London Cash Buyers Send Banks North To Riskier Loans

Grimstone Warns Britain Must Stay in EU or Risk London’s Status

These mortgages may well be affordable now, but interest rates have to go up at some point and peoples circumstances could change, said Rob Wood, chief U.K. economist for Berenberg Bank. It potentially increases the volatility of the market as and when this scheme is taken away and increases the risks people are taking, he said. The market is recovering anyway. It doesnt make any sense to have it recovering any faster than it already is, he said. U.K. lenders are already targeting the weakest housing markets with riskier loans because the London market is dominated by cash buyers. About 35 percent of homes bought in the U.K. this year were paid for entirely with cash, according to data compiled by broker Savills Plc. (SVS) In London, its as many as 60 percent, with demand driven by purchasers from abroad who view the city as a haven, according to Richard Sexton, a director at e.surv, a unit of LSL Property Services Plc. (LSL) Different Country The London market is like a different country almost, Sexton said. Thats a lot of foreign cash coming in. Gareth Hill, a spokesman for the Council of Mortgage Lenders , a trade association, declined to comment.

London to host three regular-season games in 2014

Credit: Reuters/Shannon Stapleton Tue Oct 8, 2013 9:59pm BST (Reuters) – The National Football League (NFL) will stage three regular-season games in London next year as part of a push to grow its international fan base, the league said on Tuesday. The Jacksonville Jaguars, Atlanta Falcons and Oakland Raiders will each play a “home” game at Wembley Stadium. It will mark the biggest slate of NFL games played abroad in one year. “Our fans in the UK have continued to demonstrate that they love football and want more,” NFL Commissioner Roger Goodell said in a statement. “Both of this year’s games in London sold out quickly. The fan enthusiasm for our sport continues to grow. By playing two games in the UK this year, we are creating more fans. We hope that with three games in London next year we will attract even more people to our game.” Dates of the games and opponents for each club will be announced later this season. London is staging two games this season for the first time, with the Jaguars hosting the San Francisco 49ers on October 27. Last month the Minnesota Vikings beat the Pittsburgh Steelers 34-27 at Wembley. The NFL first played a regular season game at Wembley in 2007 and the annual fixture has attracted near-sell-out crowds with an average attendance of more than 80,000. (Writing by Justin Palmer; Editing by Frank Pingue)

London will be home to Jaguars, Raiders, Falcons games in 2014

financial-services firms. I do not believe the citys pre-eminent position will survive if we lose our role as Europes financial capital, Gerry Grimstone, chairman of the London-based group, said in remarks prepared for the groups annual dinner tonight. I dont believe we can maintain that position if we are not part of the single market. Deputy Prime Minister Nick Clegg said today a referendum on the U.K.s membership of the EU will happen and urged supporters of staying in the bloc to speak up. Prime Minister David Cameron s Conservatives have pledged a public vote by 2017. Clegg asked business leaders who oppose leaving the EU to make their position plain. The City, as Londons main financial district is known, must play a role in determining whether the country will stay in the EU, said Grimstone, who is also chairman of Standard Life Plc, Scotlands largest insurer. A stable euro zone is seen as vital by executives in the finance industry, he said, citing research by the group. Bischoff Warning It makes no sense to leave one of our key trade and investment relationships, the one that anchors us in Europe, Win Bischoff , chairman of Lloyds Banking Group Plc (LLOY) and a member of the lobby groups advisory council, said in separate prepared remarks. In the same way that New Yorks status as a global financial center is in large part determined by its location in the U.S., so London — a truly global financial center together with the centers outside the City — benefits from being Europes financial center, Bischoff said. Almost eighty percent of U.K. business leaders say Britain should remain a member of the EU, a survey by the Confederation of British Industry found last month. Only 10 percent said it was in Britains interests to leave the bloc, according to the U.K.s biggest business lobby group. — Editors: Edward Evans, Simone Meier To contact the reporter on this story: Howard Mustoe in London at hmustoe@bloomberg.net . To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

The league also boasts of having “developed new and stronger business partnerships” overseas. The teams giving up the home games don’t like it, frankly, and it’s no less convenient to ship a West Coast team across the pond. The Raiders will be the third California team to play in the game, joining the San Francisco 49ers and San Diego Chargers . [Related: Raiders must clear hurdle before playing overseas ] Season-ticket holders also have a beef they lose a game they ordinarily can drive to. Yet the NFL continues to expand the series. It’s clear the league wants to test the viability of a London franchise. Although other signals from Goodell and league officials the past few years make us believe that Los Angeles is more likely to receive a franchise sooner than London might, there always exists the possibility of more than one franchise changing cities as the league prefers to stick with the symmetry of 32 teams. The Jaguars, who will play the San Francisco 49ers in London on Oct. 27 and continue to try to expand their popularity outside of north Florida, have been the team most likely to be shipped over there one day. They will have games in each of the next four seasons, including this one. The experience the Jaguars have had already in London has been every bit what we anticipated and more, and this is all before we’ve even played our first game in Wembley Stadium, said Jaguars owner Shad Khan. We made the right decision to commit to playing a home game in London each season through 2016. The Jaguars have a broader worldwide fan base today and the anticipation for our London game later this month is shared by our loyal fans in Jacksonville, so its a perfect scenario for everyone. The energy and appetite for the NFL in the UK is incredible. The Raiders and Falcons will see for themselves next season. But while Khan says that, we can’t help but think this: Wondering if the NFL (and Jaguars owner Shad Khan) would rather have a team in London than in Jacksonville…