Facebook May Help Online Luxury-Goods Sales Grow 20% Annually

 

Online sales of luxury goods may climb 20 percent a year by 2015 as producers build networks of potential customers on social media websites such as Facebook.com, according to a study published today. Revenue from fashion, jewelry and other luxury products is likely to reach 11 billion euros ($15 billion) in four years, the report from Italian luxury trade group Altagamma shows. “The explosion of social media and the increasing investments in the online channel by luxury companies has reinforced and enlarged the community of those who explore, comment upon and eventually purchase luxury goods,” Milan-based Altagamma said in a statement. Luxury companies are more than doubling their “friends” on Facebook annually in recognition of the link between online and offline purchases, according to the report. At least half of consumers in Europe, the U.S. and China form an opinion or seek information online before buying in a store, while most online luxury sales are preceded by a boutique visit, Altagamma said. Burberry Group Plc (BRBY), the U.K.’s largest luxury goods maker, gets “the most reach and most response” from digital initiatives compared with other media, Burberry Chief Financial Officer Stacey Cartwright told analysts on July 13. To promote the Burberry Body fragrance, which hit shelves this month, the London-based company offered exclusive samples to its nearly 7 million Facebook fans. It received more than 225,000 requests in little more than a week. The Internet plays a key role in increasing the hype around luxury brands and their products, Altagamma said. Fashion Blogs The web’s influence on perceptions of luxury goods is strongest in China, where fashion blogs are the source of opinion for 58 percent of consumers, compared with 27 percent of their counterparts in Europe and the U.S., the report said. The Asian country also has a higher penetration of online purchasing. Seventy-eight percent of Chinese buy luxury goods online, compared with 56 percent of Europeans and 46 percent of Americans, “mainly because they wish to avoid interactions with sales personnel or their insistence,” Altagamma said. The study included surveys of 187 companies with total revenue of 60 billion euros ($82.1 billion), interviews with 1,500 consumers and analysis of 450 websites in seven countries.

He's in fashion: Robbie was at House of Fraser to launch his menswear label and its first collection

Fresh off a sell-out Take That tour, Robbie decided to turn his hand to fashion, launching his menswear label Farrell and its debut autumn/winter collection at House Of Fraser. 

The fashion label is named after the singer’s grandfather, Jack Farrell, and has a preppy, mod type feel, consisting of cardigans, smart dinner jackets and long winter coats. 

The Angels singer greeted the first 200 customers (with purchases) in person at the Oxford Street branch of House of Fraser. 

Rob was not alone in his fashion endeavour – both his stylist Marcus Love and his hairstylist Oliver Woods collaborated with Williams on the collection. The pieces have so far been described as for men who like a ‘bit of snap’ in their wardrobe. 

Stand-out items are a long blue military style coat, a £250 dinner jacket as well as various checked shirts and scarves. 

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At least two die in fire on Norwegian cruise ship

 

Two crew members have died in a fire on a cruise ship off the coast of Norway. At least a dozen people were injured, two seriously, as the blaze forced rescuers to evacuate more than 200 passengers from the ship, the Nordlys. The ship was sailing close to the port of Aalesund in western Norway when a fire broke out in the engine room. Police believe there was an explosion, but do not know what caused the blast. Some people were taken hospital for treatment for smoke inhalation. Television pictures showed clouds of thick black smoke rising from the ship after it was taken to Aalesund. The Nordlys, which belongs to the Hurtigruten company, was sailing northwards from Bergen to the Arctic circle when it caught fire. All 207 passengers were rescued. The ship can carry nearly 700 passengers. Some of the 55 crew members remained on board to help firefighters battle the blaze. "The fire is under control now but we have a problem with the ship taking on water so right now they are working on stabilising the vessel," a spokeswoman for the rescue services in southern Norway, Borghild Eldoeen, said. The nationalities of the passengers were not known, but most of the tourists on Hurtigruten ships are from Norway.

UBS rogue loss hammers risk efforts, new risk boss

$2 billion rogue trading hit at UBS deals an early blow to its new chief risk officer, previously head of risk at Lehman Brothers, and undermines claims by the Swiss bank and the industry that such events are a thing of the past. Maureen Miskovic took over as chief risk officer at UBS at the start of the year. She arrived from U.S.-based financial services group State Street with a strong reputation and has shaken up risk management at the bank, according to one industry source. So news on Thursday that a single trader had lost UBS around $2 billion in unauthorized deals, and the arrest of 31-year-old Kweku Adoboli in London in connection with the case, stunned the market and sent shares skidding. "It's astonishing given the technology, the systems, the emphasis on risk. UBS has been focusing on it, post-crisis they've put more focus on it than a lot of other banks," the industry source said. "I'm surprised that this many years after (previous rogue trader) Nick Leeson there are still the Jerome Kerviels of the world and now this one. How does a 31-year-old rack up a $2.0 billion loss without anybody noticing?" Others said the crisis showed lax supervision at UBS and threw the spotlight on an industry that will always compel some staff to take excessive risks to keep ahead of rivals. "No rogue trader works in a vacuum, and UBS's management must have taken its eye off the ball to allow a trader to operate on this scale without sufficient supervision and without the systems to monitor his trades," said Simon Morris, a partner at UK law firm CMS Cameron McKenna. "They, and the shareholders, must now pay the bill for this laxness." Miskovic, who is based in Zurich and directly reports to Chief Executive Oswald Gruebel, had been head of risk at State Street from 2008 to 2010. From 1996-2002, she was chief risk officer at Lehman Brothers, the U.S. investment bank that collapsed three years ago today. Before that she worked at Morgan Stanley. She replaced Philip Lofts, a UBS veteran who was promoted to head UBS Americas. UBS, which is struggling to regain investor confidence and rebuild its credibility after years of crises, warned it might post a loss in the third quarter after the latest blow that threatens the future of its investment bank.

