EUROTIMES

Bristol Airport flights halted after plane comes off runway - BelfastTelegraph.co.uk

2017-12-22T14:02:00.001+00:00

Bristol Airport flights halted after plane comes off runway - BelfastTelegraph.co.uk: "Twenty-five people were on the Embraer 145 jet that had just landed from Frankfurt in Germany."

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Brexit: EU leaders agree to move talks to next stage - BBC News

2017-12-15T13:38:00.001+00:00

Brexit: EU leaders agree to move talks to next stage - BBC News: "EU leaders have agreed to move Brexit talks on to the second phase but called for "further clarity" from the UK about its future intentions.
Talks will now move on to the long-term relationship between the UK and EU.
The first issue to be discussed, at talks next month, will be the terms of an expected two-year transition phase after the UK's March 2019 exit.
Theresa May welcomed the move as an "important step on the road" to ensuring a "smooth and orderly" exit.
While acknowledging "very significant progress" had been made, German Chancellor Angela Merkel said the next phase would be "even tougher"."

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Trade talks will not start until February at earliest, EU tells UK | Politics | The Guardian

2017-12-08T14:47:00.001+00:00

Trade talks will not start until February at earliest, EU tells UK | Politics | The Guardian:

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Slobodan Praljak's suicide reopens old wounds in Bosnia | World news | The Guardian

2017-12-02T16:01:00.001+00:00

Slobodan Praljak's suicide reopens old wounds in Bosnia | World news | The Guardian:

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Security ramped up after bomb scare at German Christmas market

2017-12-02T15:58:00.001+00:00

Security ramped up after bomb scare at German Christmas market:

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Don't use antivirus firms linked to Russia, cyber security chief tells Whitehall | Technology | The Guardian

2017-12-02T15:52:00.001+00:00

Don't use antivirus firms linked to Russia, cyber security chief tells Whitehall | Technology | The Guardian:

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Four Moldovans were detained for smuggling drugs from Spain into Russia

2017-12-02T15:47:00.001+00:00

Four Moldovans were detained for smuggling drugs from Spain into Russia:

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Bolivia nationalized the company that runs the three largest airports in Bolivia because the government claims the company did not invest in improving the airports.

2013-02-19T12:08:00.001+00:00

Servicios de Aeropuertos Bollivianos SA (Sabsa) is a division of Spain's Abertis Infraestructure SA but Sabsa is also partly owned by Aena Aeropuertos SA based in Madrid. Bolivian president Evo Morales said that the privatization of Sabsa in 1997 was equivalent to "robbery" and "looting". He claimed that since that time the company's profits have been exorbitant and investments "ridiculous".

real estate company Reyal Urbis filed for insolvency after failing to renegotiate debt with its creditors.

2013-02-19T11:53:00.001+00:00

Spain's property market crash claimed another victim on Tuesday, as real estate company Reyal Urbis filed for insolvency after failing to renegotiate debt with its creditors.

The move takes the property developer, which had 3.6 billion euros ($4.8 billion) of debt at the end of September, closer to becoming Spain's second-largest bankruptcy after Martinsa Fadesa, which defaulted on 7 billion euros of debt in 2008.

Dozens of property companies have collapsed in Spain, where house prices have fallen around 40 percent since their 2007 peak. With the country locked in a deep recession, analysts expect prices to fall further still.

Spain's banks were crippled by the property market bust, eventually requiring the state to agree a European bailout for its lenders of almost 40 billion euros last year. Indebted property firms have asked banks for debt relief but patience is wearing thin among lenders saddled with soured property assets.

Reyal Urbis is 70 percent owned by construction magnate Rafael Santamaria and its creditors include Santander, BBVA, Bankia and Banco Popular.

The company, which valued its property portfolio at 4.2 billion euros in June 2012, said it would continue to operate as permitted by Spanish insolvency laws.

Its insolvency petition now goes to court and its fate will be in the hands of a judge.

Reyal Urbis said Santamaria would remain at the helm of the company and he still hoped Reyal Urbis could reach a deal with its creditors, given "the good will of all negotiating parties".

