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Tuesday 31 January 2012

Profits slide at Spain’s Banco Santander as it tries to clean up its real estate portfolio

Posted On 17:41 0 comments

 

Spain’s Banco Santander saw its fourth-quarter net profits plunge 98 percent after it took a €1.8 billion ($2.4 billion) charge to clean up bad real estate loans caused by the Spanish property crash. Europe’s largest bank by market capitalization said Tuesday that net profits fell to €47 million for the quarter that ended in December, down from €2.1 billion in the same period a year earlier. 0 Comments Weigh InCorrections? inShare Without the provision, the bank said it would have had profit of €1.7 billion in the fourth quarter. Spain’s banks are under heavy pressure from the government to disclose additional losses on overvalued real estate including land and apartment buildings in their holdings. The country is mired in an economic morass and has the highest unemployment rate in the whole 17-nation eurozone, largely because of a big construction sector crash. A more detailed look at the quarterly earnings figures showed that the bank’s revenue rose modestly to €11 billion from €10.6 billion a year earlier. For the whole of 2011, Santander’s net profit totaled €5.4 billion, down from €8.2 billion in 2010. The bank said its banking operations in Latin America made up the bulk — 51 per cent — of its profits during the year. The growing importance of Latin America was evident in the bank’s loan book during for 2011. Total loans during the year were up 4 percent as Banco Santander SA boosted business in Latin America that helped buffer decreasing European operations. Santander shares rose 1.1 percent to €6.05 each in Tuesday morning trading after the results were released.


Saturday 28 January 2012

Spanish airline Spanair ceases operations after running out of funds

Posted On 12:13 0 comments

 

Spanair ceased operations late Friday after a regional government in Spain announced it could no longer fund the airline, officials said. Spanair’s financial woes were exacerbated by a 2008 crash that killed 154 people. Eighteen people survived what was Spain’s worst aviation disaster in 25 years. In a statement, the airline said its “last commercial flight will land at” 10 p.m. (2100 GMT) on Jan. 27. 0 Comments Weigh InCorrections? inShare ( Manu Fernandez / Associated Press ) - Passengers wait at a Spanair check-in desk of El Prat airport in Barcelona in Barcelona, Spain, Friday, Jan. 27, 2012. The Spanish air carrier Spanair announced on January 27, 2012 the cessation of the company and the suspension of flights. The regional government of northeastern Catalonia, which had been investing in the country’s No. 4 airline since its 2008 purchase from SAS Scandinavian Airlines System International, said in a statement that it could no longer bankroll Spanair. The Catalan government said the “current economic climate” and “European legislation concerning competition” made it impossible for it to continue financing the small carrier, whose hub was Barcelona airport. Spain’s Development Ministry also published a statement requiring Spanair to “fulfill its obligations with passengers.” The airline advised passengers who had booked flights with it to consult its website where it said “full information” would be displayed. However, from just before 9 p.m. (2000 GMT) the website read only “Website access not available.” Spanair said it had communicated its decision to Spain’s air authorities and had been coordinating its demise with AENA, the country’s airport authority, and with the Development Ministry, which is responsible for civil aviation. Spanair has a fleet of 36 mainly aging aircraft and flew to 19 domestic and 24 international destinations, which included Algeria and Poland. The airline, which also ran a commuter service between Madrid and Barcelona, was in trouble financially before Spanair Flight JK5022 — an MD-82 jet — crashed on takeoff on Aug. 20, 2008 as it tried to leave Madrid bound for the Canary Islands. In December 2008, SAS sold the airline to tourism group Consorci de Turisme de Barcelona and Catalana d’Iniciatives, a private equity group.


number of complaints against lawyers have been ignored by the Malaga Law Society.

Posted On 11:34 0 comments

One Marbella legal company Lawbird confirmed that it had made several complaints to the self-regulatory body about malpractice that have gone unheard.

One of these involves a commoner passing herself off as a lawyer.

Another property buyer is now being forced to take separate legal action, after the body failed to reprimand a lawyer who overcharged him 34,000 euros.

“It is a clear cut case,” the British businessman told the Olive Press. “The lawyer in question kept promising to give me the money back, but it never came.

“I can’t believe that the society feels there is no case to answer.”

It has also emerged that one of the employees of the embattled society is himself linked to a dubious legal practice investigated by police.

“What chance is there of getting justice here in Andalucia when these sorts of people work in the so-called regulatory body,” asked Antonio Flores, from Lawbird.

“The law society is certainly acting in a strange way and is not at all transparent.

“They have a very lax way of dealing with things.”

Here, the Olive Press shines a light on the three cases:

Case study 1:

A complaint made to the Malaga Law Society by a British businessman after he was overcharged a staggering 34,000 euros by his lawyer has fallen on deaf ears.
According to the expat, the body insisted the lawyer was using his ‘knowledge and expertise’ and that they would take no action.
“It is ridiculous. It is cut and dried. I went to the trouble of documenting everything, translating it in to Spanish and then sending it recorded delivery to the law society and they just said no.”
“What is the point in having the society if it doesn’t deal with these matters?”

Case study 2:

Despite complaints from law firms, one high-profile woman is passing herself off as a registered lawyer and yet she has no qualifications.
Advertising in various rival newspapers, she even speaks at legal seminars for expats.
“We have reported her several times but no-one at the Law Society seems to take any interest,” insisted one lawyer.
“We cannot afford to have a regulating body which allows fraudsters to run bogus law firms,” he added. “It’s very detrimental to the image of the profession.”

Case study 3:

In an ironic twist, a lawyer working for the Malaga Law Society to keep check on the profession has been linked to an alleged fraudster.
Tovar Oliver Hernandez Riverol (above) works in the department that deals with good legal practices and imposters.
Yet, he is mentioned in a police report as having connections to law firm Ramirez & Ramirez, which has been investigated for defrauding victims in the timeshare arena.
Arrested four times, its boss Fabian Marcelo Ramirez was accused of falsely promising his victims to recover money in boiler room, timeshare and cashback scams in exchange for an upfront fee.
“Ramirez backed up his activities using a number of lawyers, including Hernandez,” explained Antonio Flores of law firm Lawbird.
While there is no suggestion Hernandez was conning the victims himself, as Flores adds: “Surely the Law Society must know that a man supposedly protecting the purity of the profession should not have these kinds of connections. Why have they not done anything?”