Millions of Hotmail users cut off by Microsoft 'cloud' failure

 

As well as Hotmail, the outage affected Office 365 and the Skydrive online storage service. Microsoft said the cause appeared to be related to the Domain Name System, the computer network that ensures that web addresses are connected to websites. “Preliminary root cause suggests a DNS issue,” the firm said on its office 365 Twitter feed. The problems lasted for at least two-and-a-half hours, beginning at around 4AM British Summer Time. On a company blog, Microsoft said it had fixed the problem at 5.45AM, but the repairs took some time to “propagate” through the DNS network.  "We are working on propagating the DNS configuration changes and so it will take some time to restore service to everyone. Again we appreciate your patience," the firm said. For Office 365, Microsoft’s subscription-only competitor to Google Apps, which went live earlier this year, it was the second major technical failure in less than a month. Such incidents are likely to give pause to organisations considering migration to online “cloud” services, whereby software is delivered from vast data centres, over the internet.

Jaguar C-X16 hybrid concept

Jaguar has released new details of a hybrid sports model it is working on as a potential successor to the legendary E-Type.

The new C-X16 two-seater uses a new 3.0-liter V6 engine along with a 70kW hybrid motor and is described as an ‘exploration’ of future performance hybrid options.

Using a combination of gasoline and batteries, the C-X16 offers a top speed of 300 km/h (186 mph) and a 0-100 km/h time of 4.4 seconds, with an electric-only top-speed of 50 mph (80 km/h)

The electric motor can also be activated using a steering wheel button for a power boost, inspired by the recently-introduced Formula One KERS system, charged through a brake regeneration system.

The C-X16 picks up on a couple of new Jaguar styling signals such as the front trapezoidal grille, although Jaguar says that it is intended to showcase the evolution of its design direction, with sharp creases on the hood and a sweeping roofline.

Inside, it is finished in ‘vermillion red’ and uses a climate control system which Jaguar says is inspired by the Typhoon fighter jet, with dash-mounted vents that appear from the dash to provide a blast of air as necessary, retracting afterwards.

The model will go on show for the first time at the Frankfurt Motor Show (september 15-25), where it will compete for attention with the upgraded Porsche 911 Carrera, the Maserati GranCabrio Fendi and the Ferrari 458 Spider

 

 

Businessman jailed over gang's £17m VAT fraud

 

Shabir Anwar Ahmed, 52, from Glasgow, was sentenced to four years in prison after admitting conspiracy to steal taxpayers' money between February and December 2005. He was also disqualified from being a company director for four years for his part in the multi-million pound operation which centred around the mobile phone industry. Ahmed, who was sentenced at London's Southwark Crown Court on Monday, was part of a group that used sham companies to import goods from Europe, including mobile phone accessories, which were exempt from VAT at the point of entry. Once imported, the goods would be sold on a number of times along a "contrived supply chain" at VAT-inclusive prices without VAT being paid to HM Revenue & Customs (HMRC). The fraud involved exporting the goods back to Europe and claiming VAT from HMRC for the tax paid on the purchase of the items, making a multi- million pound profit. Three other men were jailed after also pleading guilty to the charge of conspiracy to cheat the public revenue following a five-year investigation by HMRC which uncovered the organised crime gang's activities. Nine men were previously jailed for a total of 21 years in December 2010 and January this year. A further defendant has been charged and is due to stand trial next year. Gary Lampon, assistant director of criminal investigation for HMRC, said: "This was a complex and lengthy investigation, over five years, to unravel this multi-million pound fraud by an organised crime gang. "They used the money to fund extravagant lifestyles at the expense of the British taxpayer. We are determined to pursue and bring to justice the criminals behind this type of fraud."

Eurozone woe fuels fresh market chaos as banks bear the brunt of a global stock rout

 

Britain's banks bore the brunt of a global stock market rout amid escalating concerns over the eurozone debt crisis and further signs of strain in wholesale money markets. More than £10bn was wiped off the value of Britain’s five biggest lenders as key inter-bank borrowing costs climbed to levels not seen since the height of the 2008 crash. Royal Bank of Scotland lost an eighth of its value, tumbling 3.06p to 21.78p, amid fears that it could be facing a bill of as much as £3.7bn from US sub-prime mortgage lawsuits. Plunge: More than £10bn was wiped off the value of Britain’s five big banks Lloyds slumped 2.47p or 7.5pc to 30.65p while Barclays tumbled 11.05p to 154.15p. Following yesterday’s bloodbath, taxpayers are now sitting on a £37.6bn paper loss from their 83pc and 40pc stakes in RBS and Lloyds. Josef Ackermann, the chief executive of Deutsche Bank, warned that the current turmoil was reminiscent of the panic triggered by the collapse of Wall Street giant Lehman Brothers.

