have come out of the hacking scandal, but also because there has been a serious breakdown of trust in the important relationship between the press and the public." "The press is a powerful body. They have a common interest and a self-serving agenda," he told the inquiry. Sherborne said revelations that a private detective, jailed for phone-hacking in 2007 along with the News of the World's former royal reporter, had carried out more than 2,000 tasks for the paper suggested that there were about 10 stories in the tabloid every week from the illegal practice. He listed details of some of those who had been targeted, starting with the parents of Milly Dowler, a missing schoolgirl who was later found murdered. It was the revelation that her phone had been hacked while she was missing that changed attitudes to the issue. Within days, News Corp withdrew its bid to buy the 61 percent of broadcaster BSkyB it did not already own and its British newspaper arm News International closed down the 168-year-old News of the World. It also prompted Prime Minister David Cameron to order the inquiry.

UK economy forecast: Eurozone crisis dampens Bank’s growth estimate

 

THE Bank of England warned today that the eurozone debt crisis is the “single biggest risk” to the UK recovery as it forecast a dramatically increased threat of a double-dip recession next year. Its quarterly inflation report revealed a greater chance of the economy contracting in the first three quarters of 2012, compared with its August forecasts, as eurozone and banking concerns and squeezed household budgets continue to weigh on growth. The Bank slashed its central - or most likely - growth estimate to no more than 1 per cent in both 2011 and 2012 from previous forecasts of around 1.5 per cent and 2.2 per cent respectively. The worsened prospects for the UK economy mean inflation is likely to fall far quicker than previously estimated, hitting the Government’s 2 per cent target in the second half of next year before falling to as low as around 1.3 per cent in 2013. Bank governor Sir Mervyn King warned the “journey to a more balanced world economy will be long and arduous”. He said UK economic activity will be broadly flat until the middle of next year and added that the country faces a “difficult economic environment”. Today’s report backs the City’s view that the Bank will keep interest rates on hold for the foreseeable future and add another £75 billion to its quantitative easing programme by February. Vicky Redwood, chief UK economist at Capital Economics, said: “Even the Bank’s downgraded growth forecasts still look optimistic to us - we expect zero growth next year.”

Wednesday, 16 November 2011

Euro zone crisis is tough going -- for traders

 

Life is not easy for the financial market traders who are making things so hard for euro zone policymakers. There are no pumped-up traders cheering from their screens as Italy's bond yields rise or as France gets sucked into a debt crisis which has already forced Greece, Ireland, and Portugal to seek international bailouts. The mood is weary and fraught. Bond traders see their own business throttled off by the same market forces that squeeze Italy's public finances and stir speculation about France's triple-A credit rating. "Things have felt almost as bad as it was back during the Lehman days in terms of liquidity - it is increasingly hard to get any business done and, to be honest, we think it is going to get worse," a London-based bond trader said. "Two-way markets have gone, the size of business you can get done at these bid/offer rates is minimal, bonuses and jobs are being cut. It's depressing and what is worse, there is no guarantee that anything is going to be better next year." Talk to fund managers and it is easy to see why a debt crisis which has mutated into an existential crisis for the euro is not translated into a bonanza for traders. "What if the currency union falls apart? Our premise is that it doesn't happen. (But) if you think that is going to happen, don't buy equities. Don't buy anything. Just go and hide," a London fund manager running money for institutional investors said. UNRELENTING STRESS As investors stampede to exit some euro zone bond markets, price swings have become bigger and the business of trading -- which relies on finding buyers or sellers before the market moves against you -- has become harder. "People are just exhausted because of the intensity of what is going on," said a bond salesman in London who has been working in the financial market for decades. "It is unbelievable stress and it is unrelenting. People are just hunkered down and working their socks off as everything is just more difficult -- hedging your risk, avoiding losses, everything." There is somewhat less gloom in equity markets, where investors are still trying to spot pockets of value. But the extent to which stock markets have been moving in lockstep with the price of Italian, Spanish, or French bonds in recent days means that trading behavior is far from normal even in equities. "Over the past few days there have very quiet periods punctuated by mad dealing frenzies," said Yusuf Heusen, sales trader at IG Index in London. "The quiet periods have been really very quiet as traders have not been taking on much risk other than to short the euro markets. The busy periods are absolutely manic as everybody wants to get on at the same time and generally same direction and sell offs are extreme as a consequence."

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