Buddah Lineage

US benchmark borrowing costs plunged to levels last seen in 1946 and those for Germany and the UK hit all-time lows as investors took fright at what they see as a disjointed policy response to the debt crisis in Spain and Italy. In a striking sign of the flight to haven assets, German two-year bond yields fell to zero for the first time, below the equivalent rate for Japan, meaning investors are willing to lend to Berlin for no return. US 10-year yields fell as low as 1.62 per cent, a level last reached in March 1946, according to Global Financial Data. German benchmark yields reached 1.26 per cent while Denmark's came close to breaching the 1 per cent level, hitting 1.09 per cent. UK rates fell to 1.64 per cent, the lowest since records for benchmark borrowing costs began in 1703. "They are extreme levels because we are in an extremely perilous situation. People just want to put their money somewhere where they think they will get it back. People may soon be paying Germany or...

Property prices in the capital’s most sought-after postcodes have been driven up by investors moving funds out of assets held in euros to buy into what is seen as a “safe haven” alternative. Foreign money seeking a refuge from the wider economic turmoil accounted for 60pc of acquisitions of prime central London property between 2007 and 2011, according to a report by Fathom Consulting for Development Securities. If the shared currency broke up completely, London property would initially be boosted by the continued flight towards a safe haven, the report predicts. But, once the break-up had taken place, demand for these assets as an insurance against this event would start to ebb. “Although fears about a messy end to the euro debt crisis may account for much of the gain in prime central London (PCL) prices that has taken place over the past two years, we find that a break-up of the single currency area is also the single greatest threat to PCL,” said researc...

Up until now, Lord Justice Leveson has only held the future of the British press in his hands. Today, despite all his protests to the contrary, his inquiry may determine the fate of the culture secretary, Jeremy Hunt. The judge insists that it is not his job to put any minister in the dock and that he certainly will not be giving his verdict on whether there have been any breaches of the ministerial code. Nevertheless, the prime minister has made it clear that he sees today's hearing as the moment when Mr Hunt must defend his much criticised handling of News Corp's £8bn bid for total control of BSkyB. The culture secretary has, I'm told, submitted more than 160 pages of internal memos, emails and text message transcripts to the Leveson Inquiry. I understand that he will insist that, despite having originally been a cheerleader not just for Rupert Murdoch but also for his bid, he acted in ways which frustrated it rather than accelerated it once he was made the minister ...

David Cameron's former communications chief Andy Coulson has been charged over allegations he committed perjury during the trial of former MSP Tommy Sheridan. The 44-year-old was detained for questioning at Govan police station in Glasgow by officers from Strathclyde Police. More than six hours later, the force confirmed he had been arrested and charged with perjury. A report will be sent to the procurator fiscal which will decide if Coulson is to face court proceedings. The former News of the World editor gave evidence at Sheridan's perjury trial at the High Court in Glasgow in December 2010, while he was employed by Downing Street as director of communications. At the trial, he claimed he had no knowledge of illegal activities by reporters during the time that he was editor of the now-defunct newspaper. He said: "I don't accept there was a culture of phone hacking at the News of the World." Sheridan was ultimately jailed for three years in January last year afte...

Julian Assange's fight to evade extradition to Sweden appeared doomed today though he was given a stay of execution by the highest court in the land. His celebrity-endorsed legal battle trundled on without him as the self-proclaimed champion of truth and transparency remained stuck in London's notorious traffic, undoubtedly disappointing his legion of fans. While vastly diminished in number from the early days of the furore surrounding the WikiLeaks founder, they were as vociferous as ever, penned in outside the Supreme Court yesterday, carrying megaphones, guitars and banners proclaiming “Free Assange” and “God Save Julian”. Mr Assange, 40, had argued that an European Extradition Warrant from Sweden to face allegations of rape and sexual molestation was invalid as the public prosecutor who issued it did not constitute a “judicial authority”. He denies the accusations, insisting they are “politically motivated”. His case was partially ...

