Why Shoreditch?
The east London district of Shoreditch is one of the capital's trendiest creative hubs. Although the area has become seriously and some would say self-consciously gentrified in the past 10 years, it still retains a large measure of grittiness thanks to a preponderance of old warehouses, brick-built working-class housing in various stages of renovation and its location on the fringes of the City. This lends it an edge which you don't feel in other parts of London, and the area has proved popular with artist's studios, fashion houses, IT companies and advertising agencies, which in turn have spawned a large number of funky new cafes, restaurants, shops, bars, nightclubs and boutique hotels.
A comfortable bed
The best address is currently Boundary, at 2-4 Boundary Street (www.theboundary.co.uk; 00 44 207 729 3061). Terence Conran's latest venture offers 17 rooms, three restaurants and bars, a bakery and small food store nicely arranged in an old print works. The rooms allow a taste of luxuriously urban loft living from £164.50 (Dh927) per double room per night, including taxes but excluding breakfast.
For those on a tighter budget, just round the corner from Boundary is Shoreditch House (www.shoreditchhouse.com) which offers smart but small (room sizes come in "tiny", "small" and "small plus"). Double rooms cost from £60 (Dh340) per night, including taxes and excluding breakfast.
Find your feet
Starting at Old Street Station, walk to Hoxton Square and visit the White Cube Gallery (www.whitecube.com), which frequently exhibits the work of young British artists (YBAs) such as Tracey Emin, who still lives nearby. Stop at the Electricity Showrooms (www.electricityshowrooms.com) for a cold drink and then cross the road onto Curtain Road, turning left down Rivington Street for excellent people-watching opportunites.
At the end of the road cross Shoreditch High Street and stroll through Boundary Passage to Boundary Street, stopping at Albion cafe at Boundary (www.albioncaff.com) for a late breakfast or pastry. Past the Boundary hotel, turn left into Redchurch Street and cross the road at the bottom to walk down Brick Lane.
If you are in need of an eastern fix, stop at the Hookah Lounge at 133 Brick Lane for a cardamom coffee, hot almond milk or one of its teas from Afghanistan, Kashmir, Morocco or Turkey, served in ornate pots (it also does good kibbeh, grilled halloumi and tabouleh). Turn right on Fournier Street or Fashion Street to admire the 18th-century Hugenot buildings before crossing Commercial Street into Spitalfields Market, which dates from 1887 and houses dozens of individual shops, cafes and restaurants.
Meet the locals
The opportunities are endless, but remember that while Cockneys are usually open and friendly, you'll have to be outgoing to start a conversation with an aloof Shoreditch type. Tracey Emin is a regular at St John Bread & Wine at 94-96 Commercial Street (www.stjohnbreadandwine.com), which does a good line in traditional British foods (smoked sprats and pickled cabbage anyone?). Beigel Bake at 159 Brick Lane is a working-class institution that, thanks to 24-hour opening hours, now serves everyone from Cockney cab drivers enjoying a hot salt beef sandwich to the post-4am clubbing crowd. I love the cream cheese bagels (90p; Dh5) and apple turnovers (50p; Dh3). The coffee shop next door at number 157, Brick Lane Coffee, has cosy sofas and a good atmosphere.
Further down Brick Lane, both 93 Feet East and Café 1001 are laid-back cafes during the day and clubs at night - the former is more organised, with live music and DJs during the evening and short films or video art to lounge in front of during the day.
Lounge Lover at 1 Whitby Street, all crushed velvet curtains, low tables and Regency-style chairs, was the place Madonna chose to have her 48th birthday party, and the Japanese food is good, too. But for meeting east Londoners, the very best place to do so is at one of the Sunday markets, which take place at the Old Truman Brewery on Brick Lane, Brick Lane, Cheshire Street and the Flower Market at Columbia Road.
Book a table
Brick Lane is peppered with cheap curry houses, but for great Pakistani Punjabi food, head to Tayyabs at 83-89 Fieldgate Street (www.tayyabs.co.uk; 0044 207 247 6400); avoid Friday and Saturday nights when the queue for a table can be an hour or longer. The house special is the very popular spicy lamb chops (main courses from £5 [Dh28]).
At the other end of the dining scale is Galvin La Chappelle at 35 Spital Square (www.galvinrestaurants.com; 0044 207 299 0400), a new French restaurant with a lovely atmosphere in a stunning setting and brilliant food to match. I liked the fricassée of Parmesan gnocci with wild mushrooms and spring vegetables (£15.50; Dh87), and for dessert, mille feuille of raspberry (a large stack of sweet, juicy raspberries divided by thin buttery caramel biscuit and served with ice cream (£9; Dh50) and the selection of French farmhouse cheeses (£10.50; Dh60).
Shoreditch is also known for its excellent Vietnamese food. My favourite, despite a recent makeover, is Viet Hoa at 70-72 Kingsland Road (0044 207 729 8293), where a tasty bowl of canh chua (Vietnamese hot and sour soup) will set you back just £4.50 (Dh25) and tofu in black bean sauce just £5.30 (Dh30), all best taken with endless cups of the house jasmine tea.
Shopper's paradise
Time Out London currently rates the grungy Redchurch Street as "London's best shopping street", which, although it houses Boundary and its lovely produce store and downstairs cafe, and a number of small art studios and young fashion labels, may be pushing it slightly. Shopper's paradise is to be found in the Sunday markets - just make sure you get up early enough to sample all of them.
Start at Columbia Road Flower Market at 8am to catch the best of the blooms, before heading south to Brick Lane. I like the new indoor markets that have opened up at the Old Truman Brewery site and the food stalls inside the Boiler House, which serve great Caribbean-Asian fusion food and some excellent North African specialities, too (see www.trumanbrewery.com for details on all these markets).
What to avoid
If you don't like loud, boisterous evenings, avoid Brick Lane on a Friday or Saturday night. The "curry touts" outside the restaurants are also particularly annoying at this time.
Don't miss
The Sunday markets. Make sure you also check out the Whitechapel Art Gallery (www.whitechapelgallery.org) for a good and changing international programme of contemporary and 20th-century art.
rbehan@thenational.ae
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
UAE rugby in numbers
5 - Year sponsorship deal between Hesco and Jebel Ali Dragons
700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams
Dh1.8m - Dubai Hurricanes' overall budget for next season
Dh2.8m - Dubai Exiles’ overall budget for next season
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The specs: 2018 BMW X2 and X3
Price, as tested: Dh255,150 (X2); Dh383,250 (X3)
Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)
Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)
Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)
Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)
Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
SPECS
%3Cp%3EEngine%3A%20Twin-turbocharged%204-litre%20V8%3Cbr%3EPower%3A%20625%20bhp%3Cbr%3ETorque%3A%20630Nm%3Cbr%3EOn%20sale%3A%20Now%3Cbr%3EPrice%3A%20From%20Dh974%2C011%3C%2Fp%3E%0A
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.