Why is Foxtons zeroing in on Primrose Hill?

Estate agent Foxtons has not been enjoying much success since founder Jon Hunt sold out at the top of the market a year ago, so is this a cunning tactic or a sign of desperation?

The agent has opened an office in Parkway, Camden Town — it covers prime banker territory in Primrose Hill, where the white stucco houses easily sell for £3 million a go. But the branch is offering 0% commission until 13 September.

City Spy can only think this gimmick is one situation where the estate agents might secretly be grateful for the mortgage drought if it means they don't end up doing too many sales.

* The super-rich are something else. There is no expense spared by the Russians invading Knightsbridge. One new arrival is refurbishing his house on the corner of Ovington Gardens. To the consternation of neighbours, the Russian is excavating not only the basement but also creating a sub-basement — effectively digging out a second subterranean floor. Residents have been told the work could take two years...

Low pay boss's helping hands

Why does Paul Myners, the popular chairman of Guardian Media Group, only receive a modest £50,000-a-year stipend for his duties?

According to the GMG annual report, he didn't take an annual salary rise this year and received no additional benefits in kind, unlike most of his fellow board directors. Myners' salary would seem to be appropriately small given he also chairs, among other high-powered jobs, the Low Pay Commission.

But what's this? A GMG mole claims rather a lot of benefits seem to come with Myners' job — not least two secretaries in his personal office. What's more, the suggestion is that The Guardian foots the bill.

So why doesn't GMG declare this in its report? The guidance from Farringdon Road HQ is that administrative support does not count as a benefit in kind, hence there is no need to publish the fact.

GMG concedes that it does make a "contribution" to his office, although it indicates that some of his many other employers (Land Securities, the Tate, Court of the Bank of England, etc) may also chip in. Every little helps, as GMG chief executive and ex-Tesco board director Carolyn McCall likes to say.

* Gallows humour in the City: a spoof news story is doing the rounds, "Lehman To Be Acquired by Tooth Fairy". The email opens: "The market responded with enthusiasm to reports the Tooth Fairy has agreed to acquire Lehman. The purchase price has not yet been determined and will be set by [CEO] Dick Fuld wishing upon a star, clicking his heels three times and being transported back to that magical place where Lehman still sells for over $70 per share. Lehman's level III capital will be acquired for 150% of its face value by Tinkerbell, who will carry it off to Neverland to be fed to a crocodile. Lehman is financing 90% of the acquisition at an interest rate yet to be announced; Tinkerbell's up-front payment is a handful of pixie dust, three crickets and a bullfrog. Analyst Dick Bove estimates the bullfrog could turn into three princes and a pumpkin coach"

It's all cut and dried: Fiona wins by a head

Sir Paul McCartney's lawyer Fiona Shackleton has won a dubious honour — according to legal publisher Sweet & Maxwell she has become the most high-profile solicitor in the UK, based on press clippings in the last 12 months.

The survey says Shackleton featured in 274 national and regional press articles, overtaking her one-time adversary and last year's highest profile lawyer Anthony Julius. The pair memorably first crossed swords when she acted for Prince Charles and Julius for Diana.

City Spy is full of admiration for the formidable Benenden-educated Ms Shackleton but has to ask: Would she have featured in so many press articles if Heather Mills McCartney hadn't poured a jug of water over the lawyer's head in court?

Shackleton, normally famed for her ultra-blowdried hairdo, spawned dozens of news articles about her rather more becoming wet look.

M&S gag that just isn't funny

Curious tactics at Marks & Spencer, which has suspended someone for the heinous crime of talking to a newspaper.

A GMB member who dared to tip off The Times about M&S's plans to cut redundancy terms for more than 60,000 staff faces a disciplinary hearing. The union in turn let the paper know about the suspension, hence more bad press. Since M&S isn't denying it plans to cut the terms, sparking fears of huge lay-offs, what's the point of punishing the staff member further?

These things tend to happen when a company on the slide decides paranoia is a solution to its problems. A spokesman says: "This is an internal matter and we are not commenting." Hmmm.

* Ping! An email arrives from City Spy's friends at Marks & Sparks following my item yesterday that pointed out the supermarket is handing out for free its 10p eco-friendly Bags For Life — despite officially having a ban on freebie carriers.

M&S insists it is not embarrassed about its decision to give away the 10p bags: "This was a weekend offer timed to run with our Dine In For £10 deal this weekend, and ran in all stores from Thursday through to Monday. Contrary to keeping it quiet, the message was included in a supporting national print advertising campaign."

Happily, there will be another M&S advertising campaign along shortly to celebrate the fact it is not giving away free bags and has cut use by 80% by charging 5p a go. So no confusion there!

* James Murdoch, boss of his family's UK newspaper empire, is turning to the management consultants. He has called in Boston Consulting Group, which has already been doing work for the company, to start on the editorial floors of the four main national newspapers from next week. Staff have been told any cost savings that are identified will be ploughed back into the business.

* Overheard on the Tube from a mid-40s man perusing a "first anniversary of the credit crunch" headline: "First anniversary? It hit me three years ago. Where have they been?"

* "The economy has left the building," according to George Buckley at Deutsche Bank. Indeed.

Send us your City Spy stories cityspy@standard.co.uk