Greek parliament passes cuts plans

The Greek parliament has voted narrowly in favour of imposing more belt-tightening on its people in a bid to pay the nation's debts and stave off looming bankruptcy.

The Greek parliament has voted narrowly in favour of imposing more belt-tightening on its people in a bid to pay the nation's debts and stave off looming bankruptcy.



A "No" vote would have been catastrophic for the Greek economy and for the crumbling credibility of the euro - but the relief in Brussels and in other eurozone capitals will be short-lived if mounting public anger prevents the new austerity package taking effect.

The vote went through in the Athens parliament against a backdrop of rioting in the streets outside as police clashed with protesters opposing more tax hikes, spending cuts and a privatisation sell-off demanded by the country's international creditors.

New IMF chief Christine Lagarde had called for national unity in Greece to get to grips with the continuing economic crisis.

This afternoon's decision was one of the toughest Greek MPs have had to take for years - but another crucial vote comes tomorrow when the Parliament must decide on how to implement the 28 billion euro (£25 billion) package.

And effective implementation will be difficult if an increasingly rebellious public defies the deal and refuses to hand over more taxes or absorb more cuts to pay the price for an economic crisis they say was not their fault.

Nevertheless the 155-138 vote this afternoon should be enough in itself to ensure the handover of the latest 12 billion euro (£10.7 billion) instalment of an EU-IMF bail-out fund agreed a year ago and worth a total of 110 billion euro (£96.5 billion).

Greece has been warned for weeks that the latest slice of the money would be withheld without today's "yes" vote, allowing Greece to default on its debts within weeks.

Continuing with the payment should now be a formality when EU finance ministers hold a special meeting in Brussels on Sunday to decide the next step.

Greece desperately needs the latest aid by July 15 to meet its immediate debts, but already Europe is considering a second massive bail-out - probably worth more than the first - because of the scale of the crisis and the risk of "contagion" to other struggling eurozone economies.

But the scale of rioting on the streets of the capital and across Greece hint at serious difficulties to come for the Greek government.

Police used stun grenades and tear gas to quell crowds who gathered in front of the parliament, and the angry mood persisted after news of the vote was relayed outside the building.

The fear in Greek political circles is of a longer-term orchestrated campaign of public sector strikes which will worsen the crisis.

People taking to the streets of Athens today insisted that not only were they not to blame for the nation's deep economic crisis, but the first round of austerity measures had clearly failed to work and should not be extended.

UK Independence Party leader Nigel Farage said: "This vote is a real life Greek tragedy, keeping the country imprisoned inside an unsuitable currency union and with unserviceable debts.

"Greek democracy is dead. Don't be surprised if increasing numbers of Greek people take matters into their own hands."

The result was hailed as a "vote of national responsibility" by European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy.

In a joint statement they said: "With today's approval by the Greek parliament of the revised economic programme, the country has taken an important step forward along the necessary path of fiscal consolidation and growth-enhancing structural reform. But it has also taken a vital step back - from the very grave scenario of default. This was a vote of national responsibility."

But the statement made clear the danger is not over.

"Tomorrow, the eyes of Europe will again be turned towards Athens as parliamentarians are called upon to approve the implementing measures for the programme.

"A second positive vote would pave the way for the disbursement of the next tranche of financial assistance. It would also allow for work to proceed rapidly on a second package of financial assistance, enabling the country to move forward and restoring hope to the Greek people."

European Parliament President Jerzy Buzek said: "In years to come, this vote may be seen as a turning point for Greece and the eurozone. This was not an easy choice to make and I salute those who voted in favour of this tough reform package. They have shown remarkable leadership when it was most needed.

"All of us in the EU are in the same boat, and in this rough sea of financial turbulence, going below the deck will not shelter us from the storm. We must act together in the fight against the debt crisis.

"I hope that the vote on the implementation package will receive the same support tomorrow."

