Spain's fifth biggest bank, Banco Popular, said on Monday its takeover offer for smaller rival Banco Pastor has been accepted

 

Spain's fifth biggest bank, Banco Popular, said on Monday its takeover offer for smaller rival Banco Pastor has been accepted by the target bank's majority shareholders. Their agreement effectively seals the all-share deal, worth a reported 1.36 billion euros ($1.8 billion), the latest step in the restructuring of Spain's financial sector following the collapse of a property bubble in 2008. The three major Banco Pastor shareholders representing a combined 52.28 percent of the equity "have accepted the terms of the offer," Banco Popular said in a statement. The three shareholders are corporate foundation Fundacion Pedro Barrie de la Maza with 42.17 percent, Amancio Ortega, who owns the textile giant Inditex, with 5.06 percent and Tesalia with 4.04 percent. Banco Popular announced Friday it was in talks with Banco Pastor, one of five Spanish banks that in July failed European Union stress tests to assess the ability of lenders to withstand a prolonged recession. "It was very unlikely that Banco Pastor could survive given its strong exposure to the property sector and its resulting high level of bad debts, but also its reduced size and weak capital base," Spanish retail bank Bankinter said in a research note. Banco Pastor hopes to complete the deal by early next year. It said it may carry out a convertible bond issue of around 700 million euros to maintain its solvency ratio at 9.6 percent. "It is likely that there will be more concentrations in the sector, but this will take place slowly," said Fernando Hernandez, a fund manager at Spanish brokerage Inversis. The Bank of Spain and the government have put pressure of Spanish banks to merge so as to lower costs and strengthen their balance sheets to cope with bad loans that piled up after the 2008 property market collapse. The financial restructuring has already cut the number of savings banks from 45 to 15 through a series of mergers. Banco Pastor and Banco Popular shares were suspended from trading on Friday when they announced the takeover was being discussed. The offer consists of: -- 1.115 new Banco Popular shares in exchange for each Banco Pastor share. Based on the latest Banco Popular share price, that would value Banco Pastor's outstanding shares at 1.08 billion euros. -- 30.9 new Banco Popular shares for each mandatory convertible bond in Banco Pastor. According to the daily El Pais, this part of the offer is worth another 277 million euros. Hernandez said the deal would allow Banco Pastor "to get out of a delicate situation and move to a more normal situation. "But for Banco Popular, even if they gain market share, they will introduce more risk to their balance sheets through greater exposure to the property sector," he added. Banco Pastor shares jumped 21.05 percent at 3.68 euros in mid-afternoon trade while Banco Popular shed 1.21 percent at 3.522 euros. Banco Popular had total assets worth 130 billion euros ($174 billion) at the end of last year, compared to 31 billion euros for Banco Pastor.

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British Ambassador encourages cooperation between social services and English speaking charities

 

As part of his visit to Murcia, the British Ambassador to Spain, Giles Paxman, attended a workshop with local English speaking charities and social services to help improve the support offered to vulnerable British nationals living in the area. As the British population in Murcia has increased tenfold since 2002, all parties were keen to get together and discuss how working together could help them to better support vulnerable and elderly British nationals. The workshop, part of the Alicante Consulate’s ConeXiones programme, was the first of its kind in Murcia, and was organised with the help of YoVoluntario, the Murcia regional government volunteer support organisation. The Ambassador was able to see the local English speaking charities find out from social services exactly what was help was available and also discuss how they could work together in the future. They all agreed that it is vital for British nationals to be registered on the padrón in their local towns as without this, they cannot access social services assistance. Leopoldo Navarro Quilez, the head of Yo Voluntario, started the event by explaining to the local associations what support Yo Voluntario can offer and also how to ensure that they are legally registered in Spain. He encouraged people to use the resources that are available in Spain and thanked them for their hard work in supporting British nationals. During his talk at the event, the Ambassador said: “I am delighted to launch ConeXiones in From left to right, The Ambassador, the President of the Region of Murcia, the British Consul and the Regional Councillor for Tourism Murcia. The rapid increase in British population in the last decade has meant that it is essential that there is an adequate support network. It is impressive to see representatives from social services from all the main town halls where there is a significant population working hand in hand with British and Spanish charities to support those who are in need.” As this is the first time that the Ambassador has visited the Region of Murcia, he also took the opportunity to meet with the President of the Region to discuss issues around property and the new airport that is being built. Additionally, he met with the Honorary Consul in Murcia, Antonio Berdonces, and the Delegado del Gobierno for Murcia where they discussed the location of the Honorary Consulate and contingency planning. Charities that attended the ConeXiones event included Age Concern Costa Cálida, MABS Murcia, Royal British Legion, Help at Home and Help Mar Menor. From the Spanish side, Caritas and Cruz Roja attended as well as social workers from the key town halls where British nationals live, such Mazarrón , Los Alcazares and San Javier.

