Spain’s property bust is only getting worse.

AFP

Cranes erecting the Pelly tower under construction in Seville.

Spain’s property bust is only getting worse. The wonder is that the country’s economy and banks are still this resilient.

The Spanish government said Tuesday that housing prices remained in free-fall in the third quarter, dropping 5.5% from a year earlier, the biggest decline since 2009.

This makes Spain, in many senses, the worst case of a property bust in the developed world—the country is already deep in its third consecutive year of falling prices, with no rebounds.

Last year, the pace of decline slowed significantly, signalling some light at the end of the tunnel, but another metaphor is called for instead: that last year’s respite was nothing more than a dead cat’s bounce.

The good news should be the overall amount of the decline, since Spain’s government says prices are only down 18%, in nominal terms, since their peak in early 2008.

But that doesn’t include the effect of Spain’s persistent inflation, one of the highest in the euro zone, which makes the real drop closer to 30%—Spain’s government didn’t provide real price data in today’s release.

After earlier predictions of a short-term correction have been smashed, some analysts now say prices may keep falling for the next two years, eroding Spain’s household wealth and banking balance sheets.

Meanwhile, banks are struggling to keep up with the loss in value of the collateral against €400 billion worth of loans to construction and real estate firms, an amount that remains unchanged since 2008.

For Luis Garicano, a professor of economics and strategy at the London School of Economics, this number is perhaps the most dangerous of those related to the bust, since it indicates the banking sector exposure to such loans hasn’t diminished.

He estimates that a possible explanation is that banks have exchanged some non-performing loans for property that they now own, but not enough to offset the rising interest on the loans.

Many, if not most of these loans, are being rolled over to keep zombie developers in business, in the hope that the market will recover.

All the same, banks have also turned into property developers now.

Walk into any Spanish bank branch, looking for a mortgage, and you will see that is much easier to get it if you’ll just take one of the many, many houses the bank acquired from a bankrupt developer. But many will say why worry? The same house will be even cheaper next month.

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Celebrities and millionaires living on one of Britain’s most exclusive estates have become the targets of a crime wave.

Celebrities and millionaires living on one of Britain’s most exclusive estates have become the targets of a crime wave.

A diplomat’s wife and son became the latest victims after they were tied up and held at gunpoint during a £100,000 robbery.

St George’s Hill in Surrey has been dubbed the British ‘Beverly Hills’ and is home to Russian oil tycoons, hedge fund managers and City financiers.

Exclusive: The St George's Hill estate in Surrey has been hit by a crime wave in recent months. It lists oil tycoons and hedge fund managers among its residents

Bollywood actress Shilpa Shetty and Chelsea footballer Didier Drogba are also residents.

The estate is hidden behind security gates and guarded around the clock by security guards and CCTV cameras.

But that has failed to protect the residents from falling foul of a string of crimes since April.

Police have warned them to be on their guard after the latest incident last month was a gunpoint £100,000 robbery in which a diplomat’s wife and son were tied up.

One resident said homeowners, who paid up to £10million for the privilege, are ‘living in fear’ of becoming the next victim.

The neighbourhood, a favourite with Russian oil tycoons, hedge fund traders and City financiers, has been dubbed the British ‘Beverley Hills’.

Among the high-profile names to own a home there are Dragons’ Den star Theo Paphitis, Bollywood actress Shilpa Shetty and Chelsea footballer Didier Drogba.

Other include Scottish TV actress Hannah Gordon, former Chelsea player Jimmy Floyd Hasselbaink and the BSkyB chief executive Jeremy Darroch.

While former residents on the 420-home estate include Ringo Starr, Kate Winslet, Cliff Richard, Jenson Button and Sir Elton John.

Surrey Police admitted the tranquil Weybridge neighbourhood, known as ‘The Hill’ to locals, has been hit by a string of crimes since April.

Celebrity residents: Bollywood star Shilpa Shetty and Chelsea striker Didier Drogba are among the people who live in St George's Hill, Surrey

They included two violent robberies, a burglary, two thefts, the theft of a car, vandalism and a violent attack.

Detectives are still hunting the masked gunman behind the terrifying robbery where the victims were tied up and threatened with a sawn-off shotgun.

The woman, aged in her 30s, and her teenage son escaped unhurt as he made off with cash and jewellery worth £100,000.

Police suspect their attacker may have had an accomplice in a car outside but the pair managed to dodge security on the estate.

One local, who did not want to be named, said all householders had been warned about the recent crimes and been told to ‘be vigilant’.

He said: ‘There has been a lot of talk about the crime rate in the past six months.

‘Although it might not seem particularly high compared to most of the country, the simple fact is that people pay a lot of money to live here and do not expect to be living in fear.

‘There are private security guards, CCTV cameras, barriers and all sorts, so this kind of thing is very out of the ordinary for people who live here.

‘We have been told to be vigilant and to report any suspicious behaviour to the police and to the security team here.’

