Spain Borrowing Costs Rise as Moody’s Decision Looms - BusinessWeek

Spain Borrowing Costs Rise as Moody’s Decision Looms - BusinessWeek: "Spain auctioned 3 billion euros ($4 billion) of Treasury bills at rising borrowing costs as a decision by Moody’s Investors Service on lowering the country’s credit rating looms.
Spain sold 1.17 billion euros of three-month bills at an average yield of 0.685 percent, compared with 0.624 percent at the last auction on Aug. 24. It sold 1.81 billion euros of six- month bills at a yield of 1.18 percent, compared with 1.037 percent in August, the Bank of Spain said. It had set a maximum target for the auction of 3.5 billion euros.
Moody’s said on June 30 it may cut Spain’s Aaa rating when it completes a review within three months. The government is also due to announce its borrowing plan for 2011 on Sept. 30 as it presents to parliament the most austere budget in three decades, which aims to cut the deficit in half in two years.
“There is a risk of a two-notch move, or one-notch with some warnings that they could go lower is feasible,” said Harvinder Sian, a senior bond strategist at Royal Bank of Scotland Plc in London. “A two-notch probably isn’t priced in.”
The spread on Spanish 10-year debt rose to 191 basis points at 11:14 a.m. in Madrid, compared with 187 basis points yesterday. The extra yield investors demand to hold Portuguese and Irish debt surged to euro-era records today, increasing pressure on Spain.
Fitch Ratings cut Spain to AA+ on May 28, citing concerns over economic growth. Standard & Poor’s ranks the nation AA after stripping Spain of the top rating in January 2009."

Holidaymakers spend greater in Spain this year

Holidaymakers spend greater in Spain this year: "TOURISTS have been spending greater and greater this summer in Spain, with August's figures showing the fourth consecutive month of increases.
The average holidaymaker in Spain spent 975 euros, according to research, or a daily figure of 98 euros.
And the largest spenders – chiefly because they represented the highest in number – were the British, who shelled out an average of 2.3 per cent greater this August than they did last year, the same increase as the Italians visiting Spain.
The French spent 5.5 per cent greater, but the Germans stumped up slightly less money on their holidays this year with a fall of one per cent.
But Scandinavians spent a whopping 12.3 per cent greater whilst visiting Spain this year than they did in 2009."

middle-aged British man has been arrested in Spain on suspicion of a string of armed bank robberies across the Costa del Sol

The Press Association: Briton held over Spain bank raids: "middle-aged British man has been arrested in Spain on suspicion of a string of armed bank robberies across the Costa del Sol and elsewhere, police have said.
The 49-year-old, who has not been named, is thought to be behind 15 hold-ups in the provinces of Malaga and Alicante, accompanied by a 31-year-old Russian woman.
Spanish police believe the pair could have stolen about 115,000 euros (£98,345) in the raids.
They are suspected of working together to carry out the crimes, a police spokesman said.
Detectives believe their modus operandi involved the woman first ringing the bell of the bank and when a member of staff opened the door she would be flanked by the man, who was armed with a pistol. He would then enter and rob the bank.
In some cases the man threatened staff by holding the pistol to their heads, detectives said.
When the pair were arrested, officers seized a car, a pistol, a laptop case, two wigs, a fake beard and moustache and a purse containing stolen money.
Officers from Spain's Civil Guard swooped following a five-month investigation beginning in mid-April and codenamed Operation Flanders.
The probe was launched after a bank robbery in the Malaga town of Mijas on April 16. This was followed by another one in the Alfaz del Pi area of Alicante.
The man and woman arrested are believed to have been responsible for both."

hostelry sector in Spain remains concerned about the Government’s plans to toughen the anti-smoking legislation in the New Year

hostelry sector in Spain remains concerned about the Government’s plans to toughen the anti-smoking legislation in the New Year, and have now requested that closed rooms be made available for smokers, and that these rooms not be served by the establishments’ personnel.

They say children would not be allowed in such smoking rooms, which would be no bigger than 30% of the establishment, and that the client would have to take his or her own drink there, and return the glass afterwards.

However the idea is likely to be rejected by the Health Commission in Congress.

The President of the Spanish Hostelry Federation, FEHR, José María Rubio, appeared before the Health Commission on Thursday to put the case, fearing the effects of the total ban on smoking in closed public areas from January 1, which he said would be ‘an economic disaster’. He said the smokers rooms could be individually ventilated perfectly, and said special ICO credits should be made available for the building work needed. José María Rubio predicted a fall in sales in restaurants of 7%, and in bars and cafeterias of between 10% and 15% if the smoking ban comes into effect.

Spanish casinos have also asked to be exempt from the legislation

Read more: http://www.typicallyspanish.com/news/publish/article_27286.shtml#ixzz10XFwYfNK

Prosecutor in Sevilla has called for a four year jail term for three people who are accused of defrauding British investors

Prosecutor in Sevilla has called for a four year jail term for three people who are accused of defrauding British investors. They attracted money with the promise of large returns in the purchase of upcoming artists, although in the end the paintings or works were never seen, with the excuse always that they were being re-valued.

