Bankrupt Banker

EU clampdown on unregulated financial advisers in Spain

The European Commission is to consider setting up an ombudsman to help expat victims reclaim against unregistered financial firms. It comes after a local pressure group, that represents over 1,000 victims, sent a dossier of information to Brussels. The Costa del Sol Action Group demanded action against the advisers who, it claims, have lost their clients over €120 million (£102 million). “It is good news as something has to be done about this bunch of rogues,” said group founder David Klein. “The current Spanish regulatory system is totally inadequate and ineffective. Dealing with the authorities is a constant game of ping-pong. Anyone can come to Spain and be a financial adviser; they could have been selling fish before they came here for all anyone knows." This situation could soon be coming to an end, after the European Commission confirmed it was to begin "a preliminary investigation of the problem". Foreign Office plans evacuation of expats 18 Dec 2011 It has asked for more information and the action group has called on all victims to write to the European Parliament outlining their experience. “This problem is causing untold stress and heartache in the expatriate community and it cannot be allowed to continue,” explained Klein. The European Commission is to study how investors would be able to make an official complaint against Independent Financial Advisers (IFAs). At present, there is no effective means for victims to make a complaint against product providers who work with unregistered IFAs. The group was also highly critical of the local media for its willingness to accept adverts from unregulated financial firms in a bid to maximise advertising revenue. To highlight the problem, the group included testimonials by members who were allegedly defrauded by one specialist investment brokerage, which it claims is "not regulated or registered". It said the company was able to trade, "collecting unsuspecting clients who are soon relieved of their money". One Costa del Sol-based financial adviser, Richard Alexander, said he was pleased with the EU’s response. “Bring on the review,” he said. “I have seen too many sad stories of people being turned over, badly advised or grossly over-charged by unregulated independent financial advisors in Spain. "It is entirely possible to provide professional, quality advice without the client losing out.”

EU clampdown on unregulated financial advisers in Spain

The European Commission is to consider setting up an ombudsman to help expat victims reclaim against unregistered financial firms. It come...

Murdoch slashes price for new Sunday tabloid

Rupert Murdoch on Thursday fired the opening shot in his battle to reclaim Britain's Sunday newspaper market by announcing his newly launched publication would be half the price of his previous title. The 80-year-old tycoon took to microblogging website Twitter to reveal: "Regular Sunday price for The Sun only 50p -- and Saturday's Sun going down to 50p too! Great news for readers and the economy." Murdoch's News of the World -- the Sunday tabloid which shut seven months ago over the phone-hacking scandal -- cost one pound ($1.57, 1.18 euros), the same cover price as rivals the Sunday Mirror and The People. The 50 percent price cut announced for The Sun on Sunday, which will hit the stands this weekend, signals the Australian-born businessman's hunger to once again own the top-selling Sunday newspaper. The News of the World dominated the country's Sunday market with sales averaging 2.67 million when Murdoch took the decision to close it in July last year. Publisher News International said the US-based mogul would be in London to oversee the launch this Sunday and confirmed that the editor of the weekday paper, Dominic Mohan, would also edit the Sun on Sunday. Murdoch flew in to Britain last week to announce the creation of the new paper and to promise demoralised staff he would stand by them despite the arrest of senior Sun journalists over bribery allegations.

Murdoch slashes price for new Sunday tabloid

Rupert Murdoch on Thursday fired the opening shot in his battle to reclaim Britain's Sunday newspaper market by announcing his newly l...

Labour suspends MP Eric Joyce after Commons 'assault'

Labour MP Eric Joyce has been suspended from the party after he was arrested over allegations of an assault in a House of Commons bar. Police were called after reports of a disturbance on Wednesday night. Mr Joyce, 51, remains MP for Falkirk but cannot take the Labour whip until the police investigation ends. Speaker John Bercow has said he takes the matter "very seriously". The Conservative MP for Pudsey Stuart Andrew has alleged he was assaulted. The BBC understands officers involved in the investigation returned to the Commons on Thursday evening. The disturbance is believed to have happened in the Strangers Bar, which is reserved for MPs and their guests. Mr Andrew was in the bar following a Commons event organised by his Conservative colleague Andrew Percy, for the Speaker of the Canadian Parliament. 'Extremely serious' A Scotland Yard spokesman said: "We were called at approximately 10.50pm last night to reports of a disturbance at a bar within the House of Commons. "A man aged in his 50s was arrested by officers on suspicion of assault. He remains in custody in a central London police station. Inquiries are continuing." A Labour Party spokesman said: "This is an extremely serious incident. We have suspended Eric Joyce pending the results of the police investigation." In the Commons, Speaker John Bercow said: "Members will be aware of reports of a serious incident in the House last night. I have been informed by the Serjeant at Arms that the honourable member for Falkirk has been detained in police custody. "The matter is being investigated. I take this matter very seriously, as do the House authorities." Mr Joyce was elected in a by-election in December 2000 and has served as a parliamentary private secretary (PPS) to a number of government ministers since 2003. He was PPS to the then defence secretary Bob Ainsworth until 2009, and prior to that had been a parliamentary aide to John Hutton, Mike O'Brien and Margaret Hodge.

Labour suspends MP Eric Joyce after Commons 'assault'

Labour MP Eric Joyce has been suspended from the party after he was arrested over allegations of an assault in a House of Commons bar. Po...

The Royal Bank of Scotland's chief executive and chairman may both have given up their bonuses but the state-owned bank will today unveil plans to lavish up to £785m on its workforce

