Spanish Cleanup Plan May Backfire on Banks

 Spanish Prime Minister Mariano Rajoy’s proposal to force banks to recognize further losses from real estate holdings may backfire by saddling healthy lenders with the bill. “The plan is for a massive effort in provisioning of real estate and consolidation, and that has to be paid for,” said Daragh Quinn, a Madrid-based analyst at Nomura International. By refusing to use public funds to help purge a system burdened with 176 billion euros ($228 billion) of what the Bank of Spain calls “troubled” assets linked to real estate, Rajoy may not do...

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The Abu Dhabi General Prosecution for Public Funds has ordered the detention of two Europeans and other individuals on charges of embezzlement and fraud.

  A year ago, the suspects are alleged to have started a fake project selling properties in the United Kingdom at competitive prices. They allegedly targeted UAE investors. Investigations have since revealed that the company does not have a real estate licence and that the accused defrauded 40 investors. The General Prosecution seized around Dh3 million the suspects allegedly swindled from their victims, in addition to Dh100,000 found while inspecting the fake company. Another Dh250,000 in the firm's account was also confiscated. Article...

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Asil Nadir faces £34m theft charges in biggest ever fraud trial

 The biggest ever British fraud trial begins today when Turkish-Cypriot tycoon Asil Nadir stands up at the Old Bailey to face £34million theft charges. He is accused of 13 counts of theft dating back to the 1980s from Polly Peck, his failed business empire that folded in 1990 under the weight of its £1.3billion debt. When he joined Polly Peck in the early 1980s it was an ailing textiles firm which he transformed into a FTSE 100 conglomerate that housed the Del Monte fruit business and the Sansui electronics firm. On trial: The SFO alleges...

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Spain's fast rail forestalled problems for farms

 On a crisp Saturday morning last fall, Luis Valciente and Mercedes Martin enjoyed the quiet of their farm about 20 miles northeast of Seville. The retired husband and wife bought their patch of land in 1987, several years before Spain's first high-speed trains started running between Madrid and Seville. "It's very tranquil, which is what we like after all these years," Martin said through an interpreter. Without warning, a loud "swoosh" briefly interrupted the couple. It was one of Spain's AVE high-speed trains rushing on tracks about 100...

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Spain workers lose bridge holidays in debt crisis austerity move

 Considering how many of his friends are unemployed, electrician Javier Ramirez felt like he'd hit the jackpot when his company scored a contract for government buildings here in Spain's sprawling capital. He gets paid by the hour, and rewiring 250-year-old marble halls is a formidable job that should feed his family for years. The problem is, Ramirez worked only about half of last month, and the time off wasn't his choice. It was courtesy of Spain's slate of religious and municipal holidays — a generous 14 per year, 40% more than in the...

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Spain’s economy contracted in the fourth quarter and will shrink 1.5 percent this year,

 Spain’s economy contracted in the fourth quarter and will shrink 1.5 percent this year, the Bank of Spain estimated, undermining government efforts to cut the budget deficit amid the second recession in two years. Gross domestic product fell 0.3 percent in the quarter, the most in two years, and grew 0.3 percent from a year earlier, the Madrid-based Bank of Spain said today in its monthly bulletin. Economic output may decline this year as unemployment reaches 23.4 percent, returning to growth of 0.2 percent in 2013, the central bank said....

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Five European tourists killed in attack in Ethiopia

 Gunmen in northern Ethiopia have attacked a group of European tourists, killing five, injuring two and kidnapping four people, according to a government official. Bereket Simon, the Ethiopian communications minister, said the attackers struck before dawn on Tuesday. The dead were two Germans, two Hungarians and an Austrian; two Germans and two Ethiopians were kidnapped, and an Italian and a Hungarian were wounded in the attack. Simon blamed rebels trained and armed by neighbouring Eritrea, which remains a bitter foe. "The attack occurred...

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Costa Concordia Cruise Ship Disaster: Captain Says He 'Fell Into Lifeboat' And Could Not Escape

 The captain of the stricken cruise ship Costa Concordia has told investigators he "fell into a lifeboat" during the evacuation and could not get out again. Francesco Schettino gave the excuse during three hours of questioning with an investigating magistrate before he was released from custody and given house arrest. The skipper, 52, was arrested on Saturday on suspicion of manslaughter and abandoning the cruise liner while passengers were still onboard. The death toll from Friday night's disaster now stands at 11, while 28 others including...

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Passengers feared death after cabin crew accidentally issued emergency landing message

 Duncan and Tracey Farquharson were flying to London from Miami when a recorded message came over the public address system announcing that the aircraft was going down. Passengers on board began panicking, believing that they would be killed before a flight attendant apologised, saying the message was a mistake. However, the pair yesterday accused the airline of trivialising passengers’ concerns, claiming that staff issued a “blasé” apology and did not explain the error until hours later when they were coming in to land at Heathrow. Mr Farquharson,...