Luxury Submarines

US$80mn under the Sea/ Submerge in Luxury
Secrecy and fantasy are the two premises on which the industry of luxury submarines survives.  Until some years back, hanging around at seven-star hotels and owning jet planes used to be a favored way to while away the ample time money gives the ultra-rich. But times a-changing, and their fancy has turned to luxury playgrounds that can be found deep beneath the oceans.
 
‘If you can find my submarine, it’s yours,” says Russian oil billionaire Roman Abramovich. Owning private submarines is the most recent trend amongst the mega-rich. From two-seaters to sprawling 5000 square feet of luxury, these babies can be acquired for a cool USD 25 million. Hawkes Ocean Technology and US Submarines, popular companies in the submarine-building business are running pillar to post, customizing vessels that cost to the tune of USD 1 million for clients. Let’s take a dekko at the lineup of these sub-aquatic machines.
 
Phoenix 1000 – The king of luxury submarines, the US Submarines’ Phoenix 1000 is exquisite. This submarine extraordinaire has 5000 square feet of sprawling interiors that are spread across four levels and the capacity to dive up to 1000 feet. Completely customized, what stands out about this vessel is the stunning view for the brave undersea adventure-seeker. The Phoenix 1000 has an integrated docking mini-sub that can transport passengers to a deep 2000 feet below the surface. There are gyms, wine cellars, Jacuzzis and ten bedrooms. For entertainment, there is a basketball court; probably the most expensive basketball court to be made in the world. Priced at a monstrous USD 80 million, this deluxe 65-meter (213 feet) underwater vehicle takes close to three years to make.
 
Seattle 1000: This climate-controlled lavish submarine sports a central twin deck and a space large enough for independent staterooms, living and dining spaces and crew’s quarters and galley. The inside of the Seattle 1000 submersible exhibits various layout choices and can be completely tailor-made to suit the client’s fancy requirements. This beauty does set you back for a smooth USD 25 million. A 24-hour jaunt inside this 36-meter (118 feet) costs close to USD 2500 per person.
 
Paul Allen’s Yellow Submarine: This is probably the reason Microsoft’s co-founder Paul Allen’s net worth is only one third in comparison to Bill Gates. An avid patron of ocean-cruisers, the latest acquisition in this billionaire’s repertoire of ‘my favorite things’ is a fully functioning 40-foot yellow submarine. He is known to have dished out USD 12 million for this stunning water-beast.
 
Triton 1000: The latest from the stable of the US Submarines, this 305-meter, two to three passengers submarine is luxury par excellence. The US Submarines are developing four Triton 1000s for the Poseidon Undersea Resorts. With superb visibility, abundant amenities and luxurious leather seating, this beauty is fully air-conditioned. All this pleasure will cost you about USD 1.5 million.
 
Nomad 1000: Known to be the world’s very first luxury submarine, this vessel really makes you feel like Captain Nemo. With all the amenities of a luxury yacht, the Nomad 1000 can dive up to 1000 feet. This vessel offers enormous panoramic viewports. You can treat yourself to the vast beauty of undersea life from this air-conditioned vehicle. This 65 feet submersible boasts of a magnificent and comfortable interior, fully functional galley and a marine bathroom with a shower. If you are looking to take a break, just close the hatch and dive. One can either continue their journey underwater or park the Nomad on the sea floor. This beauty can be lit up with sixteen 1000 watt, quartz halogen undersea lights. The Nomad 1000 is truly an autonomous submarine.
 
Proteus: If you have missed hearing about this, then it’s time to catch up with the rest of the luxury world. The Proteus and all of its 65 feet are outstanding. This vessel tosses up the last word in underwater luxury so far. The Proteus can host 14 divers on the fore and deck that can go underwater with the vessel while eight persons can be seated inside the dry cabin for stunning viewing.
 