The Royal Bank of Scotland's chief executive and chairman may both have given up their bonuses but the state-owned bank will today unveil plans to lavish up to £785m on its workforce, including £400m to its investment bankers.  Stephen Hester, chief executive, turned down a payout of nearly £1m in shares while the chairman Sir Philip Hampton passed on £1.4m. But their nods to public outrage, over bonuses being paid to people who work for a bank that called on £45bn of public funds to keep it afloat and is expected to announce losses of as much as £2bn, have not been reflected among their senior colleagues. While the full details of payments to other executives will not become clear until the bank issues its annual report later this year, John Hourican, head of global banking and markets, could receive as much as £5m, despite overseeing the redundancies of more than 3,000 staff. That process in itself could cost up to £200,000 per employee because it targets some of highest-paid employees in investment banking, a large part of which is being shut down. Another man who could also receive a sizeable payout is its American finance director Bruce Van Saun, who last year received a bonus of £1.35m as part of a total package of £2.3m. That does not include additional payouts through his share-based long-term incentive scheme. He too has yet to give any indication that he plans to forgo this year's award despite effectively being No 3 in the bank's hierarchy after Sir Philip and Mr Hester. The overall bonus pool had to be agreed with the Government, which holds an 82 per cent stake in the bank following the bailout. The £400m for investment bankers is the lowest since the bank was effectively nationalised in 2008, and less than half last year's payout to them of £950m. A spokesman for the bank declined to comment on the figure. However, he said: "Ten thousand of our most senior employees will receive no salary increase this year, including the executive team." RBS sources were also at pains to point out that Mr Hourican's £5m would be a maximum figure based on a long- term incentive plan that comes to an end in April. Final decisions on payments from it had yet to be made by the bank's remuneration committee. Ministers have been keen to damp down the public anger over bonuses amid sour relations with the City of London. But campaigners remain furious at the addiction to huge bonuses at a time when less fortunate workers have been suffering an unprecedented squeeze on incomes. The TUC general secretary Brendan Barber said: "Ordinary families are struggling to make ends meet, so it's perhaps not surprising that with the taxpayer the majority shareholder in the bank, public opinion is so against the continuing payment of huge bonuses at RBS. Stephen Hester may have handed back his bonus, but other senior executives at the bank are set to pocket large payouts from a bonus pot of millions." The Robin Hood Tax campaign, a coalition of 115 UK organisations including Oxfam, Barnado's and Friends of the Earth that wants a tax on financial transactions to be levied to alleviate poverty, was similarly furious. David Hillman, the campaign's spokesman, said: "It is incredible that while the rest of us suffer, a loss-making bank bailed out by the taxpayer is allowed to pay out hundreds of millions in bonuses. The British public is getting a raw deal from RBS." However, across the City there was a different view. Analysts argue that if RBS was not able to hold on to its staff it would not be able to pay back the taxpayer's investment. The City commentator David Buik, from BGC Partners, said: "If the taxpayer wants repayment of its £45 bn, it will need to employ quality people. That costs money and a competitive bonus structure."

The Royal Bank of Scotland's chief executive and chairman may both have given up their bonuses but the state-owned bank will today unveil plans to lavish up to £785m on its workforce

The Royal Bank of Scotland's chief executive and chairman may both have given up their bonuses but the state-owned bank will today unv...

Banks forced to hand back £1.9BILLION to customers

Banks have been forced to hand back £1.9billion to customers who were wrongly sold Payment Protection Insurance as part of a 'loan protection racket'. However, consumer groups have accused the finance giants of dragging their feet on refunds which, eventually, could top £8billion. The Financial Ombudsman Service is receiving a staggering 1,000 complaints a day about the mis-selling of PPI. Consumers have a right to take a claim for a refund to the watchdog where they feel they have been unfairly fobbed off by their bank. In total, the ombudsman service has received over a third of a million PPI complaints, with the majority related to policies sold by banks alongside credit cards and loans. The watchdog upholds around three out of four cases in the consumer’s favour, with the average pay-out running at £2,750. The failure to offer speedy refunds has allowed a raft of hard-sell claims management firms, who are looking to cash in on the scandal, to flourish. These firms are spending millions of pounds in advertising to offer to pursue refunds. This involves bombarding the nation with TV advertising and recorded message telephone calls to both landline and mobile phones.

Banks forced to hand back £1.9BILLION to customers

Banks have been forced to hand back £1.9billion to customers who were wrongly sold Payment Protection Insurance as part of a 'loan pro...

Investment Bankers Get Payouts Ahead Of Expected Loss Announcement

Royal Bank of Scotland is to pay out just under £400m in bonuses to its investment banking staff for their work in 2011, according to Sky sources. The day before RBS announces its full-year results, the bank is understood to have agreed with the Government that it can pay out between £390m and £400m in bonuses this year. The bonus pool, revealed exclusively by Sky News City editor Mark Kleinman, is likely to further stoke recent controversy over banker pay. The pot represents a cut of about 60% on last year's investment bank bonuses at RBS, which is 82% owned by the taxpayer. It comes as the bank prepares to report an expected full-year loss of up to £2bn, making the prospect of the taxpayer breaking even on the £45bn investment made in RBS during the 2008 banking crisis as remote as ever. The rewards follow a year in which thousands of employees were made redundant as Stephen Hester, the bank's chief executive, accelerated a restructuring of the business. Despite the reduction in the overall bonus pot, scores of RBS bankers are expected to collect packages worth more than £1m. The biggest payouts will be largely paid in shares and deferred over a three-year period. Ministers have insisted that RBS enforces a £2,000 cap on the cash element of bonuses for the third successive year. Angela Knight, chief executive of the British Bankers Association, defended the latest RBS payouts, saying bonuses for investment bankers were set according to the international market. RBS boss Stephen Hester caved into pressure to waive his 2011 bonus She told Sky News that if UK banks failed to compete with global compensation levels they would lose the best employees, and in the case of RBS this could damage the long-term interest for the taxpayer. The bonus revelation came as Sir Philip Hampton, RBS's chairman, claims in a Sky News documentary with Jeff Randall, that the era of big banking bonuses is over. A YouGov poll for Sky News also showed that three-quarters of people believe that bosses at Britain's state-backed banks should not receive a bonus. Mr Hester waived his £1m bonus several weeks ago, while Antonio Horta-Osorio, chief executive of Lloyds Banking Group, also decided to rule out receiving a bonus. The 2011 pool is the lowest awarded to RBS's investment bankers since the bank was rescued by taxpayers in 2008.

Investment Bankers Get Payouts Ahead Of Expected Loss Announcement

Royal Bank of Scotland is to pay out just under £400m in bonuses to its investment banking staff for their work in 2011, according to Sky ...

Bailed out banks now worth HALF £1,000 per person cost of saving them as they get ready to report £6BILLION losses

