London To Become Hub For China’s Yuan

Hillary Clinton nailed with traffic ticket outside London award ceremony

A Westminster traffic warden issues a parking ticket in London. The parking ticket that former Secretary of State Hillary Clinton received came with a £80 ($128) fine.

Within weeks of moving in, he got a bid that topped the 1.75 million pounds ($2.8 million) the property cost. Somebody called offering a significantly higher sum, said Hudson, a 55-year-old manager at a publishing company, who in August swapped his home in Clapham, a London district favored by young bankers and lawyers, for Dorset, the farm-dotted county 125 miles (202 kilometers) southwest of London that was the setting for Thomas Hardys Tess of the DUrbervilles. It looks like we caught it just at the right time, he said. Country homes are coming back into fashion, after lagging behind urban locations such as Londons West End since the 2007 financial crisis when banks cut off mortgages. Prices for manor houses, farmhouses and cottages valued at more than 750,000 pounds climbed at the fastest rate in more than three years in the third quarter, Knight Frank LLP said in a report today, as Prime Minister David Cameron makes reviving the housing market central to his efforts to pull the economy out of recession. Its U.K. economic growth and broader housing-market confidence, said Liam Bailey , global head of residential research at the London-based property broker. The government last week introduced the second phase of its Help to Buy program, which offers mortgage guarantees that allow purchases with down payments as low as 5 percent. The first phase, which began in April, provided interest-free loans for buyers of newly built homes. Bigger Appetite The program has contributed to the most buoyant housing market since the financial crisis, even as two thirds of 31 economists surveyed by Bloomberg described it as bad policy. The governments measure will lead to a stronger market without causing a bubble, the EY Item Club, a London-based group sponsored by Ernst & Young LLP, said in a report today. Help to Buy has obviously been a catalyst that has encouraged people, Bailey said by phone. Its stimulated appetite to get into the market and thats not only the lower-end first-time buyers — its right through into the prime sector. In July, homebuyers took out 3,900 loans of 500,000 pounds or more, the most since September 2007, according to the Council of Mortgage Lenders.

While You Slept, This Woman Took Selfies in the Plane Lavatory

Tuesday’s announcement put London ahead in the race by global financial centers to gain a share of yuan-denominated business as Beijing gradually expands use of its currency for trade and investment. Hong Kong was the first financial center outside mainland China where trading of yuan was authorized. London banks have traded yuan since early last year. “Now London is a major global offshore center for the trading of the Chinese currency,” Osborne told reporters. Britain and China signed an agreement in June to have their central banks swap 200 billion yuan for 20 billion pounds. The European Central Bank and Beijing announced a similar agreement this month to swap 350 billion yuan for 45 billion euros. That suggested Frankfurt also might be in to become a center for business denominated in yuan. Also Tuesday, Osborne said China’s state-owned banks will be allowed to expand their operations in Britain by setting up wholesale branches. Cameron was forced to abandon his April trip after China said he would not be able to meet senior officials. Some lower-level meetings also were put on hold. British diplomats say Cameron’s visit is being rescheduled but a date has yet to be announced.

ICBC bond: latest step on London’s road to RMB dominance

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Crest Nicholson Says U.K. Way Off Housing Bubble

Greg Brennan Hillary Clinton’s security detail gets into a row with a traffic warden on Friday. At least five of her staffers jumped out their car to contest the citation. At least five of the former First Lady’s security staffers jumped out of their nearby car to protest the ticket, witnesses said, with at least one of the beefy bodyguards angrily waving his arms around and frantically flashing his security badge. RELATED: HILLARY CLINTON THROWS PARTY FOR TERRY MCAULIFFE Peter Macdiarmid/Getty Images Former Secretary of State Hillary Clinton answers questions from an audience at Chatham House on Friday in London. The car Clinton took to the event was ticketed while she was inside speaking. The cop nevertheless calmly finished writing the notice, an action his superiors readily backed up. “The former U.S. secretary of state was parked for nearly 45 minutes without paying. I’m sure she will understand that we have to be fair to everyone, regardless of their status on the world stage, Councilor Daniel Astaire, Westminster City Council Cabinet member for business, told the Mail. Scott Barbour/Getty Images A Westminster traffic warden issues a parking ticket in London. The parking ticket that former Secretary of State Hillary Clinton received came with a 80 ($128) fine. RELATED: TONGUES CLUCK OVER HILLARY CLINTON/KFC BUTTONS “Despite our traffic marshal being questioned by the secret service for just doing his job, he was in the right,” he added. The ticket came with an 80 ($128) fine but could be reduced to 40 ($64) if it’s paid within two weeks.

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