Elmbridge councillor Peter Harman said: ‘They’ve got their own security on the estate and they have cameras that monitor traffic going in and out, and all the cars are recorded, so it should be easy to trace people.’

The residents’ association boasts it is a ‘unique location’ for successful high achievers looking for a ‘secure and private location.’

Each house is required to have ‘at least’ one acre of land and boundaries cannot be marked by fences or walls, only hedges and bushes.

The 964-acre estate boasts its own golf club and 15 tennis courts, four squash courts, state-of-the-art gym, 20m swimming pool and sauna, bar and restaurants and its own beauty spa.

According to estate agents Savills, the the area is ‘internationally renowned as one of the most sought-after private estates in England.’

But it is not the first time the estate has had problems with unwanted intruders and people ignoring the law.

In May, peace at the gated community was punctured when squatters moved into an empty property 200 yards from the members-only tennis club that forms its social hub.

Residents were sent a letter saying those responsible were ‘known to police’ and they should be on their guard.

But the unwelcome neighbours managed to stay for several weeks at the £3million empty property which was at the centre of a long-running legal dispute.

A Surrey Police spokesman confirmed the crimes took and said officers continue to appeal for witnesses over the armed robbery.

A spokesman for St George’s Hill Residents’ Association declined to comment.

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RBS staff told to pay for their own Christmas party

 

Another day, another downgrade. Reduced to surviving on two pints of lager and pack of crisps at recent Christmas parties, misery was heaped on Royal Bank of Scotland's highly-paid investment bankers on Friday as they were told that they would have to fund this year's bash entirely out of their own pocket.

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HMRC clamps down on Swiss account holders

 

6,000 Britons who hold money in the Swiss arm of HSBC will soon receive a letter telling them that they need to own up to unpaid tax. The bank is acting on information received last year under a tax treaty. This revealed that more than 6,000 individuals, companies, trusts and other bodies held accounts and investments with HSBC Geneva. HMRC has already begun criminal and serious fraud investigations into more than 500 individuals and organisations holding these accounts. HMRC will shortly be writing to those who have not yet come forward, or are not under investigation. They will be offered a chance to contact HMRC and disclose all their tax liabilities, HMRC said. Fines of up to 200 per cent of any tax may, in certain circumstances, be imposed on people not coming forwards during this window for disclosure. "This is not an amnesty. There are no special rates of penalty or interest for those who come forward voluntarily," said HMRC's Dave Hartnett. "This is an opportunity for those who have made errors in past returns to correct them. The net is closing on offshore evaders. Don't wait for HMRC to contact you."

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FORMER policeman lived the high life in Marbella by running a £300million VAT fraud

 

 – the biggest ever uncovered in the UK. Nigel Cranswick, 47, tried to cheat the taxman by claiming back tax on £2billion worth of bogus sales made by his mobile phone firm I2G. The “phenomenal” turnover was generated in eight months, HMRC said. Advertisement >> Meanwhile Cranswick lived it up in his rented villa in Marbella. “Despite this phenomenal turnover... I2G operated from a small office in Sheffield,” HMRC said. The scam was smashed after a five-year police probe, Newcastle crown court was told. Cranswick, from Sheffield, admitted conspiracy to cheat HMRC, as did accomplices Brian Olive, 56, of Doncaster, and Darren Smyth, 42, from Rotherham. Claire Reid, 45, also from Rotherham, admitted false accounting. The four will be sentenced next month

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BRITS ABROAD

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Rich Brits plot escape to France

 

 wealthy Britons are planning to flee what they believe to be an over-taxed and crime-ridden UK, with France the most favoured destination, according to a survey published by British bank Lloyds TSB. The survey, published on Monday, found that 17 percent of those with more than £250,000 ($391,025) in savings and investments wanted to move abroad in the next two years, up from 14 percent six months earlier. The most popular destination for the rich exiles was France (21 percent), followed by Spain (15 percent) and the US (11 percent).  Three-quarters of those questioned (73 percent) thought that crime was a bigger problem in Britain than other developed countries. "Sadly, it seems August's riots, tax increases and a rising cost of living have cast a pall over life in the UK for some wealthy people," said Nicholas Boys-Smith, managing director of Lloyds TSB International Wealth in a statement. "It may reignite fears of a 'wealth drain' from our economy as rich people seek pastures new," he said. 42 percent of those questioned named tax as a reason for leaving, up from 35 percent six months ago. Cost of living was a factor for 52 percent, up from 31 percent. Research in January 2011 suggested that 4.6 percent of the UK population have over £250,000 in savings and investments, which equals around 2.8 million people.

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A poorly designed, over-extended and ill-disciplined monetary union is in danger of falling apart

Illustration by Matt Kenyon

What if it falls apart? For all my adult life, I have been what in England is called a pro-European or Europhile. For most of that time, European history has been going our way. Now it may be on the turn. Soon, it could be heading the Eurosceptics' way. What then?

