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Ratón the bull at a festival in Sueca, Spain. Photograph: Alberto Saiz/AP
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23 Sept 2011
Barcelona's last bullfight marks end of an era in Spain
Spain fears pain as Ratón the killer bull prepares to enter ring for last time
It is the end of a long career, deemed venerable by those who admire Spanish fighting bulls.
In the early hours of Sunday morning, the half-tonne 11-year-old killer bull known as Ratón, or Mouse, will feel a bullring's sand under his hooves and sniff the scent of commingled human adrenaline and fear for the last time.
Those who pay their €2.50 (£2.20) in Canals, eastern Spain, will witness the final chapter of a life spent chasing, and occasionally goring, people. Fans are expected to arrive from around the country.
Many will be secretly hoping Ratón, who has killed two and reportedly gored five others in his career, will draw blood at his valedictory outing in the small town near Valencia. A fiesta poster promises "a show with the presence of the famous Ratón" starting at 12.30am. It does not mention that Ratón killed a spectator in nearby Xátiva last month and another man in 2008.
Canals mayor, Ricardo Cardona, claims to have been unaware of Ratón's bloody past when hiring him. He has asked the bull's owner, Gregorio de Jesús, to prevent members of the public coming face to face with the beast.
Four professional recortadores, or bull-taunters, will instead dodge in front of him in the bullring, encouraging him to chase them over obstacles for up to half an hour.
"It is when someone jumps in spontaneously that things inevitably happen," De Jesús said this month.
Police and security staff will try to prevent enthusiastic amateurs jumping into the ring with Spain's most infamous bull.
The future of Ratón, who is past retirement age, remains uncertain. De Jesús wants to clone the bull but is waiting to hear if he will receive local government funds to pay for it.
22 Sept 2011
Europe leaves Bulgaria, Romania out in Schengen cold
Europe left Bulgaria and Romania out in the cold Thursday, when Finland and the Netherlands blocked their entry into the passport-free Schengen travel area. The Dutch and the Finns refused to let them in, at a meeting of EU interior ministers dogged by concerns about illegal migration, citing poor progress in the fight against corruption and organised crime. "Two member states today made it impossible for us to make a decision on Schengen enlargement," Polish Interior Minister Jerzy Miller, whose country holds the EU's rotating presidency, lamented after the talks. "This leads me to a rather sad conclusion regarding mutual trust among the member states," Miller added, saying Bulgaria and Romania were promised a place in Schengen when they joined the European Union in 2007. "Today the promise has been broken," he said, adding that Romania and Bulgaria had made "huge progress." But the Dutch and Finnish governments disagreed. "What we wanted to avoid was to take a decision today that we would later regret," said Dutch Immigration Minister Gerd Leers. "Imagine you have a door with eight of the best locks in the world. But before that door is standing someone who lets everybody in -- then you have a problem," he said. The ministers did not vote, sending a decision to an EU summit in October, but the Dutch minister said his government was unlikely to change its mind. Schengen's enlargement requires unanimous consent. Poland sought to convince EU peers to accept a two-step solution that would allow Romanian and Bulgarian air and sea borders to open by October 31, while a date on opening land borders would be put off to next year. All nations backed the compromise except for the two opponents, diplomats said. "We don't have complete confidence that these countries will be able to secure outer EU borders because of corruption, among other issues," said Finnish Interior Minister Paeivi Raesaenen. Bulgarian Interior Minister Tsvetan Tsvetanov told national radio that Finland and the Netherlands "presented abstract arguments" against the bids and were "isolated compared to other EU members." Schengen, an area stretching from Portugal to Poland, through which road, rail and even air travellers need only basic identity papers to move freely, has come under growing strain this year over fears about illegal migration. Greece's struggle to police its porous border with Turkey, fears that the Arab revolutions could unleash a wave of boatpeople, and rising populism in some nations have sparked calls for a shake-up of the whole system. Romania has accused the Dutch centre-right government of being held hostage to the far-right. The Dutch centre-right government rules with the backing of Geert Wilders' far-right Freedom Party (PVV). In Finland, the far-right True Finns made major gains in recent elections. After the Dutch indicated their likely stance in advance of Thursday's talks, Romanian border authorities this week blocked Dutch trucks carrying tulips from the Netherlands -- officially over a bacteria scare. Romanian daily Adevarul linked the move to the Schengen dispute, calling it the "war of the flowers." The trucks were finally allowed into Romania on Thursday.
