European rivals eye London’s banking business
How far will Frankfurt and Paris go to claim the business of the City of London once the UK has left the European Union? Which other cities are in the running and how many jobs does London stand to lose? Gideon Rachman puts these questions to Michael Stothard, the FT’s Paris correspondent and James Shotter, Frankfurt correspondent.Cancel
After days of severe weather warnings and anticipation, England suffered transport chaos and widespread power cuts this morning after a storm with gusts of up to 99 mph hit southern England.
Though the storm was not severe by international standards, it is the worst to hit the country in a number of years.
Porthleven in Cornwall. (c) Getty Images
This video from the Met Office shows the progress of the storm across the country.
The worst of the weather is now over, with the focus turning to the cleanup.
London’s rail stations were eerily quiet as most major rail companies cancelled all early morning trains.
(c) Claer Barrett
(c) Claer Barrett
Network Rail, like many other companies, took to Twitter to update commuters on problems.
It said that more than 100 trees have been discovered on the rail network across the south east so far today.
As of 10am, many major commuter routes were still closed. Read more
♦ Zhou Yongkang, a former security chief and member of the Chinese Communist party’s Standing Committee of the politburo, looks set to pay the price for defending Bo Xilai as China cracks down on corruption.
♦ Although Ireland has been lauded for its austerity programme and is about to leave the EU and IMF bailout, concerns persist that its recovery will run out of steam.
♦ Michael Goldfarb at the New York Times thinks the London property market “is no longer about people making a long-term investment in owning their shelter, but a place for the world’s richest people to park their money at an annualised rate of return of around 10 percent.”
♦ Take a look at these photos: the Mark Twain branch of Detroit public library is another casualty of the city’s bankruptcy.
♦ Yassin Al Haj Saleh, who was jailed for 16 years under the Assad regime and whose family was jailed by Islamist rebels, says a poignant goodbye to Syria. Read more
(MIKE CLARKE/AFP/Getty Images)
Over the weekend, my son and I walked up to the Peak in Hong Kong. We set off from the wrong point, which meant that that the walk took longer than it should have – and we kept getting cut off, by private roads.
On the other hand, our circuitous route gave us the chance to stare into the front rooms, back gardens and swimming pools of some of the priciest properties in the world. For example, this modest town-house on Severn Road would set you back about $30m (that’s US). If you really want, you could spend twice that on a mere apartment in the most luxurious blocks in Hong Kong.
The downside of the incredible prices being fetched for Hong Kong property is that finding somewhere to live is increasingly tough for people on normal incomes. Now the Hong Kong government, normally noted for its laissez-faire attitude, has acted. Over the weekend it imposed a 15% stamp duty on property purchases by non-residents. Estate agents are predicting a sharp drop-off in interest from buyers from mainland China, who have been driving up prices. Read more
Mitt Romney meets David Cameron (Getty)
American cable television has come a day late to Mitt Romney’s troubled visit to the UK, but is making up for lost time by giving lots of air time to the coverage in this morning’s British press. CNN has been running items every hour about Romney’s procession of gaffes and how they have been received. Pride of place has gone to the headline in The Sun: “Mitt the Twit”. Read more