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Belgian pensioner jailed for wife's death in Calpe

 

80 year old man from Belgium was remanded to custody on Monday after his 78 year old wife was found dead at their home in Calpe on Saturday. The Civil Guard found him next to his wife’s lifeless body at the couple’s home on the Carrió urbanisation on Saturday afternoon after a phone call from the man’s son saying that his father had confessed by telephone to killing his mother. She was also from Belgium and her body was found lying on the floor with a serious wound to the head. She was pronounced dead at the scene by emergency services who were called out to the couple’s home. The husband was found to have minor injuries, which he appears to have sustained after attempting to commit suicide after killing his wife. The accused took up his right to refuse to answer any questions when he was interviewed by the judge on Monday, although Diario Información indicates that the 80 year old confessed to the Civil Guard on Sunday that he had killed his wife during an argument. There has been no confirmation as yet of any previous history of domestic violence.

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54 immigrants intercepted by the Spanish authorities

 

54 immigrants were intercepted by the Spanish authorities on two patera small boats close to Motril and Adra on Saturday night. Most of those rescued were adult Moroccans, but it has not been ruled out that some are under age. The Red Cross reports that all are in good health. The Motril boat was carrying 24 males, 21 Moroccans and three from the Sub-Sahara. They were taken into Motril port where they arrived at 0410 Sunday morning. The other boat was intercepted 7.5 miles to the SE of Adra, and was carrying 30 male Moroccans.

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Two children missing from Córdoba

 

search is underway for a brother and sister, aged 6 and 2, Ruth and José Bretón Ruiz, who vanished from a park in Córdoba on Saturday afternoon. The children were in the Cruz Conde park in the city with their father, and since then there has been no sign. Police say they are keeping all options open after taking statements from the parents who are in the process of separation, and after the mother denounced psychological ill-treatment on Sunday. The mother is from Huelva where the coupled lived until a month ago, when they decided to end their relationship. The father is from Córdoba and the first news of the missing children came at 1840 on Saturday. He claimed that they vanished when he lost sight of them for an instant.

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Teenager found dead on a roadside in Marbella

 

The National Police have identified a body which was found on the hard shoulder of the road between the Nueva Andalucía area of Marbella and Ronda on Monday as that of a 15 year old boy who has been named by his initials, T.A. His exact nationality has not yet been released, although it is known that he is not Spanish. The body was removed from the scene for autopsy as the investigation continues to determine the exact cause of his death.

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British man arrested on Tenerife with 34 heroin capsules in his body

 

34 year old British man has been arrested at the Los Rodeos Tenerife North Airport after found to be carrying 75 capsules of heroin inside his body. News has just been released of the arrest which took place last Wednesday afternoon, and a statement from the Guardia Civil says the total weight of the drug recovered was 913 grams. Apparently when stopped by customs officials on arrival from the Spanish mainland, suspicions were raised when the Briton was unable to give a clear explanation as to the reason for his visit to Tenerife. The man, who has not been named in reports, was subjected to medical and police surveillance in the Canaries Universitario Hospital until all the capsules had been passed. That was checked by x-ray.

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City Hall has now set up a special space where woman and men can carry out the oldest profession in the world without being fined.

area has been prepared next to the Guadalhorce river

Photo EFE

 

Ten months after introducing new restrictions on prostitution in Málaga, prohibiting the offering of services less than 200m from shops or homes, the PP controlled City Hall has now set up a special space where woman and men can carry out the oldest profession in the world without being fined.

Some are calling the idea a ‘follódromo’, and it reminds others of the late Marbella Mayor, Jesús Gil’s intention to establish a ‘Putódromo’ in Marbella.

The area chosen is next to the Guadalhorce river, and over the last few weeks the Ayuntamiento has levelled the ground and installed a dozen or so lampposts. 

Several non-governmental organisations have already criticised the plan, considering that it will expose the prostitutes to robberies and aggressions, but the prostitutes think it is the only way for them to avoid the actions of the police and fines of 700 €.

Sandra Vicente, from the Commission to Investigate Domestic Violence against Women, is reported in El País as saying
‘The problem is the Town Halls are taking it for granted that prostitution is legal. Most of the laws penalise the women who are in the street, but do not specifically mention prostitution’.

