New Olympic challenge: Bike riding through London - The Guardian New Olympic challenge: Bike riding through London - The Guardian
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New Olympic challenge: Bike riding through London - The Guardian

New Olympic challenge: Bike riding through London - The Guardian

THOMAS WAGNER

Associated Press= LONDON (AP) — Like a runner or a swimmer, you would need to be physically fit. Like a goalie or a boxer, you should be prepared for close calls. But if you are coming to London's Summer Olympics — and you have what it takes — using a bicycle could be a great option in a city bracing for gridlock.

Biking in London is not for the average tourist. The British capital can be a cauldron of trucks, buses, black cabs, cars, motorcycles and bikes competing fiercely with one another, especially on major roads during rush hour.

Still, thousands of locals do commute to work on bicycles each day. One reason is a growing number of bike paths, including some along an ancient canal system that is closed to drivers. The city also rents out thousands of bikes on its streets.

"Riding on London's main roads is not for the faint of heart," said Dan Stone, 52, an American who lives in central London and regularly cycles there. "But find out-of-the-way routes and you can see so much more of this amazing city than someone on public transportation."

London has 15 bicycle maps, including a new one on routes to Olympic Park in eastern London. Tourists who use them to plan their bike rides could find it faster, cheaper and more fun to travel to the many Olympic venues during the July 27-Aug. 12 games than visitors taking cabs, buses, trains and subways. People who carefully plan their journeys to Olympic venues could also stop at major tourist locations en route such as Buckingham Palace, Big Ben, Oxford Street, the New Tate Museum and Victoria Park.

By contrast, tourists who decide to rent cars will have to pay London's 10-pound-a-day ($16) congestion fee, buy gasoline that costs about $10 a gallon and find some way to avoid 30 miles (48 kilometers) of special road lanes — all the key routes, basically — that will be reserved for the exclusive use of tens of thousands of Olympic athletes, officials, sponsors and reporters. And good luck finding a parking place.

For those taking public transportation, London's subways, trains and buses are expected to handle 15 million trips a day during the busiest days of the Olympics, up from a daily average of 12 million.

That's why Olympic organizers are promoting the bike.

A year ago, Mayor Boris Johnson — an avid bike rider — oversaw the creation of the Barclays Cycle Hire program, which has made 8,000 rental cycles available across the city.

For visitors from countries such as the United States, the important thing to remember is which side of the road to ride on — with the traffic, on the left — a key point in a city where an average of 17 bike riders die each year in accidents.

Many of London's bike paths only separate cyclists from drivers with a line painted in the road — one that can suddenly end at intersections and busy roundabouts. Some bike paths are separated from the road by a curb, and others follow the city's extensive canal network, which is only open to cyclists and walkers.

But even the canal system can be a challenge for inexperienced bike riders. There are no barriers on the narrow paths to prevent riders from falling into the water, the surfaces on the paths include dirt and wobbly concrete blocks, and some of the bridges to pass under are so low bikers have to duck their heads.

In some ways, a bike riding novice in London is like a beginning skier in the Alps, according to Lilli Matson, an official with Transport of London — they need to be careful. She suggests that newcomers practice riding in safe zones such as London's flat Hyde Park.

"It's a great option," she said of bike riding through London, which she does every day. "But look at the Web sites for the rules of the road and the precautions to take, especially if you are coming from a different country."

One option for tourists is to rent the "Boris bikes" — as they are now known. They can be picked up at one docking station and dropped off at another. Short rides are cheap, but the price goes up quickly after that. No one can guarantee there will be a bike available at each docking station or that there will be an empty slot to drop one off when you are finished. Also, there won't be docking stations near all the Olympic venues in London. A better option may be to rent your own bike and ride the city without having to watch the clock. People who bike to Olympic Park will find 7,000 spaces to safely lock up their wheels.

Many of the eight bike routes to Olympic Park are 4 to 5 miles long (6.5 to 8 kilometers), and the ones that follow the canal system take visitors past houseboats, pubs, parks and reservoirs in areas that have graffiti-covered walls, swanky apartments and everything in between.

One route to the Olympic Park starts at the Tower of London on north side of the Thames River. It passes by historic port pubs such as The Prospect of Whitby — once home to sailors, smugglers and cutthroats. The path then goes through Shadwell Basin, where expensive apartments designed like dockside warehouses sit on the water's edge.

Visitors on bikes will able to explore the capital street by street, including East London, a region that tourists often miss. For many years, East London was the epitome of poverty, crime, immigration, crammed public housing and Port of London docks on the Thames. During World War II, Luftwaffe bombers pulverized the area.

Today, many young Brits consider East Side areas such as Hackney, Shoreditch, Hoxton and Wopping as hipper and more diverse than the west London, which has traditional tourist sites like the London Eye, Trafalgar Square, Parliament and the theater district.

One of the goals of the Olympics has been to extend the East Side's gentrification.

"Much of the east side of London retains the feel of a 19th-century industrial center," said Stone. "The buildings, street names, even some of the surviving businesses, evoke a London of a different age. And now the area is peppered with pockets of intensely cool design and technology."

As the Olympic Games approach, the organizers are rushing to install all the signs that out-of-town bikers will need to navigate the trails. But in this sprawling metropolis, where self-defense for bike riders is a must, there also is a sense of camaraderie among cyclists.

