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Bailed-out banks worth just HALF the £1,000 it cost each person to save them - as they get ready to admit £6BILLION losses RBS cost £45.5bn to bailout but the stake is now worth just £26bn £20bn paid to bailout Lloyds but shareholding is now worth HALF But executive pay has soared and Lloyds boss Antonio Horta-Osorio entitled to £3.46m a year Comments (14) Share The bailed out banks are now worth just over half the £1,000 per person cost of saving them - and are set to reveal combined losses of £6billion. Royal Bank of Scotland and Lloyds received a total of £65.5bn of taxpayers' money - but the Government stake is now worth just £36bn. Their are fears it will be years before the share price rises and taxpayers can get their money back. Bumper pay: Stephen Hester (left), who hates this picture being used, is paid £1.2million a year and waived a near-£1m bonus. Fred Goodwin, right, received £4.2m in 2007 But despite their poor performance the pay of top bankers like disgraced RBS boss Fred 'the Shred' Goodwin and Stephen Hester has rocketed over the last decade. More... Three of the UK's five largest banks have lost shareholders' money over past decade while bosses reap rewards £500 for EVERY British household: UK faces added £1billion bill to bail out Greece and save crisis-hit euro Don't tell Sid! How the bank shares wipeout hit the savings of the windfall generation Fred Goodwin saw his total pay rocket from £1.27m in 2000 to £4.2m in 2007 - when he received a £2.86m performance-related bonus. Stress: Antonio Horta-Osorio is entitled to £3.46million this year Since 2000, the value of the bank has fallen by 91 per cent. New boss Stephen Hester enjoys a £1.2m salary and only waived a £963,000 shares bonus after being put intense pressure. However, he is still in line to receive shares worth about £660,000 that were awarded as part of the £2m bonus he was handed for his 2010 performance. But as the bosses receive bumper rewards, RBS has announced that 3,500 jobs will go on top of 2,000 which went last summer. Lloyds has more than tripled the amount it pays its chief executive over the past decade. Over the same period the average UK wage increased by just under 40 per cent, to £26,135. In 2000, they paid £856,000 to former boss Sir Peter Ellwood. New chief-executive Antonio Horta-Osorio is entitled to £3.46m this year, although he waived his £1.06m bonus last month. He had six weeks off work at the end of last year because of stress and fatigue. Tomorrow RBS will announce losses of around £2bn while Lloyds is expected to reveal losses of £3.5 billion on Friday. They will blame the poor figures on the eurozone debt crisis and increased regulation. Plans to give the shares directly to taxpayers to ease some of the public anger about the pay enjoyed by bailed-out bankers are reported to have been ditched because the investments are too shaky. Bailed out: Royal Bank of Scotland is set to announce losses of £3.5bn on Friday. It is worth £26bn - and the Government paid £45.5bn The Government injected £45.5bn to take an 82 per cent stake in RBS but those shares are today worth around £26bn despite a 40 per cent rise in the share price in recent weeks. It needs shares, which are currently trading at about 28p, to rise to 50p before it can break even. Lloyds cost £20bn to bailout - but the Government is currently nursing losses of nearly £10billion. Their shares are valued at around 35p and they must rise to 63p. The bank recoveries have been made more difficult because the Government has announced new regulations in a bid to prevent a repeat of the financial crisis. They will be forced to separate their retail and investment banking arms which will be expensive to implement and hit profits. The current malaise in the world economy and the Greek debt crisis has added to banks’ woes. The Government is paying £500 million a year in interest payments on the money it borrowed to bailout the banks. 'BAILED OUT BANKERS SHOULD NOT RECEIVE A BONUS' Three out of four people think bosses at bailed-out banks should not get a bonus, according to research. And 58 per cent of respondents to the YouGov poll, commissioned by Sky News, said Britain’s business reputation is being damaged by the actions of bankers. Sir Philip Hampton, chairman of the Royal Bank of Scotland, said bonuses cannot continue at the current level. 'Part of the reason for the pay is that the profits were not sustainable,' he told Sky news. 'They were there for a few years but they were not sustainable and the pay moved up to that level of profits and it now needs to be corrected down.' Sir Philip turned down a £1.4 million bonus earlier this month. But Nigel Rudd, former deputy chairman of Barclays, claimed he would have paid more money to Barclays’ former chief executive John Varley. He said: 'Bob Diamond (current chief executive) and John Varley made a huge difference to Barclays as they went through this terrible period. 'You realise Barclays never made a loss throughout all this period? I think John Varley was underpaid actually ... because I think what he did throughout that crisis was phenomenal.' The comments come after weeks of conflict over bankers’ bonuses, in which RBS chief Stephen Hester turned down his £963,000 bonus amid mounting pressure and Lloyds boss Antonio Horta-Osorio waived his payout following a leave of absence.
Wednesday, 22 February 2012
Bailed out banks now worth HALF £1,000 per person cost of saving them as they get ready to report £6BILLION losses
Sunday, 19 February 2012
'Kinky' nuns and tattooed Christs spark controversy for Spanish gallery
Catholics and conservatives have denounced as blasphemous two recent exhibitions in Madrid featuring kinky nuns in lingerie and tattooed and near-naked Christs, demonstrating outside one gallery. Catholic group AES called a demonstration for Friday evening outside the Fresh Gallery in Madrid against its latest exhibition: "Obscenity", a collection of photographs by Canadian artist Bruce LaBruce. The 50 pictures on display include a portrait of Spanish actress Rossy de Palma in a black and white habit and see-through corset with a rosary between her teeth. One shows a well-known singer, Alaska, dressed as a sexy saint with a communion wafer on her tongue, while in another she hugs a tattooed Christ to her breast in a kinky tribute to Michaelangelo's Pieta sculpture. Around 50 protesters demonstrated outside the Fresh gallery Friday evening bearing placards reading "For a unified and Catholic Spain" and "God Exists". LaBruce himself was unrepentant. "How can fascists attempt to assert any sort of moral authority over anything?" he said. LaBruce, 48, whose work has often sparked protests and censorship, wrote on the gallery's website that "the lives of the saints are full of ecstatic acts of sublimated sexuality."
Spanish duke to be questioned by judge in embarrassing first for Madrid's royal family
Spain's royal family has long enjoyed a level of privacy and respect that the Windsors could only dream of. But, in an uncomfortable first for the Madrid monarchy, one of their number will face questioning from a judge this week in a scandal which has rocked the royal family and raised questions over the future of the monarchy. Inaki Urdangarin, the son-in-law of King Juan Carlos, is preparing for a court appearance in which he will defend himself in a widening embezzlement scandal. Hearings into the case began last weekend at a court in Palma on the Balearic island of Majorca and will culminate on Saturday with the long anticipated appearance of the Duke of Palma, who received the title when he married Cristina, the King's youngest daughter, in 1997. The Duke, 44, a former professional handball player who won Olympic medals for Spain in the sport, was formally made a suspect in the wide-ranging fraud case that alleges the embezzlement of millions of euros of government funds through a non-profit organization he co-directed between 2004 and 2006. Investigators claim to have discovered a "black hole" in the accounts of the Noos Institute, which organised sporting and tourism events for the regional governments of the Balearic Islands and Valencia.