Over the last half-century, the institutional organisation of Europe has progressed from a common market of six west European states to a broader and deeper union of 500 million individual Europeans and 27 countries, from Portugal to Estonia and Finland to Greece; 17 of them share a single currency, the euro. There are no border controls between 25 European countries in the Schengen area. Enveloping it all is the fragile skin of the European convention on human rights (now under facile attack from some British Conservatives) which allows any individual resident of no less than 47 countries, including Russia, to contest a violation of their inalienable human rights all the way to a European court of human rights in Strasbourg.

Never has Europe been so united as this. Never have more of its people been more free. Never before have most European countries been democracies, joined as equal members in the same economic, political and security community. Our continent still has a grotesque amount of poverty, injustice, intolerance and outright persecution. (Try living as a Roma or Sinti in eastern Europe for a taste of all that.) I prettify nothing. But – to adapt a famous remark about democracy by that great pro-European British conservative, Winston Churchill – I do say that this is the worst possible Europe, apart from all the other Europes that have been tried from time to time.

Now all this is under threat. A poorly designed, over-extended and ill-disciplined monetary union is in danger of falling apart, bringing bitter recriminations and lasting divisions. More fundamentally, the past emotional motivators and political engines of European unification are no longer there. The peoples of Germany, the Netherlands and other core countries of the European Union are loth to take steps of further integration which many of the creators of monetary union thought would be necessary to sustain it.

I blame politicians like Angela Merkel for not showing more leadership in this respect, but such leadership would involve a heroic, uphill struggle to persuade reluctant publics in what are still (contrary to what Eurosceptics claim) largely sovereign national democracies. If these were not sovereign national democracies, the whole financial world – from Washington to Beijing – would not this week have been waiting with bated breath on the vote of one small party in the parliament of Slovakia.

I note in passing that many of the current difficulties of the eurozone were predicted back in the 1990s, and I was a sceptic about monetary union at that time. This is what I wrote in 1998: "The rationalist, functionalist, perfectionist attempt to 'make Europe' or 'complete Europe' through a hard core built around a rapid monetary union could well end up achieving the opposite of the desired effect. One can all too plausibly argue that what we are likely to witness in the next five to 10 years is the writing of another entry for [Arnold] Toynbee's index [to his A Study of History], under 'Europe, unification of, failure of attempts at'." But I am not now going to hide behind that testament to my own earlier scepticism about one element of a larger project.

As a pro-European, I stand by the whole project, warts and all. I recently contributed to an appeal – which you too can sign – arguing that the eurozone can only be saved by further fiscal integration and a strategy for growth. Remarkably, even the Eurosceptic prime minister David Cameron recently told the Financial Times that Germany and France need to fire a "big bazooka" to convince financial markets and hence preserve the eurozone. That is a bit like the Duke of Wellington wishing Napoleon success in consolidating his continental empire – but extraordinary times do produce such delicious moments.

Beyond this, however, I'm not going to add a single word to the 537 newspaper columns you have already read explaining how the eurozone must and can, or must not and can not, be saved. You decide which economic commentator you believe.

Instead, I want to ask what happens if the eurozone does fail, one way or another – and that failure begins a much larger process of gradual disintegration. Suppose that the EU in 2030 has become something like the Holy Roman Empire in, say, 1730: still extant on paper, but more origami than political reality. What then?

For us pro-Europeans, what happens then will be, first of all, a paradoxical kind of liberation. Rather like the supporters of a long-term incumbent government, for decades now we have felt some obligation to defend the existing state of affairs, with all its obvious flaws. Eurosceptics, by contrast, have enjoyed the glorious irresponsibility of opposition – and, heaven knows, the Brussels institutions furnish endless easy targets for the sceptic and the satirist.

Now the boot will be on the other foot. For a few years, like an incoming government, Eurosceptics will be able to blame current problems on the preceding regime (overhasty monetary union led to German-Greek loathing, etc), but that only lasts so long. Sooner or later it will become clear that it is their kind of Europe we are living in, not mine.

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More German travelers have been using foreign airports since a flight tax was imposed early this year.

 

 

Consider two small airports in the middle or Europe. At Maastricht Aachen Airport, business is booming thanks to an influx of German passengers who are fleeing a national aviation tax introduced on January 1, 2011. Meanwhile, just 80 kilometers across the border, Germany's Weeze Airport has been steadily losing customers.

A few years ago, things were exactly the opposite. The Netherlands had its own, yearlong experiment with an aviation tax, but revoked it in July 2009 after it saw Dutch hubs like Maastricht Aachen Airport lose passengers to rivals in neighboring countries, including Germany.

The levy cost Dutch airports, airlines, and related businesses between 1.2 and 1.3 million euros in lost revenue, according to a study by Amsterdam Aviation Economics, a research institute affiliated with the University of Amsterdam.

Hans van Mierlo, a professor of public finance at the University of Maastricht, said the abundance of transportation options in Europe means travelers can and will seek out alternatives whenever one country unilaterally imposes an air passenger tax.

