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Libya: Col Gaddafi buried at dawn

Officials said earlier that the ousted Libyan leader would be buried in a secret desert grave, ending a wrangle over his rotting corpse that led many to fear for the country's governability. Transitional government forces had put the body on show in a cold store in Misurata while they argued over what to do with it, until its decay forced them on Monday to end the display. His son Mutassim is thought to have been buried in the same ceremony. A few relatives and officials were in attendance, according to a Misurata military council official. Yesterday, the government bowed to international pressure and announced a commission to determine how Gaddafi died after he was cornered in a drain while trying to flee Sirte, his besieged home town. Mustafa Abdul Jalil, the chairman of the NTC, and other officials have said Gaddafi was killed in crossfire. Mr Jalil said: "In response to international calls, we have started to put in place a commission tasked with investigating the circumstances of Muammar Gaddafi's death in the clash with his circle as he was being captured."

Libya: Col Gaddafi buried at dawn

Officials said earlier that the ousted Libyan leader would be buried in a secret desert grave, ending a wrangle over his rotting corpse th...

Pop legend Madonna today told a court of her 'alarm and distress' after a delusional fan, who believes the star loves him, broke into her £10million London home and rifled through her bedding.

Grzegorz Matlok, 30, burgled a mews house linked to the singer's luxury townhouse in Marylebone, central London, and stole a can of Red Bull after wandering through two bedrooms and a living room. Southwark Crown Court heard Matlok was discovered holding the drink and playing with a kitchen light switch at around 4.40am on March 12 by Madonna's former gardener-turned film director Nathan Rissman, 39, who was staying in the mews at the time. When he was quizzed over what he was doing and told Madonna was not staying there, he said: 'I'm sorry. Arrest me, arrest me'. He later told police he had been given permission by the singer and had found a welcome note from her. A map with a large 'M' scrawled over Madonna's home and a bag containing a safety knife, nail scissors, a coach ticket from Poland and Matlok's passport were found in a bag outside the property. A year ago Matlok sneaked into the Wiltshire estate Madonna used to share with ex-husband Ritchie and was caught putting on his clothes.   The 'Music' star was heard to be 'distressed and unsettled' by Matlok's two successful break-ins and said she feared for the safety of herself, her four children and her staff. Prosecutor Philip Stott said: 'It appears that the defendant took a route, by examination of the lights he had turned on, through the lounge and kitchen and into a bedroom and dressing area and then gone through an inter connecting door where again he had gone into a bedroom and dressing room, where he disturbed some bed clothes.'<div class="relatedItemsTopBorder" style="font-size: 10px; min-height: 1px; padding: 0px; margin: 0px;"> </div><div class="relatedItems" style="font-size: 10px; min-height: 1px; padding: 0px; margin: 0px;"><h4 style="min-height: 1px; font-size: 1em; padding: 0px; margin: 0px;"></h4></div> Matlok had broken into the house after smashing a window with a stone and using a rope and scaffolding to enter one of the three properties by a first floor window. The court heard he had travelled to England from Poland by coach a few days before the burglary on March 12. Mr Stott said that in interview Matlok told Madonna's security manager he was there 'To see Madonna' and afterwards told police she had okayed his visit.<div class="thinCenter" style="font-size: 10px; margin-top: 0px; margin-right: auto; margin-bottom: 0px; margin-left: auto; min-height: 1px; width: 470px; padding: 0px;"><img alt="Country house: A year ago Matlok sneaked into the Wiltshire estate (pictured) Madonna used to share with ex-husband Guy Ritchie " class="blkBorder" height="286" src="http://i.dailymail.co.uk/i/pix/2011/10/24/article-2052887-030884970000044D-127_468x286.jpg" style="padding: 0px; margin: 0px; border: 1px solid black;" width="468" />Country house: A year ago Matlok sneaked into the Wiltshire estate (pictured) Madonna used to share with ex-husband Guy Ritchie</div>'He told the police he had permission to stay in the flat and that Madonna knew he was coming,' said the barrister. 'He said he had found a note saying welcome and he went inside. 'He said he had been at the address two or three days earlier, but no one had answered the doorbell. 'He said he was not there to steal anything - he said he had sent messages to Madonna over the internet to say he was going to turn up.'  In a victim impact statement read to the court Madonna said: 'I do not know the defendant, I've not had any form of relationship with the defendant nor have I had any form of contact by phone or by email, or by any other way, with the defendant. 'In particular I've never given the defendant permission to enter the premises or any of my other premises. 'I feel very alarmed and distressed by the actions of the defendant. <div class="thinFloatRHS" style="font-size: 10px; margin-top: 0px; margin-right: 0px; margin-bottom: 4px; margin-left: 10px; min-height: 1px; width: 235px; float: right; padding: 0px;"><img alt="When Matlok broke into Wiltshire home, he was restrained by Guy Ritchie (pictured)" class="blkBorder" height="484" src="http://i.dailymail.co.uk/i/pix/2011/10/24/article-2052887-0D6A372B00000578-846_233x484.jpg" style="padding: 0px; margin: 0px; border: 1px solid black;" width="233" />When Matlok broke into Wiltshire home, he was restrained by Guy Ritchie (pictured)</div>'It is extremely unsettling to know that despite the extensive security I have he has been able to break into two of my residential properties. 'I'm worried about my children's safety as well as the safety of my staff. I'm also naturally worried about my own safety.'  The court heard that Matlok suffered from 'delusions that Madonna loved him' but, according to consultant psychiatrist Dr Nadji Kahtan, his schizophrenia could be controlled by medication.'In hospital he's fully compliant and has expressed no wish to stop taking it [his medication] and he says he wishes to still take it because he recognises that he has a mental illness,' he said. 'We feel that the best way to manage his illness is for him to continue to be treated at a hospital in England until he can be moved to a hospital in Poland.'  The court heard however that Matlok had attacked someone in his cell and had been 'rather aggressive' to women, including nurses. When Matlok broke into the Wiltshire home of Guy Ritchie he was found by a housekeeper cowering under the bed of an 'outhouse'. Mr Stott said he had to be restrained by Mr Ritchie, a gamekeeper and 'The Football Factory' director Nick Love. 'He had taken cash from Mr Ritchie and Mr Love and had put on a pair of Mr Ritchie's jeans,' he said. Batteries, a torch, a bottle of shampoo and three credit cards had also been moved, according to Mr Ritchie, but no further action was taken and Matlok was deported in August 2010.In June Matlok reportedly attempted suicide by setting fire to his cell and was said to have been dragged to safety by prison guards. Madonna, 53, was not in the property at the time, having taken her four children - Lourdes, 14, Rocco, 10, Mercy, 6, and David, 5 -  to Michigan in the U.S. to pay her respects to her late grandmother Elsie Mae Fortin. <div class="thinCenter" style="font-size: 10px; margin-top: 0px; margin-right: auto; margin-bottom: 0px; margin-left: auto; min-height: 1px; width: 470px; padding: 0px;"><img alt="Southwark Crown Court heard Matlok was discovered holding the drink and playing with a kitchen light switch at around 4.40am on March 12" class="blkBorder" height="286" src="http://i.dailymail.co.uk/i/pix/2011/04/07/article-1374573-0B872A6A00000578-543_468x286.jpg" style="padding: 0px; margin: 0px; border: 1px solid black;" width="468" />Southwark Crown Court heard Matlok was discovered holding the drink and playing with a kitchen light switch at around 4.40am on March 12</div>The Pole, who is being held at a secure psychiatric unit, was flanked by hospital staff and assisted by an interpreter at Southwark Crown Court today.Matlok has admitted burgling the office in Marylebone but denied two charges of burglary relating to a house connected to it, both of which are owned by 'Madonna Ciccone'. The two charges he denied were ordered to lie on the court file after prosecutors accepted Matlok's plea. The burglary took place six months after Madonna was targeted by a man who was arrested outside her New York apartment carrying two knives. Judge Deborah Taylor was expected to order Matlok's detention under the Mental Health Act, 1983, this afternoon.

