Iran car explosion kills nuclear scientist in Tehran

 

BBC's Mohsen Asgari: "It seems a motor cyclist pasted a bomb to his car which he was in with two other passengers Continue reading the main story Iran nuclear crisis Undeclared pursuit? Q&A: Nuclear issue Key nuclear sites Sanctions' impact Watch A university lecturer and nuclear scientist has been killed in a car explosion in north Tehran. Mostafa Ahmadi-Roshan, an academic who also worked at the Natanz uranium enrichment facility, and the driver of the car were killed in the attack. The blast happened after a motorcyclist stuck an apparent bomb to the car. Several Iranian nuclear scientists have been assassinated in recent years, with Iran blaming Israel and the US. Both countries deny the accusations. Continue reading the main story Analysis Frank Gardner BBC security correspondent The assassination on Wednesday of another Iranian nuclear scientist may now prompt Iran to try to respond in kind. The murder in Tehran of Mostafa Ahmadi-Roshan comes on top of a sophisticated cyber sabotage programme and two mysterious explosions at Iranian military bases, one of which in November killed the general known as 'the godfather' of Iran's ballistic missile programme. No-one is claiming responsibility for these attacks but Iran blames its longstanding enemy, Israel, and occasionally the US. Whoever is behind them, Iran is clearly being subjected to an undeclared campaign to slow down its nuclear programme. Frank Gardner's analysis in full Iran's Vice-President Mohammad Reza Rahimi told state television that the attack against Mr Ahmadi-Roshan would not stop "progress" in the country's nuclear programme. He called the killing "evidence of [foreign] government-sponsored terrorism". Local sources said Wednesday's blast took place at a faculty of Iran's Allameh Tabatai university. Two others were reportedly also injured in the blast, which took place near Gol Nabi Street, in the north of the capital

Europe Banks Hoarding Cash Resist Draghi Bid to Avoid Crunch

 

