20130329

Easter Gets an Exemption From Spanish Austerity

Easter Gets an Exemption From Spanish Austerity

ALBAIDA DEL ALJARAFE, SPAIN — Dolorés Gelo Suárez, a 70-year-old retired cleaner, lives alone in a home filled with religious decorations and relies on a state pension worth “a few hundred” euros a month.

Still, she recently donated €14,000, or almost $18,000, to make a gold-laced tunic that will be worn by a statue of the Virgin Mary and then carried on Sunday by members of her religious brotherhood during one of Andalusia’s traditional Easter processions.

 Meanwhile in Olivares, a neighboring town of 9,500, another brotherhood was also preparing a Virgin statue for its Easter procession, this one adorned with a gold crown. The crown was made after melting down necklaces, rings, ancient coins and other gold objects worth tens of thousands of euros, after they were donated last year by 300 members of the brotherhood.

Such fund-raising underlines the clout of the Roman Catholic Church, whose importance in Spain as a charitable institution has also been considerably enhanced by the country’s economic crisis and government spending cuts on social services. The newly elected Pope Francis has suggested the poor will be at the heart of his mission.

But the crisis has also put strains on the church. Its fiscal privileges have been put under the spotlight. And the splendor of the Easter celebrations is viewed by some as out of sync with the dire economic conditions of the time.

“There is a debate about introducing more austerity in the Easter celebrations, probably fueled both by our economic crisis and the message of our new Pope,” said María Roca, professor of religious law at the Complutense University in Madrid, as well as a legal adviser to the Spanish church.

In fact, Miguel Luna, the secretary of the Olivares brotherhood that collected gold for the Virgin’s crown, said his organization found itself in “an uncomfortable situation.” On the one hand, it is deeply attached to its long held traditions — it celebrated its 300th anniversary last year. But it is also concerned about appearing ostentatious. Some members of the brotherhood opposed investing in the crown.

Still, the crown should be understood as “a very emotional transfer that people want to make to the Virgin,” Mr. Luna said. “It’s certainly not about trying to exhibit splendor and wealth at a time when the focus is on charity and austerity.”

The resilience of the donation-based financing model of the religious brotherhoods contrasts with the difficulties faced by many town halls, which have been buried in debt since the Spanish property bubble burst in 2008.

“The crisis hurts everybody, but a brotherhood is self-financed, has never depended on subsidies and simply spends what it can collect,” said Gerardo Díaz, a member of another brotherhood, who also handles public finances as treasurer of the Olivares town hall.

This Easter, for instance, Mr. Díaz’s brotherhood is assuming the cost of a tow truck to ensure that badly parked cars will not block the processions. The town normally pays that bill.

In a country with a record jobless rate of 26 percent, the church has aggressively trumpeted its virtues as an employer. Last year, it began a recruitment drive for priests, with its television ad campaign arguing that joining the priesthood was a guarantee of “a permanent job.”

For the brotherhoods, soaring joblessness has helped persuade more idle house painters, ceramic workers and other craftsmen to lend a hand in the time leading up to Easter celebrations.

“People have far less regular work, so that at least means more spare time to devote to our brotherhood,” said Genoveva Rodríguez Sánchez, a seamstress who has made several embroideries for her brotherhood and has been setting aside one day a week to help prepare the Easter festivities.

“I think religious fervor has in any case been rising here every year, but this is also helping to maintain a long tradition of artistry that would otherwise go to waste during this crisis,” she added. Among the 3,000 inhabitants of Albaida del Aljarafe, 509 people are registered as unemployed.

Still, while 73 percent of Spaniards call themselves Catholics, the proportion who identify themselves as practicing the religion has declined steadily, down last year to 18 percent, according to Metroscopia, a polling agency. That compared with 31 percent in 1988 and 48 percent in 1976, the year after the dictator Francisco Franco died.

Meanwhile, the crisis has also brought more attention to the economic advantages of the church, particularly its exemption from most property tax under a 1979 agreement signed between Spain and the Vatican.

The church also benefited from a 1998 legislative act that allowed dioceses to register as their property churches and other buildings that they had long used but not officially owned.

20130323

Russian tycoon Boris Berezovsky dies in London

Russian tycoon Boris Berezovsky dies in London

Current criminal proceedings in Russia against him will most likely be quashed and property items seized from him will be returned to his family if news that the self-exiled Russian tycoon died in Britain on Saturday is officially confirmed, said a source familiar with the situation.

However, proceedings against him may continue if his family demands it, seeking his rehabilitation, the source told Interfax.

Interfax has been unable to obtain official confirmation of any of this information so far.

Close run thing

Close run thing


Europe’s defences against bank runs have limits that may be about to be tested. The decision to force insured depositors to fund part of Cyprus’ bailout has sparked fears that their counterparts in Italy and Spain will try to head off hypothetical losses of their own by withdrawing their holdings. If they do so in bulk, the European Central Bank would struggle to hold the line.

The ECB can help banks struggling to fund themselves in two ways: the Main Refinancing Operations (MRO), where it takes the risk that its support is not repaid, and so-called Emergency Liquidity Assistance (ELA), where that risk is borne by the struggling lender’s national central bank. In both cases the ECB or the national central bank protects itself by holding the bank’s haircut collateral as security.

Italy and Spain are already heavily using the MRO. Partly as a result of the ECB’s unprecedented three-year loans last year, Italian banks now hold 281 billion euros, while Spanish banks have 278 billion euros even after cutting their exposure by 25 percent since December. The good news is that Italian banks have enough free collateral to secure another 248 billion euros of ECB funding if need be, according to the most recent Bank of Italy disclosure.

The bad news is that this is only 6 percent of Italian banking assets. In total, the two states’ banking sectors are worth 7.7 trillion euros. Rather than increasing exposure to this monster, the ECB’s governing council - mainly comprising the heads of the euro zone’s national central banks - may insist that help beyond a certain point be via ELA, as happened with Greece, Ireland and Cyprus. Italy and Spain’s current ELA usage is minimal.