Morocco bans Spain’s El Pais newspaper over royal cartoon
Morocco has banned the distribution of Thursday’s edition of Spain’s influential El Pais, as a cartoon published by the newspaper allegedly tarnished King Mohammed VI’s name, an official said. “The decision to ban (the paper) was made on the basis of article 29 of the press code” that protects the monarch, the senior communication ministry official told AFP on Saturday. “The caricature contains a deliberate intention to smear the (king’s) image to harm the king personally,” he added. The cartoon, which was picked up by a Moroccan website, accompanied an article by Spanish journalist Ignacio Cembrero, who knows Morocco well. Contacted by AFP, Cembrero said the Moroccan reaction surprised him as the small cartoon was “friendly and rather likeable”. It seemed to be the first time that a foreign publication was banned for the stated reasons since the moderate Islamist Justice and Development Party (PJD) came to power in Morocco in January, he added. So far Morocco has only banned weeklies that carried images of the Prophet Mohammed, or of God, which is forbidden under Muslim tradition. Earlier this month French weekly Le Nouvel Observateur fell into that category after printing an image of God. And last month the magazine was banned when a cover story on the Arab world included the supposed face of the Prophet Mohammed. Morocco also banned French weekly l’Express in January for publishing a 95-page dossier on Islam including a face meant to represent Mohammed’s.
Friday, 17 February 2012
Bank Shares Fall as Spain Regulator Lifts Short-Selling Ban
Spain’s stock-market regulator lifted a six-month ban on short-selling of financial stocks, saying the “extreme volatility” that justified the ban had eased. Banking shares plunged, led by Bankia SA. Steps taken by the European Union to tighten budget discipline have helped stabilize markets, as have the European Central Bank’s longer-term financing operations and the Spanish government’s overhaul of the banking industry announced on Feb. 2, the regulator said. “The extreme volatility, continued instability and uncertainty in European markets, particularly financial stocks, that justified temporary restrictions on taking or increasing short positions has eased,” the CNMV regulator said in an e- mailed statement in Madrid. France, Belgium, Spain and Italy moved to ban short-selling in August in an effort to stabilize markets after European banks hit their lowest levels since the credit crisis of 2008. France and Belgium lifted their bans this week. Spain had left the ban open-ended since Sept. 28. Shares in banks plunged today following last night’s announcement. Bankia fell as much as 9.8 percent before closing in Madrid down 7.3 percent at 3.09 euros ($4.04). Banco Popular Espanol SA closed down 6.2 percent at 3.26 euros, paring earlier declines of as much as 8.3 percent. Banco Sabadell SA fell as much as 7.8 percent, Banco Bilbao Vizcaya Argentaria SA as much as 5.4 percent and Banco Santander SA as much as 4.9 percent.
Whitney Houston's Daughter Is 'Fighting For Her Life,' Say Sources
While the music industry and millions of fans celebrate the Grammys, sources tell Hollywoodlife.com exclusively that Bobbi Kristina, 18, is so devastated after her mother’s death that she doesn’t want to live. This is just tragedy piling upon tragedy. Whitney Houston’s daughter Bobbi Kristina Brown ”does not want to live anymore.” Multiple sources tell Hollywoodlife.com her father Bobby Brown and his family members fear for her life. We really hope her family and friends are consoling Bobbi Kristina and getting her the help she needs. “We are afraid for Bobbi Kristina’s life right now,” a family source tells Hollywoodlife.com. “While everyone is celebrating the Grammys, Bobbi Kristina is fighting for her life.” Another source adds, “She is officially on suicide watch.” Whitney Houston‘s daughter Bobbi Kristina Brown, 18, was released from Cedars-Sinai Medical Center in LA this afternoon, and Hollywoodlife.com has learned that she has been taken to an undisclosed location by her father, Bobby Brown, and some of his family members. TMZ reports that family and friends remain deeply concerned that she is suicidal, and sources close to the family say that they are considering getting Bobbi Kristina help. She was rushed to the hospital twice after her mother passed away on Feb 11. Sources told Hollywoodlife.com that Bobbie Kristina had “nervous breakdown” type symptoms and that she “physically couldn’t move.” We can’t imagine the pain that the 18-year-old must be going through right now. Whitney was found dead on Feb. 11 in the bathtub of her hotel room in the Beverly Hilton Hotel. During an autopsy conducted today, Feb. 12, water was found in Whitney’s lungs and many believe that she drowned in her bathtub after ingesting a mixture of prescription drugs. We really hope her family and friends get her the helps she needs.
14 shops a day shutting on Britain's high streets as shoppers hunt for bargains online and stores move to retail parks 14 shops a day shutting on Britain's high streets as shoppers hunt for bargains online and stores move to retail parks
14 shops are shutting every day on the High Street, alarming figures show. The recession, a rise in internet shopping and a move to out-of-town shopping centres have all impacted on once-booming towns. Last year 5,268 shops were closed by major retailers and only 5,094 opened, according to a study by accountants PricewaterhouseCoopers and the Local Data Company. It was the first time since the height of the recession in 2009 that more shops were shut than opened.
Nazi Germany succeeded in "destroying" confidence in British bank notes across Europe by flooding the continent with forgeries during World War II
Nazi Germany succeeded in "destroying" confidence in British bank notes across Europe by flooding the continent with forgeries during World War II, according to secret files made public Friday. By the end of the six-year conflict, the fakes were so rife they were not accepted in mainland Europe, papers released from the National Archives showed. Nazi Germany began forging British notes in 1940 in preparation for the planned invasion of Britain, according to a report drawn up in August 1945 by Sir Edward Reid of MI5, the domestic security and counter-intelligence service. A captured German agent said the plan was to scatter the notes by air over Britain during an invasion "in order to create loss of confidence and general confusion". Although the invasion plan was abandoned after the Battle of Britain, when the Luftwaffe failed to gain aerial supremacy over the Royal Air Force, the Nazi forgers carried on churning out the fake notes. "What they subsequently produced was a type of forgery so skilful that it is impossible for anyone other than a specially trained expert to detect the difference between them and genuine notes," Reid reported. The forgers produced counterfeit sterling with a face value of £134 million -- the equivalent of 10 percent of all sterling in circulation. The fakes were circulated in neutral Spain and Portugal, to raise money while simultaneously damaging confidence in sterling, and also began turning up in Egypt. The practice backfired when it turned out that German agents being sent to Britain had been issued with the fake notes, quickly alerting the authorities to their presence. Reid reported that one department of the German secret service would be selling the forged notes in Lisbon, and another department buying them in the belief that they were genuine. Few of the notes reached Britain before the Allied invasion of France in 1944, when they began turning up in large numbers, mainly due to the activities of Allied troops. "It turned out that what was common was the selling of army stores on the French black market and the using of the francs so received to buy British notes to send or smuggle home," Reid wrote. "A good deal of undesirable activity took place in this way, and although British troops undoubtedly did their share, it appears that American and Polish troops were both more active and more adept in this line." Reid admitted that by the end of the war, the German forgers had achieved their objective. "At present no one will accept a Bank of England note in any neutral country of Europe except at a very large discount," he wrote. He recommended recalling all notes worth £5 and over, which the Bank of England did, issuing fresh notes with a metal strip as an added security feature. The fake notes were made by Jewish inmates at the Sachsenhausen concentration camp, whose experiences were dramatised in the film "The Counterfeiters".