French court fines women for wearing veils
Posted in: French court fines women for wearing veilsSpanish consumers have appetite for grass-fed lamb
Spanish consumers have rated English Quality Standard grass-fed lamb highly in blind taste tests carried out by Eblex. Consumers at three different Spanish locations with a tradition of high lamb consumption rated English lamb equally to Spanish lamb, with no clear preference between the two. It is hoped the research, carried out with 476 people in Catalunia, Aragon and Extremadura, will encourage more Spanish buyers to consider fast-growing breeds of lamb reared on rain-fed pastures, which they have traditionally shunned out of a perception that it has too strong a taste compared to their milder, grain-fed domestically produced lamb. Jean-Pierre Garnier, Eblex head of export services, said: “Traditionally, we have faced a wall with some Mediterranean countries, particularly in Spain, who believe the lamb produced in northern Europe is not to the liking of their palate. They have a preference for their own grain-fed lamb. “This has been a real barrier to trade, but something we felt was based on historic perception rather than people actually tasting the difference, so we put this to the test.” Consumers were asked to rate the lamb on tenderness, juiciness, flavour and overall acceptability. A small majority (51%) of the tasters in Catalonia and Aragon preferred the English lamb, while a small majority in Extremadura (58%) preferred the Spanish lamb, suggesting that there was no real preference between the two. “This really does show that the Spanish consumer has an appetite for grass-fed lamb and we hope this will encourage more Spanish importers to look to buy from countries like England that use this system,” added Garnier.
21 Sept 2011
Bullfighting to end in Spain's Catalonia,
Bullfighting fans will shout "Ole" for the last time in Barcelona's Monumental bullring on Sunday before a ban on the sport takes effect across the northeastern Spanish region of Catalonia. The regional legislature banned the centuries-old tradition -- which pits a sword-wielding matador in a skin-tight shiny suit and red cape against an enraged bull -- last year after Catalans signed a petition against it. The bullfighting industry is still convinced it has a chance to overturn the ban and bring back the "toros" next season to Catalonia, the only mainland region in Spain that has blocked the sport -- or the art as its fans see it. "I think the politicians will think twice about the ban and bullfighting will live on. And thank God because Catalonia has plenty of serious bullfighting fans and in a democratic country they should be able to go to a bullfight," said Moises Fraile, 64, owner of El Pilar, the breeder supplying bulls for Sunday's spectacle. Some 20,000 spectators are expected to fill a sold-out Monumental -- the only bullring still operating in Catalonia -- for Sunday's blockbuster corrida starring celebrated Madrid "torero" Jose Tomas. Tomas retired in 2002, but came back in 2007 at a bullfight in Monumental, his favorite ring. Since then he has made sporadic appearances and is the only bullfighter who can still sell out Monumental.
