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...

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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...

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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...

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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...

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Recession causes 2,000 heart attack deaths

 Since 2002 the number of people dying from heart attacks in England has dropped by half, the study conducted by Oxford University found. But within that, regional data revealed there was a 'blip' in London that corresponded to the financial crash in 2008 and continued through 2009. Heart attack deaths have dropped due to better prevention of heart attacks in the first place with fewer people smoking and improvements in diet through lower consumption of saturated fat. The treatment of people who do suffer a heart attack has also improved leading...

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Bulgarian gangster Tihomir Georgiev has contract on his head

 Tihomir Georgiev — known as the Butcher Of Bulgaria for his reputation for slicing off fingers and ears of his enemies — is due to be extradited this week. He is suspected of two murders in Bulgaria and could face at least 18 years in jail if convicted. But crime bosses — furious he tried to cut a deal by giving evidence against his former paymasters before going on the run — are taking bets that he will not see out the year. They have issued orders Georgiev, 43 — caught at a gym in Bermondsey, South London, after a tip-off from The Sun...

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Britain, US and France send warships through Strait of Hormuz

 This deployment defied explicit Iranian threats to close the waterway. It coincided with an escalation in the West's confrontation with Iran over the country's nuclear ambitions. European Union foreign ministers are today expected to announce an embargo on Iranian oil exports, amounting to the most significant package of sanctions yet agreed. They are also likely to impose a partial freeze on assets held by the Iranian Central Bank in the EU. Tehran has threatened to block the Strait of Hormuz in retaliation. Tankers carrying 17 million barrels...

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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...

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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...

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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...

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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...

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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...

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Spanish Cleanup Plan May Backfire on Banks

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

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Venezuela on Tuesday deported three suspected drug smugglers wanted in the United States, Canada and Colombia

 Venezuela on Tuesday deported three suspected drug smugglers wanted in the United States, Canada and Colombia, touting the moves as proof the government of President Hugo Chavez is making strides in fighting trafficking. Those deported include Luc Letourneau, a Canadian wanted in his homeland on drug trafficking charges, Oscar Martinez Hernandez, an American wanted in Puerto Rico on charges including cocaine and heroin smuggling, and Colombian Adalberto Bernal Arboleda.Arboleda, known by his nickname “El Cali,” faces drug smuggling charges...

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How Tony Blair tried to give Gibraltar to Spain to curry favour with the European Union

 Peter Hain says the then-Prime Minister was “contemptuous” toward the desire of Gibraltar residents to remain under the British flag and told how close Britain came to losing the rocky territory to the Spanish in 2002. Mr Hain tells in his memoirs, published on Monday, how he wanted to work to “do something about Gibraltar”, which has been a British overseas territory since 1713, as soon as he became Europe minister in June 2001. This was based on a “gut instinct that it as ridiculous in the modern age for Britain to have a colony on the...

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Libya minister denies claims Kadhafi men attack town

 Deadly clashes erupted on Monday in Bani Walid, with a Libyan minister denying local officials' claims the attack on the former bastion of Moamer Kadhafi was carried out by his loyalists. An AFP correspondent who managed to enter Bani Walid for a short time said thick smoke billowed into the sky, while the identity of those present was unclear and there was limited evidence of the new Libyan authorities on the roads outside the town. While local officials said the town was attacked by Kadhafi's men, Interior Minister Fawzi Abdelali dismissed...

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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...

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A young member of the Native Syndicate street gang will spend the next eight months behind bars after beating a stranger unconscious with a fence post

 A young member of the Native Syndicate street gang will spend the next eight months behind bars after beating a stranger unconscious with a fence post in an apparently unmotivated attack. The youth, 14, was handed a sentence of 18 months of secure custody and supervision under the Youth Criminal Justice Act last week after admitting responsibility for an unprovoked summertime attack at a children’s park near Spence Street and Cumberland Avenue. Judge Heather Pullan credited the teen with six months of time already served, meaning he has...

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Police investigating three murders arrested 43 feuding New York gang members

 Police investigating three murders arrested 43 feuding New York gang members on Thursday based on evidence collected from monitoring what the gang members were saying about the cases on Twitter and Facebook, authorities said. The 25 accused members of the Wave Gang and 18 accused members of rival Hoodstarz have been terrorizing streets in Brooklyn with shootouts that led to the killing of three people and wounding of several others, New York Police Commissioner Raymond Kelly said. The gang members, ages 15 to 21, bragged about the shootings...