"The [Dutch] crowd went to Germany; now the German crowd comes to us," he told Deutsche Welle. "I am surprised that the German government didn't learn from the Dutch failure."

Maastricht-Aachen Airport may be small, but traffic is growing rapidlyHefty rates

The German aviation tax runs at a rate of eight euros per one-way flight within Europe, 25 euros for medium-haul services to the Middle East and Sub-Saharan Africa, and 45 euros for long-haul flights. The tariff only applies to flights originating in Germany. The German Finance Ministry reported the duty raised 434 million euros in revenues in the first half of 2011.

However, for travelers, the tax can double the total cost of a bargain ticket. That has driven Irish budget carrier Ryanair to cancel some of its services from Weeze Airport and add flights at Maastricht. Meanwhile, rival airline Germanwings has launched a service linking Maastricht to Berlin 12 times per week.

Those moves helped drive Maastricht Aachen Airport's whopping 70 percent increase in passengers so far this year. That is quite a comeback from the time of the Dutch aviation tax, when it lost 25 percent of its customers.

Maastricht's airport has new routes to Bucharest, Tenerife, and other spotsAmong the new clientele is Ne Pham from Jülich, Germany. She told Deutsche Welle that she used to fly out of Cologne or Dusseldorf to destinations like Italy, the United States and her native Vietnam.

"It's cheaper to fly from [Maastricht] than from Germany," she said. "It's easy to find, has lots of parking spaces, and a very fast check-in. It's small but nice."

Maastricht makeover

To accommodate new passengers, Maastricht Aachen Airport has renovated its main waiting area and sole restaurant. A new bus line runs from Cologne directly to the Dutch airport, where travelers are greeted by a row of flags from seven European countries. Airport staff members are required to speak German and English in addition to Dutch, and a number of them speak French as well.

Marion Schramm and her husband, from Geilenkirchen, Germany, echoed Pham's reasons for choosing Maastricht Aachen Airport. But they were not as impressed by the small airport's recent makeover.

"It's obviously dinky," Marion Schramm told Deutsche Welle, "You see everything right away. But it's a lot cheaper than Germany at the moment."

Customers have mixed reviews for the small Dutch airport's facilities

Weeze's woes

The German Airport Association, which represents German air hubs, has called for an immediate end to the national flight tax. It reported a tepid growth rate of 3.2 percent at airports throughout the country this July, compared with the same month last year.

Weeze Airport, near Dusseldorf, had 22.8 percent fewer customers in the same time period. Ludger van Bebber, the airport's managing director, said many of the hub's clients used to come from the Netherlands.

"The aviation tax destroys the level playing field for us," he told Deutsche Welle. "That is the main issue we have here at Weeze."

Meanwhile, Berlin's two hubs are seeing travelers hop across the border to nearby Polish airports. And people in Munich do not have to drive far to reach a number of alternative airports in Austria and the Czech Republic.

The chairman of the Maastricht airport's board is planning for growth to continueDutch chairman confident

While the German Finance Ministry has denied recent media reports that it might lower the aviation tax rates, the ministry is scheduled to evaluate the levy's effects on small and medium-sized airports in June 2012.

The chairman of Maastricht Aachen Airport, Jan Tindemans, said he is not worried about his business in the short term - even if Berlin ends up decreasing or revoking the tax.

He told Deutsche Welle that winning back market share in the wake of the Dutch tax experiment was very difficult. He does not expect things to be any easier for German hubs.

"No bakery wants its customers to go for one or two times to another bakery, because they always think [the customers] will stay there," he said. "There will be some people who will go back, but I don't think there will be much of an effect."

Tindemans said Maastricht Aachen Airport is seeking to add more airlines and destinations to its roster. He added that his airport could double annual traffic to almost one million passengers over the coming years if economic conditions remain stable.

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You're not in Newscastle anymore: The master bedroom inside the $5.5 (£3.4million) mansion in Beverly Hills Cheryl viewed last night

She already has a plush Beverly Hills apartment, but as Cheryl Cole makes a serious commitment to breaking America, she looks to be upgrading.

The singer was spotted viewing a $5.5million (£3.4million) Los Angeles mansion 'in the dark of the night' with her assistant and a real estate agent.

The 6,000 sq ft luxury home overlooks the city and boasts six bedrooms and four bathrooms.

 

It has a swimming pool, a large games room and multiple dining areas.

 

 

The sprawling three-storey pad features stucco exterior, split levels and a Spanish-style flat roof.

The house overlooks Beverly Hills with the occupants able to relax on one of several balconies to enjoy the stunning views.

Luxury pad: Occupants are able to enjoy the stunning view of the city from one of several balconies which overlook the city

 

Perfect hostess area: Cheryl can lounge around outside on the balcony or hold alfresco dinner parties

Cheryl can either top up her tan outside or play the perfect hostess to her Hollywood friends with an alfresco-style dinner party.

