Buddah Lineage

Euro Weekly News | Marbella-based British company named in nation-wide fraud | Costa del Sol | News | The Largest English Language Newspapers in Spain : "GUARDIA CIVIL are investigating a possible fraud which has affected parents with children in schools throughout Spain. A company based in Marbella, Forward Press (Europe) Ltd, organized a short story contest for young writers in schools all over the country. Diplomas were handed out to the winners. It then offered parents the chance of having their children’s stories published for just €13, something which hundreds agreed to. They paid via bank transfer or internet and should have received the books in September. However, so far no books have been published and Guardia Civil are encouraging parents to contact them and report the problem so they can prove the fraud. The Penal Code establishes that there is no crime if the quantities are less than €400, but if Guardia Civil can prove the fraud was ‘en masse’ something can b...

We oppose the EU by more than two-to-one; Europhiles claim we favour it 'in practice' – Telegraph Blogs: "Fabian Society has commissioned a survey of British attitudes to the EU. On his blog, the amiable Sunder Katwala summarises the findings as follows: “The British public are sceptical of the EU as an idea, yet rather in favour of having more of it in practice”. What? According to the survey, 45 per cent of us say EU membership has been bad for Britain, as against 22 per cent who say it has been good – a finding in line with recent polls. In what sense, then, do we want “more of it in practice”? Sunder infers his optimistic interpretation from replies suggesting that most of us want European states to collaborate with each other on climate change, fighting terrorism, stimulating economic growth and so on. But here’s the thing, Sunder, old chum: no one is arguing against international co-operation. The alternative to Brussels supranationalism is not autarky, but interg...

Hackers Attack Criminal Sites, Security Experts to Expose Security Flaws - Security - News & Reviews - eWeek.com: "group of hackers attacked and took offline several sites belonging to credit-card sharing groups, security experts and other hacking communities who made mistakes in basic security. Administrators of six Web sites woke up Christmas morning to discover their sites had been hacked, according to an online newsletter published by the hackers themselves on Dec. 25. In the second issue of 'Owned and Exposed,' the attackers listed carders.cc, ettercap, exploit-db, backtrack, inj3ct0r, and free-hack. While free-hack was taken down for being 'lame script kiddies,' the other sites had criminal ties or were security experts who 'fail so hard at security that we wonder why people really take their training courses,' according to the e-zine." DISCLAIMER:Text may be subject to copyright.This blog does not claim copyright to any such text. Copyri...

Banks attempt to censor student thesis - Gotta chip-and-pin on their shoulder | TechEye: "UK banking trade association has attempted to have a Cambridge University student's thesis censored because it documents a well-known flaw in the chip-and-pin system. Melanie Johnson of the UK Cards Association wrote to the University complaining that Omar Choudary's thesis, titled The Smart Card Detective:a hand-held EMV interceptor, gave away information about the 'No-Pin' vulnerability. This is despite the fact that the flaw was discovered last year by other Cambridge scientists and published last February - and has in any case recently been fixed. Johnson said that the association was worried that the department's work could undermine public confidence in the chip-and-pin system - which couldn't be allowed to pass, obviously. And she was bothered by the way Choudary tested the vulnerability by making a transaction in a local shop: 'Concern was expressed...

Khodorkovsky found guilty as protests mount against Putin and 'charade' trial | World news | The Guardian: "fate of oil tycoon Mikhail Khodorkovsky was left hanging in the balance today after a court in Moscow found him guilty of theft and money laundering in a politically tinged trial that is seen as a weathervane for Russia's future course. Viktor Danilkin, the trial judge, told the packed court that Khodorkovsky, 47, and his business partner, Platon Lebedev, 54, 'carried out the embezzlement of property entrusted to the defendants'. But the trial remains delicately poised because Danilkin will not sentence until he finishes reading his full 250-page verdict, which could take several days." :Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.

Julian Assange to use £1m book deals for legal fight | Media | The Guardian: "founder of the WikiLeaks website, Julian Assange, has said he expects to earn more than £1m from book deals. Assange, who achieved global notoriety after his whistleblower website began releasing more than a quarter of a million diplomatic cables, said he would use the money for legal costs. The 39-year-old is fighting extradition to Sweden, where two women have accused him of sexual misconduct. He denies the allegations. Since being released on bail earlier this month pending extradition proceedings, Assange has been living under virtual house arrest at Ellingham Hall, a Norfolk country mansion, from where he regularly gives media interviews. He told the Sunday Times that he was forced to sign a deal worth more than £1m for his autobiography due to financial difficulties. 'I don't want to write this book, but I have to,' he said. 'I have already spent £200,000 for legal costs and...

