King also warns banks may be providing ‘misleading picture of their financial health’ during first briefing from the financial policy committee The crisis enveloping the eurozone is a “mess” that poses the “most serious and immediate” risk to the UK banking system, Mervyn King warned on Friday as he called for banks to provide more information on their exposures in the region. In his new role of chairman of the financial policy committee (FPC), the new “guardian of the resilience of the UK financial system”, King also warned that banks may be providing a “misleading picture of their financial health” if they were not making big enough provisions for borrowers having difficulty repaying loans. So-called forbearance has taken place in up to 12% of mortgages including 30-80% in the commercial property sector. Bank shares led the FTSE 100 index lower amid fears of new bad debt losses by the sector and after King called on banks to build up more capital when financial conditions allowed rather than pay out dividends to shareholders or in bonuses to staff. “In good times, banks should retain more of those earnings rather than distribute them to shareholders or as compensation,” King said. King was asked whether the crisis gripping the markets – caused by fears that Greece may default – could spark a meltdown on the scale of the one caused by Lehman’s collapse. He replied: “I am not sure that the sovereign crisis now and what happened in the case of Lehman Brothers have much in common, other than the fact that it is a mess.” UK banks’ exposure to Greece directly was “remarkably small”, he said, but he warned that the bigger risk was a “crisis of confidence”. “There is always uncertainty about the scale of exposures… which counter-parties out there are the ones which are heavily exposed,” he said. “That uncertainty can lead at various points for funders of banks… to draw back and there can be a crisis of confidence in sentiment.” He said more data was needed about exposures to allay any unnecessary concerns. As governor of the Bank of England, he is automatically handed the chairmanship of the FPC, a key plank of the coalition’s response to the financial crisis. When legislation grants it new powers next year, the FPC is expected to be able to stop bubbles being created by, for example, forcing banks to hold more capital. It met for the first time last week and held the first of its quarterly press conferences on Friday, setting out the worry-list of its members, drawn from the Bank of England and the Financial Services Authority (FSA) along with four external members. All members were unanimous in setting out their first six recommendations intended to help tackle the threats to financial stability: • Permanently improve banks’ disclosure of sovereign and banking sector debt exposure. • Advise the FSA to compile the exposure of smaller banks which are not part of current EU stress tests. • Establish the forbearance practices of banks to households and corporates globally. • “Monitor closely” the risks of “opaque funding structures”. • Advise banks to build up their capital when they are profitable. • Advise the FSA to ensure banks set enough capital aside during profitable times. A record, rather than minutes, of the FPC’s meeting showed members discussed whether the FSA should set out a limit for the size of dividends and bonuses that can be paid out of earnings but they decided against any such clampdown. King, who will this weekend travel to a meeting of banking supervisors in the Swiss city of Basel to discuss global capital rules, called on the eurozone to “set out a very clear road map” for the solution to its debt crisis. In the opening paragraphs of its financial stability report, the FPC said: “Market concerns remain over fiscal positions in a number of euro area countries and the potential for contagion to banking systems. Any associated disruption to bank funding markets could spill over to UK banks.” The FPC illustrated its concern by highlighting the exposure of France and Germany to the eurozone: “In conditions of severe stress in the eurozone, this could increase the risk of losses to UK banks, given that their combined claims on France and Germany represented around 130% of their core tier one capital, with close to that accounted for by claims on banks.” King again stressed that he did not regard the crisis as one of liquidity but as one about solvency and “the buildup of very large amounts of debt where concerns crept in on the ability of the borrowers to repay that debt.” He warned that the FPC would not be able to prevent another catastrophe: “Focusing – as the FPC must – on risks to the financial system can leave one feeling rather depressed. We can’t hope to prevent financial crises from happening, but we can build institutions that help to ensure that our financial system is more resilient in the future.” Financial policy committee Financial crisis Global recession Banking European debt crisis European banks Bank of England Economic policy Jill Treanor guardian.co.uk
