Chinese billionaire plans to rebuild London’s Crystal Palace
“There were flames, and there was lots of black smoke,” Phil Beasley-Harling, an eyewitness, told CNN affiliate ITV. “At one point, it looked as though the boat wasn’t going to survive.” Amateur video showed several passengers jumping into the water as flames and smoke billowed out from the windows at the front of the London Duck Tours boat, a bright yellow vehicle that takes sightseers around the British capital by road and river. After reports of the fire were received late Sunday morning, firefighters, a police helicopter and paramedics rushed to the scene. Several people were pulled from the water, and the blaze was eventually extinguished. Police said all 28 passengers and two crew members on board the vessel were safe. No one was seriously injured, and three people treated at a London hospital for “minor smoke inhalation ailments” have all been discharged, London Duck Tours said. Most of the people on board the boat were foreign tourists, ITV reported. The company and the London Fire Brigade both said the cause of the blaze, which damaged one third of the vessel, was so far unknown. River tours suspended Borough Cmdr. Alison Newcomb of London’s Metropolitan Police said that the maritime coast guard is investigating. “At the conclusion of that investigation, I anticipate they will make a decision with regards to future tours,” she told ITV.
London Whale Lifts U.K. Regulator to Highest Fines in a Decade
A lot of the companies we work with are actually out West. If you look at where Cisco, where Microsoft Microsoft , where the big B2B tech is, its actually out this side of town, as is Discovery Channel, Sky and the BBC, Hill says. Wazoku, which provides an internal idea generation and management platform for the BBC has clearly benefited from this proximity. But has being away from the East London tech action created other hassles for the fledgling company? Quite the opposite, claims Hill. A lot of clients, theyre struggling for meeting space in Central London. Theyre really happy to come to us. Weve got a huge space. Weve got a Muay Thai boxing gym in here, so we have two boxing rings in the office people find it quite quirky. If were going to meet clients, then the fact that we can show them an interesting space that isnt just four desks in a really expensive Shoreditch office gives us some more credibility, Hill says. And The Downsides If Hill and other West London startups have the classic advantages of the gentrification pioneer big, character filled spaces in which to create he also faces some of the same challenges. The biggest one? Imminent interest in the transforming neighborhood that will shift the real estate market once again.
Is London Big Enough For A Second Startup Hub?
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. The FCA is clear that where there is poor behavior we will act quickly with punishments we believe reflect the seriousness of what has taken place, the FCA said in an emailed statement. To contact the reporter on this story: Suzi Ring in London at firstname.lastname@example.org To contact the editor responsible for this story: Anthony Aarons at email@example.com
Ni Zhaoxing, chairman of the ZhongRong Group real estate investment firm, hopes to recreate the 19th century palace that was the world’s largest glass structure before it was destroyed in a fire in 1936 that could be seen across London. The original Crystal Palace was designed by Joseph Paxton to host the 1851 Great Exhibition, held when Britain sought to awe other nations with spoils from its empire and the wonders of industrialization. Originally located in Hyde Park, it was moved to south London in 1854, and Ni now wants to build a replica there to the original dimensions of about 500 meters (1,640 ft) long and 50 meters high. “This is going to recreate a 21st century version of the palace,” London Mayor Boris Johnson told reporters. “This isn’t an act of nostalgia. It is looking forward and it is about adorning our city with a world-class structure.” The 180-acre park, where the palace once stood and includes the original terraced steps, is currently home to an amphitheatre that once hosted reggae singer Bob Marley, a national sports centre and a collection of giant dinosaur sculptures, which also date from the 1850s. If the proposal goes through, it would be another example of China’s growing appetite for investments in Britain. A Chinese firm signed a deal this year to convert London’s Royal Albert Docks into the city’s third financial district. “London is renowned across the world for its history and culture,” said Ni, who says he was tied to Britain through his English-educated daughters and love of British art. “This project is a-once-in-a-lifetime opportunity to bring its spirit back to life by recreating the Crystal Palace and restoring the park to its former glory,” he said. The Chinese company, which says the project would create 2,000 jobs, is seeking to profit from its investment by drawing tourists and using the area to host international exhibitions. Residents of the surrounding area have rebuffed numerous development efforts in the past, including proposals to build a cinema, a new sports centre and housing developments. “It’s being dressed up as a heritage project but there’s not enough details, and the devil’s in the details,” said Amanda Sciberras, head of the Crystal Palace Residents’ Association, who said the proposal appeared to be a commercial venture rather than a cultural one.