Ratings agency Fitch downgraded Spain’s debt Friday due to Spain’s austerity measures which are seen as a threat to the country’s economic growth.
“The downgrade reflects Fitch’s assessment that the process of adjustment to a lower level of private sector and external indebtedness will materially reduce the rate of growth of the Spanish economy over the medium-term,” said Brian Coulton, Fitch’s Head of EMEA Sovereign Ratings.
Private debt includes household debt, company debt as well as bank debts.
The ratings agency slashed Spain’s triple A rating to AA+
Fitch warned in a statement that “the inflexibility of the labour market and the restructuring of regional and local savings banks will … hinder the pace of adjustment, particularly in the aftermath of the real estate boom.
Saturday, 29 May 2010
Friday, 28 May 2010
Costa del Sol Life - The No.1 Costa del Sol Blog: Costa del Sol Property involved in €650m plus Empire
Costa del Sol Life - The No.1 Costa del Sol Blog: Costa del Sol Property involved in €650m plus Empire: "LUXURY property empire worth €500 million in Brazil has emerged among the sprawling wealth of the criminal gang allegedly led by Christy Kinahan.
n the Costa del Sol poperty sector, 60 properties valued at approximately €150m have been identified as proceeds of the international drug trafficking and money-laundering network.
Spanish police also confiscated €100,000 in cash, at one address alone, and more than 20 luxury cars.
Spanish police said in a statement: 'The money obtained through illicit means by the group has been invested mostly in the real estate sector, in the Costa del Sol, as well as in other parts of the world such as Brazil, where the network possesses six tourist complexes and luxury residences.
'Investigators estimate that these complexes are worth around €500m.'"
n the Costa del Sol poperty sector, 60 properties valued at approximately €150m have been identified as proceeds of the international drug trafficking and money-laundering network.
Spanish police also confiscated €100,000 in cash, at one address alone, and more than 20 luxury cars.
Spanish police said in a statement: 'The money obtained through illicit means by the group has been invested mostly in the real estate sector, in the Costa del Sol, as well as in other parts of the world such as Brazil, where the network possesses six tourist complexes and luxury residences.
'Investigators estimate that these complexes are worth around €500m.'"
Fashion Show at the Polo House | Marbella Costa del Sol
Fashion Show at the Polo House | Marbella Costa del Sol: "The Polo House would like to request the pleasure of your company for an afternoon of Glamour, Fashion and Style!
Polo House- Fashion Show by ·Starlet Styles·
Hand designed by former Miss Universe Ireland, Louise Doheny, Starlet is aimed at young, fashion conscious, women and offers one-of-a-kind celebrity inspired clothing and accessories
The show will take a place on Saturday 5th of June at lunch time, and guests will have a complimentary glass of Veuve Clicquot on arrival."
Polo House- Fashion Show by ·Starlet Styles·
Hand designed by former Miss Universe Ireland, Louise Doheny, Starlet is aimed at young, fashion conscious, women and offers one-of-a-kind celebrity inspired clothing and accessories
The show will take a place on Saturday 5th of June at lunch time, and guests will have a complimentary glass of Veuve Clicquot on arrival."
Irish gangster held after international police sting | World news | guardian.co.uk
Irish gangster held after international police sting | World news | guardian.co.uk: "John Cunningham, 58, an armed robber and drug dealer. He was convicted in 1986 for the kidnapping of one of the heirs to the Guinness family fortune, Jennifer Guinness.
Eleven properties in Spain were searched during the early morning raids, the details of which were disclosed today. Both Cunningham and Kinahan can be held without charge for up to two years under Spanish law.
In Dublin, 29 premises were searched and one man in his 20s arrested. The places targeted include a solicitor's and accountants' offices.
Gardai are examining a number of front companies that operate in Ireland, the UK and Spain that claim to export food from the Iberian peninsula but which detectives believe are being used to transport cannabis and cocaine into Britain and Ireland."
Eleven properties in Spain were searched during the early morning raids, the details of which were disclosed today. Both Cunningham and Kinahan can be held without charge for up to two years under Spanish law.
In Dublin, 29 premises were searched and one man in his 20s arrested. The places targeted include a solicitor's and accountants' offices.
Gardai are examining a number of front companies that operate in Ireland, the UK and Spain that claim to export food from the Iberian peninsula but which detectives believe are being used to transport cannabis and cocaine into Britain and Ireland."
