BARCELONA, Spain, Jan. 19 (UPI) -- A series of raids in Barcelona, Spain, have resulted in the arrests of 14 terror suspects and the discovery of bomb-making materials.

While authorities have alleged that the suspects likely had links to an Islamic terror network, Spanish Prime Minister Jose Luis Rodriguez Zapatero attempted to downplay any planned terror attacks, the BBC reported Saturday.

"Let's be as cautious as is advisable in these cases, with regard to the scope, intentions and what this potential group of radical Islamist activists represented," Zapatero said.

The raids were conducted by a joint task force made up of National Intelligence Center officials and members of Spain's Civil Guard.

Authorities alleged that explosive materials were among the items seized during the raids, leading some to suggest the suspects may have been planning bombing attacks.

Islamist militants bombed the train system in the Spanish capital of Madrid in 2004 killing 191 people.

Bush: There is 'risk of a downturn'

WASHINGTON, Jan. 19 (UPI) -- U.S. President George W. Bush Saturday said that although the economy is growing, the rate of growth has slowed and "there's a risk of a downturn."

In his weekly radio address, the president called current economic conditions "a challenging period for our economy."

"My advisers and many outside experts expect that our economy will continue to grow over the coming year, but at a slower rate than we have enjoyed for the past few years," he said. "And there's a risk of a downturn."

Bush reminded listeners that the government has taken steps to address a sagging housing market, and he urged Congress to pass legislation to modernize the Federal Housing Administration.

He also urged Congress to act quickly on an economic stimulus program that is "big enough to make a difference in an economy as large and dynamic as ours" and is "built on broad-based tax relief that will directly affect economic growth."

Bush said the program must avoid tax increases and should promote business investment and consumer spending.

"To be effective, a growth package must include tax incentives for American businesses … to make investments in their enterprises this year," said Bush.

Personal info on 600,000 on lost laptop

LONDON, Jan. 19 (UPI) -- Authorities say a laptop computer containing personal data on 600,000 people linked to the British military has been stolen from an officer's car.

The laptop contained home addresses, insurance numbers and bank account and passport details of personnel serving in the British military and thousands who showed an interest in a military career, The Times of London reported Saturday.

The theft, believed to have occurred in Birmingham overnight on Jan. 9-10, had been kept secret for national security reasons, military officials told the Times. The junior Royal Navy officer, who may not have been authorized to have the laptop in his car, now faces a court martial, the newspaper reported.

Des Browne, Britain's defense secretary, plans to brief the House of Commons on the situation this week, the Times said.

Report: Economy key to Serbian election

BELGRADE, Serbia, Jan. 19 (UPI) -- Political analysts say Sunday's presidential election in Serbia is being dominated by the economy rather than the debate on Kosovo's independence.

Though the nine candidates frequently mention Kosovo during their stump speeches, polls suggest employment and living standards remain the biggest concerns of prospective voters interviewed, Euronews.net reported Saturday.

Voters also are debating whether Serbia should enhance its ties with Russia or move toward the European Union, which Friday announced it would hold talks on the possibility of Serbs having visa-free access to the EU, Euronews.net reported.

Of the two main Serbian presidential candidates, neither pro-Western incumbent Boris Tadic nor nationalist Tomislav Nikolic, of the Serbian Radicals Party, are expected to garner enough votes for a win Sunday, which means a second round of voting would be held Feb. 3.