Random Pagan Verse:
The Wise One has spoken words in the hall,
Needful for men to know,
Unneedful for trolls to know:
Hail to the speaker,
Hail to the knower,
Joy to him who has understood,
Delight to those who have listened.

Author Topic: London overtakes United states , rated world's leading financial centre  (Read 278 times)

Offline mastercode (OP)

  • Global Moderator
  • Hero Member
  • *****
  • Date Registered: Jul 2014
  • Posts: 2413
  • Thanked: 8 times
  • Karma: +0/-0
    • View Profile
    • Naijacrux

London is the world's leading financial centre, according to an index published by Z/Yen Group. It overtook New York which led the chart in 2014.

The index is based on an online survey of more than 2,000 individuals who rank various financial centres across the world on the basis of factors such as workforce quality, infrastructure, business environment and development of the financial sector. According to the survey, the win by the Conservative party in the May general election helped London overtake New York this time. "We saw quite a significant change in assessments [of London's strengths] after the election. From then on the assessments were 40 points higher than immediately before the election" said Mark Yeandle of Z/Yen.

London leads the pack at a time when HSBC and Standard Chartered were mulling over whether to exit their London headquarters because of a government levy on bank profits and the uncertainty of an upcoming vote on Britain's membership of the European Union. London had topped the index for seven years in this survey, which is updated in September and March every year, but lost its position to New York in 2014. This year it stood first in every category. Other financial centres that made it to the top 10 include Hong Kong, Singapore, Tokyo, Seoul, Zurich, Toronto, San Francisco and Washington DC.

To ensure sustained growth of its financial industry, London, which is often termed as the World's Gateway to Europe, should successfully negotiate with the currency bloc, according to industry lobby group TheCityUK's chief executive Chris Cummings. "London faces stiff challenges from other established centres, not just New York and the likes of Singapore, but also emerging centres in Asia, the Middle East and Africa. But it is the future of the UK's relationship with the EU which is arguably the most pressing issue," Cummings added.

According to Yeandle, London's chances of continuing as the world's leading financial centre is threatened by its government's efforts to control immigration. "Soundbites coming out of Westminster about restricting immigration add uncertainty. London still attracts a lot of good international people and I always say: you can't have an international financial centre without an international workforce" Yeandle added.



Dubai to Press Ahead to build World Largest Mall as oil fall slows Gulf Economy

Started by yungcrux

Replies: 0
Views: 282
Last post February 10, 2016, 10:54:03 AM
by yungcrux
China Reject US Charge of Forced Technology Transfer at world trade organization

Started by lindaikeji

Replies: 0
Views: 4936
Last post May 28, 2018, 10:14:13 PM
by lindaikeji
World Bank backs Buhari to probe NNPC on missing funds

Started by mastercode

Replies: 0
Views: 455
Last post April 14, 2015, 12:28:27 PM
by mastercode
World Bank Approves $400 Million to Rebuild war tored Iraqi Areas

Started by naij

Replies: 0
Views: 471
Last post November 01, 2017, 12:39:27 AM
by naij
Nigeria business mogul Dangote now 23rd richest in the world

Started by mastercode

Replies: 0
Views: 376
Last post November 06, 2014, 08:39:28 AM
by mastercode
World Bank Named Singapore Easiest City To Do Business

Started by legendguru

Replies: 0
Views: 323
Last post October 28, 2015, 07:48:57 PM
by legendguru
Nigerian Economy to grow by 2.5% in 2018 - World Bank predicts

Started by mastercode

Replies: 0
Views: 188
Last post January 10, 2018, 05:45:42 AM
by mastercode
15 list of Most Expensive Materials In The World

Started by mastercode

Replies: 0
Views: 695
Last post August 01, 2016, 01:33:05 AM
by mastercode
Nigerian House of Reps to probe FGs bailout funds to states

Started by internet police

Replies: 0
Views: 375
Last post July 15, 2016, 02:19:31 AM
by internet police
28 states are technically bankrupt in Nigeria ? Governor Ajimobi

Started by legendguru

Replies: 0
Views: 309
Last post December 07, 2015, 12:24:46 PM
by legendguru