Continue reading …Leaked IRC logs identify LulzSec members and show a disorganised group obsessed with its media coverage and suspicious of other hackers • LulzSec IRC leak: the full record It was a tight-knit and enigmatic group finding its feet in the febrile world of hacker collectives, where exposing and embarrassing your targets is just as important as protecting your own identity. But leaked logs from LulzSec’s private chatroom – seen, and published today , by the Guardian – provide for the first time a unique, fly-on-the-wall insight into a team of audacious young hackers whose inner workings have until now remained opaque. LulzSec is not, despite its braggadocio, a large – or even coherent – organisation. The logs reveal how one hacker known as ” Sabu “, believed to be a 30-year-old security consultant, effectively controls the group of between six and eight people, keeping the others in line and warning them not to discuss what they have done with others; another, ” Kayla “, provides a large botnet – networks of infected computers controlled remotely – to bring down targeted websites with distributed denial of service (DDoS) attacks; while a third, ” Topiary “, manages the public image, including the LulzSec Twitter feed . They turn out to be obsessed with their coverage in the media, especially in physical newspapers, sharing pictures of coverage they have received in the Wall Street Journal and other papers. They also engineered a misinformation campaign to make people think they are a US-government sponsored team. They also express their enmity towards a rival called The Jester – an ex-US military hacker who usually attacks jihadist sites, but has become embroiled in a dispute with Anonymous, WikiLeaks and LulzSec over the leaked diplomatic cables and, more recently, LulzSec’s attacks on US government websites, including those of the CIA and the US Senate. The group’s ambitions went too far for some of its members: when the group hit an FBI-affiliated site on 3 June , two lost their nerve and quit, fearing reprisals from the US government. After revealing that the two, “recursion” and “devrandom” have quit, saying they were “not up for the heat”, Sabu tells the remaining members: “You realise we smacked the FBI today. This means everyone in here must remain extremely secure.” Another member, “storm”, then asks worriedly: “Sabu, did you wipe the PBS bd [board] logs?”, referring to an attack by LulzSec on PBS on 29 May , when they planted a fake story that the dead rapper Tupac Shakur was alive. If traces remained there of the hackers’ identities, that could lead the FBI to them. “Yes,” Sabu says. “All PBS logs are clean.” Storm replies: “Then I’m game for some more.” Sabu says: “We’re good. We got a good team here.” Documenting a crucial five-day period in the group’s early development from 31 May to 4 June, the logs – whose authenticity has been separately confirmed through comments made online by LulzSec’s members – are believed to have been posted online by a former affiliate named “m_nerva”. They contain detailed conversations between the group, who have in recent weeks perpetrated a series of audacious attacks on a range of high-profile targets, including Sony, the CIA, the US Senate, and the UK’s Serious Organised Crime Agency (SOCA). LulzSec threatened m_nerva on Tuesday in a tweet saying “Remember this tweet, m_nerva, for I know you’ll read it: your cold jail cell will be haunted with our endless laughter. Game over, child.” As an explanation, they said : “They leaked logs, we owned them [took over their computer], one of them literally started crying for mercy”. The leaked logs are the ones seen by the Guardian. The conversations confirm that LulzSec has links with – but is distinct from – the notorious hacker group Anonymous. Sabu, a knowledgeable hacker, emerges as a commanding figure who issues orders to the small, tight-knit team with striking authority. Despite directing the LulzSec operation, Sabu does not appear to engage in the group’s public activity, and warns others to be careful who and how they talk outside their private chatroom. “The people on [popular hacker site] 2600 are not your friends,” Sabu warns them on 2 June. “95% are there to social engineer [trick] you, to analyse how you talk. I am just reminding you. Don’t