Contagion fears grow over ‘too big to bail’ Spain

FT.com / Capital Markets - Contagion fears grow over ‘too big to bail’ Spain: "For some of the world’s biggest hedge funds, typically regarded as the savviest traders in the market, there is now one big question facing the eurozone: what is going to happen to Spain?
While Europe’s politicians are grappling with the crisis unravelling in Ireland, hedge fund managers are already turning their attention to the issue of how – and if – a peripheral crisis in Ireland could leap via Portugal and Spain to become a systemic crisis for the eurozone as a whole."

Spain to hit targets, promises pension reform in Q1 | Reuters

UPDATE 1-Spain to hit targets, promises pension reform in Q1 | Reuters: "Spain's Prime Minister said on Thursday he was committed to presenting a pension reform to parliament in the first quarter, while insisting Spain was on track to meet its 2010 targets for the budget deficit and economic output.
Zapatero's comments were aimed at calming investor concerns that Spain could potentially be one of the countries next in line after Greece and Ireland to seek international aid to help resolve its debt problems.
'I want to confirm our commitment (to pension reform) once again. We're not turning back,' Jose Luis Rodriguez Zapatero told parliament.
Spain has implemented tough austerity measures and labour market reforms as it aims to cut its budget deficit to within EU limits and revamp a struggling jobs market. Economists believe a reform of its pension system is also necessary."

An EU-led rescue of Ireland and Portugal would leave Spain with less margin for error

Spain is poised to lower the shortfall to 9.3 percent of GDP this year. An EU-led rescue of Ireland and Portugal would leave Spain with less margin for error, said Juan Jose Figares, chief analyst at Link Securities in Madrid.

“If both Portugal and Ireland are bailed out, all eyes will be on Spain and any deviation to their commitments would be a threat,” Figares said.

Austerity measures are choking economic growth, threatening to damp revenue increases the government is counting on to meet its deficit target. The economy stalled in the third quarter as household spending contracted, a government report showed today.

Household spending shrank 1.1 percent from the previous three months, when it expanded 1.5 percent, the National Statistics Institute in Madrid said today.

impounded 13 motorbikes and arrested a British man

SEPRONA, the Environmental wing of the Guardia Civil, has who was organising excursions in the Sierra Tejeda Nature Park near Nerja, without being legally constituted to do so, and without paying any tax.

Málaga Hoy reports that most of his clients were other Britons who reserved over the internet for a package of a few days rest in the sierra which included motorbike excursions in the Nature Park at a price of between 400 and 500 €.

SEPRONA say they caught the man, in fraganti during a trip with 13 bikes, which also had foreign registration, and which have now been impounded until they can be released by Spanish customs authorities.

It was the frequent trips by motorbike which alerted the Guardia Civil to the existence of the fraudulent company.

ONE-77 Aston Martin costs 1.8 million Euros

The C. de Salamanca car dealership in Marbella has confirmed the sale of the latest model from the British firm, Aston Martin, which sells at 1.35 million € before tax, about 1.8 million € with tax.
The dealership has not named the purchaser, but has described him as a successful foreign businessman, middle aged, and a car fan. He spends a great deal of time in Marbella, and the dealer says has taken five months to decide on the purchase, paying a 400,000 € deposit.

The ONE-77 will be delivered in March next year in a deal which the dealership did directly with the Aston Market factory in Gaydon, Warwickshire, U.K. The client has been to the factory to request the personalisation’s of the vehicle which will come in a blue silver and with the steering wheel on the left for European driving.

Aston Martin are to make only 77 cars of the model which boasts an engine with 12 cylinders and 760 horsepower.

José Carlos de Salamanca, the manager of the Marbella dealership, says that puts it on a par with a Formula One car from just a few years ago.

A British man and the Director of a Marbella lawyers’ office are among those arrested in a new National Police operation against money laundering

A British man and the Director of a Marbella lawyers’ office are among those arrested in a new National Police operation against money laundering. French and United States citizens have also been detained in the operation, carried out on Tuesday.

Europa Press reports they are all likely to appear shortly in the Marbella court instructing the case.

The investigation started some six months ago and has been carried out by agents from the National Police Money Laundering Unit together with the UDYCO Organised Crime Unit based on the Costa del Sol. It’s understood investigations were based in both Marbella and Fuengirola.