Pop legend Madonna today told a court of her 'alarm and distress' after a delusional fan, who believes the star loves him, broke into her £10million London home and rifled through her bedding.

Grzegorz Matlok, 30, burgled a mews house linked to the singer's luxury townhouse in Marylebone, central London, and stole a can of Red ...

Knight Frank partners share £73m bonus pool

PARTNERS in the upmarket estate agent Knight Frank have landed a £73m payout after profits rose by 10 per cent in the last financial year, buoyed by foreign investors flocking to London’s luxury property market. The firm, which advises on both residential and commercial property deals, saw pre-tax profits rise to £101.9m in the year to March – its highest level since the credit crisis – while turnover increased seven per cent to £308.4m. “Equity rich buyers” seeking property in London helped boost the firm’s residential arm, which has instructed on deals including the sale of St John’s Wood Barracks in northwest London. The bonus pool is more than double the amount awarded in 2009, although it is now shared by more people as Knight Frank has extended its partnership. Nick Thomlinson, senior partner and chairman of Knight Frank, conceded he remained cautious about the outlook for the year ahead but said the group had strengthened its balance sheet and was focusing on growth in key markets like Asia. The firm also opened new offices in Dubai, South Africa, Austria and Switzerland.

Knight Frank partners share £73m bonus pool

PARTNERS in the upmarket estate agent Knight Frank have landed a £73m payout after profits rose by 10 per cent in the last financial year,...