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British warship chases Spanish boat out of Gibraltar waters

 

British warship chased a Spanish customs vessel out of British territorial waters at Gibraltar, a spokesman for the British military command in the contested territory said Wednesday. The frigate HMS Argyll was leaving Gibraltar on Tuesday on deployment to the Middle East when it spotted the Spanish ship in British waters off the territory, the spokesman at the British military command said. "Argyll turned and followed the customs vessel round Europa Point and into the Bay where the customs vessel exited British Gibraltar's territorial waters," he said. The Spanish vessel, a large corvette-type vessel named "Fulmar", then sailed to the Spanish port of Algeciras on the other side of the bay, he added. It was the latest in a series of maritime face-offs in the waters off Gibraltar, which is strategically placed at the western entrance of the Mediterranean. In April Gibraltar police charged one of its boats was damaged in a clash with Spanish police vessels that illegally entered its waters in pursuit of alleged drug traffickers. Britain claims a strip of three nautical miles (5.5 kilometres) surrounding Gibraltar as its territorial waters. But Spain does not recognise any waters off Gibraltar as belonging to the territory apart from its ports. Spain ceded Gibraltar to Britain in 1713 under the Treaty of Utrecht but has long argued that it should be returned to Spanish sovereignty. Britain has said it will not renounce sovereignty against the wishes of Gibraltarians.

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Imogen Thomas brands Katie Price a "transvestite" as Danny-Gate continues

And in the latest salvo of what I’m ­calling ­Dannygate after the ex-model’s dalliance with rugby player Danny Cipriani, 23, furious Imogen has told pals: “Out of every woman in the world, her?! She’s such a slag.” Imogen, 28, has been with Danny since July. She thought they had a future.

But now all Imogen’s plans are off after pictures showed him ­leaving his home barefoot with Katie the ­morning after an evening together.

Former Miss Wales Imogen fumed: “He’s such a liar. You don’t spend ages telling someone about your issues and how women have treated you then go do ­something like that.”

Imogen was putting on a brave face when she appeared at the Inspiration Awards For Women in London on Friday – but photos of Danny cosying up to mum-of-three Katie, 33, had her ­tweeting in fury on Thursday: “Danny Cipriani is the ­biggest bull******r out there.”

It’s not their first clash over guys – Katie dated Jermain Defoe after ­Imogen split with him in 2009.

Now I can’t wait to hear what Katie has to say about all this.....

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Posted in: Former BB star Imogen ­Thomas has launched a ­blistering attack on Katie Price – telling pals: “She looks like a transvestite.”

Spanish bullfighter Juan Jose Padilla could lose his vision after a dangerous run-in with a bull.

Elena Munoz/AP

A bull brutally gored a matador in Spain on Friday, tearing through the man's jaw and pushing out his eyeball as spectators watched in horror.

"I can't see, I can't see anything," Juan Jose Padilla, 39, shouted as he was rushed out of the ring while bleeding profusely and cupping his protruding eye.

The 1,120-pound animal had chased the bullfighter and pinned him to the ground, goring him after he tripped. Television images caught the horrifying scene.

The bull, named Marques, was the second fighting beast Padilla had faced during the second day of the annual Virgen del Pilar festivities in Zaragoza.

Padilla was rushed to emergency facilities at the Misericordia bullring before being driven to the hospital.

A statement from the Miguel Servet Hospital said he was in a stable condition after a five-hour operation to repair his face.

The hospital said Padilla was likely to suffer facial paralysis and lose sight in one eye.

The hospital said he suffered eye, bone, muscle and skin damage when the bull pinned him to the ground. Surgeons had not been able to repair a severed facial nerve.

Surgeons used titanium plates and mesh to reconstruct parts of Padilla's face.

 

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Spanish banks in €6bn merger talks

 

Banco Popular, Spain’s fifth-biggest listed bank by assets, has offered to buy its smaller listed rival Banco Pastor in a merger that marks a new stage in the restructuring of the country’s financial sector. In filings published on Friday by the Comisión Nacional del Mercado de Valores (CNMV), the market regulator, the banks said they were proposing a friendly all-share deal in which Popular would offer to buy 100 per cent of Pastor. More ON THIS STORY Dismay at Spanish bank restructuring Spain nationalises three more savings banks In depth European banks Santander predicts return to big profits Global Insight Italy and Spain The CNMV had earlier suspended trading in shares of Popular, with a total market value of €4.99bn, and of Pastor, valued at €827m, apparently after news of the discussions leaked before the planned announcement on Monday. At Friday’s share prices, the Popular offer represented a one-third premium for Pastor and valued the target bank at 0.75 times book value, according to the Pastor camp, although Popular’s share price could fall once the suspensions are lifted. CaixaBank, the banking arm of the Barcelona-based La Caixa savings bank, was valued at 0.8 times book value at its flotation earlier this year, but Bankia, comprising Caja Madrid and six others, managed only 0.4 times when it was listed. Three savings banks seized by the official bank rescue fund last month were valued at between zero and 0.12 times book. Until now, the Bank of Spain and the Spanish government have focused on forcing unlisted savings banks to recapitalise themselves and merge with each other to reduce costs and improve efficiency after the collapse of the Spanish housing and construction bubble. Listed banks have been seen as potential buyers rather than takeover targets. “This is only the start,” said one person aware of the talks as the boards of the two companies held separate meetings. “There is going to be a huge shake-out in the banking sector.” Popular is a national Spanish bank that has focused on retail banking and lending to small and medium-sized businesses, while Pastor’s activities are concentrated in the north-western region of Galicia. Pastor – along with four Spanish cajas or savings banks – was one of the nine European banks that failed Europe-wide stress tests in July.