The company had until Feb. 23 to reach a debt restructuring deal with the banks or file for insolvency. Sources close to the matter told Reuters on Friday that creditors had rejected the company's 3.6-billion-euro proposal.

Trading in the company's shares was suspended on Tuesday, Spain's stock market regulator said. The stock had plunged 99 percent since June 2007 to close at 0.124 euros on Monday.

At the end of 2011, Reyal Urbis owned some 888 finished homes in a country where over a million homes lie empty. The company also had 8 million square metres of land for development and 237,000 square metres of commercial property, including offices, shopping centres, industrial property and hotels.

Ms Sandiford to be executed for drug trafficking.

2013-01-22T10:26:00.001+00:00

Lindsay Sandiford was arrested in May last year after she tried to enter the Indonesian holiday island with illegal drugs worth £1.6 million hidden in her suitcase.

Local prosecutors had called for the 56-year-old housewife to be jailed for 15 years. But today there were gasps in the Bali courtroom when a panel of judges announced Ms Sandiford would be executed for drug trafficking.

As the shock verdict was announced, Ms Sandiford, from Gloucestershire, slumped back in her chair in tears before hiding her face with a brown sarong as she was led out of the courtroom.

Plane hijack rumours lead to drama at Dutch airport

2012-08-29T17:27:00.001+01:00

A passenger plane was forced to land at Amsterdam's Schiphol airport and boarded by Dutch forces amid fears of a hijacking that proved unfounded. Dutch F-16 fighters were scrambled to intercept the aircraft, en route from Malaga, Spain. Once it landed at Schiphol it was boarded by armed security forces who discovered the false alarm. A miscommunication between the pilot and the control tower reportedly triggered the confusion. "There was never any danger. There was a lack of communication between the pilot and the tower and the airport has activated the security protocol," a spokeswoman for Spanish carrier Vueling told Reuters news agency. Dutch broadcaster NOS spoke to a passenger who said the situation on board had been "calm". It was the second drama at the airport on Wednesday. Earlier, part of Schiphol was closed and flights delayed after a suspected World War II bomb was discovered by workers digging near Pier C, which connects the main plaza with Departure Hall One.

OwnFone: A Custom-Printed Phone Perfect for Seniors and Kids

2012-08-27T11:22:00.001+01:00

Some people need all the latest apps and features available on their smartphone so they can be connected 24/7, while others just want to make a phone call. For the connected crowd, read all the latest reviews onMashable. For the others, check out the OwnFone.

It’s designed to call only the people you want to reach most frequently. In fact, it can only hold 12 contacts. There are no keys or buttons to program. Instead you let OwnFone know who you want to add, and they program and send you a custom-printed phone, about the size of a credit card.

If you lose it, they just print you a new one. You do need to call OwnFone support if you need to change someone’s number, or add a contact.

OwnFone says it plans to come out with a phone that can be customized in braille in the near future. Right now OwnFone is only available in the UK.

Check out the video above for more details and let us know what you think of a printed, pre-programmed cell phone.

Estepona Wild Fires rage on a 2km front

2012-08-26T01:33:00.001+01:00

Police and Ambulances hurried to evacuate as wild fires quickly spread our reporter on the scene photographer the devastation

Estepona on Fire

2012-08-26T01:21:00.001+01:00

We had a tiny little fire today, which they put out.

Then an hour later, it restarted, and spread along 2 Klm of the coast.

It was horrible seeing old people being run out of their homes, and carried through the smoke by police and ambulances.