Coty Prestige and the house of Cavalli unleash new global beauty brand

Italy Coty Prestige unveiled the new signature feminine fragrance from the house of Roberto Cavalli. The official reveal took place at the Cavalli private villa in Florence, at a press conference attended by Roberta and Eva Cavalli, Coty Prestige President Michele Scannavini, and fragrance face Elisa Sednaoui. The scent will be launched worldwide, both in domestic and travel retail markets, from February 2012. The brand has been earmarked as another global pillar for the Coty group. "We want to establish Cavalli as a global brand from the beginning; it’s not going to be niche. It’s going to be big, global, and well distributed in all continents. We want to make it a top 20 brand." Coty Prestige Senior Vice President Commercial Jean Mortier The Cavalli beauty licence was previously held by ICR-ITF. “This [introduction] is just the beginning of the rebirth of the house of Cavalli, and will be followed by other launches,” Coty Prestige Senior Vice President Commercial Jean Mortier told The Moodie Report, during an interview conducted at the event. “We want to establish Cavalli as a global brand from the beginning; it’s not going to be niche. It’s going to be big, global, and well distributed in all continents. We want to make it a top 20 brand.” The fragrance embodies all the codes of the Cavalli brand and, as expected, reflects the designer's well-known love of animal print. A tiger features in the TV ad campaign, and face Sednaoui wears a tiger print gown. "I am honestly so excited about this launch," declared Roberto Cavalli at the press conference. "Today I open my house to all of you, and show you my lifestyle, to help explain more clearly what Roberto Cavalli is all about. I am sure this new fragrance will be a big success." “This is so emotional for us,” noted Eva Cavalli, “and I want to thank Michele and the Coty team for everything they have done. It’s been hard work, but also a lot of fun…We are very proud of this fragrance.” Glamour and sensuality were recurring themes. Eva described Sednaoui as the perfect embodiment of the Cavalli woman. “She is beautiful, with a stunning body and hypnotic eyes,” she explained. “The Cavalli woman is strong, sensual and secure, knows exactly what she wants and can get it immediately. “There is something feline inside all of us; every woman wants to be a bit of a tiger, a little wild. That’s one of the reasons why Roberto loves animal print so much.” Roberto and Eva Cavalli showcase their fashion, lifestyle - and new signature fragrance - at their villa in Florence Coty’s Scannavini highlighted the close connection between the fashion and fragrance industry. “There are several similarities; they are getting closer and closer,” he noted. “It’s all about emotion. When you see a beautiful dress or a beautiful fragrance, the response is not really rational. And with this fragrance, we want to evoke the same emotion a woman would experience when she sees a [Cavalli] dress.” He added: “Fashion and fragrance continue to evolve. You always have your classics [dresses and fragrances], the ones you keep forever. But there is also room to experiment with new trends.” “I think they go in parallel,” noted Eva. “They complete each other – a fragrance needs fashion to complete the dream. But everyone can buy a fragrance, it’s [democratic], and allows women to feel special, in this case to be a part of the Cavalli universe. So we’re not just speaking about a fragrance, it’s a way to fulfil a dream.” Face Sednaoui declared herself “honoured and excited” to have been chosen by Cavalli to represent its new signature fragrance. The print campaign was shot by Steven Klein; the TV ad directed by Johan Renck. "I think the Cavalli woman is someone who dares to be herself, who has personality, style, opinions and self-confidence. All women should dare to be themselves, dare to go out there and have fun." Fragrance face Elisa Sednaoui “I think the Cavalli woman is someone who dares to be herself, who has personality, style, opinions and self-confidence,” she explained. “All women should dare to be themselves, dare to go out there and have fun.” Sednaoui had high praise for the Cavalli grown she wears in the ad campaign. “It was designed especially for me by Eva,” she explained. “The fabric is amazing, just like the quality of the design. I honestly felt like the tiger in me was coming out,” she laughed. “And every woman should dare to be a tiger sometimes, because then great things can happen.” The high quality of Cavalli couture is, according to Sednaoui, the key to the brand’s appeal. “The thing that comes to my mind is the quality of work that is behind every piece,” she explained. “The quality, the cut, the materials – Roberto has all this incredible knowledge [which allows him] to play with fashion and shape.” BOTTLING THE BRAND “A strong personality is the sexiest thing,” believes Roberto Cavalli, and his new signature fragrance aims to reflect that in all the right ways. Composed by Givaudan’s Louise Turner, the floral-amber juice features three key ingredients: orange blossom, Tonka bean and pink pepper. “It’s got lots of signature; it’s intense, it’s very Cavalli,” noted Turner at the launch event. “It’s very sensual, very feminine and has a good vibration. Like a Cavalli dress, you wear it to be noticed.” Turner was given a comprehensive brief for the fragrance, which included lots of background about the brand fundamentals, examples of Cavalli animal print, and various quotes from the designer. “It was clear to me that Roberto is someone who is very inspired by nature,” she explained. “We always tend to associate him with animal print, which he does love, but there’s an awful lot more to the house than that. It’s much more varied, very colourful, such a vibrant universe. Roberto uses nature in quite a figurative manner, which is quite evocative for me.” During the fragrance launch event, journalists were allowed unprecedented access to the Cavalli factory, atelier and archive Turner continued: “It is not difficult to have ideas about a house with such a strong identity. I think a strong brand image allows you to have a strong signature in your fragrance as well. I just needed to make sure that the fragrance tells the same story as a Cavalli dress.” Turner chose orange flower to anchor the heart of the juice. “For me, it’s very feminine and very colourful,” she explained. “It’s got lots of sensuality, it’s quite extravagant, and very Italian. It animates and adds dimension.” Tonka bean, which features in the base, was also selected for its sensual properties. It is complemented by vanilla absolute and benzoin to form an amber accord. A top note of pink peppercorn is said to deliver a touch of vibrancy and exuberance. Turner is known for her work with natural ingredients, and admits that she favours certain components over others. “I don’t really like animal notes,” she revealed, “and there are none in this fragrance. "It is not difficult to have ideas about a house with such a strong identity. I think a strong brand image allows you to have a strong signature in your fragrance as well." Fragrance nose Givaudan’s Louise Turner “I suppose every perfumer has a favourite palette of raw materials which they always draw on,” she continued. “But that palette does change. It’s like anything, you have your favourites, but they evolve. You can go off things too.” One element that doesn’t change, however, is the excitement Turner feels at the start of the creative process. “At the very beginning, when you first get the brief and are sifting through lots of ideas, that is very stimulating,” she confirmed. “It also feels good when you see your finished product in the bottle. “But best of all is when you smell your fragrance in the street, or watch someone buy it. What we create is very personal, and of course we want people to like it.” The fragrance is presented in a curved glass bottle, topped with a tiara-shaped cap formed by Roberto Cavalli’s golden seal. The neck is adorned with a tiger-print band. The outer carton is also gold, with the signature seal printed in relief on the front. The box sports a tiger-print base, beneath a turquoise “hip-belt” style ribbon. SETTING OUT THE STRATEGY Coty Prestige has made no secret of its ambitions for the Cavalli brand. “For this fragrance, we are looking at a big launch next February, both in local markets and in travel retail worldwide,” noted Mortier. “We have high hopes for it everywhere. “In geographic terms, we believe the brand will be very strong in Europe, especially in Italy, but also in Russia and the Middle East too – Cavalli even has a club in Dubai. The brand is known in North America, because Roberto is a real red carpet guy, and we also think South America could be very big, particularly Brazil and Mexico. In Asia, we are also confident that the animal print element and special DNA of this brand could help to capture the Chinese consumer, which of course is so important.” Mortier underlined the unique perspective the licence had brought to the Coty portfolio. “Robert Cavalli offers something different, something we didn’t already have within the group,” he explained. “That’s very important. There are so many me-too products nowadays, that if you introduce a new brand to the market, it has to be different, it has to stand out, and it needs to be very clear in terms of its DNA.” "There are so many me-too products nowadays, that if you introduce a new brand to the market, it has to be different, it has to stand out, and it needs to be very clear in terms of its DNA." Coty Prestige Senior Vice President Commercial Jean Mortier And while Coty has introduced a number of new products, and indeed new brands this year, Mortier is quick to point out the importance of supporting classic lines too. “Think back to what we have done this year, with ck one shock and Calvin Klein Forbidden Euphoria,” he instructed. “We always make sure that a certain amount of innovation is dedicated to reinforcing our big pillars. Innovation is necessary; it represents about 16% of our sales. But it’s a balancing act, and you have to look after everything else too.” The launch of Roberto Cavalli Eau de Parfum will be supported by extensive print and TV advertising. In travel retail there will be a number of HPPs, which are still being finalised. And digital media will also play a role. “Within Coty, we have had a team of people working on this for some time,” confirmed Mortier. “We have realigned our resources, in terms of digital media, behind all our brands. So we have new web-sites, but are also working on social media such as Facebook, which will be very important for this type of launch.” He added: “Basically, this sort of thing is critical today, you have to be there. But you also have to know how to play it. You have to monitor how much money you spend, and it has to be complementary to traditional media such as print, outdoor and TV.” Mortier confirmed that the signature feminine fragrance would be followed by other launches, including introductions under the Just Cavalli brand. “But first we want to install this fragrance at the right level and position, in terms of distribution, image and pricing. That’s the first priority.” Mortier did not rule out extending into other product categories, in due course. Colour would be the most obvious choice for diversification. “We have not had any discussions about this yet because we are so focused on the fragrance, but why not, I think it’s a possibility,” he acknowledged. “But it is very early days, and to enter the colour category you need to have a certain critical mass. So this would not be on the agenda for a few years, but yes, in theory colour, and within that, the nail sector, could be very interesting.” The fragrance launch concluded with a sumptuous dinner and late-night party, again at the Cavalli villa Skincare and make-up will play a much bigger role for Coty in the year ahead, although fragrance will remain core. The brand has just started rolling out its face and body brand philosophy. In 2012 the group will introduce a new make-up collection from Calvin Klein. And the acquisition of leading nail brand OPI (which will feature in travel retail) is set to open up another lucrative new sector. “We are in the middle of a big change, moving from a fragrance house to a beauty house,” confirmed Mortier. “It’s a big challenge, but very exciting. We aim to transform philosophy from a mainly US brand, to an international brand. That process has already started with the UK; next will be Australia, Canada, then Asia.” He continued: “We will enter the make-up category with Calvin Klein next February/March. And of course we also have OPI. Our goal is to double the nail business in travel retail. We think it is very under-developed, so there is big potential in the channel.” Looking back at the last fiscal year, which ended in June, Mortier seems satisfied with the group’s performance. “We had a very good year, with double-digit growth close to +20% in travel retail,” he reveals. “We really grew the business on all continents, but especially in Asia, thanks to Chloe and Marc Jacobs. I would say that the fiscal year starting from July has also begun very well, with all our early innovations performing strongly.” Mortier praised the efforts being made by certain travel retailers to drive footfall and penetration, and singled out World Duty Free Group and Aelia for their investment in the retail environment. “I see a lot money being spent on airport renovations, especially in Europe,” he confirmed, “although I still believe in some airports that fragrance is under-developed and needs more space.” Mortier also acknowledged the difficulties of trying to organise cross-category merchandising and events. “For example, we have tried with many of our licences to [capitalise on the synergies between the fashion and the fragrance],” he explains. “But it involves dealing with different buyers – and in some cases different concessions – so it’s very difficult. Which is a shame, because it works so well when we introduce fragrance into a domestic fashion boutique. After all, the consumer doesn’t differentiate, they see the brand as one.” Nonetheless, Mortier is determined to add some theatre to the travel retail environment with the launch of the new Cavalli fragrance. “I would love to bring a tiger to the airport,” he laughs, “but I don’t think that will be possible. But we will explore possibilities involving dresses and bags. And we might create some special accessories, a ring or necklace containing a solid perfume, for example. It represents another access point to the brand and we know from our experience with other designers that consumers love that sort of thing.” Such innovation is all part of the Coty mind-set. “I think we are seen by the business as very energetic, entrepreneurial and dynamic,” noted Mortier. “Our entire team is very reactive, and that’s good, because travel retail in particular is a very fast-moving business.” He concludes: “We are big, but not arrogant, I hope. We try to grow, to find solutions, to set new trends. We want to build brands, bring theatre to the store and create a real shopping experience for the consumer.” Roberto Cavalli is a brand that will allow them to do just that.

