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 Transport

22 Sep 2025

NHAI Tightens Contractor Norms to Boost Highway Quality

The National Highways Authority of India (NHAI) has revised Request for Proposal (RFP) provisions to enhance the quality of highway projects, reduce delays, and lower lifecycle costs. The updates tighten contractor qualification norms, strengthen execution compliance, and increase financial transparency, the Ministry of Road Transport and Highways (MoRTH) said on Wednesday.The stricter RFP clauses will ensure that only technically capable and experienced contractors are eligible for national highway projects. RFPs formally invite bids from contractors, specifying project requirements, terms, a..

Imphal to Gain Rail Connectivity with Jiribam Line Soon

Indian Railways is advancing rapidly on the Jiribam–Imphal railway line, a landmark project set to bring train connectivity to Imphal, the capital of Manipur. The 110.625 km line falls under the administrative control of the Northeast Frontier Railway (NFR) zone.Following the recent completion of the Bairabi–Sairang rail project, which enabled services from Aizawl (Sairang), Imphal will soon join the national rail network. During his visit to Manipur on 13 September 2025, Prime Minister Narendra Modi affirmed that the government is investing Rs 22 billion in the project.Currently, a 55.36 ..

Adani to Double Colombo Terminal Capacity Ahead of Schedule

India’s Adani Group and its partners are set to double the capacity of the $840 million Colombo West International Terminal months ahead of schedule, despite relinquishing $553 million in U.S. funding, according to an executive at partner firm John Keells Holdings.The deepwater terminal, situated alongside a facility operated by China Merchants Port Holdings, highlights Sri Lanka’s strategic role in the contest for influence in the Indian Ocean between New Delhi and Beijing.The first phase of the fully automated terminal became operational in April 2025. The second and final phase is under..