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...economy has led to rock-bottom rents. And while the new lows may have hit local landlords hard, it enabled a kind of tenant once prohibited from the high-traffic destination to move in - emerging fashion designers. "Creativity doesn't stop when the money goes," says Runar Omarsson, co-owner of Nikita, a street-wear line that caters mainly to skate- and snowboarders. "It is important to look at what we have and make something out of it. There are valuable things here, and we hope to get attention for our creations." (See the top 10 financial collapses...

Author: /time Magazine | Title: Iceland's Fashion Designers Flourish in the Downturn | 11/14/2009 | See Source »

...many of these young designers are getting more than just attention. "The crash has affected us in a really good way," says Bara Holmgeirsdottir, owner of nearby store Aftur. Her long, sweeping, blond hair brushes the top of her cutting table as she molds a piece of fabric into a dress. "No one is traveling abroad, so you have to shop locally. We have actually doubled our sales...

Author: /time Magazine | Title: Iceland's Fashion Designers Flourish in the Downturn | 11/14/2009 | See Source »

Aftur's bottom line isn't unique. Down the street the three-month-old Fabelhaft shop has also logged surprisingly high sales. "Opening now has been the best investment for us," says co-owner Dusa Olafsdottir. Inside, tourists and natives mill around bespoke hats and dresses in the boutique's bleached white cube. "Before the crash it was ridiculously expensive on this street, but now you can have your own label and store." (See pictures of expensive things that money...

Author: /time Magazine | Title: Iceland's Fashion Designers Flourish in the Downturn | 11/14/2009 | See Source »

...only direct confrontation occurred with a question about accepting money from lobbyists or PAC’s, which both candidates eschewed. However, Khazei highlighted the personal wealth that Pagliuca, co-owner of the Boston Celtics and managing partner at private equity firm Bain Capital, was pouring into the race. Besides that, the two largely agreed on issues such as immigration reform and the current health care bill...

Author: By Jimmy Wu, CONTRIBUTING WRITER | Title: Alums Battle to Fill Kennedy Senate Seat | 11/13/2009 | See Source »

...department's action against the Alavi Foundation in U.S. District Court in Manhattan expands a forfeiture proceeding which began last December against the Assa Corp., a part-owner of a 36-story high-rise on Fifth Avenue. But in what may be a first, the government also seeks to seize additional properties in New York, Maryland, Texas, Virginia and California, some of which house mosques, Islamic centers and schools. (See pictures of America's Islamic community...

Author: /time Magazine | Title: Why Does the U.S. Want to Seize Mosques? | 11/13/2009 | See Source »

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