 Ka-Sat net-dedicated spacecraft ready for launch: "Europe is about to get a second satellite dedicated to delivering broadband internet connections. The six-tonne Ka-Sat will be launched atop a Proton rocket from Baikonur in Kazakhstan in a flight expected to last nine hours and 12 minutes. The Eutelsat-operated spacecraft will concentrate its services on customers in the so-called 'not-spots' of Europe. It is estimated that tens of millions of households in these areas cannot get a decent terrestrial connection. Ka-Sat will provide homes with speeds generally up to 10Mbps." :Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.

BBC News - County-wide wireless web coming to Clackmannanshire: "Businesses and communities in Clackmannanshire will soon be able to receive high speed wireless broadband. The council has won a grant of almost £200,000 to help fund the service, which should be ready across much of the county by spring 2011. Speeds of between 2Mbps and 20Mbps will be available on the wireless connection, the council said." DISCLAIMER:Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.

FT.com / Comment / Analysis - Finance: A sparser future: "If the financial crisis and the fierce regulatory backlash that it sparked are sounding the death knell for Wall Street’s old ways, it is not a sound being heard inside Nomura’s New York headquarters. In a skyscraper that once housed Merrill Lynch, some 2,000 traders, bankers and support staff – many of them recent hires – are striving to add a Japanese name to the “bulge bracket” club of US and European investment banks."   Call of Duty - Black Ops DISCLAIMER:Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.

High Court approves AIB bailout - The Irish Times - Fri, Dec 24, 2010: "THE GOVERNMENT has secured a High Court order allowing it to inject a further €3.7 billion into Allied Irish Banks (AIB) without the approval of its shareholders. The bank – once the country’s largest – will be effectively nationalised, bringing four of the country’s six banks and the majority of the banking system under Government control. Emergency bank restructuring legislation signed into law by the President on Tuesday was used for the first time by Minister for Finance Brian Lenihan. He will initially take a stake of 49.9 per cent in the bank, rising to 92.8 per cent in January." :Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.

Student who conned his way into Harvard says sorry | World news | The Guardian: "Adam Wheeler, a 24-year-old who conned his way into Harvard and benefited from more than $40,000 (£26,000) in grants and prizes, flew too close to the sun. Not content with having bragged his way into one of the world's most prestigious universities, he felt driven to apply – equally fraudulently – for Rhodes and Fulbright scholarships. The application was a deception too far, and led to the discovery of a string of lies that this week earned Wheeler 10 years on probation and the order to repay Harvard $45,806. He pleaded guilty to all 20 counts against him, including larceny, identity fraud and pretending to hold a degree. 'I'm ashamed and embarrassed by what I've done,' he told a Massachusetts court in a voice so quiet it was barely above a whisper. 'As much as possible, I want to put this behind me and move forward.' Wheeler's impressive record of deceit began ...

Vince Cable: I have declared war on Rupert Murdoch - Telegraph: "The Business Secretary indicated that he would seek to block Mr Murdoch from taking over BSkyB, the satellite broadcaster that he already partially owns. The disclosure is the second revelation in extracts from a covertly recorded conversation between Mr Cable and two undercover reporters from this newspaper posing as Liberal Democrat supporters in his constituency. “You may wonder what is happening with the Murdoch press”, Mr Cable said. “I have declared war on Mr Murdoch and I think we’re going to win”. The Business Secretary also disclosed his private animosity towards Rupert Murdoch, the chairman and chief executive of News Corporation. Mr Murdoch’s attempt to buy outright British Sky Broadcasting (BSkyB) is currently being studied by Ofcom, the communications regulator, who will report to Mr Cable before the end of the year." DISCLAIMER:Text may be subject to copyright.This blog does not claim copyri...

BBC News - London Mayor's loan firm Tube deal branded 'shameful': "London mayor's decision to accept sponsorship from a high interest loan firm for free travel on the Tube on New Year's Eve has been branded 'shameful'. Posters advertising Wonga.com, saying 'sometimes you need some extra cash' have been put up on the Tube network. Labour London Assembly member Jennette Arnold said: 'These legal loan sharks prey on the vulnerable.' But London Mayor Boris Johnson's spokesman said Wonga.com had made a 'useful contribution' to Londoners. Wonga.com's sponsorship will pay for free travel between 2345 GMT on New Year's Eve and 0430 GMT on New Year's Day on the capital's Tube, bus, Tramlink and Docklands Light Railway services." DISCLAIMER:Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.

