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 bai...

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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...

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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...

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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...

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Survey reveals expat banking fears

 The Expat Banking Poll was sponsored by Lloyds TSB International and conducted by expat website Just Landed. Expats in Spain were found to have the most problems with banking abroad. Almost two-thirds of those polled – 64 per cent – said that they do not trust local banks at all. Some of the most common problems cited by those who distrust banks abroad include unfair charges, trouble with the language barrier and money that was deducted from their account without any explanation. Briton Graham Hunt, who runs a Spanish property website and has written some hard-hitting blogs on banking in Spain, said: "Two years ago, there was a lot more trust in Spanish banks. "But the past couple of years have seen new charges for cards, account maintenance, transfer fees... this put people into the...

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Identity fraud biggest threat as number of scams soars

 UK fraud levels increased by 9% last year, new figures revealed today, with identity scams the biggest contributor. Over 236,500 cases of frauds were identified during 2011– the highest number ever recorded, according to CIFAS, the UK’s Fraud Prevention Service. Nearly half of all cases were incidents of identity fraud, with some 113,000 cases reported to the CIFAS – up 10% on 2010. Facility takeover fraud – where a fraudster gains access to and uses a victim’s bank account or credit card for example – meanwhile has surged by nearly 300% in just five years and now accounts for 18% of all fraud. This means two data driven frauds make up over 58% of all frauds identified, CIFAS said. What’s more, the number of victims of both types of fraud combined has risen by 10% since...

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Costa del Sol opposes drilling for oil and gas

 IGNORING longstanding local opposition, energy giants will continue the search for gas and oil deposits off the Andalucia coast. The first outcries were heard years ago from the tourist sector, coastal towns and environmentalist groups after the Ministry of Industry granted permits for offshore prospecting. Disapproval has now increased following authorisation for Canadian multinational CNWL to begin prospecting in the Mar de Alboran between Malaga and Granada. No date has been announced but work is expected to begin within a month over an area of 130,000 hectares off Almuñecar, Salobreña and Motril (Granada) and Nerja and Torrox (Malaga). Opponents to the project have intensified calls for the new central government in Madrid to revoke the licences and urged both the PP and PSOE to...

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Spain Plans Budget Law as Drug Firms Owed $8.4 Billion by States

 Spain pledged to set spending limits for regional governments in a new law tomorrow as the country’s pharmaceutical lobby said the regions owe companies $8.4 billion for drugs. The People’s Party Cabinet plans the budget-stability law to flesh out a constitutional amendment that the party helped the former Socialist government pass in September. Budget Minister Cristobal Montoro said “early warning” and “automatic correction” systems will be set up to prevent overspending and sanctions will be strengthened. “The aim is to guarantee the budget stability of all administrations, boost confidence and strengthen Spain’s commitments to the European Union,” Montoro told a parliamentary committee today in Madrid. Spain’s PP government, in power since December, is trying to convince investors...

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"Dangerous" inmate charged with murder on the run after prison van ambush

 A dangerous prisoner charged with murder is on the run after three masked men ambushed a prison van. Advertisement >> John Anslow, 31, escaped following the attack on the prison van taking three inmates from Hewell prison in Redditch to Stafford Crown Court at about 8.20am. The van was stopped by three men wearing balaclavas who jumped out of a Volkswagen Scirocco. Two of the men were wielding sledgehammers and smashed the windscreen and the driver’s window of the GEO Amey prison escort van. The driver was also punched and reportedly threatened with a blade before the men drove off in the Scriocco. It is believed they switched to a silver Mercedes after stopping in Stoney Lane. The two other prisoners being carried in the van did not escape. West Mercia Police have now...

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The King of Spain is a serial womaniser who once made a pass at Princess Diana while she was on holiday with Prince Charles, a book has claimed.