Athens, Rome Hold Europe to Ransom

 

Europe is engaged in a high-stakes game of brinkmanship that poses grave risks to the global economy. At last weekend's Villa d'Este Forum in Italy, European policy makers didn't hide their fury at Greece's back-sliding over promised structural reforms and spending cuts. At the same time, Italian ministers undermined the remaining credibility of Silvio Berlusconi's government with a series of complacent speeches. Given such a dangerous breakdown in trust within Europe, investors are right to fear the worst. Germany and its Northern European allies believe only intense market pressure can force weak economies to cut spending and improve competitiveness. But Greece has learned that whenever the crisis in Europe's periphery threatens to overwhelm the core, Europe will ignore previous broken promises and step up with a fresh bailout. Italy now appears to be making the same calculation. The government insists it will fulfill its commitment to balance the budget by 2013, but ministers show no appreciation of the urgent need for structural reforms to address the chronic weakness of an economy that grew on average 0.3% between 2001 and 2010 and experienced a 25% increase in unit labor costs relative to Germany over the same period. Instead, they talk incessantly of euro-zone bonds as a solution to misfortunes they blame largely on external forces. But Italy's dream of euro-zone bonds is likely to remain a fantasy until trust between member states is restored. This no longer depends simply on implementing austerity budgets. Structural reforms have now taken center stage because they are a test of whether the euro zone is worth saving at all: If countries refuse to improve competitiveness, then any attempted solutions to the immediate sovereign-debt crisis will prove short-lived. So what can be done about Greece and Italy? Athens rejects accusations it is dragging its feet but has promised to use a 10-day hiatus in talks with the European Central Bank and International Monetary Fund over progress toward its bailout targets to speed up reforms. If it fails to deliver again, European policy makers now talk darkly of a total loss of fiscal sovereignty. How this might work in practice isn't clear. As for Italy, some now believe its best hope lies with the ECB, which last month threw Rome a life line by agreeing to buy its bonds. If the ECB were to stop buying bonds, the subsequent rise in yields might bring down Mr. Berlusconi's administration, paving the way for President Giorgio Napolitano to appoint a technical government with the constitutional authority to make tough decisions. Then, at least, the long process of rebuilding the credibility of the euro zone's third-biggest economy could begin in earnest.

US recession fears savage world financial markets

 

World stock markets took a beating Monday over fears that the U.S. economy was heading back into a recession just as the European debt crisis was heating up and the eurozone's economic indicators were slumping. A trader works on the floor of the New York Stock Exchange on Friday, Sept. 2, 2011 in New York. The jobs report was the weakest in almost a year. It renewed fears that the U.S. might slip back into recession. (AP Photo/Jin Lee) A man looks at an electronic stock board of a securities firm in Tokyo, Monday, Sept. 5, 2011. Asia-Pacific stocks took a beating early Monday after jobs data out of the U.S. last week revived fears of a recession in the world's largest economy. (AP Photo/Koji Sasahara) More business news In tough economy, multi-job holders grateful for balancing act Delta at center of FAA debate Turkish hackers hit UPS Recession over, jobs still elusive New owner for Atlanta Dream Delta Air Lines news, links Coca-Cola Co. news Health Care Reform coverage Read Henry Unger's Biz Beat blog Any troubles in the world's largest economy cast a long shadow over the markets, and a report Friday that the U.S. economy failed to add any new jobs in August caused European and Asian stock markets to sink sharply Monday. But the news from Europe was also discouraging. Wall Street, which was closed Monday due to the Labor Day holiday, braced for losses Tuesday after the yields in so-called peripheral eurozone countries — Greece, Italy and Spain — rose sharply against those of Germany, whose bonds are widely considered a safe haven. Although retail sales in the 17-nation eurozone rose unexpectedly in July, a survey of the services sector Monday showed a slowdown across the continent for the fifth consecutive month. The purchasing managers' index for the eurozone showed the services sector was still growing — unlike the manufacturing sector — but only barely. That will add pressure on the European Central Bank to keep interest rates on hold when it meets this week. "There's so much uncertainty, so much fear, that investors don't know what to do," said David Kotok, chairman and chief investment officer at Cumberland Advisors. "I don't remember the last time stocks were so cheap and nobody wanted them." Investors were also shaken by signs that the Italian government's commitment to its austerity program is wavering. Prime Minister Silvio Berlusconi's government has backtracked on some deficit-cutting measures, prompting EU officials to urge Italy to stick to its promised plan. The difference in interest rates between the Greek and benchmark German 10-year bonds, known as the spread, spiraled to new records on Monday, topping 17.3 percentage points. Yields on the Greek bonds were above 18 percent. Mario Draghi, the incoming chief of the European Central Bank, told a conference in Paris that among the common currency's problems was a lack of coordinated fiscal policies and that the solution was more integration. He dismissed the idea of eurobonds — debt issued jointly by the eurozone countries. Some have argued this would help weaker countries borrow more easily because they wouldn't have to pay such high interest rates. But stable countries like Germany would likely see their rates rise. Instead, Draghi suggested the eurozone should adopt rules that would require more budget discipline. Renewed jitters over the eurozone debt crisis also contributed to the slump in financial stocks amid concerns the banks would need to raise new capital. Deutsche bank closed down 8.9 percent in Frankfurt, while Societe Generale in Paris shed 8.6 percent. The U.S. unemployment crisis has prompted President Barack Obama to schedule a major speech Thursday night to propose steps to stimulate hiring. Until then, however, traders coming back from the U.S. holiday weekend will have little to hold onto. The August jobs figure was far below economists' already tepid expectations for 93,000 new U.S. jobs and renewed concerns that the U.S. recovery is not only slowing but actually unwinding. U.S. hiring figures for June and July were also revised lower, only adding to the gloom. Many traders have already pulled out of any risky investments — such as stocks, particularly financial ones, the euro and emerging market currencies — and pile into safe havens: U.S. Treasuries, the dollar, the Japanese yen and gold. With Wall Street closed, investors focused their selling in Asia and Europe, where the equity losses Monday were some of the heaviest this year. "We've got some rough riding ahead," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago, adding he was "concerned that we could see a second wave of selling when most traders are back at their desks." Dow futures were down 1.8 percent at 11,010 points while the broader S&P 500 futures were 2.0 lower at 1,145.70. After Asian indexes closed lower, with the Japan's Nikkei 225 shedding 1.9 percent, European shares booked sharp losses. Britain's FTSE 100 closed the day down 3.6 percent to 5,102.58. Germany's DAX slumped a massive 5.3 percent to 5,246.18, and France's CAC-40 tumbled 4.7 percent to 2,999.54. The health of the U.S. economy is crucial for the wider world because consumer spending there accounts for a fifth of global economic activity. The U.S. imports huge amounts from Japan and China and is closely linked at all levels with the European market. The U.S. has seen a slump in consumer and business sentiments. Traders were hoping for signs that the Federal Reserve might take action at its September meeting to support the economy — perhaps a third round of bond purchases, dubbed quantitative easing III or QE3, analysts said. "Right now the possibility has increased," said Linus Yip, a strategist at First Shanghai Securities in Hong Kong. "I think they have to do something. The markets are expecting QE3." Banking stocks were among the hardest hit Monday, partly because the U.S. government on Friday sued 17 financial firms for selling Fannie Mae and Freddie Mac billions of dollars worth of mortgage-backed securities that turned toxic when the housing market collapsed. Among those targeted by the lawsuits were Bank of America Corp., Citigroup Inc., JP Morgan Chase & Co., and Goldman Sachs Group Inc. Large European banks including The Royal Bank of Scotland, Barclays Bank and Credit Suisse were also sued. In Asia, Australia's S&P/ASX 200 followed the broaden trend to close down 2.4 percent and South Korea's Kospi slid 4.4 percent. Hong Kong's Hang Seng slid 3 percent. Benchmarks in Singapore, Taiwan, New Zealand and the Philippines also were down. Shanghai's benchmark Composite Index down 2 percent to 2,478.74, its lowest close in 13 months. The Shenzhen Composite Index lost 2.4 percent. In currencies, the euro weakened to $1.4100 from $1.4187 in New York late Friday. The dollar was roughly flat at 76.87 yen. Last month, the dollar fell under 76 yen, which was a new post-World War II high for the Japanese currency. Benchmark oil for October delivery was down $2.12 to $84.33 a barrel in electronic trading on the New York Mercantile Exchange. Crude fell $2.48 to settle at $86.45 on Friday. In London, Brent crude for October delivery was down $1.63 at $110.70 on the ICE Futures exchange.