Banks are hoarding the European Central Bank's record 489 billion-euro ($625 billion) injection into the banking system, thwarting attempts by policy makers to avert a credit crunch in the region. Almost all of the money loaned to 523 euro-area lenders last month wound up back on deposit at the Frankfurt-based central bank instead of pouring into the financial system, ECB data show. Banks will use most of the three-year loans to meet their refinancing needs for this year and next, analysts at Morgan Stanley and Royal Bank of Scotland Group Plc estimate. “It's illusory to think that the measure will translate into credit generation,” Philippe Waechter, chief economist at Natixis Asset Management in Paris, said in an interview. “It will assuage some of the anxiety banks have regarding their liquidity needs. But they've engaged into a massive overhaul of their strategy and shrinkage of their balance sheets, which is, coupled with the deteriorating economy, not compatible with increasing credit.” Governments are urging European banks to keep lending to companies and individuals while requiring them to raise an additional 114.7 billion euros of core capital by June to weather a deepening sovereign-debt crisis. Instead of raising equity, most lenders across Europe have vowed to meet capital rules by trimming at least 950 billion euros from their balance sheets over the next two years, either by selling assets or not renewing credit lines, according to data compiled by Bloomberg. ECB Deposits That has stirred concern among policy makers that banks will cut lending and throttle growth in the euro region. Banks have been parking almost all extra liquidity from the ECB loans back at the central bank. Barclays Capital estimates firms used 296 billion euros of the Dec. 21 three-year loans to replace maturing shorter-term ECB borrowings. That left only 193 billion euros of additional money for the financial system. Overnight deposits with the ECB have jumped by about 223 billion euros since the loans to a record 486 billion euros, suggesting the central bank funds haven't so far reached customers. Banks account for about 80 percent of lending to the euro area, making them “crucial to the supply of credit,” according to recently installed ECB President Mario Draghi. By contrast, U.S. companies rely more on capital markets for financing, selling bonds to investors. Refinancing Needs The ECB lending, and a follow-up loan offering on Feb. 28, won't ease the pressure on banks to shrink, say analysts including Huw van Steenis at Morgan Stanley in London. “The ECB loans will largely be used to pre-fund 2012 and some of 2013's bank refinancing needs, but it will not stimulate lending,” Van Steenis said. They will “just stop it falling off precipitously.” Euro-area banks have more than 600 billion euros of debt maturing this year, the Bank of England said in its financial stability report last month. The first ECB loan offering should help cover about two-thirds of that amount, Goldman Sachs Group Inc. analysts say. Morgan Stanley's Van Steenis estimates banks may reduce assets by as much as 2.5 trillion euros in two years, a process known as deleveraging. The volume of loans to households and companies in the 17- nation euro area shrank in November for the second consecutive month, the ECB said on Dec. 29. Loans were still up 1.7 percent over the year-earlier period, slowing from a 2.7 percent increase in the 12 months through October. Merkel, Sarkozy When granted, loans are getting costlier for borrowers. Since July, interest margins have increased, with investment- grade borrowers in Europe paying an average of 91.6 basis points more than benchmark rates, up from 84.4 basis points during the first half of 2011, according to data compiled by Bloomberg. A basis point is one-hundredth of a percentage point. “We must avoid a credit crunch for our economies,” European Union President Herman Van Rompuy said on Jan. 9. “The recent measures by the European Central Bank on a long-term lending facility for the banks are welcome in this context.” The European Banking Authority, which oversees the region's regulators, asked banks on Dec. 8 to retain earnings, curb bonuses and raise equity to boost core capital before resorting to cuts in lending. The EBA followed both French President Nicolas Sarkozy and German Chancellor Angela Merkel in urging banks to keep lending. Sarkozy said on Oct. 27 that he had asked firms to shift “almost all” of their dividends into strengthening balance sheets and to make bonus practices “normal.” Merkel said on Oct. 9 she was “determined to do whatever necessary to recapitalize the banks to ensure credit to the economy.” ‘No Credit Crunch' Bankers have said they haven't restricted lending and that demand for credit is slowing as growth slows. “All banks I talk to keep lending to small- and medium- size enterprises and households,” Christian Clausen, president of the European Banking Federation, an industry association, said on Dec. 9. “That part of the bank will keep rolling.” There is “no credit crunch,” Frederic Oudea, chief executive officer of Societe Generale SA, France's second- biggest lender, and chairman of the French Banking Federation, said last month. “The reality is that credit is available,” he said in an interview on BFM radio on Dec. 16. Even so, companies across Europe say credit is tightening. ‘Double Punch' In France, where credit to the private sector increased by 3.7 percent in November compared with a year earlier, the majority of the country's company treasurers said they encountered “very strong tensions” in negotiating bank loans, with more than 50 percent of respondents saying the process led to more expensive terms, according to a December survey by the French Association of Corporate Treasurers. The majority of those polled said obtaining bank financing was “as difficult as at the end of 2008,” after Lehman Brothers Holdings Inc. collapsed. U.K. banks expect to toughen their criteria on loans to companies and households in the first quarter because of strains in the wholesale funding market, the Bank of England said Jan. 5in its fourth-quarter Credit Conditions Survey. Belgian credit growth slowed to 3.1 percent in the 12 months to the end of October, from 3.6 percent at the end of September, the country's central bank said on Dec. 12. In Italy, some companies with annual sales of 30 million euros to 40 million euros are charged as much as 10 percent interest on loans, Emma Marcegaglia, chief of the country's Confindustria lobby group, said in an interview on Dec. 20. Lending to businesses and consumers grew at the weakest pace in a year, the Bank of Italy said today. Draghi's Priority With the ECB's injection, “deleveraging may happen in a more orderly way, but it doesn't mean it will be painless,” said Alberto Gallo, head of European credit strategy at RBS. Banks are faced with high long-term financing costs, a deteriorating economy and difficulties raising capital, he said. “It's what I call the double punch: A combination of negative growth and banks' deleveraging will affect lending activity.” Even the ECB's Draghi, who has made it one of his priorities is to keep credit flowing into the economy, said the central bank's loan offerings may fail to achieve that goal. “Monetary policy cannot do everything, but we're trying to do our best to avoid a credit crunch that might come from a lack of funding,” Draghi said Dec. 19 at the European Parliament in Brussels. “We have to be extremely careful here, because there may be other reasons that create a credit crunch.” Draghi may be wary of the U.S. experience with multiple rounds of bond purchases. That so-called quantitative easing hasn't stimulated lending, Natixis's Waechter said. ‘Kick the Can' “Lending really picked up when the economy got better,” he said. The ECB cut its forecast for euro-area economic growth in 2012 to 0.3 percent on Dec. 8 from a September prediction of 1.3 percent. The central bank expects the economy to expand 1.3 percent next year. In the U.S., almost all categories of bank lending fell in 2009 and 2010 and didn't start improving until last year, when the Federal Reserve stopped its second wave of quantitative easing, according to data by the U.S. institution. Banks increased their holdings of Treasury and agency securities in 2009 and 2010, showing they were using the Fed's cheap money to own safe government paper. Because quantitative easing tends to improve capital markets first, the healing will be even slower in Europe given its reliance on banks for borrowing, according to Gallo.

