Spain’s inflation rate rose in July to the highest in almost two years as an increase in sales tax came into effect.

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Spain’s inflation rate rose in July to the highest in almost two years as an increase in sales tax came into effect.

Consumer prices based on a European Union measure rose 1.9 percent from a year earlier after a 1.5 percent increase in June, the Madrid-based National Statistics Institute said in a statement today. That is the fastest rate since November 2008. A Bloomberg News survey of 14 economists gave a median forecast of a 1.7 percent increase.

Spain, emerging from an almost two-year recession with the third-largest budget deficit in the euro region, has stepped up austerity measures in a move the government says may undermine the recovery. The main rate of value-added tax was increased to 18 percent from 16 percent on July 1, just as retailers were offering discounts of as much as 70 percent to attract shoppers to seasonal sales.

“Some price increases already happened in May and June but the largest bit will be in July,” said Giada Giani, an economist at Citigroup Global Markets in London. “Without the VAT hike, I’d expect inflation to remain very low.”

Deputy Finance Minister Carlos Ocana forecast in March that about 50 percent of the VAT increase would be passed on to consumers, with companies absorbing the rest. Inditex SA, the owner of Zara, said it wouldn’t pass on the increase.

Spain’s economy came out of the recession in the first quarter, even as unemployment rose to 20 percent. Investors’ concern about a deficit of 11.2 percent of gross domestic product last year led to a surge in Spain’s borrowing costs. The government responded by approving a 5 percent reduction in civil servants’ wages in May and was forced to cut its 2011 growth forecast to 1.3 percent from 1.8 percent as a result of the austerity measures.

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Spain’s inflation rate rose in July to the highest in almost two years as an increase in sales tax came into effect.

10:05 El NACHO 0 Comments

Spain’s inflation rate rose in July to the highest in almost two years as an increase in sales tax came into effect.

Consumer prices based on a European Union measure rose 1.9 percent from a year earlier after a 1.5 percent increase in June, the Madrid-based National Statistics Institute said in a statement today. That is the fastest rate since November 2008. A Bloomberg News survey of 14 economists gave a median forecast of a 1.7 percent increase.

Spain, emerging from an almost two-year recession with the third-largest budget deficit in the euro region, has stepped up austerity measures in a move the government says may undermine the recovery. The main rate of value-added tax was increased to 18 percent from 16 percent on July 1, just as retailers were offering discounts of as much as 70 percent to attract shoppers to seasonal sales.

“Some price increases already happened in May and June but the largest bit will be in July,” said Giada Giani, an economist at Citigroup Global Markets in London. “Without the VAT hike, I’d expect inflation to remain very low.”

Deputy Finance Minister Carlos Ocana forecast in March that about 50 percent of the VAT increase would be passed on to consumers, with companies absorbing the rest. Inditex SA, the owner of Zara, said it wouldn’t pass on the increase.

Spain’s economy came out of the recession in the first quarter, even as unemployment rose to 20 percent. Investors’ concern about a deficit of 11.2 percent of gross domestic product last year led to a surge in Spain’s borrowing costs. The government responded by approving a 5 percent reduction in civil servants’ wages in May and was forced to cut its 2011 growth forecast to 1.3 percent from 1.8 percent as a result of the austerity measures.

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John O’Neill was killed by a shot to the back as he left the bar and died by a bus stop 45 metres from the bar.

09:49 El NACHO 0 Comments


John O’Neill (40) from Coolock died from gunshot wounds shortly after an argument broke out in Coco’s Bar in Benalmadena.

A British man believed to have been involved in the row left the bar and returned with a .38-calibre revolver. He fired at least five shots. “He was in the wrong place,” his aunt Peig Dowdall said. “John was in the way of the gunfire, as a result he is dead,” she added.

Ms Dowdall described him as a “gentle giant” and said he was not the sort of man to get involved in a row. “He is not that type of guy, he was just gorgeous big soft guy, always a smile on his face. One way we always remember him is this lovely big smiley face,” she said.

Mr O’Neill was in Spain for a friend’s wedding and was enjoying a family holiday with his partner Maxine, his three-year-old boy Jake and nine-month-old baby girl Yasmine.

He loved his children and couldn’t believe he had them and adored his partner, Ms Dowdall told RTÉ’s Six One News .

Mr O’Neill’s partner was with him in the bar along with some 30 members of the wedding party at the time the fight broke out.

The argument is believed to have started in the pub’s toilets when a British man began banging on the door of a locked cubicle.

Spanish police are still searching for the gunman, but believe they have identified the killer, who is thought to be from Liverpool.

Mr O’Neill was killed by a shot to the back as he left the bar and died by a bus stop 45 metres from the bar.

His body was taken to the Institute of Legal Medicine in Malaga where an autopsy was due to be carried out. His family is upset that it may take some months to get his body home.

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Anglo Irish Bank chairman Sean FitzPatrick was told yesterday he must be back in court to face a judge in September.

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Anglo Irish Bank chairman Sean FitzPatrick was told yesterday he must be back in court to face a judge in September.

Mr FitzPatrick yesterday had the formal sitting of his bankruptcy case adjourned at the High Court. His former employer, Anglo Irish Bank, told High Court judge Ms Justice Elizabeth Dunne it wanted to appoint a trustee in bankruptcy who would replace a court appointed official assignee who took over Mr FitzPatrick's affairs earlier this month.

The statutory sitting, which Mr FitzPatrick is legally obliged to attend, has been adjourned until September 22.

Mr FitzPatrick has liabilities of almost €150m, including €110m to his former employers, and was in court yesterday when the matter was mentioned briefly during a record bankruptcy list when almost 50 cases were listed before Ms Justice Dunne.

Following the hearing, the diminutive banker, who looked tanned and fit, said he had no comment to make as he was collected by a friend.

Eddie Farrelly, for Anglo, Mr FitzPatrick's largest creditor, told the court they were applying to appoint a trustee over the bankruptcy who will replace official assignee Chris Lehane who was previously given control over Mr FitzPatrick's assets.

Earlier this month, the High Court officially declared Mr FitzPatrick a bankrupt after his counsel said he was "bowing to the inevitable" having failed to get sufficient support from his creditors for a private settlement scheme to pay off his debts.

His counsel said this scheme would provide a "significantly better" outcome for the creditors than if he was to be declared a bankrupt.