Bogus pensions adviser jailed over £1.9m transfer fraud

 

bogus financial adviser who fraudulently manipulated his “clients’” pension funds to avoid paying tax of over £1.9m has been jailed at Hull Crown Court for three years. Colin Pearson (pictured), who previously worked for the Food Standards Agency and held a McDonalds franchise, claimed to be a financial adviser and persuaded his "clients" to release over ₤3.4m from their pension funds. Pearson completed UK pension transfer forms on behalf of his clients to falsely claim funds were going abroad to avoid paying tax due on the pension withdrawals, said HMRC. His fraudulent actions netted him commission payments of over £377,000. He provided fake documentation to register two overseas pension schemes before submitting the fake documents to ensure the funds were released without suspicion or delay to bank accounts he controlled. On occasions he even made telephone calls to the UK pension companies posing as the policy holder. On one call he disguised his voice with a Cypriot accent giving the impression he was calling from overseas. To add further legitimacy to the scam, he used articles from the internet to create a PowerPoint presentation to sell the scheme to unsuspecting UK clients, HMRC added. He then took a cut of the funds before passing the balance onto the pensioners. In total, Pearson persuaded over thirty UK pension holders to make unauthorised transfers of £3.4m to avoid paying tax of £1.9m. The value of the funds released was estimated as £3,440,143, of which £2,997,018 was returned to "clients". He also released his own pensions, valued at £74,619.08. In total approximately £377,608 was taken as commission. He used the proceeds of his scam to maintain a lavish lifestyle, driving expensive cars and owning luxury homes both in the UK and Cyprus. Bob Gaiger from HM Revenue & Customs said: "Whilst Pearson was living a life most people could only dream of, he left the individuals he conned out of pocket and without the pension funds they expected. "HMRC will not tolerate this type of blatant fraud and will investigate and prosecute those found to be involved in stealing from the public purse. If you have any information about tax fraud please contact our 24 hour hotline on 0800 50 5000". On sentencing Pearson, His Honour Judge Richardson QC, said: "You are branded a criminal, your life is utterly destroyed, and you are totally dishonest in your deceitful actions."

SFO probes banks over asset-backed security sales

 

The Serious Fraud Office is conducting an examination into banks and their offering of asset backed securities, as part of a ‘scoping exercise’ to see if products have been misrepresented to UK clients. The watchdog said it is consulting with relevant ‘people in the city’ as part of its broad-sweeping investigation into any potentially fraudulent sales of asset backed securities. A spokesperson for the SFO said: ‘We are conducting a scoping exercise into UK banks about all asset backed securities.’ Although the watchdog said this examination has been going on for ‘some time’, it would not clarify whether it was targeting any particular types of asset backed securities. After 2008, asset backed products such as collateralised debt obligations and mortgage backed securities came under fire for arguably sparking the financial crisis. As part of the exercise, the SFO is making inquiries into Goldman Sachs, including the ‘Timberwolf’ deal, a mortgage security underwritten by the bank in 2007, which has been scrutinised by lawyers in the US, according to the Financial Times. Earlier in the year, the SFO said it was looking into exchange-traded funds, as a 'potential threat' to market stability and as a form of asset-backed security which could follow the path of CDOs.

