Word: townes
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...government to change the rules. In October, Chancellor of the Exchequer Alistair Darling announced a proposal to charge foreign residents an annual $60,000 fee beginning in the eighth year of their stay in Britain. The question is, if London's foreign rich follow the money right out of town as a result, can London afford to lose them? Scorpio Partnership's Dovey fears the worst. "They don't have any deep ingrained ties to Britain," he says. "If the economic climate changes, they'll go somewhere else. I say let them do what they do. Because...
...quiet cul-de-sac in London's exclusive Kensington area, there's an imposing Victorian town house that has an air of the Empire about it, even though its owners do not. The house - which has eight bedrooms and six bathrooms spread over six floors, an elevator and a garden - belongs to a Swiss family who, according to Tom Tangney, estate agent for realtor Knight Frank, make their money in finance. Tired of paying the upkeep on a place they hardly use, they've put it on the market for $18.5 million. And at that price, "I expect the buyer...
...sheer expense of living in Nylonkong is but one of the challenges facing it - as the next three stories demonstrate. In the case of New York, high real estate prices may squeeze out of town the very people that make a city fun and livable. Globalization may have brought many benefits to those who live in London, New York and Hong Kong, but it has at the same time made the familiar strange, and turned the known world upside down. As they see London property prices bid to the skies by an influx of foreigners, native Cockneys...
...estimated 120,000 jobs will be lost in Mombasa between now and March 2008, according to the Kenya Tourist Board; 80% of the town's residents rely on tourism for work. Mombasa is home to east Africa's largest port, and is traditionally a hub for holiday travel. But, with the decline in tourist arrivals, Kenya's national airline says that it will be forced to limit capacity on its domestic flights to cut costs. Flights from the Kenyan capital, Nairobi, to Mombasa will be reduced by 1,200 seats, according to Kenya Airways...
Kenya's second-largest city, however, is hardly a ghost town. Locals bustle about pastel-colored shops crammed along sandy avenues, as brightly painted taxis cruised under palm trees in the sticky heat. But foreign faces are nowhere to be seen. On the northern tip of another of Mombasa's deserted beaches, Masai tribesmen with glittering bracelets draped on their arms unsuccessfully tried to hawk their jewelry to the rare visitor passing by. Curio sellers bemoaned their lack of customers. "We regret that we ever had elections," says Joseph Mutie, stretched out under racks of kaleidoscopic cloths billowing...