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Posts Tagged ‘globalization

[URBAN NOTE] Bloomberg View on the cities that will compete with London

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Bloomberg View’s Mark Gilbert writes about the advantages, and disadvantages, of London’s different Eurozone competitors for its financial industry. Paris seems to come out broadly in the lead.

Have you heard? The platforms of London’s St. Pancras train station and the departure lounges of its airports are packed with anxious investment bankers, ordered by their employers to relocate following Brexit.

Of course, that isn’t happening at all; the U.K. decision to leave the European Union hasn’t prompted an overnight exodus. But the banks that warned they’d consider moving thousands of staff out of a non-EU Britain are surely assessing “the next two weeks, two months and two years,” as consultancy firm KPMG put it when appointing one of its senior partners to be head of its new Brexit division. “The French government, the German government, a number of governments, are making, if I may call it this way, a case for people to move to their jurisdiction,” UBS Chief Executive Officer Andrea Orcel said on Tuesday. So which competing financial center looks most attractive?

On cost-cutting grounds alone, there are a number of options. London regularly vies with Hong Kong as the most expensive world city for renting office space. It ranks second according to figures compiled by real-estate firm CBRE for the first quarter of this year, with Paris 14th, Dublin at 30th and Frankfurt down at 47th. For a bank seeking a cheap European office, Frankfurt and Luxembourg look the best bets:

For a human resources department seeking the best overall environment for its employees, Frankfurt also looks attractive. In its annual scorecard of cities based on overall quality of life, including considerations such as political stability, economic backdrop, personal freedom and school systems, the consulting firm Mercer ranks the German financial capital as the seventh best place to live. Its 2016 ranking of 230 cities puts Luxembourg 19th and Dublin 33rd[.]

Bankers ordered to relocate can anticipate lower housing costs wherever they end up. For city-center apartments, London is the second most expensive city in Europe after Monaco, with Paris third at almost half the cost, and Luxembourg 10th. Frankfurt and Dublin, though, are even cheaper[.]

Written by Randy McDonald

July 14, 2016 at 7:01 pm

[URBAN NOTE] “The Future of Food in Cities: Urban Agriculture”

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The Inter Press Service’s Aruna Dutt looks at urban agriculture in the world, starting from New York City.

Habitat III, the UN’s conference on cities this coming October will explore urban agriculture as a solution to food security, but here in New York City, it has shown potential for much more.

Record-high levels of inequality are being felt most prominently in the world’s cities. Even In New York City, the heart of the developed world, many urban communities have food security issues.

Since the year 2000, New York City food costs have increased by 59 percent, while the average income of working adults has only increased by 17 percent.

Forty two percent of households in the city lack the income needed to cover necessities like food, shelter, clothing, transportation, and healthcare but still earn too much to qualify for government assistance.

Last year, OneNYC was introduced, a plan specifically aligned with the United Nation’s Sustainable Development Goals, aiming to lift 800,000 people out of poverty in a decade.

Written by Randy McDonald

July 12, 2016 at 6:30 pm

[NEWS] Some Thursday links

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  • Bloomberg notes the decline of Japan’s solar energy boom with falling subsidies, suggests 1970s-style stagflation will be back, looks at how an urban area in Japan is dealing with overcrowding, looks at Russia-NATO tensions, and examines how Ireland is welcoming British bankers.
  • Bloomberg View looks at the return of Russian tourists to Turkey, notes Russia is not suffering from a brain drain, looks at the Brexit vote as examining the power of the old, and argues the Chilcot report defends Blair from accusations of lying.
  • CBC reports on the end of Blackberry’s manufacturing of the Classic.
  • The Globe and Mail notes that, once, gay white men were on the outside.
  • The Independent describes claims that refugees in Libya who cannot pay their brokers risk being rendered into organs.
  • The Inter Press Service describes the horrors of Sudan and looks at how Russia will use Brexit to fight sanctions in the European Union.
  • MacLean’s reports on the opening up of the Arctic Ocean to fishing and looks at Winnipeg support for Pride in Steinbach.
  • The National Post reports on the plague of Pablo Escobar’s hippos in Colombia, looks at Vietnam’s protests of Chinese military maneuvers, and examines Turkey’s foreign policy catastrophes.
  • Open Democracy notes the desperate need for stability in Libya.
  • The Smithsonian reports on how video games are becoming the stuff of history.

