By contrast, values for properties subject to the tax gained 8.7 percent, the broker said. The stamp duty issue is definitely in effect, Liam Bailey , global head of residential research at London-based Knight Frank, said by phone. Theres no doubt that investors have been concentrating their firepower in the 1 million-pound to 1.8 million-pound bracket. Thats been pushing that market. Prices in central London have climbed for 35 straight months. Although the rate has slowed, the markets strength this year has exceeded most brokers expectations. Knight Frank as recently as June said there wouldnt be a significant price increase this year. A month later, the firm forecast a 6 percent gain. Discretionary Market Theres a push-back from buyers, Bailey said. Its a discretionary market and people are looking for value. They arent desperate to buy anything at any price. Notting Hill and the City of London financial district led the increases with gains of 1.5 percent and 1.4 percent, respectively, in September. Belgravia, where values declined 0.2 percent, was the only neighborhood that didnt see a gain. Rents in prime central London fell 0.1 percent in September from the previous month, the fourth-straight decline, Knight Frank said in a separate report. Rents dropped 2.5 percent on an annual basis. There was a lot of firing in the financial sector in 2012 and that undermined rents, Bailey said.
Players not sold on London franchise
Morgan failed to keep watch over its traders as they overvalued a very complex portfolio to hide massive losses,” said George S. Canellos, Co-Director of the SEC’s Division of Enforcement. “While grappling with how to fix its internal control breakdowns, J.P. Morgan’s senior management broke a cardinal rule of corporate governance…” In short, the settlement sets a new legal precedent. This could expose the bank to more lawsuits in addition to claims by investors already in play. While the bank did not admit to any misstatements of its financial reports, the SEC’s order noted “the Sarbanes-Oxley Act of 2002 established important requirements for public companies and their management regarding corporate governance and disclosure.” Other legal headaches for JPMorgan JPMorgan’s troubles are far from over. The Commodity Futures Trading Commission (CFTC) has a separate probe under way to determine whether the bank’s London unit manipulated the market with heavy derivative trading in 2012. Also, the Justice Department intends to bring another case against the bank involving $1 billion in mortgage losses for loans sold to Fannie Mae. Finally, last week, the Consumer Financial Protection Bureau (CFPB) ordered JPMorgan to refund about $309 million to more than 2.1 million customers for illegal credit card practices. This enforcement action was initiated by the OCC, which the CFPB joined in 2012. The federal watchdogs found JPMorgan engaged in unfair billing practices for certain credit card “add-on products” by charging consumers for credit monitoring services they did not receive. JPMorgan will also pay a $20 million penalty payment to the CFPB, while the OCC is separately ordering restitution of approximately $309 million from the firm. The OCC’s order also requires JPMorgan to pay another $60 million to the agency. What does new precedent mean for the big banks?
London Whale Settlement Sets Legal Precedent
PC Paul Hyland a Metropolitan Police super-recognizer poses for photographs beside computer screens at the force’s New Scotland Yard headquarters in London on Sept. 18, 2013./ AP London police officers at Scotland Yard have reportedly been getting helped by a new breed of police-officers with special skills: “super-recognizers.” The Associated Press reported Friday that since 2011, about 200 London police officers have been recruited into an elite squad of super-recognizers that search crime surveillance photos in the hopes of identifying suspects based on perps they’d seen before. Super recognizers were responsible for nearly 30 percent of the 4,000 people who were arrested following the 2011 London riots , according to the report. “When we have an image of an unidentified criminal, I know exactly who to ask instead of sending it out to everyone and getting a bunch of false leads,” Mick Neville, Detective Chief Inspector at Scotland Yard who created the unit, told the AP. Just what exactly makes someone a super-recognizer? Richard Russell, an assistant professor of psychology at Gettysburg College in Pa., led a 2009 study that coined the phrase “super-recognizers.” He theorizes people with this superior facial recognition ability are on the other end of a spectrum from people who suffer from another condition called “face-blindness,” or prosopagnosia. In face-blindness, people have an inability to recognize familiar faces, even of celebrities and people they know well. Russell told CBSNews.com he does not believe super-recognizers are doing anything dramatically different than average people when they look at someone to recognize a familiar face. He thinks they don’t hone in on someone’s eyes or a specific feature to recognize someone better than a typical individual would, he said. “We don’t really know whether they are doing something qualitatively different than other people. I assume they are not,” said Russell. “It might be a quantitative difference — still using the same kind of processes, but maybe they’re better.” One of the goals of facial recognition research is to understand which cues are leading people to identify a face. It could be a difference in how a person processes the color contrast between the lips and skin or the distance between parts of the face that leads to this recognition, he postulated.
I’m just kidding. I wouldn’t because I have family and kids and stuff. If you’re a young guy, it would be a cool experience. They’re only as far away from the East Coast as Seattle is.” Lions tight end Tony Scheffler : “Me personally, no, I don’t think I would do that. Just personal preference. I’m not a big worldly traveler. I consider myself more of a homebody and that sort of thing. I think it would just be too out-of-the-box for me.” Lions wide receiver Ryan Broyles : “That’s tough to say, man, to be honest. I’ve never been to London. It would probably be kind of cool. I wouldn’t mind playing over there for a weekend. But to change my whole life around, I don’t really know about that right now.” Dolphins cornerback Brent Grimes : How are you going to do that?