_Economy and Finance

Turkey: Trade deficit surprised to the downside At USD 5.5bn, October’s foreign trade deficit was lower than the market expectations (USD 8.2bn) and our forecast (USD 7.4bn) mostly due to lower-than-expected imports. October’s fiscal data was implying an increase in imports. Nevertheless, on a seasonally adjusted basis, imports contracted by 4.1% m/m in October. Exports increased by 0.7% m/m. As a result, 12-month cumulative trade deficit declined from USD 87.7bn in September to USD 85.2bn in October. Similarly, non-energy trade deficit contracted by USD 2.2bn to USD 33.2bn in October.

Chile: Manufacturing beat expectations in October; robust GDP reading expected next week Florencia Vazquez - Market Economics Latam Macro Snapshot | 29 Nov 2012 14:32 | 46 Kb Manufacturing production advanced a whopping 9.1% y/y in October, following a 5.6% y/y plunge in September. A strong performance was expected thanks to the fact that October this year had three additional working days, but actual IP growth stood above our already optimistic forecast and the median estimate from the Bloomberg survey (5.0% and 3.0% y/y, respectively).

Chile: Neutral minutes with a catch Nader Nazmi - Market Economics Latam Macro Snapshot | 28 Nov 2012 16:32 | We read the minutes of the 13 November monetary policy meeting as broadly neutral regarding the short-term outlook, ruling out any changes in the policy rate over the next several months. Although inflation is not an issue at present, the minutes show some concern about latent price pressures given the economy’s strong momentum.

The WMI Top 10 Hotel & Resort Operators in Europe: Company Guide Published: November 2012 | Region: Europe | 252 pages | World Market Intelligence Synopsis - "The WMI Top 10 Hotel & Resort Operators in Europe: Company Guide" is a crucial resource for anyone looking to gain information on the top companies in the Travel and Tourism industry in Europe. Detailed company profile and SWOT analysis information is provided for all the leading companies who are ranked in order by total annual revenues generated http://www.researchandmarkets.com/research/f2tj8c/the_wmi_top_10

http://articles.marketwatch.com/2012-11-27/commentary/35368213_1_el-erian-new-bull-money-managers Stocks dead, bonds deader till 2022: Pimco Paul B. Farrell Commentary: Gross, El-Erian warn of very slow growth ahead November 27, 2012 | Paul B. Farrell, MarketWatch SAN LUIS OBISPO, Calif. (MarketWatch) — Big money managers are warning investors. They’re now citing the Bible: “Seven lean years.” No recovery till 2016. That was Jeremy Grantham back a few years ago. His GMO firm manages $104 billion.

World Property Channel Many U.S. Office Markets to Improve in 2013, Accelerating in 2014 Posted by Hortense Leon 11/27/12 8:00 AM EST The office vacancy rate will continue to decline in 2013 and more so in 2014, according to the CBRE Group. The rate will fall to 14.9% next year and 13.8% in 2014, according to the commercial real estate brokerage firm.

http://www.investmenteurope.net/ Peru, Chile and Mexico are Societe Generale's favourites for LatAm investments By: Chiara Albanese 27 Nov 2012 Despite the global slowdown, favorable domestic conditions have supported the growth of Latin America's most open economies, such as Peru, Chile and Mexico, and forecasts suggest strong capital inflows for 2013 which will fuel credit growth, according to Societe Generale.

Chile: Strong October partial activity data expected this week. CHILE Strong October partial activity data expected this week. Activity report will be released on Thursday. We expect the pace of manufacturing production to have swung back into positive terrain in October. Our forecast is for a 5.0% y/y expansion, after a 5.6% y/y plunge in September. We look for a moderate expansion in sequential terms.

U.S. Commercial Property Sector Enjoying Rising Rents as Vacancies Slowly Decline, Says NAR Posted by Michael Gerrity 11/26/12 11:33 AM EST According to the National Association of Realtors (NAR) quarterly commercial real estate forecast, most of the major commercial real estate sectors show gradually improving fundamentals and are easily absorbing the relatively small amount of new space that is coming online, with a full recovery already in the multifamily market.

World Property Channel CMBS Issuance Expected to Increase by 50% in 2013 Posted by Hortense Leon 11/26/12 10:08 AM EST While there are a number of challenges that will face the US economy in 2013, good news is forecast for the CMBS market in the new year. According to a November 21th report issued by Deutsche Bank, the non-agency issuance volume of CMBS will increase by 50% to approximately $60 billion. That would be the highest total volume of CMBS issuance since the financial meltdown.