Bailed-out banks worth just HALF the £1,000 it cost each person to save them - as they get ready to admit £6BILLION losses RBS cost £45.5bn to bailout but the stake is now worth just £26bn £20bn paid to bailout Lloyds but shareholding is now worth HALF But executive pay has soared and Lloyds boss Antonio Horta-Osorio entitled to £3.46m a year Comments (14) Share The bailed out banks are now worth just over half the £1,000 per person cost of saving them - and are set to reveal combined losses of £6billion. Royal Bank of Scotland and Lloyds received a total of £65.5bn of taxpayers' money - but the Government stake is now worth just £36bn. Their are fears it will be years before the share price rises and taxpayers can get their money back. Bumper pay: Stephen Hester (left), who hates this picture being used, is paid £1.2million a year and waived a near-£1m bonus. Fred Goodwin, right, received £4.2m in 2007 But despite their poor performance the pay of top bankers like disgraced RBS boss Fred 'the Shred' Goodwin and Stephen Hester has rocketed over the last decade.   More... Three of the UK's five largest banks have lost shareholders' money over past decade while bosses reap rewards £500 for EVERY British household: UK faces added £1billion bill to bail out Greece and save crisis-hit euro Don't tell Sid! How the bank shares wipeout hit the savings of the windfall generation Fred Goodwin saw his total pay rocket from £1.27m in 2000 to £4.2m in 2007 - when he received a £2.86m performance-related bonus. Stress: Antonio Horta-Osorio is entitled to £3.46million this year Since 2000, the value of the bank has fallen by 91 per cent. New boss Stephen Hester enjoys a £1.2m salary and only waived a £963,000 shares bonus after being put intense pressure. However, he is still in line to receive shares worth about £660,000 that were awarded as part of the £2m bonus he was handed for his 2010 performance. But as the bosses receive bumper rewards, RBS has announced that 3,500 jobs will go on top of 2,000 which went last summer. Lloyds has more than tripled the amount it pays its chief executive over the past decade. Over the same period the average UK wage increased by just under 40 per cent, to £26,135. In 2000, they paid £856,000 to former boss Sir Peter Ellwood. New chief-executive Antonio Horta-Osorio is entitled to £3.46m this year, although he waived his £1.06m bonus last month. He had six weeks off work at the end of last year because of stress and fatigue. Tomorrow RBS will announce losses of around £2bn while Lloyds is expected to reveal losses of £3.5 billion on Friday. They will blame the poor figures on the eurozone debt crisis and increased regulation. Plans to give the shares directly to taxpayers to ease some of the public anger about the pay enjoyed by bailed-out bankers are reported to have been ditched because the investments are too shaky. Bailed out: Royal Bank of Scotland is set to announce losses of £3.5bn on Friday. It is worth £26bn - and the Government paid £45.5bn The Government injected £45.5bn to take an 82 per cent stake in RBS but those shares are today worth around £26bn despite a 40 per cent rise in the share price in recent weeks. It needs shares, which are currently trading at about 28p, to rise to 50p before it can break even. Lloyds cost £20bn to bailout - but the Government is currently nursing losses of nearly £10billion. Their shares are valued at around 35p and they must rise to 63p. The bank recoveries have been made more difficult because the Government has announced new regulations in a bid to prevent a repeat of the financial crisis. They will be forced to separate their retail and investment banking arms which will be expensive to implement and hit profits. The current malaise in the world economy and the Greek debt crisis has added to banks’ woes. The Government is paying £500 million a year in interest payments on the money it borrowed to bailout the banks. 'BAILED OUT BANKERS SHOULD NOT RECEIVE A BONUS' Three out of four people think bosses at bailed-out banks should not get a bonus, according to research. And 58 per cent of respondents to the YouGov poll, commissioned by Sky News, said Britain’s business reputation is being damaged by the actions of bankers. Sir Philip Hampton, chairman of the Royal Bank of Scotland, said bonuses cannot continue at the current level. 'Part of the reason for the pay is that the profits were not sustainable,' he told Sky news. 'They were there for a few years but they were not sustainable and the pay moved up to that level of profits and it now needs to be corrected down.' Sir Philip turned down a £1.4 million bonus earlier this month. But Nigel Rudd, former deputy chairman of Barclays, claimed he would have paid more money to Barclays’ former chief executive John Varley. He said: 'Bob Diamond (current chief executive) and John Varley made a huge difference to Barclays as they went through this terrible period. 'You realise Barclays never made a loss throughout all this period? I think John Varley was underpaid actually ... because I think what he did throughout that crisis was phenomenal.' The comments come after weeks of conflict over bankers’ bonuses, in which RBS chief Stephen Hester turned down his £963,000 bonus amid mounting pressure and Lloyds boss Antonio Horta-Osorio waived his payout following a leave of absence.

Bailed out banks now worth HALF £1,000 per person cost of saving them as they get ready to report £6BILLION losses

Bailed-out banks worth just HALF the £1,000 it cost each person to save them - as they get ready to admit £6BILLION losses RBS cost £45.5bn ...

THOUSANDS of homeowners face higher mortgage repayments because of new personal insolvency rules, it emerged last night.

The new rules mean some of the most hard-pressed households will get part of their mortgage debt written off. But other customers face the prospect of higher interest rates on their mortgages, as banks cushion themselves against the risk of these losses. Any rise in rates would hit those customers on variable mortgages, while people with tracker mortgages would not be affected. Bank of Ireland boss Richie Boucher yesterday admitted he was looking at raising the interest rates on home loans to compensate for this added "risk". He said the new insolvency laws, due later this year, could mark a "fundamental" change in the playing field for banks and make mortgage lending more risky. "We price for risk," he said, implying that the cost could be passed on to customers in the form of higher interest rates. It would mean that the bank increases its variable interest rate for existing customers, or charges a higher rate to new borrowers -- potentially putting the bailed-out bank on a collision course with the Government. However, it is highly likely other banks will be thinking along the same lines, and if Bank of Ireland moves to increase its rates then it will set a precedent. It is understood at least one other bank is considering similar measures. Bank of Ireland gave out half of Ireland's new mortgages last year. About a third of Bank of Ireland's mortgage holders are on variable rates, and at a typical rate of between 3.4pc and 3.84pc are already paying almost double the interest of those with tracker mortgages. People on tracker mortgages will not be hit by any rises instigated by the banks as the European Central Bank controls tracker rates. The threat of higher interest rates comes a week after international ratings agency Moody's said up to a quarter of the mortgages in Irish banks were vulnerable to being written down under the new insolvency rule, which could trigger "widespread debt forgiveness". Mr Boucher insisted he did not want to sound "alarmist" about the new regime's impact -- but also warned that it could become harder for his bank to raise money, since investors could be reluctant to accept mortgage loans as collateral. Any move to hike variable rates at Bank of Ireland could also ignite a new row with the Government. The bank defied Taoiseach Enda Kenny and Tanaiste Eamon Gilmore last November when it faced down demands from the State to pass on eurozone rate cuts to its variable customers. It ultimately passed on between 0.1pc and 0.15pc of December's 0.25pc cut. Mr Boucher said the State was a "stakeholder" in the bank and it was "important that we take this into consideration". "We had a discussion with the Government on how we funded ourselves," he added. "The Government has a vested interest in us making profits on a sensible basis." Mortgages are seen as the major unknown for banks in 2012, as they get to grips with the new personal insolvency rules. These rules will allow mortgage debt to be "written down" in some extreme circumstances and can shorten the current 12-year bankruptcy term to as little as three years. Pricing Asked about mortgage rates last night, a spokeswoman for Bank of Ireland insisted there were no firm plans in relation to raising mortgage rates. The bank boss "made general comments about pricing for risk only", she said. Residential mortgage arrears are rising fast for Bank of Ireland, with 5.6pc of owner occupiers three months or more behind on their repayments. The Central Bank said last week that 9.2pc of all mortgages were more than 90 days overdue. Repossessions by the bank almost quadrupled last year, rising from a low base of 18 to 75. But Mr Boucher predicted they would be higher still in 2012. Mr Boucher claimed yesterday that "considerable speculation about potential public policy measures regarding mortgage arrears" had already triggered an increase in arrears at his bank in the second half of last year. If the new rules were a "fundamental change" in the mortgage landscape, then the bank would have to "look at" its assumptions around mortgage risk. "I wouldn't want to be alarmist about that," he stressed. "We do recognise that the existing arrangements aren't sustainable, that some change was needed."