There are close to 100 luxury underwater beauties hidden in the Seven Seas and no one has a clue that owns them. For a sweet USD 25 million, you can have your own spacious underwater toy and submerge in this luxury. Regal and breathtaking, the latest maritime attraction is topping the popularity charts amongst the rich on this planet. So, leave the Ferraris, Rolls Royce, Bugattis and fix your shifty eyes on some of the world’s most luxurious submarines.

 

Middle East super-rich power diamond sales

The growing use of diamonds as safe havens and high-return assets by the super-rich was behind the surge in global diamond prices and sales last year, which for Botswana reached a record P21.7 billion.


Released last week, Merrill Lynch's World Wealth Report 2011 also suggests that rising numbers of the super-rich in the Middle East were behind the high growth seen in rough and polished diamond prices last year.
De Beers estimates rough prices rose by 27 percent in 2010, while other producers such as Gem Diamonds reported annual increases of up to 70 percent on certain classifications of stones during auctions last year.
Merrill Lynch research indicates that part of this growth was due to increased uptake by the wealthy or High Net Worth Individuals (HNWI) who chose to keep 22 percent of their "investments of passion" in jewellery, gems and watches.
In this sector, large diamond jewellery was particularly popular, offering the prospects of returns for wealthy individuals seeking safe havens from other risk-ridden investment avenues. 
The report reads: "Jewellery, gems and watches accounted for 22 percent of all investments of passion in 2010. 
The Middle East HNWIs had the highest share at 29 percent, but that was down from 35 percent in 2009."Record prices for diamonds at international auctions in 2010 exemplified the growing trend among the world's HNWIs to see large diamonds as a safe and high-growth investment alternative.
"Current demand at the highest end of the market appears to be largely from Russia and the Middle East, but demand from Chinese and other Asia-Pacific investors is also growing fast." The 2011 report indicates that while investments of passion or emotional and appeal related investments are usually lifestyle related, more HNWIs viewed these investments as ways of preserving and growing capital over time.
Diamond demand was also underpinned by the higher numbers of wealthy individuals in the Middle East and Asia-Pacific regions, who grew by 10.4 and 9.7 percent respectively. Middle East growth was the second highest globally for the period under review, while Asia Pacific's super-rich are now the second largest in population behind North America and ahead of Europe for the first time.
The Merrill Lynch report mirrors De Beers' projections of future market dynamics, which point to an eastern shift in diamond demand in the medium-term.  De Beers expects that by 2010, China, Hong Kong, Taiwan, India and the Gulf region will account for nearly 40 percent of consumer demand for diamond jewellery.
According to its projections contained in the 2010 results announcement released in February, the diamond giant still expects the United States to play a major role in demand, although to a slightly lesser extent.  De Beers' statistics also showed that China and India's demand for diamond jewellery grew by eight percent in 2010, compared to seven percent for the US.
Growing demand for diamond jewellery, rising numbers of HNWIs and more investment of passion are good news for local producers such as Debswana and Firestone as these point to stronger rough prices, higher production, higher plant utilisation and lower production costs per unit going forward.

 