[BLOG] Some Thursday links

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  • Discover introduces its new blog Astrobeat.
  • Centauri Dreams looks at our operations throughout our solar system.

  • Dangerous Minds shares recordings from Prince’s Sign o’ The Times tour rehearsals.
  • The Dragon’s Gaze links to a study of gas giant HD 95086b.
  • The Dragon’s Tales notes evidence for pre-European trade in eastern Polynesia.
  • Gizmodo notes that a large vertical farm is being built in New Jersey.
  • Joe. My. God. notes that Kim Davis is being accused of hiding requested public documents.
  • The LRB Blog notes that the Chilcot report proves Blair’s culpability.
  • Marginal Revolution notes the weakness of Deutsche Bank, looks at how the weak pound won’t help Britain, and observes Italy’s weakness.
  • Steve Munro considers reviving the Scarborough LRT proposal.
  • Personal Reflections’ Jim Belshaw notes Australia’s problems with Internet speed.
  • Supernova Condensate looks at the Juno probe’s arrival at Jupiter.
  • Transit Toronto notes that high speeds have slowed down rail transit in Toronto.

[NEWS] Some Monday links

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  • Bloomberg notes that Brexit could give Scotland a chance to take some of London’s finance industry, looks at the Canadian-born governor of the Bank of England, looks at a quiet crisis in the Russian economy re: investment, and notes the awkwardness of the British diaspora in the European Union.
  • Bloomberg View notes the United Kingdom’s upcoming challenges with India.
  • The CBC notes that Iceland has gotten a Canadian-born first lady and looks at the new Panama Canal expansion.
  • Daily Xtra quotes the Canadian prime minister as arguing Canada must make amends for past wrongs to LGBT people.
  • MacLean’s looks at the indecisive results of the latest Spanish election.
  • The National Post notes that Scotland is already preparing for a second vote.
  • Open Democracy looks at the strange new dynamics in Northern Ireland, where Unionists are applying for Irish passports.
  • Universe Today examines experiments in agriculture using simulated Martian soil, and looks at a star set to rotate around the Milky Way Galaxy’s central black hole at 2.5% of the speed of light.

[FORUM] What do you think will be the outcomes of the Brexit referendum?

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What do you think will come of the Brexit referendum? Will the United Kingdom survive Scotland? Will the European Union survive Brexit? What of the great glittering edifice of globalization generally–will it make it?

Discuss.

Written by Randy McDonald

June 26, 2016 at 11:59 pm

[URBAN NOTE] “What Brexit Means for the City of London”

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The Wall Street Journal‘s Simon Clark and Anuj Gangahar report on the potential for catastrophe in the post-Brexit London financial industry.

London risks losing thousands of finance jobs to other European cities following the U.K.’s historic vote to leave the European Union.

Keeping those jobs here depends on the U.K.’s ability to strike a political deal that allows it—now as an outsider—to access the trading bloc’s single market, according to a senior official at the City of London Corp.

The City of London Corp. has governed the square mile around the Bank of England and St. Paul’s Cathedral for centuries. Its leaders campaigned to remain in the EU in the run-up to Thursday’s referendum. Their stance was backed by many executives at the big global banks and other financial companies. Together they wanted to retain access to the EU’s single market of more than 500 million citizens.

Hundreds of thousands of people work in the City of London district, and thousands more work in finance jobs elsewhere in the U.K. capital.

“The City will remain a major international financial center whatever, but clearly the nature and its size will depend on what we can negotiate,” Mark Boleat, the City of London’s policy chairman, said in an interview on Friday morning after the result of the referendum became clear. “There was never going to be a mass exit of banks in terms of numbers. The question for us is whether they are here with 15,000 staff or 5,000.”

Written by Randy McDonald

June 24, 2016 at 8:15 pm

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