Capital, is it raised to acquire business in London initially? (7)
I believe the answer is:
tbilisi
'capital' is the definition.
(capital of Georgia)
'is it raised to acquire business in london initially?' is the wordplay.
'raised' shows that the letters should be reversed in order (going up in a down clue).
'to acquire' is an insertion indicator.
'initially?' suggests taking the first letters (I've seen 'initially' mean this).
The initial letters of 'business in london' is 'bil'.
'is'+'it'='isit'
'isit' back-to-front is 'tisi'.
'tisi' placed around 'bil' is 'TBILISI'.
(Other definitions for tbilisi that I've seen before include "Capital city of Georgia" , "Georgian capital" , "Georgian city" , "Georgian place" .)