Exclusive Credit Cards of the Glitterati

The Queen of England has one, as do Halle Berry and the Olsen twins …
Luxury credit cards for the rich and connected are all the rage from the Hamptons to Hollywood. And they don’t just pay for dinner at New York’s swankiest restaurants or give you exclusive access to luxury rewards. These cards come with special perks, including the ability to charge a $50,000 purchase in the blink of an eye.
Reserved for the Rolex-wearing, Ferrari-driving glitterati of the world, luxury credit cards feature the latest in rewards bells and whistles, as well as exclusive lifestyle benefits. (Some of the more modest perks that these cards offer include personal shopping services at luxury retailers and complementary first class upgrades on flights.) And in case you wonder if the ultra-wealthy would even bother with earning credit card rewards, wonder no more.
“The affluent absolutely do participate in rewards credit card programs,” says Kelly Hlavinka, a Managing Partner at Colloquy, a company specializing in resources for the loyalty marketing industry. “In fact, according to Colloquy’s research, over 63 percent of the affluent participate in at least one rewards program with a financial services provider – compared to only 50 percent of the general population.”
In fact, notes Hlavinka, wealthy cardholders are even more likely to participate in credit and debit card rewards programs now than before the recession. The affluent participate in 9 percent more credit and debit rewards programs today than prior to the financial meltdown.
So if you too are in the market for a high-end credit card — or if you would simply like a glimpse into the rarefied world of luxury credit cards — here is a selection of some of the glitziest credit cards available for the wealthy elite.
American Express Centurion card
Like other cards in its category, the American Express Centurion card is available by invitation only. The American Express website is mum about the exact benefits of the card, but promises that Centurion cardholders will enjoy access to services that only a select few from around the world can enjoy.
Doesn’t sound bad at all. So, what do you get if you can afford the $2,500 annual fee, the $5,000 opening fee and the minimum $250,000 spending requirement? According to Forbes magazine, benefits include preferred pricing on luxury rental cars, access to discounts on luxury cars and lowest-price guarantees when buying through the American Express Auto Purchase program.
Other benefits include personal concierge services when traveling, invitations to exclusive arts and sporting events, access to American Express’s private yacht program, elite club memberships and special shopping privileges at exclusive stores.
The greatest benefit by far? According to one commenter on Forbes.com: “That you can flash your titanium card and impress other people next to you — unless you live in LA or NYC. There are so many Centurions in those cities that you’d think they were standard issued along with a Mercedes and BMW.”
Coutts World card
For those Mercedes and BMW-driving New Yorkers (and anyone else) who want an extra edge, the Coutts World card is said to be the most prestigious credit card of all. For starters, Coutts itself is so exclusive that the main feature of the ‘About’ section on the bank’s website is a family tree of the principals, dating back to 1712. And, yes, you guessed it: Coutts offers banking services and wealth management services to a very select world elite, including the Queen of England.
Special benefits of the Coutts World card include a rewards program for luxury purchases, priority access to exclusive airport lounges and a personal concierge to assist with travel arrangements, yacht chartering and ticketing for sports and arts events. In addition, the Coutts personal concierge can also help with organizing exclusive shopping session and, should the need arise, with “sourcing domestic staff, including cleaners, gardeners and nannies,” according to the card website.
Visa Black card
Issued by Barclays, the Visa Black card is billed as “the world’s most prestigious and versatile credit card.” According to the TV ad featured at the Black card website, that includes covering the services you need when you feel like diving into the ocean from a helicopter (the versatile services in this case being the helicopter and lots of cool dudes in black standing by with fresh, dry towels … Hey, a girl could get used to that kind of life.)
For those less fond of swimming, the card offers similar benefits as other luxury credit cards, including exclusive 24-hour concierge service, VIP airport lounge access, entertainment planning, business services, luxury gifts and, of course, limited membership.
Prefer a MasterCard? The World Elite MasterCard is MasterCard’s answer to the Visa Black card, offering very similar features with “a personalized service that can help you experience life’s most memorable moments.”
U.S. Bank Stratus Rewards White card
Where there’s a Black card, sooner or later there will be a White card as well. The U.S. Bank Stratus Rewards White card bills itself as the card for those who like to live life to the fullest, or more specifically, at 40,000 feet. This is the card for those who are ready to chuck “the mundane, the pedestrian and the unromantic” and who share a passion for “a privileged lifestyle.” What’s not to like?
Of all the luxury cards, the Stratus Rewards White card puts the greatest emphasis on branding itself as a “lifestyle enrichment” card, offering by-invitation only access to some of the world’s most exclusive niche lifestyle clubs. In addition to life-inspiring experiences, rewards points earned with the card can be redeemed for private jet travel, rare auction items or “difficult to obtain” items.
Membership is set at an annual fee of $1,500 and available only by nomination from partners of the Stratus Rewards or through the recommendation of someone who is already a member.
In short, when it comes to credit card perks, life is good for the rich and connected. Meanwhile, for the rest of us, take heart. You don’t have to have a million-dollar-plus net worth or shell out a $2,500 annual fee to find credit cards that offer at least similar benefits. You can find personal concierge services and access to exclusive events, global travel assistance and extended purchase protection on a number of credit cards, including those without an entry fee.

