Last month's increase means the prices of prime London houses are now 47.3 per cent higher than at their post-credit crunch low in March 2009, according to research from Knight Frank, the estate agent.
The increase came despite an increase in the stamp duty rate to 7 per cent for properties worth £2m or more.
Liam Bailey, Knight Frank's head of residential research, said: "While it looks very much that the surge in Greek buyers has fallen off sharply since the beginning of the year – those who have had the funds to buy have done so – we are now seeing a noticeable uptick in interest from France, Italy, Spain and even German-based purchasers looking at the prime London market.
"If the crisis in the Eurozone leads to a break-up, will this flow of funds continue to London? The final form of the break-up will dictate that," Mr Bailey added.
Any country that seems to be at imminent risk of ejection from the Eurozone is likely to see a massive outflow of capital, some of which is ending up in expensive bricks and mortar in London, says Mr Bailey.
Last month's 0.7 per cent jump in prices means that prices are now 10.7 per cent than a year ago. It follows a 1.1 per cent increase in April and leaves prices 12.1 per cent above their previous peak in March 2008.
Analysts said the figures presented further evidence that the London property market was one of three safe havens for cash, alongside gold and the swiss franc.
On Saturday, upmarket estate agency Savills reported that it has seen web searches from France increase by 16 per cent, compared with six months ago, with Spain up 10 per cent and Italy rising by 9 per cent.
Furthermore, the falling value of the euro against the pound, making property purchases relatively more expensive, seems to have had little impact on rising prices, analysts said. Rupert des Forges, a partner at Knight Frank, said: "Recent weeks have seen an even greater influx of European buyers looking to purchase property in the Prime London market.
"We have recently sold examples including two substantial flats in a premier Knightsbridge block with asking prices in excess of £15m.
We have also seen a sharp rise in interest from French investors looking to move quickly before [new president François] Hollande's newly proposed wealth tax."
Source: www.independent.co.uk
Cancelling London 2012 Olympics would cost $5bn, warns insurer Munich Re - Daily Telegraph
The bill would cover the costs incurred and revenues lost by companies such as advertisers and media companies, according to reinsurer Munich Re. Other forms of cover, including employers and public liability insurance, would add to the industry's losses. However, policies will not cover cancellation or disruption caused by transport chaos in London.
Source: www.telegraph.co.uk
Queen's Jubilee wrapping up in London - United Press International
LONDON, June 5 (UPI) -- British Queen Elizabeth II's four-day Diamond Jubilee celebration in London began wrapping up Tuesday with a church service and procession.
Elizabeth, 86, is the second British monarch -- after her great-great-grandmother, Queen Victoria -- to reign for at least 60 years.
Wearing a mint-green silk tulle ensemble, the queen participated in a service at St. Paul's Cathedral where trumpeters lined the stone steps and the Archbishop of Canterbury paid tribute to her "lifelong dedication," the BBC said. Prime Minister David Cameron gave a reading at the service.
After the religious ceremony, onlookers outside the church sang the national anthem as the queen headed to a reception at nearby Mansion House, the official residence of the Lord Mayor of London, followed by lunch at Westminster Hall, the BBC said.
She and other senior royals then returned by carriage through cheering crowds to Buckingham Palace ahead of a planned Royal Air Force flypast.
Spotted at Tuesday's events were the queen's son, Prince Charles; his wife Camilla, the Duchess of Cornwall; her grandson Prince William and his wife Kate; and her grandson Prince Harry.
The queen's 90-year-old husband Prince Philip missed out on the events after he was hospitalized Monday for a bladder infection.
Source: www.upi.com
London 2012 security operation investigating 500,000 people - The Guardian
The backgrounds of up to 500,000 people are being scrutinised in an unprecedented security screening designed to stop the Olympic Games being disrupted by criminals or terrorists, the Guardian has learned.
In what is understood to be the biggest vetting process since the second world war, the Home Office has so far refused about 100 applications for Games accreditation, mostly because of concerns about the extent of people's criminal records.
However, some people have been denied accreditation on the advice of MI5, which has to assess whether a person might pose a significant threat to national security.
The 500,000 figure includes anyone seeking employment at the Games, as well as athletes, coaches and officials from more than 200 competing nations.
The Guardian has been told the threshold for refusing accreditation has been set high, which means some of those working at the Olympics this summer will have "come to the notice of" the police or MI5 in the past.