Posted in: Bullfighting to end in Spain's CataloniaCelebrity Cruises Taps Top Chef to Join Culinary Team
Known for its culinary leadership and commitment to offering guests a modern, luxurious experience during their precious vacation time, Celebrity Cruises has expanded its already robust culinary talent by naming 2010 James Beard Foundation "Rising Star Chef" nominee and 2007 "Rising Star Chef of American Cuisine" John Suley as its director of Culinary Operations. Tapped by Celebrity's charismatic Vice President of Culinary Operations Jacques Van Staden – himself a James Beard-nominated Master Chef – Suley is widely regarded as one of the country's top "up and coming" chefs. Prior to joining Celebrity, he worked in the star-studded, international dining scene as executive chef at the South Florida incarnation of three-time James Beard honoree Alfred Portale's famed "Gotham Bar & Grill" (New York), "Gotham Steak" at the chic Fontainebleau Hotel in Miami. Suley's wealth of experience also includes work at the Ritz Carlton-South Beach, the Waldorf Astoria and St. Regis hotels, and with many of the world's most accomplished chefs, including Daniel Boulud, and Celebrity's Van Staden himself, at some of the finest restaurants in the dining mecca of Las Vegas. Suley is a graduate of the Culinary Institute of America. At Celebrity, Suley joins Van Staden in leading the line's continuing quest to achieve the highest levels of consistency, quality and innovation in the culinary experience. "John Suley is known for his edgy and innovative cooking style, and is a genuinely unique chef," said Van Staden, "Having known him for 12 years, and observing the amazing contributions he made during the recent debut of our newest Solstice Class ship, Celebrity Silhouette, I am confident he will be an inspirational and creative leader within Celebrity's innovative culinary team, and will make tremendous contributions as we continue to prove to vacationers around the world that we can treat them to a dining experience that is easily comparable to the best on land." About Celebrity Cruises: Celebrity Cruises' iconic "X" is the mark of modern luxury, with its cool, contemporary design and warm spaces; dining experiences where the design of the venues is as important as the cuisine; and the amazing service that only Celebrity can provide, all created to provide an unmatchable experience for vacationers' precious time. Celebrity sails to Alaska, Australia/New Zealand, Bermuda, California, Canada/New England, the Caribbean, Europe, Hawaii, the Pacific Coast, Panama Canal, South America, and year-round in the Galapagos Islands. Celebrity also offers immersive cruisetour experiences in Alaska, Australia/New Zealand, Canada, Europe and South America.
IMF cuts growth forecast for UK for 2011 and 2012
The International Monetary Fund has cut its growth forecasts for the UK, in a report warning that the global economy is in a "dangerous new phase". UK gross domestic product is predicted to grow 1.1% in 2011, down from the 1.5% forecast in the IMF's previous World Economic Outlook report in June. The growth forecast for 2012 has been slashed from 2.3% to 1.6%. Foreign Secretary William Hague said the UK had the "discipline and determination" to tackle its deficit. But shadow chancellor Ed Balls called them "deeply concerning forecasts for both the UK and world economy". Independent economists are currently forecasting average UK growth of 1.3% in 2011, slower than the IMF, and 2% in 2012, ahead of the IMF figure. The IMF's UK forecast for 2011 falls behind projections for Germany, France, the US and Canada. Germany is forecast to grow 2.7% in 2011 while France is expected to show 1.7% growth. The US should advance 1.5% and Canada 2.1%. However, UK growth in 2012 should surpass both Germany and France, whose forecasts have been cut to 1.3% and 1.4% respectively. A spokesman for the Treasury said the Government remains committed to its deficit cutting plan. He said: "It is welcome that the IMF have forecast that the UK will grow more strongly than Germany, France and the euro-zone next year. "But it is clear that the UK is not immune to what is going on in our biggest export markets, with every major economy seeing lower forecasts for growth this year and next. "The Government remains committed to implementing the deficit reduction plan which has delivered stability, a policy stance that Christine Lagarde described as 'appropriate' earlier this month." Mrs Lagarde, head of the IMF, said the UK's budget deficit stance remained "appropriate" but "the heightened risk" meant a need for a "heightened readiness to respond".