Bankrupt Irish tycoon Quinn could face jail
Ireland's onetime richest man could face jail after a state bank launched contempt proceedings against him on Friday, saying he was blocking it from seizing hundreds of millions of euros of properties in eastern Europe and Central America. The Irish Banking Resolution Corporation (IBRC) asked the High Court to declare former billionaire Sean Quinn in contempt for violating an order not to interfere with foreign property assets worth an estimated 500 million euros. Quinn, who has come to personify the rapid unravelling of Ireland's "Celtic Tiger" economy, could be jailed if he is found to have breached the July High Court order. Quinn, 65, turned a rural quarrying operation on his family farm into a 4 billion euro globe-spanning empire. But he lost over 1 billion euros in a disastrous investment in Anglo Irish Bank shortly before the bank collapsed under the weight of failed property loans and he was declared bankrupt in a Dublin court last month. IBRC, which was created from the remains of Anglo Irish Bank, accused Quinn of stripping assets from foreign-based companies to prevent it from securing money it is owed. IBRC faces "a very substantial loss" if it fails to secure assets in Russia, Ukraine and Belize, Paul Gallagher, senior counsel for IBRC said. "The effects of what we say is the contempt, is continuing to happen, happening very quickly and the damage which we are trying to stop will have happened in other jurisdictions," Gallagher said. The application for a contempt order also named Quinn's son Sean Jnr and his nephew Peter Quinn. A barrister representing the Quinn family said they denied breaching the injunction. The judge ordered a full hearing for March 21
Record $6 Trillion of Fake U.S. Bonds Seized
Italian anti-mafia prosecutors said they seized a record $6 trillion of allegedly fake U.S. Treasury bonds, an amount that’s almost half of the U.S.’s public debt. The bonds were found hidden in makeshift compartments of three safety deposit boxes in Zurich, the prosecutors from the southern city of Potenza said in an e-mailed statement. The Italian authorities arrested eight people in connection with the probe, dubbed “Operation Vulcanica,” the prosecutors said. The U.S. embassy in Rome has examined the securities dated 1934, which had a nominal value of $1 billion apiece, they said in the statement. “Thanks to Italian authorities for the seizure of fictitious bonds for $6 trillion,” the embassy said in a message on Twitter. The financial fraud uncovered by the Italian prosecutors in Potenza includes two checks issued through HSBC Holdings Plc (HSBA) in London for 205,000 pounds ($325,000), checks that weren’t backed by available funds, the prosecutors said. As part of the probe, fake bonds for $2 billion were also seized in Rome. The individuals involved were planning to buy plutonium from Nigerian sources, according to phone conversations monitored by the police. The fraud posed “severe threats” to international financial stability, the prosecutors said in the statement. HSBC spokesman Patrick Humphris in London declined to comment when contacted by telephone. The U.S. Secret Service assisted the Italian authorities, spokesman Edwin Donovan said. Money Laundering Creating fake Treasuries is a “common scam, especially in Italy,” he said. The tipoff was the “astronomical” face value of each bond, he said. Fake bonds in high denominations are more common in Europe, where people are less familiar with the face value of U.S. Treasury bonds than in the U.S., he said. Zurich’s public prosecutor’s office provided material to their Italian counterparts in Potenza in 2011, according to Corinne Bouvard, a spokeswoman for the senior public prosecutor’s office of the canton of Zurich. The Swiss part of the investigation ended on July 22, she said. The Italian investigation initially focused on a Sicilian who was living in Potenza and was “already known for money laundering and exporting currency abroad,” according to the statement from the Potenza prosecutor’s office. Phony U.S. securities have been seized in Italy before and there were at least three cases in 2009. Italian police seized phony U.S. Treasury bonds with a face value of $116 billion in August of 2009 and $134 billion of similar securities in June of that year. The U.S. Secret Service averages about 100 cases a year related to bonds and other fictitious instruments.
Spain asks judge to force handover of treasure
Florida deep-sea explorers lost their legal bid to keep a half million silver coins and other treasure raised from a Spanish shipwreck. Now Spain wants to know when and how it will be handed over. Attorneys for Odyssey Marine Exploration and the Spanish government will go before a federal judge Friday to talk about the handover of the treasure. Also at issue, according to court documents, is who is responsible for $185,000 in storage fees accrued since the treasure was flown back to Tampa in May 2007. A U.S. district court and federal appeals courts ruled against Odyssey in its bid to keep most or all of the treasure. Spain contended that it never surrendered ownership of the sunken galleon Nuestra Senora de las Mercedes.
Spain Indicts Criminal Group Accused of Financing FARC
Judge Pablo Ruz issued the charges, stating that the alleged drug trafficking group, comprised mainly of Colombians and Ecuadorians, had been operating in Spain since 2007. Spanish officials estimated that up to $270 million may have been laundered until the group was dismantled in October 2010. The majority of its members have been charged with laundering money. However, the group's leaders, Spain's Luis Berho and his Ecuadorian wife Alexandra Fasce, have also been accused of collaborating with the Revolutionary Armed Forces of Colombia (FARC). Though not all of the $270 million reached South America, over $15 million is thought to have been sent to Colombia with the FARC receiving a significant amount. The primary recipient for the FARC is said to have been Juan Manuel Gomez Buitrago, who is accused of ties to the guerrilla group, reported EFE news agency. A further 12 people registered under Gomez's address also received money which could have been used to finance the FARC's operations, according to the charges. InSight Crime Analysis Though the group's alleged ties to the FARC shows the guerrilla group's reach outside of Colombia, it is important to note that financing appears to have come from, in this instance, sympathizers rather than FARC personnel acting in Spain, as was the case with the arrest of the FARC's alleged co-ordinater of European operations in 2008, Maria Remedios Garcia Albert. This outsourcing could be due to the FARC lacking the requisite skills among their own ranks to carry out a sophisticated laundering operation. As a Brookings Institute report in 2009 noted, armed insurgents who entered the organization at a young age likely lack the operational know-how for complex money laundering schemes schemes such as these. Spain has long been a focus of the FARC -- along with numerous other criminal organizations -- thanks to it serving as a key access point to Europe for cocaine shipments. It seems probable that in exchange for laundering the cash, the FARC may have sent shipments of cocaine to the Spain-based group. If so, these shipments would likely have been moved through Venezuela, a key transit route for cocaine bound for Europe.
News Corp still faces human rights challenge over internal inquiry
The NUJ is attempting to launch a human rights challenge to the disclosure of sources by News Corp's internal inquiry. Rupert Murdoch's News Corporation is still facing the threat of legal action from its own journalists despite the mogul's attempt to rally the troops at his News International UK newspaper group. The National Union of Journalists was on Friday determined to pursue a potential human rights challenge to the News Corp unit that is disclosing journalists' confidential sources to the police. One NUJ insider said that legal discussions with two leading QCs, John Hendy and Geoffrey Robertson, were ongoing and that they were examining the possibility of a group legal action against News Corp's management and standards committee. On Friday afternoon Murdoch toured the Sun's Wapping newsroom in east London in an attempt to quell the disquiet among some of his most senior journalists. The chairman and chief executive of News Corp, News International's US parent company, immediately lifted spirits when he pledged his "unwavering" commitment to the Sun and announced the launch of the Sun on Sunday "very soon". However, Murdoch also stood by News Corp's MSC, saying the unit would continue to "turn over every piece of evidence we find". Murdoch said in a memo to News International staff: "Our independently chaired management and standards committee, which operates outside of News International, has been instructed to co-operate with the police. We will turn over every piece of evidence we find – not just because we are obligated to but because it is the right thing to do." He said the Sun journalists arrested could return to work, but added: "We will continue to ensure that all appropriate steps are taken to protect legitimate journalistic privilege and sources, which I know are essential for all of you to do your jobs. But we cannot protect people who have paid public officials." On Friday afternoon the News International Staff Association indicated that its concerns had not been allayed by Murdoch's memo. "There are still some areas of understanding and clarification to be pursued on the role and actions of the MSC," the staff association said. Robertson said Murdoch's letter to staff "is full of errors" and News International was under no obligation to hand over evidence to police as journalistic material was protected by law.
