Latest news with #financialcentre
Times
16 hours ago
- Business
- Times
Goldman Sachs boss: City's status is at risk
London's position as a global financial centre is 'fragile', the head of Goldman Sachs has warned. David Solomon, 63, said a combination of Brexit and not retaining increasingly mobile talent and capital put the City's status at risk. 'The financial industry is still driven by talent and capital formation. And those things are much more mobile than they were 25 years ago,' Solomon told The Master Investor Podcast. • Rachel Reeves refuses to rule out wealth tax despite fresh warnings Solomon is one of the world's most powerful investment bankers and has been chief executive of Goldman Sachs, which has about 6,000 employees in the UK, since 2018. He said he was 'encouraged by some of what the current government is talking about in terms of supporting business and trying to support a more growth-oriented agenda. But if you don't set a policy that keeps talent here, that encourages capital formation here, I think over time you risk that.' On July 15, Rachel Reeves unveiled a number of measures aimed at cutting red tape in Britain's financial services sector as part of attempts to kickstart the economy. The chancellor said in her Mansion House speech that Labour placed financial services, one of eight key growth sectors under the industrial strategy, 'at the heart of this government's growth mission'. However, there has been speculation the Treasury could target profits in the banking sector, which have been boosted by higher interest rates, with tax rises to help bolster the government's fiscal position. Reeves with Solomon and his Goldman Sachs co-CEOs Kunal Shah, left, and Anthony Gutman, right, in Wednesday's meeting SIMON WALKER/HM TREASURY Reeves is facing pressure over reforms to the non-dom tax regime, with research by New World Wealth, an intelligence firm, recently suggesting Britain has lost 18 billionaires over the past two years, more than any other country in the world. In the podcast, Solomon said: 'Incentives matter. If you create tax policy or incentives that push people away, you harm your economy.' Reeves also pledged in her speech last week to make 'meaningful reforms' to ringfencing, rules brought in following the 2008 financial crisis which forced lenders to legally separate their high street businesses from riskier investment banking divisions. • Why is the FTSE 100 so high when the UK economy is stuttering? Solomon pressed the chancellor, with whom he met in 11 Downing Street on Wednesday along with his co-CEOs Kunal Shah and Anthony Gutman, to 'follow through', saying: 'It's a place where the UK is an outlier, and by being an outlier, it prevents capital formation and growth. 'What's the justification for being an outlier? Why is this so difficult to change? It's hard to make a substantive policy argument that this is like a great policy for the UK. So why is it so hard to change?' The ringfencing regime has also faced criticism from the bosses of some of Britain's biggest banks, who called on the chancellor in April to abolish the rules, arguing that they were inefficient and had been superseded by other reforms.
Khaleej Times
6 days ago
- Business
- Khaleej Times
St. James's Place Middle East marks two years in Dubai
As the UAE continues its emergence as a global financial centre, the UK's largest financial advisory business and international wealth manager, St. James's Place has marked its second year in the emirate, predicting further growth as capital flows into the region. May marked the second anniversary since SJP Middle East obtained regulatory approval from the Dubai Financial Services Authority (DFSA) and established its base at the Dubai International Financial Centre (DIFC). Since establishing its base in Dubai, the firm has experienced rapid growth, driven by the need for individuals to manage complex international assets across borders, says partner Daniel George. The UK-headquartered firm, which manages over $258 billion for more than one million clients worldwide, has also benefited from the significant number of Britons relocating to the UAE in recent years, drawn by its thriving job market. "The UAE is clearly a hotspot for individuals looking for a high-growth, pro-business environment," says George. "We are seeing clients move to the UAE for different reasons. It is great that we can help internationally mobile individuals manage their wealth across borders and make the most of the opportunities this region affords." SJP expects further growth in the coming years as clients look to relocate to the UAE, attracted by its competitive tax landscape and attractive lifestyle. "We are extremely positive about the growth prospects for this region and continued economic growth across the UAE," George added.