"To be rejected, they have to pose a significant potential threat to the safety of the Games," said a source. "They won't be rejected on the basis that information is held about them.
"A judgment has to be made, not on the basis that there is an official record, but does this person pose a significant threat to security."
Police and MI5 have been taking a careful look at all those who may end up working at the Olympic sites. It is an obvious way for would-be terrorists to gain access to venues, and police are aware that terrorists may masquerade as casual workers looking for temporary jobs.
However, those involved in the security of the Games say they have found no evidence so far that al-Qaida sympathisers have tried to infiltrate the civilian workforce.
The vetting process began in earnest last October and officials are more than two-thirds of the way through the process, which is expected to be completed in the coming weeks.
It has been one of the core tasks of counter-terrorism officials but the scale of the operation, and the depth of the checks required, has made it a drawn-out affair.
Among those still to be vetted are many of the 10,000 security guards who will be employed by G4S, the private firm which is contributing 23,700 personnel at the Olympic venues.
A big recruitment drive was launched by G4S when the number of guards it was expected to provide grew from 2,000 to 10,000, after it emerged that the Games organisers, Locog, had seriously underestimated the number required. The 70,000 volunteers recruited by Locog, who are considered crucial to the success of the Games, are also being screened.
Home Office officials said that many of the 10,500 athletes taking part in the Games and those accompanying them were used to travelling to international events and were unlikely to pose any security problems.
There remain outstanding questions surrounding a handful of high-profile individuals, including members of the Syrian Olympic committee with close links to the Assad regime.
It is believed that discussions are continuing over whether to bar General Mofwaq Joumaa, the president of the Syrian national Olympic committee, from entering the UK.
Scotland Yard and MI5 are understood to have hundreds of investigations "live", with the Olympic security operation likely to reach a new pitch as teams arrive for training before the event.
It is understood that the security service has not set up a separate Olympic security unit, believing it would be wrong to draw a distinction between terrorism and Olympic terrorism.
The security service is said to be bracing for a possible deluge of intelligence from foreign police forces and intelligence agencies, who will not want to sit on any information just in case it reveals a potential threat to the Games. MI5 remains confident it will be able to cope, and the Home Office said it will leave nothing to chance when it comes to security.
"We are undertaking stringent checks on all those seeking accreditation," a Home Office spokesman said. "This rigorous process has been designed to ensure those working at the Games are fit to do so. We will leave nothing to chance in our aim to deliver a safe and secure Games that London, the UK and the whole world will enjoy."
Source: www.guardian.co.uk
Essex firm Birkett Long continues expansion drive with local merger - Lawyer Online
Global Antitrust Enforcement in M&A Transactions
by Ian G. John, Partner, New York; Simon Baxter, Partner, Brussels; Nikolaos M. Peristerakis, Counsel, Brussels; and Kenneth B. Schwartz, Counsel, New York
Originally published in 2012 Insights, Skadden’s fourth annual collection of commentaries on the critical legal issues businesses are facing in 2012, this article examines recent antitrust developments in M&A transactions in the United States, European Union, China, Brazil and India.
Source: www.thelawyer.com
London 2012 Olympics: Bramham last chance as selectors make their choice - Daily Telegraph Blogs
Despite its disrupted schedule, next week eventing will become the first equestrian discipline to announce its team for London 2012. Selectors ripped up their protocols after the costly wet-weather cancellations of Badminton and Chatsworth, and the further loss of a month’s worth of national competitions due to waterlogging will have played havoc with the prep of even those who privately expect to be named.
Received wisdom is that four of the five eventers will be William Fox-Pitt (exact horse t.b.d. as he has so many), Mary King (Imperial Cavalier), Nicola Wilson (Opposition Buzz) and Piggy French (Jakata, who won confidently at Houghton Hall last week), with the remaining slot between five riders. These are Lucy Weigersma (choice of three, and hoping Granntevka Prince will make up for his fall at Kentucky), Zara Phillips (High Kingdom), Francis Whittington (Sir Percival), Sarah Cohen (Treason) and Tina Cook (Miners Frolic, the 2008 bronze medallist still with a little to prove after absence due to his life-threatening colitis last year).