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M&S workers pose nude for charity calendar sold under the counter

M&S workers pose nude for charity calendar sold under the counterA calendar with pictures of scantily clad Marks & Spencer staff has raised £2,500 for charity despite having to be sold under the counter.The M&S workers were asked to keep the calendar under the counter (Picture: SWNS)The publication features naked and topless workers in Calendar Girls-type poses...

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Three people were found alive on Sunday as rescuer workers continued to search a partly submerged Italian cruise ship

 Three people were found alive on Sunday as rescuer workers continued to search a partly submerged Italian cruise ship resting just off this small island near the Tuscan coast. Multimedia Map Map of the Area Where the Italian Cruise Ran Aground Photographs Cruise Ship Runs Aground in Italy Cruise Ship Runs Aground Connect With Us on Twitter Follow @nytimesworld for international breaking news and headlines. Enlarge This Image Enzo Russo/European Pressphoto Agency The ship's captain, Francesco Schettino, was arrested on Saturday. More...

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Royal Navy captures 13 Somali pirates

 The Royal Navy has captured 13 Somali pirates in the Indian Ocean, the Ministry of Defence says. RFA Fort Victoria and a US Navy vessel intercepted the pirates' boat, which had refused to stop despite warning shots from a Royal Navy helicopter. Royal Marines in speedboats approached the vessel and boarded it, capturing 13 pirates and seizing weapons. Defence Secretary Philip Hammond said the UK troops, part of a Nato-led force, could be "proud" of the success. "The Royal Navy and Royal Marines are playing a crucial role in securing and...

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Child benefit cut will go ahead, says Osborne

 Chancellor George Osborne has said child benefit for higher rate taxpayers will be removed, after ministers' hints the policy could be made "fairer". But he said he would set out in the next months how the policy would be implemented. David Cameron acknowledged there was an issue with the £42,475-a-year threshold - amid criticism the changes unfairly hit single earner families. Labour said the policy was "unravelling already" and was an "utter shamble...

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Bacon, deli meat may raise pancreatic cancer risk

Bacon or sausage? You might want to rethink that decision. Consuming processed meat regularly may increase a person’s risk of developing pancreatic cancer, though the risk is still low, says a new study. A meta-analysis of 11 studies involving 6,643 people with pancreatic cancer suggests an elevated risk of the disease when consuming processed meat such as bacon, cold cuts and sausages. In the study, men who ate red meat also showed an elevated risk of the disease, while women did not. The authors believe this is because men generally consume...

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Eurozone back on the brink as France has credit rating downgraded

 Stock markets and the single currency fell sharply as Standard and Poor’s cut France’s AAA rating. The rating agency’s move triggered a backlash from European politicians and led to calls for Britain to be downgraded too. As many as eight other eurozone countries, led by Italy, were also facing downgrades that will make it more expensive for them to borrow. The move represents a further loss of confidence in the single currency and the European Union’s ability to rescue indebted eurozone members. The Treasury believes that the collapse of...

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Greece teeters on edge of bankruptcy as debt talks stall

 Fears are rising that the credit ratings of several eurozone countries could soon be downgraded - prompting global markets to fall and the euro falling to a 16-month low. Analysts today said that ratings agency Standards & Poor was finally going to deliver the downgrades it had threatened for much of the 17-nation eurozone just over a month ago. It comes because of concerns of Europe's inability to get a grip on a debt crisis that has raged for around two years. And it is on the same day that Greece was revealed to once again be teetering...

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Cornwall shooting death men 'worked for IRA drug gang'

 Two men killed and buried on a remote farm in Cornwall were working for an IRA gang involved in Liverpool's drugs trade, a court has heard. Boxer Brett Flournoy, from Merseyside, and David Griffiths, of Berkshire, were found dead buried in a van at Ross Stone's farm near St Austell in 2011. Murder accused Thomas Haigh, 26, told Truro Crown Court the pair worked for Irish republicans who "ran Liverpool". Mr Haigh and Mr Stone deny murder. The trial continues. 'Self-interest took over' Mr Stone, 28, who admits burying the bodies on his...

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Alex Salmond wants Scotland to join the European Union in its own right and that means joining the euro – and leaving the pound

 Speaking of imminent downgrades (S&P are about to pull the plug on various eurozone countries apparently), what about Scotland? George Osborne put a fundamental question yesterday about the currency of an independent Scotland. Alex Salmond wants Scotland to join the European Union in its own right and that means joining the euro – and leaving the pound. Yet he has also talked in the past about remaining in a currency union of some sort with the rump UK. There is then, at the very least, a question mark over the First Minister's intentions,...

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Student to face US trial over TVShack website

 student who created a website which helped people watch films and TV shows for free can be extradited to the US to face copyright infringement allegations, a court ruled today. Sheffield Hallam University undergraduate Richard O'Dwyer, 23, allegedly earned thousands of pounds through advertising on the TVShack website before it was closed down by the US authorities. He faces jail if convicted of the allegations, which were brought following a crackdown by the US Immigration and Customs Enforcement agency. His lawyer Ben Cooper has argued...

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