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...brought in fabulous wealth in the past 15 years, but it has also left the British capital at the mercy of the ups and downs of the moneymen. As finance has soared as a proportion of the local economy, it has eclipsed other sectors. London was once a major center for industry, for example, but manufacturing now accounts for just 6% of the city's output, half the proportion of two decades ago. Has London become too reliant on a single industry, putting all of its eggs into one volatile basket? "Obviously people see it as a risk...
...home to the Royal Observatory, which dates back to 1675. It's the birthplace of Greenwich Mean Time, but for years the area was as well known for its mean streets: 19 Greenwich neighborhoods rank among the most deprived in England. Since 2001, the local council has pursued a major state-funded regeneration program aimed at cutting crime and unemployment, and improving the decaying public housing stock. But these days, coexisting with the urban blight, are plenty of new, well-heeled residents in new, well-appointed residences: bankers and others who work at Canary Wharf, the docklands development where Barclays...
...being spun off from Time Warner Inc., TIME's parent) are getting competition from all directions. As Brian Roberts put it in a speech that said as much about Comcast as it did about his industry, "There have been moments in time when cable has been at a major inflection point. This is one of those moments...
Then there's Wall Street. Comcast stock, priced not long ago at $18.35, is trading around 10-year lows. Until recently, some shareholders like Glenn Greenberg, whose Chieftain Capital Management owns 1.5% of the stock, had loudly argued that the company was underperforming. Their major concerns: Comcast was paying too much for acquisitions. Return on assets was way too low. And Brian Roberts wasn't hard-nosed enough...
Other initiatives in what the younger Roberts terms "Comcast 3.0" include rolling out more services to small businesses and hiring more customer-service representatives. But don't expect major deals in the near term. Roberts, who earned $20.8 million in 2007, allows that Comcast has a long way to go but says he's the guy to get it there: "I can't think of a business, industry or company I want to lead as much as this...