Trading up: Cheryl already owns a luxury apartment in Beverly Hills

And when she wants some alone time, the massive master bedroom features a cosy fireplace, perfect for snuggling up beside in winter.

But it also features massive windows, which will see the sun streaming through in the summer months.

Photos from inside the house show the current owners' penchant for artwork in the living room with an orange and cream theme.

The house has been dressed up with a number of 70s-style pieces, including sideboards.

Cheryl, who is reportedly a fan of cooking, will love the kitchen, which looks big enough to fit several people and include a middle bar with its own sink facility.

One of the tiled bathrooms features a massive walk-in shower, two sinks, and a beauty counter so Cheryl can spend hours getting ready for A-list Hollywood parties.

The mansion is a far cry from Cheryl's humble upbringing in Newcastle.

She grew up in council estates with her mother and four brothers and sisters.

Cheryl reportedly bought an apartment in Beverly Hills in March worth £2.2million ahead of her appearance on the U.S. X Factor judging panel.

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KATIE Price is angry. In fact, she’s furious and has something she is desperate to get off that famously pneumatic chest of hers...

Katie Price stands outside the Oxford Union debating chamber (Pic: PA)

KATIE Price is angry. In fact, she’s furious and has something she is desperate to get off that famously pneumatic chest of hers...

Off the back of a Government-ordered review into the over-sexualisation of children, the Tango-tanned, collagen-lipped mum-of-three is on an unlikely moral crusade.

Katie, 33, is “disgusted” by recent trends including beauty parlours offering toddler tanning and pre-teen makeovers.

She says: “It is disgusting. I don’t agree with it at all. I think surgeons and mums who encourage these young girls to have cosmetic work done, or have fake false boobs, should be shot.

“It’s horrible when you see these pictures of young children wearing make-up, having fake tans and so on. It’s sad.”

Katie’s comments come 48 hours after Prime Minister David Cameron met internet industry representatives to discuss how to stop youngsters accessing pornography online. It is something she strongly agrees with.

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Sir Paul McCartney and his new wife Nancy are pictured after their wedding in a kooky official portrait taken by Sir Paul's daughter Mary.

Sir Paul and the new Lady McCartney had emerged beaming after the ceremony at Marylebone Register Office. 

The newlyweds were greeted on the steps of the building by friends and family who covered them in rose petals. 

'I do': The newlyweds pose in this official but quirky wedding photograph taken by Sir Paul's photographer daughter Mary McCartney

Man and wife: Sir Paul McCartney and his new wife Nancy Shevell wed in an intimate ceremony at Marylebone Town Hall

Husband and wife: Sir Paul McCartney and new wife Nancy Shevell leaving the Marylebone Register Office

The pair got into a car with Paul's daughter Beatrice who had acted as bridesmaid and made their way to their North London home for the reception. 

Sir Paul and Nancy, 51, became husband and wife in front of just 30 guests.

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Mobile phone users suffering from 'text neck'

 

The affliction, caused by flexing the neck for extended periods of time, can be a forerunner of permanent arthritic damage if it goes without treatment. Cases of the repetitive strain injury are on the rise as smart phones and tablet computers such as the iPad become increasingly popular, experts said. In severe cases the muscles can eventually adapt to fit the flexed position, making it painful to straighten the neck out properly. One chiropractor said her company had treated thousands of patients for the condition, which can also result in headaches and shoulder, arm and wrist pain. Rachael Lancaster, of Freedom Back Clinics in Leeds, said: "Text neck is caused by the neck being flexed for a prolonged period of time

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Why only you can choose the perfect perfume

 

Scientists have discovered why we all have so much trouble buying the ideal fragrance for a love-one. According to new research, we are all drawn to perfumes that complement our own natural smells, making it near impossible to second-guess the right scent for a partner. Findings to be presented at a conference in London next week show that when people chose their own fragrance they become much more attractive to the opposite sex. Dr Jan Havlicek, a smells expert based at Charles University in Prague, says that perfume is rarely chosen to mask our natural body odour and instead we all chose the fragrance which work best with our own smell. He told the Sunday Telegraph: 'Perfumes have been used by people for thousands of years and the prevailing view has been that this was to mask our natural body odour to make us smell more attractive. 'In fact, what we have found is there is a strong individual interaction between perfume and body odour. People choose fragrances to complement their own odour. It is probably why buying perfume as a gift is so difficult and why they end up lying in the bathroom not being used.'