Florencia Vazquez, Marcelo Carvalho, Nader Nazmi, Gustavo Arruda - Market Economics Daily Latam Spotlight | 23 Nov 2012 10:59 | CHILE The Chilean executive is facing more and more obstacles in the ongoing budget debate in Congress. Finance Minister Felipe Larrain expressed concern after the opposition introduced several changes it wants to make to the 2013 budget in the lower chamber of parliament. Specifically, it has rejected items in areas of education, health, labour and mining.

Turkey: Moody's remains on hold and upbeat Moody's is holding its 6th Annual Turkey Credit Risk Conference in Istanbul today. In the morning session of the meeting, Turkey analyst Sarah Carlson made a presentation on "Sovereign risk in Europe: Turkey and the Euro Area." Recall that, Moody's maintained Turkey's sovereign rating unchanged at Ba1 and kept the positive outlook yesterday.

Worldwide Plaza Confirms Recapitalization Plans By Karsten Strauss 11/21/12 1:37pm Worldwide Plaza will definitely look to recapitalize, following several months of lingering on the auction block. Sellers, George Comfort & Sons and RCG Longview, had purchased the building – located at 825 Eighth Avenue – in 2009 for just under $600 million. http://commercialobserver.com/2012/11/worldwide-plaza-confirms-refinance-plans/

Turkey: The CBRT acts cautious but signals a policy rate cut The CBRT kept its one-week repo rate (the policy rate) and o/n borrowing rate unchanged at 5.75% and 5.00%, respectively. The o/n lending rates, on the other hand, were cut by 50bp. Consequently, o/n lending rate to primary dealers was reduced to 8.5%, whereas o/n lending rate to the rest of the market was cut to 9.00%. Following Governor Başçı’s verbal intervention last week, market’s and our expectations leaned towards a rate cut on the o/n borrowing rate. Hence, CBRT acted more cautious relative to expectations. At the same time, the bank made a conditional commitment to reduce its policy rate and o/n borrowing rate by stating that “If deemed necessary for financial stability, a measured cut may be considered in the policy rate and the overnight borrowing rate in the forthcoming period”. Hence, should the CBRT decide to reduce the lower bound of the interest rate corridor, this would likely to be accompanied with a cu...

Chile: Consumer confidence slid in October, but stayed above the 50 neutral level. CHILE Consumer confidence declined in October, but remained above the 50 neutral level. Consumer confidence slid 1.7% m/m to stand at 52.7 in October. Thus, last month was the fifth straight month of results above the 50 neutral level.

2013 Outlook Commodities Review European Gas and LNG Thierry Bros Key points ■ On 8 October, the second 27.5 bcm/y Nord Stream line was launched, bringing the facility’s total capacity to 55 bcm/y (the first line was opened in November 2011). The pipeline is designed to bring greater stability to the supply of Russian gas to Europe by reducing dependence on transit countries, with which Russia has repeatedly faced serious issues over gas prices.

2013 Outlook Commodities Review US Natural Gas Laurent Key Key points ■ The US natural gas forward curve is, in our opinion, well priced for the start of the winter but too expensive from March to the rest of 2013. Cal 13 price forecast is $3.52/MMbtu, 40 cents below the current curve.

2013 Outlook Commodities Review Oil Michael Wittner Key points ■ The outlook for oil market fundamentals is neutral through 2013. With another year of sluggish economic growth expected, global demand growth is forecast at 0.8 Mb/d next year, driven by emerging markets east of Suez.

2013 Outlook Commodities Review Copper Robin Bhar Key points ■ At current levels, around $7,600/t, we anticipate limited downside risk as fundamentally the copper market remains tight; there is scope for prices to rise given a belief that the Chinese economy has bottomed and a rebound is expected over the coming months.

http://www.theaustralian.com.au/business/property/blackstone-buys-troubled-mall/story-fn9656lz-1226519908536 Blackstone buys troubled shopping centre after years in limbo PRIVATE equity giant Blackstone has waded deeper into Australian real estate, paying $341 million for the Top Ryde City shopping centre in Sydney, a source has confirmed.