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

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

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

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

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No one calls him Sir Allen Stanford anymore. He is inmate number 35017-183.

 On Monday, the Texas financier heads to court in Houston to battle charges that he operated a $7 billion Ponzi scheme from Stanford International Bank Ltd, his offshore bank on the Caribbean island of Antigua. By all accounts, his was a life of luxury, filled with private jets, yachts, mansions and the sport of cricket. Deemed a flight risk in June 2009 by a federal judge, the 6-foot billionaire has been in jail, sporting prison-issue green and orange jumpsuits and shackles instead of the dark, tailor-made suits he once ordered in bulk....

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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...

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Fake Ryanair pilots sentenced for smuggling cocaine into Spain

 One was a flight attendant for the airline and obtained the pilots' uniforms which helped them to bypass airport securityEFE archive A gang which used fake pilots to bypass airport security and smuggle regular shipments of cocaine into the country has been sentenced by the Alicante provincial court, after 13 kilos of cocaine were discovered at their drugs store in Benidorm. The street value of the drugs found there in a police swoop in July 2009 is given at close to half a million €. One of the defendants was a flight attendant for Ryanair...

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

 A coast guard officer's "Get back on board damn it!" order to the fleeing captain of the capsized Costa Concordia liner is being printed on T-shirts by a company hoping to inspire Italians to rescue their country from economic crisis. Italians have made a hero of coast guard officer Gregorio De Falco for his angry exchange with skipper Francesco Schettino - who has been blamed for the accident and is now under house arrest accused of manslaughter, causing a shipwreck and abandoning ship. Stefano Ramponi, owner of the Lipsiasoft web agency...

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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...

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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...

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Spain is happiest expat destination

 The research, from Lloyds TSB International, asked over 1,000 British citizens in the 10 most popular expat destinations to rate their new homes on factors ranging from quality of life to cost of living. Overall, 68 per cent of those interviewed said they were happier in their adopted country than in Britain, rising to 75.9 per cent in Spain. Other countries which fared well on the happiness index were Canada and Germany, where 72.2 per cent and 71.4 per said they were happier respectively. Interestingly, those countries where expats said...

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News International faces FBI phone hacking probe

 Yesterday the company paid the actor £130,000 after accepting that it had published stories gleaned from hacking his phone. One of the articles News International accepted had come from phone hacking was a 2003 story in the News of the World which referred to telephone calls Law’s assistant Ben Jackson had made to him when he arrived at an airport. It is believed the airport was John F. Kennedy airport in New York. News International’s admission has led the US authorities to investigate whether a crime took place on American soil. It is thought...

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

 The Mekong River in Thailand Photo via By Jed Bickman 10/11/11 | Share Uppers Rock the World New Life for Asia’s Golden Triangle China Unveils Radical New Approach to Drug Treatment Vietnam's Rehab Gulag Revealed Spinning to Cambodia! In one of the grisliest incidents of the drug war in South East Asia in recent memory, the corpses of thirteen Chinese sailors have been found by Thai authorities on the Mekong River. The victims, including two female cooks, were blindfolded, bound, and shot dead. They're believed to be the crew members of two...

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Arrested businessman had ‘double life’

 A MAN, 36, was arrested in Albacete, southeast Spain, accused of the abduction and rape of several women. In Albacete, he was a respected businessman, with a wife and children, but in Madrid, he was wanted for the abduction of one woman, raping another and several robberies. His criminal ‘other life’ allegedly began in 2010 when he began to carry out burglaries when on business trips, mainly to obtain jewellery and cash, although he also kept ‘trophies’ from his victims. With time, he began to commit other crimes and in October he allegedly...

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northern Spain is the place to go

Spain ranks as one of the most mountainous countries in Europe because – and this isn't obvious – the heart of the country sits on a huge plateau. Madrid is 2,100ft above sea level (which explains why the Spanish capital is so cold in the winter and roasting-hot in the summer). But for impressive mountains, northern Spain is the place to go. If you're arriving here direct from the UK with Brittany Ferries – when you can bring your car to explore...

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