However, this was disputed by state-owned Anglo Irish Bank, as the largest creditor, and it refused to support the scheme.

Investments

According to court papers, Mr FitzPatrick's assets are estimated to be worth €50m, including investments of €45.7m, and some €1.23m in accounts in various financial institutions.

He is joint owner of six properties, including his family home and another house in Greystones, Co Wicklow; a house in Bray, Co Wicklow; apartments in Marbella, Spain; at Smithfield Market, Dublin; and Killiney Court, Killiney. Only the Marbella apartment is not subject to a mortgage.

The estimated level of Mr FitzPatrick's unsecured creditors is €70,292,885 while he is also appealing some €2m in various tax liabilities.

His ill-fated scheme to avoid bankruptcy included selling his half share in his family home (worth €1.5m) and making available his half share of total pension assets of €3.4m to creditors.

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Anglo Irish Bank chairman Sean FitzPatrick was told yesterday he must be back in court to face a judge in September.

11:45 El NACHO 0 Comments

Anglo Irish Bank chairman Sean FitzPatrick was told yesterday he must be back in court to face a judge in September.

Mr FitzPatrick yesterday had the formal sitting of his bankruptcy case adjourned at the High Court. His former employer, Anglo Irish Bank, told High Court judge Ms Justice Elizabeth Dunne it wanted to appoint a trustee in bankruptcy who would replace a court appointed official assignee who took over Mr FitzPatrick's affairs earlier this month.

The statutory sitting, which Mr FitzPatrick is legally obliged to attend, has been adjourned until September 22.

Mr FitzPatrick has liabilities of almost €150m, including €110m to his former employers, and was in court yesterday when the matter was mentioned briefly during a record bankruptcy list when almost 50 cases were listed before Ms Justice Dunne.

Following the hearing, the diminutive banker, who looked tanned and fit, said he had no comment to make as he was collected by a friend.

Eddie Farrelly, for Anglo, Mr FitzPatrick's largest creditor, told the court they were applying to appoint a trustee over the bankruptcy who will replace official assignee Chris Lehane who was previously given control over Mr FitzPatrick's assets.

Earlier this month, the High Court officially declared Mr FitzPatrick a bankrupt after his counsel said he was "bowing to the inevitable" having failed to get sufficient support from his creditors for a private settlement scheme to pay off his debts.

His counsel said this scheme would provide a "significantly better" outcome for the creditors than if he was to be declared a bankrupt.

However, this was disputed by state-owned Anglo Irish Bank, as the largest creditor, and it refused to support the scheme.

Investments

According to court papers, Mr FitzPatrick's assets are estimated to be worth €50m, including investments of €45.7m, and some €1.23m in accounts in various financial institutions.

He is joint owner of six properties, including his family home and another house in Greystones, Co Wicklow; a house in Bray, Co Wicklow; apartments in Marbella, Spain; at Smithfield Market, Dublin; and Killiney Court, Killiney. Only the Marbella apartment is not subject to a mortgage.

The estimated level of Mr FitzPatrick's unsecured creditors is €70,292,885 while he is also appealing some €2m in various tax liabilities.

His ill-fated scheme to avoid bankruptcy included selling his half share in his family home (worth €1.5m) and making available his half share of total pension assets of €3.4m to creditors.

0 comments:

Anglo Irish Bank chairman Sean FitzPatrick was told yesterday he must be back in court to face a judge in September.

11:45 El NACHO 0 Comments

Anglo Irish Bank chairman Sean FitzPatrick was told yesterday he must be back in court to face a judge in September.

Mr FitzPatrick yesterday had the formal sitting of his bankruptcy case adjourned at the High Court. His former employer, Anglo Irish Bank, told High Court judge Ms Justice Elizabeth Dunne it wanted to appoint a trustee in bankruptcy who would replace a court appointed official assignee who took over Mr FitzPatrick's affairs earlier this month.

The statutory sitting, which Mr FitzPatrick is legally obliged to attend, has been adjourned until September 22.

Mr FitzPatrick has liabilities of almost €150m, including €110m to his former employers, and was in court yesterday when the matter was mentioned briefly during a record bankruptcy list when almost 50 cases were listed before Ms Justice Dunne.

Following the hearing, the diminutive banker, who looked tanned and fit, said he had no comment to make as he was collected by a friend.

Eddie Farrelly, for Anglo, Mr FitzPatrick's largest creditor, told the court they were applying to appoint a trustee over the bankruptcy who will replace official assignee Chris Lehane who was previously given control over Mr FitzPatrick's assets.

Earlier this month, the High Court officially declared Mr FitzPatrick a bankrupt after his counsel said he was "bowing to the inevitable" having failed to get sufficient support from his creditors for a private settlement scheme to pay off his debts.

His counsel said this scheme would provide a "significantly better" outcome for the creditors than if he was to be declared a bankrupt.

However, this was disputed by state-owned Anglo Irish Bank, as the largest creditor, and it refused to support the scheme.

Investments

According to court papers, Mr FitzPatrick's assets are estimated to be worth €50m, including investments of €45.7m, and some €1.23m in accounts in various financial institutions.

He is joint owner of six properties, including his family home and another house in Greystones, Co Wicklow; a house in Bray, Co Wicklow; apartments in Marbella, Spain; at Smithfield Market, Dublin; and Killiney Court, Killiney. Only the Marbella apartment is not subject to a mortgage.

The estimated level of Mr FitzPatrick's unsecured creditors is €70,292,885 while he is also appealing some €2m in various tax liabilities.

His ill-fated scheme to avoid bankruptcy included selling his half share in his family home (worth €1.5m) and making available his half share of total pension assets of €3.4m to creditors.

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Catalonia has voted to ban bullfighting

11:37 El NACHO 0 Comments

Catalonia has voted to ban bullfighting - the first region of mainland Spain to do so.

The vote took place as the result of a petition brought to parliament, signed by 180,000 people who say the practice is barbaric and outdated.Bullfight supporters insist that the corrida, as it is known, is an important tradition to preserve.They also fear the vote could be the first of many in the country. The ban takes effect in January 2012.In Wednesday's vote, 68 backed a ban, 55 voted against and nine abstained.

Barcelona's main bullring is one of the oldest in Spain, but support for the bullfight has waned.

