(WKYT) – We’re tracking a traffic alert in Laurel County. The Laurel County Sheriff’s Office issued a travel advisory Tuesday afternoon for East 4th street and Tobacco Road in London, after reports of an explosion and dangerous vapors in the area. Police are asking drivers to avoid the area until a hazmat team arrives on scene to investigate. The Laurel County Emergency Management Director is traveling from Somerset to examine two barrels found in a reported stolen trailer hooked up to a pickup. After being tipped off, Laurel County Deputies were able to arrest one suspect for possession of the stolen trailer. Deputies tell us they recognized the driver as a wanted suspect and took him into custody during a traffic stop. We’re told that’s when deputies noticed an odor coming from the trailer. Inside they found two barrels of a chemical they have tentatively identified as a resin solution. We’re told the solution is highly flammable and the vapors can be hazardous. Police tell us they are not sure if the containers are leaking. Police have blocked off all roads in the east London area.
Foxtons, the London bubble stock: James Saft
Sound like state-sponsored subprime lending to you? Nice for banks and older property owners who can cash out, but not so good for ordinary people trying to buy ordinary houses on ordinary salaries. All this has also not been great for Britain, as is shown by the fact the economy has even now only clawed back about half the 7.2 percent of output it lost in the crash. It has however, been fantastic for London property prices, and by extension for real estate agents in general and Foxtons in specific. Prices in London are now 6 percent above their pre-crash peak and are rising at the fastest rate in nearly seven years. For Foxtons it has been a wild ride. The estate agent was partially taken over by its banks in 2010, at which point its private equity owners injected cash and kept 30 percent, with management also retaining a stake. Just two years later BC Partners bought out its banking investors in a deal which published reports said valued the company at about $400 million. That compares to the $1.2 billion the stock market says it is worth today. The lesson? Government policy works; in this case it is working to make London houses expensive and to divert capital and talent to flogging them. Good luck with that. (At the time of publication, Reuters columnist James Saft did not own any direct investments in securities mentioned in this article.