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London Terror Attacks Kill at Least Eight, Cripple Transport

July 7 (Bloomberg) -- Terrorists set off a series of bombs across London's subway system in the financial district and on a bus in the center of the capital, killing at least eight people and shutting down all public transportation.

``It's reasonably clear that there have been a series of terrorist attacks in London,'' U.K. Prime Minister Tony Blair said at the Group of Eight summit, which began today in Gleneagles, Scotland. ``Our determination to defend our values is greater than theirs to impose extremism. Whatever they do, it is our determination that they will never succeed.''

Seven explosions occurred, starting at 8:50 a.m. local time, at financial district Underground stations, including Liverpool Street, Moorgate and Aldgate East, police said. Casualties were on a bus that exploded near Russell Square, a firefighter said. Nobody claimed responsibility for the attacks, which come a day after London was awarded the 2012 Olympics.

Five explosive devices were found on the subway network, an unidentified firefighter said. Explosions were also reported at Kings Cross and Edgware Road stations in central London.

``Health services are in support to deal with the terrible injuries that there have been,'' Home Secretary Charles Clarke told reporters in London. ``I want to express sympathy on behalf of the whole government to the families and friends of those who have been injured,'' Clarke said.

UBS AG evacuated one of its buildings near Liverpool Street. About 320,000 people commute to the financial area to work each day.

``I heard a big bang,'' said Loyita Worley, 49, who was traveling between Aldgate and Liverpool Street and had soot around her nose and mouth. ``The lights went out on the train and ash began to fall. I smelt a burning smell. Some people were panicking and I heard people shouting and crying for help.''

Stocks, Pound Slide

European stocks and U.S. stock-index futures fell after the blasts. The U.K. pound, the dollar and bond yields also slid.

The G-8 summit began in Gleneagles today and is scheduled to last until tomorrow. The leaders of Britain, Canada, France, Germany, Italy Japan, Russia and the U.S. are attending the summit to discuss the economy, aid to Africa and climate change. Today's explosions follow celebrations in London yesterday after the city won its bid to host the 2012 Olympic Games.

There are about 1,000 London Metropolitan Police officers on duty at the G-8 summit, said Ruth Copperthwaite, a spokeswoman for Scotland's Tayside Police. There are no plans to send them back early at the moment, she said.

London residents should ``stay exactly where you are until the situation clears,'' said Metropolitan Police Commissioner Ian Blair in a statement. ``The most serious casualties are already in treatment.''

A spokesman said London Fire Brigade was called to an explosion at Liverpool Street and blasts at ``a number'' of locations. A police spokesman said a blast occurred just before 9 a.m. local time at Aldgate station.

`Panicking'

London Ambulance Service initially sent four vehicles to Liverpool Street, a spokesman said. The service then sent ambulances to other locations in central London. ``There was panicking inside,'' said Samantha Fletcher, who was stuck in a train for about an hour between Cannon Street and Tower Hill stations. Offices around Aldgate were closed.