Arrested man admits to killings on the Costa del Sol

 

An alleged serial killer, who has been operating on the Costa del Sol and who is believed to be responsible for the deaths of two women, has been arrested. The crimes were on August 11 and September 10 in Calahonda and San Pedro de Alcántara, and in both cases the women had Spanish nationality but were of Latin American origin, and both were stabbed. Preliminary reports from the autopsies show certain similarities between the crimes. The 42 year old man, who has been revealed to be a foreigner although his nationality has not been announced, was arrested in Mijas, and the man’s mother and girlfriend have also been arrested to determine their possible implication in the crimes. The arrest took place on Friday night in a gymnasium near the suspect’s home in Urbanisation Riviera del Sol in Mijas Costa, and he was taken for questioning at the Fuengirola Civil Guard Barracks, while the two women were taken for questioning by the police in Marbella. The investigation was carried out jointly by the Guardia Civil and the National Police. They say that they cannot rule out other victims in other parts of Spain or in other countries, and they will continue to investigate over the next few days to try and establish if the suspect has taken part in other killings. On Saturday they said that the arrested man could have committed two more crimes, and believe that the tortures his victims before death. Latest reports indicate that he has admitted to the two crimes on the Costa del Sol.

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Spain 'a Top Choice' For Those Thinking Of Moving Abroad

 

Spain has been named among the top five destinations that people would consider moving to if they were going to leave the UK, new research has found. A survey conducted by Post Office International Payments revealed that the European nation, which was the fourth most popular location named in the poll, was a possible choice for ten per cent of those questioned. The firm also pointed out that it was the highest-placed nation where English is not the first language. One of the top reasons given for buying a property in Spain or elsewhere in the world is the chance to have a better quality of life, while other reasons to move included warmer weather, discovering a new culture and the adventure of emigrating. Mortgage provider Conti published figures earlier this month showing that it has received seven per cent more enquiries about relocating to Spain so far in 2011 than last year. Overall, the country accounts for 31 per cent of all queries handled by the organisation, with only France garnering more interest.

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Costa del Sol’s oldest magazine shuts its doors

 

The Costa del Sol’s oldest magazine is reported to have closed down after running its final edition on Friday. The Friday-Ad – which continues to run a UK operation boasting over 1 million readers a week – had produced a Costa del Sol edition out of its Gibraltar offices since 1975. The reason behind the decision to close remains unclear. When the Olive Press attempted to contact the publication’s office, the number failed to connect. However, a member of staff in the UK office confirmed that it was their understanding that the Costa del Sol edition had closed. “As far as I am aware that was the plan (to close on Friday) but you will need to call back in 10 minutes to speak to someone who can confirm that,” she said.

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Barcelona's last bullfight marks end of an era in Spain

 