THOUSANDS of homeowners face higher mortgage repayments because of new personal insolvency rules, it emerged last night.

The new rules mean some of the most hard-pressed households will get part of their mortgage debt written off. But other customers face the...

Lloyds Bank strips five directors of more than £1 million in bonuses

It will be the first time a British bank has exercised a “clawback” option on executive pay packages since the financial crisis and will l...

Banks roll out new fees to recoup revenue: Banks roll out new fees amid big settlements, lost revenue

If you thought customers triumphed last fall when the nation's big banks quickly retreated from monthly fees for debit-card use, think again: Like the mythical Hydra, banks have replaced that charge, severed by a grass-roots uprising, with various new fees designed to recoup lost income. Although some of these fees appeared before last year's debit-card revolt, many more are making their debuts this year. There are nearly 50 different fees consumers can wind up paying, depending on the services they use and how they use them, according to some consumer advocates' latest estimates. "Most of these fees are not the in-your-face charges, such as the debit-card fee that caused the big uproar," said Alex Matjanec, co-founder of MyBankTracker.com, a consumer-finance information website. "Many are flying under the radar. But they could have a big long-term effect on your money if you aren't paying attention." Some banks have started charging for wire transfers, paper statements, prepaid cards, debit-card replacement and other services. Some even charge you now for closing an account or for making deposits using an iPhone. Don't be surprised if some banks eventually charge people just to apply for a loan, consumer advocates say. Banks are combining the new fees with increases in existing fees in an effort to make up for billions of dollars in revenue whose loss they blame on the federal financial-services overhaul, spiraling regulatory costs and huge legal liabilities such as the recent $25 billion foreclosure-fraud lawsuit settlement. For example, there has been a resurgence in overdraft and credit-card fees, both of which had dipped across the industry as a result of changes that took effect in 2009 and 2010. "The banks have done a good job of convincing consumers that they just can't live without those [overdraft] services," said Gerri Detweiler, a Sarasota-based personal-finance expert for Credit.com, an independent consumer-finance research service. Banks say they still provide customers multiple ways to avoid the vast majority of service fees, including the new ones. More than half of all U.S. bank customers pay no fees at all by maintaining minimum account balances, setting up direct deposits or signing up for other services linked to their accounts, according to a 2011 study by the American Bankers Association. Still, the fee issue has reached a tipping point for some consumers. Chris Erwin of Orlando said he closed his bank account at Wells Fargo & Co. last fall during the uproar over monthly fees for debit-card use. He also cited the Occupy Wall Street protest movement, which focused much of its energy on big banks. "The Occupy movement kind of made me realize these big banks act more like investment banks, and you don't really know what they are using your money for," said Erwin, a 24-year-old home-security supervisor who has opened a member account at the Lake Mary-based CFE Federal Credit Union. "It just seemed a much fairer thing to do, to go to a not-for-profit-type bank." According to a recent survey by Javelin Strategy and Research, more than 5.6 million consumers switched banks during the fourth quarter of 2011, including many who moved to credit unions or smaller community banks, both of which typically charge lower fees. The survey by the California-based financial-consulting company estimated that 610,000, or 11 percent of the total, did so as part of the grass-roots protest against big banks' attempt to impose debit-card fees, while an additional 846,000, or 15 percent, changed because of objections to bank fees generally. A half-dozen large banks either imposed or announced plans last year to impose $5 monthly fees on customers who used their debit cards to buy goods and services; automated-teller use was exempt from the fee. The banks' actions stoked public anger still simmering from the federal government's 2008 bailout of major U.S. banks, and an anti-fee petition on change.org, a grass-roots-organizing site, drew more than 300,000 signatures. By early November, all of the banks had backed off their debit-card fees. Banks argue that surveys such as Javelin's don't tell the whole story. Such studies neglect to report, for example, how many new accounts were opened at major financial institutions during the same time period. Increases in the number and size of consumer fees, they say, are the inevitable result of what they describe as government overregulation of their industry: Caps on fees charged to merchants, additional disclosure mandates and other financial-service changes have limited their revenue and boosted their costs. They criticize federal changes such as the 2011 Durbin Amendment, which set a 21-cent cap on the debit-transaction fees that banks charge retailers and other businesses that accept such cards from their customers. That cap cut in half the average "swipe fee" banks had been charging for processing those transactions. Congress, in capping those fees, had sided with retailers who argued that the transaction charges were monopolistic and far out of line with banks' actual costs — an assertion banks dispute. "Congress has to understand that, whenever you pass legislation such as the Durbin Amendment, all of us as consumers are going to pay for it," said Alex Sanchez, chief executive officer of the Florida Bankers Association. "The more regulations you pass on the banks, the more those costs are passed on to the people on Main Street." In business terms, banks are now "repricing" their services based on the cost structure dictated by the new federal rules, said Stanley D. Smith, a finance professor at the University of Central Florida. In some cases, that will mean the end of no-fee checking accounts and other services for which banks have not charged in the past, he said. Consumers should keep track of such changes and make smart decisions about where they want to do their banking, Smith said — especially if they encounter something they consider especially offensive, such as an account-closing fee. "If you're already mad enough to come into the bank to close an account," he said, "Then they tell you, 'Oh, by the way, we're going to charge you for taking your money out.' Well, that pretty much blows any chance that you're going to want to come back there ever again."

Banks roll out new fees to recoup revenue: Banks roll out new fees amid big settlements, lost revenue

If you thought customers triumphed last fall when the nation's big banks quickly retreated from monthly fees for debit-card use, think a...

Bailed-out banks still aren't ready to sell, even after three years and £90bn

The clean-up bill for Royal Bank of Scotland and Lloyds Banking Group has already topped £90bn, put nearly 80,000 jobs on the line, and left taxpayers nursing a £32bn loss on their stakes in the bailed-out banks. But when they report their results for 2011 this week, both are likely to concede that their salvage operations are not yet complete, despite three years of downsizing and reshaping. Sir Philip Hampton, chairman of RBS, admitted recently that when he took on the job he had expected 2012 to be the year that the government could herald a sell-off of the bank's shares. Yet, with the economy, the ongoing crisis in the eurozone and a series of regulatory changes – including the ring-fencing proposals from the Vickers commission on banking – all combining to weigh down on bank share prices, analysts reckon that the government will be stuck with an 82% stake in RBS and a 41% stake in Lloyds for some time yet. Robert Talbut, chief investment officer of Royal London Asset Management, says: "It is very clear to everyone that the government are going to hold these stakes for much longer than anybody anticipated. The prospect of the government being able to sell down their stakes in the next three years is extremely slim. That is due to regulatory change both in the UK and globally. It is also due to the interrelation between the growth rates in the UK economy and what that means for asset values on a lot of the assets that they have on their balance sheets."