The pictures really doesn,t do show bad it really was.many houses have gone

Jessica Harper admits £2.4m Lloyds Bank fraud

2012-08-07T14:52:00.001+01:00

A former Lloyds Bank worker in charge of online security has admitted carrying out a fraud worth more than £2.4m. Jessica Harper, 50, had been accused of submitting false invoices to claim payments between 2007 and 2011. At the time she was working as head of fraud and security for digital banking and made false claims totalling £2,463,750. Harper, of South Croydon, south London, will be sentenced on 21 September. At Southwark Crown Court, Harper admitted a single charge of fraud by abuse of position by submitting false invoices to claim payments. 'A very simple fraud' She also admitted a single charge of transferring criminal property, the money, which she had defrauded from her employers. Harper was arrested on 21 December before being charged in May. Continue reading the main story “ Start Quote Jessica Harper has today been convicted of the type of crime the bank employed her to combat” Sue Patten Crown Prosecution Service Antony Swift, prosecuting, did not open the facts of the case but said it was a "a very simple fraud". He added Harper had already repaid £300,000 and was in the process of selling her house for about £700,000. "That will be some £1m out of £2.5m that's gone missing," he told the judge. Carol Hawley, defending, said: "She appreciates the seriousness and has made full admissions in interview. "She understands perfectly well on the next occasion she will be facing imprisonment of some length." Breach of trust Judge Nicholas Loraine-Smith granted Harper bail on the condition she stays at her current address, obeys a 21:00 to 07:00 curfew and hands in her passport. Sue Patten, head of the Crown Prosecution Service, Central Fraud Division, said: "Jessica Harper has today been convicted of the type of crime the bank employed her to combat. "The evidence in the case was clear and left Harper with little choice but to plead guilty. "In doing so, she has admitted to a huge breach of trust against her former employer." Lloyds is now 39.7% state-owned after being bailed out by the government during the financial crisis.

Shares in Standard Chartered dive after Iran allegations

2012-08-07T10:06:00.001+01:00

Shares in Standard Chartered PLC dropped sharply today as investors reacted to US charges that the bank was involved in laundering money for Iran. The charges against Standard Chartered were a shock for a bank which proudly described itself recently as “boring.” Shares were down nearly 20 percent at 1,187 pence at one point in early trading Tuesday on the London Stock Exchange. In Hong Kong, they were down 16.6 percent near the end of the session. New York State Department of Financial Services alleged on Monday that Standard Chartered schemed with the Iranian government to launder $250 billion from 2001 to 2007, leaving the United States' financial system “vulnerable to terrorists.” Standard Chartered said it “strongly rejects” the allegations. In a statement, the bank said “well over 99.9 percent” of the questioned transactions with Iran complied with all regulations, and the exceptions amounted to $14 million. The New York regulator ordered Standard Chartered representatives to appear in New York City on Aug. 15 “to explain these apparent violations of law” and to demonstrate why its license to operate in the State of New York “should not be revoked.” Gary Greenwood, analyst at Shore Capital in London, said the possible revocation of the New York license was of far greater concern than any potential fine, which could run into hundreds of millions of dollars. Standard Chartered's US operation facilitates trade for customers that have operations in both the United States and emerging markets. “Indeed, this is an area of the business that has been highlighted by management for growth,” Greenwood said. “A loss of its US banking license would not only jeopardize part of this profit stream, but the associated reputational damage could also have a severely damaging impact to its operations within emerging markets.” The New York agency alleged that Standard Chartered conspired with Iranian clients to route nearly 60,000 different US dollar payments through Standard Chartered's New York branch “after first stripping information from wire transfer messages used to identify sanctioned countries, individuals and entities.” The New York regulators called the bank a rogue institution and quoted one of its executives as saying: “You (expletive) Americans. Who are you to tell us, the rest of the world, that we're not going to deal with Iranians.” The order also identifies an October 2006 “panicked message” from a London group executive director who worried the transactions could lead to “very serious or even catastrophic reputational damage to the group.” If proven, the scheme would violate state money-laundering laws. The order also accuses the bank of falsifying business records, obstructing governmental administration, failing to report misconduct to the state quickly, evading federal sanctions and other illegal acts. Between 2004 and 2007, about half the period covered by the order, the department claims Standard Chartered hid from and lied about its Iranian transactions to the Federal Reserve Bank of New York. Before 2008, banks were allowed to transact some business with Iran, but only with full reporting and disclosure, the order states. In 2008, the US Treasury Department stopped those transactions because it suspected they helped pay for Iran to develop nuclear weapons and finance terrorist groups including Hamas and Hezbollah. The order states the bank has to provide information and answer questions to determine if any of the funding aided the groups or Iran's nuclear program. Last week, Standard Chartered' chief executive, Peter Sands, boasted that the bank has racked up a 10-year string of record first-half profits “amidst all the turbulence in the global economy and the apparently never-ending turmoil in the world of banking.” “It may seem boring in contrast to what is going on elsewhere, but we see some virtue in being boring,” Sands added.

