HSBC is concerning the new headquarters location because of two huge reasons: the bank ring-fencing rules and the rising tax levy launched by UK government (CityA.M., 2015). The ring-fencing rules means to separate deposit-holding retail banking from investing bank, which rise the capital needed when no capital flow freely between these two kinds of bank
(CityA.M., 2015). The 11 criteria are used by HSBC to estimate which city to stay (Reuters, 2015). “Economic importance and future growth” between these three countries are obvious that Hong Kong is enjoying the benefits of rapid development of Asian countries ($14.9 trillion between 2014 and 2025). From the map, we can see Hong Kong and London has the advantages on “scale of
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“High Transparency International score”, Canada ranked highest as 10th when UK in 14th and Hong in 17th (figure5) (Transparency International, 2015). The ranking of Hong Kong is believed to be worsen as the weakening “one country, two systems” when China is actually in 100th on her ranking (figure6) (Transparency International, 2015).
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Figure5 Hong Kong, Toronto and London are Global Finance Centre and get fame in their economic status. They would be able to attract different talents to involve in the financial contribution. Therefore, the result would be fair between these three places when it comes to “ability to attract and retain top talent”. Government policies towards bank sectors include the tax rates, law, policy and regulation imposed, which seriously affect whether the condition and environment is healthy and suitable to run a international bank there. UK posed high tax rate and ring-fencing rules, which it the main reason for HSBC to leave. A move to Hong Kong could save HSBC about $900 million or more a year. However, same amount of capital should be maintained, which impose no help to the effect of ring-fencing rules. Canada has a higher basic corporate tax rate than the UK but does not impose a profit surcharge, which mean the total tax expense is relatively lower
• China is set to overtake the United States as the world’s largest economy by 2016—a date that is fast approaching. How do you think this monumental economic shift will affect your life in the short term? How will it affect
The nature of World cities is one of dominance and influence rather than just size. They are powerful centres of economic and cultural authority within their region and on the global stage. They are
1. Evaluate key elements of the selected production or service organization’s operational efficiency with its operational strategy. Determine three (3) tasks that do not align with the operational strategy. Determine the weaknesses that are evident in each task.
Looking back from when I began my career, I can say I came a long way learning the concepts of understanding the expectations that arose from all my positions. In my first job just after graduating, I was appointed as a Business Accountant of a multinational company. Since then, I was caught in the myth that people who were in leadership positions or high ranking were leaders. Being in a junior position, I could have the least effect on any new ideas as my voice seems to have landed in deaf ears. I have seen how those businesses were not in line with their Missions and Values only to find later that many of the staff had left the company.
Shanghai has inherited geographical advantages compared to other cities in China. “shanghai is located at the T-shaped junction along the sea coast and the Changing River.” (Zou et al. 2001)
A world city is a large city that has been outstripped its natural urban network and become part of an international global system. World cities have become the central connecting point for the multiplicity of linkages and interconnections that sustain the contemporary world economy, and its social and political systems. According to the 2004 GaWC studies world cities can be ranked based on their provision of ‘advanced producer services’ such as accountancy, advertising, finance and law. In 2008 the rankings according to the GaWC determined that London and New York were Alpha ++ cities whilst Sydney, Paris, Hong Kong and Singapore were Alpha
These effective strategies helped Hong Kong overcome the financial crisis. All these facts fully demonstrated that China is a responsible big country. After the Asia financial crisis, the importance of China's economy has been brought into focus; China's neighboring countries have begun to recognize the influence of the Renminbi.
To begin, let’s eliminate the subsections of the GaWC rankings in which Boston does not reside. Alpha ++, Alpha +, and everything below Beta are easy eliminations. Boston is too big and too multifacted to consider being anything below Alpha. The upper Alphas are incredibly significant on the world scale, and consist of capital and primate cities with history and culture that Boston just can’t compete with. What’s left is the two subsections to immediately above and below Alpha -: Alpha and Beta +. This essay will explain why Boston doesn’t belong in these specific categories. I mentioned before that Boston’s population is significantly smaller than most of it’s global city counterparts; the city of Boston is home to about 650,000 inhabitants (the greater area is home to around four million). Not taking
The rise in China from a poor, stagnant country to a major economic power within a time span of twenty-eight years is often described by analysts as one of the greatest success stories in these present times. With China receiving an increase in the amount of trade business from many countries around the world, they may soon be a major competitor to surpass the U.S. China became the second largest economy, last year, overtaking Japan which had held that position since 1968 (Gallup). China could become the world’s largest economy in decades.
The China-Canada relationship is the solution to every problem Canada faces in the long term and as a result, greatly improves Canada’s economy as a whole. By trading with China we are able to increase the exports of both services and manufacture goods via raw resources and healthcare and decrease our reliance, as a country, on the United States. China is also newly industrialized country which has shown enormous economic growth. In fact, China now accounts for about six percent of Canada’s world emerging as Canada’s second largest trading partner. China’s role in Canada’s economic market will clearly enhance the lives of all Canadians, through the sheer amount of trades they bring in and for the future of Canada’s trade; with China at Canada’s side, we will be able to set a stable economic foundation for all, making this extremely important for all Canadians.
Economic wealth :Singapore is one of the richest countries in the world because they reserved of natural gas
Although the parent company HSBC holdings was established in 1990,when “The HongKong and Shanghai Banking Corporation” Purchased Midland Bank of UK, and its headquarter moved to London from HongKong as a condition in the takeover deal in 1993.
The main advantage of doing business in China is the fact that China has emerged as one of the world’s strongest economic forces, driven by the shear number of
The Asian continent is soon going be home to more than two thirds of the global middle class. This implies that entrepreneurs from different parts of the world are taking interest in the continent. Honk Kong itself is at the heart of Asia and key regional markets within Asia are within a four hours flight from Hong Kong.
Hong Kong is one of the world’s leading financial centers and it is an efficiency service-oriented free market economy. Hong Kong’s economic freedom score is 90.1 on a 100-point scale, making it the top-rated economy in the Index for the 20th consecutive year (Heritage.org, 2014). Hong Kong’s economy is normally characterized by its low taxation, light regulation and well established international trading environment.