Bailed-out banks still aren't ready to sell, even after three years and £90bn

The clean-up bill for Royal Bank of Scotland and Lloyds Banking Group has already topped £90bn, put nearly 80,000 jobs on the line, and le...

As Old Francs Expire, France Makes a Small Mint

Greece may be scrambling for revenue, but the French treasury has just banked some 550 million euros for doing nothing — simply letting the French franc, created in 1360, finally perish. Enlarge This Image Thibault Camus/Associated Press People lined up at a bank in Paris on Friday to convert old French francs to euros, the common European currency, before the francs were rendered worthless. Connect With Us on Twitter Follow @nytimesworld for international breaking news and headlines. Twitter List: Reporters and Editors Friday was the last day that French francs could be turned into the Bank of France, the central bank, in exchange for the common European currency, the euro, a little more than a decade after it was introduced as bills and coins. The approximately 550 million euros represents the francs still outstanding, somewhere, which are now worthless, and which will be registered as revenue for the French state. As the franc died, it is the future of the euro that seems at question now, an irony that hardly escaped some of those waiting in line at the bank to exchange the francs they had found stashed away in drawers, coat pockets and old purses. (Only bills were exchangeable; coins went out of circulation in 2005.) Emmanuelle Hamon, 47, said she was dubious about the fate of the euro. “I want to believe in it,” she said. “But I don’t know how, concretely, we’re going to make it.” A former advertising executive and journalist, she said she felt a bit betrayed, as if Europeans had been handed a bill of goods, now that floundering countries like Greece are causing troubles for the entire euro zone. “I was attracted to the notion of community,” she said. “We were all hoodwinked.” And like many, she believes that the euro brought with it higher prices. She had found 220 francs, or 33.54 euros at the fixed rate of 6.55957 francs to the euro. She is planning to give her bonus euros to a charity that fights hunger, she said. As for the franc itself, she said she had no special sentiments. “I thought they were pretty, that’s all I can say.” For some it was a sad day, to be sure. As Ms. Hamon noted, the franc notes and coins were varied and beautiful. The euro, on the other hand, seems like the product of an off-day at the design studio, made worse by the fact that the bills feature no recognizable buildings or portraits. The theory behind keeping some images off was that any European — even Beethoven, whose music was used for the European Union anthem — would be too national. Aurélien Duchene, an 18-year-old student, said that he liked the idea of the euro as a way to gather countries together, but that it meant prices went up. Pulling his earphones out to hear questions, he remembered that when he was 8 or 9 years old and the currency changed, he said, “For one franc you got a big bag of candy, and for one euro, one got less.” The current economic crisis had various causes, Mr. Duchene said. “But I think that changing from the franc to the euro is also a cause.” (Indeed, fixed rates and the common currency have meant countries cannot adjust the value of their currency in response to differing economic circumstances.) Shanel Maklouf, 17, said earnestly, while her friends giggled, that the euro had been “very bad for France,” and had helped cause its economic difficulties, “which grow day by day.” Going back to the franc is impossible, she said, “even if it would be a good thing,” especially for the poorer classes. “My mother waits for only one thing, that the franc returns.” The far-right National Front candidate in the coming presidential election, Marine Le Pen, is the only significant politician calling for France to pull out of the euro zone — and the European Union — and return to the franc. More mainstream politicians and economists regard the idea as folly, even as some Greeks begin to consider returning to the drachma. The Greeks, by the way, have until March 1 to switch their old drachmas into euros. Tania Capo-Chichi, 30, is a hairstylist, currently unemployed. She waited in line at the bank with her 5-month-old son in a stroller and a small windfall — 1,000 francs, worth 152.45 euros — she found digging through various bags, she said. She had no attachment to the old franc, but no idea how the current euro crisis, which she said no one was really explaining to people, would end. “It won’t come to a stop overnight,” she said. But she was sure the euro would endure, one way or another, as Europe evolves. “It’s ours,” she said, “even if we don’t necessarily like it.

As Old Francs Expire, France Makes a Small Mint

Greece may be scrambling for revenue, but the French treasury has just banked some 550 million euros for doing nothing — simply letting the ...

Queen strips disgraced Fred the Shred of his knighthood for biggest corporate disaster in British history

Disgraced former RBS boss Fred Goodwin was told this afternoon that his knighthood is being removed by order of the Queen. The unprecedented step was taken on the recommendation of a secretive Whitehall body which is responsible for ensuring the honours system does not fall into disrepute. The forfeiture committee, made up of senior civil servants and Government lawyers, met to consider the case after the Daily Mail highlighted growing cross-party pressure for Mr Goodwin’s knighthood to be rescinded. Mr Goodwin was telephoned by Sir Bob Kerslake, head of the home civil service, at 3pm to be given the shattering news. There is no right to appeal. It is a humiliation for the former head of the Royal Bank of Scotland, who has never spoken publicly about his role in the biggest corporate disaster in British history which cost the taxpayer £45bn, and whose lawyers succeeded in getting some direct criticism of him removed from an official report into the collapse of RBS. Honours are very rarely revoked, and it took years of campaigning for hated Zimbabwean dictator Robert Mugabe to lose his knighthood. The most recent high profile case was that of Jean Else, a Manchester superhead who was made a Dame on the recommendation of Labour but was later accused of mismanagement and nepotism at her school. She was stripped of her damehood after a ruling by the forfeiture committee.

Queen strips disgraced Fred the Shred of his knighthood for biggest corporate disaster in British history

Disgraced former RBS boss Fred Goodwin was told this afternoon that his knighthood is being removed by order of the Queen. The unpreceden...

Survey reveals expat banking fears

The Expat Banking Poll was sponsored by Lloyds TSB International and conducted by expat website Just Landed. Expats in Spain were found to have the most problems with banking abroad. Almost two-thirds of those polled – 64 per cent – said that they do not trust local banks at all. Some of the most common problems cited by those who distrust banks abroad include unfair charges, trouble with the language barrier and money that was deducted from their account without any explanation. Briton Graham Hunt, who runs a Spanish property website and has written some hard-hitting blogs on banking in Spain, said: "Two years ago, there was a lot more trust in Spanish banks. "But the past couple of years have seen new charges for cards, account maintenance, transfer fees... this put people into the red in unused accounts, and they were then given an additional overdrawn charge. As a result, trust disappeared." Spain is happiest expat destination 19 Jan 2012 He also claims bank charges have increased "dramatically" recently and that lack of clear communication is the major problem for expats not speaking Spanish, and banks not employing people with language skills. "However my experience is that if you have a good relationship with the bank manager then any charges on the account can usually be got back," Mr Hunt said. "You just threaten to take your business elsewhere." Ali Meehan, who runs the Costa Women community network, said however there were many reasons expats wanted to use Spanish banking services. ""Many expats bank with Spanish financial institutions because they have mortgage products or loans locally," she said. "Some banks also offer special deals if you have your UK pension paid direct to Spain." More than 11,800 expats in total were surveyed for the Lloyds TSB International report. More than half of those, 59 per cent, said that they do trust their banks abroad, while only 22 per cent of respondents said they did not trust their banks "at all". In the United Arab Emirates, 74 per cent polled said they completely trust local banks; in Kuwait, this number is even higher, at 83 per cent. In Europe, German banks receive a similar score, with 68 per cent of expats polled completely trusting their services. UK banks – though facing many problems – are completely trusted by 52 per cent of respondents. And despite uncertainties over the British pound, 36 per cent of expatriates surveyed claim they would invest in sterling over any other currency. "While the poll demonstrated a lot of positivity, there are also some issues to be addressed," said Daniel Tschentscher, managing partner at Just Landed. "In the current climate, one would expect the level of trust to be lower, but that really doesn't seem to be the case at all."

