London retains its title as the top international finance centre in the world, although New York’s stock market capitalisation is almost four times that of the UK capital. Meanwhile, Johannesburg has made the most dramatic of advances up the rankings, jumping 18 places to rank 17th.
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New York leads the world’s international finance centres for inbound and outbound foreign direct investment into the financial services sector, but other US financial centres are also proving attractive destinations.
Europe’s cities may be on the recovery but it is Beijing that tops the table of most profitable international financial centres worldwide.
Trinidad and Tobago finance minister Larry Howai tells Silvia Pavoni about his plans for the country's international finance centre, and explains why its improving legislative framework and educated workforce make the country stand out from its Caribbean peers.
The governor of Trinidad and Tobago's central bank, Jwala Rambarran, has overseen a hectic period in which the country has considerably tightened its supervision procedures, sought to clarify the role of its international finance centre and developed its capital markets. He tells Silvia Pavoni how improving financial inclusion is his next priority.
Trinidad and Tobago’s plans to develop an international finance centre hold great promise, but what hurdles does the country face to achieve its goal?
With an average GDP per capita higher than any other country in Central and South America, Trinidad and Tobago has built its economic might on the back of its oil and gas resources. However, the Caribbean country is now looking to diversify its economy, and key to this is the establishment of an IFC.
International finance centres in Europe are battling it out to become the leading destination for offshore renminbi issuers, with both Frankfurt and Luxembourg registering successes on this front in recent months.
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