go off and befriend any of them.” But the difficulty of keeping their exploits and identities secret proves difficult: Kayla is accused of giving some stolen Amazon voucher codes to someone outside the group, which could lead back to one of their hacks. “If he’s talking publicly, Kayla will talk to him,” Sabu comments, bluntly. Topiary, who manages the public image of LulzSec – which centres around its popular Twitter feed, with almost 260,000 followers – also acted previously as a spokesman for Anonymous, once going head-to-head in a live video with Shirley Phelps-Roper of the controversial Westboro Baptist Church , during which he hacked into the church’s website mid-interview. His creative use of language and sharp sense of humour earns praise from his fellow hackers in the chat logs, who tell him he should “write a fucking book”. On one occasion, after a successful DDoS attack brings down a targeted web server, Topiary responds in characteristic fashion to the hacker responsible, Storm: “You’re like our resident sniper sitting in the crow’s nest with a goddamn deck-shattering electricity blast,” he writes. “Enemy ships being riddled with holes.” But while LulzSec has a jovial exterior, and proclaims that its purpose to hack “for the lulz” (internet slang for laughs and giggles), Sabu is unremittingly serious. Domineering and at times almost parental, he frequently reminds the other hackers of the dangers of being tracked by the authorities, who the logs reveal are often hot on their heels. During one exchange, a hacker named Neuron starts an IAmA (Q and A) session for LulzSec on the website Reddit for “funzies” and to engage with the public. This immediately raises the ire of Sabu, who puts an angry and abrupt halt to it. “You guys started an IAmA on reddit?” Sabu asks in disbelief. “I will go to your homes and kill you. If you really started an IAmA bro, you really don’t understand what we are about here. I thought all this stuff was common knowledge … no more public apperances [sic] without us organizing it.” He adds: “If you are not familiar with these hostile environments, don’t partake in it.” The logs also reveal that the group began a campaign of disinformation around LulzSec. Their goal was to convince – and confuse – internet users into believing a conspiracy theory: that LulzSec is in fact a crack team of CIA agents working to expose the insecurities of the web, headed by Adrian Lamo, the hacker who reported the alleged WikiLeaks whistleblower Bradley Manning to the authorities. “You guys are claiming that LulzSec is a CIA op … that Anonymous is working to uncover LulzSec … that Adrian Lamo is at the head of it all … and people actually BELIEVE this shit?” writes joepie91, another member. “You just tell some bullshit story and people fill in the rest for you.” “I know, it’s brilliant,” replies Topiary. The attempts did pay off, with some bloggers passing comments such as: “I hypothesize that this is a government ‘red team’ or ‘red cell’ operation, aimed at building support for government intervention into internet security from both the public and private sectors.” The group monitors news reports closely, and appears to enjoy – even thrive – on the publicity its actions bring. But the logs show that the members are frustrated by the efforts of a self-professed “patriot-hacker” known as the Jester (or th3j35t3r), whose name is pejoratively referenced throughout. The Jester is purportedly an ex-US military hacker, and was responsible for high-profile attacks on WikiLeaks prior to the release of US diplomatic cables in November. In recent weeks he has made LulzSec his principal target, describing them as “common bullies” . Topiary in turn dismisses The Jester as a “pompous elitism-fuelling blogger” – but the group is always worried that The Jester or his associates are trying to track them down. The Jester claims LulzSec are motivated by money and points to allegations that the group tried to extort money from Unveillance, a data security company. Similar accusations against LulzSec by two other groups, “Web Ninjas” and “TeaMp0isoN_”. Web Ninjas say they want to see LulzSec “behind bars” for committing “insane acts … in the name of publicity or financial gain or anti-govt agenda”. The logs do not reveal any discussion of extortion between the LulzSec inner circle; nor do they indicate any underlying political motivations for the attacks. But amid the often tense atmosphere depicted in the logs the hackers do occasionally find time to talk politics. “One of these days we will have tanks on our homes,” writes trollpoll, shortly after it emerged the US government was reclassifying hacking as a possible