Spain Approves Canary Islands Oil Exploration

The Spanish government approved Friday a controversial permit to explore for oil offshore the Canary Islands, in an area that could become by far the largest source of oil production in a country heavily dependent on crude imports. Approval of an exploration license marks the latest move in Spain's shift away from a policy of subsidy-dependent renewable energy projects as it seeks ways to improve its trade balance and steady its budget, but will likely face opposition from environmentalists and local government officials concerned about the threat of damage to the island's tourist-friendly, white-sand beaches.

Spain's public debt soars to record high

Spain's public debt soared to a record high at the end of 2011, Bank of Spain figures showed Friday, as Madrid struggled to slash costs and escape the eurozone debt crisis. Public debt amounted to 734.96 billion euros ($960 billion), equal to 68.5 percent of annual economic output at the end of 2011 -- up from 66 percent three months earlier and 61.2 percent at the end of 2010. The accumulated debts breached the European-Union agreed limit of 60 percent of gross domestic product (GDP) but was still below the eurozone average, which approached 90 percent in the third quarter last year. It was the highest public debt ratio recorded in Spain since statistics in the current format were first published in 1995. Spain's public debt is rising fast because of runaway annual public deficits that have shot past EU-agreed targets, in part owing to high spending by regional governments. The previous Socialist government, ousted by the conservative Popular Party in November elections, had forecast a debt of 67.2 of GDP for the end of 2011, aiming to curb it to less than 70 percent in 2014. But the European statistics unit Eurostat was not so optimistic. It forecast a public debt of 69.6 percent in 2011, 73.8 percent in 2012 and 78 percent in 2013. Spain's conservative government, which took power in December, has yet to announce a new public debt target. The public debt ratio has grown without interruption since the first quarter of 2008 when, after nearly a decade of fast growth and budget surpluses, which trimmed the debt, it amounted to 35.8 percent of GDP. The situation in the 17 regions is particularly worrying: at the end of 2011 their accumulated debt rose to 140.1 billion euros, or a record 13.1 percent of national GDP, from 11.4 percent a year earlier. Municipal debts, however, eased over the year to 35.4 billion euros or 3.3 percent of GDP. Regional governments enjoy a high level of autonomy, prompting concerns in financial markets that their spending could compromise the central government's deficit-cutting goals. Spain had agreed to cut its annual public deficit to 6.0 percent of GDP in 2011 but it overran that target by a wide margin and ended up reporting a deficit of 8.51 percent of GDP. After winning a slight relaxation from Brussels in its goals for this year, Spain is now aiming for an annual deficit of 5.3 percent in 2012 and 3.0 percent in 2013. But the regions are not entirely to blame. The central government's finances also deteriorated in 2011, as its public debt rose to 52.1 percent of GDP at the end of the year from 46.4 percent a year earlier.

Cadíz second bridge delayed until at least 2013

The Ministry for Development has announced a delay in the opening of the second road bridge into Cádiz which will now not be open to traffic until 2013. Minister, Ana Pastor, said that not with all the money in the world could a 2012 opening be achieved. 2012 was the target date so that it coincided with the bicentenary of the 1812 Spanish Constitution which was signed in the city on March 19 1812. The General Courts of Spain were transferred there while in refuge from the Peninsular War. The Minister added, ‘It will take at least another 15 months, and that only if there is no wind’. The Ministry of Development says the suspension bridge is now 75% complete, but a fundamental part of the project, linking to the 13 pivot bases which are already showing in the middle of the Cádiz Bay is still to be done. The bridge is the largest road infrastructure project in Spain and has a cost of about 300 million € and will link Cádiz with Puerto Real. It will be known as the Puente de la Constitución de 1812, and not the ‘Puente de la Pepa’ which was the name given by the previous Minister, Magdalena Álvarez.

Place your bets on Euro Vegas

IT MAY just be the single largest contrarian bet in the euro zone. Sheldon Adelson, a casino tycoon, is expected soon to choose between Madrid and Barcelona for a €16 billion ($21 billion) gambling resort. The euro-zone turmoil does not faze him: “It will take us four to five years,” he told Forbes magazine. “By then everything will be solved.” Mr Adelson’s Las Vegas Sands (LVS) hopes to create a “Euro Vegas”, capable of attracting the 1 billion people who live in the 50 countries within a five-hour flight from Spain. He chose the country because of the weather and because its unemployment rate, now at 23%, “assures us the support of the government”. The numbers are certainly eye-popping. LVS would invest €6 billion in a first phase to build four hotel strips—eventually reaching 12—as well as casinos, shops, restaurants, golf courses and convention centres. LVS says the project could create 260,000 indirect and direct jobs, enough for nearly half the unemployed in Madrid. Spain is already the fourth-largest holiday destination in the world, but LVS reckons Euro Vegas would attract 11m new tourists on top of the 57m a year Spain already gets, increasing tourism spending by €15.5 billion over the next ten to 15 years. In this section News of the world Good for you, not for shareholders Zimplats happens Watch this space »Place your bets on Euro Vegas Luxury on the cheap Nazis in space The view from Liverpool Reprints Related topics Gambling Barcelona Madrid Spain Madrid and Barcelona, used to battling it out on the football pitch, have won a promise of neutrality from the central government. Barcelona admits that Madrid has the edge so far, since it has been talking to Mr Adelson on and off since 2007. But Barcelona has not given up. Mr Adelson recently visited a beach-front site near the city’s El Prat airport, which like Madrid’s Barajas has plenty of spare capacity. National and local leaders are keen on the project but opponents are sceptical of LVS’s claims about job creation, and worry that the casino will become a “fiscal and legal paradise” of tax breaks and exemptions from labour laws—a charge which regional officials deny. However, LVS is thought to be seeking a relaxation of Spain’s ban on smoking in public places, and lower gambling levies. Whichever city won would also have to bear the cost of such things as transport links to the resort. Given Spain’s precarious public finances, and considering that, as Mr Adelson puts it, there are “tens of billions to be made” from the resort, the authorities ought to resist any temptation to splash out taxpayers’ money to win the deal. They will have to assuage public fears of encouraging gambling addiction, infiltration by organised crime and the environmental impact of such a giant construction project. As in Singapore, where LVS recently opened a big casino resort, Spanish officials play down gambling as a small part of the overall package. Another worry is that the project will not happen at all. Spain has had its share of unrealised property developments. A €17 billion casino complex in the desert of Aragon, proposed in 2007, remains unbuilt. But LVS has withstood the global downturn pretty well, and the success of its Macao and Singapore operations gives it plenty of financial firepower. LVS boasts that its Marina Bay Sands development has “moved the needle” in Singapore, with record tourism figures one year after its opening. Euro Vegas would be much larger. A casino resort may lack the prestige of, say, a technology cluster, but Spain will have to take a few gambles to get its soaring unemployment under control.

