&host=www.rt.com&uri=/news/prime-time/moscow-financial-center-ranking/&via=1.1 8.254.9.147:80 (Footprint 4.8/FPMCP)&ua=CCBot/1.0 (+http://www.commoncrawl.org/bot.html))
No change in Moscow’s financial ranking
Published: 20 September, 2010, 16:54
Edited: 21 September, 2010, 04:02
TAGS: Russia, Russia and the global economy, Finance
Moscow is 68th in the latest worldwide competitiveness ranking of financial centers, which is compiled twice a year by Z/Yen Group for the City of London Corporation.
It is based on the assessment of 26,629 financial centers in 75 cities of the world.
This time Moscow racked up 506 points out of 1000, 10 less than last time, though it did not affect its position in the list.
Interestingly enough, only Moscow was attributed to a special “potential global financial center” category.
Despite Moscow’s growing importance in global business, the Russian capital is still lagging far behind when it comes to the quality of financial services which leaves much to be desired.
Russia’s so-called Northern Capital, St. Petersburg, has shifted down from position 70 to 71.
The first place belongs to London while New York stepped down to second and Hong-Kong firmly occupying third. Singapore and Tokyo close the top five.
Evgeny Kasevin, head of the Finance and Investments Market Players Club, says a lot of things need to be done for Moscow to improve its position.
“The four main guiding points [in the report] were: taxation, economic and business freedom, government support for the finance sector, and transparency and predictability of regulations,” he said. “Now, if we look at each of them, then Russia has a lot to do. We are talking about years.”
Reviewing strategies aimed at making Moscow an important financial center, the Russian government has proposed a three-year plan – something that Kasevin finds unrealistic.
“I did a performance survey of my own, through the club, recently,” Kassevin added. “And the figures I heard were ’10 years… or never.”
20.09.2010, 16:27
Mushroom hunt to keep you fitRussian forests offer more than 200 kinds of edible mushrooms, so it’s no wonder that when the picking season picks up in August and September, the woods start crawling with enthusiasts lost in mushroom heaven. |
20.09.2010, 18:14
Placebo effectBritish alternative rock band Placebo is set to play three gigs in Moscow and St. Petersburg this week. |
Saying "never" as Kasevin is ridiculous. If Third World cities like Kuala Lumpur, Bangkok or Mumbai can, then Moscow can do it, and even better as it has more resources. If little Singapore or Luxembourg got it....then Moscow, or Vladivostok, also can do it. I don´t know if it will take three or ten years, but it is evident Moscow can become a global cente. The Index also talks about "specialists" and Moscow also can be specialist in the area of energy.