Monday, 24 October 2011

Failure to solve Europe's debt crisis will cost UK taxpayers billions

 

Britain has already injected £1.88bn into the European Investment Bank (EIB) and pledged another £35.7bn, equivalent to close to 2pc of UK GDP, to be drawn down as required. Although the EIB, which is the world's largest non-government borrower, ranks above other unsecured creditors, thanks to its "privileged relationship" status under the EU treaty, it could face huge losses in the event of a euro break-up. If the UK's stake in the European Bank for Reconstruction and Development (EBRD) is included then the total capital commitment for the taxpayer could rise by a further several billion pounds. On top of this the country could also be called on to stump up some of the cost of the EU's emergency funding facility the European Financial Stability Mechanism. "What the public doesn't realise is the quite simply staggering amounts of taxpayer money that has already been committed if things get significantly worse. This may be a doomsday scenario, but recent history has proven that many events thought extremely unlikely have a funny habit of coming to pass," said one London-based credit analyst. The EIB's most recent accounts reveal huge sovereign credit risk exposures to the endangered periphery states. Some €14.2bn of loans were made to, or guaranteed by, the Greek government. Another €7.7bn is backed by the Portuguese sovereign.

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full brutality of former Libyan tyrant Muammar Gaddafi's regime has been revealed in chilling video footage of prison torture sessions.

The full brutality of former Libyan tyrant Muammar Gaddafi's regime has been revealed in chilling video footage of prison torture sessions.

And the fallen dictatorship's former foreign minister, Musa Kusa - who was released by the British authorities six months ago after he defected to the UK in March - is facing fresh allegations that he was directly involved in the beating of political prisoners.

The footage - obtained by the BBC's Panorama programme - was reportedly shot at the notorious Abu Salim prison in Tripoli. It shows crouching inmates, blindfolded and wearing blue uniforms, being repeatedly whipped and kicked by interrogators. 

Brutal: A still from footage of a prisoner being whipped inside the Abu Salim prison during Gaddafi's rule

Brutal: A still from footage of a prisoner being whipped inside the Abu Salim prison during Gaddafi's rule

Last month the remains of more than 1,200 prisoners were found in a mass grave outside the prison's walls.  

 

 
     

 

The Panorama team tracked down Kusa to a luxury resort in Qatar during its investigation into his role in alleged war crimes. He declined to be interviewed for the programme.

Kusa was head of Gaddafi's intelligence agency from 1994 and a senior intelligence agent when PanAm flight 103 was blown up over Lockerbie.

Inhumane: An inmate is kicked in the head by one official as a prison guard looks on

Inhumane: An inmate is kicked in the head by one official as a prison guard looks on

 

Back in the spotlight: Torture suspect Musa Kusa defected to Britain in April but moved to Qatar just weeks later

Back in the spotlight: Torture suspect Musa Kusa defected to Britain in April but moved to Qatar just weeks later

The Boeing 747 jumbo jet was en route from London to New York when it exploded over the Dumfriesshire town, killing 243 passengers, 16 crew and 11 residents.

There have also been calls for Kusa to be quizzed in relation to the murder of PC Yvonne Fletcher, who was shot during a protest outside London's Libyan Embassy in 1984.

Kusa made a high-profile defection to Britain in March and was interviewed by police and Scottish prosecutors investigating the Lockerbie attack.

But within weeks he was allowed to leave the UK following an EU decision to lift sanctions against him, meaning he no longer faces travel restrictions or an asset freeze.

No comment: Panorama reporter Paul Kenyon is blocked by a bodyguard while attempting to question Kusa

No comment: Panorama reporter Paul Kenyon is blocked by a bodyguard while attempting to question Kusa

The Foreign Office said Kusa was a 'private individual' who had been interviewed voluntarily.

But the ruling was condemned by one Tory MP who said Britain had become 'a transit lounge for alleged war criminals'.

And Britain is now under fresh pressure to interview Kusa in relation to the allegations.

Dr Jim Swire, whose 23-year-old daughter Flora died in the Lockerbie bombing, said that if anyone could offer any insight into the 'huge questions still unanswered' on Libya's role in Lockerbie, it would be Mr Kusa.

Playing his part: Foreign Office sources said Kusa was meeting opposition leaders to 'offer insights into the situation' in Libya

High profile: Kusa was less reluctant about speaking to the press following his defection to London earlier this year

He said: 'When I met Musa Kusa in Libya in 1991 it was clear to me he was the guy who was central to the Gaddafi administration.

'He could tell us just as much as Gaddafi about Lockerbie as he was at the core of the regime.