Allen Stanford faces decades behind bars after being convicted of a $7 billion fraud that snared investors in 113 countries

 

A MONTH after Sir Fred Goodwin was stripped of his title for leaving Royal Bank of Scotland shredded, another erstwhile knight of the financial-services realm has been put in his place—this time a jail cell. Allen Stanford faces decades behind bars after being convicted of a $7 billion fraud that snared investors in 113 countries, from Latin America to Libya. When in 2008 the sky fell in on Bernard Madoff, the only fraudster to have taken investors for more, the Texas-born Mr Stanford was still swaggering. He had done so much for Antigua, the Caribbean island where he based his empire, that it made him a Sir. He took to the airwaves to tut-tut rivals who had been felled by subprime mortgages. His star rose further when he sponsored an international cricket tournament. He was said to be worth over $2 billion. He certainly lived like he was. Within a few months, however, the authorities had swooped in, closing his Antigua-based bank and his brokerage operations. Prosecutors accused him of flogging bogus certificates of deposit and raiding the bank, siphoning deposits to a Swiss account used to finance his passion for yachts, jets and islands. His lawyers tried to have him declared incompetent to stand trial, saying a prison beating had led to loss of memory and an addiction to anti-anxiety drugs. When that ruse failed, they argued in court that he had been his group’s visionary, uninvolved in its day-to-day running, even as they claimed the businesses had been viable until they were “disembowelled” upon being seized. Countering this narrative was damning evidence from the prosecution’s star witness, Mr Stanford’s former chief financial officer, who testified that he and his boss had falsified documents and that the firm had presented hypothetical returns as the real thing in client pitches. Others said that, for all his public bravado, he had been aware of a hole in the accounts. When another colleague suggested he raise more money to plug this, he reportedly said: “I’ll go to the Libyans. They love me.” Victims cheered the verdict, but their victory is hollow. Three years on, they are yet to receive a penny from the court-appointed receiver, Ralph Janvey. Of the $216m he had recovered by late last year, more than half had been eaten up by legal and other fees. His team reckons that total recoverable assets may be a mere $500m, or 7% of the account balances shown at the time of Mr Stanford’s arrest (though that could increase if lawsuits seeking $600m from Stanford brokers, customers who extracted more than they paid in and political organisations that received donations from Mr Stanford succeed). Investors also bemoan the hefty cost of litigating jurisdictional issues. Mr Janvey is locked in a fight over how to divide up the estate with a separate receiver in Antigua, who has control over the fraudster’s bank accounts in Switzerland and Britain. America’s Securities and Exchange Commission has backed the victims’ cause, taking the unprecedented step of suing the Securities Investor Protection Corporation after the congressionally-chartered group balked at paying them up to $500,000 each in compensation (on the ground that Stanford’s operations were based offshore). Too little, too late, scream the SEC’s critics. Its district office in Fort Worth, Texas, first concluded that the Caribbean kingpin’s businesses were a Ponzi scheme in 1997, only to be ignored then and several times subsequently by enforcement staff. This story has only one true villain, but many others come out looking bad.

How Wall Street Bankers Use Seamless To Feast On Free Lobster, Steak, And Beer

A former Morgan Stanley banker recently described his weekend food-ordering ritual at the height of the recession. While pulling Saturday hours, for example, he'd log onto the bank's account on Seamless, the online food-ordering service, and redeem his meal allowance--plus a few allowances from phantom coworkers who weren't actually in the office, allowing him to eat well above his pay grade. Sure, someone could have cross-checked actual office attendence with the online orders, but is such effort worth the investment bank's time? "If people weren't around, it was totally acceptable to take their allowance, and pool it together when you ordered," the banker recalls. "Almost every weekend I was at the office, I'd have a $90 dinner of steak, lobster, mac & cheese, and calamari." Until several years ago, corporate giants like Morgan Stanley made up roughly 85% of Seamless's customer base. That figure has now tipped in favor of individual consumers, but enterprise clients still represent a significant (and growing) part of the New York-based company's revenue--companies offer Seamless as a benefit to those who typically work long or late hours. But for employees of these roughly 3,500 corporate Seamless customers, the benefit represents a huge opportunity to game the system. And no one has worked the system for financial gain better than Wall Street hustlers. "Abuse of the system was rampant," recalls another former Morgan Stanley staffer. "I added up how much I ordered in my first year: It was more than $3,000 of food." Here's how it works. Typically, junior professionals are allotted about $25 per meal at the office. But there are tricks to leverage this cash on Seamless. If employees want to order dinner, for example, they have to stay until 8 p.m. "But you could still order for a 7 p.m. delivery at 6 p.m., then call the restaurant directly and tell them to bring it right away," one employee says. "So I'd finish work around 6:30 p.m., hit the company gym, and then grab my sushi--spicy tuna rolls--on the way out." A Seamless Scam How Gordon Gekko Orders On Seamless 1// Top Seamless Fiend According to Seamless' statistics, the highest ordering corporate user placed more than 2,600 orders in 2011, or more than 7 meals per day. 2// Top Cuisine By Industry Employees Investment Bankers: Sushi; Educators: Pizza 3// Top Ordering Patterns Corporate dinner-orders in New York's Financial District peak at 8 p.m. In Midtown, corporate orders peak at 7 p.m. Corporate dinner-orders are higher, on average, from 4-5 p.m. and lower between 8 p.m. and 9 p.m. Ordering groceries on Seamless was--and likely still is--another practice. (Representatives at Goldman Sachs and Morgan Stanley have not responded to requests for comment.) One employee, who lived by Morgan Stanley's Midtown offices, would even remote into her office computer from her apartment, place an order on Seamless, and then call the restaurant and change the delivery address to her apartment. The lobster-loving Morgan Stanley banker's take on that old switcheroo? "Classic." Another trick: Since employees aren't allowed to order beer or alcohol on the system, it's not uncommon to pool money together, place a large order for random items, then call the store and request that they bring beer instead. "We definitely get a lot of random orders," says Seamless CEO Jonathan Zabusky. "Once in a while, I'll sit on the customer-care desk, just to get a feel on the pulse of what's going on. You see these orders come through, and you're like, 'Why are 20 rolls of toilet paper going to 200 Vesey Street [the World Financial Center]? What the hell?'" One former employee at Morgan Stanley said he wasn't sure how pervasive the "switch-for-beer order" was at the investment bank, but said he personally pulled the move several times. "Wow, I feel so lame now because when I'd order from Seamless, I'd just get dinner," says one former Goldman Sachs employee. "I never heard of anyone else pulling a fast one [like that], but that doesn't mean it never happened." The daily Seamless stipend is considered sacred for employees, and any abuse of the system appears generally overlooked by higher-ups. When Lehman Brothers went under, for instance, Morgan Stanley lowered the Seamless limit from $30 to $25, much to the anger of workers. "People went nuts," recalls a former employee. "Every so often there were these fireside chats with [Morgan Stanley CEO] John Mack 'Da Knife' and a collection of analysts. One of the women on the call asked Mack to raise the limit to $30 again. Mack, not really having paid much attention to expenses, was surprised to hear it had been reduced. Concerned, he asked her why she needed $30 instead of just $25. She said that with the new reduction, 'I can't order my Perrier anymore.'" The next day, as legend has it, there was an entire case of Perrier on her desk--courtesy of John Mack. "What a baller," an employee says. Zabusky is sure abuse exists on Seamless, but says it's not likely that widespread. "I think it's pretty funny," the Seamless chief chuckles. "I mean, I know it probably frustrates a CFO at Goldman, who is giving these guys $25 to order while they work on deals, and they're ordering toilet paper and jars of mayonnaise and all this other stuff. But in the overall scope, it's probably pretty small." Small as the abuses might be in terms of Seamless's bottom line, there's no doubt it has a big impact on the morale of employees, who seem to take pride in manipulating money one way or another. According to Seamless's statistics, for example, the highest ordering corporate user placed more than 2,600 orders in 2011. "There's nothing grosser or more magnificent than eating $25 of delivered Taco Bell under the fluorescent, sober lights of an office building," says one employee. "Do you have any idea how much baja sauce you can get for that money?"

