Cameron knew Hunt would back BSkyB bid

The political scandal over Rupert Murdoch's battle to buy BSkyB moved closer to David Cameron last night after new evidence undermined the Prime Minister's claim that his Government was scrupulously even-handed in deciding on the £8bn deal. A damning memo, released by the Leveson Inquiry, revealed for the first time that Mr Cameron already knew his Culture Secretary Jeremy Hunt was in favour of the bid, before he handed him quasi-judicial power to rule on it. In the private message to the Prime Minister, Mr Hunt told Mr Cameron of James Murdoch's fury at his treatment, and stressed the importance of the deal going through. Only a month later, and despite knowing Mr Hunt's views, Mr Cameron handed him responsibility for making the decision on the bid. At the time he was under pressure from the Liberal Democrats to hand the decision over to a more impartial figure, such as the Justice Secretary Ken Clarke. Importantly, the memo was also never seen by the then Cabinet Secretary Gus O'Donnell, who later assured critics that Mr Hunt's past statements did "not amount to a pre-judgement of the case in question". Mr Cameron has previously said he had "nothing to do" with the specifics of the bid, and is now likely to be questioned on this when he appears before the inquiry. In a day of new revelations at the Leveson Inquiry, which heard evidence from both Mr Hunt's special adviser Adam Smith and the News Corp lobbyist Fréd Michel, it emerged that: * Mr Hunt may have misled Parliament over a statement he made claiming he had had no contact with Mr Michel other than official meetings. Messages released by the inquiry revealed he had texted him on at least three occasions, including one which read: "When consultation over we can have coffee like the old days." * More than 1,000 text messages were exchanged between News Corp and the Department for Culture, Media and Sport during the bid process, including 257 from Mr Smith to Mr Michel. * Mr Michel admitted Mr Smith had given him regular updates on the "timings" and "process" of the bid, but said this did not amount to a "running commentary" of the Government's thinking. But the most damaging revelation was the emergence of the memo from Mr Hunt to the Prime Minister on 19 November 2010, in which he made clear his support for the Murdoch empire's ambition to take full control of BSkyB. It also suggests Mr Hunt was aware News Corp was plotting a "Wapping mark 2" by uniting UK print, internet and TV interests – potentially fatally undermining its competitors. In it he wrote: "Essentially what James Murdoch wants to do is to repeat what his father did with the move to Wapping and create the world's first multiplatform media operator available from paper to web to TV to iPhone to iPad." He added: "It would be totally wrong to cave into the Mark Thompson [BBC Director General]/Channel 4/Guardian line that this represents a substantial change of control given that we all know Sky is controlled by News Corp now anyway." Last night Downing Street pointed out that Mr Hunt had previously made clear in public that in principle he had no problem with the bid. "Jeremy Hunt's note is entirely consistent with his public statements on the BSkyB bid prior to taking on the quasi-judicial role," said a spokesman. "It also makes clear that 'it would be totally wrong for the Government to get involved in a competition issue which has to be decided at arm's length'. The PM has made clear throughout that he recused himself from decisions relating to BSkyB and did not seek to influence the process in any way." However, Labour said that by trying to arrange a meeting to discuss the bid, Mr Hunt had undermined his assertion in the Commons that: "I made absolutely no interventions seeking to influence a quasi-judicial decision that was at that time the responsibility of the Secretary of State for Business." This was denied by sources close to the Culture Secretary. Harriet Harman, Labour's deputy leader, said: "It is clear... that David Cameron gave responsibility to Jeremy Hunt for deciding on the BSkyB bid when he knew only too well that the Culture Secretary was actively supporting the bid."

London Gets Gold for ID Fraud

Visitors to London warned of the heightened risk of ID fraud during the Games - 7.7m people coming to the capital during the Olympics but only three per cent concerned about ID fraud - Olympic venue boroughs Woolwich and Stratford among the UK's worst areas for the crime.London could be set for a rise in identity fraud this summer as new figures from Experian CreditExpert reveal that 7.7 million Britons from outside the capital are set to descend on some of the UK's worst areas for ID theft - while 1.9 million Londoners plan to escape.(1)

London, the boroughs around many of the Games venues in particular, is already home to the UK's worst ID fraud hotspots, with rates of attempted fraud up to 11 times higher than the national average. These include East Ham (11 times higher), Woolwich (6.5 times higher) and Stratford itself (six times higher).(2)

There will be a mass influx of people into these areas, carrying personal information in the forms of UK bank account details, and credit card details. This leaves individuals at a high risk of Identity Fraud with individuals, in unfamiliar surroundings, exercising less caution than they would normally adhere to in their normal surroundings. This presents a massive opportunity to fraudsters, with visitors likely to have passports and other pieces of personal identification about their person, be freely using smart phones and unsecured WiFi hotspots, and also potentially sharing hostels or rented accommodation with strangers all of which increase the risk of identity theft.

Visitors are therefore advised to keep a close eye on their personal information, and on their credit report following their visit for any signs of unusual activity. CreditExpert also provides alerts if your personal details appear anywhere unexpectedly online so it is easy to protect yourself pro-actively.

        
        TOP FIVE RISKS    TOP FIVE TIPS TO STAY SAFE
        ----------------------------------------------------------------------------
        Passports         Think about how much sensitive information you really need
                          to have about your person - if your hotel booking has your
                          card number and address, do you need to carry it around
                          with you, for instance? Likewise, don't take your passport
                          out with you unless you absolutely have to. If you are
                          staying in a hotel for the Games, ask for sensitive
                          documents to be securely stored in the hotel safe when you
                          are not using them.
        ----------------------------------------------------------------------------
        PIN codes         Make sure that no-one else can see you enter your PIN code
                          at ATMs and chip and pin machines, particularly in large
                          crowds. Do not write down or carry your PIN code with you.
        ----------------------------------------------------------------------------
        Smartphones       If you have a smartphone, you'll certainly want to
                          photograph and tweet your time at the Olympics, but be
                          particularly careful what you share when connected to an
                          unsecured wireless network. Also ensure you switch off
                          Bluetooth and roaming settings when not required and
                          ensure you use a password.
        ----------------------------------------------------------------------------
        Post              If you're going to be one of the lucky ones visiting
                          London for a few weeks to enjoy the Games, think about
                          what you'll do with your post. Intercepted post is one of
                          the key ways in which fraudsters can take people's detail,
                          so it could be worth setting up a redirect for the
                          duration of the Games.
        ----------------------------------------------------------------------------
        Face-to-face      Check the credentials of anyone asking for your personal
                          information, whether by phone, face-to-face or over the
                          internet. If in doubt, don't do it!
        
        

The Experian CreditExpert research reveals that no fewer than one in six Britons (16 per cent) is planning on visiting London during the Olympics, half as tourists and half to attend the Games themselves. Seventeen per cent of people coming to the capital have not been for more than a decade, with a further three per cent making their first ever trip to the city.

Nearly six out of 10 (59 per cent) will be staying for several days. Although one in four (25 per cent) will be staying in hotels and one in five (21 per cent) with friends, a significant minority (four per cent) will risk staying in a hostel and two per cent will be renting a property or someone's spare room - some 154,000 people.(3)

And although they are concerned about large crowds (23 per cent) and the expense of London (20 per cent), just three per cent are worried about identity fraud.

The risk of ID fraud among visitors is arguably heightened by the decision of many Londoners to quit the capital during the course of the Games. One in 14 (seven per cent) are looking to leave London for the duration of the Olympics, with a further one in six (17 per cent per cent) planning to get out of the city for at least some of the period.

But it's not just newcomers who need to be careful. The one in 20 Londoners taking on a lodger or renting out a room or their whole property need to be aware they are putting themselves at risk of ID fraud by inviting a stranger into their home and are advised to ensure personal details are locked away and post collected promptly.

Peter Turner, Managing Director at Experian Interactive, commented: "This is set to be a once in a lifetime summer. But that doesn't mean people should let their guard down - just because you are holidaying in the UK, you should still take the same precautions you would if you were on a city break to Europe.

