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London attractions top Google searches

London is the most googled city in the world for its art galleries, performing arts and innovative art and design.

The research, released by London & Partners, the Mayor's official promotional company for the city working alongside Google, shows that London's theatres generate more searches than those in any other city.

London museums make up the top three most Googled museums in the world. Credit: PA

It also revealed that the Science Museum is the most googled museum in the world. The Natural History Museum and the British Museum rank second and third.

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Man injured after crash involving fire engine in Brixton

A seriously injured man was pulled out of the wreckage of a car after a crash involving a fire engine in south London.

Rescuers had to remove the roof of the car to free the man after the accident Brixton.

Brixton Road was closed after the accident Credit: ITN

The injured man was taken to a central London hospital for treatment. The Metropolitan Police have confirmed that he is in a serious but stable condition.

The accident happened just after 6pm at the busy junction between Stockwell Road and Brixton Road.

No one else was in the car. Police say no arrests have been made.

The roof of the car was removed to free a man who was injured Credit: ITN
The junction where the accident happened Credit: ITN
  1. National

Libor rate-rigging proved costly for a number of banks

Libor rate-rigging was a practice that proved costly for a number of banks when the extent of the scandal emerged in the wake of the 2007 and 2008 financial crisis.

£290m
Barclays was the first bank to be fined over the affair
£940m
was paid by UBS and the US Justice Department filed charges against British trader Tom Hayes
£391m
was the fine for Royal Bank of Scotland
£218m
was the fine levied on Lloyds Banking Group in July 2014 after it admitted rate-rigging

Much of the money paid in fines in the UK has been allocated to charities.

  1. National

Libor scandal prompted reform of financial markets

In the wake of the Libor rigging scandal, there has been a renewed focus on the practices of the financial markets.

A review in September 2012 found that manipulation of the way Libor was fixed had damaged trust in the financial system and called for urgent reforms.

Dozens of traders have been fired as a result of their alleged involvement in the Libor scandal. Credit: PA

The role of the British Bankers' Association in overseeing Libor was severely criticised and responsibility for it was handed to America's Intercontinental Exchange Benchmark Administration this year.

Rules published in 2013 laid out new requirements for checking banks' submissions and monitoring for suspicious activity by benchmark administrators, as well as the policy on handling conflicts of interest.

In June, Bank of England governor Mark Carney backed plans laid out by the Fair and Effective Markets Review for the lengthening of the maximum sentence for market abuse from seven to 10 years.

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  1. National

Libor: What is the rate that was rigged?

A number of banks including Barclays, Lloyds Banking Group, the Royal Bank of Scotland and Deutsche Bank have been fined billions of pounds for their part in the Libor rigging scandal. But what exactly is the rate that was manipulated?

  • Libor - or The London Interbank Offered Rate - is a benchmark that indicates the interest rate that banks charge when lending to each other.
  • Each day, a panel of banks set out what rates they think they can borrow from others over a range of periods - from overnight up to 12 months.
  • The data is collated, the top and bottom estimates are removed and the rest are then averaged to give a final figure.
  • It is used as the basis for hundreds of trillions of dollars of loans and transactions around the world from complex derivatives to mortgages.
  • Libor is seen as fundamental to the operation of UK and world markets.
  1. National

Hayes offered contact $100,000 to keep Libor rate low

Tom Hayes, who has been sentenced to 14 years in prison for manipulating Libor rates, built up a network of traders to help him carry out the fraud, the prosecution said.

Hayes was said to have once offered to pay a contact 100,000 US dollars if he kept the Libor rate as low as possible.

Mukul Chawla QC,prosecuting, said: "On an almost daily basis he set out to dishonestly manipulate or rig Libor at his bank and other banks."

"The motive was a simple one: it was greed", he added.

  1. National

Hayes set about rigging Libor on first day at Citigroup

A trader, convicted over the Libor scandal, was paid £1.3m before tax in salary and incentives by UBS from September 2006 to December 2009.

Tom Hayes then joined Citigroup in 2009 because he "felt that UBS were not paying him enough", and received £3.5 million before tax for just nine months' work.

The prosecutor in his trial said Hayes immediately set about rigging Libor sending a message on his first day trading, saying: "Do me a favour and get the Libor rate up?".

Hayes was sacked from the bank after his methods were formally reported to senior management. He was later arrested in the UK in December 2012.

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