Buddah Lineage

   Greeks are emptying their bank accounts, Italians are proposing that the Roman Catholic Church begin to pay nearly $1 billion in property taxes on lucrative hotels and businesses, and in the UK, protesters sans jobs have settled near 10 Downing in the wake of the nation’s biggest general strike in years. Spain has seen well-dressed panhandlers in Madrid. The Netherlands report higher bankruptcies and lower exports. French banks are cutting thousands of jobs. And in bailed-out Portugal, two religious and two civil holidays – weekdays off – will now fall on weekends, even as healthcare costs there have suddenly doubled in many hospitals. All across Europe, the severity of belt-tightening and public anger has brought a new stream of “austerity stories” to the fore: job cuts and their effect, new instances of ethnic hate, worry about social stability. Rising right-wing violence The majority of these stories flow out of Europe’s southern t...

   I understand that Hague, like the Chancellor, now believes this will happen soon. Osborne told Cabinet colleagues on Monday that the Merkel-Sarkozy plan for greater fiscal discipline within the eurozone was no solution to the current  crisis. Rather, he said, ‘it was like standing over a man having a heart attack and telling him that to avoid one in future he should do more exercise and cut down on cholesterol’. This view that the euro is unlikely to survive is why there are, so far, few worries about Britain being isolated by the eurozone bloc and its allies. The Government is also confident that the differences between the countries in the single currency will remain – that the Netherlands and Finland will continue to take a more liberal attitude to financial services and the single market than the French and the Italians. But there’s little doubt that Cameron’s decision to wield the veto changes Britain’s relationship with t...

  I can watch my serenity level rise when I discard my expectations. But then my “rights” try to move in, and they, too, can force my serenity level down. I have to discard my “rights,” as well as my expectations, by asking myself, “How important is it, really? How important is it com­pared to my serenity, my emotional sobriety?” And when I place more value on my serenity and sobriety than on anything else, I can maintain them at a higher level—at least for the time being.   -- Doctor, Alcoholic, Addict, Alcoholics Anonymous, page 452 (3rd Ed.) -- Acceptance Was The Answer, Alcoholics Anonymous, page 422 (4th Ed.)

Suspects accused of selling guns and drugs. Authorities collared 38 Bronx and upper Manhattan gangbangers Wednesday after a two-year probe into a notorious crew, officials said. The alleged members of the Dominican-based Trinitarios gang all face charges of racketeering, narcotics conspiracy and gun trafficking, authorities said. The undercover investigation — which involved officers from the NYPD, the federal Drug Enforcement Administration, the Bureau of Alcohol, Tobacco and Firearms and Homeland Security — netted about $25,000 worth of drugs and 12 firearms in Wednesday’s raid, police said. One weapon recovered, a Mac-11 machine gun, was painted the same shade of green the gang uses in its colors. Federal prosecutors said the crew committed and planned violent acts, including murder, to protect its turf from rival gangs that include the Bloods, Crips, the Latin Kings and Dominicans Don’t Play. “We believe we put a big dent in the Trinitarios gang,”...

  Glenn Mulcaire, the private eye at the centre of the News of the World phone hacking scandal, has been arrested by Scotland Yard detectives pursuing a fresh investigation into phone intercepts, according to a person familiar with the inquiry. Officers working on Operation Weeting – the Metropolitan Police’s second probe into phone hacking at News International, which owned the now-defunct Sunday tabloid – announced on Wednesday that they had arrested a 41-year-old man who was being held on suspicion of conspiracy to hack voicemail messages and perverting the course of justice.  Mr Mulcaire is the 16th person to be arrested under the new operation, and has already served a six-month prison sentence in 2007 after pleading guilty to intercepting phone messages. He was arrested at his home in Surrey in a dawn swoop and held in a south London police station. Detectives on Operation Weeting have used the private investigator’s notebooks – which contai...