Coty Prestige and the house of Cavalli unleash new global beauty brand

Italy Coty Prestige unveiled the new signature feminine fragrance from the house of Roberto Cavalli. The official reveal took place at the...

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.

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...

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.

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 th...

RBS staff told to pay for their own Christmas party

Another day, another downgrade. Reduced to surviving on two pints of lager and pack of crisps at recent Christmas parties, misery was heap...

HMRC clamps down on Swiss account holders

6,000 Britons who hold money in the Swiss arm of HSBC will soon receive a letter telling them that they need to own up to unpaid tax. The bank is acting on information received last year under a tax treaty. This revealed that more than 6,000 individuals, companies, trusts and other bodies held accounts and investments with HSBC Geneva. HMRC has already begun criminal and serious fraud investigations into more than 500 individuals and organisations holding these accounts. HMRC will shortly be writing to those who have not yet come forward, or are not under investigation. They will be offered a chance to contact HMRC and disclose all their tax liabilities, HMRC said. Fines of up to 200 per cent of any tax may, in certain circumstances, be imposed on people not coming forwards during this window for disclosure. "This is not an amnesty. There are no special rates of penalty or interest for those who come forward voluntarily," said HMRC's Dave Hartnett. "This is an opportunity for those who have made errors in past returns to correct them. The net is closing on offshore evaders. Don't wait for HMRC to contact you."

HMRC clamps down on Swiss account holders

6,000 Britons who hold money in the Swiss arm of HSBC will soon receive a letter telling them that they need to own up to unpaid tax. The...