"Identity fraud is one of the fastest-growing crimes of the 21st century, and anyone could be at risk from fraudsters getting hold of their personal information, particularly if they are in an unfamiliar area, renting a flat short-term or a room in a B&B. Likewise if you are a homeowner letting a spare room just for the Olympics, do ensure all your personal details are kept safe from visitors."

"This is why it is so important to have proper safeguards in place to protect your identity. With Experian CreditExpert if the worst should happen you will be alerted to any significant changes to your credit report so that you can react quickly and keep the risks to a minimum."

Identity fraud hotspots

        
        Top 10                 10k households   Top 10 in            10k households
        nationwide Cases                        London Cases
        ----------------------------------------------------------------------------
        Slough                 25               East Ham             78
        London (all)           22               Woolwich             46
        Gravesend              20               Stratford            43
        Birmingham             17               Ilford               33
        Luton                  16               Walthamstow          27
        Manchester             15               Harrow               27
        Leicester              14               Cheapside            26
        High Wycombe           13               Lewisham             26
        Peterborough           13               Hatfield             26
        Windsor                12               Enfield              26
        
        

To avoid becoming a victim of identity fraud this summer, Experian CreditExpert suggests some further tips:

        
          1. Keep an eye on your credit report
          It's a history of all your credit accounts and will highlight any
          irregularities such as suspect applications for credit and rises in card
          balances. You can view your credit report free with a 30 day trial with
          Experian CreditExpert.(ii)((i)New customers only. Monthly fee after trial
          ends)
        
          2. If in doubt, don't click
          If an email purporting to be from a hotel or linked to the Games seems
          suspicious, contact the relevant organisation and don't give out personal
          details. Your bank, credit card provider and any reputable business will
          never ask for confirmation of details by email.
        
         
        
        

 

UK Jobseekers who reject help for alcohol and drug addiction face benefits cut

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 their commitments if they refuse help for alcoholism or drug addiction. Duncan Smith will give a flavour of the new rules when he addresses an event in parliament organised by Alcoholics Anonymous (AA). He will say: "The outdated benefits system fails to get people off drugs and put their lives on track. We have started changing how addicts are supported, but we must go further to actively take on the devastation that drugs and alcohol can cause. "Under universal credit we want to do more to encourage and support claimants into rehabilitation for addiction and starting them on the road to recovery and eventually work. Getting people into work and encouraging independence is our ultimate goal. Universal credit will put people on a journey towards a sustainable recovery so they are better placed to look for work in future and we will be outlining our plans shortly." It is understood that the work and pensions secretary will not make a formal announcement on Wednesday of the powers that will be handed to Jobcentre Plus staff. Duncan Smith wants to use the event to focus on what he regards as the positive work AA does in helping to treat alcoholism. A government source said: "Iain wants to focus on the brilliant work Alcoholics Anonymous does in changing people's lives. He really wants to encourage people who have drink problems to go to AA for treatment. It will transform their lives and will help them into work." The source said Duncan Smith believes it is right to give jobcentre staff powers to cut benefits if an addict refuses treatment because they can detect signs of trouble. The source said: "The universal credit will allow staff in Jobcentre Plus offices to say: this person has been unemployed for some time. The staff know if people are addicted to alcohol. They know the people they are dealing with. "But we want this to be positive and to be about signposting people to superb organisations that can help them. This is about changing their lives. It is very important to support addicts into the workplace." But if claimants refuse they will have their benefits docked. "There will be sanctions," the source said, citing cuts to the jobseeker's allowance as an example. Ministers believe that one indicator Jobcentre Plus staff can use to see whether a claimant is an addict is the amount of times they apply for a crisis loan. "If you are applying for that up to 10 times a year then that is a sign of a chaotic life," one source said. Analysis by the Department of Work and Pensions shows that almost 40,000 people claim incapacity benefit with alcoholism declared as their "primary diagnosis". Of these, 13,500 have been claiming for a decade or more. There are about 160,000 "dependent drinkers" in England who receive one or more of the main benefits. There are 1m violent crimes a year that are related to alcoholism and 1.2m admissions to hospitals a year related to alcoholism. Universal credit is the most important element of Duncan Smith's welfare reforms, developed during his years in opposition through his Centre for Social Justice, which is designed to achieve his central goal of encouraging people into work. It will integrate tax credits and out-of-work benefits into one payment, with the aim of smoothing the transition to work. Labour has given the universal credit a cautious welcome, though it has taken issue with the scale of benefit cuts. Lord Low of Dalston, the vice-president of the Royal National Institute of Blind People who sits as a crossbencher, told peers this year: "Though it has some very sensible and progressive things at its core, in the shape of the universal credit, nevertheless it goes too far to most people's consciences in the way in which it takes vital support away from some of the most needy in our society."

Metropolitan police anti-corruption unit investigated over payments

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 credibility" of the allegations. A police source with knowledge of the investigation, which has been ongoing since October, said developments over the last 24 hours had now led police to take the allegations more seriously. The case revolves around a private investigation firm called RISC Management. Five years ago the firm was hired to work for Ibori, a former Nigerian state governor, after he discovered he was being investigated by the Met for serious fraud. Ibori recently pleaded guilty to money laundering and was jailed in the UK, after the conclusion of a major investigation into his financial affairs. The allegation now being investigated by police is that some detectives on the Met's Proceeds of Corruption Unit, which investigated Ibori, were receiving payments in exchange for information about the ongoing investigation. Invoices and other documents appearing to support the allegations have been anonymously posted to the Met and Independent Police Complaints Commission (IPCC). The documents have also been seen by the Guardian and separately sent to the home affairs committee, which is conducting an inquiry in whether private investigators should be subject to statutory regulation. Keith Vaz, the chair of the committee, has said there is growing concern in the wake of the phone-hacking scandal that some private investigators are operating in "the shadows" of the law. The Commons inquiry has been scrutinising the nexus between private investigators - many of whom are retired police officers - and their former colleagues who are still serving. On Tuesday morning, Mike Schwarz, a lawyer who represents one of Ibori's co-accused, told the inquiry about what he understood to be the significance of the material. He said it indicated possible corruption at the heart of the police investigation into the Nigerian politician's money laundering activities. The invoices are alleged to be from RISC Management to Speechly Bircham, a top firm of lawyers hired by Ibori to prepare his defence. Schwarz told MPs the invoices "perhaps" documented "payments made by RISC Management to sources, presumably police officers or those close to the investigation". He added: "The records, which I think the committee have, show about half-a-dozen payments totalling about £20,000 over a period of eight or nine months [...] it appears to be inappropriate if not corrupt." Schwarz told the committee that he believed RISC Management had been hired to "extract" information from the police investigation into Ibori. He said he had also seen emails - which he believed had also been forwarded to the committee - which confirmed "contact" between detectives investigating Ibori and the private investigators. Schwarz, from Bindmans solicitors, represents Bhadresh Gohil, a London-based solicitor jailed along with Ibori for orchestrating his money laundering scam. Gohil is now considering an appeal. Gohil is understood to have been sent the invoices, anonymously, while in Wandsworth Prison last summer. In a statement, the Met said: "The [force] is investigating an allegation that illegal payments were made to police officers for information by a private investigation agency. The Directorate of Professional Standards (DPS) referred the matter to the Independent Police Complaints Commission in October 2011 which agreed to supervise a DPS investigation into the allegations." Following Schwarz's evidence to parliament, the Met said it had dropped its previous claim to have recently "uncovered evidence" casting doubt on the allegations. Previously, the force had suggested an active line of inquiry was the theory that Gohil or his associates had fabricated the allegations to undermine the prosecution. In a previous statement, provided on Friday, the force said: "As a result of inquiries police have uncovered evidence that casts doubt on the credibility of these allegations. Warrants have been executed at two addresses in London and a quantity of paperwork and computer equipment recovered." Two weeks ago, following raids on properties, one of which was the Gohil's family home in Kent, the force said: "Officers believe that they have identified the originator of the information and a line of enquiry suggests that there may have been an attempt to pervert the course of justice." However, sources at the Yard said previous statements no longer fully represented their position. A source with knowledge of the Met inquiry said the change of stance was unrelated to Schwarz's parliamentary evidence. The source said that, instead, there had been developments in the investigation over the last 24 hours. Schwarz named three serving Met police officers in his testimony to parliament as being potential "culprits": detective inspector Gary Walters, detective constables named as John MacDonald and "Clark". All three officers declined an opportunity to respond to the allegations when contacted by the Guardian last week. However, RISC Management indicated Walters would deny "any and all allegations". RISC Management denied all the allegations about the company, saying it was not aware of the Scotland Yard investigation and had no knowledge of the alleged financial records. The firm confirmed it had been hired by Ibori's lawyers but denied making corrupt payments, saying it "has never paid a serving police officer for information and would never approve such payments". Keith Hunter, chief executive of the company, said: "RISC management does not need to pay serving police officers for confidential information as we pride ourselves on our ability to provide positive solutions and accurate information legitimately. RISC Management has a highly respected reputation for conducting professional investigations". He added that his company was "proud to have a network of highly professional consultants, contacts and resources. These individuals are hired precisely because of their unique skill set and expertise". He accused Schwarz of "grandstanding" in front of the Commons committee, instead of taking the "correct course of reporting the matter to the police". He said Schwarz had not produced any evidence to support his claims and acted for a convicted solicitor, Gohil, who was jailed for seven years for money laundering. Speechly Bircham denied any knowledge of wrongdoing and said it would be willing to assist with any police inquiries. The law firm stressed Schwarz did not suggest in his evidence to parliament that Speechly Bircham was "party to illegal or corrupt payments" and said any such allegation would be false and defamatory. Ian Timlin, the former Speechly Bircham lawyer who was at the time representing Ibori, said neither he nor the firm had "any knowledge of any payments to police officers for information." He added: "At no time, did RISC ever inform me who or what was the source/s they were paying."