The vote was brought to the agenda by activists who argue it is cruel and unacceptable and say most spectators in Catalonia these days are tourists.

Supporters says the corrida is an art form that it is vital to preserve.

The vote was close as the two main parties in parliament took the unusual step of allowing members to cast their ballots according to their conscience.

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Phil Cottrell, Managing Director of Forensic Wealth Management, the Marbella based commodity Brokers

11:32 El NACHO 0 Comments

Phil Cottrell, Managing Director of Forensic Wealth Management, the Marbella based commodity Brokers, has built a reputation of delivering high performance investment opportunities.

Mr Cottrell has spent many years building a network of highly skilled, experienced professionals, Each with their own area of expertise.

Mr Cottrell comments “having a highly skilled, 100% trustworthy team around me is essential

For delivering the level of service our clients expect and deserve. We are increasingly having

To extend our areas of expertise in line with our clients needs and expectations. One such area is the world of fine art investment”

The primary reason behind investing in works of art should be aesthetic, and for many, this is enough. However, the resale of an investment piece at the right time can bring spectacular returns, and meanwhile you have the advantage of tax-deferred capital appreciation.

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Phil Cottrell, Managing Director of Forensic Wealth Management, the Marbella based commodity Brokers

11:32 El NACHO 4 Comments

Phil Cottrell, Managing Director of Forensic Wealth Management, the Marbella based commodity Brokers, has built a reputation of delivering high performance investment opportunities.

Mr Cottrell has spent many years building a network of highly skilled, experienced professionals, Each with their own area of expertise.

Mr Cottrell comments “having a highly skilled, 100% trustworthy team around me is essential

For delivering the level of service our clients expect and deserve. We are increasingly having

To extend our areas of expertise in line with our clients needs and expectations. One such area is the world of fine art investment”

The primary reason behind investing in works of art should be aesthetic, and for many, this is enough. However, the resale of an investment piece at the right time can bring spectacular returns, and meanwhile you have the advantage of tax-deferred capital appreciation.

4 comments:

Goldman Sachs,Spain, France and Italy have all denied the bank a lead role in their recent sovereign bond sales.

13:50 El NACHO 0 Comments

European governments are turning their backs on Goldman Sachs, the all-conquering investment bank that has suffered a series of blows to its reputation, capped by the biggest ever fine imposed on a Wall Street firm.

According to data from Dealogic, Greece, Spain, France and Italy have all denied the bank a lead role in their recent sovereign bond sales.

Last Thursday, Goldman agreed to pay a $550m fine to settle US regulators' claims that the bank misled investors in a mortgage-backed security. Goldman admitted that its marketing materials were incomplete, because they failed to state that the same third party that helped choose the assets had taken a bet against them.

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lot of people bought off-plan in developments where they were promised a whole load of facilities, but they were never built

13:46 El NACHO 0 Comments

Torrevieja is the Spanish resort that exploded in size as Brits snapped up apartments and villas as frenetically as the developers knocked them out. But the town dubbed the Costa del Yorkshire is now better known to the Spanish banks as the home of the "British plumber mortgage", and knee-deep in negative equity as properties that once sold for €200,000 (£167,000) are now fetching as little as €60,000 (£50,000).

Don't expect a rebound in prices any time soon. The Costa Blanca was the most over-built region of Spain during the boom years, and a glut of property estimated to be as high as 1.2m units across the country will take many years to shift.

"There's an awful lot of rubbish out there that just won't sell at any price," says Martin Dell of kyero.com, a website that lists 100,000 Spanish properties for sale by 1,500 estate agents. "There's huge developments on golf courses miles from anywhere, and bad-quality apartments in poor locations with no local amenities. When they talk about 40% or 50% discounts, even at that price they're not worth it."

Desperate Spanish banks have started to offer 100% loans to anyone who will take distressed properties off their hands – and the buyers don't have to make a single repayment for three years. The 100% deals (on mortgages priced at about 3.5%) are for Spanish residents only, but they will give British buyers loans of up to 80%.

Andy Fox, who runs spanishbankproperty.com, acts as an agent for lender Bancaja and has access to 20,000 distressed and repossessed properties. He points to developments such as one in Adra near Almería, where prices on apartments that have never been occupied since being erected two years ago have plummeted from €150,000 to €74,040. And he is marketing a one-bed apartment repossessed by Banco Santander in a resort near Villamartin for €43,000 (£36,000).

But even he hesitates to describe prices as bargain-basement. "Please don't stick the word 'investment' on these properties. It's only a great time to buy if you are not interested in making money. Don't expect anything to jump in value, possibly for years."

British buyers, once the kings of the Costas, are now thin on the ground. During the boom, the British made up about 70% of the foreign purchasers along the Spanish coast, with stories of plumbers and taxi drivers buying three, four or five apartments at a time, often with large euro-based mortgages attached.

According to Mark Stucklin of SpanishPropertyInsight.com, the number of transactions has collapsed. One set of figures this week suggested that in the past six months only 500 homes have been bought by non-resident buyers across the whole of Spain. But Stucklin recommends taking such figures with a large pinch of salt. "There are few reliable statistics and indices. They are often based on asking prices which are vendor fantasies," he says.

The only figures that are reliable are those for transactions, which have fallen to 33,000 a month nationally, compared to 70,000 a month at the peak.

"The market has shrunk but it has stabilised," Stucklin says. "There is still a huge glut of unsold property that needs to be mopped up. The market is digesting the surplus stock in Madrid and Barcelona but elsewhere it will take a lot of time.

"We are seeing the Germans and the Nordics emerge as buyers in place of the Brits. The Germans withdrew during the boom, while the Brits paid top euro. Now the Germans are coming back," he says.

Official figures from the Spanish ministry of housing say prices have fallen nationally by only 11.2% since their peak. But indices from the two main domestic property websites, Idealista.com and fotocasa.es, suggest a fall of about 22%. "This seems to be a fair indication of reality," Dell says, but he adds that asking prices remain in many cases "bonkers".

Don't offer the asking price
Don't even consider putting in an offer on a Spanish property that isn't 25-30% below the asking price, Dell says. "There's some evidence that the decline in prices is tailing off, but we could see perhaps another 5%-10% off prices over the next year."