 

Computer hackers have now hacked and published personal details of former British prime minister Tony Blair online.

They published a document containing his national insurance number. The file, which also included the names, addresses and phone numbers of Blair’s contacts, was being tweeted by Twitter users, The Telegraph reports.

The link first appeared on pastebin.com, a website that allows users to upload text.

Included in the file was the apparent address and phone number of Lord and Lady Irvine and the Labour MP, Denis MacShane.

It also included the contact details of several Blairs and Booths, the maiden name of Blair’s wife, Cherie, and a number for a dentist.

"The information in this article was obtained in 2010 December. We still have access to the webmail server. Phone numbers may have changed but all the information is 100 percent legit (sic)," said a note in the document.

PCmag.com reported that a member of a hacker group called Team Poison had leaked the personal information.

Team Poison said it had possessed the information for a year, according to the Twitter feed of TriCk, a member of the group.

"Tony Blair’s Private Info is getting leaked tonight, so is his Personal Advisors CV and UK MPs & Lords who supported the war in Iraq," TriCk tweeted.

Hotel chain Travelodge is investigating how spammers obtained customer email addresses.

Hotel chain Travelodge is investigating how spammers obtained customer email addresses and sent emails.

Customers who had registered email addresses specifically to communicate with Travelodge received spam on Wednesday, a Travelodge spokeswoman told ZDNet UK on Friday. The number of customer email addresses that have been compromised is not yet known, but the company has narrowed down the number of customers that have been affected, the spokeswoman said.

"A small number of customers on Wednesday evening received a spam email," the spokeswoman added. "We're carrying out a full investigation."

The company was alerted to the breach by customer complaints, said the spokeswoman, who added that the investigation would seek to determine whether Travelodge customer databases had been compromised.

Travelodge sent out a letter to customers (PDF) on Thursday warning them of spam.

"Please be assured, we have not sold any customer data and no financial information has been compromised," Travelodge chief executive Guy Parsons said in the letter.

The spam email advertised a "career opening".

"The company is seeking for self-motivated people in United Kingdom to help us spread out our activity in the UK area [sic]," said the spam.

Travelodge informed the Information Commissioner's Office — the UK data protection authority — of the breach on Thursday, said the spokeswoman.

FRAUDSTER Paul Cope, who netted more than £28 million in leasing and mortgage scams, has told a judge he has no money salted away and no hidden assets.

