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.
London’s junior market grows for first time since 2007
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.
London cabs to make their way Down Under
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.
Del Potro boosts London hopes with title in Japan
View gallery Milos Raonic of Canada returns a shot to Juan Martin Del Potro of Argentina during their men’s singles (Reuters) – Top seed Juan Martin del Potro beat Canada’s Milos Raonic in the battle of big-servers on Sunday to bag the Japan Open title and boost his chances of qualifying for the end-of-season ATP World Tour finals in London. The 25-year-old Argentine, a last-minute wild-card entry for injured Andy Murray, won 7-6(5) 7-5 with the lone break of serve of the match coming at the fag end of the second set as Raonic lost the final in Tokyo for the second year running. The win gave del Potro his third title of the year and moved him up to fifth spot in the race to London while Raonic is 10th in the qualification race for next month’s tournament involving the top eight players of the world. Raonic, 22, who finished runner-up to Kei Nishikori last year, fired 17 aces and was untroubled in his service games before a crucial double fault in the first-set tie-breaker put del Potro ahead. The Argentine got his first break point opportunity in the 11th game in the second set and managed to convert the third to go 6-5 up before holding on in the next game to win in an hour and 43 minutes. “I played really well in the last two games of the match, returning all of his first serves,” del Potro told reporters. “It was a fantastic week for me as I played better and better with each match. “In the tie-break, he hit a double fault in the most important part of the match and then my chance came, which I knew I had to take. “I did what I could to win. When he serves well and hits aces, it means I have to be aggressive on serve. I threw in drop shots and came to the net to mix up my game.” Del Potro hit seven aces and had to save three break points in the first set against the Canadian, who had won their only meeting in Montreal in August. “I created opportunities and barring a double fault and a few points I could not have done much better,” Raonic rued. (Reporting by Sudipto Ganguly in Mumbai; editing by Amlan Chakraborty) Sports & Recreation COMMENTARY | The injuries continue to pile up for the Green Bay Packers, and Clay Matthews just became a repeat victim. Yahoo Contributor Network DUBLIN, Ohio (AP) — Fred Couples, the coolest guy in golf, never really looked that way until he stood on the edge of the 18th fairway Sunday and saw everything going his way. The Associated Press In one of the most shocking in-season NFL…