Even so, the ECB governing council tends to get jumpy about providing ELA hand over fist. Even though they don’t take the risk directly, German taxpayers would still have to shoulder the greatest losses from ELA if the euro zone broke up. Italy’s lack of a government for the next six months only makes things worse.

The dreaded bank runs may, of course, not materialise. Even in Greece, only 30 percent of deposits have been withdrawn since the crisis began. The ECB’s commitment to bond buying and banking union may calm depositors’ fears. But after Cyprus’ bombshell, blind faith looks increasingly ill-advised.


Context News

Italian banks had borrowed 281 billion euros from conventional liquidity facilities provided by the European Central Bank as of the end of February, the Bank of Italy said. They had also borrowed 1.6 billion euros in the form of “other claims on euro-area credit institutions denominated in euros”, a proxy for so-called emergency liquidity assistance.

Spanish banks had borrowed 277.6 billion euros in conventional liquidity support, down from 361 billion euros in December. They had also borrowed 1.7 million euros in ELA.

20130322

Turkish central bank sharpens resistance to credit bubble

Turkish central bank sharpens resistance to credit bubble

ISTANBUL, Nov 28 (Reuters) - Turkey's central bank is considering setting up an early warning system to avert the risk of cheap foreign borrowing feeding a credit bubble, according to a central bank document seen by Reuters.

It may consider imposing stricter reserve requirements on banks deemed too highly leveraged from 2014 if it sees such problems developing, the document shows.

The central bank has been performing a delicate balancing act this year, trying to reinvigorate a slowing economy while preventing loan growth fu elled in part by a surge in global liquidity fro m getting out of control and stoking inflation.

Expectations that Turkey could soon join benchmark investment grade bond indexes, if a second ratings agency follows Fitch's upgrade earlier this month, has increased the risk of destabilising inflows of foreign cash.

According to a presentation sent to Turkish banks and seen by Reuters, the central bank is considering imposing higher required reserve ratios on banks whose leverage ratio - a measure of their capital against total assets - is 3 percent or below.

The aim would be to ensure that banks are funding loan growth from deposits, rather than building up a dangerous dependency on the cheap money that major central banks in the United States and elsewhere have been injecting to try to reinvigorate their economies.

Turkey's last banking crisis in 2001, in which its currency weakened so sharply that Turks needed 1.65 million lira to buy a single dollar, prompted the country to recapitalise its banks and introduce tighter regulations.

Banking sources said the central bank would monitor lenders during next year and would start applying the higher ratios in 2014 if any bank appeared to be too highly levered, part of an early warning system to guard against overheating.

"This is a new tool ... The central bank is signalling to banks that it wants them to have a high leverage ratio as it expects an expansion in their assets in the period ahead," one of the banking sources said.

"The central bank is asking banks to increase their lending by strengthening their capital but not by borrowing. It just doesn't want to see a loan expansion based on borrowing. All banks will have to be on their guard," he said.

According to the presentation, the central bank may add 1-2 percentage points onto its reserve requirement ratio for banks with a leverage ratio below around 3 percent from 2014, and potentially below 5 percent by 2016.

It currently applies a required reserve ratio of 11 percent on banks' lira deposits with a maturity of up to 3 months.

FOREIGN BORROWING BOOMS

In its bi-annual financial stability report, released on Thursday, the central bank hinted at an increased focus on bank leverage, saying stronger ratios were "important for the establishment and sustainability of financial stability".

"For us the big picture is important - loan growth and how this loan growth is financed, how much through deposit growth and how much with non-core liabilities," Turalay Kenc, who sits on the central bank's monetary policy committee, told Reuters at a conference in Istanbul this month.

Turkish banks are on track to issue around $8.5 billion in foreign bonds this year, more than double their borrowing abroad last year. The surge is likely to continue in 2013, particularly if the country receives another ratings upgrade.

The average leverage ratio among its more than 40 banks is 7.6 percent, though some are more highly levered than others. Only one has a leverage ratio of below 3 percent.

"Currently we are talking about 12-13 banks in the whole sector with a leverage ratio below or at five percent. The major banks are way above this," a second banking source said.

"The central bank would ask them to adjust their borrowing and loan growth ... or face a penalty. So they have a strong interest in increasing their leverage ratio."


Turkish banks have been borrowing dollars at rates as low as 1.5 percent on the repo market and parking them with the central bank as reserves, while lending lira to consumers at interest rates of up to 10 percent.

The central bank has managed to reduce annual loan growth to around 15 percent so far in 2012, from 29.5 percent last year and 34 percent in 2010, by gradually increasing banks' funding costs and thereby draining liquidity.

While it wants a certain level of loan growth to stimulate flagging domestic demand, too sharp an expansion would stoke inflation, increase Turkey's import bill and widen an already gaping current account deficit, its main economic weakness.

"There's nothing wrong with the current trend, but they're being cautious. They want to position the banking sector better against capital inflows," the first source said.

Turkey's current account deficit stood at $77 billion, 10 percent of output, in 2011. The government expects it to fall to $60.7 billion in 2013. Inflation stood at 7.8 percent in October, far above the bank's year-end target of five percent. (Editing by Nick Tattersall/Ruth Pitchford)

20130321

Renowned economist warns against Turkish real estate bubble

Renowned economist warns against Turkish real estate bubble

According to the Real Estate Investing Partners Association, 96,000 housing units were sold in the first quarter of 2012, 5.5 percent more than to a year ago.(Photo: Today's Zaman) 
7 August 2012 /TODAY'S ZAMAN 
A leading economist with the Massachusetts Institute of Technology (MIT) has cautioned that housing prices are increasing too quickly in Turkey, encouraging the country's policy makers to be on alert against a possible real estate bubble similar to those observed in the United States a few years ago and currently in Spain.
Speaking to the Agos weekly, Professor Daron Acemoğlu -- one of the 10 most cited economists worldwide according to the IDEAS/RePEc project -- noted that the rapid increases in valuations of houses across the country have the potential to cause a nationwide crisis if the prices reach an unsustainable level and suddenly decline, leaving banks with too many bad loans. “Where have we seen housing prices soar when real interest rates are really low? In the US and Spain. … Then what has happened? This must be carefully thought about,” he told the weekly.