act of war . “Yea, no shit,” responds Storm. “Corporations should realize the internet isn’t theirs,” adds joepie91. “And I don’t mean the physical tubes, but the actual internet … the community, idea, concept.” “Yes, the utopia is to create a new internet,” says trollpoll. “Corporation free.” On Monday 20 June, Sabu’s worst fears may have been confirmed when a 19-year-old named Ryan Cleary was arrested in Wickford, Essex and later charged with a cyber attack in connection with a joint Scotland Yard and FBI probe in to a hacking group believed to be LulzSec. Metropolitan Police Commissioner Sir Paul Stephenson described the arrest as “very significant”, though LulzSec itself was quick to claim Cleary was not a member of the group and had only allowed it to host “legitimate chatrooms” on his server. “Clearly the UK police are so desperate to catch us that they’ve gone and arrested someone who is, at best, mildly associated with us,” the group tweeted. An individual named “Ryan” is occasionally referenced by the hackers in the logs, though he himself does not feature and appears to have only a loose association with the group. Scotland Yard confirmed on Thursday that it was continuing to work with “a range of agencies” as part of an “ongoing investigation into network intrusions and distributed denial of service attacks against a number of international business and intelligence agencies by what is believed to be the same hacking group”. In response to the leaked logs, LulzSec posted a statement on the website pastebin, claiming users named joepie91, Neuron, Storm and trollpoll were “not involved with LulzSec” and rather “just hang out with us”. They added: “Those logs are primarily from a channel called #pure-elite, which is /not/ the LulzSec core chatting channel. #pure-elite is where we gather potential backup/subcrew research and development battle fleet members – ie, we were using that channel only to recruit talent for side-operations.” The group has vowed to continue its actions undeterred. But they now face a determined pincer movement from the FBI, UK police, and other hackers – including The Jester, who has been relentless in his pursuit of them for more than a fortnight. If its members’ real identities are revealed, LulzSec may vanish as quickly as it rose to prominence. LulzSec Hacking Anonymous Internet Computing United States Ryan Gallagher Charles Arthur guardian.co.uk
Continue reading …As we see, regulation is good as long as Republicans like Darrell Issa can use it to bust a union! Of course, this doesn’t really address the insidious idea that a former federal agency is supposed to fund itself. (That same kind of thinking has led to hobbled Amtrak service throughout the country.) It’s not as if everyone doesn’t use the mail — it’s part of the common good. (Yeah, I know. Republicans hate that!) Imagine if we asked the military to fund itself. Rep. Darrell Issa (R-Calif.) introduced legislation Thursday to restructure the U.S. Postal Service, saying more regulation is necessary to “prevent another taxpayer bailout” of the financially strapped agency. The bill would eliminate Saturday delivery and give the Postal Service greater latitude to close post offices and regional mail processing centers. A panel would be created to oversee the agency, modeled on the District of Columbia’s Financial Control Board, with a broad mandate to reduce costs and bring the agency back to financial solvency. “Congress can’t keep kicking the can down the road on out-of-control labor costs and excess infrastructure of USPS,” Issa said in a statement. The panel also would have authority to renegotiate collective-bargaining agreements with postal workers, a provision that will draw stiff opposition from unions. If the bill becomes law, employees will probably see reductions in their wages and benefits. The plan from the chairman of the House Committee on Oversight and Government Reform would eventually save the Postal Service $6 billion a year. It comes on the heels of the agency’s announcement that it plans to suspend its contributions to the pensions of thousands of workers to help stem billions of dollars in losses. Postal officials said they agree with some provisions in the bill; the agency proposed eliminating Saturday delivery several years ago. But they said Issa wrongly assumes the agency’s path to financial stability lies in more regulation. “The opposite is true,” the agency said in a statement. “Our financial instability is the result of dramatic loss in volumes, coupled with restrictions imposed by Congress that have prevented the Postal Service from adequately responding to those losses in a business-like fashion.”