PM intervenes in Fox flatmate row

Beleaguered Defence Secretary Liam Fox is fighting for his political career after the row over his working relationship with a close friend deepened. Prime Minister David Cameron is poised to decide his fate on Monday after ordering the head of the civil service to urgently report back on an internal investigation into whether Dr Fox's links to Adam Werritty, a former flatmate, breached ministerial guidelines. A series of allegations have surfaced over the unusual involvement Mr Werritty had in brokering meetings for Dr Fox, as well as the access he enjoyed to Government despite having no formal parliamentary or Whitehall role. Dr Fox, who has been in Libya on what should have been a publicity coup as he met the country's interim government, was forced to issue an embarrassing statement clarifying comments he made earlier about how a meeting in Dubai in June with a businessman had been arranged. But he also insisted he has nothing to hide and indicated he is the victim of a smear campaign, telling The Sunday Telegraph: "I have absolutely no fear of complete transparency in these matters. I think there are underlying issues behind these claims and the motivation is deeply suspect." Further revelations emerged, however, that cast doubt on previous claims made by Dr Fox that Mr Werritty, best man at his wedding, had never attended formal meetings with overseas dignitaries. According to the Observer, footage has been uncovered that shows Mr Werritty meeting Sri Lankan president Mahinda Rajapaksa with Dr Fox in a London hotel last year. During his visit to Libya, Dr Fox was asked to answer allegations that Mr Werritty arranged the Dubai hotel meeting, away from officials, with him and Harvey Boulter, chief executive of private equity company Porton Group. The Secretary of State said defence industry representatives asked for the meeting "when they happened to be sitting at a nearby table in a restaurant", but emails emerged later that appeared to confirm that Mr Werritty had been involved in setting up the discussions for some time - and Mr Boulter told the Guardian he first met Mr Werritty to arrange a meeting with Dr Fox in April. In a statement issued after the emails emerged, a spokeswoman for the minister said: "Dr Fox was referring to Mr Werritty, and not himself, bumping into Mr Boulter at a restaurant prior to the meeting."

PM intervenes in Fox flatmate row

Beleaguered Defence Secretary Liam Fox is fighting for his political career after the row over his working relationship with a close frien...

Spanish banks in €6bn merger talks

Banco Popular, Spain’s fifth-biggest listed bank by assets, has offered to buy its smaller listed rival Banco Pastor in a merger that marks a new stage in the restructuring of the country’s financial sector. In filings published on Friday by the Comisión Nacional del Mercado de Valores (CNMV), the market regulator, the banks said they were proposing a friendly all-share deal in which Popular would offer to buy 100 per cent of Pastor. More ON THIS STORY Dismay at Spanish bank restructuring Spain nationalises three more savings banks In depth European banks Santander predicts return to big profits Global Insight Italy and Spain The CNMV had earlier suspended trading in shares of Popular, with a total market value of €4.99bn, and of Pastor, valued at €827m, apparently after news of the discussions leaked before the planned announcement on Monday. At Friday’s share prices, the Popular offer represented a one-third premium for Pastor and valued the target bank at 0.75 times book value, according to the Pastor camp, although Popular’s share price could fall once the suspensions are lifted. CaixaBank, the banking arm of the Barcelona-based La Caixa savings bank, was valued at 0.8 times book value at its flotation earlier this year, but Bankia, comprising Caja Madrid and six others, managed only 0.4 times when it was listed. Three savings banks seized by the official bank rescue fund last month were valued at between zero and 0.12 times book. Until now, the Bank of Spain and the Spanish government have focused on forcing unlisted savings banks to recapitalise themselves and merge with each other to reduce costs and improve efficiency after the collapse of the Spanish housing and construction bubble. Listed banks have been seen as potential buyers rather than takeover targets. “This is only the start,” said one person aware of the talks as the boards of the two companies held separate meetings. “There is going to be a huge shake-out in the banking sector.” Popular is a national Spanish bank that has focused on retail banking and lending to small and medium-sized businesses, while Pastor’s activities are concentrated in the north-western region of Galicia. Pastor – along with four Spanish cajas or savings banks – was one of the nine European banks that failed Europe-wide stress tests in July.

Spanish banks in €6bn merger talks

Banco Popular, Spain’s fifth-biggest listed bank by assets, has offered to buy its smaller listed rival Banco Pastor in a merger that mark...

Rio hit with £500k bill after losing court battle

The England and Manchester United star will now be saddled with paying the estimated £500,000 legal bills incurred by the Sunday Mirror in defence of the lawsuit.Ferdinand sued the newspaper for misuse of private information after they published details of his 13-year relationship with interior designer Carly Storey, who accepted £16,000 for telling the tale of her liaisons with the defender.But Mr Justice Nicol dismissed the case at London's high court on Thursday, and refused Ferdinand's legal team permission to appeal."Overall, in my judgment, the balancing exercise favours the defendant's right of freedom of expression over the claimant's right of privacy," he said.The judge was not swayed by Ferdinand's claims that he had not tried to meet Storey after being made England captain, despite claims in the newspaper that he had snuck Storey into the team hotel."I did not find this answer persuasive. In his evidence the claimant said that (Fabio) Capello had told him to be professional, not only on the pitch but 'around the hotel'," the judge said."In the past, the Claimant (Ferdinand) had not behaved in a professional manner around the hotels into which he had tried to sneak Ms Storey."Whether or not he had done that in the few weeks since he had been made the permanent captain of England, his relative recent past failings could legitimately be used to call into question his suitability for the role."Former England captain Ferdinand, who has three children with wife Rebecca, had told the judge at an earlier hearing that, "I do not see why I should not be entitled to a private life just because I am a famous footballer."Sunday Mirror editor Tina Weaver hailed the judge's decision."The Sunday Mirror is very pleased that the court has rejected Rio Ferdinand's privacy claim," she said."The judge found that there was a justified public interest in reporting the off-pitch behaviour of the then England captain and discussion of his suitability for such an important and ambassadorial role representing the country."We are pleased the judge ruled that Mr Ferdinand had perpetuated a misleading public image and the Sunday Mirror was entitled to correct this impression."There has never been greater scrutiny of the media than now, and we applaud this ruling in recognising the important role a free press has to play in a democratic society."

Rio hit with £500k bill after losing court battle

The England and Manchester United star will now be saddled with paying the estimated £500,000 legal bills incurred by the Sunday Mirror in...