Florencia Vazquez, Marcelo Carvalho, Nader Nazmi, Gustavo Arruda - Market Economics Daily Latam Spotlight | 20 Nov 2012 06:00 | Brazil: Consensus revised down growth for next year. BRAZIL Local markets will be closed today due to a local holiday. Consensus expects less growth ahead. Consensus has revised down 2012 growth to 1.52% from 1.54% in the prior week. For 2013, consensus anticipates growth below 4.0% next year (at 3.96% from 4.0%). We continue to believe that Brazil’s economy will continue to accelerate in the coming quarters, and partial data for October reinforce our view. We expect growth above 5.0% next year, thanks to monetary, fiscal and credit measures in place to spur growth.

Chile: More moderate growth in Q3, but still above potential Florencia Vazquez - Market Economics Latam Macro Snapshot | 19 Nov 2012 16:33 | Real GDP in Chile was reported to have advanced 5.7% y/y in Q3 2012. The y/y pace of advance stood slightly ahead of the median estimate from the Bloomberg survey and a bit below our forecast (5.4% and 6.2%, respectively). In sequential terms, the economy expanded at a 5.7% q/q (saar) pace, having moderated from Q2’s unsustainable 8.3% pace (revised up from a previous 7%), but still slightly above potential (Chart 1).

Worldwide Plaza may be off the block With bids lagging the $1.5 billion target price, the owners of the 59-story West Side office tower are said to be thinking about holding off and settling for a re-fi now. BY DANIEL GEIGER NOVEMBER 19, 2012 1:37 P.M. The owners of Worldwide Plaza have begun considering a refinancing of their 1.9 million square foot tower, rather than the sale they had been pursuing, several sources say. http://www.crainsnewyork.com/article/20121119/REAL_ESTATE/121119923

GLOBAL ECONOMIC OUTLOOK November 19, 2012 http://www.sgresearch.com The muddle-through policy setting has been an additional headwind to debt deleveraging, with the resulting uncertainty delaying consumption, investment and hiring decisions.

Why Can’t We Be Friends? Julia Coronado - Market Economics US Daily Spotlight | 19 Nov 2012 00:15 | Last week ended on a hopeful note as Democratic and Republican Congressional leaders met at the White House with President Obama and emerged from their meeting promising they would reach a fiscal compromise “before Christmas”. There is still much political wood to be chopped to reach agreement, and it is certain to be a bumpy road. Nevertheless, we feel reasonably confident that the parameters of a deal are well within sight, and the political incentives on both sides are for a smooth outcome.

http://www.4-traders.com/ Chile Copper Mining Industry At a Turning Point -BHP Executive 11/16/2012| 10:07am US/Eastern SANTIAGO, Chile--The Chilean copper mining industry, which accounts for a third of the world's copper, is at a turning point as ore grades are retreating and bigger capital expenditures are needed to maintain production levels, a BHP Billiton Ltd. executive said Friday.

Turkey: Rebalancing is losing pace At USD 2.7bn, current account deficit was below the market consensus and our forecast (USD 3.0bn) in September. As a result, 12-month cumulative c/a deficit declined to USD 55.8bn from USD 59.5bn in August. Similarly, 12-month cumulative non-energy c/a deficit fell to USD 4.0bn, from USD 7.7bn. Net gold exports continued to support the narrowing in the current account deficit. 12-month cumulative net gold exports amounted to USD 3.7bn, from USD 1.4bn in August.

DEMAND FOR LUXURY GOODS DRIVES RENTAL GROWTH 14 Nov, 2012, London http://www.cushwake.com/cwglobal/jsp/newsLanding.jsp?Language=EN&featuredNewsItemId=c60500007p&Country=GB&pageStart=26

Best Metals Forecaster Smirk Sees China Recovering: Commodities By Phoebe Sedgman and Chanyaporn Chanjaroen Industrial metals will rally through the middle of next year as the economy strengthens in China, the biggest user of everything from aluminum to zinc, according to the most accurate price forecaster tracked by Bloomberg. Justin Smirk of Westpac Banking Corp. in Sydney beat as many as 25 others in predicting metals for two consecutive quarters on a rolling two-year basis, data compiled by Bloomberg Rankings show. He expects copper, nickel and zinc to gain through June and forecasts a 21 percent rise in aluminum.