Continue reading …“Fiscal conservatism, in other words, comes with its own costs.” That sums up the lead story in Thursday’s National section by Michael Powell and Midwest bureau chief Monica Davey from Indianapolis, “ The Indiana Exception? Yes, but…A State Averts the Worst of the Recession, But Its Success Comes at a Steep Social Cost .” It’s a major story, packed with statistics and charts and interviews, clocking in at 2,500 words, which suggests the idea to bring Indiana Gov. Mitch Daniels down a peg was being bandied about back when the governor seemed about to enter the Republican presidential race (he declined on May 22, citing family concerns). Gov. Mitch Daniels sits in his grand cave of a Renaissance Revival office and reviews Indiana’s economic fortunes, his self-effacing manner not entirely disguising satisfaction. The state’s pension funds are relatively healthy, the unemployment rate is dropping slowly and per capita income is ticking up, slowly. …. But Indiana is no world apart, even if Mr. Daniels would like to suggest it is. Large cracks have opened in its economic foundation, a sign of just how severe the downturn remains. Mr. Daniels alone cannot take all credit or shoulder blame for the health of Indiana’s economy. But it is his work here — and his reputation as a cost-cutting, tough-on-labor conservative obsessed with fiscal problems — that fueled interest in his presidential ambitions before he announced that he would not run because of family considerations. The state also serves as a case study of the often large tradeoffs required to balance the books when political leaders take the possibility of raising income taxes off the table. Fiscal conservatism, in other words, comes with its own costs. “Much like the rest of the country, we did not survive unscathed,” said Jessica Fraser, a research analyst with the Indiana Institute for Working Families. Hundreds of thousands of Indiana residents are unemployed and underemployed. Although the state’s unemployment rate is slightly better than that of its neighboring states, a striking number of people here — a significantly greater percentage than in Illinois or Ohio — have simply left the work force altogether since the dawn of the recession. For the second year in a row, Hoosiers ranked fifth nationally in personal bankruptcies, at 7.1 people per 1,000 residents. (Illinois came in 11th.) Indiana’s median family income is just 86 percent of that of the rest of the country. The reporters strained to locate a dark side to Indiana’s fiscal restraint. Indiana is perhaps best understood through the different path it took from its more free-wheeling neighbor Illinois on two issues. Governors and the Legislature in Illinois have for several years skipped making full pension payments and taken all manner of ill-advised risky investments to cover the shortfalls. But a state transportation worker can retire on a livable $35,000 or so a year. In Indiana, leaders typically strive to make annual pension payments. But benefits are more modest. An employee earning $30,000 a year retires after 25 years with an annual pension of less than $10,000. …. Indiana, under Mr. Daniels, slashed the state’s work force. After hitting nearly 40,000 workers in 1992, the number of people working full time for the state is now fewer than 29,000. Such fiscal restraint has helped the state bookkeepers — Indiana’s new budget envisions $1 billion in reserves in two years. Many residents, however, struggle with a different reality. One in three Hoosiers qualifies as low-income now, compared with one in four a decade earlier. And 58 percent of unemployed Indianans have burned through their benefits. Powell and Davey interviewed a cavalcade of local Democrats to criticize Gov. Daniels, focusing on low taxes and the stubborn refusal of Hoosiers to vote for new hikes. Indiana’s property tax caps limit bills to 1 percent of the gross assessed value of owner-occupied homes, 2 percent for farms and rental buildings, and 3 percent for businesses. Local authorities can ask voters to break the caps for projects like new schools and jails; so far, the results are mixed, with rejected resolutions outpacing accepted ones. …. Even with all the relentless budget cutting , more than a few residents say that vanishing businesses — not tax caps — are the real problem, and that local governments need to become leaner and more efficient.