Rating agency Fitch forecasts that the Spanish property downturn will run until 2012, with prices falling 30% from their peak. In the boom, Spanish property prices across the country reached an average of 7.7 times local income – double the average between 1995 and 2000. That suggests that they may still have a long way to fall before they reach realistic levels.

"If you are looking for an investment, don't buy a Spanish property. But if you want to live in a hot country and are buying a property to occupy for many years, then it's an OK time to buy," says Dell.

Both Dell and Stucklin warn buyers to be cautious about the many websites now offering British buyers distressed and repossessed properties.

"Until very recently Spanish banks had to offer repossessions to the market at the initial valuation price. New legislation means that they have to write down values and take off some of the ludicrous valuations, but in truth they still remain overpriced and I expect many to eventually become social housing," says Dell.

The Costa Brava south of Alicante, which includes Torrevieja, has seen the broadest price declines but Dell says you have to head to the Costa Cálida in Murcia for the biggest price reductions.

Stucklin says prices remain firmest in upmarket resorts in the Balearic islands, Marbella and Sotogrande, where over-building was not on the scale of the Costa Blanca. He recommends a development in Sotogrande called Ribera del Marlin, marketed by Savills, where prices for two-bed luxury apartments have come down from about €595,000 (£497,000) to €410,000 (£342,000).

The lesson from the boom is an old one: location, location, location.

"Identify a desirable location where you really want to live. Make sure it has good views, and is not half an hour from a beach but more like five minutes, or that it's walking distance to the shops and restaurants," says Stucklin.

And don't rely on holiday rental income to cover the cost, says Fox. "During the boom the estate agents were telling people that the rental income would be fantastic. But with the fall in sterling the British just aren't coming in the same numbers.

"A lot of people bought off-plan in developments where they were promised a whole load of facilities, but they were never built," he adds. "It has been a nightmare for them."

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trial of three Spanish youths accused of attacking a Cardiff schoolboy is due to get under way

10:19 El NACHO 0 Comments

trial of three Spanish youths accused of attacking a Cardiff schoolboy is due to get under way on Majorca.Alex Hughes from Radyr was 16 when he suffered a brain haemorrhage after being assaulted in the resort of Puerto de Andratx in 2009.The former Radyr Comprehensive student was in a coma for five weeks and is still in hospital.His mother Helen has flown out to the Spanish island for the case.The trial is being held in a youth court, where there is no public access.But it is understood Mrs Hughes, as Alex's mother, will be allowed to sit in on the trial.Alex, who is now 17, was left in a coma with severe injuries after allegedly being hit over the head with a bottle outside a nightclub while on holiday with friends and their parents last August.He regained consciousness in September at the University Hospital of Wales in Cardiff after being flown back to south Wales for treatment.

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trial of three Spanish youths accused of attacking a Cardiff schoolboy is due to get under way

10:19 El NACHO 0 Comments

trial of three Spanish youths accused of attacking a Cardiff schoolboy is due to get under way on Majorca.Alex Hughes from Radyr was 16 when he suffered a brain haemorrhage after being assaulted in the resort of Puerto de Andratx in 2009.The former Radyr Comprehensive student was in a coma for five weeks and is still in hospital.His mother Helen has flown out to the Spanish island for the case.The trial is being held in a youth court, where there is no public access.But it is understood Mrs Hughes, as Alex's mother, will be allowed to sit in on the trial.Alex, who is now 17, was left in a coma with severe injuries after allegedly being hit over the head with a bottle outside a nightclub while on holiday with friends and their parents last August.He regained consciousness in September at the University Hospital of Wales in Cardiff after being flown back to south Wales for treatment.

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trial of three Spanish youths accused of attacking a Cardiff schoolboy is due to get under way

10:19 El NACHO 0 Comments

trial of three Spanish youths accused of attacking a Cardiff schoolboy is due to get under way on Majorca.Alex Hughes from Radyr was 16 when he suffered a brain haemorrhage after being assaulted in the resort of Puerto de Andratx in 2009.The former Radyr Comprehensive student was in a coma for five weeks and is still in hospital.His mother Helen has flown out to the Spanish island for the case.The trial is being held in a youth court, where there is no public access.But it is understood Mrs Hughes, as Alex's mother, will be allowed to sit in on the trial.Alex, who is now 17, was left in a coma with severe injuries after allegedly being hit over the head with a bottle outside a nightclub while on holiday with friends and their parents last August.He regained consciousness in September at the University Hospital of Wales in Cardiff after being flown back to south Wales for treatment.

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trial of three Spanish youths accused of attacking a Cardiff schoolboy is due to get under way

10:19 El NACHO 0 Comments

trial of three Spanish youths accused of attacking a Cardiff schoolboy is due to get under way on Majorca.Alex Hughes from Radyr was 16 when he suffered a brain haemorrhage after being assaulted in the resort of Puerto de Andratx in 2009.The former Radyr Comprehensive student was in a coma for five weeks and is still in hospital.His mother Helen has flown out to the Spanish island for the case.The trial is being held in a youth court, where there is no public access.But it is understood Mrs Hughes, as Alex's mother, will be allowed to sit in on the trial.Alex, who is now 17, was left in a coma with severe injuries after allegedly being hit over the head with a bottle outside a nightclub while on holiday with friends and their parents last August.He regained consciousness in September at the University Hospital of Wales in Cardiff after being flown back to south Wales for treatment.

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Guadalpín Marbella and Guadalpín Banús hotels, both in Marbella, have started to shut up apartments in protest at the ruling from the Mercantile Court

10:01 El NACHO 0 Comments

owners of the Guadalpín Marbella and Guadalpín Banús hotels, both in Marbella, have started to shut up apartments in protest at the ruling from the Mercantile Court 1 in Málaga last July 12th which granted provisional management of the establishments to a company from the MS Hoteles group. It comes as the hotels were affected by the bankruptcy protection of their owners, the Aifos group.

A statement from the hotel owners to Europa Press said that they had recommended all owners of apartments to ‘resolve their contracts, immediately close the rooms, and change the locks’. The hotels use a system where the owners of the apartments rent them to a company which then rents them out. It’s claimed the owners should chose that management company, and not have one imposed on them by the court.

Reports indicate that already more than half the 127 apartments in the Guadalpín Marbella have been closed up. It was made clear that no client was being forced to leave the hotel, but they were waiting for their stay to come to an end.