NSW businesses warned of travelling conmen

 

Residents and businesses in NSW are being urged to be on the lookout for travelling conmen and itinerant domestic gangs. A nationwide crackdown aims to have scammers who visit Australia seasonally removed from the country and barred from re-entering, as well as local gangs that travel around conning people. NSW Fair Trading Minister Anthony Roberts on Monday warned of conmen specialising in scams such as bitumen laying, roof painting and back-of-truck dealings on electronics. "We want to catch these crooks, hold them accountable for their crimes and keep the market fair and free of rip-offs," he said in a statement. "What we are dealing with is organised, criminal activity that creates market distortions as legitimate businesses face unfair competition." The conmen structure their operations so consumers are often unable to get remedies in courts, consumer tribunals or through dispute resolution. They are the focus of a new nationwide strategy finalised at the Ministerial Council on Consumer Affairs in Canberra earlier this year. "All Australian consumer protection jurisdictions are working together under the new Australian Consumer Law with concerted, nationally coordinated operations using new prosecution powers and remedies," Mr Roberts said.

Be wary of bank card theft abroad with 40% of crime occurring in Spain

 

Banks and card firms are warning those travelling overseas to be vigilant, with Spain cited as a high-risk destination when it comes to theft of bank cards. Those travelling in larger groups, for example to attend hen or stag parties, appear particularly at risk. Four in ten cards reported as stolen in the past year belonged to tourists visiting popular Spanish holiday destinations including Tenerife, Majorca and Minorca according to the latest data collected by card insurer CPP. Its figures are reflected in travel insurance claims highlighting Spain as a potentially risky destination. Analysis by Sainsbury’s Travel Insurance, for example, shows claims for lost or stolen money leapt by over 40 per cent between the summers of 2009 and 2010. One in four claims originated in Spain, compared to one in ten in France and one in 20 in the USA. Card theft: 40% of all cases of card theft abroad occur in Spain Kerry D’Souza, spokeswoman for CPP, says: ‘Large groups, such as hen and stag parties, are particularly attractive to opportunist thieves. Members of such parties are likely to have had a few drinks and be distracted having fun, rather than looking after their belongings. ‘The last thing you want during a special break is for it to become memorable for all the wrong reasons – such as a theft,’ she adds. ‘It is worth trying to remain vigilant and taking care with valuables and any card transactions you make.’   More... Best foreign currency deals and cards Free currency exchange card Librarian Jo McGee, 30, from Bromley, Kent, was the victim of a mugging on her hen party in Barcelona, several years ago - an episode she clearly recalls. She was on the way to the police station to report another theft when she was attacked. ‘It was a fairly eventful hen weekend,’ admits Jo, who married Stuart, 30, who works for a car breakdown company, in May 2006. ‘My friend had her bag stolen from a bar on the first night and we were going to report it to the police the following evening when we were attacked.’ Jo had her bag stolen by the thieves, including her phone, camera, cards and cash. In the scuffle she was kicked and broke a bone in her knee. She had the plaster on her leg removed just days before she walked down the aisle. ‘I was in terrible shock after the mugging,’ says Jo, ‘but once I had got back to the apartment I phoned Stuart at home and he was able to cancel my bank and credit cards. It’s difficult to see how we could have prevented the attack, but it has made me more wary. I don’t carry all my credit and debit cards in one bag anymore.’ While tens of thousands of holidaymakers fall victim to overseas crime every year, there are some ways to limit the risk. Apart from the obvious precautions, such as keeping cards and luggage within sight, take the emergency numbers of your bank and card providers with you on holiday in case you need to report loss or theft. This way cards can be stopped immediately. Email addresses are also helpful to limit call costs. It is important to make sure your bank has up to date contact details for you – ideally a mobile number – so it can make contact in case it suspects fraudulent use. Medical expenses account for the largest - and the fastest-growing - portion of travel insurance claims, according to the latest data from the insurance industry. Claims for treatment while on holiday, including being flown home, far outweigh the claims arising from lost or stolen cash, wallets, passports or luggage. Insurers paid out £275million for emergency medical treatment received by holidaymakers last year, with most claims arising over the summer months. Both the number of claims and their total cost has roughly trebled over six years. But the medical expenses slice of the total payouts grew from one third, six years ago, to well over half last year. The Association of British Insurers, which represents the industry, cited the high-cost medical claim of one heart attack victim flown home from Turkey at a cost of £86,000 and a man whose treatment in Spain for a broken arm cost £11,000. Medical expenses claims in the USA can cost far more. This accounts for the fact that many travel policies which extend to the USA offer medical expenses cover of up to £2million.

Holiday Britons 'shun car rentals

The economic climate is starting to affect holiday car rentals, with many people preferring to drink rather than drive on their break, a new study has shown.
Research among more than 1,000 adults revealed that one in three will not even consider hiring a car on their next trip abroad, with one in 10 just wanting to "flop" and 6% aiming to enjoy sun rather than culture.
The study by price comparison website Kelkoo showed that one in five people hired a car on their last holiday, with twice as many using public transport and 19% opting for organised tours.
More than two-thirds of those questioned said they drank alcohol every day on their last holiday abroad.
Chris Nixon, managing director of Kelkoo Travel, said: "The current economic climate has hit the holiday industry hard and this has had a knock-on effect on car rental.
"With car hire prices dropping for the first time in four years, holidaymakers who are looking closely at their budgets may find that they can pocket some significant savings by choosing this option rather than relying on organised tours or taxis when they next go abroad."

