New York stays leading financial hub, London secures second spot

29 Sep 2023 CW Team

The Global Financial Centres index indicated that New York has consistently maintained its position as the world's premier financial centre. London, although still in the second position, has been slowly catching up, despite facing increased competition from Singapore and Hong Kong. New York has retained its top spot since dethroning London in September 2018. The city currently leads with 763 points, as determined by surveys conducted on 147 factors across 121 centres, provided by third-party organisations such as the World Bank, OECD, and the United Nations. London has narrowed the gap with New York, securing 744 points. This development likely brought relief to London, which had been concerned about its post-Brexit competitiveness. This concern escalated after prominent UK companies, including chip designer Arm Holdings, chose to list in New York. Singapore, however, is now merely 2 points behind London, with 742 points, and is closely trailed by Hong Kong in fourth place. This indicates a fierce competition for the second position among these financial centres. The index, compiled every six months by the London-based think tank Z/Yen and the China Development Institute, reflects the growing intensity of this battle.

Infrastructure Energy

22 Oct 2025

KEC Secures Rs 10, 380 Mn Substation Order in Saudi Arabia

KEC International Ltd., a global infrastructure EPC major, and an RPG Group company, has secured a new order worth Rs 10,380 million for the Design, Supply and Installation of a 380 kV GIS Substation in Saudi Arabia.Vimal Kejriwal, MD & CEO, KEC International Ltd., commented, “We are delighted with the successive order wins in our T&D business. In a landmark achievement, we have secured our largest ever substation order. This prestigious order in the Middle East has widened our portfolio and strengthened our presence in the region. With this strategic win, our year-to-date or..

Central Bank of India executes first fully digital SCF deal on PSB Xchange

In a major advancement for India’s banking sector, Central Bank of India (CBI) has successfully completed the country’s first fully digital supply chain finance (SCF) transaction on PSB Xchange—a unified multi-lender platform launched by PSB Alliance. PSB Xchange is designed to connect public and private sector banks, NBFCs, and fintechs with corporates and their channel partners to facilitate supply chain finance and small business loans. The transaction marks the first time a fintech-originated corporate lead has been seamlessly processed through the PSB Xchange ecosystem. The lead fl..

Atlanta Electricals secures Rs 1,835 Mn transformer order from BNC Power

Atlanta Electricals Limited (“Atlanta”) has secured an order worth Rs 1,835 million from BNC Power Projects Ltd for the supply of extra high voltage (EHV) transformers and a bus reactor for its Pugal site. The contract includes a mix of 315 MVA, 400 KV and 100 MVA, 132 KV transformers along with a 400 KV bus reactor. The project scope encompasses design, manufacturing, testing, and supply to the project site. Deliveries will be sequenced following engineering and drawing approvals, offering multi-quarter execution visibility and ensuring a steady production run-rate. The order will be ex..