Britain edges closer to recession as GDP falls January 25, 2012 Britain’s economy edged closer to recession in the last three months of 2011, after output contracted for the first time in a year, official data showed. The figures are likely to reinforce expectations the Bank of England will inject more stimulus into the economy next month after BoE Governor Mervyn King warned of an arduous [...]
SNOW POLO AND PIGLET RACING FOR SUPER-RICH January 24, 2012 THERE’S MORE than one top-level summit for bankers in Switzerland this week. At the ski resort of Klosters, The Capitalist hears several members of the business elite have been taxing their champagne-addled brains by betting on racing piglets. At least they would have done if fog hadn’t scuppered the trotters’ Derby. Instead, guests at the [...]
When skiing becomes more like snow-flying January 22, 2012 The American satirist PJ O’Rourke had little time for snow sports. As he put it: “Skiing consists of wearing $3,000 worth of clothes and equipment and driving 200 miles in the snow in order to stand around at a bar and drink.” That might not have been so bad for O’Rourke – he is famous [...]
From Kensington to Farringdon: why London’s prices are buoyant January 19, 2012 WHY ARE PROPERTY VALUES IN CENTRAL LONDON RISING FASTER THAN REST OF THE UK? Prices in Prime Central London are indeed out-performing the rest of the country. Over the last 12 months, average house prices across the UK have remained broadly stable, meanwhile in Prime Central London (PCL), prices rose by 12.1 per cent in [...]
Croydon is reaching for the sky with 55-storey tower January 18, 2012 CROYDON is setting its sights high after approving a 55-storey skyscraper which would rejuvenate the south London borough. The development, expected to cost in the region of £350m, would bring 397 residential units, 217 hotel rooms and over 23,000 square metres of office space to Croydon. The skyscraper would also boast its own restaurant, coffee [...]
BIRLEY CAPS NUMBERS AT HIS DELAYED £20M CLUB January 17, 2012 THE DEVELOPMENT of 5 Hertford Street is progressing “more or less” on track. That’s more or less as in originally scheduled for last November, before being pushed back to this month and now – final answer – March. “Except that’s Easter,” says a spokesman for Robin Birley, the leisure entrepreneur developing the £20m Shepherd Market [...]
BILL OF THE WEEK January 15, 2012 THE CAPITALIST has been hoping a suitable bill from one of Jamie Oliver’s establishments would find its way to City A.M. for months. And, last Thursday, this column’s patience was rewarded when the sommelier at the TV chef’s new City venue, Barbecoa, was dispatched to the cellar for four bottles of 2005 Rousseau at £350 [...]
JAMIE OLIVER SLICING INTO NORTH AMERICAN MARKET January 15, 2012 CELEBRITY chef Jamie Oliver is planning to expand his Jamie’s Italian restaurant chain into the US and Canada. The move follows a year of solid growth for the chain in the UK, with profits for the year to January of £4.65m, up from £1.65m the previous year. Oliver has formed a new company, Jamie’s Italian [...]
RESTAURANT GROUP GETS OUT-OF-TOWN LIFT January 10, 2012 FRANKIE & Benny’s and Garfunkel owner Restaurant Group expects to report strong sales for 2011 as people shun high street chains and opt for its restaurants located in the suburbs, chief executive Andrew Page (inset) said yesterday. Restaurant Group bucked the downbeat leisure environment by selling more than 39m meals in 2011, up five per [...]
SEASICK IN THE CITY AS BROADGATE HOLDS SWAY January 5, 2012 CITY WORKERS in the Broadgate Tower dropped everything on Tuesday to look up the meaning of “deflection”, after strong winds made the building sway so dramatically that staff complained of seasickness. The building may have been designed by award-winning architects Skidmore, Owings and Merrill – but when you are stuck in a 165m tower that [...]