All run at Bramham this weekend (June 7-10) which has doubled capacity, because UK-based overseas riders are inevitably short of match practice too (incredibly, Mark Todd only got his Olympic qualifying result on NZB Grass Valley two weeks ago). Bettina Hoy, once the doyenne of the German team and who controversially lost Olympic gold in 2004 on a technicality, has an outside chance if Lanfranco TSF can produce the goods on his seasonal international debut at Bramham.
Fox-Pitt starts Lionheart at Bramham. He and Oslo are among the less experienced in Fox-Pitt’s enormous string but he is thought to favour for them for the unusual challenge of Greenwich. It would be hard to think of any other rider that is in a position to discount a Burghley and Kentucky winner (the racing-bred galloper Parklane Hawk.) But the cross-country obstacles at Greenwich will be slightly under height – as Olympics often are, for the benefit of the emerging nations – and the real test will be selecting a “handy pony” suited to the relentless turns and cambers in between.
Greenwich will undoubtedly be the twistiest cross-country ever seen at a championship. A LOCOG executive told me that if you walked directly across the Park you would cross the jumping track eight times; at Badminton the pedestrian would cross just once or twice.
In dressage, the obvious team of three, Carl Hester, Charlotte Dujardin and Laura Bechstolsheimer, are merely on tick-over, having all scored personal bests this spring. Only the fourth “courtesy” slot remains, which rider doubles as team reserve. This is between Richard Davison (Hiscox Artemis), who scored a promising 74.4% at Munich last week in the reduced Grand Prix Special test devised for London 2012, and Emile Faurie (Elmegardens Marquis), who will aim to better it at Fritzens this coming weekend. The squad will be confirmed in the first week of July.
In show jumping too, three of the quartet is popularly assumed to be decided – Ben Maher (Tripple X), Scott Brash (Hello Sanctos) and Nick Skelton (Carlo or Big Star), Skelton being the rider that Eric Lamaze also tips to succeed him on now that his own chance of a successful gold medal defence has evaporated with the death of Hickstead.
However, while last week’s Rome Nations Cup seemed mostly to rule riders out of the British jumping squad, St Gallen brought a “new” and very serious prospect into the frame.
Last October, Tim Stockdale was prone on his hospital bed, contemplating life as an invalid with three broken vertebrae. However, London 2012 spurred him to recovery and although he frightened his fans by falling off at Royal Windsor two weeks ago, with Fresh Direct Kalico Bay he jumped a double clear in the St Gallen Nations Cup, and a further two clears gave them second place in the Grand Prix.
St Gallen was an arguably more influential track than Rome, yet Stockdale showed no ring-rustiness whatsoever. He will now almost certainly contest the final observation event at Rotterdam (June 20-24). If they can reproduce even 90% of last weekend's form, the 2010 King George V Gold Cup winners cannot be over-looked.
On paper there was an impressive top league debut in St Gallen by John Whitaker’s new partner, Maximillian, in only their 13th competition start. Whitaker usually produces his own champions but, fearing the prodigious Argento might not be quite ready, he quietly purchased a half-made jumper from Sweden in December. Maximillian showed his inexperience in the first round, but visibly grew in confidence and delivered a second-round clear. Yet in the Grand Prix two days later he accrued 21 faults. Maybe fast-tracking him to the big occasion had taken its toll mentally, or maybe Maximillian just felt tired – something selectors also have to consider with the Olympic team and individual jumping contests decided concurrently over six days.
Whitaker has won 21 championship medals, but none of them as an Olympic individual, and that still grates. In 1988, his legendary Milton was prevented from travelling to Seoul by his owners. In 1980 Ryan’s Son won team and individual silver at Rotterdam but John feels this was never recognised: Rotterdam was an “alternative” Olympic event following the mass political boycott of Moscow by all show jumping nations bar 11 from the soviet bloc that would never have got within 100 yards of a podium on any other occasion. Whitaker celebrates his 57th birthday during London and much sentimentality would be attached to his participation, but it’s hard to see how even this magician can pull something out of the hat with only three weeks to a decision.
Show jumpers from the new eastern Europe are still not a major threat, by the way, despite massive investment. The Ukraine has qualified for London but this is largely a contrived operation funded by billionaire enthusiast Alexander Onyshencko. Like the Saudis, Ukraine has bought in ready-made horses – to the extent that some were seized by authorities investigating Mr Onyshekco's financial affairs and sold at public auction earlier this spring. But, unlike the Saudis, Ukraine seems to have bought in the riders as well, notably Katharina Offel and Bjorn Nagel (formerly of Germany) and Gregory Wathelet (ex Belgium). This certainly adds to the "universality" of equestrian participation at London - at the expense of proper players such as Ireland and Italy under the strict quota applied in western Europe. What this this Formula 1-style, commercial team system will do for grass roots participation in the countries is not yet clear.