Paramedics Who Tried To Save Singer's Life Give Evidence

Alberto Alvarez was in charge of back stage during Jackson's final rehearsal on June 24, 2009. He described Jackson as "happy and in good spirits" during the performance. "He was doing very well for the most part," he told the Los Angeles court. He explained that he later drove Jackson back to his rented Holmby Hills home and saw Dr Murray's car parked there. He said the last time he saw Jackson alive was when he said "good night" to the singer. Mr Alvarez was the first person who went into Jackson's bedroom after Dr Murray telephoned for help as he was trying to resuscitate the singer. He said Jackson was lying on his back, with his hands extended out to his side, and his eyes and mouth open. "When I came into the room, Dr Murray said 'Alberto, hurry, we have to get to hospital, we have to get an ambulance'." Jackson's logistics director Alberto Alvarez He then described how Jackson's children Paris and Prince entered the room behind him. "Paris screamed out 'Daddy' and she was crying. "Dr Murray said to me 'Don't let them see their dad like this see'. "I ushered the children out and told them 'Don't worry, we will take care of it, everything is going to be OK'." Mr Alvarez asked what had happened, to which Dr Murray replied: "He had a bad reaction". Two paramedics who tried to save Jackson's life are also due to give evidence on day three of the trial. Martin Blount and Richard Senneff are expected to say that Jackson already appeared to be dead when they arrived at his home on June 25, 2009. The court will also hear from another key witness - Jackson's personal chef Kai Chase. Sky's US correspondent Greg Milam, who is at the court, said: "There are fewer demonstrators, fans of Michael Jackson, and supporters of Dr Murray here today - but they are still being very vocal in their support of both sides in the case." On Wednesday, Jackson's security chief revealed how the star's children crumpled in shock, as they saw their apparently dead father being given heart massage in his bedroom. The court also heard that Dr Conrad Murray, accused of involuntary manslaughter over Jackson's death two years ago, asked aides if any of them knew how to do cardiopulmonary resuscitation (CPR). "Paris was on the ground balled up crying, and Prince was standing there, and he just had a real shocked, you know just slowly crying type of look on his face," bodyguard Faheem Muhammad, referring to two of Jackson's three children, said. "I went and gathered them together, and I kind of talked to them for a second, got the nanny... and we walked downstairs and put them in a different location," he said. He was describing the scene after he was called up to the master bedroom of Jackson's rented Los Angeles mansion where the star died after an overdose of a powerful sedative. The defence team for the doctor insists Jackson self-administered other sedatives, prompting the overdose while his physician was outside the bedroom. Dr Murray, 58, faces up to four years in jail if convicted of involuntary manslaughter for administering the overdose of Propofol.

Paramedics Who Tried To Save Singer's Life Give Evidence

Alberto Alvarez was in charge of back stage during Jackson's final rehearsal on June 24, 2009. He described Jackson as "happy and...

Raids in 7 countries in $200M investment fraud

Dutch authorities say raids have been conducted in seven countries in connection with an alleged $200 million investment fraud scheme, and...

Treasure hunters eye huge shipwreck haul

When the SS Gairsoppa was torpedoed by a German U-boat, it took its huge silver cargo to a watery grave. Seventy years later, US divers said they are working to recover what may well be the biggest shipwreck haul ever. Florida-based Odyssey Marine Exploration on Monday confirmed the identity and location of the Gairsoppa and cited official documents indicating the ship was carrying some 219 tons of silver coins and bullion when it sank in 1941 in the North Atlantic some 490km off the Irish coast. That's worth about $200m today, which would make it history's largest recovery of precious metals lost at sea, Odyssey said. "We've accomplished the first phase of this project -- the location and identification of the target shipwreck - and now we're hard at work planning for the recovery phase," Odyssey senior project manager Andrew Craig said in a statement. "Given the orientation and condition of the shipwreck, we are extremely confident that our planned salvage operation will be well suited for the recovery of this silver cargo." Recovery is expected to begin next spring. After a tender process the British government awarded Odyssey an exclusive salvage contract for the cargo, and under the agreement Odyssey will retain 80% of the silver bullion salvaged from the wreck. The 125m Gairsoppa had been sailing from India back to Britain in February 1941, and was in a convoy of ships when a storm hit. Running low on fuel, the Gairsoppa broke off from the convoy and set a course for Galway, Ireland. It never made it, succumbing to a U-boat's torpedo in the contested waters of the North Atlantic. Of the 85 people on board, only one survived. The Gairsoppa came to rest nearly 4 700m below the surface, but Odyssey is insisting that won't prevent a full cargo recovery. "We were fortunate to find the shipwreck sitting upright, with the holds open and easily accessible," Odyssey chief executive Greg Stemm said. "This should enable us to unload cargo through the hatches as would happen with a floating ship alongside a cargo terminal." Odyssey, a world leader in deep-ocean exploration, recently conducted remotely operated vehicles from its main ship, the Odyssey Explorer, to inspect the shipwreck. It said it acquired still and video imagery from the site which were used to confirm the identify and evaluate the condition of the Gairsoppa.

Treasure hunters eye huge shipwreck haul

When the SS Gairsoppa was torpedoed by a German U-boat, it took its huge silver cargo to a watery grave. Seventy years later, US divers ...

Tony Blair is unaccountable over business interests, adviser says

More questions have been raised over Tony Blair's lucrative business activities after an adviser in his role as a Middle East peace envoy said the former Prime Minister continued to operate outside a defined code of conduct. Channel 4's Dispatches, due to be broadcast tonight, claims that Mr Blair is not required publicly to disclose his commercial interests as he would if he were an MP. Mr Blair combines a £2m-a-year consultancy with the US investment bank JP Morgan with his unpaid post in Jerusalem, where he is heading international efforts in preparation for a future Palestinian state. He also advises the insurance group Zurich Financial, while his company Tony Blair Associates signed a reported £27m-deal advising the Kuwaiti government. They are among a string of globetrotting business interests that have seen him build an estimated personal fortune of £20m since leaving office in 2007. But a senior French diplomat Anis Nacrour, who advised Mr Blair on security for three years, has fuelled doubts over the former Labour leader's public accountability.

Tony Blair is unaccountable over business interests, adviser says

More questions have been raised over Tony Blair's lucrative business activities after an adviser in his role as a Middle East peace en...