Andy Coulson has been arrested on suspicion of perjury. Picture: Getty FORMER Downing Street communications chief Andy Coulson has been arrested on suspicion of committing perjury during the Tommy Sheridan trial at the High Court in Glasgow, the Crown Office said today.   The 44-year-old was detained in London this morning by officers from Strathclyde Police.   Coulson gave evidence in Mr Sheridan’s perjury trial at the High Court in Glasgow in December 2010.   He was also arrested last year in relation to Scotland Yard’s long-running investigation into phone-hacking at the News of the World.   He was held in July on suspicion of conspiring to intercept communications and corruption and had his bail extended earlier this month.   A Strathclyde Police spokesman said: “Officers from Strathclyde Police Operation Rubicon detained a 44-year-old man in London this morning under section 14 of the Criminal Procedures Scotland Act on suspicion of commit...

  PR man: Andy Coulson was held today by Strathclyde Police,David Cameron’s former No 10 spin doctor Andy Coulson was arrested today on suspicion of committing perjury. Mr Coulson, 44, was detained at his home in Dulwich at 6.30am by seven officers from Strathclyde police and taken to Glasgow where he will be questioned. The case centres on claims that he misled a court about his knowledge of phone-hacking during a criminal trial in Glasgow. The former News of the World editor, hired by the Prime Minister as his director of communications, told a court in 2010 that he had no knowledge of illegal voicemail interception when in charge of the tabloid. During the perjury trial of former Scottish MP Tommy Sheridan, Mr Coulson said: “I don’t accept there was a culture of phone hacking at the News of the World.” He also denied knowing that the  newspaper paid corrupt police officers for tip-offs. Mr Cameron has faced questions over his decision to bring...

Unemployed people suspected of suffering from alcoholism or drug addiction will have their benefits cut if they refuse treatment for their condition, the work and pensions secretary, Iain Duncan Smith, will signal on Wednesday. In a sign of the government's new benefits regime, which lies at the heart of Duncan Smith's cost-cutting welfare changes, staff in Jobcentre Plus offices will be encouraged to cut the jobseeker's allowance of claimants who reject treatment for addiction. The new rules will come into place in October 2013 when the universal credit, which is designed to wrap benefits into one payment, is introduced. A new claimant contract lies at the heart of the universal credit reforms. Claimants will have to sign a contract in which they agree to look for work in exchange for an undertaking from the government to support them while they do so. Government sources said the contract would allow Jobcentre Plus staff to say that a suspected addict is in breach of th...

Scotland Yard is investigating allegations that detectives working for its anti-corruption unit have been paid thousands of pounds by a firm of private investigators. A parliamentary inquiry was told today that invoices, also seen by the Guardian, purport to show how a firm of private investigators made payments in return for information about the Metropolitan police investigation into James Ibori, a notorious Nigerian fraudster. On Tuesday, the Commons home affairs select committee was told by a lawyer involved in the case that invoices showed about £20,000 of potential payments to police officers in what amounted to an undetected case of "apparent corruption right at the heart of Scotland Yard". In recent weeks, as the Guardian investigated the allegations, the Met has sought to discourage the paper from publishing details about the case. But , after MPs heard the evidence, the Met dropped its previous insistence that there was "evidence that casts doubt on the cred...

Three people have been killed in a 5.9-magnitude earthquake that struck northern Italy near Bologna, according to reports. The quake that struck at just after 4am local time was centred 21.75 miles north-northwest of Bologna at a relatively shallow depth of six miles, the US Geological Survey said. Italian news agency Ansa, citing emergency services, said two people were killed in Sant'Agostino di Ferrara when a ceramics factory collapsed. Another person was killed in Ponte Rodoni do Bondeno. In late January, A 5.4-magnitude quake shook northern Italy. Some office buildings in Milan were evacuated as a precaution and there were scattered reports of falling masonry and cracks in buildings. The tremor was one of the strongest to shake the region, seismologists said. Initial television footage indicated that older buildings had suffered damage. Roofs collapsed, church towers showed cracks and the bricks of some stone walls tumbled into the street during the quake. As dawn broke...

