London’s Wealthy Seek Slice Of Downton As Prices Rise

The campaign was launched this week by Mayor Michael Nutter and the Philadelphia Convention & Visitors Bureau. Email | Twitter | Google+ | LinkedIn London cabs are bearing advertising promoting Philadelphia. The campaign launched this week by the city, the airport and the Philadelphia Convention & Visitors Bureau is promoting Philadelphia as a destination for trade, conventions and leisure travel. Next month Mayor Michael Nutter will take a trade mission to London and Tel Aviv, Israel. In London, hell attend the World Travel Market trade show, where some 47,000 travel professionals are expected. Philadelphia will have a group at the London show, including Jack Ferguson , president and CEO of the Philadelphia Convention & Visitors Bureau. The delegation will host an event for airline executives, urging them to add international flights to Philadelphia International Airport a move that could net business and leisure travelers. Through these relationships, we will attract new international travelers, students, investment and trade opportunities for Philadelphia businesses, and create new jobs for Philadelphians, Nutter said. Nutter and Ferguson will attend the World Travel Markets ministerial dinner on Nov. 5. It will include tourism ministers from around the world. The magnitude of this mission is powerful with so many partners from various business sectors coming together to promote our great city as a hub for trade, travel, education and innovation, while positioning Philadelphia a world-class destination, Ferguson said. As part of the promotional effort, 11 London taxis have been wrapped with Philadelpia messaging and images, which will also appear on interior headrests and taxi receipts.

Kander and Ebbs 2010 show The Scottsboro Boys, which won plaudits and 12 Tony nominations on Broadway, plays at the Young Vic from 18 October, directed, as was the original production, by Susan Stroman. And, courtesy of another American, the flame-haired musician Tori Amos, comes The Light Princess at the National Theatre. The musical is based on an obscure 19th-century fairytale about a grief-stricken, gravity-defying princess who is doomed to float until she learns how to cry. Marianne Elliott a director of vision and great sensitivity, and a key creative on the NTs ongoing blockbuster hit War Horse is at the helm of the venture; and Amos is one of the quirkiest voices in pop. Any collaboration between them can hardly help but intrigue. Theres plenty of activity in the commercial sector, too. Anyone with fond memories of Alan Parkers 1991 film The Commitments, based on Roddy Doyles novel about a Dublin soul band, can indulge in some sweet soul food at the West Ends Palace Theatre, where Doyles own musical adaptation of his book is currently in previews. December brings Stephen Ward, inspired by the 1960s political scandal the Profumo Affair, which unites Andrew Lloyd Webber with Christopher Hampton and Don Black, the team behind Sunset Boulevard. And Lloyd Webbers erstwhile writing partner, lyricist Tim Rice, has also been busy, on From Here To Eternity, based on James Jones classic novel, which has just begun previewing. With the cooling weather came a mixed bag of classical theatre. The actor of genius, Mark Rylance, donned his directorial hat to deliver a woefully creaky Much Ado About Nothing at the Old Vic, with under-powered performances from James Earl Jones and Vanessa Redgrave; those two living legends can be seen struggling on with it until the end of November.

Letter from London: A guide to winter 2013 in the West End

Prices climbed 0.4 percent on an annual basis. The measure includes manor houses, defined by Knight Frank as a large property standing in extensive grounds; farmhouses, which typically have six bedrooms and several acres of land including garden, paddock and barns; and cottages, which normally have four bedrooms and about an acre of land. While demand for properties within commuting distance of London was strongest, prime country homes in every region of England climbed for the first time in two-and-a-half years during the quarter, according to a reported published by Savills Plc last week. Last Chance This is your last chance to buy before stock goes down and prices really start to rise, Yolande Barnes , director of residential research at the London-based broker, said by phone. Current offerings of theirs include Park Place , an eight-bedroom period house on the edge of Windsor Great Park with cottages and stables on about 15 acres (6 hectares). The property, about an hours walk from Queen Elizabeth II s Windsor Castle and close to English private school Eton College, is priced at 20 million pounds. Savills, along with Hamptons International, is also selling Bayfields Farm, a country house in Hampshire, about 30 miles from Highclere Castle, where TV show Downton Abbey is filmed, for 2 million pounds. The value of U.K. luxury homes had plunged in the wake of the 2008 collapse of Lehman Brothers Holdings Inc. and the ensuing credit freeze and recession. Average prices of homes in Londons most expensive neighborhoods fell 25 percent in 2008, while those in the countryside declined 20 percent, Knight Franks Bailey said. Mortgages of more than 500,000 pounds to home buyers dropped by almost 50 percent between 2007 and 2008, according to the Council of Mortgage Lenders .

JPMorgan pays $100 million, admits fault in London trades

In the SEC agreement, JPMorgan admitted only that it failed to supervise those traders. The bank “recklessly disregarded the fundamental precept on which market participants rely: that prices are established based on legitimate forces of supply and demand,” the CFTC said in a news release. According to the agency, JPMorgan traders in London sold off $7 billion in derivatives tied to a price index of corporate bonds in one day – including $4.6 billion worth in a three-hour span. Derivatives are investments whose value is based on some other investment, such as oil and currencies. JPMorgan was betting that the price of the index would drop. When the traders sold their derivatives, the price of the index plunged. That was a “staggering volume” and the most ever traded by the bank in one day, according to the CFTC. The traders realized that the huge volume of the derivatives they had amassed could affect the market, and they decided to do so, the agency said. The agreement marks the first time the CFTC used a new legal authority from the 2010 financial overhaul law that is designed to prohibit reckless market conduct. Enforcement Director David Meister said the agency now is “better armed than ever to protect the market.” New York-based JPMorgan, in a statement, said “We are pleased to be able to put behind us another aspect of the … trading matter by the resolution of the CFTC investigation.” In addition to paying the $100 million, JPMorgan agreed in the settlement to continue to take steps to tighten its oversight of derivatives trading with an eye to reducing risk. The Justice Department has been investigating JPMorgan for possible criminal violations in connection with the London trades. One of the traders involved, Bruno Iksil, was known as the “London Whale” for the outsize bets he made that could roil markets.