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A greek iberista
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Discussion Starter · #1 ·
London tops list of global financial centres

Reuters - Tuesday, June 10 03:50 am

LOS ANGELES (Reuters) - London is the most influential financial centre in the world for the second year running, according to MasterCard's second annual survey.

European and Asian cities dominated the list as U.S. cities hit by the weak dollar tumbled in the rankings released on Sunday.

Shanghai, the world's most populous and fastest-growing urban centre, shot up eight spots to No. 24, given its growing importance in China's booming economy, while Los Angeles fell out of the top 10, to 17, as financial-services companies left.

"With a strong and secure economy, vibrant financial markets and a legal and political framework that supports high levels of International trade, London again secures the top spot in the Centres of Commerce Index in 2008," the report says.

"London towers over other cities not only in narrow financial terms but in a broader sense as well," said Michael Goldberg, Program Director, MasterCard Worldwide Centres of Commerce Program.

The index covers 75 cities, ranking them according to their legal and political frameworks, economic stability, ease of doing business, volume of financial activities, presence of financial institutions, reputations as business centres, contributions toward knowledge creation, and liveability.

"The European and Asian cities came out very strong," Goldberg said. "They became strong against the weak dollar."

New York, No. 2, and Chicago, No. 5, were the only two North American cities to make the top 10 global commercial centres.

Tokyo was third and Singapore fourth. Hong Kong was sixth followed by Paris, Frankfurt, Seoul and Amsterdam.

Moscow improved its financial clout the most, placing 51st due to its key role for commodities in Eastern Europe.

Regionally, Western Europe dominated with 10 of the top 25 cities, while Asia strengthened its reputation as an economic hub with seven of its cities in the top 25.

The highest-ranked Indian city was Mumbai at No. 48.

(Reporting by Syantani Chatterjee; Editing Peter Henderson)

IT IS COOL, ISN'T IT? London surpussed NY for a second year in a row!
 

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This is certainly welcome news for London in the face of continued negative press relating to the credit crunch.

Michael Goldberg’s statement that "London towers over other cities not only in narrow financial terms but in a broader sense as well," is a real reminder of the strength in depth of the London economy.

Whilst the current economic woes will likely slow the amount of investment that London receives, it is certainly better placed than other financial centres around the world to deal with the credit crunch.
 

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Lincoln - London - Greece
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This isn't relevant news then - I thought it was very interεsting...and relevant

μην ανησεχείς βρε Γιάαννη - οι αγγλλοι είναι πάρα πολύ σαρκαστικοι. θα τους συνηθίσεις. Ευχαριστω για το μήνημα σου!

:)
 

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BLAND
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Well there is an Economics thread this could have gone into, but still, thanks for the report.

Shouldnt the thread be full of self conscious foreign nationals slating London by now? :(
 

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A greek iberista
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Discussion Starter · #13 ·
This isn't relevant news then - I thought it was very interεsting...and relevant

μην ανησεχείς βρε Γιάαννη - οι αγγλλοι είναι πάρα πολύ σαρκαστικοι. θα τους συνηθίσεις. Ευχαριστω για το μήνημα σου!

:)
Χαχαχαχα! Ναι το ξέρω! Απο 11 Σεπτέμβρη θα είμαι Λονδίνο για master! Can't wait! London is "NY of the 21st century", economically-speaking at least! :)
 

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I googled the headline and found an article that mentioned that the question 'will London overtake New York as the financial capital of the world?' was asked at one of the republican primary debates.

Go to part 16, its 5:25 minutes in.

http://www.taudiobook.com/closed_caption/republican_debate_michigan/

Anyway I realise in this kind of thing it pays to be a patriotic ass but still its pretty funny:nuts:
 

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A greek iberista
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Discussion Starter · #16 ·
I googled the headline and found an article that mentioned that the question 'will London overtake New York as the financial capital of the world?' was asked at one of the republican primary debates.

Go to part 16, its 5:25 minutes in.

http://www.taudiobook.com/closed_caption/republican_debate_michigan/

Anyway I realise in this kind of thing it pays to be a patriotic ass but still its pretty funny:nuts:
Hahahahahaha! Every empire in this world has an end... America is not like it used to be, the dollar is falling, the unemployement is going up, they have tighten the immigration controls and they are facing the up-and-coming Asian economies which were proven to be more competitive that they thought they will be.

London is between Asia and America (an advantage), it has considerably lower corporate taxes and foreign investors are encouraged to invest in UK.

I think USA has to readjust its economic policy.
 

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I actually feel that Europe, London included, is better equiped to deal with and compete with the emerging economic giants of China and India ( Not to mention Russia). But if we are talking about which city will be the most importent financial centre in the world in 100 years time I would be betting on Hong Kong or Shaghai. When China's huge population starts earning real wages and banking them, borrowing for mortages, developing new business's and dealing in stocks the shear number of investors will be impossible for the west to compete with, especially if we are in decline.
 

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I actually feel that Europe, London included, is better equiped to deal with and compete with the emerging economic giants of China and India ( Not to mention Russia). But if we are talking about which city will be the most importent financial centre in the world in 100 years time I would be betting on Hong Kong or Shaghai. When China's huge population starts earning real wages and banking them, borrowing for mortages, developing new business's and dealing in stocks the shear number of investors will be impossible for the west to compete with, especially if we are in decline.
Randolph, I think you are right, China & HK could be be the financial centres of the new world but I think it will be many many years before the whole chinese and Indian populations are as affluent as in the west. The sheer numbers will actually act as a natural brake because I am not sure the worlds resources can bring everyone up to the same standards. I am not justifying that this situation is ok, that we can have it in the west but not in China or India, but more a comment on the current reality. Maybe new technology will change this.
 
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