Debt Crisis Infects Companies via Bank Loan Costs
Banks in Spain and Italy are curbing loans and charging customers more as aftershocks from the sovereign debt crisis drive their own borrowing cost higher. “They can’t lend what they don’t have, I suppose,” said Francesc Elias, the owner of Bomba Elias, a pumps and filters maker near Barcelona, which shelved a 100,000-euro ($144,000) plan to open a Bahrain office when it couldn’t get an affordable bank loan. “The banks are very clever about finding new ways to charge us more.” Spanish and Italian government bond yields surged to euro- era records this quarter as Greece struggled to avoid default, driving the cost of insuring against nonpayment by the region’s banks to a record and making it harder for them to sell bonds. Spain pays 5.35 percent for 10-year money, up from an average of 4.07 percent in the first half of 2010, while Italy pays 5.65 percent compared with a 4.05 percent average last year. As a result, banks such as Banco Santander SA, Spain’s biggest lender, are passing higher funding costs on to their customers. Santander’s return on Spanish loans rose to 3.63 percent in June from 3.37 percent in December, as the yield it pays on deposits fell to 1.32 percent from 1.54 percent. UniCredit SpA, Italy’s biggest lender, said on Aug. 3 it’s being more selective about who it lends to and levying higher rates. One out of three companies asking for credit in the second quarter period didn’t get it or obtained less than they asked for, according to Confcommercio, an Italian retailers’ lobby group. ‘Increasingly Stringent’ “The cost of financing our current activities has increased significantly,” said Riccardo Illy, chairman of Italian coffee maker Gruppo Illy SpA. “We don’t have any problems accessing credit because we’re large enough, but we know many businesses that are having trouble because banks’ requirements have become increasingly stringent.” Spanish banks including Santander and Bankia SA are shrinking their loan books after being pummeled by a collapse in credit demand for real-estate and surging loan defaults. Santander’s Spanish lending shrank an annual 7 percent through June, mirroring a trend in the Bank of Spain’s data that show a 1.9 percent annual drop in lending to companies and individuals. Lending at Bankia, the third-biggest lender formed from a merger of seven savings banks, was down 2.3 percent from December. The average interest rate on new company loans of as much as 1 million euros rose to 4.70 percent in July from 4.57 percent in June and 3.88 percent in December, according to the Bank of Spain. Companies took out 15.9 billion euros of those loans in July, down from 18.7 billion euros in the same month a year ago and 39.2 billion euros in July 2007, according to the central bank. ‘The Bottom Line’ “In our case, it’s not so much the issue of access to credit that’s the problem, it’s the fact that it costs more,” said Luis Zapatero, chairman of Bodegas Riojanas, a Spanish winemaker, which needs to finance putting wine aside to create reserve vintages that may not go on sale until several years after bottling. “Our financial costs have increased 15 percent and that goes straight to the bottom line.” Banks face a dilemma when trying to pass on increased funding costs in full because they risk driving more borrowers into default, said Barclays Capital’s Pascual. Bad loans in the Spanish banking system are near 7 percent of total lending, the highest since 1995. Increased Caution “Banks are more cautious in giving long-term loans because it has become more difficult to transfer increasing funding costs to customers,” said Giovanni Bossi, chief executive officer of Banca Ifis SpA, an Italian bank specializing in short-term loans to companies. As lending slides in Spain and banks struggle to finance themselves, the outlook for growth is worsening, said Antonio Ramirez, an analyst at Keefe Bruyette & Woods in London. Prime Minister Jose Luis Rodriguez Zapatero said Sept. 14 that Spain might miss its 1.3 percent growth target this year because of the “situation of financial tension and economic uncertainty, mainly because of Greece.” Banks, meantime, are struggling to sell bonds. The last benchmark-sized issue of 1 billion euros or more of debt by a Spanish bank was a sale of public-sector covered bonds by Santander in June. UniCredit paid a record spread for Italian covered bonds when it raised 1 billion euros from a sale of 10- year notes that yielded 215 basis points more than the benchmark mid-swap rate. ‘Negative Feedback Loop’ “It’s the negative feedback loop between what’s happening to the sovereign and the effect on banks and the economy,” said Antonio Garcia Pascual, chief southern European economist at Barclays Capital in London. “To a large extent, the problems facing Spanish lenders also apply to Italy.” As financing costs rise in Italy, analysts have started revising down their growth estimates for that country. Nomura International Plc economists revised their Italian gross domestic product growth estimate for 2012 last month to 0.5 percent from 0.8 percent previously. “The increased financial costs will become more evident in the dynamics of the economy,” said Giada Giani, an economist at Citigroup Inc. in London. “I definitely think that the deterioration of financial conditions is a key factor in the macro-economic picture.” A survey by Spain’s national statistics institute published in May showed that one in every four companies that sought loans in 2010 failed in the attempt, compared with 10 percent in 2007. Half of the companies surveyed said they’d been able to line up the credit needed, compared with 80 percent in 2007, according to the survey. Meanwhile, Spanish banks are also demanding higher fees from customers, Bank of Spain data show. The average six-month charge for a retail customer current account jumped 15 percent to 25.80 euros at the end of August from 22.36 euros in December, according to the regulator. “There’s a double effect because commissions have also increased dramatically,” said Elias, the owner of the pumps and filter maker, who has cut his workforce to 12 from 20 in the past year. “It affects any kind of investment plan.”
