The Banker's ranking of international financial centres is based not simply on the size of the financial services industry in each location, but focuses instead on the level of international business and the value offered to institutions seeking to expand their overseas operations.
George Papaconstantinou, Greek finance ministerThings look very different for Greece compared to a year ago. A new government intent on change, and the help of the IMF, has brought the country back from the brink of bankruptcy - and served as a wake-up call for the rest of Europe in the process
Abu Dhabi Investment Authority makes a play for the London-Channel Tunnel high-speed rail linkGlobal corporate mergers and acquisitions involving sovereign wealth funds (SWFs) increased to more than $12bn in the second quarter of 2010 - a rise of $11bn from the previous quarter, according to data from Thomson Reuters. The number of deals rose to 33 from 24 between January and March.
The bank rescue has been a success. The global bailout remains a work in progress, but with the aid of government equity injections, special liquidity programmes, debt guarantees and asset protection schemes, most systemically important banks have remained open for business and the banking system has survived.
Agricultural Bank of China could well achieve a record IPO despite a modest market debutAgricultural Bank of China's initial public offering (IPO) - which the bank hopes will be the world's largest - has raised $19.3bn so far from investors from its listings in Hong Kong and Shanghai. If the bank exercises its overallotment options, this would take it over the $22bn mark, just above fellow Chinese bank ICBC's listing in 2006, which is the world's largest IPO to date.
Signs of a general recovery in banking include the facts incurring losses are not recording them on the same scale as last year and that even the lowest Bank for International Settlement (BIS) capital ratios are higher than in 2009. The worst non-performing loan (NPL) percentages, on the other hand, are higher, suggesting that there is more pain to come.