London Whale Lifts U.k. Regulator To Highest Fines In A Decade

Regulator to Highest Fines in a Decade By Suzi Ring – 2013-10-04T15:11:31Z The U.K. finance regulator recorded its largest month of fines in more than a decade in September, buoyed by a 137.6 million-pound ($221.2 million) penalty against JPMorgan Chase & Co. (JPM) over the London Whale debacle. Industry fines totaled 169.5 million pounds last month and brought total penalties from the Financial Conduct Authority in 2013 to 339.5 million pounds, according to statistics published today by Wolters Kluwer NV (WKL) , Europe s largest tax and legal publisher. The year-to-date total is larger than any other full year since 2002. The regulator fined JPMorgan as part of a probe into losses exceeding $6.2 billion on a derivatives position built by a trader who came to be known as the London Whale because his bets were so large. The past year has also seen the regulator punish banks embroiled in the scandal over rigging of the London Interbank Offered Rate, or Libor. The FCA is endeavoring to keep up with the international trend towards greater levels of fining and is continuing the trajectory started in the U.K. by the Financial Services Authority in its latter years, said Barnabas Reynolds, a London lawyer at U.S. law firm Shearman & Sterling LLP. The FSA became the FCA in April this year. FCA fines increased considerably last year hitting 313.4 million pounds at the end of 2012 compared with 66.1 million pounds in 2011.

London steals title of best city in the world from Paris

‘Disaster’ Newham Way on the A13 was the worst location – registering a level of 61. Jenny Bates from Friends of the Earth said: “Allowing any new road river crossing or City Airport development as proposed would be a traffic-generating, congestion-worsening, air quality-deteriorating disaster. “Instead a package of non-road alternatives such as DLR (Docklands Light Railway) extensions, ferries and cheaper bridges for walkers and cyclists must be considered.” Currently, the only crossings for cars and lorries between Rotherhithe and Dartford are the Blackwall Tunnel and Woolwich Ferry. ‘Saving time and money’ In a statement, TfL said: “With London’s population set to grow to 10 million by the early 2030s new river crossings in east London are crucial to manage demand. “Providing the Silvertown Tunnel as an additional river crossing would reduce the time vehicles currently spend queuing in traffic – helping to reduce vehicle emissions while saving people and businesses time and money.” Plans put forward for new a Thames crossing include building a new road tunnel linking Silvertown to the Greenwich Peninsula, a ferry at Gallions Reach linking Thamesmead and Beckton or a proposed fixed bridge at Gallions Reach. Consultations on the schemes will begin later this year. TfL added that since Boris Johnson began his term as London Mayor emissions of NO2 were down by an estimated 20% due to measures brought in, including tighter emission standards for lorries. GREAT ORMOND STREET 1142: Maisie Harris, from Gillingham, Kent, has been at Great Ormond Street Hospital in London since being transferred from Medway Maritime at three months old. FOOTBALL 1127: Charlton will again be without striker Yann Kermorgant and skipper Johnnie Jackson for their match against Blackpool at 15:00. Defenders Leon Cort and Chris Solly both miss out with knee injuries. Midfielder Bradley Pritchard is over his concussion and could return. VIDEO: TREASURE TROVE 1111: A collection of Elizabethan and Jacobean jewellery goes on display in its entirety for the first time in more than 100 years at the Museum of London. The treasure trove was discovered in a London cellar by a group of workmen in 1912 – the hoard was buried there in the 17th Century.

Fears over London’s future pollution threat

Richmond Green

Possible reasons could include the fact that the city continues to bask in the afterglow of a successful Summer Olympic Games and has maintained a presence in the international spotlight with a string of historic milestones that include the Queens Coronation ceremony and the highly anticipated birth of a new royal with the arrival of Prince George. London also took the top spot as the city where individual cultures are appreciated and where foreigners can “easily fit in.” The Aussie capital of Sydney, meanwhile, enjoys a stellar reputation around the world for being the safest and friendliest city. The City Brands index measures the value of a citys international reputation across six dimensions: its international status and standing; esthetic; a category called pre-requisites such as affordable accommodations and the standard of public amenities; people; pulse (interesting things to do) and its economic and educational potential. More than 5,140 interviews were conducted in Australia, Brazil, China, France, Germany, India, Russia, South Korea, the US and the UK for the index. And while Paris was able to take the top spot in the category of Pulse, where the city failed to crack the top 10 ranking was in categories such as Friendly People and Safety. This summer, in a bid to shed their longstanding image of being rude and surly, the citys chamber of commerce published an etiquette manual for Parisian restaurateurs, taxi drivers and sales staff on how to welcome international tourists. …despite its indisputable charm, the capital has work to do when it comes to welcoming visitors, the chamber admits. And earlier this year, high-profile muggings of Chinese tourists robbed of their passports, plane tickets and cash shortly after landing in Paris tarnished the citys image, as did footage broadcast worldwide of soccer-related riots which broke out not far from the Eiffel Tower. Meanwhile, other notable movements on the index include Tokyo, which suffered a 7-spot drop from tenth place in 2011 to 17th place in 2013. Amsterdam, meanwhile, shot up the ranks from 17th spot to 11th position this year. And while Rio de Janeiro was ranked the third friendliest city on the list, the city fell to the bottom of the heap when it comes to safety (47 out of 50) — a particular concern given it’s set to host the World Cup and the Summer Olympics, the report points out. Here are the top 10 best cities for 2013: 1. London Washington (AFP) – Republicans launched a furious counter-attack on the White House as the US government shutdown drags into a fifth day with no end in sight.

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