Word: yorke
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...major banks of continental Europe moved much of their trading and investment-banking operations there. About 70% of international bonds, one-third of the world's foreign exchange and almost half the total volume of international equities are traded in London--more even than in New York City, its only remaining rival as the world's financial capital. Hedge funds piled into Mayfair on the heels of private-equity players. Any self-respecting Russian oligarch has a Knightsbridge mansion, sends his kids to élite private schools and has listed his company on the London Stock Exchange...
...that's for Britain as a whole. For London, finance has been even more important: it accounts for almost one-fifth of the city's total output, perhaps as much as one-third if professional services are included. That's far more than for even New York City, where financial services account for about 15% of its economy...
...business, there will be more pressure to take more support roles out of London, to Asia or just to cheaper places in Britain," says Owen Jelf, who heads the U.K. capital-markets practice at the consulting firm Accenture. But there is no place other than New York that boasts the combination of specially tailored office space and clustered expertise to challenge London's status. And even in the worst-case scenario, the London economy has one crutch that won't be knocked down: huge government spending ahead of the 2012 Olympic Games...
...fear the lurking fraud monster, it could exist in reality only if they jointly created it, since each party's monster is a direct response to the anticipated actions of the other. Republicans think the Democrats--aided by ACORN, the AFL-CIO, organized crime, the Comintern and the New York Times--are going to stuff every urban ballot box from Miami to Chicago with fraudulent ballots cast by phony, made-up repeat voters. The Democrats fear that the Republicans--aided by the League of Snarling 'n' Sweaty Southern Sheriffs, Wal-Mart, Fox News, Dick Cheney and the ghost...
Before I traveled to Madagascar, I was doubtful about the value of ecotourism. My trip from New York City alone created more than 11 tons of greenhouse gases and cost around $3,000. But the right kind of travel--in which sensitive areas are minimally affected and local people earn a fair wage--benefits the environment and the economy. That's my experience in Madagascar, where the government gives 50% of the revenue from parks--including entrance fees--to neighboring communities. Most important, the industry engenders a reverence for nature among visitors and locals alike. As Russell Mittermeier, president...