Source: blogs.telegraph.co.uk
Who needs make-up! Sam Faiers shows a more relaxed side as she enjoys romantic pool rendezvous with beau Joey Essex - Daily Mail
By Holly Thomas
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She was spotted heading to the pool at the weekend looking as though she'd spent the entire morning getting ready for the sunbathing session.
So it was refreshing to see Sam Faiers looking rather more relaxed yesterday as she enjoyed a little downtime with her on-off beau Joey Essex at their Marbella resort.
The couple looked perfectly at ease with one another, at one point nipping off to grab a bite to eat without their TOWIE castmates.
In their natural state: Sam Faiers and Joey Essex were looking relaxed by the pool at their Marbella resort yesterday
Filming taking its toll? Both looked a little tired, but glad to chill out in each others' company
Sam didn't bother to wear make-up, and covered her bikini-clad frame in a comfy t-shirt now and then when the sun became too much.
She did get up to stretch her legs and show off her tanned figure at one point however, looking far more relaxed in flip flops than she had done in heels over the weekend.
Joey looked a little restless on the sun lounger, shifting around from time to time, but ever attentive when Sam leaned over to share a quiet word.
Tender moment: Sam used her boyfriend's chest as a pillow as they drifted off together
A little help? Sam used an unconcerned Joey as a support to sit up
He was briefly distracted when a couple of young female fans came over to have a chat, but quickly resumed his prone position once they had left.
Sam was clearly quite happy to sit back and take a break from her usual role of Essex glamour queen.
Over the weekend the blonde boutique owner was spotted filming scenes for the Only Way Is Essex looking more her usual self, wearing a slashed to the navel black swimsuit.
Laid-back look: Sam didn't bother with make-up, and covered up with a loose top when the sun got too much
Ready to take a dip? Sam appeared to be contemplating a swim, while Joey hardly seemed able to move
Getting fidgety: Joey seemed to have trouble finding a comfortable position
She accessorised with a huge, gold neck piece, featuring a large circle in the middle which hung off the main plate and nestling between her breasts, drawing attention.
Sam wisely protected her face from the sun’s rays at Sisu Club and Hotel in Puerto Banus, pairing her skimpy outfit with a giant black and white striped hat and large sunglasses.
A crocheted waistcoat and sky high clogs which elongated her legs completed the look.
Bit of a distraction? Joey looked a little weary as he sat up to greet a couple of young female fans
Ready to make a move? Both looked as though they were feeling the effects of the last few days in Marbs
Blending in with the crowd: Sam was sporting none of her usual TOWIE bling, with unstyled hair and no jewelry
The overall look was significantly more high-maintenance than her low-key poolside look yesterday.
But Sam's more casual appearance clearly wasn't an issue for Joey, who was undeterred in his attentions.
The pair made a touching display of their affections during the final episode of season five last week when Joey penned a heartfelt love letter to Sam.
Time to head for the shade: Even the sun-loving pair needed a break at one point
Joey made Sam laugh as he reminded her of memories they share from when they initially got together, and displayed his childlike handwriting.
His closing words were: 'I love you and you're the love of my life.'
Joey's gesture appeared to make up for the distress he caused when he was photographed getting into a cab with another girl.
Grabbed a bite: The enamored pair went to get some food without their TOWIE castmates
What a difference some slap makes: Joey and a made-up Sam out last Thursday
Dressed to the nines: Sam's look was much more high-maintenance on Sunday
Source: www.dailymail.co.uk
London 2012: Olympic sponsors seek a winning performance - BBC News
As athletes hone their preparations to strike gold at the London Olympics, so companies and brands are hoping the time and effort they have put into their games sponsorship campaigns will also bear fruit.
From the big multinationals who make up the International Olympic Committee's (IOC) global TOP sponsor programme, to smaller UK-based suppliers to the games, all are gearing up their partnership programmes.
One new edition to that IOC tier of big name backers is Procter & Gamble, a worldwide manufacturer of products such as Head and Shoulders, Gillette, Bold, Duracell, Pringles, Wella and Max Factor.