FIRST Greece; then Ireland and Portugal; then Italy and Spain. Month by month, the crisis in the euro area has crept from the vulnerable periphery of the currency zone towards its core, helped by denial, misdiagnosis and procrastination by the euro-zone’s policymakers. Recently Belgian and French government bonds have been in the financial markets’ bad books. Investors are even sniffy about German bonds: an auction of ten-year Bunds on November 23rd shifted only €3.6 billion-worth ($4.8 billion) of the €6 billion-worth on offer. Worse, there are signs that the euro zone’s economy is heading for recession, if it is not there already. Industrial orders in the euro zone fell by 6.4% in September, the steepest decline since the dark days of December 2008. A closely watched index of euro-zone sentiment, based on surveys of purchasing managers in manufacturing and services, is also signalling contraction, with a reading of 47.2: anything below 50 suggests activity ...

  "I don't think any of us can feel confident one way or another about whether all the countries that are currently in the euro zone will still be in it," he said. He was speaking folllowing a weak sale of German 10-year bond sale as investors shunned the paper, raising fears that the debt crisis was starting to infect the eurozone's biggest economy. Frank Schaeffler, of the junior coalition partner Free Democrats (FDP), said: "The debt crisis is burrowing ever deeper, like a worm, and is now reaching Germany." The euro stayed near seven-week lows against the dollar on Thursday as worries over the crisis persist. Makoto Noji, a senior strategist at SMBC Nikko Securities, said: "If Germany has to pay higher costs for its borrowing, it's obvious it cannot help the entire euro zone. If German bond yields keep rising, that could even be a trigger for break-up of the euro."

  The UK's borrowing costs fell to a lower level than Germany for the first time in three years amid fears over the impact the euro crisis will have on the region's powerhouse economy. The yield on UK Government 10-year bonds fell to 2.16%, while the equivalent German costs rose to 2.21%, in a sign that investors have more faith in Britain's ability to cope with its debts. The rising borrowing costs in Germany followed the country's worst-received bond auction since the euro's launch as global investors appear to be turning their backs on Europe's biggest economy amid fears of a possible break-up of the eurozone. Chancellor George Osborne is likely to view the figures as evidence that his deficit-busting austerity measures are protecting the UK's position as a financial "safe haven". Anita Paluch, senior German liaison sales trader at Gekko Global Markets, said the rising costs in Germany emphasise "the seriousness of the state Europe is in...

  Don't just book it, Thomas Cook it. So runs the slogan. Would you? Here's interim (that's reassuring) chief executive Sam Weihagen doing his safe-as-houses routine: "It's business as usual. We are trading within all our covenants. We have all the protection in place like any other travel company, and customers should not worry at all." Well, not quite like any other travel company. Thomas Cook of course holds an Air Travel Organisers' Licence from the Civil Aviation Authority which means customers should get their money back in the event of calamity. But the simple fear of being stranded a week after passengers of Austria's Comtel Air had to bribe pilots with £20,000 just to return to Birmingham is bound to unsettle would-be customers. There's a circle at work here and it is vicious. Given the choice between a similarly priced holiday with Thomas Cook or, say, Thomson, why would you risk the former? To counteract this, Thomas Cook might have...

Thomas Cook planes parked at Munich airport last year. Photograph: Alexander Hassenstein/Getty Images Thomas Cook  is running low on cash and has begun talks with its banks, in an effort to increase its borrowings to tide it over the slow Christmas season. Shares in the tour operator fell by more than three quarters on Tuesday morning after it admitted that trading has "deteriorated" in recent months. It is now seeking to borrow more in the short term, and has postponed the publication of its financial results until the talks are concluded. Shares in the company, which  abruptly lost its chief executive three months ago , tumbled by more than 75% to 9.3p at one stage. Tour operators tend to run low on cash in the slower winter months, but even so, the news stunned the City. Only last month, Thomas Cook said it had agreed a further £100m in short-term funding from its banks explicitly for the winter lull. A spokeswoman said that discussions with banks were merely a "prude...

  British government bonds are attracting strong support, in sharp contrast to their troubled eurozone peers as investors seek a safehaven from a debt crisis now spreading to Italy, Spain and even France. British government bonds, or gilts as they are known, are in huge demand largely because the Bank of England is buying them up with newly-created money that it hopes can in turn be used to stimulate an anaemic economic recovery, analysts say. But investors are also reassured by the British coalition government's determined efforts to slash state debt and avoid the severe troubles that have snared the crisis-hit eurozone trio of Greece, Ireland and Portugal.