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Tanning beds may be even riskier than thought

 

New research published online Oct. 6 in the Journal of Investigative Dermatology suggests that the main type of ultraviolet rays used in tanning beds -- UVA1 -- may penetrate to a deep layer of skin that is most vulnerable to the cancer-causing changes caused by UV rays. The new study comes as the U.S. Food and Drug Administration considers banning the use of tanning beds among children under 18. The American Academy of Pediatrics is on record that it supports such a ban. In the study, 12 volunteers were exposed to UVA1 and UVB rays on their buttocks. (One difference in the waves is length: UVB waves are shorter.) The UVA1 was more damaging to the skin's basal layer then the UVB light. The UVA1 induced a type of lesion called thymine dimers on the deeper basal layers of the skin. UVB radiation caused more of these lesions, but they did not go as deep, and thus may be less likely to cause the changes linked to skin cancers. "The doses we used were comparable for erythema -- sunburn -- for UVA and UVB. That would be roughly equivalent to the doses needed for tanning in each spectrum," said study co-author Antony R. Young, a professor at the St. John's Institute of Dermatology at King's College School of Medicine in London. "Indoor tanning is like smoking for your skin," said Dr. Doris Day, a dermatologist at Lenox Hill Hospital in New York City. "It's the single worst thing you can do in terms of skin cancer and premature aging." Many indoor tanning salons advertise that tanning beds can help boost the body's production of vitamin D, known as the sunshine vitamin because skin makes it when exposed to the sun's rays. "This is nonsense and an excuse," Day said. "We know people burn in tanning beds and that UVA and UVB are toxic." Teens are particularly vulnerable, she said. "They are immortal in their mind, and skin cancer and aging seem a long ways away." Melanoma, a potentially fatal form of skin cancer, "is not an old person's disease," she said. The new study provides "a little bit more muscle in helping to warn people about the dangers of tanning, but an FDA ban is what we need," she added. "I do think there should be legislation on sunbed use under 18 years of age," said Young, who added that such use is already prohibited in England. John Overstreet, executive director of the Indoor Tanning Association, a Washington, D.C.-based trade group representing the industry, said that if there was science to back up many of these claims, the FDA would have acted by now. The agency has been mulling these claims since March 2010, he noted. What's more, the new study is about ultraviolet radiation, not tanning beds, he said. "Tanning beds have the same ratio of UV waves as the sun. UVA-1 is the primary wave length emitted by the sun, too," he said. "The sun and indoor tanning pose the same risks and benefits if you don't burn. There is no science that shows non-burning exposure to sun or a sun lamp causes cancer."

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Imogen Thomas brands Katie Price a "transvestite" as Danny-Gate continues

And in the latest salvo of what I’m ­calling ­Dannygate after the ex-model’s dalliance with rugby player Danny Cipriani, 23, furious Imogen has told pals: “Out of every woman in the world, her?! She’s such a slag.” Imogen, 28, has been with Danny since July. She thought they had a future.

But now all Imogen’s plans are off after pictures showed him ­leaving his home barefoot with Katie the ­morning after an evening together.

Former Miss Wales Imogen fumed: “He’s such a liar. You don’t spend ages telling someone about your issues and how women have treated you then go do ­something like that.”

Imogen was putting on a brave face when she appeared at the Inspiration Awards For Women in London on Friday – but photos of Danny cosying up to mum-of-three Katie, 33, had her ­tweeting in fury on Thursday: “Danny Cipriani is the ­biggest bull******r out there.”

It’s not their first clash over guys – Katie dated Jermain Defoe after ­Imogen split with him in 2009.

Now I can’t wait to hear what Katie has to say about all this.....

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Spanish banks in €6bn merger talks

 

Banco Popular, Spain’s fifth-biggest listed bank by assets, has offered to buy its smaller listed rival Banco Pastor in a merger that marks a new stage in the restructuring of the country’s financial sector. In filings published on Friday by the Comisión Nacional del Mercado de Valores (CNMV), the market regulator, the banks said they were proposing a friendly all-share deal in which Popular would offer to buy 100 per cent of Pastor. More ON THIS STORY Dismay at Spanish bank restructuring Spain nationalises three more savings banks In depth European banks Santander predicts return to big profits Global Insight Italy and Spain The CNMV had earlier suspended trading in shares of Popular, with a total market value of €4.99bn, and of Pastor, valued at €827m, apparently after news of the discussions leaked before the planned announcement on Monday. At Friday’s share prices, the Popular offer represented a one-third premium for Pastor and valued the target bank at 0.75 times book value, according to the Pastor camp, although Popular’s share price could fall once the suspensions are lifted. CaixaBank, the banking arm of the Barcelona-based La Caixa savings bank, was valued at 0.8 times book value at its flotation earlier this year, but Bankia, comprising Caja Madrid and six others, managed only 0.4 times when it was listed. Three savings banks seized by the official bank rescue fund last month were valued at between zero and 0.12 times book. Until now, the Bank of Spain and the Spanish government have focused on forcing unlisted savings banks to recapitalise themselves and merge with each other to reduce costs and improve efficiency after the collapse of the Spanish housing and construction bubble. Listed banks have been seen as potential buyers rather than takeover targets. “This is only the start,” said one person aware of the talks as the boards of the two companies held separate meetings. “There is going to be a huge shake-out in the banking sector.” Popular is a national Spanish bank that has focused on retail banking and lending to small and medium-sized businesses, while Pastor’s activities are concentrated in the north-western region of Galicia. Pastor – along with four Spanish cajas or savings banks – was one of the nine European banks that failed Europe-wide stress tests in July.