Awema scandal: Naz Malik and Saquib Zia are dismissed Awema scandal: Naz Malik and Saquib Zia are dismissed
The sackings of Naz Malik and Saquib Zia were announced by the All Wales Ethnic Minority Association (Awema). The charity has been at the centre of allegations of financial irregularities and bullying. Awema's funding was halted by the Welsh government after a damning report. A statement on the Awema website by its chair Dr Rita Austin said an administrator would also be appointed to take over control of Awema's business and assets from the charity trustees, and close the business. Awema's decision follows the Welsh government internal audit services report from 9 February which terminated all grants of public funds to the charity. Continue reading the main story “ Start Quote Clearly there have been serious failings in the effectiveness of governance and financial management within Awema” Dr Rita Austin Awema chair Dr Austin said: "The Awema board would like to thank its staff for the dedicated service they have provided to several hundred participants registered with European funded Awema managed projects in Swansea and surrounding local authority areas, and in north Wales, especially in these last difficult weeks. "Staff members are in active contact with participants and will do their best to ensure that support services to them continue through other means. "The Awema board is resolved to provide a proper duty of care towards our staff as Awema moves towards closure, and is taking all necessary steps to do so." "Finally, the Awema board wishes to acknowledge the gravity of the matters brought to public attention in the... internal audit services report. "Clearly there have been serious failings in the effectiveness of governance and financial management within Awema upon which the Welsh government has acted, and upon which, in consequence, the Awema board now act, with all due speed, one week later." 'Lack of oversight' Mr Malik has indicated that he will not be conducting any interviews following his dismissal. Speaking on BBC Radio Wales last Friday, Mr Zia, who had been suspended from the charity, said he had raised concerns about Awema with its board members. The report into Awema had said there was a "complete lack of oversight of the financial processes and controls" by Mr Malik. It said charity funds were used to pay for gym memberships for staff worth £2,120, £800 was spent on rugby and cricket tickets and a £110 parking fine for Mr Malik was paid. It also said there was a "clear conflict of interest" because one of the charity's directors reporting to Mr Malik was his daughter Tegwen. There were "considerable increases" in her salary from £20,469 to £50,052. An earlier report, commissioned by the charity's trustees, had said Mr Malik used funds inappropriately and paid off credit card debts worth £9,340. It also alleged that his salary was increased to £65,719 without approval from the board.
Mervyn Westfield jailed for four months over cricket scam
A former Essex county cricketer has been jailed for four months after admitting a corruption charge relating to a 40-over game against Durham. Mervyn Westfield, 23, pleaded guilty to accepting or obtaining a corrupt payment to aid spot betting on a match on 5 September 2009. The Old Bailey heard he agreed to bowl an over to let Durham score a set number of runs for a £6,000 payment. He is the first cricketer in England to be prosecuted for spot-fixing. Westfield will serve half the term in prison and a confiscation order was made for £6,000. He has received an interim suspension order from the England and Wales Cricket Board. 'Cricket enjoyment destroyed' Danish Kaneria was arrested but not charged over the scam Passing sentence, Judge Anthony Morris told Westfield he was satisfied he would have known it was a corrupt payment and that he could and should have refused it. He added: "You had an opportunity to mention them to the team captain or management, or if you were nervous of doing so, at least to your friends within the team. You chose not to do so. "If, because of corrupt payments, it cannot be guaranteed that every player will play to the best of his ability, the reality is that the enjoyment of many millions of people around the world who watch cricket, whether on television or at cricket grounds, will be destroyed." On Friday, the Old Bailey heard team-mate and former Pakistan player Danish Kaneria told Westfield that a friend would pay him to concede a certain number of runs off his bowling. Prosecutor Nigel Peters QC told the court that the deal emerged when another Essex player, Tony Palladino, went back to Westfield's Chelmsford flat in September 2009, where the bowler showed him "the most money he had ever seen". Kaneria was arrested in connection with the case but later released without charge. 'Utterly ashamed' Mark Milliken-Smith QC, for Westfield, told the court Kaneria and his associates targeted Westfield, who was "more susceptible" because he was on the verge of the squad and that he "felt pressured". The match was one of the first televised games for Westfield, described as "an Essex cricketer through and through". He said: "He bitterly regrets what he has done, he is utterly ashamed." Mr Milliken-Smith added: "He is a life-long and passionate cricket fan and player. In fact, he knows no other love." Essex Police said there were no plans to interview Kaneria again although the investigation would remain under review. Det Sgt Paul Lopez said it was now a matter for the cricketing authorities to deal with.
Rupert Murdoch has told staff at the Sun newspaper in London he will launch the Sun on Sunday tabloid "very soon".
The News Corporation boss, 81, offered his support to Sun journalists at News International's offices in Wapping.
Ten current and former senior staff at the paper have been arrested since November in connection with alleged corrupt payments to public officials.
Mr Murdoch lifted all staff suspensions pending police inquiries, a move Labour MP Chris Bryant called "cynical".
The high-profile campaigner against and victim of phone hacking, said the decision to lift the suspensions was hypocritical.
"It is massively premature because one would have thought the Murdoch empire would want to wait until Leveson had completed his inquiry and the police and prosecuting authorities had completed their investigations," he said.
"News International has tirelessly campaigned for people who have been charged to be suspended from public office and yet journalists who have been charged at News International are apparently not going to be suspended."
Continue reading the main story
Analysis
Torin Douglas
BBC media correspondent
Rupert Murdoch's decision to go ahead with the Sun on Sunday is a typically bold move, designed to restore journalists' morale and regain the initiative, but many uncertainties remain.
It was widely believed that the replacement for the News of the World had been suspended indefinitely after the fallout from the phone-hacking scandal spread to other Murdoch papers.
The arrest of so many senior Sun journalists seemed to make the launch of a seventh-day Sun impractical.
And the American parent company News Corp was known to be disenchanted with the UK newspaper business.
Will it really want to invest more money in it at a time of such legal and financial uncertainty?
Mr Bryant was awarded £30,000 in damages after his phone was hacked by the now defunct News of the World (NoW). Lord Justice Leveson's ongoing inquiry is examining press standards and ethics.
In an email to staff, Mr Murdoch said: "We will build on the Sun's proud heritage by launching the Sun on Sunday very soon.
"Having a winning paper is the best answer to our critics."
He said he would stay in London for the next several weeks but, describing the recent arrests as a "great source of pain", warned: "Illegal activities simply cannot and will not be tolerated".
But Mr Murdoch praised the "superb work" of Sun journalists and said "the Sun is a part of me".