According to Central Bank of Turkey's latest figures, housing prices increased at an annualized rate of 11.68 percent in July when consumer inflation averaged at 9.07 percent the same month over a year earlier. In the case of a property bubble when prices see a sudden decline, individuals who took out mortgages to purchase those houses prefer to pass their ownership to the creditor banks rather than sticking with their repayment plan. Heavily burdened with those reappraised properties with market corrections, banks face a liquidity crisis and become unable to service their own obligations, eventually being forced to seek a government bailout.

A Real Estate Investing Partners Association (GYODER) report has recently shown that the volume of loans banks in Turkey extended to people for the purpose of new housing purchases was more than halved in the first quarter of the year to TL 4.8 billion ($2.7 billion) over a year ago. It was TL 9.8 billion the same period in 2011. Overall, mortgages grew at a paltry 2 percent year-on-year in the first four months of the year. The monthly interest rate on those loans saw a mild reduction from 1.25 percent in the first quarter to 1.21 percent at the end of the following three-month period. According to GYODER, people purchased some 96,000 units of housing in the first quarter under these conditions, 5.5 percent more than a year ago.

Critical time

For Acemoğlu, the anomaly in the domestic housing market comes at a time highly critical for Turkey. “The Middle East and North Africa may re-enter a crisis. Greece and the Balkans are already troubled by one. The Europe, likewise, may be dragged into larger-scale turmoil. Does Turkey have the power to weather all this? I think not. Exactly the opposite, I think we are now heading towards a bubble economy. Although the economy is in good shape in Turkey and domestic demand and bank loans are quickly growing, the real interest rates are too low and they have been for a long time. This seems to me more like a politically reasonable situation,” he said as part of his remarks.

Turkey's gross domestic product (GDP) grew at an average annual rate of 5.4 percent between the years 2002 and 2011. Its economic growth, however, slowed to 3.2 percent in the first quarter of this year, from the 5.2 percent observed in the previous quarter. Joining forces, the government and the central bank, however, had to aim for this slowdown with a set of fiscal and monetary measures they implemented after the country's phenomenal decade-long economic growth also came with a barely sustainable current account deficit (CAD) and double-digit inflation at the end of last year.

On the back of that slowdown and also as a result of the country's improving terms of trade, the national CAD -- or its savings gap -- dropped more than a quarter to $27 billion in the first five months of the year over 2011. Increasing service sector revenue -- particularly that earned in tourism -- also made a notable contribution to narrowing the gap. According to the Turkish Statistics Institute (TurkStat), Turkey's foreign trade deficit shrank some 22 percent to $28.9 billion in the January-May period year-on-year, during which net services revenue increased by nearly a quarter to $4.5 billion.

Inflation, however, proved more stubborn. According to the latest data available from TurkStat, annualized consumer inflation increased to 9.07 percent in July, from 8.87 percent in June.

20130319

Hans Hermann Hoppe : about this crisis

   Hans Hermann Hoppe : about this crisis

Another objection: What about the new internet-based detractors of the state, such as "Occupy" or the "Pirates," who demand transparency and participation, without immediately condemning the state and democracy in their entirety?

Hoppe : The "Occupy" movement consists of economic ignoramuses who fail to understand that the banks’ dirty tricks, which they rightly deplore, are possible only because there is a state-licensed central bank that acts as a “lender of last resort,” and that the current financial crisis therefore is not a crisis of capitalism but a crisis of statism. The "Pirates," with their demand for an unconditional basic income, are well on the way to becoming another "free beer for all" party. They have a single issue: criticism of "intellectual property rights" (IP rights), which could make them very popular—and earn them the enmity in particular of the music, film and pharmaceutical industries. But even there they are clueless wimps. They just need to google Stephan Kinsella. Then they’d see that IP has nothing to do with property, but rather with state privileges. IP allows the inventor (I) or ‘first maker’ of a product—a text, picture, song or whatever—to forbid all other people to replicate this product, or to charge them license fees, even if the replicator (R) thereby uses his own property only (and does not take away any of I’s property). This way, I is elevated to the status of co-owner of R’s property. This shows: IP rights are not property but, on the contrary, are an attack on property and therefore  completely illegitimate.

20130318

Astrobiologists Find Ancient Fossils in Fireball Fragments

Astrobiologists Find Ancient Fossils in Fireball Fragments

Algae-like structures inside a Sri Lankan meteorite are clear evidence of panspermia, the idea that life exists throughout the universe, say astrobiologists.



On 29 December 2012, a fireball lit up the early evening skies over the Sri Lankan province of Polonnaruwa. Hot, sparkling fragments of the fireball rained down across the countryside and witnesses reported the strong odour of tar or asphalt.

Over the next few days, the local police gathered numerous examples of these stones and sent them to the Sri Lankan Medical Research Institute of the Ministry of Health in Colombo. After noticing curious features inside these stones, officials forwarded the samples to a team of astrobiologists at Cardiff University in the UK for further analysis.

The results of these tests, which the Cardiff team reveal today, are extraordinary.  They say the stones contain fossilised biological structures fused into the rock matrix and that their tests clearly rule out the possibility of terrestrial contamination.

In total, Jamie Wallis at Cardiff University and a few buddies received 628 stone fragments collected from rice fields in the region. However, they were able to clearly identify only three as possible meteorites.

The general properties of these three stones immediately mark them out as unusual. One stone, for example, had a density of less than 1 gram per cubic centimetre, less than all known carbonaceous meteorites. It had a partially fused crust, good evidence of atmospheric heating, a carbon content of up to 4 per cent and contained an abundance of organic compounds with a high molecular weight, which is not unknown in meteorites. On this evidence, Wallis and co think the fireball was probably a small comet.

