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...

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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...

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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....

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Wrecked Italian liner will not be moved for months

 The wreck of the cruise ship Costa Concordia could remain where it lies near the Italian island of Giglio until the end of the year or longer before it can be broken up or salvaged, the official in charge of the recovery operation said on Sunday. Divers searching for bodies in the hulk, which lies half submerged a few metres from the shore, suspended work on Sunday after heavy seas and strong winds caused the vessel to shift noticeably, authorities sa...

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In Spain, taxmen snoop about homes rented to sun-seeking vacationers — then visit the owners who neglected to report the income

 In Greece, tax officials fly helicopters over residential areas to spot swimming pools of the alleged poor. In Italy, inspectors raid elite ski resorts to catch the down-and-out in their Ferraris. In Spain, taxmen snoop about homes rented to sun-seeking vacationers — then visit the owners who neglected to report the income. File photo by Virginia Mayo, AP The European Union, whose headquarters are pictured here, has been concerned about the debt crisis in southern Europe. EU officials blame part of the economic mess on a culture of tax evasion.EU officials blame part of the economic mess...

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On the 31st May this year, nine men from Paddle4Heroes are going to paddle from Gibraltar to Marbella in Spain by kayak to raise funds for Help for Heroes and a new charity called Families of The Fallen.

PADDLE4HEROES, RAISING MONEY THROUGH KAYAKING - FOR HELP FOR HEROES AND FAMILIES OF THE FALLENOn the 31st May this year, nine men from Paddle4Heroes are going to paddle from Gibraltar to Marbella in Spain by kayak to raise funds for Help for Heroes and a new charity called Families of The Fallen.  Both of these charities should touch the heart of anyone British, as they are at the forefront of helping servicemen and women recover from the trauma of war.Of the nine paddlers (aged...

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Market traders told to be quiet in Málaga

 There is upset in the fruit, vegetable and fish markets in Málaga, following a new Town Hall bylaw which prohibits stall holders singing out their prices. The Town Hall says it will be issuing 300 € fines. In fact there has been a regulation in force since 1985, although ignored since then, which prohibits ‘crying the nature or price of the merchandise, or calling purchasers to buy’. New regulations also demand that 65% of stalls in all the city’s markets sell fresh produce, and the opening hours must be 0830-1430, although that can be extended voluntarily by half an hour before and after....

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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...

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Pilot Strike Affects Scores Of Travelers

 Ten thousands travelers were left stranded at Spanish airports Friday due to a new strike by pilots of Iberia, the flag carrier of Spain. The strike, part of protest activities that started on Wednesday against the airline’s plan launch a branch for low-cost flights, forced rescheduling 93 out of 277 domestic and international flights, according to a statement by the company. The company affirmed that its new branch “Iberia Express” would affect neither the working conditions or the pay of pilots. The branch, meant to cover the costs of short and medium routes, would generate more revenues...

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Spain's 4th largest airliner goes broke

 Spain's fourth largest airliner, Spanair, has stopped operations after failing to seal a last minute deal aimed at rescuing the company from financial bankruptcy. Spanair ceased operations on Friday night after failing to negotiate a deal with Qatar Airways who sought to buy a stake in the airline, according to the Catalan regional government in Spain. Over 3,500 employees have lost their jobs as a result of the decision. Moreover, at least 22,000 passengers have been affected as 380 domestic and international flights have been cancelled this weekend alone. Experts report that Spanish...

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Thousands of passengers faced massive travel disruptions across Spain

 Thousands of passengers faced massive travel disruptions across Spain on Saturday after domestic carrier Spanair cancelled all of its flights Friday night and prepared to file for bankruptcy. The abrupt collapse of the Barcelona-based carrier took place shortly after Qatar Airways walked away from talks to take over the money-losing airline after months of negotiations. "Due to a lack of financial visibility for the coming months, the company has had no option but to cease flying out of a duty of care for the safety of its operation and the well being of all concerned," Spanair said in...

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Two arrested after headless burnt body is found in 'suspected gangland execution'

 Two men have been arrested after a man was beheaded and set on fire in a suspected gangland execution. Firefighters discovered the headless body on fire after being called to a wooded area off a car park in Wellington Street, Stockport, in the early hours of this morning. After extinguishing the blaze they found man's head nearby. Forensic officers remove the body in a covered body bag at the murder scene where the body of a decapitated man was found on fire at 5am this morning Two suspects, aged 29 and 31, were arrested prior to the body being found - on suspicion of possessing shotgun...

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The UK could become a hub for smuggling the herbal stimulant khat,

 European police and politicians have warned. The Netherlands is the latest country to outlaw the sale of the plant, which is now banned in sixteen EU member states and Norway. Khat is freely sold in the UK and observers say the UK's isolated stance could make it the main base for Europe's khat trade. The British government has commissioned a new review of khat use. Until announcing its ban earlier this month, the Netherlands was similar in its stance to the UK where the East African plant is legally imported, sold and consumed. In 2005 the UK Home Office commissioned a report by the...

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3 years after US accident, boat washes up in Spain

 As he swam toward the coast of Nantucket, Mass. in August 2008, Scott Douglas, 58, watched his yellow fishing boat disappear, carried away by the swelling surf. He thought it would be the last time he'd ever see the Queen Bee. But yesterday, more than three years after Douglas and his brother-in-law were tossed off the boat by a wave, the U.S. Coast Guard called to say the vessel had washed up on the Spanish coast. It was rusty and covered in barnacles, but intact. "It looks entirely different," Douglas said upon seeing the photos. "That's amazing." Douglas remembers the water was restless...