Thursday 26 January 2012

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

Posted On 18:38 0 comments

 

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 it can reduce its budget deficit by almost half in 2012 even as the economy suffers its second recession in two years. The law aims to increase discipline in the regional governments, which have accumulated unpaid bills after they were shut out of public debt markets and saw their tax revenues collapse. Spain’s 17 regions owed pharmaceutical companies 6.37 billion euros at the end of 2011, lobby group Farmaindustria said today in a statement. That debt has risen 36 percent from a year earlier as payments were delayed by an average of 525 days, according to the group, which has urged Prime Minister Mariano Rajoy to sell bonds backed by the unpaid bills in a program that would be guaranteed by the government. Credit Line As regions including Valencia suffer from a liquidity squeeze, Montoro has offered the states a credit line to allow them to pay unpaid bills. The government will seek tighter deficit plans in return, he said. The budget law will prevent spending rising more than projected economic growth, while giving debt redemptions and interest payments priority over other public spending. The ratio of debt to gross domestic product will be limited to 60 percent, Montoro said. The PP or its allies govern in most of Spain’s 17 regions, strengthening the government’s hand to reorder public finances. The regions, which missed their combined budget goals in 2010 and 2011, control about a third of public spending and hire half of the countries’ public workers. “We have seen the willingness of all the regional governments that Spain should have a new budget-stability law,” Montoro said today.


Tony Blair agreed to a secret deal to hand joint sovereignty of Gibraltar to Spain, according to explosive claims by a former Labour cabinet minister.

Posted On 17:38 0 comments

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Peter Hain reveals in his memoirs that he struck the deal with the Spanish government in 2002 to end the UK's 300-year control of the vital strategic outpost.
He makes clear that he and Mr Blair were both prepared to ride roughshod over the objections of the people of Gibraltar in order to get their way, describing Mr Blair's attitude to the inhabitants as 'contemptuous'.
Former Prime Minister Tony Blair was prepared to ride roughshod over the objections of the people of Gibraltar in order to get his way, Peter Hain has revealed
Former Prime Minister Tony Blair was prepared to ride roughshod over the objections of the people of Gibraltar in order to get his way, Peter Hain has revealed
Former Prime Minister Tony Blair (left) was prepared to ride roughshod over the objections of the people of Gibraltar in order to get his way, Peter Hain (right) has revealed
Deal: Gibraltar has been a British overseas territory since 1704
Deal: Gibraltar has been a British overseas territory since 1704
The former Europe Minister revealed Mr Blair sanctioned the deal because he wanted to win the backing of the Spanish government – then led by Jose Maria Aznar – to help Britain take on France and Germany in EU negotiations.
The agreement was only shelved when what he called 'hardliners' in the Spanish government – who wanted only full sovereignty – objected.
 


RUSSIAN Prime Minister, Vladimir Putin, is not planning to buy a property in Marbella, Benhavis or anywhere else on the Costa del Sol.

Posted On 11:25 0 comments

 This was revealed exclusively to EWN by the Prime Minister’s press office which rubbished widespread reports in the Spanish and at least one local English language newspaper. Citing Spanish gossip magazine Vanitatis, these reports claimed Putin was ‘keen to snap up’ a mansion in La Zagaleta, Benhavis, described as ‘Europe's most exclusive residential development’, according to lazagaleta.com. Several reports said Putin was convinced to buy a property in La Zagaleta by former Moscow Mayor Yuri Luzhkov who lives in the urbanization. An official from Putin’s press office laughed off the reports, and revealed EWN was the first to ask them if the story was accurate.


Monday 23 January 2012

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.

Posted On 09:41 1 comments


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 womaniser

Tactile: Princess Diana being kissed in 1987 by the King of Spain, who according to a new book, is a serial womaniser

Together: Diana, Prince Charles and their boys with King Carlos, Queen Sofia and members of the Greek royal family onboard a yacht in August 1990

Together: Diana, Prince Charles and their boys with King Carlos, Queen Sofia and members of the Greek royal family on board a yacht in August 1990

The Solitude of the Queen by Pilar Eyre, which is likely to prove controversial in the Catholic country, claims the king made a ‘tactile’ advance to Diana while she and Charles were on holiday in Majorca in the 1980s. 

It follows much-derided allegations made in 2004 by Lady Colin Campbell that the princess had a fling with Juan Carlos while on a cruise in August 1986 and then again the following April. 

Controversial: The Solitude of the Queen by Pilar Eyre claims the king made a ¿tactile¿ advance to Diana while she and Charles were on holiday in Majorca in the 1980s

Controversial: The Solitude of the Queen by Pilar Eyre claims the king made a 'tactile' advance to Diana while she and Charles were on holiday in Majorca in the 1980s

During a 1987 visit, in which Charles and Diana  went to Madrid, the king was pictured smiling as he kissed the princess on the hand – a gesture which left Diana  looking embarrassed.

Miss Eyre’s book also alleges that Queen Sofia has not slept in the marital bed since 1976 and only remains in the marriage out of ‘a sense of duty’.

She even claims the queen stumbled upon her husband with one of his alleged  lovers, the Spanish film star Sara Montiel, at a friend’s country house in Toledo in 1976.

Sofia, now 73, was forced to attend a football match the day afterwards ‘as protocol demanded’, before storming out of the  Zarzuela Palace, their official residence, with her children.

Advised to stay with her husband, she was told a break-up would mean she would ‘end up being paid to liven up the parties of the newly rich’.

Miss Eyre adds: ‘The role of the queen is sad, she is the loneliest woman in Spain.’

Distant: Carlos and Queen Sofia have allegedly not slept in the marital bed together since 1976

Distant: Carlos and Queen Sofia have allegedly not slept in the marital bed together since 1976

She also told Spanish gossip magazine  Vanitatis: ‘Queen Sofia is a woman betrayed and hurt with a married life that has been a real tragedy. The king’s closest friends I have spoken to say they don’t like her.’

And she alleges that, as recently as last year, when the monarch was recovering from the removal of a benign lung tumour, he was seeing a 25-year-old German translator.

After writing the book, Miss Eyre was informed she would no longer appear on Spanish TV channel Telecinco.

She said she was told: ‘The station has banned talk about your book and does not allow you to continue working. You are banned, Pilar, we are sorry.’

 


Sunday 15 January 2012

Crash and burn time for Spain's crusading judge?