Malay Mail
19-06-2025
- Business
- Malay Mail
Hong Kong rises to World's No.3 most competitive economy
Hong Kong rises to World's No.3 most competitive economy Hong Kong is one of the world's top three ranked global financial centres HONG KONG SAR - Media OutReach Newswire - 19 June 2025 - Hong Kong has moved up two places to rank as the world's third most competitive economy, marking the second successive year that the city has jumped two places in the global rankings to reach its highest position since World Competitiveness Yearbook 2025 (WCY 2025), published (June 17) by the Swiss-based International Institute for Management Development (IMD), assessed 69 economies around the world. Hong Kong made gains in all the factors of competitiveness: "Government efficiency" (second), "Business efficiency" (second) "Economic performance" (sixth), and "Infrastructure" (seventh). The IMD remarked that the gains across all four factors of competitiveness reflect a broad-based approach of Hong Kong to attracting private sector investment."The World Competitiveness Yearbook shows that Hong Kong's scores in overall terms and in many areas have improved, indicating that the Hong Kong Special Administrative Region (HKSAR) Government's policy directions are on the right course and that various policies have yielded results," said the HKSAR's Chief Executive John Kong has ranked among the top 10 in the world for over 20 consecutive years, since the WCY Lee said the ranking also "affirms Hong Kong's world-class business environment, reflecting business leaders' positive views on its competitiveness and strengths, including the rule of law, independent exercise of judicial power, a simple tax regime with low tax rates, an efficient and transparent market, a robust financial system, and a facilitating environment aligned with international best practices, as well as free flow of capital, information, goods and talent, which are affirmed by the business community."Despite the current uncertain global economic landscape and geopolitical turmoil, Hong Kong recorded solid year-on-year GDP growth of 3.1% in the first quarter of 2025, with full year GDP growth expected to be 2% to 3%.Totally, 145,053 local companies were newly registered under the Companies Ordinance last year, bringing the overall number of local companies registered to a record high of 1,460,494, at newly established non-Hong Kong companies were registered, bringing that overall total to an all-time high of 15,126."Under the unique advantages of 'one country, two systems', Hong Kong enjoys both the China advantage and the global advantage. We will continue to leverage Hong Kong's role as a 'super-connector' and 'super value-adder', strengthen international exchanges and co-operation, expand and deepen regional trade, explore new markets, with a view to building a vibrant economy, striving for development and improving people's livelihoods on all fronts," Mr Lee attract more non-Hong Kong incorporated companies to re-domicile to Hong Kong, the Government launched a new company re-domiciliation regime legislation last month, providing a simple and accessible mechanism for re-domiciliation to Hong two insurance companies, AXA Hong Kong and Macau (AXA China Region Insurance Company (Bermuda) Limited) and Manulife (International) Limited have announced plans to re-domicile to Hong Kong under the new regime, subject to regulatory Kong is actively driving reforms to strengthen and enhance its position as an international financial, trade, and shipping centre, trawling for businesses and talents. The Office for Attracting Strategic Enterprises has attracted over 80 strategic enterprises to establish offices in Hong Kong, bringing about HK$50 billion total investments in the years to come, and creating over 20,000 the sub-factors in the WCY 2025, Hong Kong came top for "Tax policy" and "Business legislation" and second for "Education", "International investment" and "Finance".Ranked as a top three global financial centre, Hong Kong's stock exchange is a key barometer of financial market performance. By May 30, 2025, stock market capitalisation had increased by 24% year-on-year to over US$5.2 the Hong Kong Stock Exchange has seen a surge in initial public offerings (IPOs), with total IPO funds raised reaching nearly HK$79 billion (US$10.12 billion) so far this year, making it the leader among major global #hongkong #brandhongkong #asiasworldcity #excellenthk #IMD #WorldCompetitiveness2025 The issuer is solely responsible for the content of this announcement.
South China Morning Post
19-06-2025
- Business
- South China Morning Post
HKEX displays iconic gong across Hong Kong to mark 25 years as listed entity
Hong Kong Exchanges and Clearing (HKEX), operator of Asia's third-largest stock market, is taking its iconic gong on a tour of the city over the next two weeks to commemorate 25 years as a listed company. The exchange operator will display the gong, used for listing ceremonies, on a truck alongside a first-generation trading booth at nine locations from Friday until July 3. The HKEX completes a quarter century as a listed entity on June 27. The public can view the display at tourist spots like the Hong Kong Observation Wheel in Central, West Kowloon, and Wan Chai, as well as residential areas such as Quarry Bay, Sha Tin and Tseung Kwan O. 'The gong is used for every listing ceremony and all important events,' said Bonnie Chan Yiting, CEO of HKEX, at the launch of the gong's tour at the Central Harbour Front on Thursday. 'To me, the gong not only represents listed companies, the HKEX and the capital market, but also Hong Kong – an international financial centre.' The HKEX is taking its iconic gong on a tour of Hong Kong over the next two weeks. Photo: Edmond So The city's stock market, which traces its roots to 1891, has always had a listing ceremony, with executives raising a toast to mark a company's debut. However, the first gong-striking ceremony was held on December 7, 2011, to mark the start of trading of gaming operator Melco Crown Entertainment.
Zawya
18-06-2025
- Business
- Zawya
China issues guidelines for Shanghai international financial centre
China issued guidelines for the development of the Shanghai international financial centre on Wednesday, the official Xinhua news agency reported. The country will facilitate cross-border trade and investment and push for more international financial organisations to set up in Shanghai, the Central Financial Commission said in the guidelines. China will also improve monitoring and alerting of cross-border capital flows, and take steps to prevent and defuse cross-border financial risks, according to the guidelines. (Reporting by Beijing Newsroom Editing by Tomasz Janowski)
