Category Archives: World Bank

(BBG) London Remains Ahead of New York as Top Global Financial Center

(BBG) The Global Financial Centers Index measures cities based on their attractiveness to financial services professionals, according to two inputs: statistical data and a poll of finance professionals. The index was created by the Z/Yen group for the City of London.

GFCI 20 RANK GFCI 19 RANK
London 795 1 800 1
New York 794 2 792 2
Singapore 752 3 755 3
Hong Kong 748 4 753 4
Tokyo 734 5 728 5
San Francisco 720 6 711 8
Boston 719 7 709 9
Chicago 718 8 706 11
Zurich 716 9 714 6
Washington DC 713 10 712 7
Sydney 712 11 692 17
Luxembourg 711 12 698 14
Toronto 710 13 707 10
Seoul 704 14 705 12
Montreal 703 15 686 21
Shanghai 700 16 693 16
Osaka 699 17 687 20
Dubai 698 18 699 13
Frankfurt 695 19 689 18
Vancouver 694 20 684 22
Taipei 692 21 677 24
Shenzhen 691 22 688 19
Geneva 689 23 694 15
Melbourne 687 24 669 30
Los Angeles 685 25 670 29
Beijing 683 26 682 23
Munich 680 27 672 27
Cayman Islands 676 28 641 41
Paris 672 29 667 32
Casablanca 671 30 665 33
Dublin 663 31 643 39
Abu Dhabi 662 32 675 26
Amsterdam 659 33 664 34
Calgary 658 34 671 28
Hamilton (Bermuda) 654 35 629 50
British Virgin Islands 653 36 635 46
Vienna 645 37 642 40
Tel Aviv 643 38 676 25
Bangkok 642 39 633 47
Doha 641 40 652 35
Busan 640 41 644 38
Jersey 639 42 617 62
Kuala Lumpur 638 43 649 36
Stockholm 636 44 648 37
Warsaw 633 45 631 48
Qingdao 631 46 594 79
Guernsey 630 47 613 66
Dalian 629 48 668 31
Oslo 628 49 614 65
Tallinn 627 50 596 78
Sao Paulo 626 51 639 43
Riga 625 52 605 71
Milan 624 53 625 54
Rio de Janeiro 623 54 637 44
Gibraltar 622 55 618 61
Liechtenstein 621 56 598 76
Istanbul 620 57 636 45
Manama 619 58 609 69
Johannesburg 618 59 628 51
Copenhagen 616 60 630 49
Glasgow 615 61 620 59
Brussels 614 62 627 52
Panama 613 63 603 72
Rome 612 64 616 63
Isle of Man 611 65 610 68
Edinburgh 610 66 623 56
Monaco 609 67 590 80
Madrid 608 68 615 64
Lisbon 607 69 599 75
Almaty 605 70 597 77
Trinidad and Tobago 604 71 New New
Prague 603 72 622 57
Mexico City 600 73 626 53
Valletta 599 74 587 81
Mumbai 598 75 640 42
Jakarta 597 76 621 58
Budapest 596 77 600 74
Manila 595 78 624 55
Port Louis 594 79 601 73
Nicosia 593 80 576 83
Helsinki 586 81 619 60
Riyadh 585 82 606 70
Reykjavik 573 83 562 85
Moscow 568 84 611 67
St Petersburg 567 85 585 82
Bahamas 566 86 568 84
Athens 535 87 558 86

SOURCE: Global Financial Centres Index (GFCI) www.zyen.comhttp://www.zyen.com/Activities/On-line_surveys/GFCI_methodology.htm

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(Inquirer) World Bank chief Kim heads for 2nd term, lacking contenders

(Inquirer)

This file photo taken on June 1, 2016 shows World Bank president Jim Yong Kim as he speaks during a conversation entitled Preventing The Next Pandemic at the Center for International and Strategic Studies (CSIS) in Washington. Kim effectively won a second five-year term after nominations to lead the global development bank closed Wednesday with no other candidates proposed. AFP

WASHINGTON, United States — World Bank President Jim Yong Kim effectively won a second five-year term after nominations to lead the global development bank closed Wednesday with no other candidates proposed.

The World Bank executive board said in a statement that, following official procedures, it would formally meet with Kim as a candidate “with the expectation of completing the selection process by the 2016 Annual Meetings,” which take place on October 7-9.

Kim, 56, a Korean-American medical doctor who has focused the World Bank on programs to reduce extreme poverty, earned solid backing for a second term from the United States, France, Germany, China, and other major shareholders of the bank.

But as with his first nomination in 2012, the bank was criticized from inside and outside for not truly opening the selection process to all comers and not managing it in a fully transparent mode.

Following an unwritten rule, since the World Bank was created in the wake of World War II to help rebuild the global economy, its leader has always been an American chosen by Washington.

In 2012, Kim did face competition when Nigerian Finance Minister Ngozi Okonjo-Iweala also contended for the presidency.

But no rivals surfaced during the three-week nomination period this time around, leaving Kim virtually assured of continuing in the job when his first term ends on June 30, 2017.

In an open letter in August, the 15,000 member World Bank Group Staff Association called for a more open and focused search and selection process that did not repeat “decades of backroom deals which, 12 times in a row, selected an American male.”

Kim’s first term has been marked by his campaign to eradicate extreme poverty by 2030; the bank’s leadership in a 2014 campaign to halt the deadly outbreak of Ebola in West Africa; and its initial resistance to, and then tentative partnership with, the China-created rival Asian Infrastructure Bank.

But he has also faced rebellion from within the Washington-based bank over an ambitious and still-incomplete restructuring of how the huge organization manages its poverty-fighting and development programs. Lending for those programs is expected to hit $46 billion this year.

In an employee survey, staff  have reported feeling detached from senior management and unsure of the direction of policy.

“Only one in three understand where the senior management team is leading us,” the Staff Association said in its letter.

“Even fewer believe that our senior management creates a culture of openness and trust.”