UBS CEO Gruebel resigns over rogue trading loss

UBS chief executive Oswald Gruebel has resigned over a $2.3 billion loss caused by rogue trading at its investment division, which is to be restructured now to prevent similar incidents in future, the Swiss bank said Saturday. Gruebel, who had come under heavy pressure from shareholders over the scandal, said he hoped his resignation would allow the bank to restore its reputation in the eyes of clients and investors. Article Controls EMAIL REPRINT NEWSLETTER SHARE "As CEO, I bear full responsibility for what occurs at UBS (	 UBS - news - people )," he said in a memo to staff. "From my first day on the job I placed the reputation of the bank above all else. That is why I want to and must act according to my convictions." UBS Europe chief Sergio P. Ermotti will take over immediately as interim chief executive until Gruebel's replacement is appointed. Gruebel's departure caps 10 days of speculation over his future following the bank's announcement that a single London-based trader had evaded internal control systems and gambled away $2.3 billion. The trader, 31-year-old Kweku Adoboli, was arrested Sept. 15 and charged with fraud and false accounting. A judge ordered him Thursday to be held in jail until a hearing next month.

UBS CEO Gruebel resigns over rogue trading loss

UBS chief executive Oswald Gruebel has resigned over a $2.3 billion loss caused by rogue trading at its investment division, which is to b...

Spain’s central bank reported this week that things were getting worse for that country’s banks

Spain’s central bank reported this week that things were getting worse for that country’s banks — but not because they held a lot of Greek debt or bonds issued by other troubled European economies. The problem, instead, is the same old one. With Spain’s economy weak and home prices falling, bad loans are growing. And the central bank thinks things are getting worse. In a surprisingly frank presentation to investors in London on Tuesday, José María Roldán, the Bank of Spain’s director general of banking regulation, said that Spanish land prices had fallen about 30 percent from the 2007 peak, adjusted for inflation, and that home prices were off about 22 percent. “In both cases, we expect further corrections in the years to come,” he said. For land prices, he said, the bank’s “baseline scenario” was that prices would fall to little more than half of the peak level. The “adverse scenario” indicated that the decline could be significantly worse. That was a significant change from a presentation he made in February. Then, with home prices down about 18 percent from the peak, he argued that the decline was similar to past cyclical downturns and that prices were likely to begin rising soon. Remarkably enough, collapsing home prices have not left Spanish banks holding large amounts of bad mortgage loans, thanks largely to the fact the Spanish mortgage market operated during the boom in far different ways than the American market. But if lending to home buyers was conducted in a far more prudent manner than it was in the United States, lending to real estate developers and construction companies was, if anything, more irresponsible. The higher land prices went, the more eager the banks were to push out loans. The story of how Spain’s banks got into the mess — and the way its mess differs from that of American banks — show that it is impossible for banks to walk away from a collapsing bubble in real estate. It also shows that the structure of mortgage markets can make a major difference in how a collapse plays out. The figures released by the central bank this week showed that by the middle of this year, 17 percent of Spanish bank loans to construction companies and real estate developers were troubled — or “doubtful,” the term favored by the central bank. That figure has been rising rapidly, reflecting the deterioration in real estate values. When the financial crisis first broke out, in 2008 and 2009, it appeared that Spanish banks were in a better position than most, in part because of regulation that had kept the big banks from making some of the mistakes others made. But it turned out that smaller Spanish savings banks were heavily exposed to a real estate market that had outpaced even the United States’ market for a time during the first decade of this century. That market continued to rise after the American housing market stopped climbing. The Bank of Spain has created a program to force mergers of the smaller banks and to bring in better management. It has put about 11 billion euros into the banks to recapitalize them, and is putting in another 15 billion euros in a process that is supposed to be completed by the end of this month, said Antonio Garcia Pascual, the chief Southern European economist for Barclays Capital. But, he added, “our estimate is that the overall number needed is closer to 50 billion euros.” The banks are bleeding from loans secured by raw real estate, and from loans for construction. The pain is made worse because such lending soared during the property boom. It is those loans that are now devastating bank balance sheets, as developers who borrowed to build offices, stores and neighborhoods saw demand dry up and now cannot pay the banks back. Other corporate loans are also showing weakness, as would be expected when unemployment is above 20 percent and not expected to improve for at least two years, but less than 5 percent of those loans are said to be doubtful. There are also signs of trouble in car loans and other loans to individuals.

Spain’s central bank reported this week that things were getting worse for that country’s banks

Spain’s central bank reported this week that things were getting worse for that country’s banks — but not because they held a lot of Greek...

European banks head towards another meltdown

Shares in some of Europe's largest banks fell by 10pc as the cost of insuring European lenders' senior bonds rose to record levels, according to credit default swap prices. The Markit iTraxx Financial Index of contracts on the senior debt of 25 banks and insurers climbed to an all-time high 315.5 basis points. The last banking crisis was regarded by most eurozone members as an Anglo-Saxon phenomenon caused by lax lending controls that resulted in major UK and US institutions either collapsing or having to take costly state-funded bail-outs. To offset the threat of another crisis spreading across the eurozone, European regulators ordered their banks to increase their liquidity buffers. Government bonds were generally viewed as the most liquid and least risky assets to hold. However, this policy has come back to haunt them, leaving many lenders across the region seriously exposed to the eurozone sovereign debt crisis. French banking giants BNP Paribas and Société Générale are among the hardest hit. Recent estimates suggest BNP has eurozone sovereign debt exposure of about €75bn (£65bn), amounting to roughly 6pc of total assets, including €14bn of Greek debt and €21bn of Italian government bonds. The other two major French banks, SocGen and Credit Agricole, each have exposures of a similar size. Between them, France's banks have about €56bn of Greek sovereign bonds alone, and have so far taken 20pc writedowns on this.