The most startling claims, however, are based on electron microscope images of structures within the stones (see above). Wallis and co. say that one image shows a complex, thick-walled, carbon-rich microfossil about 100 micrometres across that bares similarities with a group of largely extinct marine dinoflagellate algae.

They say another image shows well-preserved flagella that are 2 micrometres in diameter and 100 micrometres long. By terrestrial standards, that’s extremely long and thin, which Wallis and co. interpret as evidence of formation in a low-gravity, low-pressure environment.

Wallis and co. also measured the abundance of various elements in the samples to determine their origin. They say that low levels of nitrogen in particular rule out the possibility of contamination by modern organisms which would have a much higher nitrogen content. The fact that these samples are also buried within the rock matrix is further evidence, they say.

Wallis and co. are convinced that the lines of evidence they have gathered are powerful and persuasive. “This provides clear and convincing evidence that these obviously ancient remains of extinct marine algae found embedded in the Polonnaruwa meteorite are indigenous to the stones and not the result of post-arrival microbial contaminants,” they conclude.

There’s no question that a claim of this kind is likely to generate controversy. Critics have already pointed out that the stones could have been formed by lightning strikes on Earth although Wallis and co. counter by saying there was no evidence of lightning at the time of the fireball and that in any case, the stones do not bear the usual characteristics of this kind of strike. What’s more, the temperatures generated by lightning would have destroyed any biological content.

Nevertheless, extraordinary claims require extraordinary evidence and Wallis and co. will need to make their samples and evidence available to the scientific community for further study before the claims will be taken seriously.

If the paper is taken at face value, one obvious question that arises is where these samples came from. Wallis and c.o have their own ideas: “The presence of fossilized biological structures provides compelling evidence in support of the theory of cometary panspermia first proposed over thirty years ago,” they say.

This is an idea put forward by Fred Hoyle and Chandra Wickramasinghe, the latter being a member of the team who has carried out this analysis.

There are other explanations, of course. One is that the fireball was of terrestrial origin, a remnant of one of the many asteroid impacts in Earth’s history that that have ejected billions of tonnes of rock and water into space, presumably with biological material inside. Another is that the structures are not biological and have a different explanation.
Either way, considerably more work will have to be done before the claims from this team can be broadly accepted. Exciting times ahead!

Ref: arxiv.org/abs/1303.1845: The Polonnaruwa Meteorite: Oxygen isotope, Crystalline and Biological Composition 

20130317

‘Exploding’ meteorite seen in SA sky

‘Exploding’ meteorite seen in SA sky

File photo: A fireball blazed across the horizon, leaving a long white trail in its wake which could be seen as far as 200km away in Yekaterinburg, Moscow about two weeks ago.


Cape Town - Residents across Cape Town claimed to have sighted a meteorite on Tuesday after what appears to have been a fireball “exploded” in the sky.

It is said to have been sighted just after noon. Nicola Loaring, an outreach astronomer at the South African Astronomical Observatory, said they had received about four or five reports.

The green and blue light with a white tail that was reported to them appeared to be that of “a fireball, which is a bright meteor”.

Fireballs were caused by dust formed in space that enter Earth’s atmosphere.

“There are two meteor showers in March with one peaking on March 13 and this could be related to that.
Loaring said another meteor shower would start later this month and peak in April.”
“Meteor showers are best viewed in the morning. Up to eight an hour can be seen,” Loaring said.
People shouldn’t be alarmed since these were “common and predictable”.

Company director John Houston captured part of the event on camera while he was driving on the N1 from Stellenbosch.

There was a “huge” explosion that left a white cloud close to the Durbanville hills, he said. - Cape Argus 

20130316

Astronomer Locates Previously Unseen Neighbor to the Sun

Astronomer Locates Previously Unseen Neighbor to the Sun


WISE-1049-5319
A diagram of the sun's neighborhood. Clarification: Proxima Centauri was actually discovered in 1915, but its distance was not measured until 1917. Credit: Janella Williams, Penn State University 

When NASA launched the WISE satellite in 2009, astronomers hoped it would be able to spot loads of cool, dim objects known as brown dwarfs. Bigger than a planet, a brown dwarf is not quite a star, either—it is too small to sustain the nuclear fusion reactions that turn hydrogen to helium. But it may burn to some degree, using a heavy isotope of hydrogen called deuterium as fusion fuel.

Because brown dwarfs are so dim, it is entirely possible that some of them lie very close to the sun—as close as any known star—and have yet to be discovered. But more than three years after WISE (short for the Wide-Field Infrared Survey Explorer) launched, the map of the sun’s immediate vicinity has remained largely unchanged. Until now.

In a study to appear in the Astrophysical Journal Letters (pdf), Kevin Luhman, an associate professor of astronomy and astrophysics at Pennsylvania State University, announced that he has located a previously unknown denizen of the sun’s neighborhood. Using data from WISE, Luhman has identified a pair of brown dwarfs, bound into a binary system, just 6.5 light-years away. That is nearer to the sun than all but two known star systems, both of which were located more than 95 years ago: the Alpha Centauri triple star system (about 4.3 light-years away) and Barnard’s Star (six light-years).

“I think it is a spectacular find,” WISE principal investigator Edward Wright of the University of California, Los Angeles, wrote in an email, adding that the distance measurement appears robust. “So while this is the third-nearest star (nearly tied for second with Barnard’s star), these are definitely the two nearest known brown dwarfs.”