 

Millions of Brits suffering 'holiday hangover

With the summer holidays coming to an end for most of us, families returning from their foreign travels do not always arrive back on home soil feeling relaxed and refreshed. That's according to new research from comparison site GoCompare.com, who surveyed 3,000 holidaymakers to reveal that only 39% of us thought what we paid for our holiday was money well spent.


Almost a fifth of travellers admit they will still be paying off their 2011 summer holiday in 2012, and 14 percent say they return home feeling tired and stressed. 13 percent admit to spending too much money while four percent say they wished they had never gone away!
Value for money concerns topped the list of holiday spoilers for Brits with 31 percent saying things cost much more on holiday than they thought they would. Meanwhile 23 percent said the resort didn't live up to the brochure description.
Over 18 percent of travellers had suffered delays either getting away or returning home, 14 percent said a member of their party was taken ill or injured while away and six percent of holidaymakers reported being a victim of a crime.

Yet, over a quarter of holidaymakers admit they don't always buy travel insurance when going abroad. Seven percent revealed that they never buy travel insurance, while four per cent said they don't buy it because they have an EHIC (European Health Insurance Card).
Jeremy Cryer, head of travel at Gocompare.com commented, "While there is little we can do about the weather spoiling our holiday, we can take steps to be better organised financially and better protected should the worst happen when we are abroad. Budgeting for a holiday should include some contingency planning for extra meals out, trips or gifts."
"If you have overspent it is probably time to look for a better deal on your credit card to ensure the damage is limited and the debt is paid off as quickly as possible. Look for an interest free balance transfer card so that you are not paying sky-high interest rates on your holiday debt.
"There's no excuse for heading abroad without travel insurance these days. There are plenty of good value policies available and it is easier than ever to shop around for a good deal. As this survey shows, holidays don't always go to plan, so being prepared for all eventualities is a sensible part of planning any trip."

 

Brits abroad may require help of people in banking operations jobs as credit card charges rise

Banking operations jobs may be needed to help British holidaymakers following research that showed they are facing £457 million hidden credit and debit card charges.

uSwitch.com found that a fifth of Brits are risking charges by using their debit cards to withdraw cash while they are abroad, while 38 per cent of those questioned use their credit card overseas.

Furthermore, a fifth of Brits do not plan their holiday spending, suggesting more people could be needed in finance jobs to help people plan their expenditures.

Stefan Maryniak, personal finance expert at uSwitch.com, commented that people should begin thinking about their holiday spending when booking their time away.

He added: "Alternatively get a pre-paid currency card which allows you to top up foreign currency some with no commission charges and can be used like a standard credit card abroad.

"The best thing about currency cards is you only spend what you load on them so you are guaranteed not to overspend."

Meanwhile, workplace morale is being hit by the absence of colleagues, according to a new survey by Aviva UK Health.

 

The names of people arrested in the London Metropolitan Police's investigations into alleged phone hacking and illegal payments to police officers.

Arrests in alleged UK phone hacking scandal

The names of people arrested in the London Metropolitan Police's investigations into alleged phone hacking and illegal payments to police officers.
___
Operation Weeting: Metropolitan Police investigation into alleged phone hacking.
Arrested and out on bail:
April 5, 2011: Ian Edmondson, former News of the World assistant editor for news
April 5: Neville Thurlbeck, News of the World chief reporter
April 14: James Weatherup, News of the World assistant news editor
June 23: Terenia Taras, freelance journalist
June 28: Laura Elston, British Press Association royal correspondent
July 8: Clive Goodman, former News of the World royal editor, jailed in January 2007 for several months for intercepting mobile phone messages of the royal household
July 8: Andy Coulson, former News of the World editor and former communications chief for Prime Minister David Cameron
July 8: 63-year-old man, identity unknown
July 14: Neil Wallis, former News of the World executive editor
July 17: Rebekah Brooks, News International chief executive and former News of the World editor
___
Operation Elveden: Metropolitan Police investigation into alleged illegal payments to police officers for information:
Arrested and out on bail:
July 8: Clive Goodman, former-News of the World royal editor
July 8: Andy Coulson, former News of the World editor and former communications chief for Prime Minister David Cameron
July 8: 63-year-old man, identity unknown
July 17: Rebekah Brooks, News International chief executive and former News of the World editor
___
Both operations are named after villages in eastern England.

100 people rounded up in fake internet auction arrests

Reports are coming in that more than 100 people have been arrested and charged in Romania and the US in connection with organised fraud on the internet.

According to security researcher Brian Krebs, the fraudsters organised fake online auctions for boats, cars and other high-value items, ripping consumers off for at least $10 million in total.

The Krebs on Security researcher says that a statement from the US Justice Department reports the scams as following a familiar modus operandi.

"Conspirators located in Romania would post items for sale such as cars, motorcycles and boats on internet auction and online websites. They would instruct interested buyers to wire transfer the purchase money to a fictitious name they claimed to be an employee of an escrow company", he says in his latest security posting.

"Once the victim wired the funds, the co-conspirators in Romania would text information about the wire transfer to co-conspirators in the US - known as `arrows' - to enable them to retrieve the wired funds", he adds.

Krebs goes on to say they the Romanian fraudsters would also provide the arrows with instructions as to where to send the funds after retrieval.

The US arrows, says the security researcher, would visit Western Union or Moneygram offices and, using fake passports and drivers' licences in the name of the recipient, drawn the cash, wiring the proceeds - less a commission - to overseas destinations, usually in Romania.