The investors were initially sent a certificate which showed that they were the owners of the painting, and the promise that the art would be exhibited and then re-valued.

EFE news agency reports that one of the accused set up a company to sell art in 2000, and then launched a massive promotion to the British, in which the company sold itself as a large and solvent operation. The prosecutor says that the company achieved 770 clients and that four of the Britons defrauded alone lost 37,577 pounds.

The three accused have been named as Spanish woman M.C.A., her British boyfriend A.S.M., and the British woman, D.B.J. who worked in administration. They are accused of dismantling the operation in 2003, leaving an unknown number of people out of pocket.

The case will be heard over forthcoming months in Sevilla, with each of the accused facing four years in prison on a charge of continuous fraud, and facing a 5,400 € fine and the obligation to return the monies defrauded.

Read more: http://www.typicallyspanish.com/news/publish/article_27269.shtml#ixzz10XEEdtZo

UK landlord’s champion comes to the aid of expat Paul Shamplina, a leading and renowned UK tenant eviction expert and founder of Landlord Action

Paul Shamplina, a leading and renowned UK tenant eviction expert and founder of Landlord Action, has brought his services to Spain to help expat landlords protect themselves against rogue tenants.

Working with the UK’s leading independent referencing agency, FCC Paragon, Paul formed Spanish based company Paragon Advance España. With offices in Malaga and Madrid, the company is offering security to landlords in the form of tenant referencing and a rent warranty, services which Paul found from personal experience were not readily available in the Spanish property rental industry.

Paul comments, “when I purchased an apartment in Mijas, I trawled numerous agents in an attempt to find someone that could offer me the cover I wanted to ensure I not only found a legitimate tenant but, if they did end up defaulting on the payments, I wouldn’t lose out financially.


Read more: http://www.typicallyspanish.com/news/publish/article_27287.shtml#ixzz10XCCuqVC

UPDATE: European Regulator Suspends Glaxo's Diabetes Drugs - WSJ.com

UPDATE: European Regulator Suspends Glaxo's Diabetes Drugs - WSJ.com: "The European Medicines Agency Thursday suspended marketing authorization for GlaxoSmithKline PLC's (GSK) controversial diabetes drug rosiglitazone because fresh data show the risks of taking the drug outweigh its benefits, and it said the medicines containing it will stop being available in Europe within the next few months.
The EMA -- the decentralized European body responsible for licensing rosiglitazone in 2000 and which held an extraordinary expert meeting earlier this month to review the drug's safety"

sentenced to five years in prison for hijacking a Spanish ship

Seven Somali men get prison sentences for piracy convictions - CNN.com: "Seven Somali men were convicted in a Kenyan court and sentenced to five years in prison for hijacking a Spanish ship, the European Union Naval Force Somalia said Friday.
The hijacking occurred in May 2009 on a vessel in waters near the Gulf of Aden.
A crew member on the vessel was able to call a warship for help, according to the naval force.
The seven men were apprehended and transferred to Kenya to be prosecuted, the force said.
The European Union naval operation was launched in 2008 to tackle the outbreak of piracy and armed robbery off the coast of Somalia, an important shipping corridor for food aid delivery and other maritime transport."

Spain Accused Of Financing Terrorism

Algeria: Spain Accused Of Financing Terrorism: "French anti-terrorism officials warn of possible terror attacks in France, by North Africa based Islamic terrorists. France has sent reconnaissance aircraft and commandos to Niger to help find those who recently kidnapped uranium mine employees. The al Qaeda threat to the uranium operations there is a matter of great importance. Nuclear plants generate 80 percent of electricity in France, and the two mines in Niger produce most of the nuclear fuel for these plants (and seven percent of global production.)
Algeria warned France not to pay a ransom to Islamic terrorists in order to get the five French uranium mine employees back. Officials point out that a lot of the recent al Qaeda activity has been paid with ransom money. Algeria is particularly incensed at the ten million dollars quietly paid by Spain to Islamic radicals earlier this year to free three Spanish hostages taken in Mauritania and moved to Mali. Italy has also paid millions to Islamic militants in the past two years, to recover their citizens. The U.S., France and Britain say they do not pay ransoms, as it only encourages kidnappers. France believes some of the ransom millions paid to Islamic terrorists in the last year is financing planned terror attacks inside France."

BBC News - Bruegel painting revealed by restorers in Spain

BBC News - Bruegel painting revealed by restorers in Spain: "previously unknown painting by 16th Century master Pieter Bruegel the Elder has been revealed by picture restorers, the Prado museum in Madrid says.
The painting, The Wine of St Martin's Day, shows about 100 people celebrating the first wine of the season.
Before this find, there were just 40 signed Bruegels in existence.
The museum is now negotiating to buy the painting from its owners at a price of up to 7m euros ($9.4m; £5.9m), said the El Pais newspaper.