The disgraced financier from Stafford, now serving a 64-month jail term, faces confiscation of all his assets under the Proceeds of Crime Act.
The hearing at Stafford Crown Court has been told that Cope's agreed benefit from a leasing fraud is £25,402,412, plus £3,081,028 from a separate mortgage fraud involving his former luxury home in Barn Bank Lane.
Former Stafford Rangers shirt sponsor Cope, who headed the Kingdom finance group of companies based in Stafford, orchestrated the scheme to dupe banks and finance houses in to paying for non-existent hospital equipment through bogus lease agreements.
Two other Stafford businessmen, Andrew Oxlade and Brian Challiner, were also involved and have each been jailed.
Mr James Fletcher, for the Crown, told the Proceeds of Crime hearing that some of Cope's assets totalling £401,263 had already been agreed.
But he was disputing two further sums of £121,000 and £100,000 - and there could also be further "hidden assets."
Whilst he was on bail awaiting trial, Cope breached a restraining order on his financial affairs and ended up being remanded in custody.
Mr Fletcher told Judge John Maxwell: "Is he the type of person who would seek to put assets out of the reach of the Crown or seek to hide these assets? It is up to Cope to persuade you that he doesn't have any other assets."
But giving evidence, Cope said he had no hidden assets at all.
He admitted some breaches of the restraining order, including putting a deposit on a Range Rover car for use by his wife Nicola and their four children and paying a vet about £300, but it was done out of "desperation."
Asked why he had gone to an estate agent looking for houses worth up to £750,000, Cope said he was only looking to rent a property, because he knew his own house was going to be repossessed. "I could see the writing on the wall," he said.
Cope was also asked about the closure of his Kingdom Childcare nurseries in Stoke on Trent and the removal of equipment in January 2009.
"I was at panic stations. RBS (Bank) contacted me and said they were withdrawing the overdraft which put me in a very difficult position.
"I rang up the lady who runs it and said due to cashflow we have to close down the business." He said two security cameras, two old computers and some plastic toys were removed and put in his garage, but he didn't know what happened to them.
Forensic accountant Mark Simpson, who examined Cope's financial records, told the court: "He had a lifestyle which would have been expensive to maintain. He spent significant amounts of money on his main residence, on his property in Marbella and on various motor cars."
Among the items Cope splashed out on were a swimming pool, a spa bath and a tennis court.
But Mr Hugh Barton, for Cope, asked him: "Have you seen anything that points to hidden assets?" "No," said Mr Simpson.
Judge Maxwell reserved judgement until next month.

Airlines face renewed pressure to axe debit-card booking fees after Monarch yesterday became the first to abandon the charge.

The company’s fee of 3.5 per cent of the booking total, with a minimum of £2.49, will be dropped immediately.

At the same time, however, Monarch is increasing the charge for paying with a credit card from a minimum of £5.49 to a flat fee of £10.


Axed: Passengers who book a flight ticket with Monarch using their debit card will no longer be subject to a booking fee after the company dropped them

The aim is to provide ‘upfront, transparent and simple’ charges, says the company.

Budget airlines, retailers and even local councils are under pressure over the imposition of unfair fees on consumers who pay by plastic.

The Office of Fair Trading is investigating the charges after a complaint by the consumer group Which?.

Head of research for Which? Travel, Rochelle Turner, said: ‘Over 42,000 people have told us they want to see an end to excessive card fees, so it’s great to see that Monarch is scrapping charges for debit card payments, and making credit card fees transparent and upfront. 

Increase: While the company has removed debit charges, all credit card transactions will now be subject to a flat £10 fee

‘While low-cost airlines are some of the worst offenders when it comes to excessive card surcharges, this murky practice is becoming ever more widespread, from cinemas to hotels and even some local authorities.

‘The cost to businesses for taking payment by debit card is a matter of pennies, so there’s simply no justification for excessive fees.

‘We’d like to see others follow in the footsteps of Monarch and stop using processing costs to boost their profits.’

The move by Monarch is completely at odds with the policy of airlines like Ryanair.

It has imposed a series of punishing increases in card fees, which dramatically put up the headline price of flying.

It charges £5 per passenger each way for a debit card booking, which would add up to £40 for a family of four.

Monarch chief executive, Conrad Clifford, said: ‘In these difficult economic times, there is absolutely no justification advertising one fare and then stinging consumers with hidden excess charges.

Mr Clifford said: ‘The primary purpose of our review of card fees was to provide an upfront, transparent and simple to understand charging policy.’

crackdown on rogue credit brokers accused of pocketing hundreds of pounds in fees from desperate borrowers was launched yesterday.

The Office of Fair Trading announced measures to halt a growing scam which targets victims – often those with poor credit histories – with a aggressive campaign of cold calling and unsolicited text messages offering to find cheap loans.

But once the customer signs up the firms then take upfront fees – of up to £300 – for loans they have no intention of arranging.