The PP mayor of El Ejido in Almería, Francisco Góngora, has criticized the "negligence" of the former government team and announced that the city council are to begin legal proceedings against the promotions company who were to stage a concert by the Rolling Stones in 2006. Following the findings of "many irregularities" in the case, the council are now seeking to claim a total of 2,251,000€, which they feel they are owed, in view of the cancellation. The announcement was made at a press conference in which Francisco Góngora claimed that there was a “contractual obligation” by the promoter to ensure that the concert went ahead and that even if the company were insolvent, then they would seek recompense from the individuals responsible for the incomplete commitment made to the previous government team. Information indicates that there was a contractual clause that stipulated that insurance must be provided that should the concert be cancelled, then t...

. Photograph: Reuters Tv/Reuters Saif al-Islam Gaddafi , the fugitive son of  Libya 's deceased former dictator, has been arrested in southern Libya, according to officials from the country's new government. Libyan state TV reported that Saif has arrived in captivity and unhurt at an army base in the town of Zintan, 90 miles south-west of Tripoli. Muammar Gaddafi's second and highest-profile son was captured along with several bodyguards by fighters near the town of Obari in Libya's southern desert, said the interim justice minister and other officials. Saif was said to be in good health, according to the justice minister Mohammed al-Alagi. "We have arrested Saif al-Islam Gaddafi in [the] Obari area," the minister told Reuters. Saif was captured near the southern city of Sabha with two aides trying to smuggle him out to neighbouring Niger, militia commander Bashir al-Tayeleb said. Zintan, a base for forces in the Nafusa Mountains which played a key part in the...

  An anti-British backlash gathered pace in Germany yesterday as David Cameron and Angela Merkel struggled to disguise the gulf between them on how to tackle the eurozone crisis. The Prime Minister returned from talks in Berlin with the German leader having made little progress in agreeing emergency action to stop the financial contagion spreading. Tensions were inflamed after a close ally of Ms Merkel predicted Britain would eventually adopt the euro. The German media joined the clamour, with the mass-circulation newspaper Bild questioning whether it might be better for Britain to leave the European Union altogether. Behind the leaders' smiles at a joint press conference yesterday, they acknowledged fundamental differences remained on three key issues: * New eurozone rules. Ms Merkel called for "limited" changes to European treaties to impose fiscal discipline on the single currency but stressed negotiations should only be for eurozone members. Mr Cameron wants Brit...

  A NEW breed of super-rich is crawling out of the mahogany woodwork in Australia. With the recent mining boom and strengthening dollar, a new report has revealed that more than 2500 individuals are worth at least $US30 million. The report, the first conducted by Sydney-based Wealth-X - which describes itself as a wealth intelligence firm - showed that 2750 Australians earned at least $US30 million (30 of them are billionaires). Wealth-X Australia vice-president Adrian Jenkinson said the number of ultra-high net worth (UHNW) individuals reflected the strength of the resources boom. "A lot of the wealth is a result of the current economic environment ... (especially) around mining and mining-related services," he said. "It's directly linked to the commodities boom." Clive Palmer did not make the cut with the survey valuing him at a paltry $1.27 billion, far below the Sunday Mail Rich List estimate of $6 billion. But Queensland-born Chris Wallin, of QCoal, ...

  Northern Rock has been sold to Virgin Money, for £747m, marking the first return to the private sector of a UK government-backed bank since the financial crisis. Virgin, the retail banking arm of Sir Richard Branson, will pay £747m in cash upfront – roughly half of the £1.4bn of government equity that was injected into Northern Rock following its collapse in 2007. The taxpayer could receive up to an additional £250m if the business is sold or floated in future. The sale of the “good” part of the bank marks a £400m loss for the government. The bulk of the funding for Virgin’s bid was provided by Wilbur Ross, the US billionaire investor, who owns a 20 per cent stake in the group. More ON THIS STORY Q&A How the deal affects you Lombard Branson risks Northern exposure Metro Bank has issued just 100 mortgages Good news for Lloyds as Co-op bids for branches On London UK domestic banks ON THIS TOPIC N Rock expects to make profit...