Brad Pitt is reportedly utilising his free time to plan his wedding with Angelina Jolie.

2012-08-05T10:41:00.001+01:00

The 48-year-old has taken charge of preparations for the wedding that is expected to take place end of September. He has flown in a team of builders to renovate the home he shares with Jolie in southern France.

"Angelina isn`t so bothered about when they tie the knot, it`s Brad who is piling on the pressure," a website has quoted a source as saying.

"He wants the main house to be finished when the event takes place, even though the close friends and relatives who are invited aren`t the types to care. He wants everything to be absolutely perfect," the source added.

Paper Passion, a scent from Geza Schoen for Wallpaper magazine, makes its wearers smell like freshly printed books

2012-07-26T10:38:00.001+01:00

Paper Passion, a scent from Geza Schoen for Wallpaper* magazine, makes its wearers smell like freshly printed books. I suppose it can be alternated with "In the Library," a perfume that smells like old books.

Paper Passion fragrance by Geza Schoen, Gerhard Steidl, and Wallpaper* magazine, with packaging by Karl Lagerfeld and Steidl.
“The smell of a freshly printed book is the best smell in the world.” Karl Lagerfeld.

It comes packaged with inside a hollow carved out of a book with "texts" by "Karl Lagerfeld, Günter Grass, Geza Schoen and Tony Chambers."

It will cost two million € to connect the electricity, and nobody wants to pay.The empty Guadalhorce Hosptial in Cártama

2012-07-23T03:01:00.001+01:00

The Guadalhorce Hospital has been completed in Cártama on the Costa del Sol, but it has been empty for several months with no opening date planned.

To continue installing the equipment in the hospital it has to be accepted as meeting requirement, and to show that hospital is as planned, but for that to take place it must be connected to the electricity supply.

The problem is that will cost two million €, although the originally quoted price was 300,000 €, to install the electrical connection required. Endesa say the problem is that to supply the hospital an electrical substation at Villafranca del Guadalhorce will have to be expanded.

Cártama Town Hall has said they cannot meet the extra cost, which has put the budget up five fold. Mayor Jorge Gallardo says he thinks the electricity company is ‘making the most of the circumstances’.

However the Junta say they think the 2 million bill should be met by the Town Hall. They say the electricity contract was undertaken by Cártama Town Hall.

The Guadalhorce Hospital has been built thanks to an agreement between the Málaga Diputación, the Junta de Andalucía and the Cártama Town Hall, to give the district its long-wanted hospital. Many foreigners live in the inland area and have complained about the time to get to a hospital in Málaga.

Spain wildfires: Three killed

2012-07-23T01:24:00.001+01:00

Officials say the flames have been fanned by strong winds

Forest fires raging in Spain's north-eastern Catalonia region have left three people dead, officials say.

Two French nationals drowned in the sea close to the border with France while trying to escape the flames, Catalonia's interior minister said.

Strong winds gusting up to 90km/h (55mph) have rendered one fire "out of control", he said.

All residents of the county of Alt Emporda - about 135,000 people - have been ordered to stay indoors.

The area is a main link for holidaymakers travelling to and from southern France. Traffic on the cross-border AP-7 motorway was reported to have been severely disrupted on Sunday.

Cardiac arrest

The two French victims were among several people who were trapped by fire as they travelled along the N-260 main coastal road near the town of Portbou and tried to reach the sea by climbing down cliffs, according to Catalan Interior Minister Felip Puig.

The victims were a 60-year-old man and his 15-year-old daughter, Spanish media reported.

A 75-year-old man died after suffering a cardiac arrest in Llers, north-west of the area's main town, Figueres.

At least another 19 people have been wounded, including a French national who suffered burns on 80% of his body when he was caught in his car by the flames.

The fire near Portbou has been brought under control, according to media reports, while a much larger blaze further inland, around the border town of La Jonquera, was still spreading late on Sunday, Felip Puig said.