Switch to olive oil for better health

 

Indian households should completely switch to olive oil as a cooking medium as its nutritional value is very high, it is rich in monounsaturated 'good' fats and, when used daily, can bring instant and easy wellness to a family's diet, celebrity chef and noted cookery expert Nita Mehta says. "Even though we have such a wide range of olive oils in our market, people don't seem to use them because of their mental block that the flavour of olive oil doesn't gel with Indian flavors," Mehta said at the launch here Satuday her latest book, "Indian Cooking With Olive Oil".

Trial begins in giant Spanish corruption scandal

 

top Spanish former official went on trial Monday at the start of legal proceedings into a raft of corruption scandals in which King Juan Carlos' son-in-law is also accused. Jaume Matas, the ex-head of the regional government of the Balearic islands who had also served as environment minister, appeared at a court in Palma de Majorca alongside three other suspects. They have been charged with embezzlement, fraud, falsifying documents and influence peddling. Matas was charged in March 2010 and was released after paying a record bail of 3.0 million euros ($3.8 million). Prosecutors are demanding an eight and a half years jail term. Matas served as president of the government of the Balearic Islands between 1996-1999 and then between 2003-2007. He was environment minister between 2000-2003. The so-called "Palma Arena affair" as the Spanish press has dubbed the corruption scandal centres on the suspected embezzlement of public funds during the construction of a velodrome in Palma de Majorca between 2005-2007. An investigation concluded that the cycling track had an unjustified cost overrun of 41 million euros. That led authorities on the archipelago to uncover other cases of suspected embezzlement of public funds, including one allegedly involving royal son-in-law Inaki Urdangarin. The 43-year-old ex-Olympic handball player is scheduled to appear in court on February 25 as part of a probe into corruption at a non-profit organisation, Instituto Noos, which he headed between 2004 and 2006. The probe centres notably on a payment of 2.3 million euros to Instituto Noos for organising a tourism and sports conference in 2005 and 2006. Urdangarin, who has the title Duke of Palma and is married to the king's youngest daughter, Princess Cristina, has denied any wrongdoing. Last month the royal family suspended the the duke from official engagements and the palace's highest official, Rafael Spottorno, gave an unprecedented rebuke, telling Spanish media his behaviour "does not seem exemplary".

Spanish property an 'attractive investment' for Brits

 

The growing strength of the British pound against the Euro is to make the Spanish property market an interesting prospect, according to an expert. Mark Stucklin, head of Spanish Property Insight, explained that 2012 will be a "key year", meaning Brits will benefit from attractive offers "after some real years in the dumps". "Within Spanish property, you have to define what you are talking about. Is it the middle of nowhere property that was badly built in the boom or the nicest property of which there is scarce supply?" he said. "It is a completely different market. With the best property, I think we are now in [a period of] price stability and, with the euro getting cheaper compared to the pound, that will mean that it gets more interesting for British buyers." Mr Stucklin went on to say that if potential buyers looked at the Spanish market in terms of euros, they would be able to find "50 per cent or more price reductions and you can find property on sale at the replacement cost". This, he explained was cheaper than building property. Brits looking to move to Spain should consider housing excess belongings and furniture in a self storage unit.