San Diego tax preparer for the wealthy accused of ordering hit on 2 witnesses in fraud trail

 former Internal Revenue Service agent whose tax preparation business catered to a wealthy clientele is accused of ordering at least two former customers killed as they prepared to testify against him on fraud charges. Federal prosecutors say the targets were key witnesses against Steven Martinez, 50, who was charged last year with stealing $11 million by preparing bogus tax returns for his customers. 0 Comments Weigh InCorrections? Personal Post Martinez’s limousine driver — Norman Russell Thellmann, 64 — was charged Monday with conspiracy to tamper with witnesses. Prosecutors allege he was ordered to deliver money to a hit man who was promised $100,000 for the two killings. Martinez did not enter a plea during his initial court appearance Monday on a charge of witness tampering. A federal magistrate judge ordered him held without bail. “I find it almost impossible to believe,” said David Demergian, his attorney. Martinez, an IRS agent from 1988 to 1992, faces a pretrial hearing March 19 on federal fraud charges and was free on bail until his arrest last week. An FBI agent’s affidavit says Martinez gave a former employee documents on four people about two weeks ago, including photos of one target from the wealthy suburb of Rancho Santa Fe and another target’s condominium in the upscale La Jolla area of San Diego. Martinez recommended the former employee use two different pistols for the killings and get a silencer, according to the affidavit. The former employee contacted the FBI, which recorded a meeting Thursday in which Martinez allegedly gave additional instructions like how to break into the La Jolla condominium. The targets were identified as 86-year-old Monique Siegel of La Jolla and Marianne Harmon of Rancho Santa Fe. The fraud complaint alleges that Martinez told customers to deposit their taxes into one of his bank accounts, promising to forward the money to state and federal authorities. He stated lower income on their tax returns without telling them, allowing him to pocket $11 million. The complaint identifies victims only by their initials. One “M.H.” had an income of $20.7 million in 2006 but Martinez filed a tax return for $2.1 million. One “M.S.” earned $200,046 in 2006 but Martinez’s return reported $32,900. Another customer who earned $12.2 million in 2005 reported income at $1.6 million, according to the complaint. The same customer earned $11 million in 2006, also reported as $1.6 million. Demergian, his attorney, said the fraud case was “certainly very defensible.” “He had a very dedicated loyal clientele,” Demergian said. “He was very successful.” Thellmann, who was arrested Friday night, told the FBI that Martinez sold him a limousine about three years ago and hired him as a chauffeur. He said Martinez told him to give $40,000 to a person who would call him with code. Thellmann denied he knew the money was to pay a hitman. FBI agents found $42,400 cash in a cereal box at his home.

Ponzi fraud: two men found guilty of involvement in £115m UK scam

Two men have been convicted of involvement in the UK's largest Ponzi fraud, which saw hundreds of people – among them the former cricketer Darren Gough and the actor Frances de la Tour – lose £115m. John Anderson, 46, and Kenneth Peacock, 43 were found guilty of unauthorised regulated activity at Southwark crown court in London on Monday, but were cleared of one count each of fraud. The jury is still deliberating over allegations that they deceived investors. The scheme's mastermind, Kautilya Pruthi, 41, of Wandsworth, London, has pleaded guilty to the fraud and is due to be sentenced later this week. Ponzi frauds – which take their name from the Italian conman Charles Ponzi, who was particularly fond of employing the scheme – use cash from new investors to pay returns to existing investors and depend on a constant stream of new investors to fund the payouts. The court heard that Gough and the actor and singer Jerome Flynn are each thought to have lost up to £1m in the fraud, which also duped De la Tour. Victims handed over their cash to Pruthi, who promised them safe investments with returns of up to 13%. Instead, he spent their money on entertaining women, paying his daughter's private school fees and chartering helicopters. He also bought a private jet and built a car collection that included three Bentleys, a Lamborghini, two Ferraris, two Mercedes, a Rolls Royce, a Jaguar and a Maserati. "Mr Pruthi is believed to be the UKs most successful Ponzi fraudster," said David Aaronberg QC, prosecuting. "He obtained some £38m from investors and caused contractual losses of over £115m." Aaronberg added: "He enjoyed the company of women and was generous in the payments he made to a number of female friends, for whom he bought cars as presents, in total giving them £373,149." Indian-born Pruthi came to the UK in 2004 having been deported to his homeland after serving a sentence for faking documents in the US. Jurors heard that on coming to the country, Pruthi was quickly able to pose as "a wealthy individual". After setting up his company, Business Consulting International, said Aaronberg, Pruthi accepted deposits and "orchestrated a large-scale and sophisticated collective investment scheme". He would send personally tailored emails claiming he could offer up to 13% returns on 12-month investments because the scheme was available to a limited clientele. But in reality, said the prosecutor, he was "robbing Peter to pay Paul". Pruthi, who was not registered with or authorised by the FSA, admitted four counts of obtaining money transfers by deception, one of participating in a fraudulent business, one of unauthorised regulated activity and one count of converting and removing criminal property. Peacock, of West Hampstead, north London, and Anderson, of Surrey, are alleged to have acted as "aggregators" who pooled funds from third parties and then passed them on to Pruthi, who had duped them into the fraud at the outset. Eventually the scheme collapsed as there were not enough new investors to bring in the money needed to keep the old investors happy. "The scale of this scheme was vast and the losses were immense; several investors lost their homes, others have been declared bankrupt," said Aaronberg. "The monies which Pruthi received were generally not invested anywhere, neither in the UK nor abroad." According to the prosecution, of the £38,631,792 Pruthi obtained, £28m was used to pay back other investors, while £10m was siphoned off for Pruthi's "lavish lifestyle".