The fire, travelling at about 5-6km/h, came within 10km of Figueres, Mr Puig said.

A total of about 13,000 hectares (32,000 acres) of forest are estimated to have been devastated in the area, according to the authorities.

Spain Scraps Siesta as Stores Stay Open to Spur Spending

2012-07-23T01:14:00.001+01:00

The Spanish shopping siesta may be about to become the latest victim of the sovereign debt crisis. To stimulate spending after a 23 percent drop in retail sales since 2007, the euro region’s fourth-largest economy this month approved measures that allow shops of more than 300 square meters (3,229 square feet) to open for 25 percent longer a week. The new rules may encourage the outlets to sell during the traditional afternoon snooze from 2 p.m. to 4 p.m., and on an additional two Sundays or holidays a year for a total of 10. “When everything was fine, nobody complained, but now that things have gone awry, then it’s another story,” said Carmen Cardeno, director general for domestic commerce at the nation’s economy ministry, which created the rules. “We need to evolve and be more flexible.” Spain is following its European neighbors in trying to liberalize shopping hours that have traditionally been checked by governments in the region to protect religious observances, for rest and on behalf of smaller retailers that have fewer resources to staff shops around the clock. England has allowed retailers to open for longer on Sundays during the Olympics than the six hours usually allowed. In France, food shops can be open 13 hours a day and stores located in tourist areas have the right to open on Sundays. Spanish shops are allowed to open for less time than anywhere else in Europe, according to its government, which was asked by retail associations to allow large stores to open 16 Sundays or holidays a year. Some smaller merchants opposed the extension, arguing that the bigger stores would have the necessary manpower and they wouldn’t. The new measures allow stores 18 additional business hours a week and will permit merchants to decide when to cut prices in sales instead of only twice a year. Siesta Time The country’s regions will get to decide how to implement the rules, though they usually follow the lead of the central government. In Madrid, which is an exception, stores have been able to open for as long as they want since July 15. Outlets of less than 300 square meters also have no restrictions on opening hours, though the Spanish tradition of eating at home and having a siesta means most shopkeepers keep their businesses closed for about two hours in the middle of the day. The new measures may not be enough to offset shrinking demand in Spain’s 217 billion-euro ($264 billion) retail industry, which is worsening each year the crisis goes on in a nation where one in four people is out of work. The number of companies seeking bankruptcy protection rose 22 percent from a year earlier to 2,224 in the first quarter, according to the nation’s statistics institute, with commerce being the third- largest contributor behind construction and housing firms and industrial and energy companies. ‘Almost Insignificant’ Javier Millan-Astray, director general of retail association ANGED, said the approved loosening of restrictions on opening hours doesn’t go far enough. “The government’s reform is almost insignificant,” Millan-Astray told reporters in Madrid, when retail groups pushed for 16 Sunday openings. The associations’ “new proposal would help boost consumption and create more jobs because when we open on a holiday, people come and shop. It’s unbelievable that amid this crisis, we have to keep our stores closed.” Spain has been wrestling with the dilemma of preserving its culture and modernizing the industry for decades. The socialist government of Jose Luis Rodriguez Zapatero in 2004 rolled back liberalization of opening hours instituted by his predecessor, bringing them back to rules from the 1990s and leaving the country with the tightest regulations of any European country. Job Creation Even with the latest proposals, “retail regulation is hurting both business and customers in Spain,” said Fernando Fernandez, a professor at the IE Business School in Madrid. “Both big and small retailers would benefit from fewer restrictions. When big retailers such as Ikea or Zara open a store, all small shops in that area benefit from that.” Ending the restrictions completely would create 337,581 jobs across all industries and add 17.2 billion euros to economic growth this year, according to a study commissioned by the government, which examined the implications of several scenarios. The nearest of those to the current proposals, under which stores open on 16 Sundays or holidays, could have added 47,945 full-time retail jobs, the study found. About 1.8 million people worked in retail in the first quarter, 0.3 percent less than in the year-earlier period. Stores are also bracing for change as the government looks to the retail industry to help boost tax revenue. Prime Minister Mariano Rajoy will increase the most common rate of sales tax to 21 percent from 18 percent on Sept. 1, putting an additional brake on consumers’ ability to spend. previous