WISE-brown-dwarf
Image of WISE 1049-5319 from the WISE satellite and the Gemini imagery (inset) that revealed it to be a binary system. Credit: NASA/JPL/Gemini Observatory/AURA/NSF 

By extrapolating the orbit back in time for the binary brown dwarf system, known as WISE 1049-5319, Luhman was able to find archival images from other telescopes that registered the object as a moving speck of light as far back as 1978. And he gathered some new imagery of his own—at the Gemini South Telescope in Chile, Luhman caught a glimpse of the object that revealed the speck to be not one but two brown dwarfs locked in a tight orbital dance. Separated by about three times the distance between Earth and the sun, Luhman estimates that the two brown dwarfs circle each other every 25 years or so.

WISE 1049-5319 would make an excellent target for exoplanet hunters, Luhman notes. At such close proximity, any planets that might orbit the brown dwarfs would offer astronomers the rare opportunity to photograph exoplanets and study their properties directly, rather than simply inferring the presence of planets through their influence on the stars that host them. A word about the possibility of extraterrestrial life in such a planetary system: although it is theoretically possible for life to exist on a planet orbiting a brown dwarf, such a world would “suffer a number of critical habitability issues,” according to a 2012 study. Such issues include strong tidal effects from a brown dwarf on the planets near enough to feel its feeble heat and the gradual cooling of the brown dwarf as it ages.

20130315

British tourist, 31, brutally gang-raped metres from Spanish holiday apartment by 'three men including 70-year-old'


British tourist, 31, brutally gang-raped metres from Spanish holiday apartment  by 'three men including 70-year-old'

British tourist, 31, brutally gang-raped metres from Spanish holiday apartment by 'three men including 70-year-old'

A British woman was brutally gang-raped just metres from the holiday apartment she was sharing with her boyfriend in Spain's Costa del Sol, it has been claimed.

The 31-year-old was attacked by three men in the early hours of Sunday morning as she walked, alone, back from a night out in the southern town of Benalmadena.

La Opinion de Malaga reports the couple were partying in the popular Puerto Marina area, but she decided to return to the flat early at 1am after an argument.
The 31-year-old was attacked by three men in the early hours of Sunday morning as she walked, alone, back from a night out in the southern town of Benalmadena (stock image)

The 31-year-old was attacked by three men in the early hours of Sunday morning as she walked, alone, back from a night out in the southern town of Benalmadena (stock image)

She hailed a taxi but was soon sick in the cab. The driver forced her to get out, so she made the remaining part of the journey on foot.


According to her testimony, she was walking through a tunnel, underneath the busy N-340 road, and that leads to the famous Carvajal Beach, when she was approached.

Three men, described as Arabic, stopped her.

One was around 70-years-old, and the other two were significantly younger.
It has been reported the couple were partying in the popular Puerto Marina area, but she decided to return to the flat early at 1am after an argument

It has been reported the couple were partying in the popular Puerto Marina area, but she decided to return to the flat early at 1am after an argument

They are alleged to have grabbed her, before taking her to a secluded spot. One of the men held her down as the others took it in turns to rape her.

Following the attack, she walked back to her apartment but could not gain entry or even contact her boyfriend because all her possessions had been stolen.

A passerby contacted police after finding her collapsed on the ground, outside the apartment, at 3am.

She was taken to the Centro Hospitalario de Alta Resolución de Especialidades (Chare) for treatment.

20130314

Neglected prisoner gets $15.5 million after serving 22 months in solitary

Neglected prisoner gets $15.5 million after serving 22 months in solitary


Stephen Slevin spent 22 months in solitary confinement in a New Mexico jail. During that time, his mental health deteriorated, fungus grew on his skin, and he was forced to pull his own tooth after being denied access to a dentist. A recent settlement with Dona Ana County resulted in Slevin receiving $15.5 million.

Initially, Slevin was awarded $22 million by a jury, but Dona Ana County appealed. The two parties reached an agreement this week. According to NBC News, Slevin's attorney, Matt Coyte, said his client's "mental health has been severely compromised from the time he was in that facility. That continues to be the same. No amount of money will bring back what they took away from him. But it’s nice to be able to get him some money so he can improve where he is in life and move on."

During his 22 months in solitary confinement, Slevin developed bedsores and lost 50 pounds. The ordeal began in 2005 when he was arrested on suspicion of driving under the influence and stealing a car, which he says he borrowed from a friend. Slevin was never brought before a judge nor was he officially convicted of any crime. He said he wrote letters, begging for help with his depression. The before and after photos show the effect the 22 months of neglect had.

"Why they did what they did, I'll never know," Slevin told KOB4-TV. "Walking by me, watching me deteriorate day after day after day, and they did nothing at all to get me help."

Slevin's attorney said his client was battling depression at the time of his arrest. His health woes continue. He was recently diagnosed with lung cancer. He also suffers from post traumatic stress disorder due to his time in jail.

Jess Williams, Dona Ana County's public information director, told NBC News that the jail is making an effort to improve the way it treats prisoners with mental illness.

20130311

UK still has 13,000 black-and-white TVs

UK still has 13,000 black-and-white TVs
Monochrome TV set
Black-and-white television sets are surviving due to thrifty households
More than 13,000 households across the UK are still using black-and-white television sets, according to the TV Licensing authority.

London had the highest number of monochrome licences, at 2,715, followed by Birmingham and Manchester, it said.

The number of licences issued each year has dwindled from 212,000 in 2000. A total of 13,202 monochrome licences were in force at the start of 2013.

A black-and-white TV licence costs £49 a year, a colour licence costs £145.50.

TV Licensing spokesman Stephen Farmer said: "It's remarkable that with the digital switchover complete, 41% of UK households owning HDTVs and Britons leading the world in accessing TV content over the internet, more than 13,000 households still watch their favourite programmes on a black-and-white telly."

Television and radio technology historian John Trenouth said their continued use could largely be explained by low-income households wanting to save money on the licence fee.

But he added: "There will always be a small number of users who prefer monochrome images, don't want to throw away a working piece of technology or collect old TV sets.

"Maybe these will still be around in 10 years from now, when the number of black-and-white licences will have fallen to a few hundred - about the same number of black-and-white sets that were in use on the opening night of BBC television 70 years ago".