Continue reading …Totally worth it? Just fallen over? Don’t tell mum? Revellers at Glastonbury 2011 sum up the festival in just three words John Domokos Christian Bennett
Continue reading …Owner of Argos and Homebase buys Habitant brand and flagship London stores – but rest of UK chain goes into administration The owner of Argos has bought the Habitat brand in the UK and its three top London stores for £24.5m but the rest of the UK chain has been placed in administration as part of a major restructuring that could result in more than 700 job losses. Home Retail Group chief executive Terry Duddy said it had bought the rights to the furniture and accessories brand and the Habitat website but just three of its 33 stores. He said only 150 of its 900 staff, including 50 from its 194-strong head office including the design team, would move over to work for the group, which also owns Homebase. Restructuring firm Zolfo Cooper has been appointed to find buyers for the 30 unwanted stores which will continue to trade as usual. The company said all existing orders and all customer deposits were fully protected. Duddy promised to preserve the integrity of the retailer which was started in the 1960s by design guru Sir Terence Conran as an antidote to the austere furniture aesthetic of postwar Britain. “There is no value in us doing anything to undermine this brand; it is about preserving its integrity,” he said. The Habitat brand with its “style-led credentials” and “strong heritage” was, he said, a significant addition to the group’s portfolio of brands, which include Schreiber, Hygena, Alba and Bush. Duddy said he did not know whether the deal had the blessing of Conran but said the design team was in contact with the founder recently and those conversations had been positive. Habitat has struggled financially for many years: the shops were a breath of fresh air when they arrived on the high street, but its clever designs were mimicked by cheaper rivals and, by the late 1980s, it was in financial difficulties. It was owned by Sweden’s wealthy Kamprad family, whose patriarch Ingvar founded Ikea, for nearly 20 years, but even their expertise could not revive its fortunes and they paid restructuring firm Hilco a multimillion pound dowry to take the loss-making business off their hands in December 2009. In the most recent set of accounts filed at Companies House, Habitat made a loss of £18.7m on sales of £74.3m in the year to March 2009. Hilco said trading conditions remained challenging for retailers of big-ticket items such as furniture. “Significant progress has been made reducing losses and refining the product mix following the installation of a new management team,” it said. “However, a return to profitability for the business in the UK appears unlikely in the near term as many of the stores are expensive and poorly located for a furniture retailer.” Home Retail is buying three London stores which are on the capital’s prime furniture shopping streets: Kings Road, Tottenham Court Road and Finchley Road. It plans to open about 25 Habitat departments in Homebase stores and has not ruled out selling the brand through the Argos catalogue. The company said it expected Habitat to deliver a small loss in its first year but then move into profit. Hilco said it was in advanced talks with a major European listed business to sell Habitat’s profitable European arm, which has 27 stores across France, Spain and Germany. Home Retail Retail industry London Zoe Wood guardian.co.uk
Continue reading …Tesco cuts 3p from a litre of petrol and diesel after move to open up emergency reserves by the International Energy Agency Tesco has cut its fuel prices following a big fall in the cost of oil internationally . The supermarket slashed 3p off a litre of petrol and diesel following the opening of emergency reserves by the International Energy Agency (IEA). Tesco UK chief executive Richard Brasher said: “We know our customers are feeling the pinch at the moment, so we want to pass on the benefit of a fall in oil prices straight away.” The Tesco move will offer some respite to motorists who have seen average prices at the pumps soar to around 136p a litre for petrol and almost 140p a litre for diesel. AA president Edmund King said: “We welcome this rapid 3p reduction in fuel prices. Earlier this week the AA revealed that high fuel prices are now affecting a record three-quarters of drivers who are having to cut back on journeys, cut back on other expenditure, or cut back on both. “Reduced fuel prices will help the general economy to recover as lower prices at the pumps means more spending elsewhere.” Crude prices slumped by $6 a barrel after the IEA, whose 28 members include Britain and America, unveiled plans to release 2m barrels a day for a month from its emergency reserves to counter shortages created by the conflict in Libya. Sainsbury’s said it would be cutting fuel prices by up to 3p a litre from midnight on Friday. A spokesman for the company said: “Sainsbury’s continues to be one of the most