Posted On 15:13 0 comments

 

He indicted late Chilean dictator Augusto Pinochet on genocide charges and became an instant hero to many around the world. A decade later he launched a similar crimes-against-humanity probe over atrocities by the right-wing victors of Spain's Civil War. Now Judge Baltasar Garzon is finding himself in the dock. On Tuesday, Garzon goes on trial for allegedly ordering illegal jailhouse wiretaps in a domestic corruption probe. A week later he appears in court to face charges he overstepped his authority in the Civil War case. Supporters say he's the victim of a witchhunt by courthouse colleagues jealous of his fame and of arch-conservatives angered by his attempt to revisit Spain's war-time past. Whatever the motivations, Spain's once high-flying but now-suspended super sleuth may be about to crash and burn definitively. Garzon doesn't face jail time if convicted in either trial. But he can be removed from the bench for up to 20 years, which at his age — 56 — would in effect end his career as an investigating magistrate at the National Court. The judge — who also charged Osama bin Laden and probed abuses at the United States' Guantanamo Bay prison for terror suspects — is separately under investigation over his dealings with a big Spanish bank. Garzon's lawyer says the precedent set by the trials, plus the probe which could lead to a third trial, will make it virtually impossible for Garzon to take up his post again even if he is acquitted in all three cases. "Judge Garzon is facing the perfect storm," said the attorney, Gonzalo Martinez-Fresneda. New York-based Human Rights Watch said the fact that Garzon was even charged for probing killings and forced disappearances by supporters of Gen. Francisco Franco during and after the 1936-39 war is an outrage. The group's spokesman, Reed Brody, said it is already discouraging judges in other countries from applying the principles of law he championed. Both sides in the Spanish war — the Republican side and Franco's rebel right-wing forces — committed atrocities. But they were addressed by a post-Franco-era amnesty approved by Parliament. Republican atrocities against pro-Franco civilians had already been thoroughly documented by the regime. The specific charge against Garzon is that he knowingly overstepped the bounds of his jurisdiction with his unprecedented albeit abortive probe of crimes committed by the Franco side. Garzon, a workaholic from a modest background in Spain's olive-growing south, certainly never expected to find himself in court as a criminal suspect. Rights advocates in Spain and abroad adore him for his pioneering cross-border justice cases, which apply the principle of universal jurisdiction — the idea that some crimes are so heinous they can be prosecuted anywhere, not just in the country where they are alleged to have been committed. Since Garzon had Pinochet arrested in London in 1998 in an ultimately failed bid to put him on trial in Madrid, Garzon and colleagues at the National Court have issued indictments and arrest warrants over crimes in such far-flung places as Tibet and Rwanda. The effect here in Spain has been largely symbolic. There's been only one conviction — that of an Argentine 'dirty war' suspect who came to Spain voluntarily to testify and ended up charged and convicted in 2005. And there has been one extradition. But the arrest of Pinochet inspired victims of abuses, especially in Latin American countries like Argentina, Chile and Guatemala, to challenge and win the repeal of laws giving amnesty to perpetrators of atrocities committed by military juntas, said Brody. "Garzon changed the world," he said. Spain's decision to put Garzon on trial before the Supreme Court, he added, "leaves Spain open to the charge of double standards: they are willing to work for justice in so many other countries and yet at home they have problems with a judge who seeks justice."


3 ETA suspects arrested in France

Posted On 15:08 0 comments

 

 

 

 

French police acting alongside Spanish counterparts have arrested three men at a railway station in France on suspicion of belonging to Basque separatist group ETA, the Interior Ministry said Sunday. One of those arrested in Joigny, 150 kilometers (93 miles) southeast of Paris, was identified as 33-year-old Jon Echeverria Oyarbide, for whom there is an international arrest warrant. Police said he was in possession of material used in the manufacture of explosives. Echevarria was found in possession of bomb-making materials. The others were identified as Ruben Rivero Campo, who is wanted for "an election offense" and Inigo Sancho Marco, who is not on a wanted list, the ministry said in a statement, adding the arrests took place Saturday afternoon. The statement said officers had spotted Echeverria at Bercy railway station in Paris and tailed him covertly to Joigny, where an apparent rendezvous with the other men took place. The men were armed and police found a car with false license plates in the station car park in Joigny. The arrests occurred a day after Spain's Interior Minister, Jorge Fernandez, insisted that as long as ETA existed its members would be hunted down. Spanish state broadcaster TVE said the three were being held at Auxerre police station awaiting transport to Paris. ETA has killed 829 people since the late 1960s in bombings and shootings aiming to force the creation of a Basque homeland in northern Spain and southwestern France. It is classified as a terrorist organization by Spain, the United States and the European Union. Waves of arrests in recent years have repeatedly weakened ETA's structure and diminished its ability to perform acts of terror or collect funds.


Anthony Read was found dead in the sea in the port town of Puerto De La Duquesa

Posted On 11:25 0 comments

Anthony Read was found dead in the sea in the port town of Puerto De La Duquesa – on the country’s Costa del Sol – the morning after a night out drinking with friends in March last year.

Yesterday, at an inquest, mum and dad Jacqueline Jenkins and Martin Read criticised the investigation into the tragedy carried out by the authorities in Spain.

Anthony, 33,  had visited a number of pubs during the evening and took a taxi back to a pal’s home ten minutes’ drive away in the early hours.

But it is thought he may not have had the correct fare when he arrived and was driven back to the port, between Marbella and Gibraltar. Hours later, his body was found in the water.

Spanish authorities said there had been no signs of violence and that Anthony had drowned, concluding that the death may have been the result of an accident.

But at the inquest in Portsmouth, Anthony’s mother Jacqueline Jenkins hit out at the “vague” report drawn up by local officials as she attempted to piece together what had happened.

Dad Martin Read told the inquest he wanted confirmation from Spanish police that they were satisfied the taxi driver had driven away and was not involved in the tragedy. The inquest also heard how Anthony may simply have fallen in.

However, it remains unclear as to how he came to be in the water.

Coroner David Horsley said it was unlikely Anthony had been robbed as he was still in possession of his wallet and mobile phone when his body was discovered.

But he agreed that he had been faced with a lack of evidence in preparing the inquest.

He told Anthony’s parents: “It is possible that he fell in by accident but I cannot say that that is the most likely scenario because it is possible that he was pushed in – it may have been some kind of simple assault or he may have been trying to evade an assault.”

