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London to 'lose out' to Shanghai London to 'lose out' to Shanghai
(about 9 hours later)
London could be pushed into third place as a global financial centre by Shanghai in the next decade, according to a report.London could be pushed into third place as a global financial centre by Shanghai in the next decade, according to a report.
The survey, carried out by law firm Eversheds, suggests business leaders think the West is facing accelerated competition from the East.The survey, carried out by law firm Eversheds, suggests business leaders think the West is facing accelerated competition from the East.
More than 90% of bosses in Shanghai and Mumbai are confident in their economic outlook for 2010. More than 90% of bosses in Shanghai are confident in their economic outlook for 2010 compared with only 22% in London.
This compares with 22% of business leaders in London and 35% in New York. New York will still be seen as the most significant financial centre.
London and Shanghai will vie for second place, according to the study.
Across the United Arab Emirates, 69% said they were confident of their economic prospects over the coming year.Across the United Arab Emirates, 69% said they were confident of their economic prospects over the coming year.
In Evershed's Boom or Gloom report, New York will still be seen as the most significant financial centre with London and Shanghai vying for second place. For Eversheds' Boom or Gloom report, a total of 600 senior executives across London, Mumbai, New York, Shanghai and the UAE were canvassed.
A total of 600 senior executives across London, Mumbai, New York, Shanghai and the UAE were canvassed for the survey.
Commenting on the findings, Alan Jenkins, chairman of Eversheds thinks companies across the world are reacting to and recovering from the global financial crisis at varying rates.Commenting on the findings, Alan Jenkins, chairman of Eversheds thinks companies across the world are reacting to and recovering from the global financial crisis at varying rates.
"More established economic centres are still digesting the extent of the crisis. Confidence levels in the East are in stark contrast to the traditional economic powerhouses," he said."More established economic centres are still digesting the extent of the crisis. Confidence levels in the East are in stark contrast to the traditional economic powerhouses," he said.