Survey reveals expat banking fears

The Expat Banking Poll was sponsored by Lloyds TSB International and conducted by expat website Just Landed. Expats in Spain were found to...

Two men sought over bank robbery in Thornliebank

Armed robbers have escaped with a four-figure sum of cash after holding up a bank in East Renfrewshire. Two men entered the Lloyds Bank in Main Street, Thornliebank, at about 10:35 on Thursday and threatened staff with what appeared to be a firearm. They later escaped on towards nearby Clova Street. No-one was injured. Both suspects are white males. One is about 5ft 6/7in-tall, while the other is over 6ft. They were wearing blue jeans and black jackets with hoods. Both men had their hoods up and tied tightly, covering most of their faces. Witness appeal Officers have been gathering CCTV images from the area and carrying out door-to-door enquiries. Det Con Gary Gallacher, of Strathclyde Police, said: "This is a busy area with lots of shops and flats around and at this time of the day there would have been lots of people milling around. "I would appeal to anyone who was in the area at the time to get in touch with us. "It may be that you saw the suspects run off or you may have noticed them prior to the robbery and thought they looked a little suspicious. "I would urge anyone with any information to please contact us as a matter of urgency."

Two men sought over bank robbery in Thornliebank

Armed robbers have escaped with a four-figure sum of cash after holding up a bank in East Renfrewshire. Two men entered the Lloyds Bank i...

Prominent Fla businessman guilty in $135M fraud; investors include Roman Catholic prep school

A prominent businessman pleaded guilty Wednesday to fraud in a $135 million real estate scheme that fleeced hundreds of investors, including the Roman Catholic prep school he once attended. Gaston Cantens, 73, faces up to five years behind bars after pleading guilty to a single count of wire and mail fraud conspiracy. U.S. District Judge Kathleen Williams set sentencing for April 4. 0 Comments Weigh InCorrections? inShare Cantens also lured investors from Miami’s close-knit Cuban-American community, many of them elderly and some Roman Catholic priests. One victim, 80-year-old Eduardo Arango, said he lost about $800,000 investing with Cantens. He called the plea agreement “a sweet deal” because Cantens could have faced more charges and a longer prison sentence. “Most of the victims were people who are very aged. They lost whatever their resources were. They have suffered,” Arango said. Federal prosecutors said Cantens operated his company, Royal West Properties Inc., like a Ponzi scheme in which he paid older investors with money raised from newer ones. The company sold real estate investments in southwest Florida since 1993 but fell on hard times beginning in 2002 and was eventually forced into bankruptcy in 2009, according to court documents. Before it crashed, Royal West promised rates of return as high as 16 percent for investors who bought properties, which were marketed nationally on Spanish-language networks and through offices in Florida, New York, Colombia, Ecuador, Peru and Venezuela. One investor was the Belen Jesuit Preparatory School, which traces its roots to Cuba and from which Cantens graduated when it was still located in Havana. Fidel Castro also is an alumnus from those days. Eric Bustillo, chief of the SEC field office in Miami, called it a typical “affinity” scam in which the perpetrator uses a position of trust to prey on members of a specific group, in this case people connected to Belen and members of the larger Cuban-American community. “The Cantens used their prominent standing in a close-knit Cuban-American community to ruthlessly exploit vulnerable elderly investors who trusted them with their life savings,” Bustillo said. Cantens’ wife, 75-year-old Teresita Cantens, was named in a related U.S. Securities and Exchange Commission complaint but was not charged in the criminal case. Their son, former state Rep. Gaston I. Cantens, was also not implicated in the scheme, but he did co-sign documents allowing his father to remain free until sentencing on $100,000 bail. The younger Cantens is vice president at the Florida Crystals Corp. sugar company. In all, prosecutors said more than 150 investors lost about $47 million between 2003 and 2008. Of the total, investigators said Cantens and his wife skimmed about $20 million for other business ventures, to pay themselves more than $5 million in salaries and to pay children and grandchildren $1 million in “consulting fees” even though they did no work for Royal West. Cantens could be ordered to pay millions of dollars in restitution, but it’s doubtful that he has any means to do so. Royal West is being liquidated in the bankruptcy case and Cantens has been unable to pay a $5.3 million judgment in the SEC case. Arango said most investors have gotten only about 3 cents on the dollar from the bankruptcy proceeding. “The anguish, pain and suffering here has been immense,” he said.

Prominent Fla businessman guilty in $135M fraud; investors include Roman Catholic prep school

A prominent businessman pleaded guilty Wednesday to fraud in a $135 million real estate scheme that fleeced hundreds of investors, includi...

Eating fried foods didn't hurt the hearts of Spaniards who follow a Mediterranean diet