20 Sept 2011
Spanish schools hit by strike over staffing cuts
Thousands of public school teachers went on strike Tuesday in Madrid to protest staff cuts as anger over government austerity measures spread to Spain's education system. The work stoppage in some 300 schools is to last at least two days and perhaps three, and teachers elsewhere in the country also plan strikes or protests this month against budget cuts. Teachers say education should be spared as Spain tightens its belt to resurrect its economy, allay fears it might need an international bailout and reinvent itself for the future with a modern, educated workforce after the collapse of an economy fueled largely by a real estate bubble. "We are on strike to improve state education. It is not true that we are on strike because we have to work more. The timetable is the same as we had last year. What we want is better conditions for public teaching," Pilar Hortal, a 57-year-old English teacher standing at a picket line in Madrid, told The Associated Press. The teachers' branch of the UGT union said 65 percent of the teachers in Madrid were honoring the strike and up to 85 percent in outlying areas. The Madrid regional government put the overall figure much lower, about 43 percent. Education in Spain is in fact largely run by regional governments, many of which are debt-laden. The one in Madrid hopes to save €80 million ($110 million) with staffing cuts. It and the others making budget cuts are mostly run by the conservative Popular Party. The central government of Socialist Prime Minister Jose Luis Rodriguez Zapatero, which has enacted austerity measures of its own, opposes education cuts. The strike's immediate trigger was an order from the Madrid regional government forcing teachers to give two extra hours of classwork per week. Their actual work week remains unchanged at 37.5 hours. Unions say the extra classroom hours mean several thousand backup or temporary teachers will not be hired this year. Teachers will have less time to prepare classes or meet with students and parents, and can't use auxiliary colleagues to break big classes up into smaller groups. Unions say some teachers are being assigned to teach subjects they know nothing about. Spain, meanwhile, easily raised €4.45 billion ($6 billion) in an auction of short-term debt, although higher borrowing rates reflected investor worries over the impact of Europe's debt crisis. The Treasury had wanted to sell between €3.5 billion and €4.5 billion in the auction. It sold €3.59 billion in 12-month bills at an average interest rate of 3.59 percent, up from 3.34 percent at the Aug. 16 auction. Demand outstripped the amount actually sold by a ratio of 2.8. Spain also sold €870 million ($1.2 million) in 18-month bills at an average yield of 3.8 percent, compared with 3.59 percent on Aug. 16. The oversubscription rate was 2.7.
Georgia jets out ... just as Calum arrives here
GEORGIA Salpa was flying out to Marbella today to get over Calum Best -- just as the infamous bad boy was landing in Ireland for the week. The half-Greek model is taking some time out from the spotlight and relaxing with her Celebrity Salon co-star Aisleyne Horgan-Wallace. A source said Georgia (26) really needed this break to clear her head. "Georgia needs to take time to sort her head out and finally decide what she wants," the source said. "Georgia will be staying in Spain for about a week. At the same time Calum is in Dublin for a few days doing some promotions so thankfully there will be no awkward meetings." Even though it looks like the top model is looking to start afresh, a close pal says going to Marbella may bring back some old memories of her relationship with Calum. "The last time she holidayed in Marbella she bumped into Calum, it was right after they filmed Celebrity Salon, so the visit might stir up some old memories. Either way she needs some time to relax in the sun." Rift This isn't the first time AR model Georgia has jetted out of the country after a break-up. Last year the model headed to Spain with pals Daniella Moyles, Leah O'Reilly and Emily Mackeogh when she split with DJ Barry O'Brien. This was the same trip that apparently caused a rift between Georgia and her former best pal Nadia Forde.