He added: “If there were any witnesses they did not come forward – or were they asked?”

Mrs Jenkins broke down in tears as she read out tributes to her “kind, thoughtful and wonderful son”, who was working as a financial controller in Gibraltar and was enjoying living in Spain.

In the run-up to his death, Anthony had been studying to become a chartered accountant.

Mr Horsley recorded an open verdict.


Saturday 14 January 2012

Ciudad de la Luz film studios in trouble in Alicante

Posted On 16:37 0 comments

 

Another of the large projects in the Valencia region is in trouble as the company which runs the Ciudad de la Luz film studios in Alicante, Agua Amarga de Gestión S.L., has applied for bankruptcy protection. It comes as the regional government has failed to pay four million € as the promoter of the project. Mercantile Court 2 in Alicante accepted the application on December 16 2011. The centre has amassed a total debt of more than 190 million €, and now the Valencia Government wants to privatise the operation despite spending 160 million € on it. The project was an idea of Eduardo Zaplana, an ex Partido Popular President of the Valencia Government who thought it would compensate the city for the Terra Mítica park in Benidorm. The studios cover a 320,000 square metre site. El País reports that a new agreement between the regional government and the company could be round the corner. The company says that would need the payment of the debt. They note that in 2005 when the first productions were carried out at the facility, there were in that year 59 productions in total which brought an income of 174 million €, saw jobs for 4,757 workers and more than 3,000 contracts with other companies. It also gave rise to some 150,000 overnight hotel stays in Alicante.


Iberia pilots announce more strike action

Posted On 16:33 0 comments

 

Pilots from the SEPLA union who work for Iberia have announced three more days of strike action on January 25, 27 and 30. It follows four days of previous action in protest at the plans by Iberia to establish a new low-cost carrier, Iberia Express. SEPLA say that they have picked the dates with care, so as not to affect the Spanish tourism fair, FITUR, which runs in Madrid between the 18th and 22nd of this month. Meanwhile cabin crew and ground staff are also considering taking action, and are reported to be looking at striking on Mondays and Fridays from February 2. A meeting will be held on Tuesday to confirm that action which could affect 21,000 workers on the ground in handling, cargo, maintenance, trade and operational activities.


The Decree to regularize houses in Andalucia

Posted On 16:30 0 comments

 

According to Hillen “It’s possible that this fireworks display will dazzle some but if you look at the detail of the Decree you will see that it does not help those with ongoing court proceedings, where perhaps the majority could face the chop”. “If what the Junta wants is more cases like the Priors, the decree certainly does nothing to prevent that” she added. “Actually, I sometimes despair at how little the administration is in contact with the real problems of its citizens. They must know that what looks nice on paper is not always workable in practice. It appears that they don’t and all they want to do is inundate us with a byzantine tangle of laws and, whilst they are about it, completely destroy foreign investment in Spain”. Hillen asks “What shall I tell elderly retirees who have demolition orders against their homes? Can I tell them that the Decree will save them? I can’t because it doesn’t”. “What can I say to hundreds of retired couples who live on irregular urbanisations without escritura for their land? Can I tell them that the Decree will give them their escritura? No I can’t, and indeed some of those who currently have escritura are at risk because, according to the Decree, escrituras can be annulled because of the possible illegal segregation of land.” “On the other hand, the regularization of these developments still has to go through an unrealistic, expensive, arduous and painful process which will take a very long time” she added. Regarding the new provision for isolated houses she states that “I regret to say that these houses are relatively blighted, since according to the decree they are not entitled to a licence of occupation or use; are subject to yet to be defined future regulations and some theoretical minimum standard of habitability; Furthermore, the decree states that these houses can only be repaired and preserved; that they should have self sufficient supplies of water, electricity and waste treatment and that only in exceptional circumstances can they be connected to mains services; In other words they are of dubious legality” “That is to say that the Junta, instead of making an important legal change , and by that I mean changing the LOUA, to resolve a major problem has instead only created more confusion in addition to creating a category of second class housing”. She concluded by saying “I hope that not too many people are lured by this bait because I think that it doesn’t fix very much. In fact among our members we think that only 16% of them will benefit in any way from this Decree”.


Government to bring in changes to the 'Ley de Costas'

Posted On 16:26 0 comments

 

The current and controversial ‘Ley de Costas’ has been in force since 1988 with hardly any modifications. Now the new Minister for Agriculture, Foodstuffs and the Environment, Miguel Arias Cañete, has indicated that ‘very deep reforms’ are on the way to bring value to the coast. El País reoprts that at an event to welcome top civil servants in his department, he gave a speech which indicated that the environment cannot stop economic development, and said that environmental legislation needs to be simplified. Sources at the ministry have noted that there is a problem of judicial insecurity with the current legislation and that they have received pressure from countries such as Britain and Germany, and complaints from EuroMPs as there are foreigners who have been affected by the compulsory purchase aspect of the legislation. The law, which was left untouched by the Aznar government, declares all the beach to be of public use, but does not use a fixed distance, following geographic concepts instead. That extends the area into dunes and marshlands, to where the sea has reached in the worst of storms. Many people have purchased property without the notary or the bank telling them it is located in land for public use, and these people have been granted a 30 year concession of use, but no longer own the property. A legal change now is complicated by the fact that there has already been compulsory purchases and demolition of some properties, so their owners will now be able to claim compensation. The new legislation is expected to extend the concessions, as ‘thousands’ of them were to expire in 2018.


SHIP AGROUND: COAST GUARD CONFIRMS 3 DEAD

Posted On 11:52 0 comments

 

At this time, 3 people are confirmed dead in an accident involving the cruising ship Costa Concordia. The ship left Civitavecchia for Savona yesterday at 7:30 PM and ran aground near the Isola del Giglio. According to Coast Guard sources, the situation is still confused. The ship has been boarded by Coast Guard rescue personnel, firefighters and a Costa officer and checked top to bottom to confirm that everybody has been evacuated. A portion of the passengers was taken on other vessels to Porto Santo Stefano while other went to Livorno by helicopter. The cause of the accident has not yet been ascertained. The grounded ship suffered a blackout just before running aground. . .