'Irish Mafia' starts to declare on the Costa del Sol
'Irish Mafia' starts to declare on the Costa del Sol: "judge in Instruction Court Three in Estepona on Thursday started to take the statements from eight of the 31 people arrested in the operation carried out against the so-called Irish mafia in Spain earlier this week.100 luxury properties were searched in the operation and arrests made on the Costa del Sol, the U.K. and in Ireland.
Three of the eight to declare on Thursday arrived at the court in a police van at 4pm and left after 7pm amid high levels of security. National and Local police closed off local streets during the declarations.A second group of five started to declare after 7pm.The Costa del Sol group is alleged to have had connections to some 20 countries and be linked to a similar number of crimes including a shooting in an Estepona urbanisation in February 2008 in which a 28 year old lost his life."
Three of the eight to declare on Thursday arrived at the court in a police van at 4pm and left after 7pm amid high levels of security. National and Local police closed off local streets during the declarations.A second group of five started to declare after 7pm.The Costa del Sol group is alleged to have had connections to some 20 countries and be linked to a similar number of crimes including a shooting in an Estepona urbanisation in February 2008 in which a 28 year old lost his life."
Thursday, 27 May 2010
€500m property empire in Brazil among gang’s assets | Irish Examiner
€500m property empire in Brazil among gang’s assets | Irish Examiner: "LUXURY property empire worth €500 million in Brazil has emerged among the sprawling wealth of the criminal gang allegedly led by Christy Kinahan.
the Costa del Sol, 60 properties valued at approximately €150m have been identified as proceeds of the international drug trafficking and money-laundering network. Spanish police also confiscated €100,000 in cash, at one address alone, and more than 20 luxury cars.
Spanish police said in a statement: 'The money obtained through illicit means by the group has been invested mostly in the real estate sector, in the Costa del Sol, as well as in other parts of the world such as Brazil, where the network possesses six tourist complexes and luxury residences."
the Costa del Sol, 60 properties valued at approximately €150m have been identified as proceeds of the international drug trafficking and money-laundering network. Spanish police also confiscated €100,000 in cash, at one address alone, and more than 20 luxury cars.
Spanish police said in a statement: 'The money obtained through illicit means by the group has been invested mostly in the real estate sector, in the Costa del Sol, as well as in other parts of the world such as Brazil, where the network possesses six tourist complexes and luxury residences."
Neighbours suspicious of security at luxury villa - Europe, World News - Independent.ie
Neighbours suspicious of security at luxury villa - Europe, World News - Independent.ie: "stunning villa where suspected gangster Daniel Kinahan was arrested during a dramatic dawn raid.
Armed police swooped on the €3m mansion just after 7am on Tuesday after sealing off nearby roads.
More than a dozen investigators spent the morning searching the property before seizing computer equipment and paperwork.
Yesterday it emerged that Daniel, son of alleged crime boss Christy Kinahan, bought the property last autumn and spent hundreds of thousands of euro renovating it and installing banks of security cameras around the perimeter."
Former model arrested in Argentina on drug charges - CNN.com
Former model arrested in Argentina on drug charges - CNN.com: "Angela Sanclemente, 30, was picked up the K-Lodges Hostel in Buenos Aires' Palermo neighborhood, police spokesman Maximiliano Lencina told reporters Wednesday afternoon.
Lencina said Sanclemente was registered at the hostel -- popular with foreign university students -- under the name 'Annie' and had told people at the hostel she was from Mexico. She had dyed her brown hair to blonde and was alone in the hostel when detained.
Lencina said Sanclemente has been in touch with her lawyer and will be questioned on Thursday by an Argentine federal judge. She will be transported Wednesday afternoon from the hostel to Airport Security Police offices at the Ezeiza International Airport, he said.
Interpol issued an international arrest warrant for Sanclemente in March. Investigators at the time said they believed she might be in Argentina, where authorities suspected she may be the 'queen-pin' of an international operation that uses models as drug mules to move suitcases loaded with cocaine out of the Buenos Aires airport."
Lencina said Sanclemente was registered at the hostel -- popular with foreign university students -- under the name 'Annie' and had told people at the hostel she was from Mexico. She had dyed her brown hair to blonde and was alone in the hostel when detained.
Lencina said Sanclemente has been in touch with her lawyer and will be questioned on Thursday by an Argentine federal judge. She will be transported Wednesday afternoon from the hostel to Airport Security Police offices at the Ezeiza International Airport, he said.