Union UGT has also made a complaint to the judge, considering the choice of management company is at odds with the owners wishes, but consider the closure of the rooms could lead to the closure of both hotels and the loss of numerous jobs. A CCOO union spokesperson described the closure of the apartments as ‘barbaric’.

Miguel Sánchez from MS Hotels, given the management job by the court, said that his company was independent of all parties, denying accusations of the owners, and he called on the UGT union not to ‘look for ghosts where there aren’t any’.

Meanwhile the prosecutors’ office has announced it is to appeal to the Supreme Court against the sentence which found the owner of Aifos, Jesús Ruiz Casado, and his wife, not guilty of fraud in the sale of homes in several urbanisations. The prosecution sustains that purchasers were tricked in the contract which they signed with the promoter.

Read more: http://www.typicallyspanish.com/news/publish/article_26761.shtml#ixzz0uJ19X9sy

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Guadalpín Marbella and Guadalpín Banús hotels, both in Marbella, have started to shut up apartments in protest at the ruling from the Mercantile Court

10:01 El NACHO 0 Comments

owners of the Guadalpín Marbella and Guadalpín Banús hotels, both in Marbella, have started to shut up apartments in protest at the ruling from the Mercantile Court 1 in Málaga last July 12th which granted provisional management of the establishments to a company from the MS Hoteles group. It comes as the hotels were affected by the bankruptcy protection of their owners, the Aifos group.

A statement from the hotel owners to Europa Press said that they had recommended all owners of apartments to ‘resolve their contracts, immediately close the rooms, and change the locks’. The hotels use a system where the owners of the apartments rent them to a company which then rents them out. It’s claimed the owners should chose that management company, and not have one imposed on them by the court.

Reports indicate that already more than half the 127 apartments in the Guadalpín Marbella have been closed up. It was made clear that no client was being forced to leave the hotel, but they were waiting for their stay to come to an end.

Union UGT has also made a complaint to the judge, considering the choice of management company is at odds with the owners wishes, but consider the closure of the rooms could lead to the closure of both hotels and the loss of numerous jobs. A CCOO union spokesperson described the closure of the apartments as ‘barbaric’.

Miguel Sánchez from MS Hotels, given the management job by the court, said that his company was independent of all parties, denying accusations of the owners, and he called on the UGT union not to ‘look for ghosts where there aren’t any’.

Meanwhile the prosecutors’ office has announced it is to appeal to the Supreme Court against the sentence which found the owner of Aifos, Jesús Ruiz Casado, and his wife, not guilty of fraud in the sale of homes in several urbanisations. The prosecution sustains that purchasers were tricked in the contract which they signed with the promoter.

Read more: http://www.typicallyspanish.com/news/publish/article_26761.shtml#ixzz0uJ19X9sy

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Guadalpín Marbella and Guadalpín Banús hotels, both in Marbella, have started to shut up apartments in protest at the ruling from the Mercantile Court

10:01 El NACHO 0 Comments

owners of the Guadalpín Marbella and Guadalpín Banús hotels, both in Marbella, have started to shut up apartments in protest at the ruling from the Mercantile Court 1 in Málaga last July 12th which granted provisional management of the establishments to a company from the MS Hoteles group. It comes as the hotels were affected by the bankruptcy protection of their owners, the Aifos group.

A statement from the hotel owners to Europa Press said that they had recommended all owners of apartments to ‘resolve their contracts, immediately close the rooms, and change the locks’. The hotels use a system where the owners of the apartments rent them to a company which then rents them out. It’s claimed the owners should chose that management company, and not have one imposed on them by the court.

Reports indicate that already more than half the 127 apartments in the Guadalpín Marbella have been closed up. It was made clear that no client was being forced to leave the hotel, but they were waiting for their stay to come to an end.

Union UGT has also made a complaint to the judge, considering the choice of management company is at odds with the owners wishes, but consider the closure of the rooms could lead to the closure of both hotels and the loss of numerous jobs. A CCOO union spokesperson described the closure of the apartments as ‘barbaric’.

Miguel Sánchez from MS Hotels, given the management job by the court, said that his company was independent of all parties, denying accusations of the owners, and he called on the UGT union not to ‘look for ghosts where there aren’t any’.

Meanwhile the prosecutors’ office has announced it is to appeal to the Supreme Court against the sentence which found the owner of Aifos, Jesús Ruiz Casado, and his wife, not guilty of fraud in the sale of homes in several urbanisations. The prosecution sustains that purchasers were tricked in the contract which they signed with the promoter.

Read more: http://www.typicallyspanish.com/news/publish/article_26761.shtml#ixzz0uJ19X9sy

0 comments:

Guadalpín Marbella and Guadalpín Banús hotels, both in Marbella, have started to shut up apartments in protest at the ruling from the Mercantile Court

10:01 El NACHO 0 Comments

owners of the Guadalpín Marbella and Guadalpín Banús hotels, both in Marbella, have started to shut up apartments in protest at the ruling from the Mercantile Court 1 in Málaga last July 12th which granted provisional management of the establishments to a company from the MS Hoteles group. It comes as the hotels were affected by the bankruptcy protection of their owners, the Aifos group.

A statement from the hotel owners to Europa Press said that they had recommended all owners of apartments to ‘resolve their contracts, immediately close the rooms, and change the locks’. The hotels use a system where the owners of the apartments rent them to a company which then rents them out. It’s claimed the owners should chose that management company, and not have one imposed on them by the court.

Reports indicate that already more than half the 127 apartments in the Guadalpín Marbella have been closed up. It was made clear that no client was being forced to leave the hotel, but they were waiting for their stay to come to an end.

Union UGT has also made a complaint to the judge, considering the choice of management company is at odds with the owners wishes, but consider the closure of the rooms could lead to the closure of both hotels and the loss of numerous jobs. A CCOO union spokesperson described the closure of the apartments as ‘barbaric’.

Miguel Sánchez from MS Hotels, given the management job by the court, said that his company was independent of all parties, denying accusations of the owners, and he called on the UGT union not to ‘look for ghosts where there aren’t any’.