Deadlocked Stanford Fraud Trial Jury Told to Keep Deliberating

 

The judge in R. Allen Stanford’s fraud trial ordered the jury to return to deliberations after the panel sent a note saying it couldn’t reach a unanimous verdict in its fourth day of reviewing the evidence. The eight men and four women on the jury told U.S. District Judge David Hittner in Houston yesterday they were “unable to reach a verdict on each of the 14 counts,” the judge said, reading their note to attorneys for both sides. Enlarge image R. Allen Stanford, accused of leading a $7 billion investment fraud scheme, gestures as he exits the Bob Casey Federal Courthouse in Houston, Texas. Photographer: F. Carter Smith/Bloomberg Hittner instructed jurors to “continue your deliberations in this case,” telling them the trial has been costly in terms of both time and money, that the lawyers were unlikely going to be able to put on a better trial and that another jury was unlikely to be more conscientious. “It is your duty to agree upon a verdict if you can do so, without surrendering your conscientious opinion,’” Hittner told them. Stanford, 61, is accused of leading a $7 billion international fraud scheme involving the sale of certificates of deposit issued by his Antigua-based bank. He faces as long as 20 years in prison if found guilty of the most severe charges, mail fraud and wire fraud. The financier maintains he is not guilty. After the jury returned to deliberations, lead prosecutor Gregg Costa told the judge the jury’s note could be construed as meaning it couldn’t agree on any one of the 14 counts against Stanford or upon all of the counts. ‘We’ll See’ While acknowledging the possibility of having to accept a partial verdict, Hitter said, “We’ll see what comes out next.” When Hittner instructed the jurors to “take all the time you may feel necessary” to reach a verdict, one of the jurors grimaced. The jury left for the day yesterday after being told to resume deliberations. Jury selection in the case began Jan. 23 and the panel heard five weeks of evidence. The government presented testimony at from investors who bought the allegedly fraudulent CDs as well as from the executives who helped sell them. The witnesses included government officials and former Stanford Group Co. Chief Financial Officer James M. Davis, who pleaded guilty to fraud-related charges in 2009 and testified for five days against Stanford. Davis, whose relationship with Stanford traces back to when they were Baylor University roommates, told the jury he knew the boss was committing fraud and didn’t stop it. The defense presented former Stanford employees who said they saw no evidence of fraud at the company. Some offered testimony in support of the defense’s contention that Stanford was an absentee visionary who left the details of running his operation to Davis. Stanford didn’t testify during the trial.

Mandela faces fraud charges

The liquidators of Aurora Empowerment Systems, which is accused of asset-stripping bankrupt Pamodzi Gold, will lay charges of fraud this week against Nelson Mandela’s grandson Zondwa, and Ahmed Amod, an attorney for the company. The liquidators are also said to be planning to lay charges this week against Aurora chairman Khulubuse Zuma and possibly other directors under section 424 of the Companies Act, under which directors can be held personally liable for company debts. The charges follow a threat by the liquidators to lay charges of perjury against Thulani Ngubane, a director of Aurora, after he gave evidence at an inquiry.

Donegal hotel goes for a €650,000 song

The Sandhouse Hotel in Rossnowlagh, Co Donegal, which was bought today by its current manager.

Donegal hotel goes for a €650,000 song

A 55-bedroom hotel overlooking Donegal Bay, which was once on the market for €4.5 million, has sold at an auction of distressed property for €650,000.

The Sandhouse Hotel in the popular seaside resort of Rossnowlagh had been billed as the star lot in today’s Allsop/Space auction in Dublin’s Shelbourne Hotel.

However, the hotel, which was put on the market by direction of its liquidator KPMG, attracted considerably less interest than expected.

After a short bidding race, the property sold for its reserve price of €650,000, a fraction of what its former owners thought it was worth at the height of the boom.

The picturesque property was bought by the hotel’s current manager Paul Diver, who has managed the hotel for the last 20 years. “I just can’t believe it. It’s a total adrenaline rush. It’s been a long, long road but we’ve made it.”

When asked if he was surprised by the lack of interest, Mr Diver quipped: “No, I was delighted”

The auction, which is the first of five planned Allsop/Space auctions scheduled for 2012, contained 100 lots of property, ranging from rural cottages to sleek city centre apartments.

Organisers said they expected about 2,000 people to attend the event during the course of the day.

About two-thirds of the properties are being sold by direction of receivers, reflecting the catastrophic collapse of Ireland’s once robust property sector. The remaining third have been put up for sale by private individuals.

Director of auctions at Allsop/Space Robert Hoban said: “At every auction the percentage of private vendors is increasing as more and more people want to put their properties out on the open market.”

On whether the auction reflected the open market value of Irish property, Mr Hoban said: “We don’t decide the sale price or value of the property, we let the punters decide where property value is and let them decide whether the market is going up or down.”

Over four sales last year, Allsop/Space sold over €52 million worth of distressed property assets, about 92 per cent of the total lots for sale.

Bank of Ireland had a stand the event today for the first time, offering mortgage applications to customers looking to bid at the auction.