Easy targets: Firms which deluge consumers with nuisance texts and cold calls promising to write off debts, pursue compensation and sell anything from a mobile phone to double glazing face a tough new crackdown

Victims are persuaded to hand over bank details then find money is withdrawn without their permission.

In many cases their details were passed on to other brokers and debt management firms.
Complaints about credit brokers doubled between 2008 and 2010 and the OFT estimates more than a quarter of a million people have paid an upfront fee for a loan in the past 12 months.

The OFT estimates that almost half of these customers – 45 per cent – are then not offered a loan.
In cases where a loan is offered, more than a third do not receive the type of loan they wanted – often with higher interest rates.
The OFT is now urging the Government to ban brokers from charging upfront fees.

It also warned rogue firms will be closed down and that all credit brokers will be forced to refund fees if a loan is not agreed within six months.

This is already required by law under the Consumer Credit Act.
 
More...
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Its move comes three months after the Citizens Advice Bureau lodged a ‘super complaint’, calling for a total ban on cold-calling.

Gillian Guy, the charity’s chief executive, said: ‘Current economic conditions are providing fertile ground for unscrupulous credit businesses.

'We still believe there is a compelling case for a ban on cold calls to shut this gateway to scams.’

Now the Information Commissioner, the watchdog responsible for guarding our personal information, has been granted new powers to hunt down these rogue firms and fine them up to £500,000.

'Telecoms firms have split loyalties, as they want to protect their customers, but they make money from the people making these calls'
Crucially, the Information Commissioner’s Office (ICO) is now able to force telecoms and internet providers to reveal the details of these firms. 

Until now, the ICO says, they have shielded this information, allowing these secretive firms to go largely unpunished. Just 19 have been caught and penalised over the past five years.

According to research from comparison website uSwitch, Britain’s ‘Spamdemic’ — the deluge of unsolicited spam messages — is getting worse, with an estimated 111  million unwanted emails and text messages sent every day.

Unsolicited phone calls, texts and emails are forbidden under Privacy and Electronic Communication Regulations.

But a spokesman from the ICO says: ‘Until now, we have been powerless to track down these firms, as telecoms providers refuse to hand over the details. Now we will be able to actively pursue those behind these texts and calls.’

He adds: ‘Telecoms firms have split loyalties, as they want to protect their customers, but they make money from the people making these calls.’


Sitting target: Sally Boon, 64, lost £4,800 after falling for the slick sales pitch of cold callers

Case study

Sally Boon, 64, lost £4,800 after falling for the slick sales pitch of cold callers. Her ordeal started in 2007 when her husband died and she couldn’t afford fees on her timeshare apartments in Rutland Water and Tenerife.

She was duped into handing over £1,200 in upfront fees to Golden Sands Marketing, which cold called her and said it could find a buyer for her timeshares.

It emerged later that she’d been misled.

A 55-year-old man from Banbury linked to Golden Sands Marketing was arrested by Thames Valley Police last September and is currently on bail. The firm, which is believed by police to have links in Spain, is still under investigation.

PC Suzanne Cubitt, from Banbury police station, which has been contacted by 300 victims around the UK, says: ‘Golden Sands Marketing is continuing to operate and dupe people into believing a buyer has been lined up for their timeshares.’

Mrs Boon’s ordeal continued when  she received a cold call in January — this time from Customer Mediation Services. It told her she had been the victim of a timeshare re-sale scam and that it could get the money back for her.

She handed over £3,600 in fees, but has not been able to contact the firm since Easter. The firm is being investigated by the Ministry of Justice and is no longer authorised to handle claims.

Mrs Boon, from East Anglia, says: ‘This has made me sick with worry. I feel like I’ve been so gullible, but these people are so convincing. I wouldn’t have fallen for it if my husband had been alive.’