20130308

Race differences in average IQ are largely genetic

Race differences in average IQ are largely genetic

A 60-page review of the scientific evidence, some based on state-of-the-art magnetic resonance imaging (MRI) of brain size, has concluded that race differences in average IQ are largely genetic.
The lead article in the June 2005 issue of Psychology, Public Policy and Law, a journal of the American Psychological Association, examined 10 categories of research evidence from around the world to contrast "a hereditarian model (50% genetic-50% cultural) and a culture-only model (0% genetic-100% cultural)."

The paper, "Thirty Years of Research on Race Differences in Cognitive Ability," by J. Philippe Rushton of the University of Western Ontario and Arthur R. Jensen of the University of California at Berkeley, appeared with a positive commentary by Linda Gottfredson of the University of Delaware, three critical ones (by Robert Sternberg of Yale University, Richard Nisbett of the University of Michigan, and Lisa Suzuki & Joshua Aronson of New York University), and the authors' reply.

"Neither the existence nor the size of race differences in IQ are a matter of dispute, only their cause," write the authors. The Black-White difference has been found consistently from the time of the massive World War I Army testing of 90 years ago to a massive study of over 6 million corporate, military, and higher-education test-takers in 2001.

"Race differences show up by 3 years of age, even after matching on maternal education and other variables," said Rushton. "Therefore they cannot be due to poor education since this has not yet begun to exert an effect. That's why Jensen and I looked at the genetic hypothesis in detail. We examined 10 categories of evidence."

The Worldwide Pattern of IQ Scores. East Asians average higher on IQ tests than Whites, both in the U. S. and in Asia, even though IQ tests were developed for use in the Euro-American culture. Around the world, the average IQ for East Asians centers around 106; for Whites, about 100; and for Blacks about 85 in the U.S. and 70 in sub-Saharan Africa.

Race Differences are Most Pronounced on Tests that Best Measure the General Intelligence Factor (g). Black-White differences, for example, are larger on the Backward Digit Span test than on the less g loaded Forward Digit Span test.

The Gene-Environment Architecture of IQ is the Same in all Races, and Race Differences are Most Pronounced on More Heritable Abilities. Studies of Black, White, and East Asian twins, for example, show the heritability of IQ is 50% or higher in all races.

Brain Size Differences. Studies using magnetic resonance imaging (MRI) find a correlation of brain size with IQ of about 0.40. Larger brains contain more neurons and synapses and process information faster. Race differences in brain size are present at birth. By adulthood, East Asians average 1 cubic inch more cranial capacity than Whites who average 5 cubic inches more than Blacks.

Trans-Racial Adoption Studies. Race differences in IQ remain following adoption by White middle class parents. East Asians grow to average higher IQs than Whites while Blacks score lower. The Minnesota Trans-Racial Adoption Study followed children to age 17 and found race differences were even greater than at age 7: White children, 106; Mixed-Race children, 99; and Black children, 89.

Racial Admixture Studies. Black children with lighter skin, for example, average higher IQ scores. In South Africa, the IQ of the mixed-race "Colored" population averages 85, intermediate to the African 70 and White 100.

IQ Scores of Blacks and Whites Regress toward the Averages of Their Race. Parents pass on only some exceptional genes to offspring so parents with very high IQs tend to have more average children. Black and White children with parents of IQ 115 move to different averages--Blacks toward 85 and Whites to 100.

Race Differences in Other "Life-History" Traits. East Asians and Blacks consistently fall at two ends of a continuum with Whites intermediate on 60 measures of maturation, personality, reproduction, and social organization. For example, Black children sit, crawl, walk, and put on their clothes earlier than Whites or East Asians.

Race Differences and the Out-of-Africa theory of Human Origins. East Asian-White-Black differences fit the theory that modern humans arose in Africa about 100,000 years ago and expanded northward. During prolonged winters there was evolutionary selection for higher IQ created by problems of raising children, gathering and storing food, gaining shelter, and making clothes.

Do Culture-Only Theories Explain the Data? Culture-only theories do not explain the highly consistent pattern of race differences in IQ, especially the East Asian data. No interventions such as ending segregation, introducing school busing, or "Head Start" programs have reduced the gaps as culture-only theory would predict.

20130307

Faecal bacteria found in Ikea chocolate cakes

Faecal bacteria found in Ikea chocolate cakes

Health authorities in China have confiscated nearly two tonnes of chocolate cakes imported from Sweden by Ikea after finding high levels of bacteria commonly found in the human intestinal tract.

According to the Shanghai Daily, high levels of coliform bacteria were found in a shipment of Ikea's almond chocolate cakes, prompting authorities to seize and destroy 1.87 tonnes of the dessert.

The shipment arrived in Shanghai from Sweden in January.

Coliform bacteria are universally present in large numbers in the feces of warm-blooded animals and are commonly used bacterial indicator for testing the sanitary quality of foods and water.

Ikea spokeswoman Ylva Magnusson told the TT news agency the Swedish retailing giant is trying to get more information about the report.

The Ikea chocolate cakes were one of 247 different products from a range of suppliers that failed Chinese sanitation inspections, the Shanghai Daily reported.

"We buy chocolate from one supplier. That it's of high quality, that checks are carried out in all warehouses, and that rules are followed are obviously all important questions," Magnusson told TT.

The revelations that faecal bacteria were found in Ikea's chocolate cakes comes just a week after horsemeat was found in the company's Swedish meatballs, prompting a massive recall.

On Monday, the Sweden-based meatball supplier to Ikea stores in Europe said it had traced the horsemeat to a Swedish supplier with ties to slaughterhouses in Poland.

Speaking with the Aftonbladet newspaper, Magnusson emphasized Ikea's commitment to quality.

"It's important that products that might contain bacteria don't make it to customers," she said.

"The safety of our products is our highest priority."