German top hotelier develops a superlative vanguard vacation residence in prime location in Bali

 

delMango Couture Retreat in Bali, Indonesia delMango Couture Retreat in Bali, Indonesia (source: tophotelprojects.com)

delMango Couture Retreat in Bali, Indonesia (source: tophotelprojects.com)

delMango Couture Retreat in Bali, Indonesia (source: tophotelprojects.com)

Frank M. Pfaller Frank M. Pfaller (source: tophotelprojects.com)

delMango Couture Retreat – the first eco luxury retreat in Bali

TOPHOTELPROJECTS: German top hotelier develops a superlative vanguard vacation residence in prime location in Bali - Newswire Service for upcoming hotel projects (17)

Hamburg, Germany -- Frank M. Pfaller is an absolute exception within the global hotelier community: The professional host, with German roots, impresses because of his meteoric career in the international luxury hospitality and his preference for luxury cars such as the Bentley Convertible. After his stop-over in numerous international "jet-set places-to-be – like the Caribbean, Marbella and Kitzbuehel – Pfaller now sets his foot on the charming beaches of Indonesian paradise island Bali. He develops the first eco luxury couture retreat, a real vanguard superlative, in Seminyak's prime location near the international airport (TOPHOTELPROJECTSNr. 13185). This exclusive hideaway offers private villas with one to three bedrooms, first class hotel service and a conceptual focus on "nature & environment". The hotel opening is scheduled for autumn 2012. The top brand "del" stands for "discerningly eco luxury", an unmistakable strategic focus on sustainability in all parts of this top hotel project such as its construction, the furnishing, the consumption & waste as well as the daily service.

Frank M. Pfaller is an absolute exception within the global hotelier community: The professional host, with German roots, impresses because of his meteoric career in the international luxury hospitality and his preference for luxury cars such as the Bentley Convertible. After his stop-over in numerous international "jet-set places-to-be – like the Caribbean, Marbella and Kitzbuehel – Pfaller now sets his foot on the charming beaches of Indonesian paradise island Bali. He develops the first eco luxury couture retreat, a real vanguard superlative, in Seminyak's prime location near the international airport (TOPHOTELPROJECTS Nr. 13185). This exclusive hideaway offers private villas with one to three bedrooms, first class hotel service and a conceptual focus on "nature & environment". The hotel opening is scheduled for autumn 2012. The top brand "del" stands for "discerningly eco luxury", an unmistakable strategic focus on sustainability in all parts of this top hotel project such as its construction, the furnishing, the consumption & waste as well as the daily service.

The delMango Couture Retreat will combine cosmopolitan comfort and vanguard design to come up with an international unique "way of life" attitude. In his brand communication, Having observed the preferences of frequent travelers, Pfaller deliberately applies the German "way of life" rather than the extensively used "lifestyle" approach. With his development company Selected Estates of Asia Pte. Ltd. Singapore, Frank M. Pfaller is regarded a pioneer in the development of luxury resorts. Amongst others he has been awarded with the "Green Star Diamond Award" from the renowned American Academy of Hospitality Sciences.

The Balinese architects Yoko Sara and Ketut Arthana showcase paradisiac gardens around the spacious villas and the central hotel areas such as the reception and the lounge. The internationally well-known Japanese creative professionals from Nobuyiki Narabayashi's design team (lead-designer for "Super Potatoe") heads the international interior design with a particular focus on the main target clientele, future hotel guests from Japan. The hotel architecture will include typical Balinese shapes and materials, for example bamboo. "Eco luxury" is geared to a destination's ethic settings and therefore needs to follow pre-set standards regarding natural resources like water and energy wastage, says Pfaller.

Living, relaxing and entertainment – these are the main qualities of a top resort. The F&B concept thereby plays an important part, which is why Pfaller prefers the Japanese kitchen and East Asian finger food. Exquisite patisserie further refines the gourmet offering.

With just 14 private villas – 233 sqm to 457 smq in size and each equipped with an individual swimming pool – the delMango Couture Retreat will become one of the most exclusive spots of international hospitality. Of course available to merely a small group of people who are able to afford this costly pleasure. Nine of 14 villas have already been sold. If the owners are not on site, a simple overnight stay will cost between 390 US Dollar (for a small villa with one bedroom during off-season) and approximately 1,155 US Dollar (during peak season for a three bedroom villa)

How fast is the 2012 Bentley Mulsanne Mulliner

The behemoth that is the Bentley Mulsanne isn't exactly the most obvious choice for a performance car, but that isn't about to stop the British luxury brand from unveiling a sporting variant called the Mulliner Driving Specification at the2012 Geneva Motor Show in March.

Featuring unique 21-inch alloy wheels, 'Flying B' wing vents and a Sport setting for the suspension for the first time, the Mulliner Driving Specification is certainly going to make an impression - even if it doesn't get any upgrades in the raw power department.

Bentley Motors

How fast is the 2012 Bentley Mulsanne Mulliner Driving Specification?

With just the usual 512hp from Bentley's stately - but high-tech - 6.75-litre V8, the Mulliner Driving Specification will go 0-62mph in 5.3 seconds and hit a top speed of 186mph.

This is exactly the same as the standard car, right down to the eight-speed gearbox and the rear-wheel drive, so Bentley really is placing the emphasis on the handling to justify the difference.

Well, that and a few choice cosmetic enhancements...

What makes the 2012 Bentley Mulsanne Mulliner Driving Specification different?

The new Sport aspect of the chassis comes into play as a new setting for the Mulsanne's Drive Dynamics Control system. Operated via a rotary knob positioned next to the gear lever, the Sport setting makes changes to the adaptive systems under the big Bentley's skin to deliver a more focused drive.

To be specific, Bentley says it provides "enhanced grip, body control and steering accuracy without compromising ride comfort" - which will be some trick if it can pull it off. After all, the Mulsanne weighs no less than 2.6 tonnes.

Bentley Motors

How do I tell the difference between a Mulliner Driving Specification and a standard Bentley Mulsanne?

On the outside the new car should be easy to spot, thanks not only to the enormous 21-inch alloy wheels but also the new 'Flying B' vents, located at the bottom of the front wings just ahead of the door.

Finished in polished stainless steel - no lightweight aluminium here - these are engraved with the word Mulliner, and the flowing design is intended to produce an impression of speed.

The wheels, meanwhile, are a two-piece design unique to the Mulliner Driving Specification, and secured with race-derived titanium fasteners. There are painted and polished versions available.

Bentley Motors

What's special about the 2012 Mulliner Driving Specification's interior?

If you're lucky enough to find yourself on the inside, Bentley has developed a new version of the Diamond Quilting technique it usually reserves for its sportiest models.

A new "hide perforation process" allows the creation of special diamond-shaped perforations with non-perforated "tramlines" in between, leading to even greater precision during the hand-crafting of the interior.

In addition to this there are knurled or "coined" surface finishes on some of the metal controls, while the pedals are made from drilled aluminium with each raised grip individually polished.

There are special treadplate plaques on the driver and passenger door sills as well.