Charlie Sheen to pocket $25 million from settlement over ‘Men’ firing
Washington: Looks like Charlie Sheen is close to settling his 100-million-dollars legal dispute with Warner Bros. over his firing from the hit sitcom ‘Two and a Half Men’.
A person familiar with the talks, has revealed that the studio is wrapping up a deal to end the litigation.
According to The Los Angeles Times, Sheen is expected to receive about 25 million dollars from the Hollywood studio. The figure represents Sheen’s participation in profits from the show.
Meanwhile, a spokesman for Warner Bros. denied there is a settlement and declined to comment further.
According to The Los Angeles Times, Sheen is expected to receive about 25 million dollars from the Hollywood studio. The figure represents Sheen’s participation in profits from the show.
Meanwhile, a spokesman for Warner Bros. denied there is a settlement and declined to comment further.
Strong dollar and low inflation make UAE expats a happier lot
The global economy may not be giving out the brightest of signals (don’t even look towards Europe), but expatriates in the UAE are keeping their fingers crossed as a stronger US dollar – to which the UAE dirham has a fixed peg – and a low inflation rate, thanks to declining rents, are heralding a feel-good factor they’d all but forgotten in the past few years. The US dollar has gained significant momentum in the past few months, and has led to the UAE dirham appreciate in tandem against currencies in which expats remit money home, leading to welcome monthly savings by expats. At Rs13.11 at 9.30am this morning, the Indian rupee, for instance, is trading at a two-year low against the dirham (the INR last traded at the same level against the UAE dirham in late September 2009). The Pakistani Rupee (PKR), on the other hand, is at an all-time low against the dirham, with Dh1 fetching as many as PKR23.9 as of Tuesday. The British pound, too, has lost ground against the US dollar – in effect, against the UAE dirham – and is currently trading at AED5.78 for £1, a level not seen since mid-January this year. Similarly, the Philippines Peso is trading at PHP11.90 vs Dh1, its lowest level since mid-March this year. Rental relief While the strong US dollar implies that expats with fixed monthly commitments back home – be it mortgage payments or family sustenance allowances – are making incremental savings on their remittances, what is really adding to their bank balance is perhaps the lower annual rental payments, which have declined substantially over the past two years. From the crazy days of early 2008, rents in the UAE – though still high compared to other property markets at a similar stage of development – have declined by 50 to 60 per cent in certain cases. With a vast majority of UAE expats living in rented accommodation, this has led to a substantial boost to their finances while at the same time pushing down debt levels in the country. Banking on growth According to UAE Central Bank statistics, bank deposits rose to an all-time record of Dh1.126 trillion in the first half of 2011, compared with Dh985.4b in the first half of 2010 – a growth of 17 per cent year-on-year. At the same time, overall bank lending (including loans to businesses) are witnessing a slowdown too, with loans and advances by banks up just 3 per cent in the same 12-month period. On the other hand, personal loans availed of by residents inched up by less than 1 per cent during the same period, from Dh245.6b in June 2010 to Dh248b in June 2011 – indicating that we are saving more and borrowing less now. Spending vs saving While this may bode well for the residents in the short-term, Keynesian economics suggests excessive saving, i.e. saving beyond planned investment, is a serious problem, encouraging recession or even depression. According to experts, excessive saving results if investment falls, perhaps due to falling consumer confidence and/or demand, over-investment in earlier years, or pessimistic business expectations, and if saving does not immediately fall in step, the economy declines, or stops growing. Saving in effect means not spending all of one’s income. Thus, it means insufficient demand for business output, unless it is balanced by other sources of demand, such as fixed investment – a recurring savings account or a fixed deposit in a bank, for instance. While such an account is ‘savings’ for one person, it