competitive retailers on price and that includes fuel. We know that consumer budgets are stretched, so from tomorrow our fuel prices will be dropping. This is to ensure that we continue to be one of the cheapest places for motorists to fill up their tank.” Asda is also cutting its prices. From tomorrow morning the company will knock up to 3p a litre from the price of fuel, meaning drivers will not pay more than 130.7p a litre for petrol and not more than 134.7p a litre for diesel. Asda’s petrol director Andy Peake said: “Once again, Asda leads the way in saving drivers money. And unlike others our price cuts are across the board. That’s why no one will pay a premium for their petrol to fund lower prices in another town round the corner.” Petrol prices Motoring Family finances Consumer affairs Oil Oil and gas companies Energy industry guardian.co.uk
Continue reading …• Jury had been due to consider attempted abduction allegation • Judge calls Milly Dowler murderer ‘cruel and pitiless’ An Old Bailey jury has been discharged without reaching a verdict on an allegation that serial killer Levi Bellfield attempted to abduct 11-year-old Rachel Cowles the day before he snatched Milly Dowler in 2002 because of media coverage of the trial. The judge, Mr Justice Wilkie, said that publicity of the case had left him no option but to discharge the jury and refer the matter to the attorney general. There was a huge amount of publicity that should not have been put before the jury, the judge said. On Thursday the jury convicted Bellfield of Milly’s murder after snatching her as she walked home from school near his home in Walton-on-Thames, Surrey. They were due to continue deliberating on Friday morning on the allegation of attempting to abduct Rachel Cowles. Prosecutor Brian Altman QC told the judge a decision had yet to be taken on whether to seek a retrial on the attempted abduction charge. Bellfield, a former wheelclamper and bouncer, was on Friday jailed for life with a whole life tarrif for Milly’s abduction and murder. After killing Milly, Bellfield dumped her body 25 miles away in Yateley Heath Wood, in Hampshire. The judge said: “He robbed her of a promising life, he robbed her family and friends of the joy of seeing her grow up into a self-confident, articulate and admirable young woman. “He treated her in death with total disrespect, depositing her naked body, without even a semblance of a burial, in a wood far away from her home, vulnerable to all the forces of nature.” He added: “He is marked out as a cruel and pitiless killer. “To this is added the fact that, as on another occasion at this court, he has not had the courage to come into court to face his victims and receive his sentence.” Bellfield, who was not in court, was already in prison for murdering 19-year-old Marsha McDonnell and Amelie Delagrange, 22, and the attempted murder of Kate Sheedy, 18, in 2004. Bellfield, 43, was given three life sentences for those crimes in February 2008 and was told he would never be released. Milly Dowler Crime guardian.co.uk
Continue reading …Home Retail Group completes purchase of Habitat brand in the UK and three London stores The company behind Argos and Homebase has bought the Habitat brand in the UK and its three flagship stores in London for £24.5m. The rest of the loss-making UK chain, owned by retail restructuring specialist Hilco, has been put into administration. Home Retail Group acquired the rights on Friday to the exclusive use of the Habitat brand, its brand designs and intellectual property in the UK and Ireland. It is also buying Habitat’s UK website, which was launched last year, plus certain brand support functions and the stores in London’s Tottenham Court Road, King’s Road and Finchley Road. Habitat, which runs 33 shops across the UK employing 900 people, has appointed Fraser Gray from Zolfo Cooper as administrator to the business in the UK to enable a “fundamental restructuring”. Habitat’s remaining 30 UK stores will trade as usual while the administrator talks to potential buyers. Hilco, which acquired Habitat in 2009 from the Kamprad family, the owners of Ikea, said it was in advanced talks to sell Habitat’s profitable European arm to a major European listed group. A deal would need clearance from the French works council and the competition authorities in France, but the sale is expected to complete in August. Phil Wrigley, Habitat’s executive chairman, said: “The sale of the brand and three flagship stores to Home Retail Group secures the future of Habitat and will enable the business to move forward in the UK with the benefit of the group’s multichannel strength.” Home Retail Retail industry Julia Kollewe guardian.co.uk