How much does the 2012 Bentley Mulsanne Mulliner Driving Specification cost?

Bentley is yet to reveal prices for the new Mulsanne Mulliner Driving Specification, but don't expect to see much change - if any - from £250,000. More details about this and the new model's availability are set to be confirmed at next month's Geneva Motor Show.

In other news, however, Bentley has also announced two new options for the entire Mulsanne range: a large electric sunroof and a two-bottle champagne cooler complete with three hand-blown, hand-cut lead crystal champagne flutes.

UK ticketholder wins £41 Euromillions jackpot

 

Camelot said that the winner scooped the rollover jackpot of £40,627,241 in Friday night's draw although no one has yet come forward to claim the prize. A Camelot spokesman said: "This is fantastic news – we're absolutely delighted to have yet another huge EuroMillions win here in the UK. "We have plenty of champagne on ice and look forward to welcoming the lucky ticketholder into The National Lottery millionaires' club. "Over 2,800 people have become millionaires since The National Lottery began and, to date, our players have raised an amazing £27 billion and counting for National Lottery Good Causes." The success is the seventh biggest UK lottery win. The record is held by Colin and Chris Weir, from Largs, Scotland, who won £161 million on EuroMillions last July.

City drummer Robbie France dies aged 52

 

sheffield-born hard rock drummer Robbie France has died aged 52 at his home in south-east Spain, it has been reported. The Spanish national newsagency EFE quoted ‘family sources’ as saying that the musician, who played with such groups as Diamond Head, Alphaville, UFO, Skunk Anansie and Wishbone Ash, died on Saturday. It said he was buried on Wednesday at Puerto de Mazarron, in the province of Murcia, south of Alicante. Mr France had lived in the Costa Blanca resort for the past three years. He was born in Sheffield in 1959. In the 1970s he emigrated to Australia, returning to the UK in 1982 and joining the hard rock band Diamond Head. Three years later he became drummer with the UFO, replacing Andy Parker. He settled in Puerto Mazaron in 1998 after stints with Skunk Anansie and the German group Alphaville. Last year he published a novel, Six Degrees South, partly set in Mazarron. The report said that the family did not give the cause of death.

Pound Falls Versus Euro, Gilts Drop as France, Spain Sell Debt

 

The pound posted its biggest weekly decline against the euro in almost three months and gilts dropped as French and Spanish borrowing costs fell at their first debt auctions after their credit ratings were cut. The yield on 10-year gilts rose the most in four months as demand for the relative safety of AAA government bonds eased amid signs global growth hasn’t lost momentum. Reports this week showed U.K. retail sales rebounded in December while U.S. initial jobless claims fell to the least in almost four years. Further advances in gilt yields may be limited next week before a report predicted to show the U.K. economy contracted in the fourth quarter of last year. “There are worries that the U.K. economy is heading back into recession,” said Michael Derks, chief strategist at FXPro Financial Services Ltd. in London. “It would not be surprising to see further weakness of the pound against euro in the near term.”

Salvage crews are trying to secure the Costa Concordia to rocks with heavy cables as the cruise ship slips at a rate of 1.5cm per hour.

Coastguards fear big waves forecast for the next 36 hours could push the ship off its perch, sending it to the bottom of the sea.

The ship's movements are being carefully monitored - and had halted divers' attempts to find the 21 passengers still unaccounted for.

The search has now resumed after being suspended at midnight when laser technology detected the ship was moving, putting search teams at risk.

 

Firefighters have been working around the clock to find the missing

Authorities said earlier it was too dangerous for divers to enter the vessel and that the search would only resume when it was deemed safe.

The threat of the ship sinking has also raised further concerns of an environmental disaster with the 2,400 tonnes of fuel in the ship expected to pollute the Mediterranean maritime reserve.

As teams try and use heavy-duty cables to secure the Concordia to rocks on Giglio island, a remote-controlled surveillance camera robot has been sent into the ship to continue efforts to find any trace of life.

The movement comes after the stricken ship initially slid by around 5ft (1.5m) deeper into the sea on Wednesday.

Judge orders search of News of the World executives' computers in bid to find out if key hacking evidence was destroyed

 

A judge overseeing the settling of hacking claims by victims of News of the World has ordered executives' computers be searched. Senior managers at News Group Newspapers – the parent company of the News of the World – were criticised by Mr Justice Vos, the judge supervising the settlements. Jeremy Reed, who is acting on behalf of several victims of phone hacking, said that when the News of The World moved offices in 2010, computers used by journalists accused of hacking were destroyed. He disparaged their reaction to a request in 2010 from lawyers for the actress Sienna Miller to retain emails that might be relevant to a phone hacking claim. Within three days, the judge said, ‘a carefully conceived plan to delete emails was put into effect at the behest of senior management’. He said the evidence raised ‘compelling questions about whether you concealed, told lies, actively tried to get off scot free’. He ordered the company to search a number of computers, adding that there was evidence that management had a ‘startling approach to the email record’.

Spain is happiest expat destination

 

The research, from Lloyds TSB International, asked over 1,000 British citizens in the 10 most popular expat destinations to rate their new homes on factors ranging from quality of life to cost of living. Overall, 68 per cent of those interviewed said they were happier in their adopted country than in Britain, rising to 75.9 per cent in Spain. Other countries which fared well on the happiness index were Canada and Germany, where 72.2 per cent and 71.4 per said they were happier respectively. Interestingly, those countries where expats said they had the highest quality of life or best financial prospects were not necessarily where expats were most happy. New Zealand, for example, offered the highest quality of life according to the survey, but was ranked bottom for contentment, while the country where most expats said they were better off – the UAE – was only the fourth happiest place. John Kramer, a British expat who lives in Andalucia, said that he was unsurprised by the fact most expats were happier in Spain, because its "outdoor lifestyle, traditional family values, and positive outlook on life” made it a very easy place to enjoy.

northern Spain is the place to go

Spain ranks as one of the most mountainous countries in Europe because – and this isn't obvious – the heart of the country sits on a huge plateau. Madrid is 2,100ft above sea level (which explains why the Spanish capital is so cold in the winter and roasting-hot in the summer).

 

But for impressive mountains, northern Spain is the place to go. If you're arriving here direct from the UK with Brittany Ferries – when you can bring your car to explore the region far and wide – the first thing to strike you as you approach the coast is the range of huge mountains that rears up behind the port of Santander.

The snow-capped peaks you're looking at are the Picos de Europa, one of the wildest and most unspoilt regions of Europe – superb walking country and a wonderful place for spotting wildlife.