BRITAIN yesterday piled pressure on German Chancellor Angela Merkel to save the euro. 6 comments Related Stories PM: Make or break for euro HE to issue plea to Merkel to fork out as only way to stave off meltdown New French Pres gets a soakingFrench warning for CameronSarky poll malarky will leave PM narky David Cameron and Chancellor George Osborne said she must use her financial clout to stop the single currency collapsing. The PM hammered the message home in emergency talks via video-link with Mrs Merkel and French president Francois Hollande. It came as the chaos in Greece spread to Spain — with fears of a run on banks in both countries. Greeks have taken £560million from local banks in the past week. And yesterday Spain’s Bankia bank was forced to deny reports customers had taken £800million out of its coffers in the past seven days. Last night the fears hit Santander UK as credit rating agency Moody’s downgraded the bank along with its Spanis...

In a sweeping reassessment, ratings agency Moody’s announced in Madrid that it is downgrading 16 Spanish banks because it could not be sure of the ability of the country’s government to provide the necessary support. Santander UK was among the banks highlighted after the ratings agency took aim at its parent Banco Santander, based in Spain.  The Spanish banking crisis has hit the British high street, with the news that Santander has had its credit rating cut Santander is one of the biggest players in UK retail banking, having taken over the former Abbey National, Alliance & Leicester, Bradford & Bingley and most recently the English branches of the Royal Bank of Scotland. The new lower A2 credit rating is certain to be a cause of anxiety to Santander UK’s millions of British customers.  Nevertheless, they can be confident that their deposits up to £85,000 are guaranteed by the British government should there be a loss of confidence.

The 63-year-old singer, who had hits including Hot Stuff, Love to Love You, Baby and I Feel Love, died in Florida on Thursday morning. She had largely kept her battle with lung cancer out of the public eye. But the website TMZ reported that the singer had told friends she believed her illness was the result of inhaling toxic dust from the collapsed Twin Towers. On Thursday night tributes were paid to the singer, considered by many to be the voice of the 1970s. A statement released on behalf of her family — husband Bruce Sudano, their daughters Brooklyn and Amanda, her daughter, Mimi from a previous marriage and four grandchildren — read: “Early this morning, surrounded by family, we lost Donna Summer Sudano, a woman of many gifts, the greatest being her faith. "While we grieve her passing, we are at peace celebrating her extraordinary life and her continued legacy.

Grafitti saying 'Z 100%', referring to the Los Zetas cartel, near to where 49 mutilated bodies were found in Northern Mexico. Photograph: Miguel Sierra/EPA Investigators are questioning Mexico's former deputy defence minister and a top army general for suspected links to organised crime, in the highest level scandal to hit the military in the five-year-old drug war. Mexican soldiers on Tuesday detained retired general Tomás Angeles Dauahare and general Roberto Dawe González and turned them over to the country's organised crime unit, military and government officials said. Angeles Dauahare was number 2 in the armed forces under President Felipe Calderón and helped lead the government's crackdown on drug cartels after soldiers were deployed to the streets in late 2006. He retired in 2008. Dawe González, still an active duty general, led an elite army unit in the western state of Colima and local media said he previously held posts in the violent states of ...

The trading losses suffered by JPMorgan Chase have surged in recent days, surpassing the bank’s initial $2 billion estimate by at least $1 billion, according to people with knowledge of the losses. When Jamie Dimon, JPMorgan’s chief executive, announced the losses last Thursday, he indicated they could double within the next few quarters. But that process has been compressed into four trading days as hedge funds and other investors take advantage of JPMorgan’s distress, fueling faster deterioration in the underlying credit market positions held by the bank. A spokeswoman for the bank declined to comment, although Mr. Dimon has said the total paper trading losses will be volatile depending on day-to-day market fluctuations. The Federal Reserve is examining the scope of the growing losses and the original bet, along with whether JPMorgan’s chief investment office took risks that were inappropriate for a federally insured depository institution, according to sever...