South Africa: Retail sales growth healthy but slowing to 4.3% y/y in Sept from 6.7% in Aug Retail sales growth slowed in Sept to 4.3% y/y, after recording annual growth rates of 6.7% and 2.9% in Aug and July respectively. The growth slowdown may be partly attributed to the transport strikes of Sept, which likely disrupted retail sales during the month. In addition, retail sales may have been constrained by a pickup in retail inflation, coupled with slower growth in household disposable income (see charts). Retail inflation has recently risen from 3.9% y/y in August to 4.5% in September, while growth in household disposable income appears to be trending downward, equalling 3.7% y/y in Q2 2012 versus growth of 5.6% for the same period in 2011.

Mexico: Labour Reform Is Approved Nader Nazmi - Market Economics Latam Macro Snapshot | 14 Nov 2012 16:32 | Late last night the Senate passed a labour reform bill that had already been approved by the Chamber of Deputies. This bill will soon be signed into law by the outgoing President Felipe Calderon, ending years of failed efforts to reform Mexico’s labour market.

Colombia Weekly Central bank publishes neutral minutes. Notwithstanding concerns about soft Q3 growth, the Colombian central bank board is confident that robust growth is continuing in H2 thanks to strong domestic demand, according to the minutes of the 26 October board meeting, released on Friday.

Chile: BCCh stood on hold, as expected; neutral bias remained in place Florencia Vazquez - Market Economics Latam Macro Snapshot | 13 Nov 2012 22:00 | Chile’s central bank kept the policy rate unchanged at 5.0% at today’s monetary policy meeting. The decision stood in line with both our forecast and the median estimate from the Bloomberg survey.

Foreclosed Homes Purchased by Colony Capital to be turned into Rental Properties November 13, 2012 Colony Capital, a private real-estate investment firm, won an auction for 970 single family homes from mortgage giant Fannie Mae in a deal that cost the company $176 million. The properties are located in California, Arizona and Nevada, three states that have been hit particularly hard by the housing crisis that first began in 2008. http://pacificbanc.wordpress.com/2012/11/13/foreclosed-homes-purchased-by-colony-capital-to-be-turned-into-rental-properties/

http://www.bloomberg.com/news/2012-11-12/u-s-to-overtake-saudi-arabia-s-oil-production-by-2020-iea-says.html U.S. Oil Output to Overtake Saudi Arabia’s by 2020 By Lananh Nguyen U.S. oil output is poised to surpass Saudi Arabia’s in the next decade, making the world’s biggest fuel consumer almost self-reliant and putting it on track to become a net exporter, the International Energy Agency said.

Major improvements in copper concentrate supply forecast In the first eight months of 2012, its Y-o-Y imports of refined copper rose 57.7% to 2.39 mt and of concentrate 14.1% to 4.6 mt Kunal Bose / Nov 13, 2012, 00:31 IST India’s two standalone smelters without mine linkages, belonging to Hindalco Industries and Sterlite Industries, have reasons to be happy, with the International Copper Study Group (ICSG) saying the world could see supply surplus of copper concentrate in 2013. That would mark the end of over a decade-long tightness in availability of the mineral for smelting into metal. Principally, on the back of copper mines expansion in Chile and the Oyu Tolgoi copper-gold mine coming on stream, concentrate supply next year, according to ICSG, will see a 6.4 per cent rise.

http://www.mine-engineer.com/ Copper Mining Info

Chile Cochilco Raises 2012 Copper Price View to $3.61 a Pound Published November 12, 2012 Dow Jones Newswires Chilean state copper commission Cochilco raised its 2012 copper-price outlook to an average of $3.61 a pound, from a previous outlook of $3.52/lb.

Global Copper Production Under Stress Richard (Rick) Mills Ahead of the Herd As a general rule, the most successful man in life is the man who has the best information Capital inputs account for about half the total costs in mining production - the average for the economy as a whole is 21 per cent. Obviously many of the costs, once incurred, cannot be recovered by sale or transfer of the fixed assets.

**Update On Copper Mining In Chile** Sunday, 11 November, 2012 By: Charles Kubach, Mine-Engineer.Com Copper mining costs are being reported ranging from around $2/pound to a high of $3.20 per pound. As China's economy cools to a 5% growth rate, they require fewer resources, such as steel and copper, so the demand weakens, but if American and European economies ever recover, copper will again rise to the $4 per pound level. The trick is to still be in business when that happens, and keeping mines profitable and costs in line is how a mining company will do that. By utilizing process efficiencies, convincing the government to not tax and fee the industry into oblivion, and keeping mine costs in line with projected income will determine if Chile's copper thrives or moves on to another continent.