Interpol issued an international arrest warrant for Sanclemente in March. Investigators at the time said they believed she might be in Argentina, where authorities suspected she may be the 'queen-pin' of an international operation that uses models as drug mules to move suitcases loaded with cocaine out of the Buenos Aires airport."
Wednesday, 26 May 2010
Spanish police link gang to Costa del Sol murder - National News, Frontpage - Independent.ie
Spanish police link gang to Costa del Sol murder - National News, Frontpage - Independent.ie: "SPANISH police yesterday linked members of the criminal gang allegedly led by the Kinahan family to the murder of Paddy Doyle in Estepona in February 2008.
A police spokesman revealed pan-European crimefighting organisation Europol had brought together police from five countries in 2008 to coordinate a Spanish-led operation to smash the gang.
A statement released late last night by Spanish police said: 'Investigators managed to link a murder committed in Estepona in February 2008 to certain members of the organisation, as well as relating them to other crimes committed on the Costa del Sol, Holland and Ireland."
A police spokesman revealed pan-European crimefighting organisation Europol had brought together police from five countries in 2008 to coordinate a Spanish-led operation to smash the gang.
A statement released late last night by Spanish police said: 'Investigators managed to link a murder committed in Estepona in February 2008 to certain members of the organisation, as well as relating them to other crimes committed on the Costa del Sol, Holland and Ireland."
Tuesday, 25 May 2010
Suspected Irish crime boss arrested - UK & Ireland, Breaking News - Belfasttelegraph.co.uk
Suspected Irish crime boss arrested - UK & Ireland, Breaking News - Belfasttelegraph.co.uk: "Christy Kinahan, dubbed the 'Irish Godfather', was held with his two sons when dozens of armed police descended on their 6 million euro (£5.2 million) mansion in Malaga, Spain.
The 53-year-old Irish-born British passport holder is alleged to be the kingpin of a global crime conspiracy which traded in drugs, guns and laundered hundreds of millions of euros in dirty cash.
Sources said Kinahan was one of the top targets for international crime-fighting agencies, including the Serious Organised Crime Agency (Soca), the Security Services, Europol and Irish An Garda Siochana. More than 750 police officers were involved in the raids co-ordinated by police in London, Dublin and Malaga.
The Kinahans were among 20 people, including four Spanish lawyers, held by Spanish National Police during raids at properties on the Costa del Sol, an area notorious for its links to crime"
The 53-year-old Irish-born British passport holder is alleged to be the kingpin of a global crime conspiracy which traded in drugs, guns and laundered hundreds of millions of euros in dirty cash.
Sources said Kinahan was one of the top targets for international crime-fighting agencies, including the Serious Organised Crime Agency (Soca), the Security Services, Europol and Irish An Garda Siochana. More than 750 police officers were involved in the raids co-ordinated by police in London, Dublin and Malaga.
The Kinahans were among 20 people, including four Spanish lawyers, held by Spanish National Police during raids at properties on the Costa del Sol, an area notorious for its links to crime"
Christopher 'Christy' Kinahan, 53, is said to be the network's bossUK 'Gangsters' Arrested On Costa Del Sol | UK & World News | Orange UK
UK 'Gangsters' Arrested On Costa Del Sol | UK & World News | Orange UK: "Armed police have arrested several suspects said to be major British gangsters running a drugs and gun supply network from their base on Spain's Costa del Sol.
Other alleged gang members are being held after a series of dawn raids in the UK and Ireland. A total of 32 arrests have been made.
The operation involved 750 police officers from three countries and represents the biggest deployment of officers from Britain's Serious Organised Crime Agency (Soca).
Christopher 'Christy' Kinahan, 53, is said to be the network's boss.
He was arrested on the coast at Estepona at the £10m villa he has lived in for the past few years.
Kinahan is thought to have been behind a bet-to-lose horse-racing scam in the UK in 2004, in which top jockey Kieren Fallon and others were eventually acquitted when an Old Bailey trial collapsed.
His sons Christy Junior and Daniel have also been arrested in an operation involving armed police.
The crime gang is suspected of major drug trafficking into the UK and the rest of Europe, gun supply to inner city gangs in Britain and several underworld murders."
Thorn points to profit success | The Australian
Thorn points to profit success | The Australian: "Spanish authorities have stepped in to rescue CajaSur Bank, which is owned by the Catholic Church. CajaSur is heavily exposed to holiday homes on the Costa del Sol.
