London: The credit crunch seems to be taking its toll on one of the world's richest Indians Lakshmi N Mittal, who has put up one of his mansions in central London up for sale. The steel tycoon had bought the property on Palace Green in Kensington for 117 million pounds in 2008, when it was declared the most expensive home in Britain. However, according to the 'Sunday Times', he may end up making a loss on the neo-Georgian building after it went on the market earlier this month for 110 million pounds.
The 12-bedroom palatial home was bought for Mittal's son, Aditya, from Israeli-American financier Noam Gottesman. The entire first floor of the 14,736 square feet property is dedicated to the master bedroom quarters, with a separate wing referred to as "Mrs Mittal's dressing room".
But Aditya, who is the chief financial officer of the family-owned steel firm ArcelorMittal, and his family reportedly never moved into the new mansion. While the house does not have a swimming pool, it comes with planning permission for basement work and has a dedicated storage room for art, a flower room, a silver room and tutorial and homework rooms for children.
Lakshmi Mittal himself lives nearby at Kensington Palace Gardens, dubbed as London's "billionaire's row" with neighbours including fellow tycoons such as Roman Abramovich and Len Blavatnik, ranked ahead of Mittal in this year's 'Sunday Times Rich List'....
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Key equity benchmarks ended trade in the red however off the day's low. The BSE Sensex closed down 61.97 points at 19435.21 after touching an intraday low of 19,381.82. ...
09:39 AM, Feb 15, 2013
The euro dropped to a three-week low against the dollar and fell sharply versus the yen on Thursday after data painted a bleak picture of the euro zone economy, raising speculation the European Central Bank will cut interest rates. ...
08:31 AM, Feb 15, 2013
Barack Obama on Tuesday signed into law a landmark bill that allows a rare tax increase that will hit the nation's wealthiest households in a bipartisan budget deal that stops the world's largest economy from falling into a deep fiscal crisis and recession. CNN-IBN's Surya Gangadharan joined IBNLive readers for an interaction over the deal. ...
06:15 PM, Jan 03, 2013
Italian caretaker Prime Minister Mario Monti indicated in a newspaper interview published on Sunday that he would probably not stand in a February election but would try to convince the winner to complete the reforms his government has begun. Monti, who is expected to end weeks of speculation about his political future told La Repubblica daily he would use it to present a list of reforms that the next government...
06:55 PM, Dec 23, 2012
Brussels: The euro zone fell into a recession in July-September, the second since the global financial crisis in 2009, as French resilience could not make up for a slump across Europe and the three-year debt crisis slowed Germany to a crawl. Economic output in the 17-country euro zone fell 0.1 per cent in the third quarter, the EU's statistics office Eurostat said on Thursday, following a 0.2-per cent drop in...
04:29 PM, Nov 15, 2012
Washington: Barack Obama won re-election on Tuesday night, but the president faces a fresh challenge confronting the "fiscal cliff," a mix of tax increases and spending cuts due to extract some $600 billion from the economy barring a deal with Congress. At stake are two separate issues - individual tax cuts due to expire at year's end and tens of billions of dollars in across-the-board federal spending cuts due to...
11:50 AM, Nov 07, 2012
New York: The incredible shrinking bank may have to shrink more. In the hours after surprise announcement that Citigroup CEO Vikram Pandit was stepping down, speculation was rife, and facts scant, about what lay ahead for the nation's third-largest bank. Pandit left after a series of embarrassments and missteps that apparently unsettled Citigroup's board, including a "no" vote from shareholders on his pay package and a ruling from the Federal...
11:50 PM, Oct 17, 2012
Panaji: With chances of revival of mining industry in Goa in near future appearing remote, the downturn has begun showing its impact on those who are dependent on the sector for survival. People living in the iron ore rich mining belt are bearing the brunt of closure of the mining leases although the state government has assured financial packages. Areas like Velguem and Pale in Bicholim taluka, Usgao in Ponda...
02:54 AM, Oct 15, 2012
New Delhi: Even though Indian economy's growth declined to 6.5 per cent in 2011-12 and further to 5.5 per cent in the first quarter of this fiscal, it is no cause for undue worry, Finance Minister P Chidambaram said on Monday. "These are challenging times for global economy. They are affecting market sentiments everywhere," the finance minister said in his opening remarks at the annual Economic Editors' Conference in New...
11:50 AM, Oct 08, 2012
Washington: The global economy is in the worst shape since the dark days of 2009. Six of the 17 countries that use the euro currency are in recession. The US economy is struggling again. And the economic superstars of the developing world - China, India and Brazil - are in no position to come to the rescue. They're slowing, too. The lengthening shadow over the world's economy illustrates one of...
11:51 AM, Jul 23, 2012
London: The Bank of England launched a third round of monetary stimulus on Thursday, announcing it would restart its printing presses and buy 50 billion pounds of asset purchases with newly created money to help the economy out of recession. The move was widely expected after BoE Governor Mervyn King said last month the economic outlook had deteriorated since the BoE called a halt to its second round of asset...
06:31 PM, Jul 05, 2012
London: Britain's economy is in its second recession since the financial crisis, data showed on Wednesday, heaping pressure on Prime Minister David Cameron's coalition government as it battles a series of political embarrassments. The unexpected contraction in the first three months of 2012 - a 0.2 per cent dip in gross domestic product - confounded forecasts for 0.1 per cent growth. It came as Britain's Conservative-Liberal Democrat coalition has seen...
04:02 PM, Apr 25, 2012
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01:11 AM, Feb 27, 2012
London: Around 35 per cent of directors of British business firms think there is a high risk of a recession this year, says a survey. A poll by the Institute of Directors (IoD) said that of the 1,000 directors polled, about 53 per cent said they envisioned a moderate risk of recession, while only 11 per cent saw a low or very low risk of recession this year. According to...
12:06 PM, Feb 22, 2012
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05:23 PM, Feb 21, 2012
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10:07 AM, Jan 25, 2012
Stephen Roach Profile: Member of the faculty of Yale University, and non-executive chairman of Morgan Stanley Asia. Known for: He is one of the most widely followed economists in the world, and the author of The Next Asia. The European Monetary Union was flawed from the start. Lacking in a unified fiscal framework, it was only a matter of when before an asymmetrical shock drew the grand experiment into question....
12:35 PM, Jan 11, 2012
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11:29 PM, Jan 07, 2012
Hyderabad: A collapse of the euro and break-up of the European Union would have catastrophic consequences for the global financial system, billionaire investor George Soros was quoted as saying in Hyderabad on Thursday. "Today, the euro is potentially endangering the political cohesion of the European Union," the Business Line newspaper cited Soros as saying. "If the common currency were to break down, it will lead to the break up of...
12:42 PM, Jan 06, 2012
