31 Oct '12, 7am

Hong Kong named top financial center for 2nd year in WEF report followed by USA, Britain, Singapore, Australia, Canada

Hong Kong named top financial center for 2nd year in WEF report followed by USA, Britain, Singapore, Australia, Canada

LONDON | Wed Oct 31, 2012 3:05am EDT LONDON (Reuters) - Hong Kong was named the world's top financial center for the second year running by the World Economic Forum (WEF), thanks to the strength of its business environment, infrastructure and a favorable tax regime. The WEF's annual Financial Development Report considered a wide range of factors and underscored the rise of Asian trading centers and the influence of China as the world's second-largest economy. Rival surveys based purely on the total value of transactions typically put New York or London in top place. However, stalling capital markets, sputtering economic growth and waning trust in financial organizations served to ensure that the top six positions remained unchanged from 2011, the WEF said. "Macroeconomic uncertainty as well as concerns related to regulation, contributes to inhibiting the financial industry...

Full article: http://www.reuters.com/article/2012/10/31/us-financialcen...

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