BRICs Poised to Benefit London More Than NY?

♠ Posted by Emmanuel in at 4/28/2011 12:03:00 AM
So says the man who coined the term "BRICs," Jim O'Neill. Time differences mean that the more centrally located London bridges trading hours among the emerging centres of Asia, obviously those of Europe, and America later in the day:
If it were just football and London house prices, I could see the benefits as more questionable, but it extends much further. I have often thought that if New York were to have the same time zone as us, modern life for London could be so different. The five hours' difference means New York is an awkward time for Beijing, Shanghai, Delhi, Mumbai and Moscow [BRICs capitals and financial centres].

Of the four Bric countries, only Brazil works on a vaguely similar time zone. For international business of all shapes and varieties, London is perfectly placed. Centre of the world's time zones, well connected through technology and of course, our language the modern choice for communicating. For my business, international financial services, it is perfect. Despite the concerns about UK government policies towards banks, as well as a rolling back of tax benefits to non-domicile residents, London is highly attractive for international finance.
On London house prices benefiting from BRICs, see a previous post of mine on why London residential real estate is more robust than in New York.