Krebs notes that, since February of this year, FBI agents and the US Justice Department authorities in Florida, Pennsylvania and Texas have arrested or charged at least 21 Romanians and Moldovans. 13 of those arrested, he says, have pleaded guilty, whilst three remain at large.

Citing a report on the Adevaril.ro newswire, the security researcher says that a further 90 people have been arrested across Romania.

The newswire also estimates that the fraudsters got away with as much as $20 million - twice the estimate of the US Justice Department.

"Some of the Romanians arrested were from the town of Râmnicu Vâlcea - a location that has become synonymous with online auction fraud", says Krebs, adding that in January, Wired published a report on how the town - with its 120,000 inhabitants - had become `cybercrime central.'

 

man arrested after investigators uncovered an ATM fraud ring was sentenced today by U.S. District Court in Seattle to five years in prison,

five additional years of supervised release and $225,592 in restitution for bank fraud, conspiracy to commit access device fraud and aggravated identity theft.  

Claudiu Tudor, 37, of Renton, was sentenced Friday in U.S. District Court in Seattle after he and another man stole more than $225,000 from the bank accounts of over 130 people by installing cameras and other devices on automated teller machines to record customers' debit card information, according to a news release from the U.S. Department of Justice.

Tudor was arrested along with Mihai Podaru—who is also known under a number of aliases, including Gvidiv Mateescu and Ovidiu Mateescu and more—after investigators with say they participated in a scheme that placed devices on ATMs that read bank card information.

Read Bellevue Patch's coverage of the arrest and charges filed here.

Banks and credit unions in Bellevue, Seattle, Kirkland, Lynnwood, Puyallup and in King County were targeted by the ring that electronically captured ATM card information for later use, law enforcement officials said.

The investigation began in September 2010 when a resident reported two men loitering around an ATM in Woodinville, according to the U.S. Department of Justice. The King County Sheriff’s Office found the skimming device and camera on the ATM, according to law enforcement.

The Secret Service Electronic Crimes Task Force linked the defendants to skimming incidents dating back to mid-2010 involving Key Bank on Holman Road in Seattle, two Wells Fargo branches in Kirkland, and Boeing Employee Credit Union (BECU) ATMs in Renton, Woodinville and Puyallup, according to the U.S. Department of Justice.

The men were identified and placed under surveillance and were arrested in November 2010, with a hotel room full of tools and equipment for skimming account information and making counterfeit debit cards, according to the U.S. Department of Justice.

A third man was involved, but investigators only were able to identify Tudor and Mateescu, said United States Attorney’s Office spokeswoman Emily Langlie.

The skimming devices are installed over an ATM's scanner and they read the customer's bank account information from the ATM transactions, according to law enforcement. That information is used later to steal money from the account.

The devices don't interfere with accessing money and the customer might not even realize that his or her account had been vulnerable until much later, Kirkland Police Sgt. Rob Saloum told Bellevue Patch in November, when Tudor and Mateescu were arrested. Read that story here.

With account numbers and personal identification numbers, the two made counterfeit debit cards to take money, according to the U.S. Department of Justice.

Saloum said it's possible for a person to be victimized by this scheme and not realize it for days until they get their bank statments.

Federal prosecutors noted, "Indeed, any person who uses the ATM is a potential unwitting victim of this fraud scheme.”

Tudor and Mateescu were charged in King County in connection with identity theft-related charges. Tudor's sentence on Friday was handed down in federal court.

The U.S Justice Department works closely with the local law enforcement to determine whether federal charges are appropriate, Langlie said.

"Fraud activity conducted over a wire; this is the type of activity where federal charges apply," she said.

At Tudor's sentencing, U.S. District Judge Richard A. Jones said that he particularly was troubled by the sophistication behind this crime “motivated solely by greed” and by Tudor's lack of legitimate employment for several years, which suggested to the court that he was “financing his lifestyle through such criminal activity,” according to the press release. According to the U.S. Justice Department, Jones further noted that without the intervention by law enforcement, the takings from the scheme “could have easily doubled or tripled.”

Mateescu, a Romanian citizen, is scheduled for sentencing on July 29, according to court documents.

Avoiding skimmers
After a similar, but unrelated, ATM "skimming" incident, the Bellevue Police Department released the following tips for avoiding skimmers:

Be aware of your surroundings.  If someone is hovering around the ATM, leave and report it to the bank employee or call 911.
Use an ATM that is located within a building, bank, grocery store where it is monitored by staff.
Don't give out your debit/credit card number, card or pin numbers. 

THE director of a failed charity appeal to raise £15 million for the new Sick Kids hospital has been arrested and charged with fraud relating to her expenses.

Elaine McGonigle is set to appear in court next month to face the charges after being detained by police following a six-month investigation by officers.

The 47-year-old was in charge of the New Pyjamas campaign, which suffered a high-profile collapse last year.

Ms McGonigle was suspended then made redundant, and she later launched an employment tribunal case against the Sick Kids Friends Foundation (SKFF), which ran the campaign. Officials from the SKFF today said they had cooperated with the police inquiry but that it would be "inappropriate" to comment now that Ms McGonigle had been charged.

It is understood lawyers for the SKFF uncovered alleged discrepancies in the New Pyjamas accounts as they prepared to defend the employment tribunal case and contacted police.