20130306

Hardy Survivor of a Vanishing Print Era Is Still Delivering the Newspaper at 93

Hardy Survivor of a Vanishing Print Era Is Still Delivering the Newspaper at 93

In the troubled newspaper industry, where steady layoffs mean that gray-haired reporters have disappeared from newsrooms as quickly as the typewriters that preceded them, Newt Wallace, a broad-shouldered 93-year-old, has held on.

Every Wednesday morning, Mr. Wallace heads to the dusty, newsprint-scented offices of The Winters Express in Winters, Calif., population about 6,600. He starts his day by placing labels on the freshly printed copies of the 2,300-circulation weekly, slips a carrier bag stuffed with several dozen papers over his shoulder, pulls on his baseball cap and starts his route.

Mr. Wallace, one of eight carriers for the paper, has been walking the same blocks of downtown Winters since 1947. On foot, he briskly delivers to downtown Winters’s businesses the papers, which are filled with local stories like the creation of a new bridge over Putah Creek and the rising value of Yolo County crops.

“I don’t hunt or play golf; I deliver papers,” Mr. Wallace said recently as he walked his route. “I like delivering papers. I get to see the people I know.”

Mr. Wallace’s tenure has now made him a contender for the world’s oldest newspaper delivery person. The Guinness World Records title is currently held by Ted Ingram, who turned 93 on Feb. 14 and who delivers The Dorset Echo to his neighbors in the English hamlet of Winterborne Monkton. But according to Jamie Panas, a Guinness spokeswoman, Mr. Wallace is older than Mr. Ingram by eight months. The transfer of the record title depends on Mr. Wallace’s son Charley, the paper’s publisher, finishing the paperwork that Guinness officials sent him weeks ago.

“We’re not in any hurry,” said the younger Mr. Wallace, adding that his father’s mother lived to 98.

Newt Wallace, who speaks about delivering newspapers the way some people speak of a first love, offers a glimpse into how important news delivery used to be. Around the turn of the 20th century, newspaper delivery boys were a powerful work force, according to David Nasaw, the author of “Children of the City,” a book that helped inspire the Broadway musical “Newsies.”

“They not only sold the papers,” Mr. Nasaw said, “but they were the major form of advertising, because in order to sell the paper, they had to scream the headlines.”

“Paperboy” is also a title that often crops up in the biographies of some of the nation’s most powerful men. Members of the Newspaper Association of America’s Newspaper Carrier Hall of Fame include Warren E. Buffett, John Wayne and Tom Brokaw. In an interview, Mr. Buffett said that even though he had turned down dozens of honorary titles over the years, he accepted recognition for his position as paperboy because “that one hit my heart.”

Mr. Wallace still remembers the thrill of shouting “Extra, extra, read all about it!” on street corners in Muskogee, Okla., in 1930 and being the primary news source for locals who did not have radios. By 1931, at age 12, he had a route delivering The Muskogee Times-Democrat’s afternoon edition.

In the winter of 1946, Mr. Wallace, who had recently finished a stint in the military at the shipyard in Long Beach, Calif., and was working at a paper in Upland, heard that The Winters Express was for sale. He took the overnight train from Los Angeles to Davis, Calif., and walked 10 miles through the area’s walnut orchards to downtown Winters. He bought the paper and the building that housed it for $13,500, running it until 1983, when his son became publisher. After retiring, he continued to type columns on his Underwood, wrote up the town’s history page and took the local temperature. Now he focuses on delivery.

While Mr. Wallace’s shyness and impaired hearing mean he says little when he drops off papers, readers are fondly protective of him. When Mr. Wallace delivered the paper to the Ireland real estate and insurance agency, he placed his hand on the shoulder of the owner, Timothy W. Ireland, and noted that Mr. Ireland’s father had sold him his first house. When Mr. Wallace left a dozen papers at the Winters Chamber of Commerce, the executive director, Mike Sebastian, said he had known Mr. Wallace for 40 years and defended him when tourists asked about his age.

“They always ask me, ‘Isn’t your paperboy kind of old?’ ” Mr. Sebastian said. “There is no way Winters would survive without the weekly paper.”

But newspaper industry experts say the world Mr. Wallace inhabited is gone, just as newspapers themselves have declined. Charles R. Eisendrath, the director of the Knight-Wallace Fellows in journalism at the University of Michigan, pointed out that paperboys had been replaced with adult professional deliverers in cars. They no longer have the same connection to readers.

“It’s part of the disengagement of newspapers from the daily lives with people,” Mr. Eisendrath said. “It was not just paperboys. It was the whole mentality of the operation.”

Like any wise paperboy, Mr. Wallace fills his route with perks along the way. After he drops off papers at the Berryessa Sporting Goods and Mini Market, a convenience store with walls lined with heads and whole bodies of stuffed game animals, he spends $2 on lottery tickets. He delivers three copies of The Winters Express to the Buckhorn Saloon, exchanging them for a beer. John Pickerel, the owner of the Buckhorn Saloon, said he had been welcoming Mr. Wallace for the past 33 years. After appearing in the paper’s police report once in 1984 (he would not say for what), Mr. Pickerel said, he had a new appreciation for how much the paper was read.

“I’ve traded the service of lifelong weekly beers for the stories of Winters, and it’s a good trade,” Mr. Pickerel said. “The paper is a report card for the entire town.”

Still, the job can be tiring, and Mr. Wallace has thought about giving it up.

“He’s tried to quit, but I tell him, ‘Show me three friends who are your age, retired and still alive,’ ” Charley Wallace said. “He thinks about it and goes back to his desk.”

20130305

The Pirate Bay - The galaxy's most resilient bittorrent site

The Pirate Bay - The galaxy's most resilient bittorrent site

The Pirate Bay has been hunted in many countries around the world. Not for illegal activities but being persecuted for beliefs of freedom of information. Today, a new chapter is written in the history of the movement, as well as the history of the internets.

A week ago we could reveal that The Pirate Bay was accessed via Norway and Catalonya. The move was to ensure that these countries and regions will get attention to the issues at hand. Today we can reveal that we have been invited by the leader of the republic of Korea, to fight our battles from their network.