Four of the last reporters and photographers willing to cover crime stories have been slain in less than a week in violence-torn Veracruz state, where two Mexican drug cartels are warring over control of smuggling routes and targeting sources of independent information. The brutal campaign is bleeding the media and threatening to turn Veracruz into the latest state in Mexico where fear snuffs out reporting on the drug war. Three photojournalists who worked the perilous crime beat in the port city of Veracruz were found dismembered and dumped in plastic bags in a canal Thursday, less than a week after a reporter for an investigative newsmagazine was beaten and strangled in her home in the state capital of Xalapa. Press freedom groups said all three photographers had temporarily fled the state after receiving threats last year. The organizations called for immediate government action to halt a wave of attacks that has killed at least seven current and former reporters and photographer...

Three Jobcentre civil servants, who were the ringleaders of a £1.7million plot involving at least 1,767 bogus claims for maternity benefit, tax credit and Jobseeker's Allowance, were jailed for a total of 23 years today. They abused their authorised access to the Department of Work and Pensions (DWP) database to research claimants all over the country and make multiple fraudulent claims on their behalf, Croydon Crown Court heard. Anthony Ekajeh, 48, of Rainham, Essex, received ten years; Fiayo Akinwumiju, 35, of Coulsdon, Surrey, was jailed for seven and a half years; and Olufemi Kehinde, 47, of Acton, west London, received five and a half years.

At night, the streets leading to Omonoia Square are empty. That wasn't always the case. The area was the premier multicultural neighborhood of Athens and one of the first quarters to be gentrified. Jazz bars and Indian restaurants lined the streets, separated by the occasional rooms-by-the-hour hotel. It was a quarter full of immigrants, drug addicts and African prostitutes, but also of journalists, ambitious young artists and teenagers from private schools. Today, the immigrants stay home once night falls. They are afraid of groups belonging to the "angry citizens," a kind of militia that beats up foreigners and claims to help the elderly withdraw money from cash machines without being robbed. Such groups are the product of an initiative started by the neo-Nazi Chrysi Avgi -- Golden Dawn -- the party which has perpetrated pogroms in Agios Panteleimon, another Athens neighborhood with a large immigrant population. There are now three outwardly xenophobic parties in Greec...

Reality TV is, at its core, about letting viewers revel in the bad decision-making of others: those who speak without thinking, who backstab, who have sex without condoms, who cheat. Frustratingly, though, reality shows—to which I am unapologetically addicted—tend to reward bad behavior, by giving its villains notoriety, spinoffs, opportunities to endorse weight-loss products, a nice sideline in paid interviews with supermarket tabloids, and other D-list rewards. Locked Up Abroad is different. The National Geographic show, the sixth season of which premiered last week, gives its stars something they wouldn’t get on other reality shows: their comeuppance. Having debuted in the U.K. (under the title Banged Up Abroad), Locked Up Abroad showcases one person (sometimes a couple) who ends up in prison overseas. Participants fit into one of two categories. The first group are the (largely) innocent: the married missionary couple who were kidnapped in the P...

Low fare carrier bmibaby is set to close later this year, threatening the loss of hundreds of jobs and the ending of its flights. The carrier transferred to International Airlines Group, the owners of British Airways, last month, but consultations have now started with unions about its closure in September. The GMB union said it was "devastating" news, especially for the East Midlands, where hundreds of jobs are now threatened with the axe. With bmi Regional, bmibaby transferred to International Airlines Group ownership on completion of the purchase from Lufthansa. IAG has consistently said that bmibaby and bmi Regional are not part of its long-term plans. A statement said: "Progress has been made with a potential buyer for bmi Regional, but so far this has not been possible for bmibaby, despite attempts over many months by both Lufthansa and IAG. Bmibaby has therefore started consultation to look at future options including, subject to that consultation, a proposal to c...