King Juan Carlos of Spain abdicates --- King Juan Carlos said his son Prince Felipe would "open a new era of hope" -- King Juan Carlos of Spain has announced his intention to abdicate, after nearly 40 years on the throne. -- "A new generation must be at the forefront... younger people with new energies," the 76-year-old king said in a televised address. -- His son, Crown Prince Felipe, 45, will take over the throne. -- For much of his reign, Juan Carlos was seen as one of the world's most popular monarchs, but recently many Spaniards have lost confidence in him. -- His reputation has been tarnished by a long-running corruption investigation into the business dealings of his daughter and her husband -- King Juan Carlos, 76, has had health problems in recent years -- Support for the king fell further when it was discovered he had been on a lavish elephant hunting trip to Botswana in April 2012, in the middle of Spain's financial crisis. -- The first announcement about the abdication came from Prime Minister Mariano Rajoy, who told reporters: "His Majesty King Juan Carlos has just informed me of his desire to renounce the throne and begin the process of succession." -- Later, the king himself said in a televised address that it was time for a "new era" in which a new generation could take on the transformations and reforms required. -- He said his son, Prince Felipe, had the maturity and preparation to be king. -- King Juan Carlos' abdication will be a surprise to most people in Spain, but not a shock. -- More, BBC, http://www.bbc.com/news/world-europe-27662301