Tokyo is Asia's leading center of commerce but London is No. 1 in the world, said a study released yesterday by MasterCard.
Three other Asian cities -- Hong Kong, Seoul and Singapore -- ranked among the world's top 10, the MasterCard Worldwide centers of Commerce Index showed.
In a press release, MasterCard called its index "the most comprehensive analysis to date of how major cities compare in performing critical functions that connect markets and commerce globally."
Tokyo earned its top Asia Pacific ranking for factors including its Aaa Moody's foreign currency government bond rating, ease in dealing with licenses, a stable inflation rate, high level of health, safety and other services, overall quality of life, aviation connectivity and number of patent applications, MasterCard said.
"I believe that these results were achieved by Tokyo possessing, among a spectrum of commercial attractions, an advanced urban infrastructure and one of the safest and most secure living environments in the world," the press release quoted Tokyo Governor Shintaro Ishihara as saying.
London topped the chart with an index value of 77.79 followed by New York with 73.80, Tokyo at 68.09, Chicago with 67.19, Hong Kong at 62.32, Singapore 61.95, Frankfurt 61.34, Paris 61.19, Seoul 60.70 and Los Angeles 59.05.
Other Asia Pacific cities in the top 50 were: Sydney, ranked 14th, Shanghai 32nd, Melbourne 34th, Bangkok 36th, Kuala Lumpur 38th, Mumbai 45th and Beijing 46th, the study said.
Dubai ranked 37th overall and was the top-placed Middle East city.
Eight independent experts on urban development, economics and social science compiled the index, which rated 63 cities according to their legal and political framework, economic stability, ease of doing business, financial flow, business center status and knowledge creation and information flow, the press release said.
The experts, mostly university professors, are based at institutions in China, Singapore, Canada, Britain and the US, it said.
Over four months, they evaluated data and criteria related to costs, quality of life, access to technology and other factors in a process which, MasterCard said, exceeds traditional measures used to gauge financial and business activity.
London's number-one rating came from its flexible business operating environment, strong global financial connections and exceptionally high levels of international trade, travel and conferences, it said.
Seoul scored high marks for its higher education system and patent output, while Hong Kong and Singapore boasted top rankings for the strength of their business climate and their prominence in the global financial network, MasterCard said.
"Singapore also rates high for government policies that favor international business and trade," it said.
Rainfall is expected to become more widespread and persistent across central and southern Taiwan over the next few days, with the effects of the weather patterns becoming most prominent between last night and tomorrow, the Central Weather Administration (CWA) said yesterday. Independent meteorologist Daniel Wu (吳德榮) said that based on the latest forecast models of the combination of a low-pressure system and southwesterly winds, rainfall and flooding are expected to continue in central and southern Taiwan from today to Sunday. The CWA also warned of flash floods, thunder and lightning, and strong gusts in these areas, as well as landslides and fallen
WAITING GAME: The US has so far only offered a ‘best rate tariff,’ which officials assume is about 15 percent, the same as Japan, a person familiar with the matter said Taiwan and the US have completed “technical consultations” regarding tariffs and a finalized rate is expected to be released soon, Executive Yuan spokeswoman Michelle Lee (李慧芝) told a news conference yesterday, as a 90-day pause on US President Donald Trump’s “reciprocal” tariffs is set to expire today. The two countries have reached a “certain degree of consensus” on issues such as tariffs, nontariff trade barriers, trade facilitation, supply chain resilience and economic security, Lee said. They also discussed opportunities for cooperation, investment and procurement, she said. A joint statement is still being negotiated and would be released once the US government has made
SOUTH CHINA SEA? The Philippine president spoke of adding more classrooms and power plants, while skipping tensions with China over disputed areas Philippine President Ferdinand Marcos Jr yesterday blasted “useless and crumbling” flood control projects in a state of the nation address that focused on domestic issues after a months-long feud with his vice president. Addressing a joint session of congress after days of rain that left at least 31 dead, Marcos repeated his recent warning that the nation faced a climate change-driven “new normal,” while pledging to investigate publicly funded projects that had failed. “Let’s not pretend, the people know that these projects can breed corruption. Kickbacks ... for the boys,” he said, citing houses that were “swept away” by the floods. “Someone has
‘CRUDE’: The potential countermeasure is in response to South Africa renaming Taiwan’s representative offices and the insistence that it move out of Pretoria Taiwan is considering banning exports of semiconductors to South Africa after the latter unilaterally downgraded and changed the names of Taiwan’s two representative offices, the Ministry of Foreign Affairs (MOFA) said yesterday. On Monday last week, the South African Department of International Relations and Cooperation unilaterally released a statement saying that, as of April 1, the Taipei Liaison Offices in Pretoria and Cape Town had been renamed the “Taipei Commercial Office in Johannesburg” and the “Taipei Commercial Office in Cape Town.” Citing UN General Assembly Resolution 2758, it said that South Africa “recognizes the People’s Republic of China (PRC) as the sole
RSS