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

Eating fried foods didn't hurt the hearts of Spaniards who follow a Mediterranean diet, but the findings are too good to be true for Canadians, experts say.A study in Wednesday's issue of the British Medical Journal suggests that frying foods in olive and sunflower oils is not associated with an increased risk of heart disease or premature death.The Mediterranean diet favours fruits, vegetables, fish and whole grains. (iStock)Prof. Pilar Guallar-Castillón from Autonomous University of Madrid...

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Suspect held in Spain in killing of Connecticut jeweler

 A man wanted in connection with the killing and robbery of a Connecticut jeweler has been arrested in Spain, U.S. authorities said Tuesday. Andrew Robert Levene, also known as Robert Thomas, was arrested Monday, said U.S. Attorney David Fein and local and state law enforcement. The 41-year-old Levene was charged with federal murder, robbery and firearm offenses in the Dec. 8 shooting of Yekutiel Zeevi, the owner of YZ Manufacturers LLC in Westport. Levene contacted Zeevi in early December, asking him for several diamonds that were to two to three karats and valued between $45,000 and...

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Saravy Sok, 22, of 88 Forthill Ave., Lowell, who was identified by prosecutors as a member of the Tiny Rascals Gang-Grey, a violent street gang with ties to California, was arraigned on gun charges

 Saravy Sok, 22, of 88 Forthill Ave., Lowell, who was identified by prosecutors as a member of the Tiny Rascals Gang-Grey, a violent street gang with ties to California, was arraigned on gun charges and a charge of armed assault to murder after the Sunday morning shooting outside 12 Benefit St. According to police and Assistant District Attorney Roberta O’Brien, a 28-year-old man was at a party at 12 Benefit St. when he got into a minor verbal argument with another partygoer. The 28-year-old man decided to leave the party, but outside the man he had argued with challenged him to a fight....

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Spain’s Two Finance Ministers Clash on Budget Amid Recession

 Economy Minister Luis de Guindos said Spain is sticking to its deficit goal even as the economy shrinks, underlining a rift in the month-old Cabinet over whether the nation can halve its shortfall during a recession. De Guindos said the government’s commitment to budget cuts is “total” and there’s “no change” to this year’s target. His comments in Brussels today came after reporters asked him about Budget Minister Cristobal Montoro’s call on Jan. 22 for the European Union to ease Spain’s 2012 deficit goal to take its shrinking economy into account. Spanish Prime Minister Mariano Rajoy...

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Italian fugitive arrested in Almería

 An Italian fugitive has been arrested in Almería on a European arrest warrant for pending sentences amounting to almost 10 years behind bars. His crimes include drug trafficking, violent robbery, illegal possession of weapons and falsifying documents. It’s understood from EFE that his criminal record goes back for more than 20 years. The man, named as Maurizio R. aged 56, was arrested in Almería City in the early hours of Friday after discovered that he had moved to the provin...

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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...

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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...

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Galicia offers attractive alternatives.

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

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UK ticketholder wins £41 Euromillions jackpot

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

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City drummer Robbie France dies aged 52

 sheffield-born hard rock drummer Robbie France has died aged 52 at his home in south-east Spain, it has been reported. The Spanish national newsagency EFE quoted ‘family sources’ as saying that the musician, who played with such groups as Diamond Head, Alphaville, UFO, Skunk Anansie and Wishbone Ash, died on Saturday. It said he was buried on Wednesday at Puerto de Mazarron, in the province of Murcia, south of Alicante. Mr France had lived in the Costa Blanca resort for the past three years. He was born in Sheffield in 1959. In the 1970s he emigrated to Australia, returning to the UK...

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

 The pound posted its biggest weekly decline against the euro in almost three months and gilts dropped as French and Spanish borrowing costs fell at their first debt auctions after their credit ratings were cut. The yield on 10-year gilts rose the most in four months as demand for the relative safety of AAA government bonds eased amid signs global growth hasn’t lost momentum. Reports this week showed U.K. retail sales rebounded in December while U.S. initial jobless claims fell to the least in almost four years. Further advances in gilt yields may be limited next week before a report predicted...

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Salvage crews are trying to secure the Costa Concordia to rocks with heavy cables as the cruise ship slips at a rate of 1.5cm per hour.

Coastguards fear big waves forecast for the next 36 hours could push the ship off its perch, sending it to the bottom of the sea.The ship's movements are being carefully monitored - and had halted divers' attempts to find the 21 passengers still unaccounted for.The search has now resumed after being suspended at midnight when laser technology detected the ship was moving, putting search teams at risk. Firefighters have been working around the clock to find the missingAuthorities said earlier...

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Judge orders search of News of the World executives' computers in bid to find out if key hacking evidence was destroyed

 A judge overseeing the settling of hacking claims by victims of News of the World has ordered executives' computers be searched. Senior managers at News Group Newspapers – the parent company of the News of the World – were criticised by Mr Justice Vos, the judge supervising the settlements. Jeremy Reed, who is acting on behalf of several victims of phone hacking, said that when the News of The World moved offices in 2010, computers used by journalists accused of hacking were destroyed. He disparaged their reaction to a request in 2010 from lawyers for the actress Sienna Miller to retain...

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