What you can do to protect yourself

Sign up to the free Telephone Preference Service. This will block unwanted calls from legitimate firms. Call 0845 070 0707 or go to www.tpsonline.org.uk. Firms that still call you are breaking the law. Report them to the TPS.
Protect your bank details. Never give any personal information to firms which cold call you. This information could be sold on and you will find yourself on other firms’ hit lists.
Ignore spam text messages. Never respond to these messages. If you do, the firm at the other end will know you are a ‘live’ customer.
Read the small print. Whenever buying goods or services you will often be asked in the small print if you are happy for your information to be passed to third parties.  Firms often have separate boxes for companies inside and outside of their group with the questions set up so that you need to tick one and leave the other blank to avoid having your details sold.

Taxpayers have taken over the burden of paying town hall workers’ gold-plated pensions

Taxpayers have taken over the burden of paying town hall workers’ gold-plated pensions, figures revealed yesterday.

For the first time, more than half the cost of premium pensions for council staff is coming from the public purse.

It means local government managers and union bosses can no longer make the claim that council staff themselves pay most of the bill for their pensions.

Tax and council tax payers, who are often hard pressed to fund their own retirements, are now paying not only for the salaries of town hall workers, but also the bulk of their generous pensions and ‘golden goodbye’ lump sums.

The Department for Communities and Local Government figures show how much local councils paid into the Local Government Pension Fund in ‘employer contributions’ to ensure it meets its liabilities.

The employer contributions are paid on top of employee contributions and the fund’s own investment profits.

In 2009-10 the employer contribution paid by councils went up by £359million – a rise of 6.6 per cent, well ahead of inflation – to reach £5.759billion.

The figure is equivalent to well over a quarter of all council tax payments and amounts to 51 per cent of the £11.163bn cost of town hall pensions.

THE court battle over the gag stopping The Sun naming Sir Fred Goodwin's Royal Bank of Scotland mistress descended into farce

yesterday.
There was laughter as the QC for the woman - who held a senior role at RBS - insisted she would have acted responsibly if a complaint had been made about him.

The court had heard she may have been in a position to know of any staff grumbles about Sir Fred's running of the bank - leading to a potential conflict of interest.

Her lawyers deny there was any connection between her fling with the ex-chief exec and RBS's near collapse.

The Sun is barred from telling readers the woman's job or employment history at RBS.

But our QC Richard Spearman told London's High Court yesterday: "It is plainly a matter of real, genuine, public interest.

"The lady in question had a role in which she might have expected to be the recipient of information from employees who had concerns about how the company was run.

"If she was having an affair with the chief executive of the company then a conflict of interest arises."

He suggested it might have been possible for someone in the woman's job to "kill off an inquiry" out of loyalty to Sir Fred, 52. He added: "Sunlight should be shed on dark corners of this case."


Legal battle ... laughter at London's High Court
He said the public has the right to know what happened at RBS - now propped up with £50billion of taxpayers' cash.

But the woman's QC Hugh Tomlinson yesterday insisted: "There is no evidence that the relationship had anything to do with the collapse of the Royal Bank of Scotland. There is no evidence of wrongdoing."

He claimed there was no public interest in revealing her name.

No complaints were ever made about married dad-of-two Sir Fred, who was forced out in 2008 after eight years at the helm. The woman also insists she was not promoted during the affair.

Last month Mr Justice Tugendhat lifted a ban preventing newspapers revealing that Sir Fred had an affair with the woman.

He made the ruling after Liberal Democrat peer Lord Stoneham used Parliamentary privilege to name the fallen banker in the House of Lords.

The Financial Services Authority will examine whether there was any breach of corporate governance rules.

Sir Fred was nicknamed Fred the Shred for his brutal costcutting style.


He swaggered off with a pension of £700,000 a year and a lump sum of nearly £3million.

But following public outrage he agreed to reduce his payout by £342,000 a year. He lives in a mansion with Joyce, his wife of more than 20 years.

A High Court judge made the original gagging order in March after Sir Fred discovered The Sun planned to reveal the affair.

The Sun was even blocked from identifying Sir Fred as a banker. A ruling is expected at the end of next week.