The financial meltdown has cost London's tycoons billions.
Their losses will have a massive impact on the city's economy, forcing hundreds of shops, bars, hotels and restaurants to close.
Steel magnate Lakshmi Mittal was the biggest single loser after seeing £20 billion wiped off the fortune that made him Britain's richest man.
UK property tycoon Robert Tchenguiz is facing losses of up to £1 billion after borrowing heavily from Icelandic bank Kaupthing. Dozens of wealthy Russian and east European oligarchs with properties in London have also suffered huge falls in their fortunes......
However, these are just paper losses for most, they have money to reinvest and the market will recover and they will be quids in again. Its a financial loss if anyone is forced to cash in now...and now is the time to buy...(I hope!)
More details at :
http://www.thisislondon.co.uk/standard/article-23569740-details/Bonfire+of+the+billionaires+will+hurt+London/article.do
No comments:
Post a Comment