Daily Management Review

New York Emerges As The New Global Finance Centre In Survey


Brexit’s shadow of uncertainty has grown into “a full-blown crisis”, reveals annual survey.

Duff & Phelps’ conducted a survey which involved the financial executive, whereby it revealed that Brexit fallout has been highlighted New York as the “pre-eminent financial centre” of the world whereby leaving London behind.
The “Global Regulatory Outlook survey” is an annual affair, while the consultants involved in it informed that the process reached out to “180 executives in asset management, private equity, hedge funds, banking and brokerage”.
All of them had to answer which place they considered as the “top financial centre” in the world. Over sixty percent of the responses came from Britain and the U.S., while the rest came from “Hong Kong, Ireland, Singapore and Luxembourg”. Over fifty percent of these respondent consider “New York as the world’s top financial centre”, while only ten percent had shared the same opinion in 2018.
According to Duff & Phelps:
“Last year, Brexit cast a shadow of uncertainty over the United Kingdom’s economy; it has now escalated to a full-blown crisis”.
“Looking ahead, however, globalisation’s diffusion of influence begins to be apparent: 12% of respondents expect Hong Kong to be the world’s preeminent financial centre five years from now.”
However, as per the British minister, Brexit would in turn strengthen the financial sector of the U.K. while Duff & Phelps noted that “Dublin, Frankfurt and Luxembourg” also showed an improvement as EU’s search for a new financial hub is on. Furthermore, Reuters added:
“Britain’s departure from the EU has already been delayed twice, with the next deadline set for Oct. 31, and uncertainty over future bilateral trade relations has prompted banks, asset managers and insurers to set up operations in the bloc to maintain links with customers”.

Science & Technology

Financial giants and US government turn to quantum computers

Long Way To Go For Coronavirus Vaccine, Say Drgumakers

Google's subsidiary launches recognition service for photoshopped images

Unapproved Drug For Coronavirus Treatment And Testing Given By Gilead Sciences

Live Facial Recognition Cameras Will Be Used By London Police

Driverless Vehicle For Its Ride-Sharing Service Unveiled By GM’s Cruise

Amazon will allow customers to pay with palms instead of cards

Complete Computer System For Self Driving Cars Launched By Qualcomm

In A Lifetime We Could Accumulate 20Kg Micro-Plastic In Our Body

Creator Of The First 'Gene-Edited' Babies Of The World Gets 3 Year Jail Term In China

World Politics

World & Politics

EBA Finds Alarming Compliance Results For Gender Diversity Among Banks

Record high temperature observed in Antarctica

Venezuela to initiate international litigation against USA because of sanctions

Coronavirus Death Toll 204 In China, US Asks Americans Not To Go China

Hong Kong protesters block railway to mainland

Heavy rain kills 47 people in southeast Brazil

French tour operators will stop sending tourists to China until February 21

US Will Not Give Visas To Pregnant Women To Prevent Organized 'Birth Tourism'