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Kelly Hoppen accepts £60,000 damages in hacking case

 

Interior designer Kelly Hoppen has accepted £60,000 in damages over the News of the World phone-hacking case. Her lawyer told the High Court the settlement was for "misuse of private information and breach of confidence". Ms Hoppen is the former stepmother of Sienna Miller, whose relationship with fellow actor Jude Law was of huge interest to the now defunct tabloid. News International and News Group Newspapers agreed to pay the money as well as her costs. Numerous articles published in the News of the World between 2004 and 2006 contained "intrusive and private information" relating to Ms Hoppen, her lawyer Mark Thomson told the court. "The claimant did not know the source of this information at the time of publication and often could not understand how it was possible for the News of the World to obtain such private information," he said. New evidence "In 2009, as a result of the claimant's long held concerns, her solicitors, Atkins Thomson, wrote to the Metropolitan Police Service asking whether they had any evidence that the claimant had been targeted by News Group Newspapers Limited in 2004-2006." He said his client was at first told the police had no evidence to suggest she had been a target, but that changed in February 2011 after further evidence emerged. The court heard that News Group Newspapers admitted liability in April. Michael Silverleaf QC, counsel for the newspaper group, told Mr Justice Vos that he wanted to repeat the "sincere and unreserved apology" made to Ms Hoppen in April. Ms Hoppen is one of a number of celebrities and public figures pursuing civil cases against Rupert Murdoch's media group. In January, the High Court is due to hear claims from a handful of test cases involving those who say their phones were hacked into. They include former footballer Paul Gascoigne, Jude Law, sports agent Sky Andrew, and MP Chris Bryant. The mother of a 7/7 bombing victim will also pursue a separate civil case against News International. Sheila Henry's son, Christian Small, was killed in the 2005 Russell Square explosion.

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Scottish couple who went on the run in Spain to escape fraud charges are to have almost £1m seized under proceeds of crime legislation.

 

 Anthony Kearney, 46, and 44-year-old Donna McCafferty admitted claiming housing benefit when they had more than £330,000 in offshore accounts. Kearney was jailed for two years in 2008 and McCafferty was given 250 hours community service. At Glasgow Sheriff Court, confiscation orders totalling £943,366 were granted. Kearney and McCafferty were tracked down in the Costa Blanca town of Benissa in November 2008 after being featured in a Crimestoppers appeal to catch on-the-run British suspects. Fraud probe Kearney was later jailed for two years and McCafferty was given 250 hours community service. The couple, who have a son together, admitted committing benefit fraud by claiming housing benefit when they had more than £330,000 in offshore accounts. Continue reading the main story “ Start Quote This case should also be a warning to those who think that targeting public funds...is an easy way to make money” Lesley Thomson QC Solicitor General Kearney also claimed for almost £23,000 in income support and pocketed more than £10,000 from credit card frauds. They went on the run after a money laundering investigation was launched against them in May 2004. At Glasgow Sheriff Court, a confiscation order for £930,362 was made against Kearney, and a confiscation order for £13,003 was made against McCafferty. Solicitor General, Lesley Thomson QC, said: "Anthony Kearney and Donna McCafferty lied about their circumstances to rob the public purse of thousands of pounds in benefit fraud before fleeing to Spain to try and escape justice. "They were arrested on an international warrant within 24 hours of a Crimestoppers' appeal - which featured them on a "most-wanted" list - and extradited back to Scotland. "This case should also be a warning to those who think that targeting public funds through criminal enterprise is an easy way to make money, and a reminder that the proceeds of crime legislation covers a wide range of offences where there has been financial benefit." Minister for Welfare Reform Lord Freud said benefit thieves were costing the taxpayer almost £1bn per year. "This money should be going to the people who need it most and not lining the pockets of criminals sunning themselves overseas," he said. "In addition to the sentence imposed by the court, the department always seeks to recover the money falsely obtained, to ensure that cheats do not benefit from their criminal activities."