The Marbella lawyer is described as a specialist in real estate and has been named with the initials P.A. A large amount of documentation, both paper and computer data, has been removed for study.

Gibraltar Confident Of Tax Court Victory

Gibraltar Confident Of Tax Court Victory: "Gibraltar government has said that it is confident of victory in the appeal to be heard by the Grand Chamber of the European Court of Justice on November 16, brought by Spain in a challenge to Gibraltar's fiscal autonomy from the UK's tax regime.
In the European Court of Justice's prior ruling, arguments surrounding Gibraltar's tax system and its autonomy were questioned with the European Commission seeking determination, based on EU state aid principals, how rules regarding regional selectivity and material selectivity could be applied to Gibraltar's territory. The Gibraltar government won in the lower court on both grounds.
An appeal by the European Commission, on the grounds of material selectivity, was then dropped as Gibraltar made required changes to its tax regime.
Spain however, which has intervened in the case, appealed the lower court’s ruling on the regional selectivity ground. The Commission did not appeal this ground. Spain's argument on regional selectivity seeks to challenge Gibraltar’s right to have a tax system different from that of the UK’s.
The Gibraltar government, in a statement prior to the hearing, said that “while the consequences of defeat on this ground would be severe for Gibraltar, the government is confident of success.”
The prior case, which confirmed Gibraltar's fiscal autonomy, was crucial in that it has permitted the government to revise the territory's tax regime to one that from 2011 will impose a competitive tax rate of 10% on corporates - whether onshore or offshore, and a 20% tax rate on utility companies."

Morocco accuses W.Sahara activists of killing police | Top News | Reuters

Morocco accuses W.Sahara activists of killing police | Top News | Reuters: "Morocco on Monday defended a raid on a West Sahara protest camp by its security forces as being 'deliberately peaceful' and accused Sahrawi activists of 'brutal practices' including cutting the throat of a Moroccan policeman.Activists among the Sahrawis -- as the desert territory's inhabitants are known -- have insisted their protest was peaceful and was focused on social demands like jobs and housing, not on political issues.
Western Sahara is a former Spanish colony in northwest Africa that was annexed by Morocco in 1975, sparking a rebellion by the Polisario Front. The United Nations brokered a ceasefire in 1991, but a political settlement to Africa's longest-running territorial dispute has eluded negotiators.
Morocco said 10 members of its security forces were killed in the clashes that erupted on November 8 when they broke up the protest camp on the edge of Laayoune, the territory's main city, and demonstrations later that day in the streets of the city.
Polisario, the territory's independence movement, said in a letter to the U.N. Security Council on Monday that more than 36 Sahrawis died in the clashes and 163 were detained, and demanded a U.N. investigation of the clashes."

Stephen Henry Pitman, 54, of Chislehurst, Kent, was arrested in a bar in Mijas Costa, near Fuenigorla

One of Britain's 'most wanted' criminals arrested in Spain - Telegraph: "Stephen Henry Pitman, 54, of Chislehurst, Kent, was arrested in a bar in Mijas Costa, near Fuenigorla, on the Costa del Sol.
He is accused of fourteen offences of conspiracy to supply Class A and B drugs, and could be imprisoned for life if found guilty.
Pitman was arrested during a series of raids by Spanish detectives on bars and pubs in the Costa del Sol, including in the resort areas of Marbella, Benalmadena, Fuengirola, Torremolinos, and La Cala."

Could international money transfers to Spain be on the rise? | News | HiFX News

Could international money transfers to Spain be on the rise? | News | HiFX News: "International money transfers to Spain could be on the rise as the country's property prices appear to be bottoming out.

According to recent figures published by Tinsa, the country saw prices fall by 4.6 per cent in the 12 months to October 2010.

Furthermore, prices in the Canary Islands and the Balearics fell by an average of 5.5 per cent.

Les Calvert, director at Property-Abroad.com, suggested that British investors may begin to increase their interest in the country.

In terms of location, he said: 'You have got the Costa de la Luz which is still an up-and-coming area as regards buying property in Spain."