Spain king ousted as honorary president of World Wildlife Fund branch after elephant hunt

2012-07-21T21:40:00.001+01:00

The World Wildlife Fund’s branch in Spain has ousted King Juan Carlos as its honorary president — a title he’d held since 1968 — after deciding his recent elephant hunting safari was incompatible with its goal of conserving endangered species. The announcement Saturday was the latest in a string of bad news for Spain’s royal family, which has been embarrassed by legal and other scandals. The fund said in a statement that “although such hunting is legal and regulated” it had “received many expressions of distress from its members and society in general.” It said members voted at a meeting Saturday in Madrid to “to get rid of the honorary President” by a substantial majority of 226 votes to 13. The Royal Palace declined immediate comment on the announcement. Many Spaniards were dumbfounded when news broke in April that the king had made a secret journey to hunt elephants in Botswana even though it was widely known he was president of the Spanish branch of the fund. Such an opulent indulgence also angered Spaniards at a time when national unemployment hovers around 25 percent, the economy is contracting and there are fears the country may need an international financial bailout. The Spanish public learned of the safari only after the king had to fly back in a private jet to receive emergency medical attention for a broken hip suffered during the trip. In an unprecedented act of royal contrition, a sheepish Juan Carlos apologized, saying as he left the hospital: “I am very sorry. I made a mistake. It won’t happen again.” It was a poignant moment because the royal family had been under intense media scrutiny for all the wrong reasons. The king’s son-in-law, Inaki Urdangarin, is a suspect in a corruption case, accused of having used his position to embezzle several million euros in public contracts through a supposedly not-for-profit foundation he’d set up. Over Easter, the king’s 13-year-old grandson, Felipe Juan Froilan, shot himself in the foot with a shotgun, even though Spanish law dictates you must be 14 to handle a gun. The king on Tuesday decided to take a pay cut in solidarity with civil servants who are to lose their traditional Christmas bonuses as part of the government’s most recent austerity drive. The salaries of Juan Carlos and Crown Prince Felipe will be reduced about 7 percent — to about 272,000 euros ($334,000) and 131,000 euros ($160,000) respectively — in line with government policy, the Royal Palace said. The king and prince acted voluntarily in cutting their salaries, the palace said.

Invasion of the pickpockets

2012-07-20T01:24:00.001+01:00

Britain is in the grip of a pickpocketing epidemic as Eastern European gangs descend on London ahead of the Olympic Games.

A surge in sneak street thefts means more than 1,700 people fall victim every day – an increase of nearly a fifth in only two years, according to official crime figures released yesterday.

At the same time, police warned that professional gangs from Romania, Lithuania and even South America who operate in capitals across Europe are heading to Britain, intent on cashing in on unwitting tourists at London 2012.

How they do it: A member of the pickpocket gang approaches a BBC reporter investigating the rise in thefts ahead of the Olympics

Keeping him occupied: The man speaks to the victim on the pretense of needing directions while another gang member approaches from behind

A BBC investigation exposed the tactics used by Romanian thieves, who were previously operating in Barcelona, to dupe their victims.

The criminals boasted of their ‘one-second’ theft techniques which leave targets unaware that anything has happened until it is too late. They can make £4,000 a week taking wallets, smartphones and laptop bags. The goods are then shipped back to Romania and sold on the black market.

Scotland Yard has made more than 80 arrests already and warned thieves the capital will be a ‘hostile environment’ in the coming weeks.

The Met has even drafted in a team of Romanian police officers to deal with the problem and patrol in the West End of London and Westminster during the Games. They will not have arrest powers.

Distracted: An accomplice (left) then plays drunk so he can get close enough to the target to strike

Sleight of hand: The 'drunk' man jostles around with the BBC reporter, making it harder for him to notice what is going on

Rich pickings: The sneering thief walks away with the wallet from the unsuspecting victim

Teamwork: The thief quickly hands the wallet to another member of the gang, who spirits it away

Mayor of London Boris Johnson said: ‘These Romanian officers will prove to be a huge asset in cracking down on certain criminal networks who are targeting tourists in central London.’