Bears and wolves are said to roam here still, and you will almost certainly spot eagles soaring high in the sky. It's 'secret Spain', a holiday place far from the madding crowds of Benidorm or Torremolinos.

Here the accent is on a gentler-paced rural way of life. This is a Big Country in lots of ways – the coast, which runs from the French border in the east to the frontier with northern Portugal in the west – covers a distance of some 500 miles.

The northern provinces include some of the country's most historic places: Galicia, Asturias, Cantabria and the Pais Vasco (Basque Country).

Saints alive: San Sebastian can boast beaches - such as Concha Beach - every bit as inviting as the southern Costas

Together they make up what is known as Green Spain – green thanks to the large amounts of year-round rain. Unlike southern Spain, where good, unspoilt beaches are at a premium, along the northern coast you'll find endless stretches of long sandy ones, many of them hidden down coastal valleys of the sort familiar to anyone who has holidayed in Cornwall.

And inland, you'll be seduced by sweet countryside – small villages with traditional farms on green rolling hills flanked by mist-covered mountains. These are places steeped in Celtic tradition where the local version of the bagpipes provides a soundtrack to festivities, which are further enlivened by the region's potent cider and strong-smelling cheeses.

Northern Spain is also great wine country. This part of the country is, after all, home to the famous rioja grape variety. Rain in Spain actually falls mainly in the north and this helps produce some of the world's finest grapes – Professor Higgins would no doubt have been delighted.

Here are my five tips for a great holiday in northern Spain...

1. Paradors

The Spanish paradors are hotels offering good accommodation, most in buildings of historic or architectural interest, including former castles, palaces, fortresses, convents and monasteries.

Ones particularly worth seeking out in northern Spain include the Hostal dos Reis Catolicos in Santiago de Compostela – the finishing point for those who walk the Pilgrim's Way across northern Spain – and the popular Hostal San Marcos in Leon.

2. Seaside delights

In Santander, the seaside has a delightful Edwardian feel. Further along the coast to the east is San Sebastian, which has a Victorian elegance (it has been a favourite summer-escape destination for the Spanish royal family). All along the coast are a huge variety of small towns and fishing villages with great beaches (many with excellent surfing), lovely restaurants and good-value accommodation.

3. Great attractions

Bilbao has its own extraordinary outpost of the Guggenheim Museum; Santiago de Compostela boasts a cathedral with relics of St James; in the province of Cantabria you'll find arguably the best collection of cave paintings in the whole of Europe, with more than 50 sites, including some of enormous artistic quality and historical importance. They include Altamira, famous for paintings of boars, bison, deer and horses dating from the end of the Ice Age.

4. Take the train

Catch the FEVE narrow-gauge railway, one of the most spectacular lines in Europe. It runs along the coast between Bilbao in the east and El Ferrol in the west, travelling over dramatic viaducts and offering stunning views of the coast. The fares are cheap and travellers can jump off the train at picturesque bays and fishing ports.

A load of old bull: Ancient paintings adorn the Altamira cave near Santander

5. Wonderful history

Discover cities that have fascinating historical connections with the UK.

Charles Wolfe's The Burial Of Sir John Moore After Corunna used to be a poem that British school children learnt by heart: 'Not a drum was heard, not a funeral note, As his corpse to the rampart we hurried; Not a soldier discharged his farewell shot O'er the grave where our hero we buried…'

Nowadays Corunna is known as A Coruña. The city is a perfect short-break destination in its own right with great hotels and plenty of good restaurants and bars.

Travel Facts

Brittany Ferries (            0871 244 1400      , www.brittanyferries.co.uk) operates luxurious cruise ferries to Spain with a choice of routes from Portsmouth and Plymouth to Santander and Bilbao. Travel to Spain with a one or two-night cruise on a luxury ferry and enjoy comfortable cabins and plenty of entertainment, including cinemas, swimming pool and quality restaurants.

Return fares for a car plus two people cost from £470 including en suite cabin accommodation.

New guidelines for Ascot dress code

 

The fashion stakes are always high at Royal Ascot but organisers are now raising the bar by banning fascinators in the royal enclosure. The decision is part of a move to tighten and clarify the dress code at the annual summer event and comes amid criticism of sartorial standards which have been more loosely enforced in recent years. Thousands of visitors who flock to the less formal grandstand enclosure during the week-long meet in June will also be obliged to adhere to strict new guidelines. Organisers have defended the changes and insist the revised dress code is designed to restore formality rather than encourage "elitism". Ascot spokesman Nick Smith said: "It is probably fair to say that the dress code hasn't necessarily been enforced quite as rigorously as we might have liked. "It is stretching a point to say standards have collapsed but there is no doubt that our customers would like to get back to a situation where it is universally acknowledged that this is a formal occasion and not an occasion where you might dress as you would at a nightclub." In the royal enclosure, this means fascinators - which are often favoured by the Duchess of Cambridge - are no longer deemed acceptable. The new dress code states: "Hats should be worn; a headpiece which has a base of four inches (10cm) or more in diameter is acceptable as an alternative to a hat." Women will also be expected to wear skirts or dresses of "modest length" which fall just above the knee or longer. This clarifies previous guidance which stated miniskirts were "considered unsuitable". For men, a waistcoat and tie are now compulsory in this area of the course and cravats will not be allowed. Black shoes must also be worn with morning dress. In the grandstand, which is open to the public and subject to less stringent rules, a hat or fascinator will be compulsory for women. This marks a significant change to previous years, when female racegoers were simply advised that "many ladies wear hats". Strapless or sheer-strap tops and dresses will be banned. For men, a suit and tie will now be imperative. The less formal Silver Ring will not be affected by the changes. Charles Barnett, Ascot's chief executive, said the overarching intention was to be "as helpful as possible" to visitors and to assist racegoers in understanding what is "cherished" about the dress code at Royal Ascot. He said: "It isn't a question of elitism and not being modern in a world where there is less and less requirement to dress smartly - far from it. We want to see modern and stylish dress at Royal Ascot, just within the parameters of formal wear, and the feedback we have received from our customers overwhelmingly supports that."

Elton John’s husband attacks Madonna after Golden Globes win, calling her ‘embarrassing’ and ‘desperate’

 

David Furnish was one angry man following last night’s Golden Globes in Hollywood, attacking Madonna for her ‘embarrassing’ speech (watch it below) after she beat his husband Elton John to Best Original Song. Advertisement >> Shortly after Madonna won the award for single Masterpiece – which she wrote for her own film W.E. – David logged onto Facebook and criticised the singer and the ceremony. He typed angrily: “Madonna. Best song???? F**k off!!! “Madonna winning Best Original Song truly shows how these awards have nothing to do with merit. Her acceptance speech was embarrassing in its narcissism.”