However, the painting could fetch up to 25m euros if sold on the private market, the newspaper estimated."

COURSE FOR GOLFERS WITH DISABILITIES | Costa del Sol | Leader - News, Sport, Advertising, Property, Classifieds - Costa Blanca, Costa del Sol, Costa Calida, Costa de Almeria, Spain

COURSE FOR GOLFERS WITH DISABILITIES | Costa del Sol | Leader - News, Sport, Advertising, Property, Classifieds - Costa Blanca, Costa del Sol, Costa Calida, Costa de Almeria, Spain

Spain's burnt out 'babysitter grandparents' urged to strike | World news | The Guardian

Spain's burnt out 'babysitter grandparents' urged to strike | World news | The Guardian: "call has gone out for grandparents around Spain to down tools this Wednesday and go on strike – because they're sick to the teeth of all that childcare.
For a country where half of all grandparents look after their grandchildren every day – one in eight for more than nine hours a day – the strike call threatens to disrupt the working lives of a significant proportion of the population and expose the extent to which this unpaid work is propping up the economy.
'We want grandparents to strike to prove they are a key part of the way this country functions,' said Manuel Pastrana, leader of the UGT general workers' union in the southern region of Andalucia. 'Learn to say no' and 'don't feel guilty' are the slogans, aimed at so-called 'babysitter grandparents'."

400-Year-Old Masterpiece Painting Discovered in Spain - Elizabeth Weingarten - Culture - The Atlantic

400-Year-Old Masterpiece Painting Discovered in Spain - Elizabeth Weingarten - Culture - The Atlantic: "team of experts at Madrid's Prado National Art Museum has identified Pieter Bruegel the Elder as the painter of a 400-year-old, previously unnamed masterpiece. The painting, called 'The Wine of St. Martin's Day,' is tempera on linen, and dates between 1565 and 1568. It illustrates a motley crowd attempting to get a sip of wine from the year's first vintage on St. Martin's feast day. The Prado has only one other Bruegel painting, 'The Triumph of Death.' There are now 41 signed Bruegel paintings in the world. 'The discovery of a Bruegel is an exceptional event and not something that is likely to be repeated,' said Angeles Gonzales Sinde, the Spanish culture minister. According to Prado director Miguel Zugaza, the collectors had no idea the painting was a Bruegel until they attempted to sell it last year."

Irregularities are alleged in the construction of 72 apartments on the site of the Sean Connery villa in Marbella

Irregularities are alleged in the construction of 72 apartments on the site of the Connery villa in Marbella

The judge in Instruction Court 1 in Marbella has charged Juan Antonio Roca, the ex Municipal Real Estate Assessor in the town, for perversion of the course of justice, misuse of public funds, and land ordination irregularities in the so-called ‘Goldfinger’ case.

This is the case investigating the alleged irregularities in the sale of the Sean Connery villa ‘Malibu’ in Marbella, and the construction of 72 luxury apartments on the front line beach site. The Agencia Tributaria Tax Authorities consider that there are ‘sufficient indications’ to think of commissions and several penal crimes.

Roca was taken to court on Thursday morning, and also to declare during the morning were the ex Marbella councillors, Tomás Reñones and Alberto García.

Money laundering authorities are also investigating the case along with Connery and his wife. They say the profits of the deal were 53 million €.

Read more: http://www.typicallyspanish.com/news/publish/article_27283.shtml#ixzz10X4QKkih

Is Spain carrying out any sort of discrimination against foreigners, following the high number of complaints

The European Justice Commissioner, Viviane Reding, has said that the European Commission is ‘monitoring’ whether Spain is carrying out any sort of discrimination against foreigners, following the high number of complaints presented by the protest groups representing those whose homes are under threat of demolition, be they built in protected areas, or under the regulations of the 1988 Ley de Costas.

Most of the people affected by the threatened demolitions are British citizens and others from northern Europe, who have chosen to live in the provinces of Almería and Málaga.

UKIP British Euro MP, Argentinean born Spanish accountant, Marta Andreasen, has been told in a written European parliamentary answer, to a question she placed on August 17th, that the European Commission has contacted the Spanish Authorities over the matter of the right to own property, as protected by the European Letter of Fundamental Rights.

In her answer, Reding said however that the Commission can only intervene ‘if the question affects the application of community law’ and added that ‘this connection has not been identified upto now’.

However, given the high number of complaints, the Commission says it is monitoring to see ‘if there is any discrimination on the basis of nationality’.

Marta Andreasen has been at the front of the fight to defend the property owners in Spain, and upset the Spanish Prime Minister last July when she compared the situation to that suffered by the British in Zimbabwe. José Luis Rodríguez Zapatero firmly denied that allegation and said that it was up to the courts to act against the real estate predators. He defended the Spanish Coastal Law saying it protected the coast and combated abuse.

Read more: http://www.typicallyspanish.com/news/publish/article_27281.shtml#ixzz10X38Ecc0