European banks head towards another meltdown

Shares in some of Europe's largest banks fell by 10pc as the cost of insuring European lenders' senior bonds rose to record levels...

signs of an institutional run on French banks

Christine Lagarde, the managing director of the International Monetary Fund, urged Europe's leaders to bail out their fragile banks, as the boss of the eurozone's biggest bank, BNP Paribas, rejected fears that the financial sector was "in peril". Addressing journalists in Washington at the opening of the IMF's annual meeting, Lagarde said that Europe must tackle "this twin problem of sovereign debt and the need to strengthen capital buffers". She said: "It is critical that to fuel growth, banks be in a position to finance the economy, to finance enterprises, to finance households, to finance local governments. To do that they need to have the balance sheet that will actually support credit to the economy." Despite the recent stress tests carried out by the European Banking Authority, which suggested that most of the banks were well-placed to cope with the sovereign debt crisis, the IMF estimates that banks have taken a €300bn (£260bn) hit in the past year as a result of the growing risk of default by Greece and other vulnerable eurozone countries. Lagarde's call came as Baudouin Prot, BNP's chief executive, emphatically denied reports that it was in talks with Middle Eastern investors about securing a capital injection. "I formally deny this," he said. "We have no particular contact because we don't need a capital increase." But French bank shares – which have lost 50% of their value in three months – continued to fall as markets endured one of their worst trading days since 2009. BNP was off more than 5% and close rival Société Générale fell almost 10%. In the UK, bailed-out Lloyds Banking Group was down more than 10%, bearing the brunt of anxiety about a slowdown in economic growth. The FTSE 100 closed down 4.7% with large falls from mining companies, which make up a large part of the index and whose fortunes are closely tied to global economic prospects. Out of the 100 stocks, only technology company Autonomy – supported by a bid from Hewlett-Packard – fell by less than 1%. A survey from the crucial manufacturing sector, which chancellor George Osborne had hoped would lead an economic recovery, exacerbated the nervous mood by suggesting industry had been hit hard by the collapse of confidence around the world. The CBI's monthly industrial trades survey showed declining orders, both at home and abroad, and a rising backlog of finished goods, in the latest evidence that the recovery has stalled. Minutes from the latest meeting of the Bank of England's monetary policy committee revealed on Wednesday policymakers were preparing a new round of quantitative easing to respond to the worsening outlook. The gloom was echoed in the eurozone, where the early, "flash estimates" from the closely watched purchasing managers surveys signalled a sharp downturn in both manufacturing and services growth, adding to fears that Europe could be heading for a new recession. The Greek government announced new austerity measures this week to persuade investors that it is committed to tackling its debts. But investors are still fretting about the potentially devastating impact of a default on the region's banks. BNP insisted on Thursday that it could maintain a core tier one ratio – an important measure of financial strength – of 9% by January 2013 even if it sustained losses through the eurozone crisis. But Mohamed El-Erian, boss of the world's biggest bond investor Pimco, warned in a blog on the FT's website that there were "signs of an institutional run on French banks".

signs of an institutional run on French banks

Christine Lagarde, the managing director of the International Monetary Fund, urged Europe's leaders to bail out their fragile banks, a...

U.S. deep-sea explorers must turn over to the Spanish government 17 tons of silver coins and other treasure recovered from a sunken Spanish galleon in 2007

<img alt="" height="100" src="http://lh4.ggpht.com/-fPhs0e5VKCg/TntAvaHnyAI/AAAAAAAAHsU/QoV9i0HaXJ4/%25255BUNSET%25255D.jpg" style="float: left;" width="801" />U.S. deep-sea explorers must turn over to the Spanish government 17 tons of silver coins and other treasure recovered from a sunken Spanish galleon in 2007, a federal appeals court ruled Wednesday. But Tampa, Fla.-based Odyssey Marine Exploration has vowed to continue the protracted legal battle over the cache, which could be worth as much as $500 million. In a statement Wednesday, the company said it would take the next step in the appeals process, requesting a hearing before all the judges of the 11th Circuit Circuit Court of Appeals. That came after a three-judge panel of the 11th Circuit had issued its ruling in a case that could case spill over to treasure hunts for years to come. "We are certainly disappointed by the 11th Circuit's ruling," said Melinda MacConnel, Odyssey's vice president and general counsel. "We believe the U.S. Constitution and all other applicable laws give jurisdiction to the U.S. courts to determine the rights of Odyssey, Spain and all other claimants in this case." Attorneys for Odyssey asked the three-judge panel to overturn a lower court ruling and uphold the "finders keepers" rule that would give the treasure hunters the rights to coins, copper ingots, gold cufflinks and other artifacts salvaged in April 2007 from the galleon found off the coast of Portugal. Spain's lawyers countered that U.S. courts are obligated by international treaty and maritime law to uphold Spain's claim to the haul. The ship, called the Nuestra Senora de las Mercedes, was sunk by British warships in the Atlantic in 1804 while sailing back from South America with more than 200 people on board. Odyssey created an international splash in May 2007 when it announced that it had recovered more than 500,000 silver coins and other artifacts from the wreck and flew the treasure back to Tampa. Spain went to the U.S. District Court in Tampa, where the company is based, claiming ownership. Odyssey disputed the Spanish government's ownership of the valuable cargo. James Goold, a Washington attorney who represented the Spanish government in court, called the appeals court decision "a complete and much-deserved victory." "The court recognized that stripping the sunken Spanish ship of coins to sell to collectors is no more appropriate than to do that to the USS Arizona in Pearl Harbor," Goold said. "We are pleased and gratified that the court recognized U.S. obligations under international law, just as Spain respects the sanctity of sunken U.S. Navy ships." A federal judge sided with Spain in the first round of the tug-of-war in June 2009, accepting the Spanish government's argument that it never surrendered ownership of the ship and its contents. Attorneys argued the case before the 11th Circuit panel in May. Odyssey had argued that the wreck was never positively identified as the Nuestra Senora de las Mercedes. And if it was that vessel, then the ship was on a commercial trade trip — not a sovereign mission — at the time it sank, meaning Spain would have no firm claim to the booty. International treaties generally hold that warships sunk in battle are protected from treasure seekers.

U.S. deep-sea explorers must turn over to the Spanish government 17 tons of silver coins and other treasure recovered from a sunken Spanish galleon in 2007

U.S. deep-sea explorers must turn over to the Spanish government 17 tons of silver coins and other treasure recovered from a sunken Spanis...

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