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.

London Zoo announces birth of Sumatran tiger cub, critically endangered species

“At the conclusion of that investigation, I anticipate they will make a decision with regards to future tours,” she told ITV. London Duck Tours said it has stopped operating tours on the river until the reason for the fire has been established. “Should technical or safety modifications be required to our fleet, these will be introduced prior to the service recommencing,” Duck Tours said, stressing that it “operates to the highest safety standards.” “London Duck Tours operates a fully modernized fleet of nine vehicles that have been completely rebuilt and refurbished between 2002 and 2012,” it said. “This includes new, purpose built hulls, new engines, computerized systems and steering equipment.” The company said it was fully cooperating with investigators and regulatory authorities. Previous problems Amphibious tour vehicles have run into trouble in the past. In June, a duck boat sank in the British city of Liverpool. Twenty-seven people were taken to the hospital for shock and exposure after that incident. It was the second time the Liverpool tour company, The Yellow Duckmarine, had had a problem with a vehicle — one of them sank in March without any passengers in it. The Yellow Duckmarine, whose passengers have included the Queen and Prince Philip, is not running any tours at the moment, according to its website. Reports said it went into administration and had its road license revoked after the June sinking. London Duck Tours said it had higher safety standards than The Yellow Duckmarine, which it described as “a totally separate company.” In Philadelphia, two people died after a 250-foot sludge barge pushed by a tugboat overran a disabled 33-foot amphibious tour boat on the Delaware River in 2010. The barge plunged the smaller vessel, its 35 passengers and two crew members underwater.

Fire sweeps boat on London Duck Tours; passengers leap into the Thames

The zoo announced Wednesday that five-year-old tiger Melati had given birth to the cub over the weekend following a six-minute labor. Craig Whitlock and Anne Gearan The primary mission for the long-range Global Hawks will be to keep watch on North Korea. Rise of Islamist extremists threatens Syrias Christians Loveday Morris Syrias conflict is threatening its reputation as one of the most religiously diverse countries in the Middle East. Kerry, Hagel vow U.S. wont be fooled by Iran Anne Gearan and Craig Whitlock Cabinet leaders insist they will go into Iran talks with eyes open but say the U.S. also has a duty to try. It said zookeepers had kept Melatis 105-day pregnancy under wraps so they could keep a careful eye on the tiger, installing hidden cameras so as not to disturb the first-time mother. The cub is the grandchild of the zoos last tiger cub, Hari the father of Melati. The cub whose sex and name are not yet known was born six months after the opening of the zoos new tiger territory exhibit, which is designed to encourage breeding of the critically endangered species. The zoo said its new arrival will not be shown for a few weeks. Copyright 2013 The Associated Press.