'Six feared dead' and thousands evacuated as cruise ship hits rocks off coast of Italy

Posted On 11:48 0 comments

 

Holidaymakers from France, Italy, Germany and Britain were forced to flee the 1,500-cabin Costa Concordia in lifeboats when it hit a reef less than two hours after leaving port. Some leapt overboard and swam to shore as the ship started to sink into the waters near the island of Giglio, off the Tuscan coast. Francesco Paolillo, the coastguard spokesman, said that at least three bodies were retrieved from the sea and at least three more were feared dead. Pregnant women and young children were among the 3,200 passengers and 1,000 crew on board. Passengers' dinner on Friday night was interrupted by a loud boom at around 8pm and a voice over the loud-speaker system initially claimed that the ship was suffering an electrical failure, before ordering everyone on-board to don life-jackets.


Paul Simon's music takes meandering spiritual journey

Posted On 10:32 0 comments

 

Paul Simon says there's always been a spiritual dimension to his music. But the overt religious references in his most recent album, So Beautiful or So What, surprised even him. There are songs about God, angels, creation, pilgrimage, prayer and the afterlife. . Simon says he has many questions about God and explores them through his music. Enlarge By Todd Plitt, for USA TODAY Paul Simon performs at Ground Zero during a 10th anniversary ceremony of the 9-11 terrorist attacks. Simon says he has many questions about God and explores them through his music. Ads by Google 1st Dual Core Mini-ITX VIA EPIA-M900 wi Nano X2 CPU, DDR3 up to 8GB, 2 SATA, 8 USB2.0, 4 www.viaembedded.com Simon says the religious themes were not intentional — he does not describe himself as religious. But in an interview with the PBS program Religion & Ethics NewsWeekly, he said the spiritual realm fascinates him. "I think it's a part of my thoughts on a fairly regular basis," he said. "I think of it more as spiritual feeling. It's something that I recognize in myself and that I enjoy, and I don't quite understand it." BLOG: Is heaven Simon's stunning infinity? REVIEW: 'So Beautiful' sums up Simon's latest STORY: 'So Beautiful' is beautifully familiar Simon may not understand it, but he's been writing and singing a lot about it, and that has generated attention. One Irish blogger suggested So Beautiful or So What could be the best Christian album of 2011. Sojourners' Cathleen Falsani, an evangelical who writes frequently about religion and pop culture, called it "one of the most memorable collections of spiritual musical musings" in recent memory. "It's a stunningly beautiful … album, and he's a great surprise to me and frankly a huge blessing," Falsani said. During a career that has spanned half a century, Simon has received numerous awards, including 12 Grammys. His first Grammy came in 1968 for best contemporary vocal duo, along with his musical partner Art Garfunkel. Their 1970 Grammy-winning song Bridge Over Troubled Water was influenced by gospel music. Simon comes from a Jewish background. "I was raised to a degree enough to be bar mitzvahed and have that much Jewish education, although I had no interest. None," he said. Now at 70, he said he has many questions about God. In his song, The Afterlife, he speculates about what happens after death. He imagines waiting in line, like at the Department of Motor Vehicles. As the chorus goes: "You got to fill out a form first and then you wait in the line." But there's a serious aspect as well, as the song continues: "Face-to-face in the vastness of space/ Your words disappear/And you feel like you're swimming in an ocean of love/ And the current is strong." "By the time you get up to speak to God, and you actually get there, there's no question that you could possibly have that could have any relevance," Simon explained. One of the most unusual songs on the album, Getting Ready for Christmas Day, includes excerpts of a sermon preached in 1941 by prominent African-American pastor J.M. Gates. Simon heard the sermon on a set of old recordings and said he was drawn to the rhythms of Gates' "call and response" style of preaching. The song Love and Hard Times begins with the line: "God and His only son paid a courtesy call on Earth one Sunday morning." According to Simon, "To begin with a sentence that is the foundation of Christianity, I said: This is going to be interesting. Now what am I going to say about a subject that I certainly didn't study?" The song ends with a love story, which he says is really about his wife, and a repetition of the line, "Thank God I found you." "When you're looking to be thankful at the highest level, you need a specific and that specific is God. And that's what that song is about," he said. Simon said the beauty of life and of the earth often leads him to thoughts about God. "How was all of this created? If the answer to that question is God created everything, there was a creator, than I say, Great! What a great job," he said. But he said he won't be troubled if it turns out there is no God. "Oh fine, so there's another answer. I don't know the answer," he said. Either way, he added, "I'm just a speck of dust here for a nanosecond, and I'm very grateful." Simon has sought input on his questions from some religious leaders, including the Dalai Lama. He once spent hours talking with British evangelical theologian John Stott, who died last year. Simon said Stott made a big impression on him. "I left there feeling that I had a greater understanding of where belief comes from when it doesn't have an agenda," he said. Many of Simon's songs raise universal questions about things like destiny and the meaning of life. "Quite often, people read or hear things in my songs that I think are more true than what I wrote," he said. Falsani calls Simon a "God-chronicler by accident." "He looks at the world and kind of wonders what the heck is going on, like many of us do. He asks good questions and seems to have his finger on the heartbeat spiritually of a culture," she said. Simon said he's gratified — and somewhat mystified — that some people have told him they believe God has spoken to them through his music. "Is it a profound truth? I don't know," he said. "I feel I'm like a vessel, and it passed through me, and I was the editor, and I'm glad."


Thursday 12 January 2012

Two air passengers met by police over heated bust up after teenager 'reclined his seat'

Posted On 12:43 0 comments

 

