London+Bombing

The day before the first bombing, the city had just been chosen to host the 2012 Olympic Games. __ Timeline: __ 4.00am- Mohammed Sidique Khan, Hasib Hussain, and Shehzad Tanweer leave Leeds by car 5.00am- Germaine Lindsay arrives by car at Luton station 6.51am- The three other bombers arrive at the Luton station and join Lindsay. They took a train to King’s Cross Station, London 8.30am- Three bombs exploded on Underground trains 9.19am- Police issue terrorist alert; London Underground begins closing down its system 9.35am- Hasib Hussain boards a number 30 bus outside Euston station 9.47am- Bomb explodes on bus in Tavistock Square 11.08am- Bus services in central London shut down 11.10am- The Metropolitan’s Police commissioner. Ian Blair, confirms that there are traces of explosives at the sites, showing that this is a terrorist incident 6.15pm police confirms that at least 37 people have died in the blast The picture below shows the location of the series of blast. **Economic impact ** There were limited immediate reactions to the attack in the world economy as measured by financial market and exchange rate activity. The value of the British pound decreased 0.89 cents to a 19-month low against the US$. The FTSE 100 Index decreased by about 200 points during the two hours after the first attack. This was its greatest decrease since the start of the war in Iraq, and it triggered the London Stock Exchange's special measures, restricting panic selling and aimed at ensuring market stability. However, by the time the market closed it had recovered to only 71.3 points (1.36%) down on the previous day's three-year closing high. Markets in France, Germany, the Netherlands and Spain also closed about 1% down on the day. US market indexes increased slightly, partly because the dollar index increased sharply against the pound and the euro. The Dow Jones Industrial Average gained 31.61 to 10,302.29. The Nasdaq Composite Index increased 7.01 to 2075.66. The S&P 500 increased 2.93 points to 1197.87 after decreasing as much as 1%. Every benchmark value gained 0.3% The market values increased again on 8 July as it became clear that the damage caused by the bombings was not as great as thought initially. By end of trading the market had recovered fully to above its level at start of trading on 7 July. Insurers in the UK tend to re-insure their terrorist liabilities in excess of the first [|£] 75,000,000 with Pool Re, a mutual insurer established by the government with major insurers. Pool Re has substantial reserves and newspaper reports indicated that claims would easily be funded. On 9 July, the Bank of England, HM Treasury and the Financial Services Authority revealed that they had instigated contingency plans immediately after the attacks to ensure that the UK financial markets could keep trading. This involved the activation of a "secret chatroom" on the British Government's Financial Sector Continuity website, which allowed the institutions to communicate with the country's banks and market dealers. Credits; Book-363.3250942LAN in amk library Wikipedia! :D -Valerie kor (7) 4A :)
 * __ London bombing-7th July 2005 __ **