New York stays leading financial hub, London secures second spot
ECONOMY & POLICY

New York stays leading financial hub, London secures second spot

The Global Financial Centres index indicated that New York has consistently maintained its position as the world's premier financial centre. London, although still in the second position, has been slowly catching up, despite facing increased competition from Singapore and Hong Kong. New York has retained its top spot since dethroning London in September 2018. The city currently leads with 763 points, as determined by surveys conducted on 147 factors across 121 centres, provided by third-party organisations such as the World Bank, OECD, and the United Nations. London has narrowed the gap with New York, securing 744 points. This development likely brought relief to London, which had been concerned about its post-Brexit competitiveness. This concern escalated after prominent UK companies, including chip designer Arm Holdings, chose to list in New York. Singapore, however, is now merely 2 points behind London, with 742 points, and is closely trailed by Hong Kong in fourth place. This indicates a fierce competition for the second position among these financial centres. The index, compiled every six months by the London-based think tank Z/Yen and the China Development Institute, reflects the growing intensity of this battle.

The Global Financial Centres index indicated that New York has consistently maintained its position as the world's premier financial centre. London, although still in the second position, has been slowly catching up, despite facing increased competition from Singapore and Hong Kong. New York has retained its top spot since dethroning London in September 2018. The city currently leads with 763 points, as determined by surveys conducted on 147 factors across 121 centres, provided by third-party organisations such as the World Bank, OECD, and the United Nations. London has narrowed the gap with New York, securing 744 points. This development likely brought relief to London, which had been concerned about its post-Brexit competitiveness. This concern escalated after prominent UK companies, including chip designer Arm Holdings, chose to list in New York. Singapore, however, is now merely 2 points behind London, with 742 points, and is closely trailed by Hong Kong in fourth place. This indicates a fierce competition for the second position among these financial centres. The index, compiled every six months by the London-based think tank Z/Yen and the China Development Institute, reflects the growing intensity of this battle.

Next Story
Infrastructure Transport

Locals urge CM to opt for road bypass over flyover at Dandeavaddo

Chinchinim villagers respectfully requested Pramod Sawant, Chief Minister, to instruct the Public Works Department (PWD) and the National Highway authorities to construct a road bypass instead of a flyover on the Dandeavaddo stretch of NH66. The villagers, led by Sarpanch Frank Viegas and Velim MLA Cruz Silva, also raised the long-standing issue of building the Chinchinim Panchayat Ghar and a multi-purpose project on panchayat land that was acquired more than 15 years ago. The delegation met the Chief Minister at the St. Sebastian Chapel junction in Chinchinim as he was returning home from a..

Next Story
Infrastructure Transport

MLA Yashpal Suvarna Announces Malpe-Udupi Highway Construction from Nov 6

MLA Yashpal Suvarna instructed officials to commence work on the Malpe-Udupi Highway on Wednesday. A meeting took place, attended by MP Kota Shrinivas Poojary, Udupi MLA Yashpal Suvarna, and Kaup MLA Suresh Shetty Gurme, to discuss the National Highway 169A project, which spans from Malpe to Udupi, covering areas like Hiriyadka, Parkala, and Perdur. The project had experienced delays due to incomplete land acquisition, but compensation notices have now been issued to the landowners. Of the 214 land acquisition files, 19 pertain to government land, while 195 involve private owners. Notices ha..

Next Story
Infrastructure Transport

NHAI to build flyover and underpass on Jaipur's 200-Feet bypass

Following a recent survey, the National Highways Authority of India (NHAI) decided to construct a flyover and an underpass at the 200-Feet Bypass crossing, known to be one of the city's most congested areas. The Union Ministry of Road, Transport and Highways (MoRTH) is expected to float tenders for the project in January of the following year. Once construction begins, it is projected to take approximately one and a half years to complete. NHAI plans to submit a detailed project report (DPR) within the next two months. Ajay Arya from NHAI explained that the initiative aims to alleviate tra..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000