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Critic Review for The Way

 

The title of "The Way" refers to the Camino de Santiago de Campostela, the 1,000-year old route from France to northern Spain that thousands of peregrinos, or pilgrims, walk each year, ending at the site where the remains of Saint James are reportedly buried. But if you think watching "The Way" will be akin to eating your theological spinach - Sunday School on the silver screen - think again. Writer-director Emilio Estevez instead treats viewers to a sensuous, expansive hymn to travel and transformation in a movie that honors earthly pleasures as readily as it contemplates higher things. Anchored by a career-redefining performance by Estevez's father, Martin Sheen, "The Way" behaves much like the many hostels and tiny inns that give Camino travelers food and shelter on the road toward Spain: It's modest, warm and welcoming, never insisting on a particular pace or philosophical bent, but always staying open. Sheen plays Tom Avery, a California ophthalmologist whose son Daniel (Estevez) is killed in a freak storm just as he is beginning the Camino. Traveling to France to gather Daniel's remains, Tom makes the impulsive decision to finish the pilgrimage on his son's behalf, putting on the younger man's backpack and setting off for Basque country. The scene when Tom embarks on the route is just the first of many sight gags that punctuate "The Way," letting viewers know that they're not in for any maudlin grieving-father melodrama or tight-lipped tutorial. When Tom - played with flawless deadpan misanthropy by the ageless Sheen - makes three unlikely friends along the road, the jokes and banter continue apace, with a portly, pot-smoking Dutchman named Joost (Yorick van Wageningen) providing most of the laughs. Joost, it turns out, is walking the Camino not for religious reasons but to lose weight for his brother's wedding; Sarah (Deborah Kara Unger), an icy blonde from Canada who speaks in tough, film noir cadences, has vowed to quit smoking when she reaches the Cathedral of St. James. Jack (James Nesbitt), whom the three meet late in their journey, is a would-be author suffering from writer's block. As a stand-in for Jack Hitt, whose book "Off the Road: A Modern-Day Walk Down the Pilgrim's Route in Spain" inspired "The Way," Jack occasionally comes off like the Chief Explainer, providing paragraphs of exposition on the Camino's origins and its allegorical potential (the road, he giddily tells his fellow travelers, is a veritable "metaphor bonanza"). But if Jack's soliloquies feel a tad tacked-on at times, the rest of "The Way" unfolds with relaxed, unforced ease, including Tom's occasional glimpses of his late son accompanying him like a benevolent angel. Estevez seamlessly knits those magical sequences in with the otherwise rigorously realist aesthetic of "The Way," which was filmed on the Camino and features real-life peregrinos as background players. With such a strong grounding in setting and spirit, "The Way" ends up being one of those movies that works not just as a story but as a vivid, immersive experience, bringing viewers into the Camino's most legendary refugios (the innkeeper named Ramon is based on a real-life man), as well as the route's most breathtaking vistas. Funny, moving, hip and transcendent all at the same time, "The Way" is both deeply thoughtful and enormous fun to watch. Its rewards are as rich for the secular as for the more spiritually inclined. Whether you come to play or pray, Estevez has made a movie of beauty, humor and disarmingly humble devotion.

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Self-styled ‘Lord’ Davenport - known as 'Fast Eddie' - masterminded an ‘advanced fee fraud’ scheme that ripped off scores of businesses.

 

Davenport set up Gresham Ltd in 2005 and pretended it was a respectable business with 50 years of sourcing huge commercial loans. He charged companies advance fees for loans of up to £157million but the money never materialised.

The scam conned at least 51 victims and from 2007 to 2009 Gresham Ltd received more than £4.5million from unsuspecting clients, the court heard.

‘To outward appearances it was long-established, wealthy and prestigious,’ said Simon Mayo QC, for the prosecution. ‘It was essentially worthless. Its only business was fraud.’

The businessman had many high-profile friends including socialite Tamara Beckwith (right) (Picture: Rex Features)

Davenport owns Sierra Leone’s former high commission at Portland Place, London, used in The King’s Speech – and a gay porn film.

The 45-year-old is pictured on his website with celebrities including Cowell and Hugh Grant, Knightley, Beckham and Mick Jagger.

He boasted of 'beautiful homes and a collection of sports cars which would make any man jealous including a Ferrari 360 Spider, an Aston Martin Virage Volante, a Rolls-Royce Phantom and a Lamborghini'. 

Davenport was banned last year from using his home for activities including a ‘porn disco’, sex party and pole-dancing lessons. 

He was jailed last month for seven years and eight months with accomplice Peter Riley, 64, of Brentwood, Essex. They were convicted of conspiracy to defraud. Borge Andersen, 66, of South Kensington, got 39 months for the crime.