Bank of Spain Governor Miguel Angel Fernandez Ordonez said on Monday pressure on markets was partly down to indecision

Bank of Spain Governor Miguel Angel Fernandez Ordonez said on Monday pressure on markets was partly down to indecision by Ireland over its debt situation, which he expected the country to resolve in an "appropriate" manner.

In Dublin, the Irish government reiterated it would not need a Greek-style debt bailout but faced continued pressure to seek outside aid after reports suggested it could ask for money for its stricken banks from an EU emergency fund. [ID:nLDE6AE0HO]

"We expect an appropriate reaction by the Irish authorities ... to help to calm markets and quell unfounded worries," Fernandez Ordonez said in a speech to a banking conference in Madrid.

SimpleCare Health Plan members to have access to “IMC” New International Medical Center in Torremolinos, Spain

SimpleCare Health Plan members to have access to “IMC” New International Medical Center in Torremolinos, Spain

SimpleCare has announced a new partnership with International Medical Center to open state of the art medical clinics throughout Spain, giving SimpleCare members in-network access to IMC physicians and specialists at discounted rates unmatched by other private clinics on the Costa del Sol. Our new IMC Medical Center located in Calle Carlota Alessandra 41, Torremolinos will have its grand opening April 2011, the center comprises 260 mtrs providing radiology services, stat laboratory, day hospital, pediatrics, urology, cardiology, traumatology, internal medicine, general medicine, dental, plastic surgery, family medicine, oncology, gynecology, endocrinology, otolaryngology, psychology, general surgery, weight loss programs, surgical suite and online consultations for those unable to travel and who have internet connection.

“This national agreement with SimpleCare will allow even more people to experience International Medical Centers,” says Angel Giro, M.D. “Our members tell us they come to SimpleCare for our team approach to health care, our affordable health schemes and the peace of mind they have knowing that they receive care from many leading experts in their fields. We welcome the opportunity to collaborate with International Medical Centers commercial plan of opening quality medical centers throughout Spain”

James Hewitt has his eyes on Mayfair... | Mail Online

James Hewitt has his eyes on Mayfair... | Mail Online: "Ladies of a certain age might need to reach for the smelling salts. A year after severing his ties with Britain and ­declaring that he felt more European than British, James Hewitt is coming home.But, thanks to a remarkable transformation in his fortunes, the copper-haired cad is coming back not with his tail between his legs but as a partner in a successful business. Princess Diana’s former lover has been based on Spain’s Costa del Sol on and off for the past five years and last year opened a polo-themed bar and restaurant in Marbella"

Suspected drug dealer Stephen Pitman was held by local police in Malaga.

The Press Association: 'Most wanted' arrested in Spain: "Suspected drug dealer Stephen Pitman was held by local police in Malaga.
Pitman, of Chislehurst, south-east London, was among a list of 10 fugitives thought to be on the run in the region, often dubbed the 'Costa del Crime'.
He is accused of seven offences of conspiracy to supply a class A drug and faces a maximum sentence of life imprisonment if convicted.
He is also accused of another seven offences relating to the supply of a class B drug, for which the maximum jail term is 14 years.
A note on the website for the British Embassy in Spain lists his distinctive features as: 'scar on brow; scar on right finger'."

Dutch citizens arrested with cannabis from Morocco - Bikya Masr

Dutch citizens arrested with cannabis from Morocco - Bikya Masr: "Three Dutch nationals were arrested on Friday off the coast of southern Spain with over 20 tons of marijuana, police reported. The cannabis was seized by authorities and the citizens arrested.
The Dutch were discovered with the drug, which was in compressed resin form, aboard the Nancy II fishing vessel some 90 kilometers off the coast after the group had picked up the shipment in Morocco.
According to Spanish customs officials, the bust was the largest in over a decade and among the top five biggest in the country’s history.
Authorities said they had monitored the boat since it docked in northern Spain earlier this month before sailing on to Morocco.
The three Dutch crew members are to appear in court in the southern port of Cadiz.
The drug trade from Morocco is large and growing. Morocco is known for its hashish and the ability to smoke in the Rif mountains, which has seen both the Moroccan governments and Europe attempt to crack down on the illicit trade in marijuana."