Police were called in to probe Ms McGonigle's role in the collapse of the campaign, which cost £1m and raised £100,000, and the axing of ten staff. It is understood that the alleged fraud charges relate to Ms McGonigle's expenses and not the cash raised for the hospital. A police spokesman said: "A 47-year-old woman has been arrested and charged in connection with alleged fraudulent activity carried out while she was involved in fundraising activity for the Royal Hospital for Sick Children in Edinburgh. She is due to appear at Edinburgh Sheriff Court on August 3."

A spokesman for SKFF said: "We cooperated fully with the Lothian and Borders Police investigation and it would be inappropriate to comment at this moment."

A spokeswoman for NHS Lothian also said it would be inappropriate for them to comment following yesterday's developments.

The New Pyjamas campaign was supposed to generate £15m to make the new facility at Little France "truly world-class".

The charity's 2010 official accounts showed that, of the £600,000 spent "generating income" by the New Pyjamas arm, only £100,000 was raised. Together with other costs, including making ten staff redundant, the final figure is estimated to be just more than £900,000.

Ms McGonigle's camp maintained her innocence, instead blaming the SKFF for derailing the project, saying that it "takes money to make money", and that the £15m target would have been hit had SKFF bosses kept faith.

A subsequent investigation by the Office of the Scottish Charity Regulator cleared the SKFF of any wrongdoing.

When the Evening News contacted Ms McGonigle's Perthshire address yesterday, a woman who answered the telephone declined to comment.

THOUSANDS of Australians' bank card details are being auctioned off by global organised gangs for as little as 66c on underground websites in a scam dubbed "eBay for criminals".

Fraudsters are using card-skimming devices or hacking into databases to access the personal information and then auctioning it off to the highest bidder online.

Criminals who bid the highest are then able to embed the private information - using a $150 machine freely available in Victoria - on to blank bank cards or gift cards with a black "tracking strip" and use them to steal money from your bank account. It is only when the victim notices fraudulent activity and reports it to a bank that the card and its cloned double are frozen.

Many victims do not notice the activity on their bank statements for days or even weeks because their cards are not lost or stolen, allowing the gangs to get away with thousands at a time.



Global policing agencies are aware of the websites and working to shut them down, but many are hosted on internet servers in countries where the practice is ignored.

This year, three Malaysian "mules" were imprisoned after obtaining almost 800 replica bank cards within one day of arriving in Melbourne.

In less than three weeks they had fraudulently obtained almost $100,000 from Australian account holders.

Victoria Police obtained CCTV footage of the gang standing at ATM machines around the CBD and outer suburbs for up to an hour at a time, using card after card to withdraw cash.

Police believe the small-time gangs are given the illegal cards for free and pass on the money to Australian-based organised gangs, with individuals earning a percentage of the rip-offs.

The illegal activity is popular with foreigners, brimming with confidence that they will not be recognised by Australian authorities before fleeing back overseas.

Det Sen-Constable Gerard Whelan, of Victoria Police Crime Investigation Unit, busted the three Malaysians after a "lucky breakthrough".

"They arrived on tourist visas at Melbourne airport with $600 each for a one-month trip," he said. "They didn't have any bank cards on them and had bought their tickets to Melbourne the day before. They were interviewed by Customs but were cleared to proceed by the Department of Immigration and Citizenship.

"When we turned up a lot of these fake bank cards, retained by ATMs, we put out pictures of the men involved. We didn't have a clue who they were and needed the public's help. Luckily, one of the Customs officers at the airport remembered speaking to them weeks earlier and, with his help, we were able to identify them.

"We put out a warrant for their arrest and as they tried to flee the country - one at Brisbane, one at Sydney and another at Darwin - we were able to hold and extradite them back to Victoria. That Customs officer's memory was our lucky breakthrough."

In March this year, two of the Malaysians were sentenced to three years in prison and the third to two years and 11 months.

Sedwin Astephen, 31, Chenkhang Yong, 26, and Thanabalan Moses, 24, had used at least 766 fake bank cards to withdraw $99,972.06 between January 16 and February 5 last year.

"That's what we knew about and could prove, but who knows what else they got away with?" Det Sen-Constable Whelan said. "When we arrested them they didn't have any money on them or bank cards.

"They refused to talk and we still don't know where they got the cards from or where the money went. We know some of the cards, as well as being used in Melbourne, were used in Bangalore, Montreal and London, all on the same day.

"Obviously there are larger forces in operation and that's the work of Australian Federal Police, the Fraud Squad and Australia Crime Commission to find out who and where they are. The three are a small part of a much bigger international syndicate."

The trio also was charged with stealing Eftpos machines at Hoyts Cinema, Pepe's Ice Cream and Supanews at Chadstone Shopping Centre; Best and Less and Subway in Fawkner; Caltex service station in Bulleen; and Safeway in Doncaster.

Gangs swap the terminals with their own similar-looking devices, either by distraction or bribing low-paid workers, and are then able to record the card number, expiration date, credit-card limit, CVV2 number and PIN entered. This information is then offered for sale by "carders" to other criminals on secret websites, often hosted in eastern European countries and parts of Asia.

Insp John Manley, head of Victoria Police E-crime unit, said he was aware of gangs offering low-paid workers "a small fortune to turn a blind eye" while they swapped Eftpos terminals.

"We are aware of cases where young people on low wages have been offered tens of thousands in some cases - that's how much the information is worth to the crooks," he said.

Insp Manley confirmed knowledge of the websites offering stolen bank card details but said he was unable to give further details as it is "an ongoing investigation".

The Sunday Herald Sun has agreed not to publish the names of any of the sites at the request of Victoria Police. All evidence gathered during our inquiry has been handed to Victoria Police.

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.’