Continue reading …Since we disposed with the notion that the networks had a feeding frenzy on the Anthony Weiner scandal, what about the news magazines? They began with a whimper, but then that week’s magazines were summer double issues. After the week off, what happened in their June 27 issues? Not much. Newsweek didn’t offer a down arrow in their “Conventional Wisdom” column, but they gave an up arrow to “GOP Fringe,” arguing “Perry, Bachmann, and Paul show screwballs’ strength.” Up front, Newsweek acknowledged the end of Weinergate with a two-page photo and about 150 words on Weiner, but they gave a page to fashion writer Robin Givhan to prattle on about how Mrs. Weiner “says much with her wardrobe.” I think people would rather hear her speak. First question: “You really know how to pick 'em, huh?” Abedin drew nothing but coos and back-pats from the media in this whole thing. The pull quote: “In slim trousers and a pop of neon, Huma Abedin exudes calm and control amid chaos.” Who needs a press coneference when your “neon pop” will do the talking? She gushed: Fashion, used wisely, is a declaration of relevance. When Abedin posed for Vogue in 2007, she established herself as a Washington power personality. Last year, she made a return appearance in her wedding gown: a succinct pronouncement that her social currency had only risen in value. Time magazine was actually worse than that. It had no picture, no summary of the resignation or career of Weiner They only published a column on page 62 headlined “ No Pictures, Please! The scandals that stick aren’t always the worst. They’re just the ones we can see.” Nancy Gibbs, who was a Clinton stalwart during Monicagate, barely mentioned Weiner as she discussed the weight of the Pentagon Papers and the Watergate scandal for Nixon: Could he have survived Watergate if we had just read about his actions rather than heard them unfold in all their greasy glory? There's no way to know, but when it comes to Weiner, we can hazard a guess. A new Pew poll found that most respondents thought the recent rash of sex scandals reflects not lower standards among lawmakers, just higher scrutiny. Had we not seen the crotch shots and read the sexts but merely heard that Weiner was communicating inappropriately with his fans, it's hard to believe he would have been judged unfit for congressional service by his peers. This is the lawmaking body that was content to censure Gerry Studds for inviting a 16-year-old page to his apartment, getting him drunk and seducing him. Barney Frank put a prostitute on his personal payroll who proceeded to run his business out of Frank's Capitol Hill apartment; Frank was reprimanded for fixing his parking tickets. Senator Larry Craig considered resigning after he was arrested in a sex sting in an airport men's room but thought better of it and served out his term. Last year Senator David Vitter was re-elected in a landslide despite having his name turn up in the phone records of the D.C. Madam. And that's just the sex. FBI agents found $90,000 in bribe money in Congressman William Jefferson's freezer; he was defended by colleagues and re-elected by voters before being sentenced to 13 years in prison. Charlie Rangel was writing laws on our taxes as chair of the Ways and Means Committee while somehow neglecting to pay his own. He lost the chairmanship but keeps his seat, from which he now defends Weiner. Then came the argument that Weiner’s scandal wasn’t really scandalous at all and Weiner was done in by “pitiless prurience” in our culture: But defends him from what? No accusations of crime or abuse or outright adultery — not that that has proved disqualifying in the past (though a new Tennessee law makes it a crime to transmit online an image that might “frighten, intimidate or cause emotional distress,” so who knows what is illegal anymore?). Boiled down, the charges against Weiner amount to being epically stupid and deeply creepy and to having few friends in Congress. In the end, the calls for his resignation aren't a moral judgment but a political one: his presence costs too much and distracts Democrats from defending Medicare to the death, and in any case, New York needs to sacrifice two congressional seats to redistricting, so Weiner's might conveniently dissolve in 2012. As for the rest of us, the political-media-industrial complex has found Weinerpalooza an irresistible distraction from other disturbing news. The days of the Pentagon Papers debates seem long past, when a sudden transparency yielded insight into fights over war and peace and freedom and security; the transparency afforded by Twitter and Facebook yields insights that extend no further than a lawmaker's boundless narcissism and a culture's pitiless prurience. “Weinerpalooza” was an “irresistible distraction”? Obviously, Time magazine found it very resistible. But Gibbs was quite right about how Weiner's judgment by fellow Democrats wasn't moral, just political: they were willing to defend Weiner and stiff-arm the press if his online “activism” was limited to a few news cycles, but since TMZ seemed to keep finding more embarrassing images, he had to go. Democrats proved in the Lewinsky scandal that they will preserve their power and fudge the morals (Broaddrick rape, schmape) if it's really important. So did Time magazine.
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