Meanwhile the prosecutors’ office has announced it is to appeal to the Supreme Court against the sentence which found the owner of Aifos, Jesús Ruiz Casado, and his wife, not guilty of fraud in the sale of homes in several urbanisations. The prosecution sustains that purchasers were tricked in the contract which they signed with the promoter.

Read more: http://www.typicallyspanish.com/news/publish/article_26761.shtml#ixzz0uJ19X9sy

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Guadalpín Marbella and Guadalpín Banús hotels, both in Marbella, have started to shut up apartments in protest at the ruling from the Mercantile Court

10:01 El NACHO 0 Comments

owners of the Guadalpín Marbella and Guadalpín Banús hotels, both in Marbella, have started to shut up apartments in protest at the ruling from the Mercantile Court 1 in Málaga last July 12th which granted provisional management of the establishments to a company from the MS Hoteles group. It comes as the hotels were affected by the bankruptcy protection of their owners, the Aifos group.

A statement from the hotel owners to Europa Press said that they had recommended all owners of apartments to ‘resolve their contracts, immediately close the rooms, and change the locks’. The hotels use a system where the owners of the apartments rent them to a company which then rents them out. It’s claimed the owners should chose that management company, and not have one imposed on them by the court.

Reports indicate that already more than half the 127 apartments in the Guadalpín Marbella have been closed up. It was made clear that no client was being forced to leave the hotel, but they were waiting for their stay to come to an end.

Union UGT has also made a complaint to the judge, considering the choice of management company is at odds with the owners wishes, but consider the closure of the rooms could lead to the closure of both hotels and the loss of numerous jobs. A CCOO union spokesperson described the closure of the apartments as ‘barbaric’.

Miguel Sánchez from MS Hotels, given the management job by the court, said that his company was independent of all parties, denying accusations of the owners, and he called on the UGT union not to ‘look for ghosts where there aren’t any’.

Meanwhile the prosecutors’ office has announced it is to appeal to the Supreme Court against the sentence which found the owner of Aifos, Jesús Ruiz Casado, and his wife, not guilty of fraud in the sale of homes in several urbanisations. The prosecution sustains that purchasers were tricked in the contract which they signed with the promoter.

Read more: http://www.typicallyspanish.com/news/publish/article_26761.shtml#ixzz0uJ19X9sy

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La Linea Town Hall has come up with the idea of charging a toll on those who want to cross into Gibraltar.

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La Linea Town Hall has come up with the idea of charging a toll on those who want to cross into Gibraltar.

The measure would affect both pedestrians and vehicles, although Spanish workers on the rock would be exempt. The Partido Popular Mayor, Alejandro Sánchez, has ordered a study into the legality of the idea to be carried out and says he is doing so given how the municipality has been abandoned by the Spanish Government. The Mayor considers the Spanish Foreign Ministry is being ‘favourable’ to Gibraltar and ‘discriminatory’ against La Linea.

He argues that ‘millions of visitors cross his town to get into the British colony’, and that most of Gibraltar’s income comes from visitors from Spain. Meanwhile’, he went on, ‘we have 10,000 unemployed in La Linea’.


Read more: http://www.typicallyspanish.com/news/publish/article_26766.shtml#ixzz0uIwGKT00

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Bronzed Jennifer Metcalfe poses in bikini for calendar shoot as she's offered place on Strictly Come Dancing | Mail Online

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Bronzed Jennifer Metcalfe poses in bikini for calendar shoot as she's offered place on Strictly Come Dancing | Mail Online: "Jennifer Metcalfe soaks up the sun as she tries on a series of sexy swimsuits for a calendar photoshoot.The Hollyoaks star was pictured poolside at up market beach club Nikki Beach in Marbella this week as it was reported today that the actress has been offered a place on the BBC show Strictly Come Dancing.Jennifer, 26, who plays Mercedes McQueen in the Channel 4 soap, could be following in the footsteps of her former co-star Ricky Whittle, who got to the programme's finals last year."

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Kerry Katona causes a racket | The Sun |Showbiz|TV

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Kerry Katona causes a racket | The Sun |Showbiz|TV: "reality TV star may once have been famous for lounging around and scoffing on kebabs but she seemed a reformed woman as she put her all into a game of badminton while holidaying in Marbella.
Dressed in just an orange bikini, Kerry, 29, giggled as she took swings at the shuttlecock.
She was in the exclusive southern Spanish resort with her boyfriend Adam Waldron.
The mum-of-four has kept the weight off after undergoing a strict exercise regime earlier this year.
Looking fit and healthy in the revealing two-piece, she showed she is far from over her health kick"

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Guadalpin Marbella and Banús hotels being closed up by the owners

12:01 El NACHO 0 Comments

Guadalpin Marbella and Banús hotels being closed up by the owners: "hotels are under bankruptcy protection and object to the management company assigned by the court

The owners of the Guadalpín Marbella and Guadalpín Banús hotels, both in Marbella, have started to shut up apartments in protest at the ruling from the Mercantile Court 1 in Málaga last July 12th which granted provisional management of the establishments to a company from the MS Hoteles group. It comes as the hotels were affected by the bankruptcy protection of their owners, the Aifos group."

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Euro Weekly News | Ex Marbella Mayor gives statement in corruption case | Costa del Sol | News | The Largest English Language Newspapers in Spain

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Euro Weekly News | Ex Marbella Mayor gives statement in corruption case | Costa del Sol | News | The Largest English Language Newspapers in Spain: "ex-Mayor of Marbella, Julian Muñoz, and three other former town councillors, have given statements in the 'Goldfinger' corruption case in which Sean Connery and his wife are also implicated. Muñzo faces charges of the misuse of public funds, perversion of the course of justice, fraud and town planning crimes.
He told the court operations were 'assessed by municipal technicians' and he did not know the details of any agreements made."

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Goldtrail customers can call the CAA on 0203 4410846 for information.

14:12 El NACHO 0 Comments

Greece and Turkey holiday specialist, based in south London, went into administration on Friday, affecting as many as 50,000 people.

The UK's air industry regulator said it was making plans to repatriate those currently abroad, and those due to travel later should apply for refunds.

Goldtrail customers can call the CAA on 0203 4410846 for information.

About 16,000 Goldtrail customers were overseas when the firm went into administration on Friday afternoon, while a further 2,000 were scheduled to fly from the UK over the weekend.