"There are three reasons why we are backing the Olympics," says Nathan Homer, P&G's UK and Ireland Olympic Projects Director.
"First it is to build the business. Anyone who does a partnership deal and says it is not to build their business, then you wonder what they are doing it for."
Brand awarenessThe firm aims to make $500m (£325m) in additional sales this year thanks to its London 2012 association.
"Secondly, we have made a clear decision to use the Olympics to launch Procter and Gamble as a corporate brand, as something separate from the individual brands that P&G owns."
Mr Homer adds: "The other reason for backing the games is that it can be a powerful tool within our workforce, in the UK and around the world."
The fact that so many different nations compete in the Olympics was used to highlight that P&G in the UK and Republic of Ireland employs 54 different nationalities.
"The next time we asked staff about whether they recognised diversity as an issue, the scores were much higher," says Mr Homer.
The firm's advertising campaigns are already up and running, on TV, public transport and elsewhere.
As well as supporting Team GB and Paralympics GB, the firm is also backing 150 athletes around the world, with the biggest names being used in ad campaigns.
"We thought we would see a steady build-up [in sales] from January, but we actually saw an early acceleration in business," says Mr Homer.
"We want to maximise our impact around the actual games and have separate campaigns there, too."
P&G is running campaigns with a social or sporting strand, including partnering the Mayor of London's office on the Capital Clean Up campaign, and it is also running its Gillette sports coaching programme.
Reputational gainNeil Crockett is the managing director leading the Olympic Games and Paralympics sponsorship at multinational IT and networking firm Cisco, a technical partner of the two events.
It is in the London 2012 Olympic Supporters tier of sponsors.
The firm recently opened Cisco House, a showpiece building just across the road from the Olympic Park in Stratford, which highlights the firm's work.
"It [sponsorship] is a great chance to showcase what we do every day, delivering mission-critical infrastructure projects," says Mr Crockett.
"It is also good for our reputation. We have been a supplier before to sponsors, but this is the first time we have been a sponsor of a major sporting event."
As a business-to-business company, Cisco decided not to go for mass publicity about its London 2012 partnership, although there was some targeted media work in select publications.
"As a sponsor, we have got to be disciplined in knowing what we are about, otherwise you can spend a lot of money that does not pay off," says Mr Crockett.
"We want to build a legacy for the Games that is meaningful and which ultimately helps the UK to grow. London 2012 has got to be a catalyst - not just an event - for business."
He said the technical and digital sector was one of the few growing in the UK, and the Games could drive that forward.
"It is what comes after the event that is important - innovation, entrepreneurship, skills and training," he adds.
Cisco's five-year investment plan also includes a programme called the British Innovation Gateway, to encourage skill and innovation.
And it has been working to help revamp the science and maths syllabus for 14 to 16-year-olds, based around an Olympic theme.
In addition, the firm will establish 30 "network academies" in east London, providing equipment and e-learning materials for students to study IT.
Staff benefitsFreshfields, one of the 2012 Games providers and suppliers, is a London-based law firm that has been involved with the Olympics project for the past nine years.
Back in 2003, it helped the Olympic Games company to put the London bid together.
Since hosting victory in Singapore in 2005, it has been working for both the games organising committee Locog and the Olympic Delivery Authority.
"We had been immersed in it and had a suggestion of the power of the Olympic Games and how it energises people," says the firm's Tim Jones, instrumental to its 2012 partnership.
"I had concluded that there were a number of things we wanted to do with the business, including increasing our corporate client base," he says.
"The Olympic Games sponsor group contains significant companies and has given us a chance to get closer to them."
Becoming a sponsor has also helped to enable the firm to leap up the brand awareness tables for its sector.
Sponsorship also allows the firm to take clients to the Olympic Park or test events, or to introduce them to athletes.
And on the internal side of the workplace, it has helped with staff interaction.
"We are able to introduce Olympians and Paralympians to the staff," says Mr Jones.
"The Paralympians have really caught the imagination of people here, they have been so inspirational - even for people not interested in sport.
"It is very motivational for people to hear their stories. "
And being associated with London 2012 has also helped attract staff in what Mr Jones says is a competitive marketplace.
"We have been very pleased with the way this has turned out. In this Olympic year, we are really seeing the payback."
Source: www.bbc.co.uk
So much better without all the awful caked-on war paint.
- Princess Leia, The Death Star, 06/6/2012 00:20
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