Russia: the CBR left rates unchanged in Nov as expected In Russia, the CBR made decision to leave all key rates (depo, repo and refi) unchanged in November. This decision has been highly expected as CPI inflation slowed to 6.5%y/y in October, providing the CBR time for manoeuvre. However, we generally see October's relief in food price pressure as temporary and expect a new round of food inflation soon, resulting in a new acceleration of CPI inflation. This makes monetary tightening likely. We expect the CBR to hike rates by 25bp in Dec and see refi rate at 8.5% by 2012-end (flat in 2013). The decision is planned to in the first ten days of Dec (presumably, 7 Dec 2012).

Mexico: Banxico’s Minutes – Limits to Patience Nader Nazmi - Market Economics Latam Macro Snapshot | 09 Nov 2012 16:45 | Worried about inflation for now. According to the minutes from the 26 October meeting of the Monetary Policy Committee (MPC), the board sees elevated risks to inflation near term. While it judges supply shocks as the main cause of high inflation, it is mindful of second-round effects. It is worried that price pressures, albeit temporary, will contaminate inflation expectations, result in wage hikes that exceed the inflation target and spill over to core inflation. This is especially a concern given that the output gap has closed (and is likely positive) and inflation has been stuck above the 4.0% Banxico implicit tolerance ceiling for five months.

Brazil: The Week Ahead - The Hunt for Red October Marcelo Carvalho - Market Economics Brazil: The Week Ahead | 09 Nov 2012 16:30 | You may have seen the film. The 1990 movie “The Hunt for Red October” is a thriller adapted from the Tom Clancy novel of the same name. In the story, Red October is the name of the new Soviet submarine that sonars are unable to detect. Sean Connery plays the commanding officer of the boat. Currently in Brazil, bearish forecasters seem to be hunting for a red October on growth data.

Eco Analysis - Chinese export growth improved further (W. Yao) China's export growth surprised on the upside again, but imports remained sluggish. China's export growth rose further to +11.6%yoy in October from +9.9%yoy in September, beating expectations (Cons. +10%; SG +9%) for a second month. There were two more workdays last month than that in October 2011, which contributed to the headline improvement. But, even if excluding this factor, exports still hold up reasonably well. Export growth to the US and the European Union improved to +9%yoy and -8.1%yoy in October from +5.5yoy and -10.7%yoy in the previous month, previously. As in September, emerging Asia outperformed the most, with exports to ASEAN economies rising 44%yoy. However, we remain cautious on the export outlook, amid weak order figures, especially those from the Canton fair (-9%yoy).

Bloomberg News Frankfurt Turns Offices to Homes as Excesses Lift Vacancy By Dalia Fahmy on November 09, 2012 Vijay Vankadari, who has renovated Frankfurt apartment buildings for more than a decade, used a cheap and plentiful resource for his latest residential project in the city: old office buildings that businesses won’t touch. http://www.businessweek.com/news/2012-11-08/frankfurt-turns-offices-to-homes-as-excesses-lift-vacancy

China: CPI and PPI (Oct 2012) Xingdong Chen - Market Economics Asian Instant Insight | 09 Nov 2012 03:43 | CPI eased to a 33-month low of 1.7% y/y and PPI deflation improved to -2.8% y/y. We believe both CPI and PPI have bottomed. But through the year end, CPI would stay mild and PPI continue to be negative. However, policymakers have concerns over inflation next year on the back of economic recovery and monetary easing in developed nations. The need and odd of another cut in interest rate is diminishing along with economic rebound in Q4. Nevertheless, we still expect authorities to maintain the accommodative policy stance to protect the green shoots by ensuring adequate market liquidity and enhancing transmission of monetary policy.

Turkey: Industrial production increased sharply in September At 6.2% y/y, September's industrial production index beat the market consensus (2%) and our more optimistic forecast (3.4%). On a seasonally adjusted basis, industrial production increased by 3.9% m/m, following a 2% m/m decline in August, which waspartly due to the Ramadan effect. As a result, in Q3, industrial production increased by 0.9% q/q. Should IP remain flat till the year end, this would translate into a 1.9% q/q increase in Q4.

Chile: CPI inflation surprised to the upside in October lifted by food prices Florencia Vazquez - Market Economics Latam Macro Snapshot | 08 Nov 2012 21:14 | Consumer prices were reported to have advanced 0.6% m/m in October, a result that stood visibly ahead of both our forecast and the median estimate from the Bloomberg survey (both: 0.3% m/m). The annual inflation rate accelerated to 2.9% last month, but remained slightly below the 3% official target.