Dutch citizens arrested with cannabis from Morocco - Bikya Masr

Dutch citizens arrested with cannabis from Morocco - Bikya Masr: "Three Dutch nationals were arrested on Friday off the coast of southern Spain with over 20 tons of marijuana, police reported. The cannabis was seized by authorities and the citizens arrested.
The Dutch were discovered with the drug, which was in compressed resin form, aboard the Nancy II fishing vessel some 90 kilometers off the coast after the group had picked up the shipment in Morocco.
According to Spanish customs officials, the bust was the largest in over a decade and among the top five biggest in the country’s history.
Authorities said they had monitored the boat since it docked in northern Spain earlier this month before sailing on to Morocco.
The three Dutch crew members are to appear in court in the southern port of Cadiz.
The drug trade from Morocco is large and growing. Morocco is known for its hashish and the ability to smoke in the Rif mountains, which has seen both the Moroccan governments and Europe attempt to crack down on the illicit trade in marijuana."

BBC News - Police doctor suspended over manslaughter conviction

BBC News - Police doctor suspended over manslaughter conviction: "doctor working for a Welsh police force has been suspended after it emerged he had been prosecuted in Spain over the death of an elderly patient.
Dr Marcos Hourmann, an Argentinian, was convicted of manslaughter in 2009 after he said an 82-year-old seriously ill woman had asked him to end her life.
While awaiting trial, he worked at hospitals in Llanelli, Carmarthenshire, and in Bury St Edmunds, Suffolk.
The General Medical Council (GMC) and Dyfed-Powys Police have suspended him.
Dr Hourmann, who lives near Aberystwyth, Ceredigion, was originally charged with murder after the woman's death in 2005, but this was changed to manslaughter in a plea bargain deal, the Spanish newspaper El Pais reported.
He was given a year's suspended prison sentence in Tarragona, Catalonia, and did not serve any time in jail."

Morocco wants four foreigners in Western Sahara to leave < Spanish news | Expatica Spain

Morocco wants four foreigners in Western Sahara to leave < Spanish news | Expatica Spain: "Morocco requested Saturday that four foreigners in the Western Sahara's main town of Laayoune leave its territory, amid ongoing world criticism of its deadly police raid on a squatter camp there.
The four -- three Spaniards and a Mexican -- are invited to present themselves to the closest government authority 'to help them leave national territory,' the interior ministry said in a statement published by Morocco's official MAP news agency.
It identified the four as Spaniards Javier Sopina Arias, Garcia Diaz Silvia and Terreza Rebollo Isabelle and Mexican Velasquez Diaz Jose.
While Moroccan authorities are not actively seeking the four 'given they have committed no legal infraction,' the statement said, a security official described them as being involved in activities in Laayoune supportive of Western Sahara's Sahrawi population.
On Saturday, thousands of people demonstrated in Madrid against this week's raid by Moroccan police of a camp near Laayoune housing thousands of Sahrawis."

Thousands protest in Spain over Morocco's crackdown in Western Sahara

The Canadian Press: Thousands protest in Spain over Morocco's crackdown in Western Sahara: "Thousands of people demonstrated in Madrid on Saturday against Morocco's recent crackdown that has left at least 10 people dead in the former Spanish colony of Western Sahara in northwestern Africa.
Many protesters blamed Spain for not taking a firmer stance against what they see as human rights abuses by Morocco's police and army in the territory.
Demonstration organizers said in a statement that the Moroccan government had sent in soldiers and police to quash local demands for better working and social conditions to mark the 35th anniversary of the territory's annexation by Morocco.
Among those protesting on Saturday was Hollywood actor Javier Bardem, as well as Spanish lawmakers and other political, civil rights and trade union leaders."

Spanish customs police said Friday they have seized 22 tons of hashish and arrested three Dutch sailors

Spanish customs police said Friday they have seized 22 tons of hashish and arrested three Dutch sailors in an operation they described as the biggest drug haul in a decade and one of the five biggest in its history.
The government credited an air-surveillance operation for the interception, which was launched after customs officials learned that a 40-meter fishing vessel flying a Dutch flag might try to carry a cargo of hashish to Spain from Morocco, the government said in a posting on its website. On Thursday, the plane alerted a patrol boat, which intercepted and boarded the suspect vessel, called the Nancy II, after getting authorization from Dutch government officials.
Once the alleged contraband was discovered, the boat was taken to the Spanish port of Cadiz.