gives the bank the freedom to lend the same money to another individual or a company for business purposes, plugging liquidity back into the general economy, which boosts growth. But in case of a lack of borrowing demand – as seems to be the case now – excessive saving corresponds to an unwanted accumulation of inventories, or what classical economists called a general glut. This glut in inventory eventually leads businesses to decrease production and then employment levels, leading to a fall in household income levels, and the beginning of a new recessionary cycle. A number of residents who saw their friends or friends of friends lose jobs or generally get into financial trouble in the recent past with the economic slowdown went into auto-savings mode – fearing the worst, they downsized their expenses and started saving for the rainy day. They became prudent in their expenditure. But at some point in their savings spree, prudent became paranoid – weekly grocery shopping bills began being overanalysed (did we really need the room freshener?); in some cases, non-working spouses returned to their home countries along with the kids to avail of complimentary (or at least less expensive) schooling there, and working individuals shifted to smaller accommodations, further cutting down on rents. But with things improving (incrementally and relatively), it may be time to stop being ‘paranoid’ and start being ‘prudent’ about your finances again. We are certainly not suggesting that you start splurging now in a bid to boost the overall economy – far from it – but do relax those purse-strings a little bit to once again enjoy some of the things that money can buy.
Spanish banks hit by spike in bad loans
Bad loans from Spanish banks, a major source of concern to financial markets, rose in July to the highest level in 16 years at nearly seven per cent, the Bank of Spain said on Monday. Bank loans whose recovery is in doubt amounted to 124.7 billion euros ($A166.5 billion), or 6.94 per cent of total assets, in July, the central bank said in a report - the highest ratio since February 1995. That compares to a revised bad loan ratio in June of 6.69 per cent. The central bank had previously said the bad loan ratio was 6.42 per cent that month. Advertisement: Story continues below Bad loans at Spanish lenders, especially its regional savings banks which account for half of all lending, have risen steadily since the collapse of the property sector at the end of 2008. The bad loan ratio at Spanish banks stood at 3.37 per cent at the end of 2008. Earlier this month Spain's struggling Caja Mediterraneo, under state control since July, reported a bad loan ratio of 19 per cent, fuelling concerns about the state of balance sheets across the banking sector. The financial health of Spanish banks is at the heart of market fears that Spain could follow the example of Ireland, Greece and Portugal in seeking a bailout from the European Union and the International Monetary Fund. The government and Bank of Spain have forced a wave of consolidation in the sector this year and are requiring banks to quickly increase the proportion of core capital they hold to above international norms. In July, Moody's threatened to lower the ratings of four Spanish banks, including the euro zone's largest, Santander, as well as the country's confederation of savings banks. The three other banks concerned are BBVA, CaixaBank and La Caixa.
Posted in: Spanish banks hit by spike in bad loans18 Sept 2011
Roche threatens to stop supplying Spanish hospitals
multinational pharmaceutical company, Roche, has warned Spain that it may stop supplying its products to Spanish hospitals and clinics. It comes as the company has stopped supplying medicines to Greek hospitals because of the debt they are owed, and that say that what they are owed by some regional administrations in Spain is ‘at the limit’. CEO of the company, Severin Schwan, made the revelation to the New York Times, and El País then asked Roche España for comments. The response was ‘As is happening in other countries, the crisis situation and the debt in Spain is significant and some regional administrations are at their limit’. Regions such as Castilla y León are now paying medical suppliers after two years, but Roche reports delays of 900 days are now happening, while Andalucía, Valencia and Castilla-La Mancha has an average payment time of more than 600 days.