tokyobike, just threw a housewarming party and customized-bike exhibit to inaugurate its new outpost in London's Shoreditch neighborhood

One of our favorite cult bike brands, tokyobike, just threw a housewarming party and customized-bike exhibit to inaugurate its new outpost in London's Shoreditch neighborhood. Londoners can now buy these lightweight, 22lb bikes directly from the Japanese bike-maker in a variety of frame colors and models. The simple, all-white 1,700-square-foot interior of the shop, designed by Glass Hill, also stocks hard-to-find accessories and lifestyle pieces such as Japanese bags and housewares, and houses a bike workshop space in the basement. We asked the team at the London location to give us more insight into the new shop, which is the latest in a string of recent openings that includes Berlin, Sydney and Singapore, with Paris and New York coming soon.

The design of the store incorporates elevated platforms for the bikes. Can you explain the concept behind these?

Joe Nunn, Glass Hill: The elevated platforms are more a shared approach that sees that different functions should take place in different spaces. Separating the circulation area from the product display area seems appropriate in the same way as a genkan is right for outdoor shoes and not indoor slippers. We are showing the bicycles as new and pristine, and the slight separation in height and material not only says that visually but also practically.

What is the significance of the hanging cedar ball and how does it fit into the space?

Yuki Sugahara, store manager of tokyobike Melbourne: The cedar ball, made by Japanese craftsman, is traditionally used at the sake breweries as a sign to tell the locals that the fresh sake is ready. We wanted to have a symbolic piece that makes our customers feel something about Japan, where tokyobike originally came from. It is a beautiful and happy element that stands out in a simple white space and will hopefully start a conversation.

What elements did you bring to this store to give it a London personality?

Neil Davis, tokyobike: tokyobike comes from a traditional suburb of Tokyo with a lot of craftspeople and designer/makers still working. The Yanaka store displays and sells a lot of this work, and the London store will be similar in that respect, showcasing local products and designs alongside books and maps and a carefully curated range of bicycle accessories. Gropes is a good example.

 

What are your plans for the store and brand in the UK?

Davis: The store is a beautiful, clean space designed to show off the bikes and their many colors, but this makes it ideal for events and exhibitions. We have just collaborated with six artists to produce six pieces of bike art which will be displayed at the store before being auctioned. In the future look out for more exhibitions and product launches.

What is the fixie bike culture like in London?

Yu Fujiwara, store manager of tokyobike London: Compared with Tokyo, London's bike culture is more centered around DIY and vintage. People fix up their old bikes or ride 1950s and '60s bicycles; the growing popularity of the Tweed Run typifies this culture. Tokyo's fixie culture is more rooted in pop/youth culture, which mixes colorful components with fashion.

What did you learn about the UK market after you did the pop-up shop last year that you took into account for this permanent location?

Davis: Pop-ups are fun but we always intended to have a permanent store. Not least because we want to look after our customers' bikes. Location was important too—staying in Shoreditch, close to our existing customer base and in an area where there is still a lot of creativity. Space was also important. We wanted to give people coming to the store an experience as well as have enough room to show the entire range and house a workshop to build/service the bikes.

Bee Gees star Robin Gibb dies aged 62 after cancer battle

The British singer and songwriter sold more than 200 million records and notched up dozens of hits with brothers Maurice and Barry during a career spanning more than half a century. With their trademark falsetto close harmonies, the trio helped turn disco into a global phenomenon with hits including Stayin’ Alive and Night Fever, which featured on the soundtrack of the 1977 film Saturday Night Fever, starring John Travolta. His family announced his death yesterday prompting an outpouring of grief from fans and fellow members of the music industry. Broadcaster Paul Gambaccini described the musician as "talented beyond even his own understanding" and "one of the important figures in the history of British music", while stars including Bryan Adams and Mick Hucknall also paid emotional tributes. A statement released by relatives said: "The family of Robin Gibb, of the Bee Gees, announce with great sadness that Robin passed away following his long battle with cancer and intestinal surgery. The family have asked that their privacy is respected at this very difficult time."

'Queen of Disco' Donna Summer 'thought she became ill after inhaling 9/11 particles'

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.