Mexico: Inflation Downtrend Has Begun Nader Nazmi - Market Economics Latam Macro Snapshot | 08 Nov 2012 15:52 | Annual inflation fell from 4.77% in September to 4.60% in October (BNP Paribas: 4.64%). This is supportive of our view that inflation peaked in September and will fall towards our end-year 2012 projection of 4.04% in Q4 due to a more favourable base effect as well as lower food inflation.

Australia: Labour Market (Oct 2012) Dominic Bryant - Market Economics Asian Instant Insight | 08 Nov 2012 02:54 | Employment surprised to the upside somewhat in October, for a second consecutive month. Full-time employment drove the increase. However, other indicators of labour market health are weak at present. In particular, the trend in hours worked is soft. Typically this is consistent with significant domestic demand weakness, which we expect to show through in the Q3 and Q4 GDP numbers. Therefore, we continue to expect a 25bp RBA rate cut in December.

Starwood Capital joins rivals in Europe's property loans market By: Chiara Albanese 07 Nov 2012 US real estate firm Starwood Capital Group has launched Starwood European Finance Company, a European real estate finance platform aiming at taking advantage of financing opportunities arising from the retrenching in bank lending in this space. http://www.investmenteurope.net/investment-europe/news/2223167/starwood-capital-joins-rivals-in-europes-property-loans-market

http://www.sfgate.com/business/article/Yelp-signs-Pacific-Telephone-Building-lease-to-3547416.php#media-32360 Yelp signs Pacific Telephone Building lease to 2021 Updated 12:46 pm, Wednesday, November 7, 2012 Yelp has given San Francisco a five-star rating, committing itself to stay in its hometown through at least 2021.

http://www.mining.com/ Output up 72.4% at Chile’s Escondida copper mine Cecilia Jamasmie | November 7, 2012 Production at Chile's Escondida, the world's largest copper mine, was up 72.4% in the third quarter compared with the same period of 2011, said the country’s copper commission on Wednesday.

Chile: 2012 GDP forecast revised up on surprisingly strong Q3 performance BNP PARIBAS Florencia Vazquez - Market Economics Latam Macro Snapshot | 05 Nov 2012 14:39 | The monthly proxy for real GDP advanced a strong 4.6% y/y in September. The reading stood modestly ahead of our forecast and visibly above the median estimate from the Bloomberg survey (4.2% and 3.2% y/y, respectively).

http://www.mbendi.com/indy/ming/cppr/sa/cl/p0005.htm Copper Mining in Chile - Overview Overview Chile is the world’s largest copper producer, producing 5 390 thousand metric tons in 2010 as opposed to 5 520 in 2009. Chile has approximately 24% of the world’s known copper reserves.

I don't want to make money, I just want to be wonderful. - Marilyn Monroe (1926-1962)

http://www.mapsofworld.com/chile/economy/mining-companies.html Mining Companies in Chile Mining companies in Chile are important contributors to the economy and the export of copper and various other metals in their raw and processed form. Mining Companies of Chile are thus looking to bringing down the cost and increasing profits in a phase where the prices of processed copper have almost doubled. The Chilean Mining Companies are using the latest state of the art technology and cost cutting managerial practices and to this end are employing people with newly gathered skill sets and training. This in turn gives a tremendous boost to the economy by generating employment opportunities. So in seeking more profits mining companies at Chile are actually working towards the betterment of the economy.

Blog Tour London: Design Centre Chelsea Harbour Saturday, November 03, 2012 | Category: Bed and Bath , Design Bloggers, Events, Shops and Showrooms http://materialgirlsblog.com/losangeles/2012/11/03/blog-tour-london-design-centre-chelsea-harbour/ As part of Blog Tour London , we visited the Design Centre Chelsea Harbour in London. During our visit, we were hosted by two sponsors: Samuel Heath and Victoria + Albert . Samuel Heath specilizes in both classic and contemporaty bath fittings and Victoria + Albert produces the most amazing volcanic baths and sink basins. Here’s a highlight from our visit to both showrooms! The entrance to the Samuel Heath showroom at the Design Centre Chelsea Harbour. Sleek modern bath fittings on display. Chic bath accessories in black. My somewhat iconic (& personal fave) pic of fellow bloggers and blog tour members: Igor of Happy Interior Blog and Will of Bright.Bazaar blog “modeling” for the Samuel Heath showroom. Just across th...