The London Daily News

05 March, 2009 04:15 (GMT +00:00)

New York and London "remain only two truly global centres"

City Desk

In research published today London's status as the top global financial centre remains intact despite the fall of the FTSE and the continual announcements of job losses in the City.

London leads the world in the fields of insurance, professional services and asset management, while the "big apple" New York moving ahead of London in banking.

The research, the work of the Z/Yen think tank analyses capital cities around the world looking at areas like reputation, the business climate, infrastructure and the availability of skilled workers and the tax regime.

The Lord of Mayor of London Ian Ludder made a call to the financial world following this latest research by saying at the annual dinner of the Trade and Industry dinner held at Mansion House:

"This shows that going around kicking ourselves isn't very helpful".

Lord Mandelson is quoted in the Daily Telegraph as saying that the "Government wanted to build on the strengths of the City but new approaches were needed on regulation of risk taking and the rewards attached to it".

Meanwhile The Independent in an exclusive story on its front page has outlined how "Major City frauds uncovered by police" Ponzi style or "min-Madoff's" scams have been revealed. The director of the Serious Fraud Office speaking with The Independent is expecting to make public "fraud on investors" with one case involving a "big Ponzi" fraud.

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