London’s Tale Of Two Cities: Inequality Worsens In Europe’s Booming Metropolis
The U.K. unemployment rate jumped 2.5 percentage points over 12-months starting in April 2008. It was an awful time to enter the job market, but London Business School grads were still able to thrive. Ninety percent of the Class of 2008 landed a job within three months of graduation. Those students entered school in 2006 with a median salary of $77,000, but five years out of school they were earning $214,000 (only Stanford Graduate School of Business alumni earned more in 2012). The strong financial payback propelled LBS to the top ranking among two-year International M.B.A. programs. The Best International 2-year MBA Programs Every two years, Forbes spends the year surveying alumni and schools as part of a business school ranking. We surveyed 17,000 alumni this year from the Class of 2008 on their finances and heard back from 27% of them. We compared their earnings in their first five years out of business school to their opportunity cost (two years of forgone compensation, tuition and required fees) to arrive at a 5-year M.B.A. gain(click here for detailed methodology).
London will offer China more than Singapore can, says Boris Johnson
Were lobbying the Home Office its an impediment and its a difficulty and occasionally its an irritation. Clearly, we want people who are going to contribute to the London economy to come to London. In a co-ordinated diplomatic push, the Chancellor and the mayor have stressed the importance of Chinese businesses to the UK. Dismissing the concerns raised by a parliamentary committee about the national security implications of Chinese investment, Osborne said in June: It is a personal priority of mine to increase trade links between the UK and China and I cannot emphasise enough that the UK is open to Chinese investment. He trumpeted Huaweis plan to invest 1.3bn into its Reading-based UK business over the next five years, generating a further 700 jobs. Despite those and other conspicuous wins, few consider Britain to be the first choice partner for China, which is spreading its tentacles across growing swathes of Africa, as well as increasingly into other European countries whose economic difficulties have made them increasingly attractive places for investment. Although the UK is the second biggest external renminbi trading centre after Singapore, many City analysts believe Britain should also capitalise on its role as a middleman between China and its global investments. Business leaders are incredibly keen for us to do this kind of thing, to lead these sorts of trips, says Johnson. That level of political door opening and engagement it is very important for the City at a political level to show its engagement and its commitment to our Chinese partners. And I think youll find business leaders themselves will confirm that. The mayor says London will be able to capitalise on major Chinese-funded projects such as the 1bn rebuilding of the Royal Albert Docks and the 500m plan to restore the Crystal Palace. There is a lot to do, says Johnson. But were determined to show that London has a huge amount to offer, both in financial terms and in the cultural benefits, from the number of Michelin-starred restaurants to the nightlife. Londons delegation will be making the case for that overtaking Singapore, which I believe is perfectly possible. Nonetheless, in a country that still takes a rigid approach to protocol, both the mayors and the Chancellors staff have been keen to ensure that no details of the impending announcements leak out. What is certain is that we will hear more on the funding of Britains next nuclear power station and if technology giants, such as Huawei, will continue to increase investment in the UK, despite growing hostility to the brand in America. The backdrop is David Camerons meeting in London last year with the Dalai Lama, which badly damaged political relations. All ministerial contact was suspended by China after Cameron and Nick Clegg met the Tibetan leader in defiance of a specific request from Beijing not to do so. Johnson claims it did not have a negative impact on the City.
Thats life. As a new business owner coming here, I think its a good thing, says John. Adam Skidmore, a 43-year old artist and Brixton resident since 1997, says that while some of the developments have been good, the demand for fashionable Brixton has left many people behind. Im a typical Brixton local, I cant afford to sit in a wine bar and drink $8 glasses of wine every day, says Skidmore looking over at the champagne and cheese shop. Stefano Frigerio, the owner of Champagne + Bubbles, says however that he hopes to challenge locals perceptions of his shop as a posh champagne bar and that he chose Brixton because his business is a family business that is unique and affordable, like the area. This question of affordability is on the mind of many Londoners; a poll from Ipsos Mori and the Chartered Institute of Housing in June revealed that four in ten Londoners are worried they will not be able to meet their rent or mortgage payments in the next year. The latest figures from the Office of National Statistics last month revealed that London house prices had increased by 10% in the last year, making the average house price in the capital almost twice the national average. At a time of austerity where incomes have either been stagnant or falling, the prodigious rise in property prices has unsettled many across the city. Rowland Atkinson, an urban studies expert from the University of York, says that although London has always been another country in terms of property values compared to the rest of theU.K., concerns are intensifying about neighborhoods being bought up by the super-rich who pay little property tax and dont spend time there. Taking account of housing costs, London has a 29% poverty rate, the highest in England. The Smith Institute, a London-based think tank, agrees that foreign investors buying expensive property have caused Londons housing market to become distorted and dysfunctional. Paul Hackett, the director of the Smith Institute, estimates that overseas buyers capture around 85% of new-builds and 38% of re-sales, with many purchasing property as an investment rather than a home to live in. Yolande Barnes, director of residential research at property agency Savills, disputes this notion: The story of foreign owners leaving homes empty is exaggerated. Irrespective of whether these buyers are staying in these homes or not, research from Savills suggests that London has changed as a result of their purchases. Barnes says that because the super-rich see London as a wise investment for property and given the citys limited size, the wealthiest central neighborhoodswhere average prices per home are over $1.1 millionhave grown to include larger swathes of the capital. The net effect is one of gentrification and displacement, as witnessed in Brixton.
Tom Hanks Movies Bookend London Film Festival
4 in Tampa, Fla. Celebrity Photos: October 2013 Katherine Heigl and husband Josh Kelley looked smitten after lunch at Bubby’s restaurant in TriBeCa, NYC, on Oct. 4. Celebrity Photos: October 2013 Brad Pitt and Shia LaBeouf filmed their new movie ‘Fury’ in Oxfordshire, England on October 4. Celebrity Photos: October 2013 Kim Kardashian posted a photo on Oct. 4 of her daughter, North, who is almost four months old. Celebrity Photos: October 2013 Newly engaged Naya Rivera attended the Latina Magazine ‘Hollywood Hot List’ party at The Redbury Hotel in Hollywood on Oct. 3. Celebrity Photos: October 2013 Controversial celebrity photographer Terry Richardson released a series of risque photos of Miley Cyrus on Oct. 3. In them, Cyrus is seen licking a mirror, smoking, and stripping. Celebrity Photos: October 2013 Penelope Cruz stunned at a special screening of “The Counselor” at Odeon West End in London on October 3, just two and a half months after welcoming baby girl Luna. Celebrity Photos: October 2013 Christina Milian looked beautiful as she stepped out for dinner in West Hollywood, Oct.