JPMorgan's Trading Loss Is Said to Rise at Least 50%

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 several people with knowledge of the examination. They spoke on the condition of anonymity because the investigation is still under way. The overall health of the bank remains strong, even with the additional losses, and JPMorgan has been able to increase its stock dividend faster than its rivals because of stronger earnings and a more solid capital buffer. Still, the huge trading losses rocked Wall Street and reignited the debate over how tightly giant financial institutions should be regulated. Bank analysts say that while the bank’s stability is not threatened, if the losses continue to mount, the outlook for the bank’s dividend will grow uncertain. The bank’s leadership has discussed the impact of the losses on future earnings, although a dividend cut remains highly unlikely for now. In March, the company raised the quarterly dividend by 5 cents, to 30 cents, which will cost the bank about $190 million more this quarter. A spokeswoman for the bank said a dividend cut has not been discussed internally. At the bank’s annual meeting in Tampa, Fla., on Tuesday, Mr. Dimon did not definitively rule out cutting the dividend, although he said that he “hoped” it would not be cut. John Lackey, a shareholder from Richmond, Va., who attended the meeting precisely to ask about the dividend, was not reassured. “That wasn’t a very clear answer,” he said of Mr. Dimon’s response. “I expect that shareholders are going to suffer because of this.” Analysts expect the bank to earn $4 billion in the second quarter, factoring in the original estimated loss of $2 billion. Even if the additional trading losses were to double, the bank could still earn a profit of $2 billion. And many analysts and investors remain optimistic about the bank’s long-term prospects. Glenn Schorr, a widely followed analyst with Nomura, reiterated on Wednesday his buy rating on JPMorgan shares, which are down more than 10 percent since the trading loss became public last week. What’s more, the chief investment office earned more than $5 billion in the last three years, which leaves it ahead over all, even given the added red ink. But the underlying problem is that while these sharp swings are expected at a big hedge fund, they should not be occurring at a bank whose deposits are government-backed and which has access to ultralow cost capital from the Federal Reserve, experts said. “JPMorgan Chase has a big hedge fund inside a commercial bank,” said Mark Williams, a professor of finance at Boston University, who also served as a Federal Reserve bank examiner. “They should be taking in deposits and making loans, not taking large speculative bets.” Not long after Mr. Dimon’s announcement of a dividend increase in March, the notorious bet by JPMorgan’s chief investment office began to fall apart. Traders at the unit’s London desk and elsewhere are now frantically trying to defuse the huge bet that was built up over years, but started generating erratic returns in late March. After a brief pause, the losses began to mount again in late April, prompting Mr. Dimon’s announcement on May 10. Beginning on Friday, the same trends that had been causing the losses for six weeks accelerated, since traders on the opposite side of the bet knew the bank was under pressure to unwind the losing trade and could not double down in any way. Another issue is that the trader who executed the complex wager, Bruno Iksil, is no longer on the trading desk. Nicknamed the London Whale, Mr. Iksil had a firm grasp on the trade — knowledge that is hard to replace, even though his anticipated departure is seen as sign of the bank’s taking responsibility for the debacle. “They were caught short,” said one experienced credit trader who spoke on the condition of anonymity because the situation is still fluid. The market player, who does not stand to gain from JPMorgan’s losses and is not involved in the trade, added, “this is a very hard trade to get out of because it’s so big.” He estimated that the initial loss of just over $2 billion was caused by a move of a quarter percentage point, or 25 basis points, on a portfolio with a notional value of $150 billion to $200 billion — in other words, the total value of the contracts traded, not JPMorgan’s exposure. In the four trading days since Mr. Dimon’s disclosure, the market has moved at least 15 to 20 basis points more against JPMorgan, he said. The overall losses are not directly proportional to the move in basis points because of the complexity of the trade. Many of the positions are highly illiquid, making them difficult to value for regulators and the bank itself. In its simplest form, traders said, the complex position assembled by the bank included a bullish bet on an index of investment-grade corporate debt, later paired with a bearish bet on high-yield securities, achieved by selling insurance contracts known as credit-default swaps. A big move in the interest rate spread between the investment grade securities and risk-free government bonds in recent months hurt the first part of the bet, and was not offset by equally large moves in the price of the insurance on the high yield bonds. As the credit yield curve steepened, the losses piled up on the corporate grade index, overwhelming gains elsewhere on the trades. Making matters worse, there was a mismatch between the expiration of different instruments within the trade, increasing losses. The additional losses represent a worsening of what is already the most embarrassing misstep for JPMorgan since Mr. Dimon became chief executive in 2005. No one has blamed Mr. Dimon for the trade, which was under the oversight of the head of the chief investment office, Ina Drew, but he has repeatedly apologized, calling it “stupid” and “sloppy.” Ms. Drew resigned Monday and more departures are anticipated.

A young, blonde woman in an eye-catching zip-fronted red dress caught the eye of Prince Philip on a royal walkabout, prompting yet another inappropriate outburst from the Royal.

The Queen's husband, who is 90 tomorrow, was in typically upfront form as he told a police officer 'I would get arrested if I unzipped that dress'.

His comments appeared to embarrass council worker Hannah Johnson, 25, and she didn't want to discuss the incident today when contacted at her offices at Bromley Council, South London.

Hannah Jackson, pictured in the red dress, moments after Prince Philip made his comments to a police officer

Prince Philip told a police officer that he would be arrested 'if i unzipped that dress' when he saw Miss Jackson

Before diverting calls, however, she said: 'We were talking about the event generally, it was quite a busy day and I was in the formal line-up.'

But when quizzed about the Duke's comment, the schools and transport co-ordinator said: 'I'm not sure really what to say,.'

One onlooker who saw the police officer struggling to contain his laughter said: 'It was one of Prince Philip's classics.

 

Perverting the course of justice carries maximum life sentence

The maximum sentence that a judge can impose on a defendant convicted of perverting the course of justice is life imprisonment. It is a common law offence that must be tried before a jury in a crown court. But the average sentence served by those jailed for the offence, according to Ministry of Justice figures from December 2010, was 10 months. Curiously, the average for women – 12.3 months – was higher than for men – 9.6 months. If found guilty, Rebekah and Charlie Brooks and the others charged on Tuesday with perverting the course of justice are likely to face an immediate custodial sentence. The couple issued a statement deploring what they said was a "weak and unjust decision" to charge them. A 2007 appeal judgment said the appropriate sentence should depend on three factors – the "seriousness of the substantive offence to which the perverting of the course of justice related, the degree of persistence and the effect of the attempt to pervert the course of justice on the course of justice itself". According to Archbold, the criminal lawyers' reference book, the normal range in sentencing those guilty of concealing evidencei s between four and 18 months – but longer in more serious cases. The millionaire novelist Lord Archer received four years in prison in 2001 for perverting the course of justice by concealing the existence of a diary. He was also imprisoned for several offences of perjury. Rebekah and Charlie Brooks and their co-accused will first appear at Westminster Magistrates Court on 13 June. There are likely to be a series of subsequent administrative hearings before a date is fixed for the full crown court trial. That may well not commence before next year. The more complex the trial, the longer it will require, usually resulting in cases being scheduled further ahead when a long period of court time remains unallocated to other hearings.

Rebbeca Brooks learned this morning that she will be taken to court over accusations of perverting the course of justice in relation to the phone hacking scandal.

The former editor of the News of the World and the Sun is to be charged with five others, including her husband Charlie Brooks.

Alison Levitt QC, principal legal adviser to the Director of Public Prosecutions, announced the decision at 10am, days after Mrs Brooks appeared at the Leveson inquiry into press ethics.

Mr and Mrs Brooks said: "We deplore this weak and unjust decision. After the further unprecedented posturing of the CPS we will respond later today after our return from the police station."

^{Rebekah Brooks arriving at the Leveson Inquiry}

Rebekah Brooks turns screw on Jeremy Hunt with 'hacking advice' email

Jeremy Hunt, came under renewed pressure when the former News International chief executive Rebekah Brooks disclosed an email appearing to show he had sought the company's advice over how Downing Street should respond to the mounting phone-hacking scandal. The email, which also suggests Hunt sought to avoid a public inquiry into phone hacking, emerged on another day of extraordinary disclosures about the intimacy between Rupert Murdoch's company and government ministers. The email from News Corporation lobbyist Frédéric Michel written in June 2011 told Brooks that Hunt was poised to make an "extremely helpful" statement about the company's proposed acquisition of BSkyB, saying the takeover would be approved regardless of phone-hacking allegations. Michel also warned her, days before the Guardian revealed that murdered teenager Milly Dowler's voicemail had been targeted by the News of the World, that "JH [Jeremy Hunt] is now starting to looking into phone-hacking/practices more thoroughly" and that he "has asked me to advise him privately in the coming weeks and guide his and No 10's positioning". During five hours of testimony, Brooks revealed she dined with George Osborne on 13 December 2010, when she discussed Ofcom's initial objections to News Corp's £8bn bid. The objections had been sent in a confidential "issues letter" by the media regulator to her company three days before. Following a short discussion, the then News International boss reported to James Murdoch the next day that Osborne had expressed "total bafflement". In a steely and at times tetchy performance, Brooks said her lobbying of the chancellor had been "entirely appropriate" because she was "reflecting the opposite view to the view he had heard by that stage from pretty much every member of the anti-Sky bid alliance". But Robert Jay QC, counsel to the inquiry, said that the email demonstrated that it was "obvious that he was supportive of your bid, wasn't he", a suggestion Brooks rejected. The disclosures about her conversations with the chancellor will increase the likelihood that he is called to appear before the inquiry. He is the only one of eight ministers who have submitted statements to Leveson not to have been asked to appear. Though less damaging than some in Downing Street had feared, Brooks' testimony also proved embarrassing for David Cameron. She revealed the prime minister signed texts "DC" or sometimes "LOL" – until she explained that the phrase meant "laugh out loud", not "lots of love". She said she typically texted Cameron once a week, and twice a week during the 2010 election campaign, dismissing as preposterous reports that he sometimes texted her up to 12 times per day. Brooks said any email correspondence between her and politicians was now held by News International. She had only copies of emails and texts that were on her BlackBerry during a six-week period in June and July 2011, but a single message from Cameron had been "compressed" and could not now be read. Brooks confirmed that she had socialised with Cameron at least twice within four days in Oxfordshire during Christmas 2010, the culmination of a year in which they had already met at least five times. The first contact of the festive season was at a dinner at her house on 23 December, when there was a conversation about the BSkyB bid. The second was a previously undisclosed "mulled wine, mince pie" party organised by her sister-in-law on Boxing Day 2010, an event at which she was unsure if she had spoken to Cameron or his wife, Samantha, although "my sister-in-law tells me they were definitely there". Although Brooks has been arrested in connection with phone hacking and bribery investigations, and on suspicion of perverting the course of justice, the inquiry also heard that she had discussed the growing hacking allegations with Cameron at some point during 2010. She said the prime minister – who at that point was still employing former News of the World editor Andy Coulson – had asked her for an update. "I think it had been on the news that day, and I think I explained the story behind the news. No secret information, no privileged information, just a general update," Brooks said. The disclosure will add to the pressure on Cameron to explain why he failed to challenge Coulson about the hacking allegations against him at any time after the Guardian broke the story in July 2009. However, the most serious evidence to emerge regarded Hunt, whose fate has been hanging in the balance since Rupert Murdoch provided 163 pages of News Corp emails to the Leveson inquiry, which suggested that Michel had obtained a large amount of information about the progress of ministerial approval of the BSkyB bid. Finding a fresh email from Michel that had eluded Murdoch's legal team last month, Brooks showed that she had been told that Hunt would essentially approve the long-delayed takeover because he believed "phone hacking has nothing to do with the media plurality issues" that were increasingly concerning rivals. Michel told Brooks that the sought-after approval would happen later in the last week of June 2011.