The CAA said all flights back to the UK from Turkey and Greece would operate as scheduled up to and including Monday. Information on flights from Tuesday will appear on its website later.

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George Clooney continued the week's "hot 'ER' actors in court" theme

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George Clooney continued the week's "hot 'ER' actors in court" theme -- thank you, John Stamos, for getting that ball rolling -- testifying Friday in a multimillion-dollar fraud trial in Milan, Italy.

Three men are accused of creating the GC Exclusive by George Clooney clothing line and using falsified documents and photographs to mislead suppliers into thinking the line had the actor's backing, Sky News reports.

Clooney, through an interpreter, delivered a sarcastic comment to the defendants about their work on the clothing and on documents and photos that he testified were fake.

''You have done a very good job," he said. "You should be very proud.'' (The judge then asked him to refrain from making comments like that.)

Stamos was able to sign autographs and pose for photos with fans outside the federal court in Michigan, but the scene around Clooney's appearance was predictably much more chaotic, as the actor ...

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Los Monteros in Marbella is to reopen its doors on August 1st

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Los Monteros in Marbella is to reopen its doors on August 1st , after the president of the Commercial Court of Málaga, Rocio Marina Coll, authorized the transfer of the company to the new owners, New SL Monteros and SL Monterotel.

The manager of the New Monteros Company, Judah Azuelos, stated at the press conference that the purchase of the establishment had risen to 25 million euros. Thus, the new manager who is also the manager the Guadalmina hotel, which reopened in April, confessed that the motives to reopen these two establishments is due to a "particular affection" he feels for the Costa del Sol and "not for commercial purposes." "It would be a pity if these two hotels, as emblematic and superbly located would be lost," he asserted.

He underlined the support received from the Junta de Andalucía and Marbella City Council who had allowed the reopening of the establishment, but regretted the many problems the company had been faced with from other government departments, such as Finance and Social Security, claiming eight million euros in debts.
"We have received demands from Finance and Social Security to pay the amounts unpaid by the previous owners” he stated, while lamenting that, “ it seems that some administrations in this country do not yet seem to be aware of the severity of the economic situation in Spain, and in particular the tourism sector. "

He also praised the work of the judge, who decided that justice and common sense should take president, after the May agreement between the owners, workers, and their representatives to reopen the hotel. As for the possibility of contesting the order, the administrator of New Monteros has confidence that the IRS and the Social Security will see what needs to be done to make the operation a success. Finally, the debt to the town of the Property Tax (IBI) will be paid immediately.
For its part, the director of Los Monteros, Salvador Rios, thanked the workers, who, since the closure of the hotel, had continually cooperated with him. He is now seeking the cooperation of suppliers, tour operators and travel agencies, which he considers key players in this new venture.

The spokesman from the council, Felix Romero, has stressed that the reopening of the hotel is great news in these times of crisis and has offered all the institutional support that the council can give. He stressed the professionalism of the staff, and highlighted the symbolic value and the strength of the Marbella tourist market.
The provincial secretary of Commerce, Catering and Tourism Workers union, Lola Villalba, has expressed satisfaction that after a lengthy process, there still is an entrepreneur in the hotel industry with responsibility, accountability and courageousness.

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Bank of Spain has taken Marbella Town Hall off the list of debtors

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Mayor of Marbella, Angeles Muñoz, has announced that the Bank of Spain has taken Marbella Town Hall of the list of debtors. This, she says, is further evidence of the solvency and reliability of the current governing team in the town.

The current administration inherited a huge debt from previous years, of 80 million euros. Thanks to negotiations, it was reduced to 52 million and so far, 10 million has been repaid.

Meanwhile, the Social Security and Tax Office have not been so understanding and the debt with them remains the same, at 600,000 euros per month.

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‘Marbella’ blue topaz.

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In conjunction with Marbella Town Council, the organisation behind the Art Natura Malaga culture and leisure complex has unveiled the ‘Marbella’ blue topaz. Its total purity, magnificent colour and exceptional cut make this 8,225-carat specimen the finest gemstone of its kind in the world.

At a press conference earlier today, the European Economic Interest Grouping Programa Royal Collections and Marbella Town Council announced that the largest blue topaz to be found anywhere in the world has been named after the town. Programa Royal Collections representatives responded to the requests made by the Mayoress and other major figures by unanimously agreeing to bestow this honour on Marbella with the aim of stimulating the economy and encouraging cultural development in the Costa del Sol town.

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Police on the Canary Islands have arrested a nurse who is accused of killing his girlfriend by poison.

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Police on the Canary Islands have arrested a nurse who is accused of killing his girlfriend by poison. She died on July 11 on Gran Canaria, after being admitted to hospital with an intoxication. She had not, however, placed any official complaints about her partner.

The Government Sub Delegate for the Canaries, Vicente Oliva, thinks it could be another case of domestic violence, but noted that reporting restrictions have been introduced.

The 32 year old victim worked as a ATS assistant in the same hospital as her boyfriend, the Dr. Negrin, and had been admitted there some days before she died. Family and friends think that she was being slowly poisoned.

Read more: http://www.typicallyspanish.com/news/publish/article_26728.shtml#ixzz0tqyGmt9x

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Concern from illegal property owners in Marbella

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Concern from illegal property owners in Marbella: "owners of illegal houses in Marbella fear that they will be called on to pay the costs in making some 16,500 homes legal in the town.

After several meetings with the technicians from the Town Hall planning department, El País reports that the owners are worried about the commitment from the local Mayor, Ángeles Muñoz.
She has promised that those who purchased property in good faith will not end up paying for the outrages of others."

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FitzPatrick declared bankrupt at his own request - The Irish Times - Tue, Jul 13, 2010

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FitzPatrick declared bankrupt at his own request - The Irish Times - Tue, Jul 13, 2010: "FORMER ANGLO Irish Bank chairman Seán FitzPatrick was adjudicated a bankrupt by the High Court yesterday at his own request just days after opposition from Anglo Irish Bank ensured the collapse of his proposed settlement deal with creditors.
The official assignee in bankruptcy, Chris Lehane, will now deal with Mr FitzPatrick’s creditors, who are owed some €150 million. His assets are estimated to be worth some €50 million, including investments of some €45.7 million, and some €1.23 million in accounts in various financial institutions.
He is joint owner of six properties, including his family home and another house in Greystones, Co Wicklow; a house in Bray, Co Wicklow, and apartments in Marbella, Spain; at Smithfield Market, Dublin and Killiney Court, Killiney. Only the Marbella apartment is not subject to a mortgage.
A proof of debt process by the official assignee, not yet complete, has estimated the level of Mr FitzPatrick’s unsecured creditors at €70,292,885. He is also appealing some €2 million in tax liabilities."

