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Campaign to stop changes to London's skyline

London's skyline Credit: Jonathan Brady/PA Wire

A campaign has been launched to prevent further development of London's skyline. Some of Britain's most influential figures including sculptor Sir Antony Gormley, philosopher Alain de Botton and author Alan Bennett are backing the campaign to stop more than 200 planned skyscrapers from being built.

In a statement to the Observer, the 70 signatories have warned that many of the proposed buildings will be hugely prominent and grossly insensitive to the appearance of the skyline.

According to New London Architecture, 77% of the 236 proposed buildings will be in the centre or the east of London. The Observer reports, a spokesman for the London mayor Boris Johnson said he would consider the campaign's idea of a commission to examine London's future profile.

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Adoboli in danger of losing UBS billions

UBS set a daily trading limit for the exchange traded funds desk of 100 billion US dollars (£61.5 billion) and also used hedging to reduce risk - for example buying one type of investment and simultaneously selling a similar one to mitigate any loss.

Prosecutors claim Adoboli failed to hedge several of his investments in order to make a bigger profit for the bank and larger bonus for himself.

At one stage Mr Adoboli was in danger of losing the bank nearly 12 billion US dollars (£7.4 billion) of unhedged investments.

– PROSECUTING, SASHA WASS QC

Banker 'risked existence of UBS'

Kweku Adoboli worked for UBS's global synthetic equities division, buying and selling exchange traded funds (ETFs), which track different types of stocks, bonds or commodities such as metals.

UBS discovered in September last year that Adoboli's deals had caused the bank a loss of 2.3 billion US dollars (£1.4 billion), and "his fraud had unravelled", the court was told.

To put the huge trading loss in some sort of perspective, 2.3 billion US dollars is enough to pay a year's salary for nearly 70,000 new nurses or two Wembley stadiums or perhaps even six new hospitals.

This colossal loss arose purely as a result of Mr Adoboli's fraudulent deal making, which amounted as you will see, to nothing more than gambling.

He was lying to the bank, both to his senior managers, his risk control department, and the accounts department.

In effect he was risking the very existence of the bank by gambling its resources, ultimately for his own benefit.

– PROSECUTING, SASHA WASS QC

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Banker 'thought he had magic touch'

A City trader who gambled away £1.4 billion thought he had "the magic touch" but caused "chaos and disaster", a court has heard.

Kweku Adoboli, 32, exceeded his trading limits to try to get a bigger bonus and boost his ego, Southwark Crown Court was told.

He is accused of two counts of fraud and two counts of false accounting while working for Swiss bank UBS.

The charges relate to the period between October 2008 and last September.

He is on trial because he lost his bank 2.3 billion US dollars (£1.4 billion). He fraudulently gambled it away. He also in doing so wiped around 10% or about 4.5 billion US dollars (£2.8 billion) off the bank's share price.

He did all of this by exceeding his trading limits, by inventing fictitious deals to conceal this and then he lied to his bosses.

Mr Adoboli's motive for this behaviour was to increase his bonus, his status within the bank, his job prospects and of course his ego.

Like most gamblers, he believed he had the magic touch.

– Prosecuting, Sasha Wass QC

City trader faces two counts of fraud

Kweku Adoboli.
Kweku Adoboli. Credit: PA

The trial of a City trader accused of losing £1.4 billion while working for Swiss Bank UBS is due to begin. Kweku Adoboli will appear at Southwark Crown Court in London, to face two counts of fraud and two counts of false accounting. The prosecution case is expected to open in a few days time.

Adoboli, 32, Whitechapel, east London, is accused of losing the money in Britain's biggest alleged banking fraud. He worked for UBS's global synthetic equities division, buying and selling exchange traded funds, which track different types of stocks, bonds or commodities such as metals.

Adoboli is accused of dishonestly using his position to try to make a personal gain, and causing UBS losses or exposing the bank to the risk of loss. It is alleged that he lost a total of 2.25 billion US dollars and charges relate to the period between October 2008 and last September.

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