Rebekah Brooks refused to name source of Brown son story

Rebekah Brooks has denied that The Sun hacked the medical records of Gordon Brown's four-year-old son - and refused to disclose the source of the information to the Leveson Inquiry She also insisted that the paper had permission from the former Prime Minister and his wife before publishing an article about the child's medical condition. Brooks said that she and Gordon's Brown wife Sarah "were good In a written response to the Inquiry's questions submitted in October last year Brooks set out a detailed description of safeguards put in place to check stories. The former tabloid editor and News International chief executive also denied commissioning any computer hacking or feeling any "negative pressure" from proprietor Rupert Murdoch. Much of the 12-page statement consists of explanations of the processes used to check accuracy and sources, train staff and decide whether to run a particular story. Despite those efforts, there were "failures from time to time" - significantly so at the News of the World, Mrs Brooks conceded. "I was horrified when I learned of them and I was and am deeply sorry about the further anguish that was caused to Milly Dowler's parents in particular," she wrote. Corporate governance was taken "seriously" within the newspaper group though, she added. Mrs Brooks also told the inquiry: :: She was not aware of any use of computer hacking: "I have been specifically asked by the Inquiry whether I or the newspapers where I worked ever used or commissioned anyone who used 'computer hacking' in order to source stories or for any other reason. I did not and I was not aware of anyone at either the News of the World or The Sun who did." :: There was a crackdown on the use of private investigators following highly critical reports by the Information Commissioner's Office and the Commons media and sport select committee. "I believe their use is now virtually non-existent," she wrote - noting there were exceptions such as using them to track down convicted paedophiles who had broken their bail conditions. :: The use of cash payments had been "considerably tightened up". :: It would be "highly unusual and not practical" for an editor to check the accuracy and sources of stories going into their paper other than the biggest or most controversial. :: There were "numerous examples" of times when she resisted publishing a story because the invasion of privacy outweighed any public interest or because it was more important to alert the police to criminal activities than to secure an exclusive. "It is quite wrong to believe that the press simply publishes what it can get away with, irrespective of the ethical requirements," she insisted. :: The industry felt privacy laws had "slowly crept in through the back door", stymieing legitimate journalism but failing to regulate inaccurate internet gossip. :: In her decade as a national newspaper editor she "never experienced or felt any negative pressure either financial or commercial from the proprietor. In fact the opposite is true. There was always constant advice, experienced guidance and support available." There was no financial motive to print exclusive stories. "Professional pride was the biggest incentive."

David Cameron sent commiserations to Rebekah Brooks after she resigned as News International chief executive over the phone hacking scandal

David Cameron sent commiserations to Rebekah Brooks after she resigned as News International chief executive over the phone hacking scandal, the Leveson Inquiry has heard. Ms Brooks said the indirect messages from the Prime Minister were "along the lines" of "keep your head up" and had also expressed regret that he could not be more loyal in public. She also received sympathetic messages from other senior figures in 10 and 11 Downing Street, the Home Office, the Foreign Office and some Labour politicians, including Tony Blair. The glimpse of Ms Brooks's network of high-powered friends and contacts came as she took to the witness box, despite being under investigation by police. Ms Brooks said she only had access to around six weeks of texts and emails from her time as NI chief executive, from the beginning of June to July 17 last year. Only one of those emails was relevant to the inquiry, according to her evidence. One of the text messages had been from Mr Cameron, but the content was compressed and unreadable, she said. Robert Jay QC, counsel for the inquiry, asked Ms Brooks about reports that she had received sympathetic messages after her resignation last July. "I had some indirect messages from some politicians but nothing direct," she replied. "A variety - some Tories, a couple of Labour politicians. Very few Labour politicians. I received some indirect messages from Number 10, Number 11, the Home Office, the Foreign Office..." She said Tony Blair had been among them but Gordon Brown had not. "He was probably getting the bunting out," she added, provoking laughter in the courtroom. Questioned on whether reports were correct that Mr Cameron's message had urged her to "keep your head up", Ms Brooks responded: "Along those lines." Pressed on whether the premier had also conveyed regret that political circumstances meant he could not be more "loyal", Ms Brooks replied: "Similar, but very indirect."

Rebekah Brooks to lift lid on David Cameron friendship

Former Sun and News of the World editor Rebekah Brooks is expected to lift the lid on her close relationship with the Prime Minister in evidence to the Leveson Inquiry. David Cameron is said to have texted Mrs Brooks, telling her to "keep her head up" after she resigned from News International last July. It has also been claimed that the 43-year-old former editor sent Mr Cameron more than 12 text messages a day. After her editorships Mrs Brooks went on to become chief executive of Rupert Murdoch's UK newspapers division News International in September 2009 until she resigned in the wake of the hacking scandal last July. She and racehorse trainer husband Charlie are key members of the influential Chipping Norton set, which also includes Mr Cameron and his wife Samantha, Top Gear presenter Jeremy Clarkson, and Mr Murdoch's daughter Elisabeth and her PR guru husband Matthew Freud. The inquiry has already heard that Mrs Brooks regularly met Mr Cameron and other top politicians along with Rupert and James Murdoch. She hosted a Christmas dinner on December 23 2010, just two days after Business Secretary Vince Cable was stripped of his responsibility for media takeovers for saying he had "declared war" on the Murdochs' News Corporation empire. Mrs Brooks's wedding on June 13 2009 was attended by Mr Cameron and former prime minister Gordon Brown, and in March Mr Cameron was forced to admit that he rode a retired police horse loaned to Mrs Brooks by Scotland Yard from 2008 to 2010. An updated biography of Cameron: Practically A Conservative, claims he told Mrs Brooks she would get through her difficulties just days before she stood down over the phone hacking scandal. There has speculation that the Leveson Inquiry could release emails and text messages sent between Mr Cameron and the former News International chief executive. According to Daily Telegraph columnist Peter Oborne, Mrs Brooks has kept all the texts she received from the Prime Minister. Mrs Brooks has twice been arrested by Scotland Yard detectives investigating allegations of phone hacking, corrupt payments to public officials, and an attempt to pervert the course of justice. She was bailed and has not been charged. She will not be questioned about anything that could prejudice the continuing police investigation into phone hacking or any potential future trials. Mr Cameron set up the Leveson Inquiry last July in response to revelations that the now-defunct News of the World hacked murdered schoolgirl Milly Dowler's phone after she disappeared in 2002. The first part of the inquiry, sitting at the Royal Courts of Justice in London, is looking at the culture, practices and ethics of the Press in general and is due to produce a report by October.

