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WHEN YOU THINK of the world’s most prosperous shopping streets, you probably don’t think of Greece.
But before the double whammy of the 2008 financial crisis and the 2010-2012 eurozone crisis, Athens was home to some of the most prime retail space on the planet.
In 2012, Joe Weisenthal wrote a post about Ermou Street, which the real-estate firm Cushman & Wakefield said was the world’s 10th most expensive retail space in 2007.
Three years later, I’m staying in a hotel on the exact same street, and like Weisenthal, I never would have guessed this was once such a prosperous area.
The price of retail space in the area has fallen by nearly half since 2007, and the space has lost a lot of its former glory — take a look.
All photos: Mike Bird/Business Insider. For the full story, read BusinessInsider.
Forrest Gump must be closing in on Bill Gates at this rate
Not bad for Forest as his Apple letter was dated before Apple actually began selling any shares. Forest truely is special.
He could have been a venture capitalist who invested in the company before it went public. Would have made even more money that way.
My income tax would be lower if Apple actually paid their full 12 1/2℅ tax. Well, unless our gangsters in the Dail give it to our Rothschild/private bond holders.
The best thing about the new iphone coming up is it’ll kill off the Garth Brooks stories
What’s this about Garth Brooks?
Unless he gets one, then there could be the perfect storm. The Journal ‘towers’ would explode in orgy of ctrl-c ctrl-v, it would be like something from an Hieronymus Bosch painting
My revenue would not be near as good as Apples but it would be liveable if I didn’t pay taxes
Silly story! If you compared the profits of most successful companies towards their total staff and apply the figures through a per capita rating, you’d get similar results. All the same, maybe the might loan us a few bob…
Hush, John. It’s the start of Apple season on the Journal, expect blanket coverage, and incendiary articles, until the launch of the iPhone 6 in September.
Quarterly profit of 7.7 billion but it’s 600 million less than expected. Wouldn’t you just hate to be Apple right now.
Apples profits are based on semi slave labour – and not something to boast about .
Many are made in Chian at Foxconn factories
”On June 14th, a Foxconn worker jumped to his death from his apartment building in Chengdu, marking the 18th reported worker suicide at Foxconn factories in China in just over two years[1]. Many additional suicides may have gone unreported[2][3]. But these deaths and the focus on conditions at Foxconn reflect only a portion of the troubling conditions at Apple suppliers.
This investigation of other Apple suppliers in China reveals that serious work-related injuries and worker suicides are by no means isolated to just Foxconn but exist throughout Apple’s supply chain. For example, we found that at least two workers committed suicide at Flextronics[4]’ factories last year[5][6] (Ganzhou and Zhuhai) and that upwards of 59 workers were injured in explosions at Riteng’s Shanghai factory last December[7] (both are Apple’s suppliers). More broadly, this investigation of ten different Apple factories in China finds that harmful, damaging work environments characterized by illegally long hours for low levels of pay are widespread in Apple’s supply, with working conditions frequently worse at suppliers other than Foxconn. We also document for the first time the tremendous problems caused by the use of ‘labour dispatching’ by Apple suppliers in China…
This is Bangladesh all over again – low wages – long hours – and the author of this report has nerve to compare the profits with Bangladesh where their have been tragedies and many deaths as well – and again western suppliers take no responsibility – despite their claims – for the hours and wages that workers have to put up with
- Oh and this is the direction in which we are headed – the race to the bottom – Yes – great news .
We should be boycotting these products .
Lot of talk about boycotting Israeli products – seems an easy target – but the things we use ourselves ??
Number of suicides in Foxconn factories (according to your story above, not attributed anywhere): 18 in two years out of a total workforce of over 1 million. That gives a rate of 0.9 suicides per 100,000 per year.
Current suicide rate in China: 9.8 per 100,000
(Figures from 2009-2011. Source: http://www.economist.com/news/china/21605942-first-two-articles-chinas-suicide-rate-looks-effect-urbanisation-back)
This is old news and has been discussed in great depth many times over. Apple has been the focus of such stories, as its iPhone is the top selling smartphone brand. As a result, it has been at the forefront in trying to improve conditions for workers. It has been working with the Fair Labor Association (www.fairlabor.org) to audit its facilities in the China supply chain. There are still challenges to be met, and it isn’t just Apple who can solve them. It’s a problem that affects the entire consumer electronics industry. So if you buy an iPhone or a Samsung phone or whatever brand of smartphone, chances are it will have come through the Chinese supply chain.
@jim, spot on.
Statistics, statistics – not a very honest story, sorru
Tim Cook says he “can’t wait” to show Apple fanboys their new products in September.
If you believe that, I have a really cool limited edition invisible, non-tactile iPad for sale…
Does that figure include the amount they are tax dodging as well. Parasites.
apple, like many large american corporations, would, under American tax laws, be liable to taxation when they repatriate profits back into the USA. This is unfair as thru have already paid tax at source in the country where the profit was made. Why should they pay tax twice. They have a duty to their shareholders to maximise profit legitimately.
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