Alcoa to Curtail Operations in Italy, Spain

 

Hours before kicking off earnings season, Alcoa (AA: 9.44, +0.02, +0.16%) said on Monday it plans to scale down operations at three aluminum smelters in Italy and Spain to tighten expenses as metal prices continue to fall. The curtailment will reduce the company’s global smelting capacity by 12%, or 531,000 metric tons, with operations as its Portovesme, Italy, and La Coruna and Avilies, Spain, facilities impacted in the first half of 2012. Alcoa plans to permanently close the facility in Portovesme, which has capacity of 150,000 metric tons, but just partially and temporarily shut the operations in Spain. The company said those plants are among the highest-cost producers in the Alcoa system. The Pittsburgh-based company blamed the curtailments on an uncompetitive energy market combined with rising raw materials costs and falling aluminum prices, which are down 27% from their peak in 2011. The move is a part of Alcoa’s long-term goal of improving its aluminum production operating margins by cutting down on costs. Last week, Alcoa said it would permanently close its smelter in Alcoa, Tennessee, and two potlines at its Rockdale, Texas, smelter. The company is expected to cut a total of 240,000 metric tons, or about 5%, of its global smelting capacity. “In today’s rapidly changing global economy, it is imperative to respond quickly to maintain competitiveness,” said Chris Ayers, president of Alcoa Global Primary Products.  “This decision was made after thorough analysis of all the possible alternatives.” The company said the total impact on its workforce will not be determined until consultations with employee representatives and government have been completed. However, the three facilities employ a total of about 1,500. Alcoa also says it will aggressively accelerate plans to reduce the cost of raw materials used by its primary products business and adjust capacity in the global refining system to reflect internal demand and market conditions.

Santander Chairman Botin, Brother Lose Appeal in Spain Tax Case

 

Banco Santander SA Chairman Emilio Botin lost a bid at Spain’s National Court to block three groups’ ability to file complaints against him over accusations he broke national tax laws by hiding funds in Switzerland. Appeals by Botin, his brother Jaime Botin and other people contesting a November decision to allow the complaints by the three groups were rejected, the Madrid-based court said today in a ruling sent by e-mail. In Spain, any citizen can make a so- called popular accusation in legal proceedings even if they are not directly involved in the matter. The court said in June it would investigate Botin and 11 family members after tax officials received information on clients at HSBC Holdings Plc’s Swiss private bank from French authorities. The Botin family, in a statement distributed by Santander at the time, said it has put its tax affairs in order “voluntarily,” has met all its tax obligations and hopes the case will be cleared up in court. A spokesman for Spain’s largest bank, who asked not to be identified in line with company policy, declined to comment today in a phone interview. The complaints were made by three groups called Ciudadania Anticorrupcion, Asociacion Contra La Corrupcion Sistemica Y En Defensa Del Libre Ejercicio De La Acusacion Popular and Manos Limpias, the court said.

Spanish Home Sales Decline for the Ninth Straight Month as Economy Shrinks

 

Spanish home sales declined in November for a ninth month as the economy contracted and unemployment surged. The number of transactions fell 14.4 percent from a year earlier, the National Statistics Institute in Madrid said in an e-mailed statement today. Prime Minister Mariano Rajoy, the People’s Party leader whose government took over from the Socialists on Dec. 22, has said he will restore a tax rebate for the purchase of homes to spur the market as a 23 percent unemployment rate weighs on demand. Spain is struggling to work through an excess of 700,000 new homes after the collapse of a building boom saddled banks with 176 billion euros ($225 billion) of what the Bank of Spain calls “troubled” assets linked to real estate. Spain’s economy contracted in the final months of 2011 as tourism and exports, the drivers of a recovery in the first-half from a three-year slump, weakened, the Bank of Spain said on Dec. 29

THE ex-lover of Holby City star Laila Rouass has been jailed for nine years in a £250m VAT fraud.

 

• NASIR KHAN WAS FOUND GUILTY OF ALLOWING CRIMINAL GANGS TO LAUNDER MONEY THROUGH A STRING OF HIS COMPANIES

Nasir Khan, 39, who lived in Gibraltar, was found guilty of allowing criminal gangs to launder money through a string of his companies.