Tax adviser guilty of fraud scheme

 

A professional tax adviser from Bedfordshire has been convicted of trying to defraud honest taxpayers of £70 million, HM Revenue & Customs (HMRC) said. David Perrin spent his cut of the stolen cash on expensive second homes, exotic holidays, works of art and luxury cars, a spokeswoman said. The 46-year-old, of Leagrave, Luton, Bedfordshire, was found guilty at Blackfriars Crown Court and will be sentenced next month, she added. Perrin, deputy managing director at Vantis Tax Ltd, devised and operated a tax avoidance scheme which he sold to wealthy taxpayers in order to exploit the law on giving shares to charity, she said. The scheme allowed him to pocket more than £2 million in fees from unsuspecting clients. He used a network of finance professionals to advise more than 600 wealthy clients to buy shares, worth a few pence each, in four new companies he had set up, the spokeswoman said. He then listed the companies on the Channel Islands Stock Exchange and paid people money from an offshore account to buy and sell the shares simply to inflate their price. The share owners then donated 329 million shares to various unsuspecting registered charities and tried to claim £70 million tax relief on a total of £213 million of income and company profits. This was based on the shares being worth up to £1 each, rather than the pennies they were originally bought for. Perrin also used the bogus scheme to claim money back, the spokeswoman said. The scheme proved so popular that Vantis employees performed a smug celebratory song at their annual conference, to the tune of I will Survive, she said. It included the verse: "They should have changed that stupid law, they should have buggered charity, but they have left that lovely tax relief, for folks to pay to me." Jim Graham, HMRC criminal investigator, said: "With his knowledge of the tax system, Perrin thought that he was one step ahead of both HMRC and the law. "This cynical fraud not only stole millions of pounds from taxpayers, but also conned innocent charities into accepting gifts of virtually worthless shares, just so Perrin could inflate his own criminal earnings." Perrin was charged with cheating the revenue by dishonestly submitting and dishonestly facilitating and inducing others to submit claims for tax relief which falsely stated values of shares which were gifted to charities. He will be sentenced on February 9 and confiscation proceedings are under way, the spokeswoman said.

Top former art dealer faces 87 charges after fraud probe

 

One of Australia's former leading art dealers, Ronald Coles, faces up to 10 years in jail after being charged today with 87 offences relating to an alleged multimillion-dollar investment art fraud scheme. Mr Coles, 64, was ordered to appear at Gosford police station at 10am today. Fraud Squad detectives formally charged him following an "extremely protracted and legally intricate" two-year investigation into his business affairs. Under the Crimes Act, Mr Coles was charged with 77 counts of "larceny as a bailee" and a further 10 counts of "director/officer cheat or defraud". For more than 30 years, Mr Coles specialised in fine art by some of Australia's most celebrated artists, including Sir Arthur Streeton, Eugene von Guerard, Brett Whiteley and Norman Lyndsay. Advertising on national radio and television, he offered clients an opportunity to boost their life savings through the purchase of investment art, which he bought and sold on their behalf, using their superannuation funds. NSW Police launched Strike Force Glasson in January 2009 after a Fairfax investigation unearthed dozens of investors who were missing millions of dollars in lost art and money, all allegedly retained by Mr Coles. Today's police charges relate to more than $8 million in financial loss to a total of 43 clients nationwide. Mr Coles failed to make conditional bail of $50,000. It is understood he offered a car and paintings as surety but they were refused. He is due to appear at Gosford Local Court shortly.

Fire, power failures, crime and tragic overboard deaths are common on cruise vacations

 

A luxury cruise ship Costa Concordia leans on its side after running aground the tiny Tuscan island of Giglio, Italy, 

They're often billed as the ultimate in worry-free vacations. But cruise critics say these floating hotels -- some as high as 12 storeys tall -- aren't nearly as safe as claimed.

Fire, power failures, crime and tragic overboard deaths are common on cruise vacations, said Ross Klein, a Memorial University sociologist and author of two books on the cruise industry.

The ships, which can carry more than 4,000 passengers, are as big as towns, Klein said, packed with strangers often bent on having a good time. Many passengers wrongly let their guard down.

"People should go on cruise ships with their eyes wide open, to be aware that there can be accidents." Klein told CTVNews.ca.

Last year, 22 people fell overboard on cruise ships, Klein said. Some were accidents. Others were suicides. The vast majority were fatal, said Klein, who compiles cruise accident data for his website www.cruisejunkie.com.

Fires and power failures are also common, though rarely reported in the mainstream media.

Incidents include:

• In September 2010, an explosion aboard the Cunard's Queen Mary 2 caused a power failure as it approached Barcelona, causing it to drift off the Spanish coast.
• In November 2010, a drunken passenger dropped an anchor on a cruise enroute to Tampa from Mexico.

According to data Klein collected, the risk of sexual assault is nearly 50 per cent greater on a cruise ship than on land in Canada. He used data collected by the Federal Bureau of Investigation and internal industry documents used in lawsuits between 2003 and 2005.

"I believe passengers should go on to a ship well informed," Klein said.

"The industry markets itself as . . . . one of the safest modes of commercial transport in the world. And they want passengers to believe that if they come on a cruise ship they are virtually safe."

An umbrella group for the cruise industry says it's monitoring the latest accident off the Italian coast, where three people have died and dozens are missing.

The website for the Cruise Lines International Association said the group "would like to reassure other cruise passengers that all CLIA member lines are subject to the highest safety standards around the world and according to international maritime requirements."

CTVNews.ca called the association on Saturday, but there was no answer at its Florida office.

U.S. maritime lawyer Jim Walker once represented the cruise industry but switched sides about 15 years ago. Since then, he's represented dozens of passengers and crew members in lawsuits against cruise lines.

Mr. Walker represented the family of George Smith, who vanished from a Royal Caribbean ship while on his honeymoon in 2005. His family suspected foul play and claimed the cruise ship failed to properly investigate the disappearance. His family won a US$1.3 million suit against the cruise line.

Walker also represented a 35-year-old woman who said she was sexually assaulted by a crew member on a Royal Caribbean vessel. Walker said the woman's case resulted in tough reporting rules aboard cruise ships.

Walker urged passengers to be vigilant about crime and safety.

Despite potential dangers, Klein said he loves ocean travel and has taken 30 cruises.

"I love being at sea," he said. "I like to look at the horizon." At sea, he said, "time stands still. It's a wonderful feeling."