All posts filed under: BUSINESS

Intel Allays Bug Fears as Apple Admits Products Vulnerable to Attack

Intel Corp, the world’s No. 1 chipmaker has downplayed concerns that software updates to address security vulnerabilities in its computer chips will degrade performance of computers as businesses and consumers scrambled to figure out whether installing the patches would slow their machines. These flaws are security laxes detected in nearly every computing device that make their data vulnerable to hacking. The glitch surfaced early this week when news broke that researchers were planning to release technical reports on the threats, sending businesses, governments and consumers scrambling to understand the extent of the threat and the cost of fixes. No clear consensus has emerged. “Intel continues to believe that the performance impact of these updates is highly workload-dependent and, for the average computer user, should not be significant and will be mitigated over time,” the company said in a release. The release cited comments from Amazon.com Inc., Apple Inc., Alphabet Inc’s Google and Microsoft Corp, which said that they had seen no significant impact to performance after installing the patches. They were among a group of firms that …

Grosvenor Crescent is UK’s Most Expensive Street with £17m Average Homes

Grosvenor Crescent, located in the heart of Belgravia between Hyde Park Corner and Belgravia Square, is the most expensive residential street in England and Wales, according to the annual research from Lloyds Bank. A typical property on Grosvenor Crescent will cost an average of £16,918,000. Embed from Getty Images Belgravia has long attracted wealthy buyers and famous residents including former prime ministers Stanley Baldwin and Margaret Thatcher to the area due to its graceful white stucco residences, sweeping crescents, private garden squares and closeness to all the amenities of nearby Knightsbridge, Pimlico and Chelsea, to create the nation’s wealthiest district – three of the top five most expensive streets are in Belgravia. Grosvenor Crescent seems to have weathered the storm buffeting property valuations at London’s top-end of the market after the vote to exit the European Union, with the typical price tags unchanged since last December. However same thing cannot be said for next-door neighbours Eaton Square – which topped the bank’s table a year ago – which has seen more than £3m wiped off …

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.