A furious row broke out between two passengers on a packed jumbo jet after one reclined his seat as the man behind was about to eat. The pair almost came to blows at 40,000ft as shocked travellers looked on. It started when an 18-year-old sitting in economy class moved his seat back to sleep. Air rage: The drama happened on board an Emirates 517-seat Airbus A380 - the world's biggest commercial airliner - from Dubai into Manchester Airport The 38-year-old passenger sitting immediately behind him was about to eat his in-flight meal at the time. And when he asked the youth to put his seat back up while he ate a major row broke out.   More... Airline passenger is stunned three times with a Taser gun after after he refuses screening check and runs into secure area Car-sized robotic explorer fires its thrusters for next stage of journey to Mars - and will land there in August The pair traded insults and leapt up from their seats in a head-to-head confrontation. As the argument became more heated cabin crew were called and attempted to defuse the incident. Stunned travellers watched as the two men continued to shout abuse at each other while standing in the aisle before they were finally persuaded to calm down. The drama happened on board a 517-seat Airbus A380 - the world’s biggest commercial airliner - operated by Emirates from Dubai into Manchester Airport. Close: The row broke out as one passenger reclined his seat while the man behind was about to eat The pilot of flight EK17 was so concerned he radioed ahead and police were informed. Officers went to the gate at Terminal 1 after the flight landed to meet the two passengers at around noon on Tuesday. A spokesman for Greater Manchester Police confirmed officers ‘spoke to’ two men, aged 38 and 18. No further action was taken as neither man wanted to make a formal complaint, and both also admitted they had been ‘in the wrong’, say police. A spokesman for the airline said: ‘Emirates does not tolerate this kind of behaviour from passengers and safety will not be compromised.’ They confirmed there had been an ‘altercation’ on board the flight and, although no blow had been exchanged, cabin crew had been called to calm the passengers. One traveller who uses the route said: ‘I have recently flown with Emirates to the Far East. This trip was split into two separate flights and lasted 20 hours. ‘Like a lot of people on the second leg of the trip I wanted to sleep. There is a system in place where you can indicate that you do not want the meal and to be left alone to sleep, which is what I did. My seat was reclined to the limit allowed. Welcome party: Police officers were waiting at the gate at Manchester Airport's Terminal 1, pictured, to meet the two passengers involved ‘When it came time for the meal I was woken up by the person behind asking me to sit up, so they could enjoy their meal. I was a little p***** off that I had been woken up. 'I hadn’t reclined it whilst he was eating, I was doing what I wanted to do, sleep, in a position that the seat was allowing me. I didn’t make a fuss and accepted it.’ He said: ‘This is only a problem in the "cheap" seats and perhaps the airlines can have an area in this class for passengers who want to sleep in the reclined position. 'No meals would be served to these passengers, so the problem will be removed. By sitting in this area you accept no meals and the seat in front may be reclined.’ The double-decker plane first started flying into Manchester Airport in September 2010 after around £10m had been spent on changes to the airfield to accommodate it. Its introduction was part of a huge boom in the number of people flying in and out of Dubai,


Gold treasure trove and millions in cash seized from Colombian drug dealers in Spain

Posted On 12:28 0 comments

 

A National Police operation has seized more than 4 million € in cash and a treasure trove of gold ingots from a group of drug traffickers based in the north west of Madrid which was finalising a deal to sell off half a ton of cocaine. Three suspects from Colombia have been arrested, who also face charges of money laundering. The Interior Ministry said in a press release on Tuesday that the drugs were brought into Spain by air and the laundered proceeds from their sale were then sent to Colombia in the same way. Police began their investigations last month and swooped on the luxury apartments which were used by the gang early on the morning of January 5, seizing more than 3.5 million € and three kilos of highly pure gold. The gold was made up of ingots each weighing a quarter of a kilo. A further half a million € was discovered when the suspects’ vehicles were searched.


Suspect arrested over woman found murdered in Fuengirola

Posted On 12:22 0 comments

 

An arrest has been made in the case of the woman who was found dead, wrapped in plastic and a blanket, beneath a bridge in Los Boliches, Fuengirola, on Monday morning. She was identified as E.U.G, a woman who was born in Almería in 1980. She is believed to have been killed last Saturday, two days before her body was found. The autopsy has now confirmed the cause of death as asphyxiation, and it’s understood there were also signs that she had been hit on the head. There was no sign of rape, or that any of her personal possessions had been stolen. All that’s known on the suspect is that he was known to the victim. La Opinión de Málaga said he was arrested in Fuengirola.


AIFOS boss now admits paying Juan Antonio Roca

Posted On 12:17 0 comments

 

Another twist in the Malaya case with the owner of the real estate promoter, AIFOS, Jesús Ruiz Casado, telling the court on Wednesday that, despite his declaration on Tuesday that he had never made any payments to the Marbella Municipal Real Estate Assessor, Juan Antonio Roca, that in fact he did make the payment ‘of some amounts’ through his commercial director, Francisco García Lebrón. Casado explained that he had found a 135,000 € mismatch in a report on the accounts of his company which had been presented to the Court, and that there was a 90,000 € coincidence with the notes in the computer archives of Juan Antonio Roca. He said he told his commercial director to make a payment to support the Town Hall sponsorships and fiestas. ‘I did not control this matter sufficiently’, he said and said he pleaded guilty to avoid prison, and admitted making payments of 4.8 million € for town planning favours between 2004 and 2006, for which he is accused.


Tuesday 10 January 2012

the secret of the Costa del Sol got out to the world, in a big, big way

Posted On 22:51 0 comments

 