Con victim: Royal dress designer Elizabeth Emanuel was among those who paid money to Davenport (Picture: PA)

According to Gresham Ltd accounts, Andersen received £159,564 from the fraud, Riley £695,407 and Davenport £773,000. A total of £349,025 vanished, the court heard.

The convictions at Southwark crown court can be revealed because a reporting order was lifted yesterday.

Princess Diana's wedding dress designer Elizabeth Emanuel - who had been one of Davenport's victims - welcomed his sentence.

The 58-year-old turned to him in 2008 in the hope of raising £1m for her business, Art Of Being, and was asked to pay £20,000 - later reduced to £5,000 - for his company to complete due diligence.

'I think justice has been served,' she said.

'The amount I lost was nothing compared to everybody else but he was happy to take my £5,000. It sums up the sort of person he is.'

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The Duchess of Alba with her new husband Alfonso Díez outside Dueñas Palace in Seville.

 Photograph: Javier Diaz/Reuters

She is a frizzy-haired 85-year-old eccentric and hugely wealthy aristocrat with a squeaky voice and an impossibly long name. He is a lowly civil servant 25 years her junior. Today the two were married, prompting a frenzy of excitement in this southern Spanish city.

Crowds formed outside Seville's Dueñas Palace – just one of several regal residences the Duchess of Alba owns around Spain – as she, her family and a few friends gathered for a small ceremony for her marriage to Alfonso Díez in the palace's private chapel.

The billionaire duchess, who has been known to ask the media for money in the past, allowed in just two news agencies – for free.

"She is an amazing woman. She does whatever she wants and doesn't give a damn what people say," said 18-year-old tourism student Ana Trigo, as she fought for space on the pavement outside the Dueñas's imposing gates. "I know she's got lots of money, but that's just the luck of birth isn't it?"

A neatly groomed priest, a flamenco singing troupe, innumerable bunches of roses, sunflowers and carnations, and at least two bullfighter guests made their way into the palace complex as security guards pushed back the crowd of gawping, shouting Sevillanos.

"I've written a paso doble and want to sing it for her," said composer Vicente Tarrancón, who travelled the 300 miles from Alicante with an electric piano and a violinist but who remained firmly outside the palace gates.

Onlookers mostly were not disturbed by the duchess's inherited wealth, estimated at up to €3.5bn (£3bn), even though one in five Spaniards are currently unemployed and the economy is heading towards a double-dip recession.

Apart from her palaces, the duchess owns huge tracts of land all over Spain and has a collection of paintings that include works by Goya and Velázquez.

"She gives a lot of money to charity and employs a lot of people. And she repaired the church of the Christ of the Gypsies," said housewife Mari Luz González. "She's wonderful."

Cries of "Guapa!" or "Good-looking!" welcomed the pallid duchess when she appeared dressed in a pink wedding dress with a green ribbon around her waist at the palace gates with her new husband. She responded by dancing a few flamenco steps.

Most people, however, seemed to be taking a tongue-in-cheek attitude to the duchess's latest romance and using it as an excuse to indulge in Seville's favoured pastime of partying. At least one onlooker had dressed in a bridal gown. Another came disguised as Spain's monarch, King Juan Carlos, who was reportedly petitioned by the duchess's children to see if he could dissuade their mother from remarrying.

"Let's face it, the scandal is not that he is younger, but that she is so old," said Margarita Ruibal. "It's not every day you hear of someone of that age getting married."

An unemployed man who called himself Buti came dressed as a yoghurt carton to protest at the €40 a day paid to farmworkers. "Here they are, living it up in their palaces while 300 families a day lose their homes in Spain," he said.

The duchess's attempts to stop her six children from squabbling with her husband-to-be over money – by making her will public before the marriage – failed to appease them all, prompting the duchess to call one daughter-in-law "lying, wicked and covetous" on a television gossip show.

The daughter-in-law and her husband were among the few guests who turned down the wedding invitation. "Alfonso doesn't want anything. All he wants is me," the duchess said earlier this year.

Newsstands, meanwhile, displayed the front cover of Interviú magazine – which showed topless pictures of the duchess taken three decades ago on an Ibiza beach. The publicity-loving aristocrat was said to be formally furious, but privately delighted, by the flattering figure she boasted when she was a mere fifty-something. The magazine said it had held on to the pictures for 30 years so as not to upset the duchess, but thought them now worth publishing.

Local shops were selling duchess-themed "I love DQS" T-shirts featuring her trademark frizz of white hair. The regional CanalSur TV station beamed live coverage into the city's bars, where unemployed men sold postcards of the Virgin Mary statues that populate Seville's churches.

The duchess, whose full name is María del Rosario Cayetana Victoria Alfonsa Fitz-James Stuart y de Silva, boasts 49 inherited aristocratic titles – at least 20 of which allow entry into the select club of Spanish Grandees. She also claims the title of Duchess of Berwick and boasts blood ties to the British royal family and Winston Churchill.

Twice widowed, her last husband Jesús Aguirre, who had previously been a leftwing Catholic priest, died in 2001

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