<p style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; color: #333333; font-family: Arial, sans-serif; line-height: 18px; padding: 0px; border: 0px initial initial;">Eating fried foods didn't hurt the hearts of Spaniards who follow a Mediterranean diet, but the findings are too good to be true for Canadians, experts say.<p style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; color: #333333; font-family: Arial, sans-serif; line-height: 18px; padding: 0px; border: 0px initial initial;">A study in Wednesday's issue of the British Medical Journal suggests that frying foods in olive and sunflower oils is not associated with an increased risk of heart disease or premature death.<span class="photo right" style="margin-top: 5px; margin-right: 0px; margin-bottom: 7px; margin-left: 15px; padding-top: 0px; padding-right: 0px; padding-bottom: 10px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 1px; border-left-width: 0px; border-style: initial; border-color: initial; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; font-size: 0.8em; text-align: left; line-height: 1.2em; color: #565656; overflow-x: hidden; overflow-y: hidden; border-bottom-style: solid; border-bottom-color: #c4c4c4; float: right; font-family: Arial, sans-serif; width: 222px;"><img alt="The Mediterranean diet favours fruits, vegetables, fish and whole grains. " src="http://www.cbc.ca/gfx/images/news/photos/2012/01/25/si-fish-fry-220-cp-is.jpg" style="margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; display: block; background-position: initial initial; background-repeat: initial initial; padding: 0px; border: 0px none initial;" /><em style="border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; font-style: normal; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px; border: 0px initial initial;">The Mediterranean diet favours fruits, vegetables, fish and whole grains. <em class="credit" style="margin-top: 1px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; font-style: normal; background-position: initial initial; background-repeat: initial initial; padding: 0px; border: 0px initial initial;">(iStock)<p style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; color: #333333; font-family: Arial, sans-serif; line-height: 18px; padding: 0px; border: 0px initial initial;">Prof. Pilar Guallar-Castillón from Autonomous University of Madrid and her co-authors surveyed the cooking methods of 40,757 adults aged 29 to 69 over an 11-year period. None of the participants had heart disease when the study began.<p style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; color: #333333; font-family: Arial, sans-serif; line-height: 18px; padding: 0px; border: 0px initial initial;">The people were asked in a typical week whether they ate food that was fried, battered, crumbed or sautéed. Their answers were divided into categories based on how much fried food they consumed.<p style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; color: #333333; font-family: Arial, sans-serif; line-height: 18px; padding: 0px; border: 0px initial initial;">During the follow-up period, there were 606 events linked to heart disease and 1,134 deaths.<p style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; color: #333333; font-family: Arial, sans-serif; line-height: 18px; padding: 0px; border: 0px initial initial;">"In Spain, a Mediterranean country where olive or sunflower oil is used for frying, the consumption of fried foods was not associated with coronary heart disease," the study's authors concluded.<p style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; color: #333333; font-family: Arial, sans-serif; line-height: 18px; padding: 0px; border: 0px initial initial;">The results directly apply only to Mediterranean countries where foods are fried in a similar way to Spain, the researchers noted.<h3 style="margin-top: 0px; margin-right: 0px; margin-bottom: 4px; margin-left: 0px; padding-top: 10px; padding-right: 0px; padding-bottom: 10px; padding-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; font-weight: normal; font-size: 19px; font-family: Arial, sans-serif; line-height: 18px; border: 0px initial initial;">Spanish participants more active</h3><p style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; color: #333333; font-family: Arial, sans-serif; line-height: 18px; padding: 0px; border: 0px initial initial;">"When I look at the group of patients evaluated in Spain 10 years ago, they were much more active and fit than we are as Canadians nowadays," said Dr. Beth Abramson, a cardiologist at St. Michael’s Hospital in Toronto and a spokesperson for the Heart and Stroke Foundation of Canada.<p style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; color: #333333; font-family: Arial, sans-serif; line-height: 18px; padding: 0px; border: 0px initial initial;">And overall, people in the study ate a diet that was heart healthier than a typical North American diet.<p style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; color: #333333; font-family: Arial, sans-serif; line-height: 18px; padding: 0px; border: 0px initial initial;">The Mediterranean regime favours fruits, vegetables, fresh fish and whole grains.<p style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; color: #333333; font-family: Arial, sans-serif; line-height: 18px; padding: 0px; border: 0px initial initial;">"Occasionally having some fried food now and then isn't going to be harmful probably in the long run, but routinely frying food just adds to the chance that you're going to become overweight and out of shape," Abramson said.<p style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; color: #333333; font-family: Arial, sans-serif; line-height: 18px; padding: 0px; border: 0px initial initial;">The investigators only questioned participants about their diet at the start of the study, which isn't as reliable as checking in more often, Abramson said.<p style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; color: #333333; font-family: Arial, sans-serif; line-height: 18px; padding: 0px; border: 0px initial initial;">Floria Aghdamimehr, a wellness and life coach in Halifax who teaches people how to improve their diet, said the study confirms the value of using olive oil, though sparingly.<p style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; color: #333333; font-family: Arial, sans-serif; line-height: 18px; padding: 0px; border: 0px initial initial;">The nutritional content of foods changes when they are fried, Aghdamimehr said.<h3 style="margin-top: 0px; margin-right: 0px; margin-bottom: 4px; margin-left: 0px; padding-top: 10px; padding-right: 0px; padding-bottom: 10px; padding-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; font-weight: normal; font-size: 19px; font-family: Arial, sans-serif; line-height: 18px; border: 0px initial initial;">Nutritional changes with frying</h3><p style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; color: #333333; font-family: Arial, sans-serif; line-height: 18px; padding: 0px; border: 0px initial initial;">"Most of the deep-fried foods people eat in North America … [uses] oil [that] is being recycled — reused several times,” Aghdamimehr said.<p style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; color: #333333; font-family: Arial, sans-serif; line-height: 18px; padding: 0px; border: 0px initial initial;">In Spain, fried food doesn't equal fast food from restaurants the way it often does in North America, the researchers said.<p style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; color: #333333; font-family: Arial, sans-serif; line-height: 18px; padding: 0px; border: 0px initial initial;">"Frying leads to an increase in trans fats and a decrease in unsaturated fats in foods," said Prof. Michael Leitzmann of the department of the epidemiology and preventive medicine at University of Regensburg in Germany in a journal editorial published with the Spanish study.<p style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; color: #333333; font-family: Arial, sans-serif; line-height: 18px; padding: 0px; border: 0px initial initial;">"Frying also increases the energy density of food and makes food more palatable, which may lead to the consumption of larger amounts."<p style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-image: initial; outline-width: 0px; outline-style: initial; outline-color: initial; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: #ffffff; color: #333333; font-family: Arial, sans-serif; line-height: 18px; padding: 0px; border: 0px initial initial;">The study was funded by the Fund for Health of Spain, five Spanish regional governments and the Catlan Institute of Oncology.

Eating fried foods didn't hurt the hearts of Spaniards who follow a Mediterranean diet

Eating fried foods didn't hurt the hearts of Spaniards who follow a Mediterranean diet, but the findings are too good to be true for Can...

