London Whale Lifts U.K. Regulator to Highest Fines in a Decade
Accountancy group UHY Hacker Young said 20 companies floated on the London Stock Exchange’s Alternative Investment Market (AIM) in the three months to Sept. 30, while 16 delisted. This was the first time more had joined than left since the third quarter of 2007. “More companies are again looking at an AIM initial public offering as an opportunity for growth,” said Laurence Sacker, Partner at UHY Hacker Young. AIM’s attractiveness to UK retail investors has been boosted by the government’s decision earlier this year to allow AIM stocks to be included in individual savings accounts (ISAs) – popular tax-free products – for the first time. The research showed 56 companies joined AIM in the 12 months to the end of September, raising a total of 881 million pounds ($1.42 billion) – up 70 percent on the previous 12 months. The overall value of companies listed on the AIM market was 67.7 billion pounds as of August, according to data from the LSE, down from a peak of 97.6 billion pounds in 2007. Stronger equity markets have helped revive new listings in Europe after years of subdued activity due to the financial crisis, with London one of the busiest destinations. Separate data from Ernst & Young over the weekend showed that, when the LSE’s main market is also included, more than 3 billion pounds has been raised from London listings so far this year, double the amount raised in the whole of 2012. Sacker said next year also looked busy for AIM, but the market is still a way off returning to previous levels – in the 12 months to Sept. 30 2007, 8.8 billion pounds was raised by AIM IPOs. “The deal pipeline is looking healthy.
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.
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.
London cabs to make their way Down Under
File picture: Rui Vieira/PA Wire Monday, October 7, 2013 12:32 AM The famous London cab is to make an appearance in Australia, but not in the traditional black. Print To send a link to this page to a friend, you must be logged in. The London Taxi Company has exported a test sample of 98 TX4 taxis – in white – to the Western Australian city of Perth where they will under go trials over the next few weeks. It has been thought fit to paint the cabs white to take account of the perpetual Perth sunshine. If the trial goes well more cabs will be ordered, with the Australian state of Victoria expected to be the next area to take the UK taxis. The export order is one of the first to be fulfilled since the relaunch of production by the London Taxi Company at its factory in Coventry last month. The companys chief executive Evan Simeon said: The response has been phenomenal. We couldnt have asked for a better welcome. One Perth operator who purchased a fleet of the 50 bright, white used TX4s has already had a stampede of drivers who want to be the first ones to buy a cab and partake in the trial. Weve had a lot of positive interest from ex-pats, both prospective customers and drivers; what has been especially gratifying are the offers from ex-pat London Taxi drivers who not only want to buy one, but have also offered their services to train our Australian drivers on everything from the service to vehicle operation.