The company was doing everything it could to assist those who had been arrested, his email said.
Friday, 27 January 2012
Metal theft won't be stopped by banning cash transactions
An estimated 15,000 tonnes of metal was stolen in the UK last year. Half of this was from the metals recycling industry itself. But it is the 7,500 tonnes of metal stolen from railways, statues and church roofs that has caused a public outcry, badly tarnished the reputation of metal recyclers, and is now threatening the existence of our businesses. To an industry recycling 13 million tonnes of metal a year, 7,500 tonnes is a tiny volume – though it has a massive impact. Metals theft is a huge issue for our company. Not only do we suffer at the hands of organised criminal gangs, but we are portrayed, alongside other legitimate businesses, as a shabby "Steptoe and Son" industry; the true picture of a modern metals recycler could not be further from the truth. Metals recycling has evolved in the last 10 years, responding to a raft of environmentally focused directives from Europe. We have invested millions in research, development and new technology to achieve advanced recycling and recovery rates from incredibly complex items such as scrap cars, known as "end of life vehicles". This has enabled us to divert thousands of tonnes of material from landfill. The industry's rapid change also means that an update to the 1964 Scrap Metal Dealers Act is long overdue. It currently requires us to register with the local authority and obtain the name, address and, if relevant, vehicle registration number of anyone selling scrap metal. The weight, type of material and price paid must also be recorded. The act also provides the police with the right to enter our yards if they suspect any wrongdoing. We do not accept "foot" trade or anyone turning up in a taxi, to ensure we can take down a legitimate licence plate. If we have not worked with someone before, we ask for photographic identification or proof of address. All our transactions are recorded on CCTV and we inspect every load entering our yards – turning away or quarantining any suspicious material. Unfortunately the scrap metal trade is blighted with numerous illegal operators, who have neither signed up to the act nor registered with the Environment Agency. Local authorities can combat these illegitimate businesses, and Environment Agency officers have the power to investigate their sites on environmental grounds. But in both cases there are limited resources to do so, and a forgivable reluctance to enter a potentially hostile environment. This reluctance is enforced by the fact that court fines are rarely high enough to act as a real deterrent. The police could help, but they have to gather enough evidence to obtain a full warrant to enter these illegal operations. The latest metal thefts have led to calls for a ban on cash transactions. But banning cash payments will force anyone seeking cash for scrap – however legitimately – to use illegitimate traders, making policing metal theft even harder. We believe that looking at the legislation and penalties for tackling and closing illegal sites would have a much greater impact. Our company has many contracts with the manufacturing industry. Cash transactions are a small but important part of our business, and are still a legitimate means of trade for plumbers, electricians and many other small businesses. Setting up the relevant systems and operating transaction fees associated with cashless payments will place an unnecessary burden on metal recyclers. Many cash transactions are for small amounts and are of an ad hoc nature, and this value will be eroded by any cashless system, meaning less value to consumers and small businesses. The legitimate metals recycling industry is not the perpetrator of metal theft; we act as the last chance to catch these criminals and are working with the police to achieve this. Like other large organisations, we have suffered significantly from metal theft and are undergoing a radical overhaul of our security systems and technology. As with any property, the onus must be on the owner of that material to ensure its security and minimise the risk of theft.
Monday, 23 January 2012
The Abu Dhabi General Prosecution for Public Funds has ordered the detention of two Europeans and other individuals on charges of embezzlement and fraud.
A year ago, the suspects are alleged to have started a fake project selling properties in the United Kingdom at competitive prices. They allegedly targeted UAE investors. Investigations have since revealed that the company does not have a real estate licence and that the accused defrauded 40 investors. The General Prosecution seized around Dh3 million the suspects allegedly swindled from their victims, in addition to Dh100,000 found while inspecting the fake company. Another Dh250,000 in the firm's account was also confiscated. Article continues below The central bank has been asked to give a report on all the transactions carried out by the company. The means of information technology used by the defendants for the management of their operations have been identified by authorities, with Interpol being asked to arrest the other defendants in the case. An official in the Attorney-General's office urged investors in the UAE to be on their guard and to ensure the companies they deal with are authorised to carry out real estate activities in the country.
Asil Nadir faces £34m theft charges in biggest ever fraud trial
The biggest ever British fraud trial begins today when Turkish-Cypriot tycoon Asil Nadir stands up at the Old Bailey to face £34million theft charges. He is accused of 13 counts of theft dating back to the 1980s from Polly Peck, his failed business empire that folded in 1990 under the weight of its £1.3billion debt. When he joined Polly Peck in the early 1980s it was an ailing textiles firm which he transformed into a FTSE 100 conglomerate that housed the Del Monte fruit business and the Sansui electronics firm. On trial: The SFO alleges that Nadir transferred millions out of Polly Peck in the years preceding its collapse Following the collapse he jumped a £3million bail and fled in 1993 to Cyprus, which has no extraditions treaty with the UK, but returned in August 2010 stating he wanted to clear his name. Nadir has argued in the past that there was a grave abuse of process in the case brought against him by the Serious Fraud Office. For years he has alleged that the police and the SFO placed the judge in his case under improper pressure, made false allegations of corruption against him and his advisers and seized documents necessary for his defence. The 70-year old has pleaded not guilty to the 13 charges, which include theft of £33.1million and £2.5million from the company between 1987 and 1990. Under Nadir’s leadership the firm’s market value ballooned from £300,000 to £1.7billion, and an investment of £1,000 from the late 1970s would have been worth £1million at its peak. The SFO alleges that Nadir transferred millions out of Polly Peck in the years preceding its collapse. Its demise hit pension funds and small shareholders. The case is due to last at least four months. Nadir’s fall embarrassed John Major’s Conservative government after it emerged that a Tory minister, Michael Mates, had given Nadir a watch engraved ‘Don’t let the buggers get you down’. Mates, the minister of state for Northern Ireland, resigned over his links to the businessman. Nadir was a major donor to the Tories, pouring more than £1million into party coffers between 1986 and 1990. He was a regular guest in Mrs Thatcher’s Downing Street, and was consulted on overseas development and Middle Eastern trade.
No one calls him Sir Allen Stanford anymore. He is inmate number 35017-183.
