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...second-biggest property developer, announced that construction of the building - already dubbed "The Cheesegrater", in honor of Rogers's wedge-shaped design - would likely be delayed, pushing completion back a year to 2012. The firm's motive? With the financial services sector trimming costs amid turmoil in the credit markets, both the demand and rental values for City offices are dwindling. British Land - itself hit by a $1.1 billion loss for the three months to July as the value of its portfolio tumbled - reckons it'll score lower construction costs and higher rents for the 47-story building by sitting...

Author: /time Magazine | Title: A Renters' Market in London | 8/18/2008 | See Source »

...point. Net job losses among banking and insurance businesses in the City will hit 10,000 before 2011, according to Experian, the credit services company. Hardly a good time to be marketing empty office space; commercial real estate firm Atisreal says banking and finance firms are currently taking just 110,000 sq ft (10,200 sq m) of City space in a three-month quarter. Throughout 2005 and 2006, the take-up rate averaged more than four times the current level. The flatter demand will drive down rents in the City by 16% this year, Atisreal estimates, and a further...

Author: /time Magazine | Title: A Renters' Market in London | 8/18/2008 | See Source »

After back-to-back disgraces, the Chinese coaches may have gotten their teams clean, but they also disappeared from the medals tables. "We are working hard to rebuild our credit in international swimming," Yuan Jiawei, former chief of the Chinese swimming association, told the Chinese state media in 2004. "It will be a long-term effort." By the 2004 Athens Games, that campaign had begun to pay off. China captured a gold and a silver in swimming with nary a failed drug test...

Author: /time Magazine | Title: Redemption for Chinese Swim Team | 8/14/2008 | See Source »

...banks, depositors crowded counters to withdraw cash. Bigger depositors demanded meetings with senior managers to gain reassurances about their savings. On Sunday, the central bank had stopped credit lines for customers and told them not to use Internet services to avoid hackers, some of whom had gained access to government sites over the weekend. Managers were coached to explain to customers that their money was safe. It had little effect. A senior Georgian banking official told me that the equivalent of $100 million, or 3% of the country's total deposit base, was withdrawn from the National Bank of Georgia...

Author: /time Magazine | Title: On Scene: Georgia's Ravaged Capital | 8/12/2008 | See Source »

...walk by a restaurant and see which credit cards it takes and whether Zagat recommends them, then you should also be able to see how the local health authority rates them," says Sarah Klein, a staff attorney with CSPI, which made its recommendations in an Aug. 7 report, "Dirty Dining: Have Reservations? You Will...

Author: /time Magazine | Title: Dirty Restaurants: Sounding an Alarm | 8/11/2008 | See Source »

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