The London Olympics $15 billion consumer/spectator wasteland

As part of my London trip, I attended a university track and field event at the Olympic Park. On the northeastern outskirts of London, this is a former industrial wasteland that has been transformed with $15 billion into a consumer/spectator wasteland (enough to fund three or four Shanghai Disney resorts).  Paths between venues are on a vast inhuman scale, with hardly any art or sculpture to break up the long walks. Athlete housing is visible from the park and it strongly resembles the Cabrini-Green housing project. Supposedly the apartments will be turned over to local residents (who tend to be low-income immigrants from Muslim countries; this is the same area that was supposed to be home to the largest mosque in Europe) after the Olympics. It is tough to understand how this is all going to work for spectators. With the stadium literally only about one percent full, there were long queues for coffee and snacks. It took about 10 minutes to get through an airport-style security process with complete X-ray and metal detector screening. An average of about 100,000 people per day show up at the world’s busiest airports, but they tend to arrive in a reasonably randomly distributed manner. The stadium alone holds 80,000 people and they will be arriving in tight blocks. The English are going generally crazy spending money for security (story putting the total cost of the event at $17.6 billion). There are surface-to-air missiles being mounted on rooftops. In case the British military needs to invade its own country, while I was there they sailed their navy’s largest ship, a 22,000 ton amphibious assault vessel, up the Thames . If nothing else, billions spent on security has to be considered a subtraction from a nation’s wealth. Ordinary London residents are expected to suffer miserably during the Olympics as well. The Tube is full of posters telling people to expect queues of up to one hour in length to get onto the subway system at the busier stations. They also suggest walking or riding a bicycle. Presumably much of what visitors spend in London during the Olympics will be offset by locals fleeing to Spain. Is this all worth it? I can’t figure out what the economic effect of the games is supposed to be, even in the best case.  Tickets are about $160 per person per event. Presumably most of the spectators will be from the U.K. Even if they sold enough to break even would that be a gain for the country? How is it different than growing GDP by breaking windows and re-glazing them? A person who spends $600 to take his or her family to an Olympic event has a happy memory, presumably, but is not any more ready to be productive than a person who takes $600 in cash out to the backyard and sets it on fire. If a vibrant sports culture and a lot of interested spectators could help a country grow, wouldn’t Nigeria be rich? The Greeks are passionate enough about soccer to set their stadiums on fire (story) but that doesn’t seem to be helping them pay their debts or grow their economy. If mass spectator sports are not helpful to an economy or to a people, why do governments keep pouring tax dollars into them? In a 2009 blog posting, I wrote that it was might be because a politician can use taxpayer funds to build his or her career. In the case of London 2012, however, it does not seem as though the politicians who committed the taxpayer funds to host the event are still in power.

Cambridge student who sat exams for illegal immigrants in people smuggling scam is jailed

A brilliant Cambridge University student has been jailed for sitting English exams on behalf of illegal immigrants as part of a sophisticated people-smuggling scam. Junhua Yu, 24, who was studying for an MA in architecture at Darwin College, posed as a series of different Chinese nationals using fake passports. After Yu passed the exams on their behalf, the bogus students would be granted student visas allowing them to remain in the UK.

Rupert Murdoch's big backer sounds News Corp warning

Prince Alwaleed bin Talal, the second biggest shareholder in Rupert Murdoch's News Corporation, has revealed his frustration with the fallout from the News of the World phone-hacking scandal and admitted that it is harming the reputation of the company overall, not just its publishing interests. Alwaleed is a nephew of Saudi Arabia's King Abdullah, and, according to Forbes magazine, is the 29th wealthiest person in the world, with a fortune of $18bn (£11bn). He owns large stakes in Citigroup, Apple, Canary Wharf and London's Savoy hotel as well as 7% of the voting shares in News Corp, which on Wednesday announces its results for the three months to the end of March. Analysts expect profits to rise around 19% from the same quarter last year. Alwaleed said that although News Corp was "very diversified," with interests covering books, magazines, newspapers, television and film, the phone-hacking scandal was having a company-wide effect. "I really hope that this is behind us because really it is not helping the name of the company," he said. "We hope that this page is folded and put behind us because really it is not something to be proud of." News Corp investors have voiced concerns about the phone-hacking scandal since it erupted last year and, at the company's AGM in October, several shareholders, including powerful pension fund CalPERS, called for the appointment of an independent chairman. Murdoch currently holds the position of chairman alongside that of chief executive. Alwaleed is one of Murdoch's staunchest supporters and had never before spoken publicly about the wider impact of the scandal. His most public previous involvement was to suggest the resignation of Rebekah Brooks as chief executive of News Corp's UK newspaper division, News International. Brooks was editor of the News of the World when its journalists hacked the phone of murdered schoolgirl Milly Dowler and in July last year Alwaleed told the BBC's Newsnight: "If the indications are for her [Brooks's] involvement in this matter is explicit, for sure she has to go, you bet she has to go … Ethics to me is very important." Brooks resigned the following day. News Corp holds a significant stake in Alwaleed's Saudi Arabian film, TV and music business Rotana Media Group and he said: "We have a strategic alliance with Rupert Murdoch for sure and I have been with him for the last 15 or 20 years. My backing of Rupert Murdoch is definitely unwavering." Alwaleed said that although the scandal had had an impact on News Corp's reputation, its financial results had not been damaged. "The share price is really separating from what is happening in the UK," he said. "We see the price is hovering around $20 and the results are very good." News Corp shrugged off the hacking scandal in its second-quarter results as net income increased 65%, despite it having to pay $87m during the period as a result of the ongoing investigations that led to the closure of the News of the World. Net income rose to $1.06bn for the quarter, compared with $642m a year before, driven by growth in its cable networks and movie studio divisions. Alwaleed expects this trend to continue despite the ongoing scandal and he said: "I believe that once this page is flipped over, News Corp can withstand the heat of what is happening there."

Thomas Cook said on Monday it is in "advanced discussions" with its banking group.

The beleagured operator confirmed it was close to striking the agreement to extend financing arrangements with its banking group, just months after the latest refinancing deal.
A statement on Monday said the group is also exploring a possible sale and leasback of certain aircraft, on top of the revised financing arrangements.
The deal would ease pressure on the company after its near collapse last November, when shares tumbled by as much as 70pc after the tour operator said it needed more cash from its banks.
Europe's second-biggest travel firm after rival TUI Travel suffered a disastrous year in 2011, leading to the resignation of its chief executive Manny Fontenla-Novoa in August.

A FATHER of two who suffered horrific injuries in a bottle attack at a celebrity-packed party held by smartphone firm BlackBerry lost his fight for life yesterday.

Phillip Sherriff, 37, was fatally wounded at Pulse nightclub in central London following a performance by Brit award-winning singer Jessie J.

Company director Ashley Charles, 25, was remanded in custody, charged over the attack which police are now investigating as murder.



Mr Sherriff, a married telecommunications professional from Preston, Lancashire, was rushed to the Royal London Hospital after suffering a neck injury at the club in Southwark on Tuesday night.
Medics battling to save his life were later forced to operate on his skull to remove pressure from an injury to his brain.

Jessie J left BlackBerry party
, But the wounded man - who remained in a critical condition - died yesterday morning.
His photographer wife Jane — who had kept a hospital vigil — faced having to break the news of his death to their children as she headed back home to Preston, Lancs.

A pal said: “She is devastated.”

Jessie - who had finished her set just about 20 minutes before the incident - put a message on Twitter speaking of her shock and offering her sympathy.

She said: “I am lost for words. All I can say is my thoughts, love and respects are with the family and children of the man who attended the blackberry gig last week who sadly lost his life this morning So sad...”

“A post-mortem examination will be arranged in due course,” a Scotland Yard spokesman said.
Mr Sherriff had been invited to the BlackBerry function along with celebrities including Celebrity Big Brother's Georgia Salpa, stars of The Only Way Is Essex, BlackBerry competition winners and journalists

Charles, of Nevanthon Road, Leicester, spoke only to confirm his name and date of birth when he appeared in the dock at Camberwell Green Magistrates’ Court accused of attempted murder.