.The mid-Andalusian coastline began to lure Northern European types, weary of their long, dark winters and eager to bask in the region's ever-present sunshine. First came the super-rich and famous (think Audrey Hepburn, Cary Grant, and Laurence Olivier), after Prince Alfonso of Hohenlohe-Langenburg opened the aristocratic Marbella Club in 1954. The demi-rich and B celebs followed, and gradually the masses—as is their wont—caught wind of the fun and sun, subsequently descending in droves. Through it all, the gays came too, establishing their beachhead at Torremolinos in the 1960s and 70s. Unfortunately, the switch from sleepy-fishing-village-dotted seashore to frolicksome touristic playground proved too rapid for the area to bear seamlessly. Unsavory types like on-the-lam Brits, the Russian mob, and Arab arms traffickers crept in, earning the region the unwelcome nickname Costa del Crime in the late 1990s and early 2000s. Unsavory Marbella politicians meanwhile took advantage of the instability, pushing through scores of corrupt construction projects before being stopped and ultimately jailed. Now, however, with a clean political slate and hot on the heels of a highly publicized summer 2010 visit to the area by Michelle Obama, the Costa del Sol is back with a vengeance. A new generation of hip tourists, a large faction of them gay, are now discovering the 300-plus days of sun, the warm Mediterranean beaches, the bargain-to-luxury shopping, the excellent spas, the delectable food, the rich history, the effervescent culture, and yes, those scrumptious southern Spanish men of the delightful Costa del Sol. By far, most international visits to the Costa del Sol start in Málaga, and more specifically at its Pablo Ruiz Picasso International Airport. Low-cost carriers like Ryanair and EasyJet have turned this into Spain's fourth busiest airfield, with scores of carriers now serving over 60 countries. The airport's newly opened third terminal is expected to accommodate the growing number of travelers in the coming years. Thanks to an extension of Spain's high-speed AVE train line in 2007, it's now also possible to get from Madrid to Málaga by rail in just about two and a half hours. While many Málaga arrivers scurry off to nearby beachside resort towns, any proper visit to the area requires a healthy dose of the beautiful city itself. With about 570,000 inhabitants, this is Europe's southernmost metropolis, not to mention one of the world's oldest towns, with an historical center dating back more than 3,000 years. In this now fully modern and vibrant city, remnants of previous civilizations are around every bend, with Phoenician, Roman, Moorish, and Reconquista Christian sites especially visible—and more still being found all the time. In 1951, during the construction of a new library, a fantastic first century B.C.E. Roman Theater was unearthed, and it's now one of Málaga's main attractions. More recently, during the construction of the Vincci Selección Posada del Patio Hotel on Pasillo Santa Isabel, remains of both the Roman and Arab walls of the city were found, and can be viewed by all from a specially designed underground walkway. THE INSIDERS GUIDE WHERE TO STAY WHERE TO PLAY WHERE TO EAT WHAT TO DO Pablo Picasso and Antonio Banderas are two of Málaga's most famous sons, and while you have a slight chance of seeing the latter on one of his frequent visits to town, you certainly won't miss homages to the former, known to his mother and many a modern tour guide as Pablo Diego José Francisco de Paula Juan Nepomuceno María de los Remedios Cipriano de la Santísima Trinidad Ruiz y Picasso. The fabulous Museo Picasso, while just one of three major museums devoted exclusively to the artist's work (the others are in Barcelona and Paris), contains perhaps the most intimate and revealing collection, with more than 220 works donated directly by Picasso's daughter-in-law and grandson. Also worth a visit is the Museo Casa Natal (Birthplace House Museum), which features thousands of works by Picasso, his contemporaries, and those he influenced. Just up the hill from the Roman Theater is the Alcazaba, a Moorish fort started in the eighth century but mostly taking its present form in the mid-11th century. Farther up the hill (but further forward in time) is the Castillo de Gibralfaro, where the Moorish people of Málaga famously waged a three-month battle (albeit ultimately unsuccessfully) against the Catholic monarchs, Ferdinand and Isabella, in 1487. Inside the castle is a small but interesting archaeological museum, but most visitors come for what's outdoors: breathtaking views of the city below. For a royal hotel stay, the Parador de Málaga Gibralfaro, part of Spain's exceptional state-owned Paradores system, is actually attached to the castle itself. Continuing onward chronologically, Málaga's post-Reconquista city center Cathedral is known locally as La Manquita, or "one-armed lady," thanks to her clearly missing second tower, a victim of depleted coffers in the 18th century. She's still stunning, and her one beautiful outstretched arm manages to crop up in photos all around the old town. CLICK FOR SLIDESHOW OF COSTA DEL SOL When you're ready for a break and some Málaga tapas, the nearby La Moraga is unparalleled, the local outpost of Michelin-starred chef Dani García's growing gastronomic family. Once sustained, try out Málaga's plentiful shopping options, especially the city center pedestrian street Calle Marqués de Larios, which is lined with chic shops, boutiques, and cafés. Málaga also has a Corte de Inglés (part of the much-beloved, Spanish, one-stop, department store chain), as well as several malls and countless specialty stores spread across the city. One of Málaga's most famed festivals is its vivid Holy Week (or Semana Santa), during which massive ornate tronos (thrones, or floats), made of gold and silver and often weighing more than five tons, are carried through the streets, accompanied by music and song. Things turn especially dramatic on Good Friday, when shops and streetlights go dark to better showcase the solemn procession. Antonio Banderas sometimes still takes part in the festivities, as he did here in his youth. The festival dates back more than 500 years to the Catholic Reconquista, and its long history is commemorated at the Museo de la Semana Santa (Holy Week Museum). Somewhat less holy but even more famous is the Feria de Málaga, a nine-day, mid-August festival that's one of Spain's largest. Shops and offices close so everyone can enjoy the food and drink. Meanwhile, traffic is stopped so the streets can fill with music and dancing. Traditional costumes are everywhere, with many women in colorful flamenco dresses and many men dressed as sexy vaqueros (or cowboys). While it's not nearly as big as Holy Week or Feria, Málaga has its own Pride event as well called Hoy Málaga es Gay (Today Málaga is Gay), taking place annually in late June. LGBT life is thriving in Málaga, which boasts a growing number and variety of gay bars and clubs, many situated around Plaza de la Merced. For a fun dip into the local queer scene, start out with the lively Bohemian loungy-ness of El Carmen, then move on to the throbbing disco action of Reinas (Queen). The refreshingly small (just 50 rooms) and colorful Room Mate Lola Hotel is a great place to lay your head in Málaga, with cool design, a central location, a hip clientele, and a friendly staff. Even more centrally located (right next to the Cathedral) is the AC Málaga Palacio Hotel, which boasts a rooftop pool and restaurant/bar with 360-degree views of the city, making it a consummate setting for that impromptu Spanish same-sex wedding. For venturing beyond Málaga proper and onward to the splendid Costa del Sol, your best bet is to rent a car. This can be ridiculously cheap, as low as $60 a week depending on when you travel, your vehicle preference, and Euro conversion rates. Taxis are plentiful, but distances between towns are fairly large, so fares can be high. Buses are available as well, but they run sporadically. Trains, running about every 30 minutes, also connect Málaga to Torremolinos and Fuengirola, but the latter is only about halfway to Marbella, so you'll still need a cab or car to take you the full distance there. Less than ten miles south of Málaga lies Torremolinos, long the gay capital of the Costa del Sol region. Though it began like many towns in the area as a sleepy fishing village, people were here and queer as early as the late 1950s. By 1962, Toni's Bar, Spain's first-ever gay bar, had opened. Even during the oppressive Franco regime, homosexuals were mostly given wide berth to behave as they liked in Torremolinos—as long as they spent their tourist pesetas while doing so. By the early 1970s, gay life was booming here, centered (as it still is) around La Nogalera in the heart of town. Torremolinos lost much of its cachet in the mid-70s when down-the-coast Marbella came into full bloom, but with the decriminalization of homosexuality in Spain later in the decade, the town began to attract more and more gays from all over the country, and eventually from across Europe. After an upswing in the 1980s and much of the 90s, another downturn followed just before the millennium, as Eurogays bored of a destination that'd become too routine and gone stale. Somewhat surprisingly, Torremolinos has undergone yet another powerful resurgence in the last few years, proving it a gay Spanish phoenix that simply refuses to go quietly. As Spain's magnetism draws in more and more international LGBT travelers, Torremolinos, virtually unknown to Amerigays until recently, is now finally being discovered by those looking beyond the tried and true Madrid-to-Barcelona-and-Sitges route. Interestingly, Torremolinos also draws many heterosexual Nordic and British types, leading to odd amalgams like a Finnish bar atop a gay disco, as in the case of the popular and very fun Home. Other current LGBT hotspots (among some 20 in Torremolinos) include Parthenon and Passion discos, both always packed on weekends. Since Torremolinos isn't yet exactly teeming with upscale lodging options, many visitors choose to stay in Málaga and make the journey by taxi at club time—in fact, it's what many Malagueños themselves do every weekend. For those who'd rather be able to stumble home, Hostal Guadalupe is a solid Torremolinos choice. Beyond the packed nightclubs and visible renovations around town, another clear indication that Torremolinos' star is again on the rise was the 2010 debut of Expo Gays, an international gay business expo that drew some 180 exhibitors and 15,000 visitors to the city's 60,000-square-foot Palace of Congresses and Exhibitions over three days in mid-October. Of course, one of the main reasons people flock to Costa del Sol is to soak up the ever-present local sun. Torremolinos itself has several lovely stretches of sand, including the once gay but now mixed Poseidon Beach. Most locals will assure you, however, that the best gay beach in Costa del Sol is farther down the coast, between Calahonda and Marbella at Cabopin. While this naturist beach isn't exclusively gay, it boasts a large pink stretch (commencing about 200 yards to the west of the parking lot) that includes a very cruisy and action-packed dune area. Whether you lay or play, Cabopin makes for a nice rejuvenating stop on the journey south from Torremolinos or Málaga to Marbella.