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Worldwide criminal hunt Operation INFRA-RED launches today | Crimestoppers UK

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Worldwide criminal hunt Operation INFRA-RED launches today | Crimestoppers UK: "Worldwide criminal hunt Operation INFRA-RED launches today
The worldwide initiative Operation INFRA-RED has been launched today to catch wanted criminals on the run across the globe. [5 July 2010]
Crimestoppers UK, as part of Crime Stoppers International, is supporting Interpol’s two-week long hunt for fugitives known as Operation INFRA-RED. The initiative, which is led by Interpol, aims to apprehend fugitives that are sought both domestically and by other countries."

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Julio Iglesias Concert 2010 | Marbella Costa del Sol

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Julio Iglesias Concert 2010 | Marbella Costa del Sol: "Julio Iglesias is coming to Malaga this summer with his “Starry Night” tour, bringing his most emblematic songs into one magical night. Julio Iglesias has sold the most records of all Spanish singers – 300 million albums in 14 languages, released 77 albums and has been awarded over 2,600 Platinum and Gold records over the course of his 42-year career.
Under the title “Starry Night,” the tour is focused on the emblematic songs of the artist, songs dedicated to his fans around the world, in gratitude for their unconditional love throughout his 42-year career.”"

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Crime Group Funded Anti-Georgia Rallies, Report Says - WSJ.com

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Crime Group Funded Anti-Georgia Rallies, Report Says - WSJ.com: "Austrian police are investigating evidence that an organized-crime group with operations across much of Europe funded protests last year in Georgia that were aimed at toppling the country's president, Mikheil Saakashvili.
According to a report prepared for prosecutors in early 2010 by Vienna police and reviewed by The Wall Street Journal, the alleged crime organization is based in Georgia and funds itself through theft, blackmail and money laundering, primarily in Western Europe.

Georgian President Mikheil Saakashvili during his state of the nation address to parliament in Tbilisi in February.The report alleges that an Austria-based Georgian businessman raised money that was used to finance protests in early 2009.
In April 2009, opposition demonstrators held protests in Georgia's capital, Tbilisi, that lasted days and were attended by tens of thousands of people. The report doesn't say whether investigators believe those were the same as the protests it alleges the Georgian group was planning.
The group's goal in attempting to remove Mr. Saakashvili's government was to 'use corruption and intimidation to exert influence over the Georgian economy and politics in order to shield itself from the threat of criminal prosecution' in Georgia, the report said.
Tbilisi's April 2009 protests wrapped up peacefully, with Mr. Saakashvili saying that democracy comes with demonstrations. Strengthening democracy will be on the agenda next week, when Secretary of State Hillary Clinton is due to visit Georgia."

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Showbiz - News - Peter Andre 'shoots calendar in Spain' - Digital Spy

Showbiz - News - Peter Andre 'shoots calendar in Spain' - Digital Spy: "Peter Andre was in Spain yesterday shooting for a new calendar, reports claim.

According to the News of the World, the 37-year-old's trip to Costa del Sol with a group of friends coincided with Katie Price's chaotic second wedding with Alex Reid.

'He was laughing and joking the whole time. If he was trying to forget, it looked like he was doing a good job of it,' a source revealed.

Meanwhile, another insider claimed that Price delivered 'a final snub' to the 'Mysterious Girl' singer by holding the ceremony.

'It will really hurt him. To use it for the reception is a huge kick in the teeth. She knows that this is like putting two fingers up to Pete,' the source said."

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EXCLUSIVE: Spain’s full circle | Olive Press Newspaper

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EXCLUSIVE: Spain’s full circle | Olive Press Newspaper: "HE is the man often credited with starting the avalanche that turned the Costa del Sol into concrete.
So some might see it as poetic justice that the country home of Prince Alfonso von Hohenlohe is being dug up to make way for a ring road.
The German aristocrat – who once dated Ava Gardner and Kim Novac – was the first person to make the Costa del Sol fashionable when he opened the upmarket Marbella Club hotel in 1954.
“Everywhere I sought my dreamt-of city, and at last I found it in Ronda.”One of the coast’s first property speculators, he had begun buying up land around the area in the 1940s and sold plots to wealthy developers and families, including the Thyssens and Rothschilds.
But later, in the 1990s, he fled to the mountains, near Ronda, to get away from the overdevelopment he had begun five decades earlier.
At the time he said: “Everywhere I sought my dreamt-of city, and at last I found it in Ronda.”
So, it is with some irony that his palatial home and vineyard, Cortijo de las Monjas, is on the verge of losing its front gate and drive as a new-ring road gets built next door.
The 20-hectare vineyard has already lost hundreds of vines, as the diggers carve the two-lane bypass around the village of Arriate.
But, that will be nothing compared to the noise of the new road that will improve the journey time between Ronda and Setenil de las Bodegas and ease traffic in Arriate.
“It is certainly an irony that the man who started the whole concrete revolution on the coast should end up with a road going through his garden,” said a neighbour.
The problem however has been left to his sons, as the Prince himself died in 2003."

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Santiago del Valle declares he is innocent

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Santiago del Valle declares he is innocent: "Santiago del Valle, the man accused of the murder of the Huelva five year old, Mari Luz Cortés, has declared himself to be innocent at the preliminary hearing to the case in Instruction Court 1 in Huelva on Monday.

His lawyer, Juan López Rueda, told the press that his client had asked to speak although the law does not generally allow it at this stage, but the judge let him go ahead, and he told the chamber that he was innocent and felt defenceless in the face of ‘the declarations of the media and public opinion’, and that although the case had not been held he had already been condemned.

The prosecutor requested that the case be heard by jury, while the defence would prefer to see it heard by judges and also asked for bail.

The prosecutor is calling for a 23 year prison sentence for del Valle, and 17 years for his sister, who is also thought to have taken part in the crime. The instruction judge now has three days to decide how the case will proceed."

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