Official statistics released yesterday showed pickpocketing thefts rose 17 per cent in the past two years.

In 2011/12, a total of 625,000 people fell victim, the Crime Survey of England and Wales showed.

That is an increase of more than 102,000 since 2009/10.

The vast majority of the total are classified as ‘stealth thefts’, but in 83,000 cases the victims’ possessions were ‘snatched’.

Bankers face the prospect of jail as Serious Fraud Office launches criminal probe into interest-rate fixing at Barclays

2012-07-06T16:34:00.001+01:00

Hearing: Former chief executive Bob Diamond left Barclays over the matter, before appearing before MPs this week

A criminal investigation has been launched into alleged rigging of the Libor rate within the banking industry, the Serious Fraud Office (SFO) confirmed today.

SFO director David Green QC formally accepted the Libor issue for investigation after Barclays was fined by the Financial Services Authority (FSA) last week for manipulating the key interbank lending rate which affects mortgages and loans.

The claims ultimately led to the resignation of Barclays boss Bob Diamond and have become the focal point of a fierce political debate over ethics in the banking sector.

The investigation could ultimately lead to criminal prosecutions and bankers facing charges in court.

The SFO's update came after it revealed earlier this week that it had been working closely with the FSA during its investigation and would consider the potential for criminal prosecutions.

The Government department, which is responsible for investigating and prosecuting serious and complex fraud, said on Monday the issues surrounding Libor were "complex" and that assessing the evidence would take time.

Under fire: Barclays former chairman Marcus Agius (right) with former CEO Bob Diamond (centre), and former chief executive John Varley (left)

As the SFO prepares its investigation, Labour leader Ed Miliband continued to push for an independent inquiry into the banking scandal despite MPs rejecting the demands.

The Labour leader said that while the party would cooperate with a parliamentary investigation, its remit was too "narrow" and a judge-led probe was still needed.

Mr Miliband also defended the conduct of Ed Balls after the shadow chancellor engaged in a bitter war of words with his opposite number George Osborne in the Commons.

Diabetes drug makes brain cells grow

2012-07-06T05:53:00.001+01:00

The widely used diabetes drug metformin comes with a rather unexpected and alluring side effect: it encourages the growth of new neurons in the brain. The study reported in the July 6th issue of Cell Stem Cell, a Cell Press publication, also finds that those neural effects of the drug also make mice smarter. See Also: Health & Medicine Brain Tumor Stem Cells Nervous System Mind & Brain Brain Injury Intelligence Neuroscience Strange Science Reference Neural development Stem cell treatments Diabetes mellitus type 2 Embryonic stem cell The discovery is an important step toward therapies that aim to repair the brain not by introducing new stem cells but rather by spurring those that are already present into action, says the study's lead author Freda Miller of the University of Toronto-affiliated Hospital for Sick Children. The fact that it's a drug that is so widely used and so safe makes the news all that much better. Earlier work by Miller's team highlighted a pathway known as aPKC-CBP for its essential role in telling neural stem cells where and when to differentiate into mature neurons. As it happened, others had found before them that the same pathway is important for the metabolic effects of the drug metformin, but in liver cells. "We put two and two together," Miller says. If metformin activates the CBP pathway in the liver, they thought, maybe it could also do that in neural stem cells of the brain to encourage brain repair. The new evidence lends support to that promising idea in both mouse brains and human cells. Mice taking metformin not only showed an increase in the birth of new neurons, but they were also better able to learn the location of a hidden platform in a standard maze test of spatial learning. While it remains to be seen whether the very popular diabetes drug might already be serving as a brain booster for those who are now taking it, there are already some early hints that it may have cognitive benefits for people with Alzheimer's disease. It had been thought those improvements were the result of better diabetes control, Miller says, but it now appears that metformin may improve Alzheimer's symptoms by enhancing brain repair. Miller says they now hope to test whether metformin might help repair the brains of those who have suffered brain injury due to trauma or radiation therapies for cancer.