It also alleges that Juan Carlos is a ‘professional seducer’ who has had numerous affairs and has not shared a bed with his wife for the past 35 years.And it reveals that age has not stopped  the 74-year-old, with the monarch regularly receiving vitamin injections and anti-ageing treatments. Tactile: Princess Diana being kissed in 1987 by the King of Spain, who according to a new book, is a serial womaniserTogether: Diana, Prince Charles and their boys with King Carlos, Queen Sofia and members of the Greek royal family on board a yacht in August 1990The Solitude of the Queen by Pilar Eyre, which is likely to prove controversial in the...

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Fake Ryanair pilots sentenced for smuggling cocaine into Spain

 One was a flight attendant for the airline and obtained the pilots' uniforms which helped them to bypass airport securityEFE archive A gang which used fake pilots to bypass airport security and smuggle regular shipments of cocaine into the country has been sentenced by the Alicante provincial court, after 13 kilos of cocaine were discovered at their drugs store in Benidorm. The street value of the drugs found there in a police swoop in July 2009 is given at close to half a million €. One of the defendants was a flight attendant for Ryanair who obtained pilots’ uniforms for himself and an accomplice, allowing them to bypass security at Barajas Airport. The attendant, José Antonio H.P., had been under investigation since the start of 2009 and is thought to have been paid 20,000 € for...

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Costa tragedy: 'Get back on board, damn it!' T-shirts a hit

 A coast guard officer's "Get back on board damn it!" order to the fleeing captain of the capsized Costa Concordia liner is being printed on T-shirts by a company hoping to inspire Italians to rescue their country from economic crisis. Italians have made a hero of coast guard officer Gregorio De Falco for his angry exchange with skipper Francesco Schettino - who has been blamed for the accident and is now under house arrest accused of manslaughter, causing a shipwreck and abandoning ship. Stefano Ramponi, owner of the Lipsiasoft web agency that is producing the T-shirts and selling them on the Internet for 12.9 euros ($16.63), said they had become an instant hit both in Italy and abroad. "We have had a lot of requests from all over the world, from Brazil, Hong Kong, also from Germany...

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Yoga in Marbella

 Marbella may not seem an obvious destination to go in search of enlightenment and the ancient healing therapies of the Far East, but a new health resort is bringing a flavour of Bali to Spain – without the jetlag. Just a 40-minute drive from the Costa del Sol, Shanti-Som takes its inspiration from Asian destination spas with Buddha statues, tropical gardens, Asian-Med fusion cuisine, eastern therapies and a programme of detox, meditation and yoga. Destination Yoga (            0845 458 0723      , destinationyoga.co.uk) will be running a retreat here in March. A seven-night yoga retreat from £945, excluding flights, departs 18 Mar...

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A grisly event in South East Asia highlights the region's developing meth-driven drug war

 The Mekong River in Thailand Photo via By Jed Bickman 10/11/11 | Share Uppers Rock the World New Life for Asia’s Golden Triangle China Unveils Radical New Approach to Drug Treatment Vietnam's Rehab Gulag Revealed Spinning to Cambodia! In one of the grisliest incidents of the drug war in South East Asia in recent memory, the corpses of thirteen Chinese sailors have been found by Thai authorities on the Mekong River. The victims, including two female cooks, were blindfolded, bound, and shot dead. They're believed to be the crew members of two Chinese cargo ships that were hijacked last week by Thai drug gangs—the boats were recaptured in a firefight with Thai police and 950,000 methamphetamine pills were discovered on board. It's unclear whether the meth was loaded onto the boats by the...

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Arrested businessman had ‘double life’

 A MAN, 36, was arrested in Albacete, southeast Spain, accused of the abduction and rape of several women. In Albacete, he was a respected businessman, with a wife and children, but in Madrid, he was wanted for the abduction of one woman, raping another and several robberies. His criminal ‘other life’ allegedly began in 2010 when he began to carry out burglaries when on business trips, mainly to obtain jewellery and cash, although he also kept ‘trophies’ from his victims. With time, he began to commit other crimes and in October he allegedly pointed a gun at a woman in the Chamartin district and kept her captive for 12 hours, threatening her to obtain her credit card numbers and sexually abusing her before letting her go. In November, wearing a balaclava he approached a woman at Barajas...