Khan who divided his time between a flat at Atlantic Suites and a six million euro villa in Marbella, ‘deliberately cheated the public purse,’ heard London’s Southwark Crown Court.

The businessman who dated Rouass, also a contestant in Strictly Come Dancing in 2009, managed to amass a fortune of 50m euros and was regularly seen driving luxury sportscars or in his £40,000 yacht moored.

The lynchpin was able to make huge amounts of money in VAT rebates in a clever mobile phone scam.

The son of a Surrey bus driver, he borrowed £2,000 from friends and was named the Bank of England’s Young Entrepreneur of the Year when his mobile phone company The Accessory People took off in the 1990s.

At the age of 29, he was valued at £45million, but as the accessory market declined around 2001, his company began a fraudulent wholesale trade in mobile phones, boosting turnover from £13million in 2002 to £219million in 2003.

The scam involved bogus UK companies buying high value mobile phones in Europe.

The phones were then moved through a number of British firms before being sold back to Europe.

Through a series of rapid transactions, often taking place in less than a day, the fraudsters were able to exploit UK tax laws and claim vast sums in VAT rebates.

Khan used his company and other firms, including Direct Accessories Ltd, to launder the cash.

Michael Parroy QC, prosecuting, said: “The loss of tax revenue ran into millions of pounds and those involved made a lot of money.”

Judge Nicholas Loraine-Smith said: “Quite why somebody who had been as successful as you would decide to become involved in fraud I very much doubt this court will ever know.

“I suspect the enormous profits which were available in the fraud were too great for you to resist, the figures speak for themselves.”

Johnny Depp has purchased a mansion in Norfolk, fuelling rumours that he is to separate with partner Vanessa Paradis.

The acquisition of the property is thought to be the biggest indication yet that the Pirates of The Caribbean star's 14-year relationship is coming to an end. "Johnny has been after a English country pad for years. He's looked at a number of places but fell in love with the mansion," a source told The Sun. "It's got huge grounds which will offer his family plenty of privacy." Depp, who currently lives in France with Paradis and their two children, is said to be consulting with lawyers over the alleged separation. "Johnny isn't handling anything well right now," an insider told The Mail On Sunday. "Johnny has started reaching out to lawyers, probably to quietly discuss how to get out of the relationship. "They're not married but they've been together for years and have kids together so it isn't as easy as just breaking up. Johnny is so talented at acting, but he doesn't seem able to hide how badly things are going right now." In November last year, the couple teamed up to record a duet of Serge Gainsbourg track 'Ballade De Melody Nelson' for an album dedicated to the late French singer.

Spanish banks lending over 100% on repossessed properties

 

Spanish Banks are prepared to lend over 100% on their own properties that have been repossessed, it has been revealed. They are also selling them at rock bottom prices to attract buyers so that they can reduce the amount of property on their books. According to Adam Cornwell, managing director of Feltrim International these are quality properties in desirable areas. Recent reports from a leading risk adviser say banks have around €30 billion worth of property that they can’t sell.   ‘Whilst Spanish mortgage lending is not expected to recover in 2012 due to high unemployment and limited bank funding, financial institutions have to optimise their balance sheets,’ said Cornwell. ‘To incentivise quality buyers they are prepared to offload these homes at rock bottom prices and with the highest mortgages. If a bank is prepared to lend all of the money, more than 100%, on a project that has fallen to 50% of its value five years previously then it must have the confidence that the market has reached the bottom and that the properties will regain value in the not too distant future,’ he explained. Examples include a luxury beachside development close to Marbella at 50% off the developer’s 2007 price plus a 110% mortgage option with two years interest only. A one bedroom penthouse in Soto Serena, designed by archtiect Melvin Villarroel, with landscaped gardens, pools, gym and sauna, is available for €184,000 compared with €368,000 in 2007. ‘We are now in a situation where the best units in these marked down resorts are selling fast, just like in the heady days of the property boom when the best off plan units were snapped up fast, albeit now they have the peace of mind of something complete and tangible,’ explained Cornwell. ‘Investors can buy using very little, or none, of their own capital with the risk being entirely taken by the bank. This simply does not happen in any other distressed market in the world,’ he added. He pointed out that Marbella is regarded as safe a location with excellent infrastructure, licensing issues have been resolved under the new urban plan (PGOU) approved in 2010 and tourists come in a steady stream attracted by more than 70 golf courses, year round sunshine, endless beaches and no frills flights.   In 2009 Ryan Air established a base at Málaga Airport and the carrier now operates 39 routes whilst over recent years Delta Airlines has added a direct flight to JFK in the United States, Saudi Arabian Airlines fly direct to Jeddah and Riyadh and Aeroflot has introduced direct flights to Moscow. On top of that €109 million plan to expand Marbella’s fishing port has been given the green light. The long planned transformation of La Bajadilla into one of the most luxurious marinas on the Mediterranean can now take shape after the Junta de Andalucia, Marbella town hall and the Nasir Bin Abdullah & Sons Consortium signed a contract allowing construction to begin.   The plan, which is expected to take four years to complete, includes a commercial area of 23,000 square meters, a five star hotel and three times the current number of moorings including access for cruise ships and mega yachts.