On Monday, the Texas financier heads to court in Houston to battle charges that he operated a $7 billion Ponzi scheme from Stanford International Bank Ltd, his offshore bank on the Caribbean island of Antigua. By all accounts, his was a life of luxury, filled with private jets, yachts, mansions and the sport of cricket. Deemed a flight risk in June 2009 by a federal judge, the 6-foot billionaire has been in jail, sporting prison-issue green and orange jumpsuits and shackles instead of the dark, tailor-made suits he once ordered in bulk. Stanford, a native Texan who was knighted by the government of Antigua in 2006, is accused of misleading investors about certificates of deposit (CDs) issued by his offshore bank, in one of the biggest white collar fraud cases since Bernard Madoff. The CDs were touted as safe, with funds "generally invested in investment grade bonds, securities and foreign currency deposit," according to literature distributed by Stanford's brokerage firm. Instead, prosecutors allege, Stanford invested CD proceeds in illiquid pet-project investments that included Caribbean real estate, a Cowboys and Indians magazine and a pawn shop operator. He also loaned more than $2 billion to himself. The alleged Ponzi scheme started to unravel in late 2008 as the financial crisis deepened and more and more investors asked for redemptions, a situation that left Stanford scrambling for cash. Prosecutors will likely rely heavily on the testimony of the firm's former Chief Financial Officer James Davis, who pleaded guilty in August 2009 and has been cooperating with the government. The two men were college roommates at Baylor University in Waco, Texas. In past interviews, Stanford has blamed Davis, a theme that is likely to be repeated by the defense at trial. "I didn't oversee anything in the investment portfolio, that was the CFO's responsibility," Stanford told Reuters in a 2009 interview. "The CFO had investment committees, the chief investment officer reports to him." Stanford, 61, has pleaded not guilty to 14 criminal counts of fraud, obstruction of a federal investigation and conspiracy to launder money. Among the alleged crimes prosecutors expect to prove to the Houston jury is that Stanford was involved in falsifying financial statements and made false statements about Stanford International Bank's financial condition. PAUPER IN LOVE Stanford's health has declined since his arrest. He was injured in a jailhouse brawl in 2009 and suffered from an addiction to a powerful anti-anxiety medication. He has hepatitis B and cirrhosis of the liver, and, if convicted, will likely spend he rest of his life in prison. The SEC seized all of Stanford's assets in February 2009 after filing a civil lawsuit. His lawyer at the time, Dick DeGuerin, said the government's action did not even leave enough money for his client to buy underwear. Once No. 205 on Forbes' list of richest Americans, Stanford's defense is paid for with U.S. tax dollars and his 81-year-old mother is struggling to help. "I've maxed out my credit cards and I'm on my last few thousand dollars of savings," said Sammie Stanford. She even had to do a reverse mortgage on her home "to get some extra cash," she said in December after a court hearing. After his arrest, Stanford had a bevy of women, four of whom are mothers of his six children, attend his court hearings. He had a "fiancee" half his age even though he remains legally married. Stanford lavished the women in his life with trips on private jets, luxury homes and, in one instance, spousal support payments of $100,000 per month, according to court documents. His oldest daughter, Randi, lived in a luxury Houston high-rise paid for by her father, for whom she worked. Court records from a 2007 paternity case, that was settled, showed Stanford also paid about $150,000 a year in child support for two other children who lived with their mother in a $10 million house in Florida. But now, in addition to losing his fortune, Stanford has only the support of his parents and family and not the harem of loyalists seen earlier. Only his mother lasted through the entire three days of testimony last month at a hearing in which Stanford was judged competent to stand trial. The man who once ran a business with operations in 140 countries has different priorities now. In a recent court hearing he could be heard complaining about being served a peanut butter sandwich on stale bread.
Wednesday, 18 January 2012
World Bank warns emerging nations to prepare for slump
In a report sharply cutting its world economic growth expectations, the World Bank said Europe was probably already in recession. If the euro area debt crisis deepened, global economic forecasts would be significantly lower. "The sovereign debt crisis in the eurozone appears to be contained," Justin Lin, the chief economist for the World Bank, told reporters in Beijing on Wednesday. "However, the risk of a global freezing-up of the markets and as well as a global crisis similar to what happened in September 2008 are real." The World Bank predicted world economic growth of 2.5pc in 2012 and 3.1pc in 2013, well below the 3.6pc growth for each year projected in June. "We think it is now important to think through not only slower growth but sharp deteriorations, as a prudent measure," said Hans Timmer, director of development prospects at the bank.
Saturday, 14 January 2012
Man arrested on suspicion of murder
24-year-old man has been arrested on suspicion of murder over the death of a couple in Birmingham. Carole, 58, and Avtar Singh-Kolar, 62, were found dead at their home in Handsworth Wood on Wednesday. Post-mortem tests confirmed the couple died as a result of blunt force trauma to the head and that both had been struck a number of times. Their bodies were discovered by their son, Jason, who is an officer with West Midlands Police. Officers arrested the man at a house in the city on Friday night. He has been taken to a police station in the West Midlands where he is being questioned on suspicion of murder. Det Supt Richard Baker, who is leading a team of more than 60 officers assigned to the case, said: "This was a horrendous attack. "We continue to follow a number of lines of enquiry and we thank those who have called us so far. We encourage anyone with information to speak to us no matter how insignificant they feel the detail is." Crimestoppers said the double murder was a "vile crime" and has put up a £10,000 reward for information leading to the arrest and conviction of those responsible. 'Special people' The couple had four children and eight grandchildren. At an emotional press conference on Thursday, two of the children made a desperate plea for help to catch their killers. Daughter Michelle Kirwan, 39, described them as "the sweetest, kindest people that I have ever met". She said: "Our hearts are broken forever and our lives will never be the same." Detectives have said they are looking into a number of lines of inquiry, including a rise in burglaries and gold thefts in the area. Speaking earlier this week, Mr Baker said a possible link between Jason Kolar's position with the force and his parents' death was "not a significant line of inquiry".
Friday, 13 January 2012
Royal Navy captures 13 Somali pirates
The Royal Navy has captured 13 Somali pirates in the Indian Ocean, the Ministry of Defence says. RFA Fort Victoria and a US Navy vessel intercepted the pirates' boat, which had refused to stop despite warning shots from a Royal Navy helicopter. Royal Marines in speedboats approached the vessel and boarded it, capturing 13 pirates and seizing weapons. Defence Secretary Philip Hammond said the UK troops, part of a Nato-led force, could be "proud" of the success. "The Royal Navy and Royal Marines are playing a crucial role in securing and protecting international sea lanes that are vital to global trade," the minister said. The dhow was identified as a known pirated vessel operating in Indian Ocean shipping lanes Capt Gerry Northwood, who leads the counter-piracy operation on RFA Fort Victoria, said: "This firm and positive action will also send a clear message to other Somali pirates that we will not tolerate their attacks on international shipping." The operation was carried out around dawn on Friday. Capt Shaun Jones RFA, commanding officer on RFA Fort Victoria, said: "To manoeuvre such a large ship at speed in close vicinity of a nimble dhow takes extreme concentration and skill; my team were never found wanting. "The 13 Somalis certainly found Friday 13th unlucky for them.
Child benefit cut will go ahead, says Osborne
Chancellor George Osborne has said child benefit for higher rate taxpayers will be removed, after ministers' hints the policy could be made "fairer". But he said he would set out in the next months how the policy would be implemented. David Cameron acknowledged there was an issue with the £42,475-a-year threshold - amid criticism the changes unfairly hit single earner families. Labour said the policy was "unravelling already" and was an "utter shambles".