With 900,000 homes reportedly for sale, it will be more a case of Costa del Sold than the playground for both the rich and for pasty-faced Brits on package tours.
With divine help from Upstairs officially unavailable, it's up to investors to protect themselves.
Thankfully there are still some safe havens available, as financier Thorn Group's (TGA) numbers attest this morning."
With 900,000 homes reportedly for sale, it will be more a case of Costa del Sold than the playground for both the rich and for pasty-faced Brits on package tours.
With divine help from Upstairs officially unavailable, it's up to investors to protect themselves.
Thankfully there are still some safe havens available, as financier Thorn Group's (TGA) numbers attest this morning."
Monday, 24 May 2010
Cajasur gets bailout from Bank of Spain | SpanishNews.es
Cajasur gets bailout from Bank of Spain | SpanishNews.es: "Andalucian based Spanish savings bank Cajasur, controlled by the Roman Catholic Church has been taken control of by Spain’s central Bank Saturday amid growing concerns over Spain’s ability to clean out its public finances and creditworthiness.
Cajasur raked up hundreds of millions of euro losses as its struggled to cope with the growing financial crisis, which cost the bank 596 million euros losses in 2009 and 114 million in the first quarter of 2010.
The Spanish central bank plans to sell troubled savings bank Cajasur to the highest bidder as soon as possible. This is the second time the Bank of Spain stepped in in the bank since the beginning of the financial crisis in 2008."
Cajasur raked up hundreds of millions of euro losses as its struggled to cope with the growing financial crisis, which cost the bank 596 million euros losses in 2009 and 114 million in the first quarter of 2010.
The Spanish central bank plans to sell troubled savings bank Cajasur to the highest bidder as soon as possible. This is the second time the Bank of Spain stepped in in the bank since the beginning of the financial crisis in 2008."
Express.co.uk - Home of the Daily and Sunday Express | City & Business :: Pimlico Plumbers heads to Costa del Sol
Express.co.uk - Home of the Daily and Sunday Express | City & Business :: Pimlico Plumbers heads to Costa del Sol: "BRITAIN'S Pimlico Plumbers is expanding its operations in Spain’s Costa del Sol to meet growing demand from ex-pats and holiday home owners.
The company is to open a permanent office in Marbella in July and is recruiting 12 engineers to boost the operation.
Pimlico has been providing plumbing and property maintenance services in the region for two years, handling bookings from London.
From summer projects will be managed from the Marbella office, led by new operations director Craig Bly.
Managing director Charlie Mullins said: “I’m really pleased to be able to establish a much larger presence in Spain. What started out as a small job sending a couple of our vans over to Marbella to work on my holiday villa has turned into a very positive business opportunity."
The company is to open a permanent office in Marbella in July and is recruiting 12 engineers to boost the operation.
Pimlico has been providing plumbing and property maintenance services in the region for two years, handling bookings from London.
From summer projects will be managed from the Marbella office, led by new operations director Craig Bly.
Managing director Charlie Mullins said: “I’m really pleased to be able to establish a much larger presence in Spain. What started out as a small job sending a couple of our vans over to Marbella to work on my holiday villa has turned into a very positive business opportunity."
Friday, 21 May 2010
Slain rapper's lyrics used in shooter's defense in murder trial - latimes.com
Slain rapper's lyrics used in shooter's defense in murder trial - latimes.com: "'You be running when I shoot, I be shooting where you running,' he sang in his debut single released in 2008.
A year later, the rapper, whose real name is Roderick Burton, was shot as he allegedly ran from a gunman inside the Beverly Center's parking garage. He was struck four times, three in the back.
With the murder trial of his admitted shooter wrapping up this week, the work of the 21-year-old musician is center stage as jurors wrestle with two conflicting portraits of Burton: thug or entertainer.
» Don't miss a thing. Get breaking news alerts delivered to your inbox.
The defense attorney has drawn, in part, on the rapper's lyrics and Internet videos with alleged gang members to portray Burton as a violent gang member who was attacking his client. But prosecutors argue that Burton's gang ties are irrelevant and that his music was simply entertainment in a culture in which violence sells."
A year later, the rapper, whose real name is Roderick Burton, was shot as he allegedly ran from a gunman inside the Beverly Center's parking garage. He was struck four times, three in the back.
With the murder trial of his admitted shooter wrapping up this week, the work of the 21-year-old musician is center stage as jurors wrestle with two conflicting portraits of Burton: thug or entertainer.