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northern Spain is the place to go

Spain ranks as one of the most mountainous countries in Europe because – and this isn't obvious – the heart of the country sits on a huge plateau. Madrid is 2,100ft above sea level (which explains why the Spanish capital is so cold in the winter and roasting-hot in the summer). But for impressive mountains, northern Spain is the place to go. If you're arriving here direct from the UK with Brittany Ferries – when you can bring your car to explore the region far and wide – the first thing to strike you as you approach the coast is the range of huge mountains that rears up behind the port of Santander.The snow-capped peaks you're looking at...

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Carnival says caring for cruise disaster victims

 Carnival Corp & plc, whose luxury liner Costa Concordia capsized off the coast of Italy last week, said it was providing lodging, refunds and other support to people affected by the accident, even as some public relations executives criticized the company's handling of the situation. "I give my personal assurance that we will take care of each and every one of our guests, crew and their families affected by this tragic event," Carnival Chief Executive Micky Arison said in a statement late on Wednesday - five days after the incident that left 11 people dead and 22 missing. Costa Cruise Lines, a unit of Carnival and operator of the ship, has been arranging lodging and transportation for passengers and crew members to return home, and has offered assistance and counseling as needed....

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Doctors may strike over cuts to their pension pots

 The British Medical Association, which represents 130,000 doctors and medical students, said two thirds of its members support industrial action which could cripple hospitals and GP surgeries throughout the country. The association rejected cuts to doctor’s pensions despite warning that some hospitals are so financially stretched that patient safety can no longer be guaranteed and that “accidents will happen”. Senior government figures said the reductions in their pensions were “modest” and in line with other public sector staff. A government source said: “It seems a bit rich for doctors to be complaining about cuts and patient care when they leave the NHS as millionaires.” Over the past decade, the average consultant has seen their pay rise by 54 per cent, with less qualified doctors...

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Meat causes cancer. It’s been said so many times that you’d have to be an idiot not to believe it, right?

  The latest confirmation of this apparent common sense was a report published last week in the British Journal of Cancer Research. The authors, from the Karolinska Institute in Sweden, brought together 11 studies - published between 1993 and 2011 - that assessed the risk of pancreatic cancer from eating red meat and ‘processed’ meat. From this meta-analysis, the authors found that red meat increased the risk of pancreatic cancer for men, but not for women, and that the risk of pancreatic cancer rose by 19 per cent for every 50 grams of processed meat consumed. The simple claim that ‘processed meat causes cancer’ was widely reported after the study was published. However, it would be wrong to assume that such claims about risk are all they are cracked up to be. First, there is...

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New guidelines for Ascot dress code

 The fashion stakes are always high at Royal Ascot but organisers are now raising the bar by banning fascinators in the royal enclosure. The decision is part of a move to tighten and clarify the dress code at the annual summer event and comes amid criticism of sartorial standards which have been more loosely enforced in recent years. Thousands of visitors who flock to the less formal grandstand enclosure during the week-long meet in June will also be obliged to adhere to strict new guidelines. Organisers have defended the changes and insist the revised dress code is designed to restore formality rather than encourage "elitism". Ascot spokesman Nick Smith said: "It is probably fair to say that the dress code hasn't necessarily been enforced quite as rigorously as we might have liked. "It...

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Captain ordered back onto boat by port officials

  Mr Schettino 'attempted to take a taxi away from the scene' • Crew 'began evacuation before captain's orders' • Number of missing passengers and crew rises to 29 • Navy blasting holes in hull to improve access to divers • Captain due to appear in court this morning • Minister warns of ecological disaster According to reports in Italian media, Captain Francesco Schettino was attempting to catch a taxi away from the scene. “What do you want to do, go home?” one official asked him, according to transcripts of the increasingly frantic exchanges between port authorities and the captain, who allegedly refused a direct order to return to the ship and take charge. The transcripts reveal the mounting anger and frustration of port and Coast Guard officials as they began to realise the full...