The defendant, dressed in a dark jumper and jeans, was ordered to attend Inner London Crown Court on April 20.
An application for bail was refused.

Easter airport 'gridlock' warning

 

Airlines have warned the Home Secretary that Britain "risks gridlock" at airports including Heathrow and Gatwick over the Easter break due to staff shortages. More than 370,000 passengers will leave Heathrow airport between Good Friday and Easter Monday, and 200,000 will pass through Gatwick. A spokesman for Heathrow owner BAA told the Daily Telegraph: "Immigration waiting times during peak periods at Heathrow are currently unacceptable and we have called on the UK Border Force to address the problem as a matter of urgency. "There isn't a trade-off between strong border security and a good passenger experience. UK Border Force should be delivering both." Meanwhile, Britons attempting to travel by rail and road face delays because of engineering works taking place on motorways and train lines. Stretches of the M1 and M25 will be affected, and the seven million passengers travelling by train over the weekend will see disruption to travel to and from Euston, King's Cross, Liverpool Street, and Waterloo stations in London. British Airways and Virgin Airlines are among 11 firms that have written to Theresa May in anticipation of "unacceptable" delays to hundreds of thousands of passengers travelling over the long weekend. The UK Border Agency is under fire for a lack of staff able to carry out full security checks, which the airlines say must result in a recruitment drive or the relaxing of some of the more stringent measures currently in place. A spokeswoman for Virgin Airlines said: "While the decision on what level of check should be made at the border is, of course, a matter for Government, we are concerned that there is currently a mismatch between policy and resource. "After years of reducing frontline staff, returning to a 100% check system will undoubtedly mean lengthy queues at UK airports over critical holiday periods such as Easter and the Diamond Jubilee."

Legal High Mexxy, Alternative To Ketamine, To Be Outlawed

 

legal high known as "mexxy" is to be outlawed, the Government has announced. It follows concerns that two people whose bodies were found in Leicestershire in February may have taken some form of the drug after buying it over the internet. Methoxetamine, or mexxy, will initially be made illegal for 12 months while Government advisers decide whether to ban it completely. Crime Prevention Minister Lord Henley said: "Making this drug illegal sends a clear message to users and those making and supplying it that we are stepping up our fight against substances which are dangerous and ruin the lives of victims and their families. "But making drugs illegal is only part of the solution. "It is important for users of these harmful substances to understand that just because they are described as legal highs, it does not mean they are safe or should be seen as a 'safer' alternative to illegal substances." Anyone caught making, supplying or importing the drug faces up to 14 years in prison and an unlimited fine. Under the change in law, police and border officials will also have new powers to search or detain anyone they suspect of having the drug and seize, keep or dispose of a substance they suspect is methoxetamine. After its growing use as a party drug, the Home Office referred mexxy to the Advisory Council on the Misuse of Drugs (ACMD) for its views on controlling it earlier this month. The drug, used as an alternative to ketamine, is widely available on the internet. Its effects include a faster heart rate, hallucinations, hypertension, loss of balance, higher blood pressure, agitation and cardiovascular conditions. Tests by the ACMD also found evidence that use of methoxetamine can lead to "significant additional toxicity". Professor Les Iversen, chairman of the ACMD, said: "The evidence shows that the use of methoxetamine can cause harm to users."

Russian shot in UK was due to give evidence

 

Russian banker shot five times close to London's financial district had been days away from giving evidence to an investigation into the attempted murder of a former business associate, his lawyer has said. German Gorbuntsov, who at the height of his business empire owned four Russian banks, was walking towards his apartment block near the Canary Wharf banking district when a gunman opened fire on Tuesday evening, leaving him badly injured. London police said on Saturday they were keeping an open mind about the motive of the attack. Gorbuntsov's lawyer, Vadim Vedenin, said the 45-year-old remained in a medically induced coma to give him a chance to recover, and that doctors were hoping to revive him in about three days. Vedenin said his client had been due to give evidence before the end of the month to an investigation by Russian prosecutors into the attempted murder of another Russian banker and former business associate of Gorbuntsov's, Alexander Antonov, in 2009. "He was preparing to give evidence on certain people. He has already given it in written form and he was going to do so in official testimony," Vedenin said by phone on Saturday, adding that Gorbuntsov had come to London because he feared for his life. The attack occurred outside the door of a block of high-end serviced apartments a short walk from the skyscrapers of Canary Wharf. A member of the building's staff, who declined to give his name, said he heard no shots, but ran outside when he heard frantic shouting. "He is a customer here. He was still alive. He spoke to us in Russian. I understood what he was saying," the member of staff, a Polish man, said. "He was swearing a lot." LONDON RUSSIANS London is home to thousands of Russian business people seeking capital, prestige and, in many cases, a haven from the rough and tumble of their home country's financial world. Alexander Antonov made his career in the nuclear industry, then became its banker as owner of Konversbank, a financial institution founded to serve the nuclear industry about two decades ago. Antonov said he and Gorbuntsov had disagreed over the terms of a bank sale just before the debt crisis of 2008, but that there had been no acrimony. "Our relationship is friendly, and it has always been friendly," he told Reuters. "I have a great personal interest in his testimony." The attempt on his life in 2009 was linked in Russia to the 2008 murder in Moscow of Ruslan Yamadayev, a powerful opponent of the Kremlin-backed Chechen leader Ramzan Kadyrov. The two incidents were tried as a single case and three men were convicted. But the person or persons who ordered the murders was never identified, and the case had lain dormant until this year. Diplomatic relations between Russia and Britain have been tested by a series of disputes involving Russian emigres. Russia has refused to extradite the man suspected of murdering former Russian spy Alexander Litvinenko by putting radioactive polonium in his tea in London. Meanwhile London courts have refused to extradite men wanted in Russia, including the Russian tycoon Boris Berezovsky, a former Kremlin insider turned fierce critic with criminal convictions in Russia. Berezovsky, who says the charges brought against him in Russia are politically motivated, said by telephone from London that he did not know Gorbuntsov personally, nor did he know of any Russian criminals hiding out in London. "One can give differing views, but it is important to understand that, from my not-exactly-dilettantish point of view, there is no place safer than London from Kremlin bandits or from Russian or international criminals," he said. "But that of course is no guarantee they won't get you."

More and more footballers are going bankrupt despite Premier League wages now averaging £1.47 million a year,

 

More and more footballers are going bankrupt despite Premier League wages now averaging £1.47 million a year, experts have claimed.  Mark Sands, head of bankruptcy at accountancy firm RSM Tenon, said the lavish lifestyles of the players coupled with poor investment choices has led to increased vulnerability. "In 2010 the average salary of a player in the Premier League was £1.47 million, 56 times the average UK wage," Sands told the Birmingham Mail. "But as their wages have increased so have the number who become insolvent. "We have certainly had an increase at RSM Tenon in the past three years. The main reasons for this can be unsustainable consumption, falling incomes after leaving the top flight, poor investment and lack of financial awareness." Last month former England international Lee Hendrie was forced to declare himself bankrupt after racking up debts of more than £200,000 with the taxman, despite earning £24,000 a week at the peak of his career. RSM Tenon stated: "The debts have apparently been a result of a tax scheme Hendrie was advised to enter into which was rejected by HM Revenue & Customs, leaving an unpaid tax bill which led to the petition. “Investments made during his peak years, in properties and film-related partnerships, went bad, leaving no money for Hendrie to turn to when times were tough.” Last year, current Tottenham goalkeeper Brad Friedel was also declared bankrupt after his non-profit US football academy ran up debts of close to £5m.

TOWIE to shoot summer special in Marbella

 

Sam Faiers and the rest of her TOWIE castmates are apparently jetting off to Spain to film a special this summer. The reality TV stars will be shooting in sunny Marbella - where they holidayed last May - later on this year, reports the Daily Star. Speaking at the Tric Awards, Sam said the special will need "lots of dramas, a fight and maybe a wedding." Co-star Gemma Collins, who was snapped soaking up the rays in a black bikini during last year's trip, said the group are "all up for it". "We've been begging for a summer special in Marbella for a while," she said.