EU threatens snowbound airports with regulation | Reuters: "Europe's transport chief said Tuesday he was considering forcing airports to provide airlines with a minimum level of infrastructure support during severe weather, such as this week's snowstorms. European Union transport commissioner Siim Kallas made his comments after more than 3,000 flights were canceled across Europe Monday, according to flight authority Eurocontrol. 'In recent days, I have become increasingly concerned about the problems relating to the infrastructure available to airlines -- airports and ground handling -- during this severe period of snow,' Kallas said in a statement. 'We need to ensure that, from infrastructure providers such as airports and rail infrastructure managers, there are appropriate service levels and minimum quality requirements that are followed and delivered,' he said" DISCLAIMER:Text may be subject to copyright.This blog does not claim copyright to...

The Press Association: Allied Irish fined for overcharging : "Allied Irish Banks has been fined two million euro for overcharging customers, the Central Bank has confirmed. An investigation into the bank imposed the largest fine in Irish banking history after finding unacceptable delays in notifying customers of mistakes and in paying refunds. It penalised AIB for three issues including failure to act with due skill, care and diligence in the best interest of its clients and failure to have adequate systems controls to ensure compliance with consumer rules." DISCLAIMER:Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.

The Press Association: BA crews voting over new industrial action: "British Airways cabin crew, including those working at London's Heathrow Airport, have started voting on whether to take fresh industrial action in their long-running dispute with the airline. Unite said ballot papers are being sent to more than 10,000 of its members, warning that the bitter row was 'deepening'. The dispute was originally over cost-cutting measures, but worsened after BA withdrew travel concessions against cabin crew who went on strike earlier this year and took disciplinary action against some union members. Tony Woodley, Unite's joint general secretary, said: 'When this dispute started, the issue was making savings to help the company through a very difficult period for the industry. 'The union offered multi-million pound concessions which all but met management's requirements. BA however preferred imposition, provoking a dispute which has cost the company vastly ...

Lloyds Banking Group admits £4.3bn of losses on Irish loans Business The Guardian: "Bailed-out Lloyds Banking Group announced today that it will incur £4.3bn of losses on loans to Ireland, in the latest evidence that the problems inside the eurozone will have a knock-effect for Britain's banks. Lloyds issued an impromptu trading update in which it also warned that it would take longer than it had expected to complete its previously announced withdrawal from the troubled country. It admitted for the first time today the scale of the problems it faces in Ireland by revealing that 90% of the £5bn or so of loans it granted to property developers were impaired. Of the £6bn it lent for property investment, 54% is impaired. After these £11bn of commercial real estate loans, the rest of its £26.7bn of loans in Ireland are split evenly between corporate customers and retail customers. The bank's shares fell 4% to 66p after the surprise trading update confirmed fears that the Ir...

Snooty Europhiles should be forced to crawl in penitence - Telegraph: "I think we deserve an apology. By “we” I mean all the Euro-sceptics, Euro-pragmatists, Euro-realists and Euro-hysterics who were alarmed by some of the optimism that surrounded the birth of the single currency. Do you remember the disdain with which we were treated? We were told that we were boss-eyed Little Englanders. They used to say we were a bunch of xenophobic, garlic-hating defenders of the pint and the yard and the good old bread-filled British banger. Whenever we protested about any detail of the plan for monetary union, we were told that we were in danger of stopping the great European train, boat, bus, bicycle or whatever it was. We were a blimpish embarrassment to our country, a bunch of idiot children who had to be shooshed while the grown-ups got on with their magnificent plans. So it gives me a tingling pleasure to report that everywhere you look on the map of Europe we have been proved resound...

UK banks massively exposed to Spain and Ireland, warns BoE News Fund Strategy: "British banks are massively exposed to troubled markets Spain and Ireland by comparison with the core capital they hold as a buffer against losses, the Bank of England (BoE) has warned in its Financial Stability Report. Although British banks’ total holdings of foreign debt are relatively small compared with other countries, claims on Ireland and Spain in particular are large. Altogether, the Bank of England says Spanish and Irish positions represent about 75% of major British banks’ core capital, or the buffer they are obliged to hold to guard against losses. (article continues below) Given its sophistication and international focus, the British banking system as a whole is materially exposed to risks from the international financial system. Market concerns over sovereign risk in some European economies in particular have “re-intensified sharply” in recent weeks, the BoE says in its latest Financi...

FT.com / Companies / Banks - Lloyds hurt by Irish loan book losses: " Lloyds Banking Group will be hit by higher than expected charges on its Irish loan book this year after a further significant deterioration in market conditions in recent weeks. The government-backed bank disclosed on Friday that the impairment charge for the full year would be £4.3bn. In the first half, Lloyds took a charge of £1.5bn on its Irish portfolio – meaning losses on the loans have almost doubled in the past six months." :Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.