When Spanish bullfighter Serafin Marin plunges his sword into the back of a bull's neck in Barcelona on Sunday, he will be marking the end of an era. The bull will not only be the last of six killed in the bullfight, but the last-ever to be killed in Barcelona's Monumental bullring, which is nearly a century old. The closure of the Monumental - in keeping with a bullfighting ban in the north-eastern region of Catalonia - reflects the decline of bullfighting in Spain, though fans of the country's 'national fiesta' vow to fight on. 'We have lost a battle, but not the war,' Marin told the daily El Mundo. But animal rights campaigner Aida Gascon said, 'Now that we have achieved (the end of bullfights) in Catalonia, we shall try to finish with them in the rest of Spain.' Catalonia, a wealthy region of 7.5 million people, has spearheaded the campaign against bullfights, or 'corridas,' in a country where animal rights activism is on the rise. The Catalan capital of Barcelona declared itself an 'anti-bullfight' city in 2004. Dozens of other municipalities followed suit, and finally in July 2010 the regional parliament outlawed bullfights from January 1, 2012. The Canary Islands had already done so in 1991, as part of a more general animal protection law, but that decision had gone largely unnoticed. The Catalan opposition to bullfights is explained not only by animal rights activism, but also by Catalan nationalism, many of whose representatives see 'corridas' as an expression of Spanishness. The region with separatist currents 'wants to eliminate everything that represents Spain,' Marin said. Bullfighting remains an important industry in Spain with an annual turnover of more than 2.5 billion euros (3.5 billion dollars), contributing to 0.25 per cent of gross domestic product. It provides direct employment to 200,000 people, including bullfighters, or 'toreros,' bull breeders, managers and others. Yet gradually the spectacle that once inspired artists and writers such as Pablo Picasso and Ernest Hemingway is losing its appeal. Only 37 per cent of Spaniards are interested in bullfights, while 60 per cent dislike them, according to a 2010 poll. 'Corridas' are least popular among young people. Animal rights campaigners see the event, in which darts are stuck into the back of the animal's neck before the 'torero' kills it with his sword, as torture. Some observers attribute the decline also to other causes, ranging from Spain's economic crisis to an alleged deterioration of the race of the Iberian 'brave bull.' Not only are bulls' horns 'shaved' to make them less dangerous, but they are also losing their fighting spirit, some bullfighting commentators complain. Another important reason for the decline of 'corridas' is their image as an old-fashioned form of entertainment. 'Young people do not choose an anachronistic spectacle,' anti-bullfight campaigner Helena Escoda said. Even Catalonia, however, has not outlawed other bull spectacles, such as bull runs. Some Spanish regions have come out in defence of the 'corrida,' describing it as a part of their cultural heritage. Prime Minister Jose Luis Rodriguez Zapatero's government placed bullfights under the responsibility of the Culture Ministry, instead of the Interior Ministry. The opposition conservative People's Party, which is expected to win the November 20 parliamentary elections, has taken legal action against the Catalan bullfighting ban at the Constitutional Court. Catalan bullfighting enthusiasts have also collected 300,000 signatures in defence of the fiesta. Yet it is far from certain that such initiatives will stop what many see as an inevitable social development. Catalan bullfighters, in the meantime, are planning to face the bull elsewhere in Spain or in the south of France.

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Spain fears pain as Ratón the killer bull prepares to enter ring for last time

Ratón the bull at a festival in Sueca, Spain. Photograph: Alberto Saiz/AP

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.

 

 

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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.

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French court fines women for wearing veils

 

France's fines on women for wearing the full-face covering niqab veil, imposed for the first time by a court on Thursday, are a "travesty of justice," Amnesty International says. Police have issued several on-the-spot fines since the ban came into force in April but the hearing saw the first two court-issued fines, and the Muslim women vowed to appeal their case all the way to the European Court of Human Rights. "This is a travesty of justice and a day of shame for France. These women are being punished for wearing what they want," Amnesty International's deputy director for Europe and Central Asia John Dalhuisen said in a statement. Advertisement: Story continues below "Instead of protecting women's rights, this ban violates their freedom of expression and religion." The court in the northern cheese-making town of Meaux ordered Hind Ahmas, 32, to pay a 120 ($A163) fine, while Najate Nait Ali, 36, was fined 80 euros. It did not order them to take a citizenship course, as the prosecutor had wanted. The women were arrested when they brought a birthday cake for local mayor and lawmaker Jean-Francois Cope, who is head of President Nicolas Sarkozy's right-wing UMP party that pushed through Europe's first anti-burqa law. France is not the only country to try to ban the Muslim full-face veil - Belgium and some Italian cities have similar laws, while other countries are planning to follow suit - so a European ruling could have broad effect. French officials estimate that only around 2,000 women, from a total Muslim population estimated at between four and six million, wear the full-face veils traditionally worn in parts of the Arab world and South Asia. Many Muslims and rights activists say the right-wing president is targeting one of France's most vulnerable groups to signal to anti-immigration voters that he shares their fear that Islam is a threat to French culture.

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Spanish 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.

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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.

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Celebrity 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.

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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".

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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.”

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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.

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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.

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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. 

 

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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.

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Posted in: Strong dollar and low inflation make UAE expats a happier lot

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.

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Posted in: Spanish banks hit by spike in bad loans