» Don't miss a thing. Get breaking news alerts delivered to your inbox.
The defense attorney has drawn, in part, on the rapper's lyrics and Internet videos with alleged gang members to portray Burton as a violent gang member who was attacking his client. But prosecutors argue that Burton's gang ties are irrelevant and that his music was simply entertainment in a culture in which violence sells."
Europol meeting held in Marbella
Europol meeting held in Marbella: "200 people linked to the security of Europe met in Marbella on Wednesday this week to discuss the fight against organised crime.
The Europol chiefs want to speed up the flow of information between them, with the Spanish Director of the National Police and Guardia Civil, Francisco Javier Velázquez, saying it was the way forward in the fight against terrorism, organised crime and illegal immigration.
He also used the occasion to tell his European colleagues that crime levels in Spain are among the lowest in Europe."
The Europol chiefs want to speed up the flow of information between them, with the Spanish Director of the National Police and Guardia Civil, Francisco Javier Velázquez, saying it was the way forward in the fight against terrorism, organised crime and illegal immigration.
He also used the occasion to tell his European colleagues that crime levels in Spain are among the lowest in Europe."
Wednesday, 19 May 2010
Another luxury hotel on the Costa del Sol closes | SpanishNews.es
Another luxury hotel on the Costa del Sol closes | SpanishNews.es: "Byblos luxury hotel in Mijas has just announced that it will be shutting its doors the coming 31st May. The five-star luxury hotel with 144 rooms owned by the Aifos real estate group which is under bankruptcy protection has seen a great number of celebritiy guests since its opening in 1986. Some of the most notable guests included the Rolling Stones and Princess Diana."
Problems engulf Spain property company | Olive Press Newspaper
Problems engulf Spain property company | Olive Press Newspaper: "MacAnthony Realty International – founded by beleaguered property magnate Darragh MacAnthony – is closing one of its overseas offshoots.
According to the Sunday Times the directors of MacAnthony Realty International Ireland (MRII) have agreed “in principal” to the liquidation.
MRII allegedly made loses of 2.87m euros on sales of 54m euros in 2007.
The company was not satisfied it could recover its 5.3m euro trade debt and cited the failure of suppliers as one of its biggest problems.
Meanwhile, MRI Overseas Property Limited has also gone into voluntary liquidation, despite the company insisting it was a UK subsidiary “that we never used”.
Also being wound up is MRI TV ltd, owing 300,000 euros, as well as MRI Media, with debts of 560,000 euros.
MacAnthony, chairman of Peterborough United FC, saw his team relegated this season, finishing bottom of the English Championship."
According to the Sunday Times the directors of MacAnthony Realty International Ireland (MRII) have agreed “in principal” to the liquidation.
MRII allegedly made loses of 2.87m euros on sales of 54m euros in 2007.
The company was not satisfied it could recover its 5.3m euro trade debt and cited the failure of suppliers as one of its biggest problems.
Meanwhile, MRI Overseas Property Limited has also gone into voluntary liquidation, despite the company insisting it was a UK subsidiary “that we never used”.
Also being wound up is MRI TV ltd, owing 300,000 euros, as well as MRI Media, with debts of 560,000 euros.
MacAnthony, chairman of Peterborough United FC, saw his team relegated this season, finishing bottom of the English Championship."
Monday, 17 May 2010
Elderly women smuggle drugs as "mules" on cruise ship - Cruise Critic Message Boards
Elderly women smuggle drugs as "mules" on cruise ship - Cruise Critic Message Boards: "senior citizens posed as tourists taking cruise holidays around South America to pick up packages of the drug to bring back to Spain. Two women in their sixties, who were chosen as 'drug mules' because they were less likely to arouse the suspicion of authorities, were arrested as they prepared to disembark from a cruise ship when it docked in the port of Cadiz, south-western Spain."
Saturday, 15 May 2010
Ash Cloud Threatens More Flight Misery - Yahoo! News UK
Ash Cloud Threatens More Flight Misery - Yahoo! News UK: "UK airspace could close from tomorrow until Tuesday because of a volcanic ash cloud, the Department for Transport has warned. Skip related contentRelated photos / videos
Ash Cloud Threatens More Flight Misery
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The Government has advised that it will be Britain's busiest airports in the South East that will face disruption.
Ministers have agreed that, from today, five-day ash prediction charts should be made available on the Met Office website. This has prompted the latest warning of closures."
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