Spain busts drug-smuggling ring

26 December 2012 Last updated at 11:58 GMT Traffickers had smuggled the hashish from Morocco to Spain Spanish police have smashed a major drug-smuggling network, confiscating more than 11 tonnes of hashish and arresting 35 people.

Most of the hashish was stored in warehouses located in the central Spanish province of Toledo.

The drugs came from Morocco and were destined for distribution throughout Europe, authorities said.

Officers also seized more than 100,000 euros (£81,800) in cash, 14 cars and dozens of mobile phones.

"The dismantled organisation controlled the entire chain of trafficking, from production to packing, as well as transport to Spain, storage, and distribution throughout Europe, especially in France, Belgium, England and the Netherlands," police said in a statement.

Traffickers had smuggled the hashish from Morocco to Spain on trucks with tanks rigged to hide the drugs, they added.

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Santander cuts branches in Spain

17 December 2012 Last updated at 12:48 GMT Santander has more than 14,000 branches in 12 countries Banco Santander is to absorb two Spanish banks, Banesto and Banif, closing 700 branches in the process.

It owns 90% of Banesto and will buy out the minority shareholders with Santander shares at a 25% premium. It already owns all of Banif.

The three banks have 4,664 branches in Spain between them. All the remaining branches will be branded as Santander.

Santander predicted that the merger would save it 520m euros ($684m; £422m) a year in three years' time.

It said that the merger was part of the restructuring of the Spanish financial system.

Santander did not say how many jobs would go, but said job cuts would be implemented gradually through transfers around the group, natural turnover and voluntary redundancy.

It added that the proportion of Spanish bank branches owned by the group would increase by 2015 despite the closures, because other banks were also cutting back their networks.

Santander said the total number of bank branches in Spain was expected to fall to 30,000 by the end of 2015, down from 46,000 in 2008.

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