All posts filed under: BUSINESS

Sad Chapter as Book & Kitchen Closes in Notting Hill

Muna Khogali’s Book and Kitchen finally closed its doors in Notting Hill’s All Saints Road on 7 October after over four years of trading. Yet another demise of a well-conceived independent bookshop, cafe and events space. Bibliophiles across west London had rejoiced at its inception. Finally, a place where you could browse through your favourite tomes and indulge in a cake or two. The concept had been the fruition of a life-long dream for Khogali, who had longed for a place that looked less of a bookshop but more of a wander into your study within the close proximity of a nibble or two. Almost an anti-bookshop where books were showcased in an informal setting alongside the motto “combining the literary with culinary”. It opened to rave reviews and it was easy to see why. A well-curated booklist covering the arts, design, fashion, fiction and non-fiction housed in a airy and immaculate building. It also hosted literary evenings, supper clubs, music nights and book signings. Khogali signed off in an email to customers: “Book and …

Super-rich ‘Happy to Pay Voluntary Mansion Tax’

A London council plans to launch a revolutionary voluntary “mansion tax” on high-value properties which its leader says the rich are happy to pay. The tax would be for owners of properties worth more than £10m, like the One Hyde Park luxury apartments which heralded the prime central London high-end property boom. Nickie Aiken, leader of Westminster Council, is confident Ultra High Net Worth Individuals (UHNWIs) would pay the optional charge. “This scheme might have its cynics, but I have spoken to very wealthy people who want to help the borough more,” she said. She explained proceeds could be used to freeze council tax for other council tax payers. The tax would collect a voluntary supplement of £1,376 a year from the estimated 2,000 owners of £10m-plus properties in band H, doubling what they already pay in council tax. The scheme would raise an extra £2.75m a year if they all fulfilled their promise made the payment. It will come into force from next April and the voluntary contribution will be collectable alongside ordinary council tax. …

Wall Street Flash Crash: Hounslow Man in Court over £27m Fraud

A man from the west London suburb of Hounslow has appeared at Westminster Magistrates’ Court over ‘flash crash’ stock exchange manipulation that wiped £500bn off American shares for a few minutes in May 2010. In US Department of Justice extradition papers seen by WLT, Navinder Singh Sarao, 37 is wanted to face charges of wire fraud, commodities fraud and market manipulation. Mr Sarao is alleged to have carried out the criminal enterprise described as high frequency trading from the Hounslow address where he lives with his parents trading as Nav Sarao Futures Limited. US regulatory authorities also allege Sarao made $40m (£27m) over five years. Mr Sarao has opposed his extradition and bail has been set at £5.05m bail with his parents required to deposit £50,000 with the court. He is to reappear in court in May. His passport and his parents’ passports have also been confiscated and he has to report to a local police station. He faces 380 years imprisonment if extradited and convicted of the charges.