Underworld bankers Daniel Keenan and Andrew Barnett who laundered £17m of drug money are jailed

Two underworld bankers who laundered more than £17million in drug money have been jailed for a total of 17 years. Daniel Keenan, 41, and Andrew Barnett, 45, used a stolen identity to clean up proceeds from a massive cocaine and heroin dealing operation by making currency exchanges They were caught out when police stopped Barnett with £500,000 in cash stuffed into a satchel. The pair were subsequently linked to Ian Kiernan, who was jailed for 20 years in 2001 for his key role in one of Britain's biggest-ever drug smuggling plots. Andrew Barnett (left) and Daniel Keenan (right) laundered the vast proceeds from a cocaine and heroin ring by making currency exchanges Barnett was stopped on 26 November 2009 near Marble Arch carrying a satchel found to contain 535,000 euros in 200 euro notes. He also had a receipt from a nearby money service bureau called Interchange. Convicted blackmailer Keenan contacted the police station a few days later, claiming he had asked Barnett to carry out the transaction, and was promptly arrested on suspicion of money laundering. Investigations revealed Keenan used a stolen identity to set up his Interchange account. Since opening the account in April 2008, Keenan and Barnett had made more than 300 transactions totaling more £17million. The money was generally brought in for exchange in £20 notes in large bags. The pair admitted money laundering but initially claimed the cash came from illicit gambling on horse racing. But after a two-day hearing at Southwark Crown Court they admitted knowing that that bundles of cash had come from drug deals. This is some of the money recovered by police from the pair, who were caught when officers stopped Barnett with £500,000 worth of currency stuffed into a satchel Jailing Keenan for 11 years and Barnett for six years, Judge Nicholas Loraine-Smith said the offences were 'hugely successful' and committed while Keenan was on license from prison. He told Keenan: 'Interchange was visited more than 400 times as you or others delivered cash amounting to a total of £17.5million. 'I accept that initially you thought you were being used to launder the proceeds of illegal gambling. 'But eventually the amounts of money involved must have made it clear that they could only come from the most serious of crimes - sale of Class A drugs. 'You yourself signed for 58 deliveries amounting to £12million while your assistant Mr Barnett signed for about £5 million. 'When police detained Mr Barnett you came up with a number of explanations and produced quantities of false paperwork to try and justify your business which included the use of other people's identities.' Daniel Keenan is here seen on CCTV counting out huge piles of banknotes. Keenan and Barnett laundered more than £17million in organised crime profits Barnett had claimed he was simply acting on behalf of Keenan and was paid £200 each time he want to the Interchange. Drug baron Ian Kiernan had been jailed for 20 years and banned from racecourses for 10 years after a Jockey Club investigation found he was involved in corruption in horseracing. The head of the syndicate, Brian Wright - dubbed The Milkman because he always delivered - was jailed for 30 years in 2007. The link between Kiernan, described as the drug ring's storeman, and the launderers was only discovered in December when police investigated Keenan's mobile phone records. Prosecutor Mark Fenhalls said: 'When Mr Keenan's phone records were looked at they showed that that most of the calls were made to his partner, then his mum, and then Kiernan, in that order.' He was found to have been in contact with Kiernan - who was on temporary licence from HMP Latchmere - on all but one of the days on which transactions of more than £400,000 were processed. Keenan was serving a five-year sentence for blackmail and consiring to defraud the clothes shop Monsoon when he met Kiernan in jail. The court heard Barnett visited Kiernan in prison in 2003, Mr Fenhalls said it was 'inconceivable that Barnett... did not know that he was assisting Keenan to launder the proceeds of cocaine dealing on a vast scale. 'No other explanation or inference sensibly arises from the available evidence.' Barnett, of Twickenham, Middlesex and Keenan, of Egham, Surrey, admitted converting criminal property. Keenan also admitted fraud by false representation, having a fake passport and possession of articles used in fraud, a fake bank card.

Underworld bankers Daniel Keenan and Andrew Barnett who laundered £17m of drug money are jailed

Two underworld bankers who laundered more than £17million in drug money have been jailed for a total of 17 years. Daniel Keenan, 41, and ...

Drug smugglers and dealers to get law thaw in UK

Drug smugglers and street dealers could avoid prison in the UK even if caught with heroin, cocaine or thousands of pounds worth of cannabis, under new guidelines on drug offenses published by the Sentencing Council for England and Wales on Tuesday. The new guidelines, to come into force next month, on February 27, were put out following a three-month public consultation. They cover importation, supply, production, permitting premises to be used for drug-related activities, and possession offences. "Drug offending has to be taken seriously. Drug abuse underlies a huge volume of acquisitive and violent crime, and dealing can blight communities. Offending and offenders vary widely, so we have developed this guideline to ensure there is effective guidance for sentencers and clear information for victims, witnesses and the public on how drug offenders are sentenced,” said Lord Justice Hughes, deputy chairman of the Sentencing Council, as quoted by the British media. According to the official website of the Council, the guidelines intend to distinguish the leading players in drug smuggling from those in subordinate roles such as drug mules, who may be coerced or misled into carrying drugs. It will mean that sentences are based on a court’s assessment of the offender’s role, and on the quantity of drugs involved, or the scale of the operation. Reports suggest offenders who play a “limited” role in gangs, including low-level dealers and so-called drug mules, who bring narcotics into the country, could now face community orders rather than jail sentences. This particular draft received major support during the consultations. Drug barons playing a leading role in large-scale offences such as smuggling and supply will continue to face long prison sentences, as will those who sell directly to the public, especially to children. Police have suggested that gang leaders would be able to escape jail by claiming that they were lesser members. “How can a court be expected to differentiate between the person who says, I am very low in the chain, and those high up?” questioned Peter Smyth, chairman of the Metropolitan Police Federation, as quoted by The Telegraph. “No matter how big a role I played, if I was in their shoes and arrested for drugs I would say I was a low-level player or forced into it. If they can see a loophole, then of course they will go through it.” Under the new guidelines, dealers caught with 6kg of cannabis, valued at thousands of US dollars, or 20 ecstasy tablets, could now avoid prison and receive a community sentence. Heroin and cocaine dealers deemed to have played only a “minimal” role and workers in small cannabis “farms” could also escape custody.

Drug smugglers and dealers to get law thaw in UK

Drug smugglers and street dealers could avoid prison in the UK even if caught with heroin, cocaine or thousands of pounds worth of cannabi...

London hospitals write off 'over 90%' owed by foreign patients

London hospitals have written off more than 90% of what they are owed by foreign patients not entitled to free NHS care, BBC London has learned. A Freedom of Information request showed Newham Hospital Trust wrote off 96% of what it had invoiced last year. Meanwhile, Basildon and Thurrock wrote off 97% of what it was owed, having previously recovered £68,061 out of £116,561 of its debt. In total, £7.6m was written off by 33 NHS trusts in the region, since 2009. Across the trusts, a total of £26m is owed by patients, of which £18.4m continues to be actively sought. However, hospital trusts said chasing the money was difficult if patients leave the UK. In a statement, Basildon and Thurrock said: "We scrupulously manage our finances and only write off debt after following the full debt collection process." Continue reading the main story Hospital variations in amount written off Newham Hospital wrote off £345,000 out of £358,000 Basildon and Thurrock wrote off £47,000 out of £48,500 Hillingdon hospital wrote off £335,000 out of £660,000 Luton and Dunstable wrote off 2,000 out of 85,000 South London wrote off £29,000 out of £481,000 All figures relate to 2010-11 All hospitals are required to recover money owed for treating these patients.

London hospitals write off 'over 90%' owed by foreign patients

London hospitals have written off more than 90% of what they are owed by foreign patients not entitled to free NHS care, BBC London has le...

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