Sunday, 13 November 2011
How a Financial Pro Lost His House
ONE night a few years ago, when the value of our home had collapsed, our debt was out of control and my financial planning business was shaky, I went to take out the trash. He wrote a book based in part on lessons learned by losing his Las Vegas home in the housing crisis. There was this enormous window that looked right in on the kitchen table, and through it I could see my wife, Cori, and our four children eating dinner. It was dark outside, so they couldn’t see me, and I just stood there looking at them. After a while, I pulled up a bucket and I sat on it, just watching my children eat. I found myself wishing that I could get back there, connected to the simple ordinary stuff of my family’s life. And as I sat and watched, filled with longing and guilt, two questions kept arising: How did I get here? And how am I going to get out of this? There are many stories these days of people who lost their financial bearings during the housing boom and the crisis that followed, but my story is a bit different from most. I’m a financial adviser. I get paid to help people make smart financial choices, and I speak and write about personal finance issues for this publication and others. My first book comes out in January, “The Behavior Gap: Simple Ways to Stop Doing Dumb Things With Money” (Portfolio, a Penguin imprint). The thing that few people know, though, is that I learned a lot of this from experience. I made a bunch of mistakes, the very same ones that I now go around warning people to avoid. So this is the story of how I lost my home, the profound ethical questions that arose along the way, and what my wife and I learned from the mistakes that led us to that point. It made me better at what I do, but it wasn’t much fun getting there. Like most financial stories, this one is personal. It starts with me getting into the financial services industry more or less by accident. I answered an ad in 1995 that I thought was for a job related to “security” (as in security guard) but was in fact related to “securities.” That’s how little I knew about the stock market. A few months later I found myself working a phone at a Fidelity Investments call center. Things went well, and by 1999 I was a Merrill Lynch financial adviser and a certified financial planner. By then, we also owned a house in Salt Lake City. We’d bought it two years earlier, with a $25,000 down payment. A few years later, an opportunity arose to form a partnership with a successful Merrill adviser in Las Vegas. The place was on our top 10 list of never-move-to cities because we had always associated it with the Strip. But Cori and I were looking for an opportunity to have an experience somewhere else, and we met some great people when we visited the city. I took the job, and we moved down there. That was May 2003. Housing prices were already crazy, so we rented. But our neighborhood had zero character and lots of cookie-cutter houses. Within a few weeks, we were looking for a place to buy. I felt we could afford around $350,000. We called a real estate agent named Mitch, who had signs on all the bus stops: Talk to Mitch! He picked us up in a gold Jaguar, and suddenly we were looking at houses that listed at $500,000 or more. It felt a little crazy to be shopping for houses that cost half a million dollars, but my income was growing rapidly. Everywhere I looked, people were being rewarded for buying as much house as they could possibly afford, and then some. There was this excitement in the air, almost like static. I started to think that if I didn’t buy a house right then, I would never be able to afford one. At moments during our house hunt, I felt in my gut that something wasn’t right. We’d go to open houses for $400,000 homes and see lines of couples in their late 20s — younger than we were — waiting to get inside. I kept wondering where all the money was coming from. How did all these people make so much?
BOTTOM five most hated airports
5. Ninoy Aquino International, Manila, Philippines
Beleaguered by ground crew strikes, unkempt conditions, soup kitchen-style lines that feed into more lines and an overall sense of futility, NAIA brings the term “Stuck in the 1970s” to a new level.
At Terminal 1 all non-Philippine Airlines remain crammed despite serious overcapacity issues and a new and underused Terminal 3 is occupied by a few minor carriers.
A rash of bad press this year (including a “Worst in the World” ribbon from Sleeping in Airports) was capped by a collapsed ceiling in T1, a paralyzing ground service strike at T2, and the usual charges of tampered luggage, filthy restrooms, seat shortages at gates, re-sealed water bottles sold in retail shops and an Amazing Race-style check-in routine spiked with bureaucracy, broken escalators, lengthy Dot Matrix passenger lists and creative airport departure fees.
Read more on CNNGo: World's busiest airports announced
4. Toncontín International, Tegucigalpa, Honduras
When do the most common airport gripes about inefficiency, uncomfortable gate chairs, dirty floors and lousy dining options suddenly become irrelevant? When you’re preoccupied about whether your 757 will actually be able to stop before the runway does.
Nestled in a bowl-shaped valley at 957 meters above sea level, Toncontín’s notoriously stubby, mountain-cloaked landing strip was recently lengthened another 300 meters following a fatal TACA aircraft overshoot in 2008.
Not enough though to avoid being named the “second most dangerous airport in the world” by the History Channel.
Nepal’s hair-raising Tenzing-Hillary Airport in the Himalayas is the top seed, but receives fewer gripes from its thrill-seeking Everest-bound clientele.
Read more on CNNGo: Shanghai Pudong International Airport: Fifth best in the world
3. London Heathrow, London, England
Depending on which of Heathrow’s five terminals one is funneled through, the average experience at the world’s third-busiest airport ranges from mildly tedious to "Fawlty Towers" ridiculous.
With its rash of -- as they were politely called -- “teething problems” in bright and airy T5 (remember that riotous grand opening with 34 canceled flights?) and nicely matured problems in Ts 1, 2 and 3, the issues passengers are beset with run the gamut.
Parking messes. Busted baggage carousels. Deadlocked security lines. Long walks (or, more commonly, runs) between gates to a frenzied soundtrack of “last call” announcements. Realizations that getting out of Heathrow took longer than actually flying here from Madrid.
In the airport “where the world changes planes,” it all boils down to a chronic inability to cope with this many people. Plans for a sixth terminal should help sever even more nerves.
2. Los Angeles International Airport, Los Angeles, United States
If the world’s seventh-busiest flight hub was an old ballpark resting on the stale reputation of its Dodger Dogs and that great 1959 series, LAX might have some endearment value.
But it’s an airport -- a dramatically undersized and moribund one with the architectural élan of a 1960s correctional facility and several publicized concerns about how its 1,700 takeoffs and landings a day can be sustained in a facility a fifth the size of healthier cousins like Dallas/Fort Worth.
The unsupportive donut-shaped design -- it’s been called “eight terminals connected by a traffic jam” -- makes dashing between airlines feel like a diesel-scented cardio test.
Plunked in the middle is the airport’s landmark Jetsons-style restaurant and only mentionable amenity, Encounter, but how does one actually get inside this place -- at least before being nailed for a petty traffic violation by some of the most ticket-hungry airport cops west of the Mississippi?
Read more on CNNGo: World's most terrifying airports
1. Paris-Charles de Gaulle, Paris, France
“A great country worthy of the name,” President Charles de Gaulle once opined, “does not have any friends.”
True or not, it’s this sort of attitude that has helped CDG become the most maligned major airport on earth. What’s fueling it?
Grimy washrooms with missing toilet seats don’t help. Nor do broken scanning machines and an overall lack of signage, gate information screens and Paris-worthy bars, restaurants or cafés.
The baffling circular layout is worsened by warrens of tunnel-like structures, dismissive staff and seething travelers waiting forever in the wrong queue.
The worst part may be this airport’s aura of indifference to it all. “Waiting for a connection here,” notes one commuter, “is like being in custody.”
If you’re actually staying in Paris, you may be okay. If you have the gall to just be passing through between Malaga and Montreal, you can cut the spite of this place with a cheese knife.
Top five most hated Airports
10. São Paulo-Guarulhos International, São Paulo, Brazil
Why is this place on our list after scoring third best airport in South America at the 2011 World Airport Awards?
Because, shockingly enough, it turns out that corporate medal ceremonies aren’t always in sync with what people are thinking when they're standing in two-hour immigration lines, suffering routinely unannounced gate changes and paying through the teeth for a stale Brazilian cheese roll and beer inside an understaffed and over-aged aviation facility.
In a country where flight delays (departing or arriving) are just part of the deal, some recent numbers would give pause to the most unflappable traveler at Brazil’s largest airport.
Just 41 percent of all flights leave on time. Only 59 percent of flights arrive on schedule, according to Forbes.