This is truly an ironic situation. We have been fighting for a free world, and our opponents are mostly huge corporations from the United States of America, a place where freedom and freedom of speech is said to be held high. At the same time, companies from that country is chasing a competitor from other countries, bribing police and lawmakers, threatening political parties and physically hunting people from our crew. And to our help comes a government famous in our part of the world for locking people up for their thoughts and forbidding access to information.

We believe that being offered our virtual asylum in Korea is a first step of this country's changing view of access to information. It's a country opening up and one thing is sure, they do not care about threats like others do. In that way, TPB and Korea might have a special bond. We will do our best to influence the Korean leaders to also let their own population use our service, and to make sure that we can help improve the situation in any way we can. When someone is reaching out to make things better, it's also ones duty to grab their hand.

20130304

Greece reclassified to 'emerging market' from developed

Greece reclassified to 'emerging market' from developed


A major fund manager has reclassified Greece from a developed to an emerging market, in an unprecedented move reflecting the "unfortunate economic tailspin" of the Greek economy, which has threatened the future of the euro.



Russell Investments, which advises funds with $2.4 trillion (£1.6 trillion) in assets, said the Greek economy has been a "world concern" since it revealed unsustainable levels of public debt in 2009.

The American-based company said Greece, which Russell designated as a developed market in 2001, has been on a path towards reclassification as an emerging market since 2010, having failed Russell's operational and macro risk tests, including per-capita income, total market capitalisation and the level of trading volume, which determine the economic health and status of countries.
Managers at Russell will be forced to buy and sell shares to align holdings with their funds' criteria, following the reclassification.

In a 10-page note on the relegation of Greece, Mat Lystra, Russell's senior research analyst, said: "Since the country began revealing unsustainable levels of public debt in 2009, it has been in an unfortunate economic tailspin that at times has threatened to pull apart the entire European Monetary Union."

He added that despite several bailouts and efforts to stem an outright Greek default, "any opportunities in the Greek economy have become inherently riskier exposures for global investors".

20130303

In Iceland, Horse-Meat Testing Finds Something Even Worse: No Meat

In Iceland, Horse-Meat Testing Finds Something Even Worse: No Meat
You’ve heard of “Meatless Mondays.” But you may not be as familiar with meatless meat pies – unless you’re in Iceland.

The tiny nation’s Food and Veterinary Authority, or Mast, investigated in mid-January a beef pie from high-end natural food company Gaedakokkar in western Iceland to make sure there were no traces of horse meat in the wake of the wider scandal that has ensnared a number of European companies.

The good news: the agency found no horse meat in the pies. The bad news: the agency actually found no meat at all. In fact, there were no traces of animal protein found at all, Hjalti Andrason, a MAST official, said in an interview Friday.

Labeling on the products promised that the pie stuffing contained 30% beef. The agency suspects the filling “could be some sort of vegetable protein, but that is not confirmed,” Mr. Andrason said.

The discovery dealt a tough blow to Gaedakokkar, which employs 10 people and has been around since 1999. Stores carrying Gaedakokkar’s products threw out the company’s products and the company’s phones have been ringing since the disclosure of MAST’s findings.

Gaedakokkar’s owner Magnus Nielsson said the development has punctured his business model.

“It’s sad that MAST takes one pie from one store and then goes out and just kills me in the news,” he told The Wall Street Journal Friday. “MAST went into one store and bought one pie, which they tested. They sent us a mail and I was shocked.

Mr. Nielsson said “we are a small company and everybody’s trying to do their best. We went through our production and discovered that the way we mixed the beef pie stuffing–by hand–didn’t mix the stuffing evenly enough.”

He said the pie stuffing mixing was immediately moved to a machine that mixes the stuffing evenly. But the damage to the company’s reputation is already done and that his company, which makes about 60 different food products without additives, now may go out of business as customers cancel business.

Gaedakokkar is based in in Borgarnes on the western end of Iceland and started out as a company making high-end organic food products. Initially the company’s meat balls contained only meat, but Mr. Nielsson said that after the financial crisis that hit Iceland, the company was forced to add vegetable stuffing and soy protein to its minced meat products to bring the price down for cash-strapped Icelandic consumers.

Following the discovery of the meatless meat pie, Mr. Nielsson says vegetarians have called him and said that the company should focus on making vegetarian pies.

“But we make meat pies and there should be meat in them, that’s what we do,” Mr. Nielsson said.

Now it is up to the Municipal Health Authority in Western Iceland to decide what further actions to take in the matter.

20130302

Bankia to reveal loss of more than €19bn

Bankia to reveal loss of more than €19bn

Bankia will next week reveal an annual net loss of more than €19bn, the largest in Spanish corporate history, as the nationalised lender that last year became the symbol of the country’s financial crisis speeds up its plan to close branches and sell assets.

The bank, which reports its full-year earnings on Thursday, will announce the loss as a result of a €12bn provision made in the fourth quarter of 2012 after it transferred assets into Spain’s “bad bank” vehicle Sareb at steep discounts.

Bankia, a merger of seven savings banks that was hailed at the time of its creation as the solution to Spain’s banking problems, last year succumbed to a state bailout eventually rising to €24bn just 11 months after it was listed on the Madrid stock market.

At the same time the bank has mandated Rothschild to sell its stakes in a range of companies, including 12 per cent of International Consolidated Airlines Group, the merged company of British Airways and Iberia, worth about £510m at Thursday’s close, and 5.3 per cent of the power utility Iberdrola, worth about €1.24bn. Bankia’s 15 per cent stake in the insurer Mapfre is worth about €1.1bn.

The Bankia bailout later forced Spain itself to request a European banking rescue last summer, and inflicted losses on hundreds of thousands of small savers who had been sold shares in the bank and savings products linked to its solvency. The bank declined to comment about its forthcoming results.