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An unflinching look at drugs

 From the farm fields and jungle labs where drugs such as crack cocaine, ecstasy and hashish get their start to the front-door steps where recreational users and addicts alike have their drugs delivered, National Geographic Channel (channel 260) explores the world of Drugs Inc. The series premieres on the channel at 9pm today and includes eight unflinching new episodes that examine the business of illegal narcotics production. Drugs Inc goes inside the world of producers, traffickers, dealers, users, doctors and cops with first-person perspectives on what keeps this business in motion. It also investigates relative newcomers such as ketamine and oxycontin – designer drugs for the 21st century – and the covert industry of grand theft auto, which provides cartels with stolen vehicles...

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Huaxi: The socialist village where everyone is wealthy

 The sort of oxen you expect to see in Chinese villages tend to be pulling carts or tilling fields, not a beasts made of a ton of gold. This precious cow is located on the 60th floor of a 328m-tall skyscraper in Huaxi, China's richest village, and building that juts out of the eastern landscape like a giant tripod topped by a golden ball. Huaxi is a "model socialist village", according to local officials, and was founded by local Communist Party secretary Wu Renbao in 1961. His foresight was to transform a poor farming community into a super wealthy community, built on its clever adaptations of modern agribusiness methods, then its diversification into steel mills, its logistics firms, and its textile businesses. The commune listed on the stock exchange in 1998 and is now a major corporation...

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Elton John’s husband attacks Madonna after Golden Globes win, calling her ‘embarrassing’ and ‘desperate’

 David Furnish was one angry man following last night’s Golden Globes in Hollywood, attacking Madonna for her ‘embarrassing’ speech (watch it below) after she beat his husband Elton John to Best Original Song. Advertisement >> Shortly after Madonna won the award for single Masterpiece – which she wrote for her own film W.E. – David logged onto Facebook and criticised the singer and the ceremony. He typed angrily: “Madonna. Best song???? F**k off!!! “Madonna winning Best Original Song truly shows how these awards have nothing to do with merit. Her acceptance speech was embarrassing in its narcissis...

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Shark attack at South Africa's deadliest beach

 Mr Msungubana was swimming with a group of friends in shallow water off Second Beach in Port St Johns, a town on the country’s southeastern coast, when the attack took place. John Costello, local station commander for the National Sea Rescue Institute, said he sustained “multiple traumatic lacerations to his torso, arms and legs” where the shark bit him repeatedly. His death marks the sixth in just over five years at the beach, making it the most dangerous in the world for fatal shark attacks. In South Africa, one in five attacks by the ocean predators ends in the death but every single attack at Second Beach has proved fatal. Zambezi or bull sharks, known as the “pitbulls of the ocean” for their ferocity, have been blamed for most of the incidents. Experts from the nearby Natal Sharks...

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Thousands of children are being "needlessly dumped in prison" because of Britain's failing youth justice system

 Thousands of children are being "needlessly dumped in prison" because of Britain's failing youth justice system, a think-tank has warned. The Centre for Social Justice (CSJ) said courts and prisons were being used to "parent children" and were expected to sweep up problem youngsters inadequately dealt with by other departments, such as social services. In a new report, the group called for a radical overhaul in the way the Government deals with young offenders. It said there needed to be a drastic cut in the 5,000 children a year currently given custodial sentences, arguing the imprisonment of youths between the age of 10 and 17 should be limited to the "critical few" guilty of the most serious or violent crimes. The CSJ said too many children are being taken before the youth courts...

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Spanish tourism received a welcome boost last week with UK travel agents reporting a rise in interest and bookings to the country.

 Spanish tourism received a welcome boost last week with UK travel agents reporting a rise in interest and bookings to the country. The news came when on Friday the Post Office revealed evidence that resort prices have crashed by as much as 40% compared to 5 years ago. That, combined with political unrest in some other popular tourist destinations and the fact that the pound is at a 2 year high against the euro has once again made Spain an affordable and favourite option. The annual survey conducted by the Post Office measured the prices of 8 items in resorts across 33 destinations around the world. Those items included a cup of coffee in a bar or café; a bottle of local beer; a 1.5 litre bottle of water from a supermarket; a can of Coca-Cola; a three course evening meal for two adults;...

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