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Posted in: Scottish couple who went on the run in Spain to escape fraud charges are to have almost £1m seized under proceeds of crime legislation.

900 kilos of hashish recovered on the Costa del Sol

 

organised crime and drugs unit, UDYCO of the National Police on the Costa del Sol has found 900 kilos of hashish on a yacht and hidden in a house in Cártama. At least eight people have been arrested, three Moroccans and five Spaniards. La Opinión de Málaga reports that the investigation started in Madrid, and a police operation last week which observed how the yacht left Morocco last week destination Spain. The vessel was intercepted and then escorted into Málaga port where 600 kilos of hashish was found. The police say the owner of the yacht is already well known to them for his alleged links to hashish trafficking across the Strait. The second part of the operation came in Cártama where a home was found to contain 300 kilos of hashish, 2.5 kilos of cocaine, some 150 marihuana plants and about 70,000 € in cash. A man and woman arrested there were finally released. It’s believed the house was used to store the drugs before they were distributed across Europe.

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Self-styled ‘Lord’ Davenport - known as 'Fast Eddie' - masterminded an ‘advanced fee fraud’ scheme that ripped off scores of businesses.

 

Davenport set up Gresham Ltd in 2005 and pretended it was a respectable business with 50 years of sourcing huge commercial loans. He charged companies advance fees for loans of up to £157million but the money never materialised.

The scam conned at least 51 victims and from 2007 to 2009 Gresham Ltd received more than £4.5million from unsuspecting clients, the court heard.

‘To outward appearances it was long-established, wealthy and prestigious,’ said Simon Mayo QC, for the prosecution. ‘It was essentially worthless. Its only business was fraud.’

The businessman had many high-profile friends including socialite Tamara Beckwith (right) (Picture: Rex Features)

Davenport owns Sierra Leone’s former high commission at Portland Place, London, used in The King’s Speech – and a gay porn film.

The 45-year-old is pictured on his website with celebrities including Cowell and Hugh Grant, Knightley, Beckham and Mick Jagger.

He boasted of 'beautiful homes and a collection of sports cars which would make any man jealous including a Ferrari 360 Spider, an Aston Martin Virage Volante, a Rolls-Royce Phantom and a Lamborghini'. 

Davenport was banned last year from using his home for activities including a ‘porn disco’, sex party and pole-dancing lessons. 

He was jailed last month for seven years and eight months with accomplice Peter Riley, 64, of Brentwood, Essex. They were convicted of conspiracy to defraud. Borge Andersen, 66, of South Kensington, got 39 months for the crime.

Con victim: Royal dress designer Elizabeth Emanuel was among those who paid money to Davenport (Picture: PA)

According to Gresham Ltd accounts, Andersen received £159,564 from the fraud, Riley £695,407 and Davenport £773,000. A total of £349,025 vanished, the court heard.

The convictions at Southwark crown court can be revealed because a reporting order was lifted yesterday.

Princess Diana's wedding dress designer Elizabeth Emanuel - who had been one of Davenport's victims - welcomed his sentence.

The 58-year-old turned to him in 2008 in the hope of raising £1m for her business, Art Of Being, and was asked to pay £20,000 - later reduced to £5,000 - for his company to complete due diligence.

'I think justice has been served,' she said.

'The amount I lost was nothing compared to everybody else but he was happy to take my £5,000. It sums up the sort of person he is.'

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Local Police in Nerja crackdown on pavement ‘invasions’

 

LOCAL POLICE in Nerja are to crack down on bar and restaurants which take up too much space on pavements. Over the past month, complaints from Nerja residents have risen regarding bars and restaurants putting their tables out on pavements, preventing people from passing. Nerja is a tourist area, and most local cafeterias, bars and restaurants have their tables, chairs and signs out on the pavements, something which is allowed as long as they pay a fee to do so. However, there are limits to how much space they can take up, and it appears that in over this summer, some of them have decided to ignore the rules, making it difficult for pedestrians and vehicles to pass. This also affects shops which put their goods out on the pavement. One shop in particular has had its goods confiscated after doing so on several occasions. The owner was cautioned, but failed to keep within the limits set for his shop. This does not necessarily lead to a fine, but the owner will have to pay to get his merchandise back. “It’s not permissible to allow any business to obstruct walkways used by tourists and local residents, nor to endanger others” sources from the town hall said.

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