Switch to olive oil for better health

Posted On 21:47 0 comments

 

Indian households should completely switch to olive oil as a cooking medium as its nutritional value is very high, it is rich in monounsaturated 'good' fats and, when used daily, can bring instant and easy wellness to a family's diet, celebrity chef and noted cookery expert Nita Mehta says. "Even though we have such a wide range of olive oils in our market, people don't seem to use them because of their mental block that the flavour of olive oil doesn't gel with Indian flavors," Mehta said at the launch here Satuday her latest book, "Indian Cooking With Olive Oil".


Trial begins in giant Spanish corruption scandal

Posted On 21:39 0 comments

 

top Spanish former official went on trial Monday at the start of legal proceedings into a raft of corruption scandals in which King Juan Carlos' son-in-law is also accused. Jaume Matas, the ex-head of the regional government of the Balearic islands who had also served as environment minister, appeared at a court in Palma de Majorca alongside three other suspects. They have been charged with embezzlement, fraud, falsifying documents and influence peddling. Matas was charged in March 2010 and was released after paying a record bail of 3.0 million euros ($3.8 million). Prosecutors are demanding an eight and a half years jail term. Matas served as president of the government of the Balearic Islands between 1996-1999 and then between 2003-2007. He was environment minister between 2000-2003. The so-called "Palma Arena affair" as the Spanish press has dubbed the corruption scandal centres on the suspected embezzlement of public funds during the construction of a velodrome in Palma de Majorca between 2005-2007. An investigation concluded that the cycling track had an unjustified cost overrun of 41 million euros. That led authorities on the archipelago to uncover other cases of suspected embezzlement of public funds, including one allegedly involving royal son-in-law Inaki Urdangarin. The 43-year-old ex-Olympic handball player is scheduled to appear in court on February 25 as part of a probe into corruption at a non-profit organisation, Instituto Noos, which he headed between 2004 and 2006. The probe centres notably on a payment of 2.3 million euros to Instituto Noos for organising a tourism and sports conference in 2005 and 2006. Urdangarin, who has the title Duke of Palma and is married to the king's youngest daughter, Princess Cristina, has denied any wrongdoing. Last month the royal family suspended the the duke from official engagements and the palace's highest official, Rafael Spottorno, gave an unprecedented rebuke, telling Spanish media his behaviour "does not seem exemplary".


Santander Chairman Botin, Brother Lose Appeal in Spain Tax Case

Posted On 21:24 0 comments

 

Banco Santander SA Chairman Emilio Botin lost a bid at Spain’s National Court to block three groups’ ability to file complaints against him over accusations he broke national tax laws by hiding funds in Switzerland. Appeals by Botin, his brother Jaime Botin and other people contesting a November decision to allow the complaints by the three groups were rejected, the Madrid-based court said today in a ruling sent by e-mail. In Spain, any citizen can make a so- called popular accusation in legal proceedings even if they are not directly involved in the matter. The court said in June it would investigate Botin and 11 family members after tax officials received information on clients at HSBC Holdings Plc’s Swiss private bank from French authorities. The Botin family, in a statement distributed by Santander at the time, said it has put its tax affairs in order “voluntarily,” has met all its tax obligations and hopes the case will be cleared up in court. A spokesman for Spain’s largest bank, who asked not to be identified in line with company policy, declined to comment today in a phone interview. The complaints were made by three groups called Ciudadania Anticorrupcion, Asociacion Contra La Corrupcion Sistemica Y En Defensa Del Libre Ejercicio De La Acusacion Popular and Manos Limpias, the court said.


Spanish Home Sales Decline for the Ninth Straight Month as Economy Shrinks

Posted On 21:16 0 comments

 

Spanish home sales declined in November for a ninth month as the economy contracted and unemployment surged. The number of transactions fell 14.4 percent from a year earlier, the National Statistics Institute in Madrid said in an e-mailed statement today. Prime Minister Mariano Rajoy, the People’s Party leader whose government took over from the Socialists on Dec. 22, has said he will restore a tax rebate for the purchase of homes to spur the market as a 23 percent unemployment rate weighs on demand. Spain is struggling to work through an excess of 700,000 new homes after the collapse of a building boom saddled banks with 176 billion euros ($225 billion) of what the Bank of Spain calls “troubled” assets linked to real estate. Spain’s economy contracted in the final months of 2011 as tourism and exports, the drivers of a recovery in the first-half from a three-year slump, weakened, the Bank of Spain said on Dec. 29


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