Moroccan cops seize Scot caught with £500k of cannabis resin
holidaymaker is being held in a hell-hole Moroccan jail after being caught in a camper van with £500,000 of hashish. Daniel Healy, 66, was arrested last week as he tried to drive across the border from Morocco to the Spanish enclave of Ceuta. The police discovered the 100kg stash of cannabis resin hidden in aluminium boxes stashed in a water tank. Since then, Healy – who is from Glasgow – has spent six nights in the violent and cramped Tetouan prison. Friend Graham Boszormenyi, 46, claimed that Healy was unaware of the hidden drugs. Ex-Royal Navy submariner Graham said: “Daniel is a good friend of mine and I know that he had no knowledge of what he was carrying. “I spoke to him a couple of days ago and he said he plans to plead guilty because he’s been told he’ll only get one year. “But I know the system in Morocco and I don’t believe it for a minute. “I’ve been through this before. Twice they’ve had me in Morocco and I think he could end up getting four to six years – and he’s too old for that. “He’s in the worst prison possible, where there are 60 people in a cell with one shared toilet. “He’s a harmless old man who is known by lots of people around the world. He’s a noisy drunk but he’s not any kind of criminal. “I know the people who are behind this and I think they will help by coming forward to the UK authorities and telling them that he knew nothing about it. “I have spoken to his family in Scotland and they are understandably very worried. “He has been sucker-punched. He had no idea that these people had just used him. It’s backfired on everyone, especially him. “He was travelling under a different name, John McLeish. I don’t know why. He’s due to be tried on Tuesday.” Healy was driving the Spanish- registered camper van when he was stopped on the border between Morocco and Ceuta. He had been expected to get a ferry from Ceuta across the Mediterranean to the Spanish city of Algeciras. Healy’s daughter Siobhan is a celebrated glass artist with a studio in Glasgow’s Dennistoun. The 34-year-old – whose clients include the Scottish government, the BBC and many councils – said: “I don’t know anything about this. “It doesn’t sound like the kind of thing my dad would be involved in.” Officials from the British embassy are expected to make the 215-mile trip from the Moroccan capital Rabat to offer Healy assistance. A US state department report on Moroccan jail conditions said: “They generally did not meet international standards. “Prisons were overcrowded, resulting in poor hygienic conditions and are prone to violence.” A Moroccan police spokesman said: “We arrested a Scottish man and he is now in prison. We can’t tell you anything else.” A Foreign Office spokesman said: “We are aware of the arrest of a British national in Morocco."
17 Sept 2011
Saudi prince's wife denies Spain rape allegations
The wife of billionaire Saudi Prince Alwaleed bin Talal denied Saturday claims her husband raped a model on a yacht in Spain in 2008, saying she was with him in France when the alleged crime took place. "I was with my husband outside of Spain the day these allegations took place in Ibiza," Amira al-Taweel was quoted as saying by the prince's chief of staff, Kholud al-Dussari. "Quite simply we were not there. We were together in the French city of Cannes. I was with him all the time, and we were with at least 30 people," she said. "Hundreds of witnesses can confirm that we were in Cannes, just as there are dozens of proofs that we were not in Ibiza in 2008." A Spanish court has reopened a probe into the allegations, according to a ruling seen by AFP on Wednesday. Prince Alwaleed is a nephew of King Abdullah and one of world's richest men. He is being asked to respond to a complaint of sexual assault against him in August 2008 by a model who was 20 at the time. In a statement, Alwaleed's Kingdom Holding Co. denied the allegations and said he only heard of them on Tuesday. "These allegations are completely and utterly false. The alleged encounter simply never happened. Indeed, the events could not have happened," said the statement published on the company's website. A judge on the Balearic island of Ibiza ordered the case closed in May 2010 for lack of evidence. But a provincial court overturned that ruling on May 24 and a court in Ibiza on July 27 reopened the proceedings to formally request assistance from the Saudi authorities to take a statement from the prince. The prince, 56, has holdings in Citibank and Rupert Murdoch's News Corporation. Forbes magazine lists him as the 26th richest person in the world with assets of $19.6 billion (14.4 billion euros).
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