'He was a very, very key figure and we need answers as to why he was allowed to fly back. Any probing over his crimes should be done by the International Criminal Court.'

Pamela Dix, who lost her 35-year-old brother Peter in the atrocity, said she was 'incensed' after Mr Kusa was allowed to leave Britain in the first place.

She said: 'We cannot turn a politically pragmatic blind eye.

'I do not know what Musa Kusa knows or does not know about Lockerbie but he needs to come back to answer those questions.

'I condemn the attitude of the UK Government in the strongest possible terms. A political hands-off attitude is inappropriate.'




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Friday, 21 October 2011

The slain Libyan leader Moamer Kadhafi secretly spirited out of Libya and invested overseas more than $200 billion

 

The slain Libyan leader Moamer Kadhafi secretly spirited out of Libya and invested overseas more than $200 billion -- double the amount that Western governments previously had suspected, The Los Angeles Times reported late Friday. Citing unnamed senior Libyan officials, the newspaper said US administration officials were stunned last spring when they found $37 billion in Libyan regime accounts and investments in the United States. They quickly froze the assets before Kadhafi or his aides could move them, the report said. Governments in France, Italy, England and Germany seized control of another $30 billion or so. Earlier, investigators estimated that Kadhafi had stashed perhaps another $30 billion elsewhere in the world, for a total of about $100 billion, the paper noted. But subsequent investigations by US, European and Libyan authorities determined that Kadhafi secretly sent tens of billions more abroad over the years and made sometimes lucrative investments in nearly every major country, including much of the Middle East and Southeast Asia, The Times said. Most of the money was under the name of government institutions such as the Central Bank of Libya, the Libyan Investment Authority, the Libyan Foreign Bank, the Libyan National Oil Corporation and the Libya African Investment Portfolio, the paper pointed out. But investigators said Kadhafi and his family members could access any of the money if they chose to, the report said. The new $200 billion figure is about double the prewar annual economic output of Libya, The Times noted. Kadhafi, who lorded over the oil-rich North African nation for 42 years, met a violent end on Thursday after a NATO air attack hit a convoy, in which he was trying to escape from his hometown of Sirte. He survived the air strike but was apparently captured and killed after a shootout between his supporters and new regime fighters.

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Tuesday, 18 October 2011

¡Ole! Spain drives legality into mobile services with Sybase 365

 

Spain was one of the first countries to start to lay down laws relating to old non-registered pay-as-you-go SIM cards for anti-terrorism reasons i.e. you MUST tell the authorities your name and address and get a new SIM if you had one of the old anonymous ones. Following on from this "mobile legality" theme, news this week bubbles of Sybase subsidiary company Sybase 365 working with Spanish mobile operator Yoigo. The two firms have joined forces to offer registered SMS, a new service allowing companies to send customers confirmation text messages with the same legal standing as registered mail. According to Sybase, "Officially certified by the Spanish Real Casa de la Moneda (The Royal Mint of Spain) the Sybase 365 and Yoigo service recognises an SMS confirmation as legal proof of delivery of important documents and information. These certificates can then be used as evidence in judicial proceedings in Spain for enterprises wishing to demonstrate correspondence with their customers. This will enable companies and their customers to resolve disputes in a timely manner, avoiding the cost of court proceedings." With registered SMS, financial institutions, utility companies and enterprises will be able to use SMS where previously they would have used registered mail. Developers working to build in legally approved services into mobile (or desktop for that matter) applications should perhaps take note of Sybase 365's suggestion that an SMS provides a number of advantages over registered mail including five times better response rate over traditional mail and is read 288 times faster than email. "No other communication medium has the ability to reach more people than SMS, said Howard Stevens, senior vice president, global telco and international operations, Sybase 365. "Consumer acceptance and enterprise adoption of the mobile channel is fuelling the growth in volume, availability and sophistication of mobile services and the registered SMS services we're launching confirms this trend."
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Tuesday, 13 April 2010

Summary Box: Investigators say find fraud in WaMu - CNBC

Summary Box: Investigators say find fraud in WaMu - CNBC: "WaMu's management failed to stem the fraudulent practices despite internal probes by the bank, according to the new report by the investigative panel of the Senate Homeland Security and Governmental Affairs Committee.
WHAT'S NEXT?: The panel is holding hearings this week on the WaMu failure. It will decide afterward whether to make a formal referral to the Justice Department for possible criminal prosecution, its chairman says."
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Wednesday, 31 March 2010

Tuesday, 11 November 2008

Saturday, 6 October 2007

Friday, 5 October 2007