When I got lost recently navigating a maze of narrow streets and paths near the Thames during evening rush hour, a fellow rider stopped, turned around and led me back to a route I knew in East London.

"Cheers," he said, and before I could thank him, he was gone.

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On the Net:

—Planning a London bike ride and Barclays Cycle Hire: http://www.tfl.gov.uk/roadusers/cycling/11598.aspx

—Cycle routes and maps: www.tfl.gov.uk/roadusers/cycling/11682.aspx

—Cycle safely tips: http://www.tfl.gov.uk/roadusers/cycling/14798.aspx .

—Short film on bike riding tips for bike riders during the Olympics: www.youtube.com/GAOTG .

—Olympic Venues: http://www.london2012.com/spectators/venues/index.html



London copper slips on Spain worries; Fed hopes limit fall - CNBC

SHANGHAI (Reuters) - London copper slipped on Wednesday on worries over Spain's debt problems and as investors cashed in on gains made the previous day, but talk of further stimulus by the U.S. Federal Reserve that could lift demand for industrial metals lent support.

The U.S. Federal Reserve concludes a two-day policy meeting later, with expectations high that the central bank will extend its bond-buying program dubbed "Operation Twist" to shore up the world's largest economy.

Three-month copper on the London Metal Exchange was down 0.6 percent at $7,567.50 a metric ton by 0727 GMT, after rising 1.3 percent on Tuesday.

The most-active October copper contract on the Shanghai Futures Exchange climbed 0.4 percent to close the session at 54,910 yuan ($8,600) a metric ton, catching up with previous gains in London.

"With Bernanke (Fed Chairman Ben Bernanke) speaking tonight, most investors will want to close off their positions by this afternoon, including the fresh longs which entered the market this morning," said Orient Futures Derivatives Director Andy Du.

Should the Fed decide to roll out more stimulus measures, copper prices will likely be boosted as the liquidity provided by previous doses of Fed stimulus had lifted riskier assets.

Financial markets have become highly sensitive to expectations of further monetary easing moves, with global equities and commodities tending to rise and the dollar coming under pressure when action is seen as increasingly likely.

"ShFE October copper contract price is also boosted by investors rolling over their September contracts. The investors involved are selling off their September contract and simultaneously buying the same volumes in October," Du added.

A technical analysis of Shanghai copper suggest that it may end the current rebound soon, as indicated by its wave pattern and a Fibonacci ratio analysis, said Reuters analyst Wang Tao.

Shanghai copper prices have climbed 5 percent since hitting an eight-month low in June. The recent drop in prices have encouraged some end-users to restock, in turn helping to draw down copper inventories held at exchange and bonded warehouses.

Still, analysts have cautioned that Chinese end-users were still buying on a hand-to-mouth basis amid an uncertain economic outlook and sluggish domestic demand.

Hopes of a Fed stimulus were also tempered by fears that Spain's debt crisis could spiral out of control, with its soaring borrowing costs showing that a euro zone deal to lend its banks up to 100 billion euros ($126 billion) had not solved its problems or restored investor confidence. It also suggests more aid may be needed to fix its finances.

In China, a group of senior advisers have called on the government to relax property market restrictions to shore up its slowing economy, a state-backed newspaper reported on Wednesday. Such a move will likely boost base metal demand from the real estate sector.

But Chinese copper consumers were becoming more cautious about restocking copper based on positive policy announcements or potential policy actions, as the country moves closer to changing its top leaders later this year.

"Investors are afraid to make any big moves in this climate of uncertainties. Besides the euro zone, we are also facing a lack of clear policy direction in China," said a copper buyer.

(Editing by Ed Davies and Himani Sarkar)



NYSE Euronext marks London debut with Eurotunnel - msnbc.com

LONDON (Reuters) - Groupe Eurotunnel is to drop its near-dormant listing on the London Stock Exchange and switch to NYSE Euronext's new London-based market, becoming the first stock to be listed on the latter exchange.

NYSE Euronext, based in New York and Paris, is trying to establish a London presence and said Eurotunnel - owner of the rail tunnel linking Britain and France - had moved its listing to benefit from better liquidity and a broad investor base.

Eurotunnel, which has a market capitalization of 3.5 billion euros ($4.4 billion), previously had a dual listing with the LSE in London and NYSE Euronext in Paris, but has effectively opted for the transatlantic exchange in Paris and London.

"Our London listing has not had enough liquidity. A single trading platform and a single order book will simplify access to our stock," said Jacques Gounon, chairman and chief executive of Groupe Eurotunnel.

The establishment of a London-based stock market by NYSE Euronext pitches the exchange group into competition for listings with the LSE, which aims to establish itself as the venue of choice for international firms wanting to list on a leading western market.

"NYSE Euronext's London-based listings venue looks to extend the group's strong brand to international firms looking to list in London and access its deep pool of institutional investors," said Richard Perrott, an analyst at Berenberg Bank.

London, which has more listed companies than any other European exchange, has seen little initial public offering activity over the past year as stock markets struggle with worries about euro-zone debt.

Last month Georgian Railways and Russian real estate investor O1 Properties both pulled planned London listings due to choppy markets.

NYSE Euronext was forced to drop its planned $7.4 billion merger with Deutsche Boerse in February after European competition authorities opposed the deal.

(Editing by Dan Lalor and David Holmes)

(c) Copyright Thomson Reuters 2012. Check for restrictions at: http://about.reuters.com/fulllegal.asp


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