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New York, London keeps top spots in global financial centres index

New York easily kept the top spot in the latest Global Financial Centres Index (GFCI). This is according to the ranking that was published. And then, London is held on to second place as Chinese cities slipped. The index was published by the Z/Yen Group in partnership with think-tank China Development Institute. This is a relief to London after its loss of access to the European Union financial market.

GFCI said in a statement that the relatively strong performance of New York and London suggests that the financial services sectors in these cities managed to sustain their performance. This took place even though there were radical changes in working practices during the last 18 months. Hong Kong and Singapore in third and fourth position both fell 25 points in the ratings.

Michael Mainelli, executive chairman of Z/Yen said that they see two patterns in the results for GFCI 30. Such as the confidence in the recovery of the North American and Western European economies following the shock of 2020 and a levelling off that followed after the rapid rise of Asia/Pacific centres and their economic stability in this pandemic. Competition remains tight. Outside the top two centres, only five points on a 1,000-point scale separate the centres ranked third to eighth. New York and Shanghai retained first and second positions in their survey. London rose two places to third place. Britain made the fintech-friendly policies a priority.

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Finance

Euro zone ministers expect inflation to slow in 2022

The acceleration of euro zone inflation, driven energy prices, is mostly temporary. Then the price growth will slow down again. The euro zone finance ministers agreed that, that too the next year as forecasted by the European Central Bank and the European Commission.

Paschal Donohoe, chaired the talks of the ministers in Luxembourg. In a news conference he said that there was also agreement that the inflation spike was not an argument against the transition to renewable sources of energy. This is under the EU’s ambitious plan of reducing CO2 emissions to zero by the year 2050.

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Finance

Under new rules, borrowing for investment sensible

British finance minister Rishi Sunak said that the government borrowing to fund investment was a sensible thing. This is to allow under new fiscal rules that he is likely to announce, unlike borrowing for day-to-day spending. He said that borrowing for capital investment that is going to drive up their growth is probably a sensible thing for them. And that too particularly in an environment of slightly lower interest rate. Sunak stated this in an event on the sidelines of the annual conference of Britain’s ruling Conservative Party. This event was organized by the Taxpayers’ Alliance advocacy group. Sunak stated in that event, that borrowing for more day-to-day spending is probably less something that you would want to have as part of your framework.

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Finance

IMF board to interview Georgieva-sources

The International Monetary Fund’s executive board is going to interview Managing Director Kristalina Georgieva. This is regarding that; its reviews claims that she pressured World Bank staff to alter data to favor China in her previous role. Board members were initially expected to meet with Georgieva. But spent their time working on other regular business matters.

The board members spent hours for questioning lawyers from the WilmerHale firm. This is about their World Bank investigation report which alleged that Georgieva, as the bank‘s CEO applied undue pressure on staff, to alter data in the flagship “Doing Business” report to benefit China. Then, an IMF spokesperson said that the IMF board remains committed to a thorough, objective, and timely review of the matter. Georgieva has strongly denied the accusations.

The upcoming interviews could prove pivotal in either increasing support for Georgieva. This is with many IMF shareholders are keen to wrap up the board’s deliberations on the matter. The fund’s most influential member governments, including the top shareholder the United States, have withheld public judgment. The World Bank tasked WilmerHale with investigating the “Doing Business” data irregularities identified in 2020. The law firm’s report contends Georgieva. The former World Bank President Jim Yong Kim’s office pressured staff to manipulate data so that the China’s global ranking in the “Doing Business 2018” study of investment climates rose to 78th from 85th.

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