São Paulo-Guarulhos has announced plans to add runways and terminals -- what airport hasn’t? -- but with nearly 30 million passengers traipsing through every year (the figure has reportedly doubled in under a decade) the urgency is palpable and, sadly enough, unsolved by upping prices at musty duty-free shops.
But does this really constitute bronze medal status? When the best unofficial advice for surviving Brazil’s pin-up airport is to try and learn a little Portuguese and not lose your temper, something’s gotta give.
Read more on CNNGo: World's biggest airport planned
9. Perth Airport, Perth, Australia
If there’s one thing Australians love, it’s hating their airports.
But while the big guns in Sydney, Melbourne and also-rans in Darwin, Cairns and Hobart get routinely lambasted for various inefficiencies and rip-off tactics, passengers in Western Australia have a special place in their spleens for Perth.
“The only advantage over some other airports is the lack of nearby combat,” notes one of several miffed passengers on airportquality.com.
With a reviled pair of domestic terminals (home of two-hour taxi-line queues, atrocious check-in lines, overpopulated gates and meager lounges) and a slightly more palatable international terminal five kilometers away, Perth’s brittle facilities can be overwhelmed just by a trio of aircraft arriving within 20 minutes of each other.
Now that an ambitious “billion-dollar” redevelopment project has been significantly scaled back, who would ever want to leave Changi for this place?
Read more on CNNGo: Transit hotels: How to get to sleep during your stopover
8. Tribhuvan International, Kathmandu, Nepal
For a small airport in a pretty country, Tribhuvan has it all: the interminable weather delays of Boston Logan, the shoddy restroom maintenance of a Glasgow sports bar, the departure board sparsity of McMurdo Airfield and the chronic chaos of a kids' soccer match.
Some airport improvements have been underway for the Visit Nepal 2011 tourism campaign, including things most passengers don’t much care about (e.g., the new helicopter base).
The most serious beefs with Nepal’s only international airport revolve around its primitive yet officious check-in procedure, starring a roulette wheel of underpaid security agents.
“Departure is an endless game of body searches and silly questions,” notes one passenger.
“Those who didn’t have their e-tickets printed out had to argue their way in,” says another, who was checked seven times and scolded for not having a baggage tag on a carry-on before eventually boarding.
Never mind. The city’s markets and surrounding mountains are lovely.
7. John F. Kennedy International, New York, United States
You’d think it would be one of the greatest humiliations any major airport would never allow itself to live down -- getting routinely abandoned by fed-up folks opting to fly out of Newark (Newark!) instead, where at least the ground staff cop less attitude and fewer people outside are pretending to be cab drivers.
But, nah, JFK really couldn’t really care less.
Every year, more than 21 million passengers stumble through worn, mid-century terminals that peaked when The Beatles arrived in the United States and rooftop parking was all the rage; JFK proudly remains the world’s busiest international air gateway.
So if you’re not into a dim, surly, unbearably congested airport reeking with attitude and unapologetically long immigration lines -- good riddance.
“JFK had a piece of my luggage sitting in a little detention room for bags -- for over a year,” notes one passenger. “No one noticed it was there, until finally an observant Air France employee wondered what the dusty little green bag in the corner was.”
Read more on CNNGo: Secret Report: Singapore's Chiangi Airport world's favorite
6. Jomo Kenyatta International, Nairobi, Kenya
“As African airports go, it’s not that bad -- but as an international hub, it may be one of the worst out there.”
This is the common refrain among travelers through JKIA, who either don’t have the heart or the expectations to give this dated aviation facility the kind of pounding reserved for the JFKs and Charles de Gaulles of the world.
Saddled with a 1958 blueprint designed for 2.5 million passengers, JKIA receives close to twice that many. Hence the airport’s 2005, Three Phase, US$100 million expansion project which has seen long delays (something about the rain) and has been spinning its tires somewhere in Phase Two for the last few years.
For now, that means business as usual: cramped spaces; long lines; inadequate seating; frequent power outages; tiny washrooms hiding up several flights of stairs; shabby duty free shops; overpriced food outlets; and business class lounges worthy of a shelter in mid-city Los Angeles.
Sure, it’s a breeze compared to Lagos. But it could be so much better. The confusing result: grateful disappointment?
Fall of richest man in Ireland as Quinn is declared bankrupt
TROUBLED tycoon Sean Quinn, once Ireland’s richest man, was declared bankrupt yesterday at the High Court in Belfast. The 64-year-old businessman was granted a voluntary adjudication over an alleged E2.8bn debt owed to Anglo Irish Bank. It is believed to be one of the biggest bankruptcy orders of its kind ever made in either the United Kingdom or Ireland. Mr Quinn said he brought the application north of the border because he was born, reared and worked all his life in Co Fermanagh. But by declaring himself bankrupt in Northern Ireland it also means he only has to wait a year before going back into business – rather than 12 years in the Republic. He claimed to have been left with no alternative but to take the “drastic decision” over problems which stemmed from “ill-fated investments in Anglo”. The former billionaire was stripped of control of his manufacturing and insurance business empire in April. He had been plunged into financial trouble by purchasing bank shares which then became worthless. As a consequence, receivers were installed and he and his family lost any role in the management of the Quinn Group. Mr Quinn accepts that he owes around E194m to Anglo for property loans which he cannot repay. But the rest of the alleged debt, which relates to Contracts for Difference (CFDs) used to buy bank shares, is disputed. The Quinn family are currently suing Anglo, claiming the CFDs were tainted with illegality. Mr Quinn applied for voluntary bankruptcy through his lawyer and licensed insolvency practitioner, John Gordon of Napier and Sons. The order was granted during a brief hearing before a Master at the High Court in Belfast. Mr Quinn said in a statement: “I have done absolutely everything in my power to avoid taking this drastic decision. The vast majority of debt that Anglo maintains is owed is strenuously disputed. I cannot, however, now pay those loans which are due.” He added: “Following Anglo taking control of the Quinn Group of companies, which I and a loyal team spent a lifetime building, I find myself left with no alternative.” The businessman said he had “worked tirelessly” to find a solution to the problems. He claimed: “Anglo, and more recently the Irish Government, are intent on making scapegoats of my family and I.” According to him, the bank has attempted to avoid acknowledging “a lack of corporate responsibility, self-interest and lack of regulation that prevailed at the time”. His allegations are now the subject of High Court proceedings. Mr Quinn accepted: “I am certainly not without blame. I am not in the business of pointing fingers or making excuses. “However, recent history has shown that I, like thousands of others in Ireland, incorrectly relied upon the persons who guided Anglo and who wrongfully sought to portray a ‘blue chip’ Irish banking stock.” He said that he and his team had developed one of the most successful businesses in Irish history, with the group generating more than 5,000 jobs and contributing in excess of E1bn in tax revenues. Mr Quinn rejected any suggestion that he had brought down the empire. He also claimed: “Anglo has supported and promoted an ill-conceived and highly damaging receivership programme which I believe, if it continues on its current road, is destined for certain and catastrophic failure.” The statement added: “My family and I have been subjected to relentless negative media coverage over the past three years. “I have been portrayed as a reckless gambler who bet on a bank. I have never sought publicity, nor have I courted the media. “Sadly this now seems to have worked very much to my disadvantage, especially when compared with the sophisticated and massively expensive publicity campaign operated for, and on behalf of Anglo.