Could abolishing tax havens solve Africa's financing needs?

 

The past month, the spotlight has been on James Ibori, the governor of Nigeria's Delta state from 1999 to 2007, who pleaded guilty at in a London court to 10 counts relating to conspiracy to launder funds from the state he governed. Ibori was accused of siphoning off an estimated $250m and laundering it in London through a number of offshore companies and financial intermediaries to fund his extravagant lifestyle of lavish mansions, expensive cars and private jets. This mode of illicit capital flight is by no means restricted to one rogue Nigerian governor or even African leaders at large, nor is it the most important means by which capital leaves the continent (and developing countries generally) illicitly. True, $250m from one source is substantial. But this pales into insignificance compared with the estimated $100bn that left Nigeria illicitly between 1970 and 2008, according to Global Financial Integrity (GFI). The bulk of this haemorrhage, contrary to popular belief, is not through the laundering of corrupt money but through commercial activities, and particularly through multinational corporations. According to GFI's conservative estimates, more than $1.8 trillion left African shores illicitly between 1970 and 2008. Of this, only 3% is attributable to bribery and theft by government officials, 30%-35% results from the laundering of criminally acquired wealth (drugs, illegal arms sales, human trafficking, etc), and the bulk – 65%-70% – is from commercial activities, especially through trade mis-pricing of goods. Over the last 10 years, the average annual outflows of this sort exceeded $50bn. This compares with annual aid inflows of less than $30bn. The outflows are largely to avoid or evade tax and to conceal wealth. This week's proposed change by the chancellor, George Osborne, on how foreign subsidiaries of multinationals based in the UK are taxed, will give even less incentive to keep money in poorer countries. Reform of these controlled foreign company rules in the upcoming budget would strengthen the financial case for shifting money to tax havens by making profits made by multinationals abroad and retained in offshore jurisdictions free from UK tax. This could cost developing countries £4bn a year in lost tax revenue, according to ActionAid estimates. These outflows undermine the rule of law, stifle trade and worsen macroeconomic conditions. They are facilitated by around 60 tax havens and secrecy jurisdictions that enable the creating and operating of millions of disguised corporations, shell companies, anonymous trust accounts and fake charitable foundations. They allow the likes of Ibori and many multinational corporations to cripple Africa financially and politically. Given that about 50% of global trade passes through tax havens, these jurisdictions facilitate trade mis-pricing by making it difficult for documentation to be traced. Transnational companies have the ability to set up multiple trusts and shell companies in these jurisdictions. This is significant because about 60% of global trade takes place between and within multinational companies. Secrecy also attracts criminal activity, and the laundering of corrupt money through concealment of the natural beneficiaries behind shell companies and trusts. Africa is experiencing economic growth, and for the increasing wealth to be channelled to public services, development and the achievement of the millennium development goals by 2015, it is urgent the problem of tax havens as a conduit for illicit outflows is addressed. The high-level panel set up by the African Union, the African Development Bank and the UN Economic Commission for Africa, and chaired by former South African president Thabo Mbeki, is a significant step forward – and testifies to the importance of this issue for Africa's development. The ball is now in the court of the rich countries.

20-STRONG ‘dog squad’ is taking on disobedient dog owners in Marbella.

 

The pet owners are being targeted in a crack down on those breaking strict bylaws with 440 summonses being issued in just 30 days. The most common offence involved dogs not being kept on leads, while others included owners not clearing up after their animal and dogs not being muzzled. Fines ranged from 75 to 3,000 euros depending on the offence. The most serious breach of the law involved 24 summonses for owning potentially dangerous breeds that weren’t registered or did not have the necessary paperwork.

Michael Jackson's entire back catalogue, including previously unreleased material from his sessions for 'Bad', 'Off The Wall' and 'Thriller', has apparently been stolen by computer hackers.

 

Michael Jackson's entire back catalogue, including previously unreleased material from his sessions for 'Bad', 'Off The Wall' and 'Thriller', has apparently been stolen by computer hackers. Sony Music paid the late singer's estate over $250 million (£158 million) for the back catalogue in 2010 and released the first swathe of tracks from it at the end of that year with the posthumous album 'Michael'. According to The Sunday Times, the tracks stolen include duets with Black Eyed Peas mainman will.i.am and Queen's late frontman Freddie Mercury. A source told the paper: "Everything Sony purchased from the Michael Jackson estate was compromised. It caused them to check their systems and they found the breach. There was a degree of sophistication. Sony identified the weakness and plugged the gap." Sony themselves have not commented on the leak or confirmed exact details of what was taken. Jackson died at the age of 50 from an overdose of the anaesthetic propofol. Last November, his physician Dr Conrad Murray was convicted of his involuntary manslaughter and sentenced to four years in prison. However, last month (February 23) it was reported that Murray was appealing his sentence and was claiming that Jackson was so concerned about his finances that he recklessly self-administered a fatal dose of the drug Propofol.

Australian facing drug death penalty in Malaysia

 

AN AUSTRALIAN man is facing the death penalty after being arrested in Malaysia for allegedly trying to sell methamphetamine. Malaysian police have confirmed a West Australian man ''tentatively charged'' with trying to sell 225g of methamphetamine could be executed. Malaysian Police Narcotics Supt Nafisah Adam said today that a former Perth man, 32, was being held in custody, along with three local men. They were all arrested on Thursday over a string of alleged drug offences. Supt Nafisah said the Australian man had been caught with a large quantity of methamphetamine ''in his hands'' at a coffee shop in the Malaysian capital of Kuala Lumpur. He added that a search of his nearby house had uncovered a ''smaller volume'' of drugs and led to the arrests of three local men. Under Malaysian law, a person convicted of possessing more than 50g of methamphetamine is declared a drug trafficker and faces a mandatory death sentence. Supt Nafisah said the arrests were part of an ongoing anti-drugs operation, and that the men had been under surveillance for some time before their arrests. ''It's part of a team of investigation that was carried out,'' she said. While the Australian and the other men had been ''tentatively charged'', official charges could follow chemical analysis of the seized substances. ''He is being held and tentatively we will charge him, but it depends on the contents of the substance on him,'' Supt Nafisah said. ''But I can say (if the drugs are confirmed), definitely he will be charged.'' Supt Nafisah said under Malaysian law, the men could be held in custody for up to 14 days without charge while police continued to investigate them. They are expected to initially appear in a magistrates court in Kuala Lumpur, but could be transferred to a higher court if serious charges are laid. ''If it's confirmed drugs, his case will be transferred to a higher court,'' Supt Nafisah said. ''Yes, they could face the death penalty if convicted.'' Australia's Department of Foreign Affairs and Trade confirmed today that the Australian man had been arrested on March 1. ''Malaysian authorities arrested a 32-year-old Australian man from Western Australia for allegedly selling methamphetamines,'' a DFAT spokesperson said in Canberra. ''Consular officials in Kuala Lumpur are seeking access in order to offer consular assistance to the man. ''It is possible that he will be charged with Trafficking in Dangerous Drugs, Section 39B of the Dangerous Drugs Act 1952, which carries a mandatory death penalty upon conviction.'' The Australian's father was reported to have said he was unaware of his son's arrest and had not been able to contact him recently. It is believed that until six months ago, he had lived with his father in the southern Perth suburb of Success, but had then moved into an apartment in the central suburb of Mt Lawley. Malaysian police federal narcotics director Noor Rashid Ibrahim was reported as saying the Australian man intended to smuggle drugs back to Australia. Supt Nafisah said she was not aware if the man's father planned to travel to Malaysia to see his son. Malaysia has executed three Australians for drug offences in recent decades. Kevin Barlow and Brian Chambers were hanged in July 1986, followed by Michael McAuliffe in June 1993. Asked about the case today, Acting Foreign Minister Craig Emerson declined to go into details. ''We will provide, as we always do, every consular assistance to every Australian citizen but beyond that, it would be wrong for me to speculate about the nature and causes of the apprehension of this man,'' Dr Emerson told reporters in Canberra. ''Let the justice system take its course.''