Two members of the Italian mafia have been arrested in a Marbella villa.

 

The two Italians are from the Mazzarella clan of the Camorra mafia and were arrested last Wednesday morning by UDYCO police on the Costa del Sol working with Italian police. They face charges of belonging to a criminal organisation dedicated to the traffic of drugs into Europe from Morocco. They have been named as Clemente Amodio and Pasquale Mazzarella. European arrest warrants are in place and the two men have been taken to Madrid where the National Court will handle the extradition. The Italian anti-mafia prosecutor has said that these arrests are more confirmation that the south of Spain in general, and the Costa del Sol in particular, has become one of the favourite refuges for members of the Camorra. Meanwhile in a separate incident, police have arrested a 24 year old Frenchman, named with the initials Y.K. in Torremolinos. He’s wanted in France on charges of attempted homicide and drugs offences, and was seized on December 28 after being stopped at a routine control. Police noted that his driving licence photo looked nothing like him.

50 year old buildings in Spain to get an ITE inspection

 

Buildings which are more than 50 years old are to be obliged to have a so-called ITV/MOT inspection from July. The new legislation affects buildings older than 50 years in towns of more than 25,000 inhabitants. Buildings will be obliged to display a certificate before any flats can be sold. The ITE Inspección Técnica de Edificios has been in existence for some time, but only from July 7 2012 will it become obligatory. The buildings will be subjected to a complete technical inspection by a competent architect or engineer who will draw up a report on the state of the building, indicating any deficiencies detected and whether they are serious or not. In the case that work needs to be done, a further inspection is needed when the work is completed. Fines of 1,000 – 6,000 € are envisaged for those who don’t comply. The process will have to be repeated every ten years.

King Melchor had a heart attack and died while sitting atop his float.

 

Drama of an unexpected sort in the Valencia town of Pobla de Farnais, during the Three Kings Parade on Thursday night. Levante EMV reports that King Melchor had a heart attack and died while sitting atop his float. The man, who was in his 50’s and a great fan of the local fiestas and traditions is reported to have told people to carry on with the procession, although he was not feeling well. Finally witnesses reported that J.M. Martínez fainted and fell unconscious from his chair.

Prison for father and son in connection with Barcelona Senegalese killing

 

Two of the four people arrested in connection with the death of a Senegalese man, Ibrahima Dyey in Barcelona last Tuesday have been sent to prison on remand, while the other two have been granted provisional release by the judge in Instruction Court 12 in Barcelona. The father of a gypsy clan, Antonio F.P., is one of those being held in custody, along with one of his sons, 28 year old Antonio F.G who is believed to have actually carried out the killing. The tragedy has caused serious friction between local gypsy residents and the Africans in the Besòs district of the city. The judge ordered that the other two sons face charges of making threats and causing injury and they have to report every day to the court. Their passports have been removed and they are not allowed to leave Barcelona, or be closer than 500m to any of the witnesses called to the court.