Bernard Madoff's son Mark found hanged Business guardian.co.uk: "Mark Madoff, the eldest son of disgraced financier Bernard Madoff, has been found hanged in his downtown Manhattan apartment on the second anniversary of the day his father turned himself in to authorities. His death, which was reported to the police by his father-in-law at 7.30am today, came days after he was named in a new lawsuit by the liquidators of his father's empire. 'He was found hanged in his apartment. It was an apparent suicide,' police spokesman Paul Browne said. But authorities said he left no suicide note. Mark Madoff and his brother, Andrew, were under investigation but had not faced any criminal charges in the $50bn (£31bn) Ponzi scheme that led to their father being jailed." DISCLAIMER:Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.

Australian supermodel Elle Macpherson has been awarded with £2.5million after winning a court battle against the liquidators of one of the Icelandic banks which collapsed during the economic crisis. Elle, known as The Body, took PriceWaterhouseCoopers, the liquidators of KSF, to the High Court in the Isle of Man. Macpherson could have lost money tied up with the bank after she used it to buy a new home in London. Although the 46-year-old ended up selling the house last October for £6.4million. The star took action with PWC when they would not let her 'set off' deposits she had with the bank against money owed by her company to KSF for a mortgage on property.DISCLAIMER:Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.

Recession Looms In Mid 2011 Fx Concepts Chief John Taylor Says - The Business Blotter - Portfolio.com: "John Taylor, the head of hedge fund giant FX Concepts, says the U.S. is headed back into recession by the middle of 2011, despite the Federal Reserve's latest bailout attempts. 'It's a new recession. We're already growing, but the numbers show that the U.S. government is still the primary creator of this growth,' Taylor, the head of the $8.5 billion currency fund, the largest of its kind, told the Reuters Investment Outlook Summit on Monday. 'I would argue that by the middle of next year, we will be in a recession, and our fiscal hands will be tied,' he said. His comments reflect rising concern about the economy, in light of last week's unexpectedly discouraging report on November jobs growth. The economy added only 39,000 jobs, and the jobless rate rose to 9.8 percent from 9.6 percent." DISCLAIMER:Text may be subject to copyright.This bl...

Jpmorgan Reportedly Suspected Madoff Months Before Arrest - The Business Blotter - Portfolio.com : "ABC News says it has documents that prove JPMorgan Chase suspected Madoff was a crook two months before the notorious financier was arrested. That is basically what Madoff trustee Irving Picard said in his suit against JPMorgan, Picard is seeking to recover $1 billion in profits and fees and $5 billion in damages from the bank on behalf of Madoff victims. The bank's London office reported suspicions about a fund that did business with Madoff to the U.K.'s Serious Organized Crime Agency in October 2008, two months before Madoff was arrested. The bank did not alert U.S. authorities. 'The company filed the report, an attorney for JPMorgan would later say, after a representative of a Madoff feeder fund became angry when JPMorgan began removing money from the fund. The representative of Geneva-based Aurelia Finance, which was acting as an adviser to one of the feeder funds...

Billion-Dollar Lessons: What You Can Learn from the Most Inexcusable Business Failures of the Last 25 Years FT.com / UK - Asil Nadir held in London for bail breach: "Business tycoon Asil Nadir, who returned to Britain voluntarily this summer to stand trial on theft and fraud charges next year, was arrested in London on Saturday on suspicion of breeching bail conditions. “I can confirm that a 69 year-old man has been arrested at an address in central London for breaching his bail terms,” a Metropolitan Police spokesman said. The Turkish Cypriot businessman, who was a big donor to the Conservative party, voluntarily returned on August 26 from his home in northern Cyprus , which has no extradition treaty with Britain. He is due to stand trial, possibly in October 2011, on charges linked to the failure of his Polly Peck fruit-to-electronics group, which folded in 1990 with debts of 1.3 billion pounds. The collapse of Polly Peck was one of Britain’s biggest business failures."...

Megrahi's family to sue over 'neglect' in Scots jail, says Gaddafi - Scotsman.com News: "The compensation claim was branded 'offensive' by MSPs last night as the Scottish Government defended its care of the bomber, who was released on compassionate grounds by Justice Secretary Kenny MacAskill due to advanced prostate cancer. However, he remains alive more than a year after his release, following intensive therapy in his homeland. The Libyan dictator said last night: 'He was released because he was considered dead, and yet he is still alive. 'His health was not looked after during his time in prison. He didn't have any periodic examination. After he passes away his family will demand compensation because he was deliberately neglected in prison.'"