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WORLD MARKETS RISK SUITE
DAILY UPDATE WMRISK COMPOSITE is unusually showing sign of health following the recent central banks correction stance across the world. However, a note of caution is necessary on certain financial centres. Abidjan seems to consolidate on fears of an almost impossible recovery despite attempts and pious wishes for the peace process induced under the Ouagadougou Accord. The west african former economic locomotive has serious issues in relation to the degrading application of the rule of law. At RM 18, the country is heading towards complete financial unsustainable pattern. The sub-region including almost all member countries of the ECOWAS, the regional pseudo single-market, is being affected by the Ivorian crisis as finance depletion in neighbouring is related to Abidjan fortunes. Shanghai is booming in general and in comparison to its region but political issues heightened by the Taiwanese recent stance exhibits an alarming wide political risk spectra. Ambivalence extraction from these political dimensions is difficult to gauge to cultural factors not easily quantified. Hong Kong still holds the palm in terms of Risk containment and this outlook is expected to remain unless China entertains dramatic responses to recent Taiwanese defence velleities. The remaining outlook future prospect is highly volatile, especially as regards to Johannesburg (depending on South Africa's position to secure a permanent place on the UN Security Council); MUMBAI (depending on internal political wranglings); Sydney (looming general election where the incumbent government is set to loose) and by ricochet to Wellington due to its proximity to Australia affairs. ABIDJAN- RM 18 SHANGHAI - RM10 BANGKOK - RM6 HONG KONG - RM2 JAKARTA - RM4 JOHANNESBURG - RM5 KUALA LUMPUR - RM5 MANILA - RM16 MUMBAI - RM2 TAIPEI - RM13 SINGAPORE - RM2 SYDNEY - RM9 SEOUL - RM6 WELLINGTON - RM8 WMRISK COMPOSITE - RM8 |
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ABIDJAN | 
SHANGHAI | 
BANGKOK | 
HONG KONG | 
JAKARTA | 
JOHANNESBURG | 
KUALA LUMPUR | | COTE D'IVOIRE | CHINA | THAILAND | CHINA | INDONESIA | SOUTH AFRICA | MALAYSIA | | 1 | | | | | | | | | 2 | | | | RM2 | | | | | 3 | | | | | | | | | 4 | | | | | RM4 | | | | 5 | | | | | | RM5 | RM5 | | 6 | | | RM6 | | | | | | 7 | | | | | | | | | 8 | | | | | | | | | 9 | | | | | | | | | 10 | | RM10 | | | | | | | 11 | | | | | | | | | 12 | | | | | | | | | 13 | | | | | | | | | 14 | | | | | | | | | 15 | | | | | | | | | 16 | | | | | | | | | 17 | | | | | | | | | 18 | RM18 | | | | | | | | 19 | | | | | | | | | 20 | | | | | | | | | WMRISK | | | | | | | |
DAILY UPDATE LYSCALE RISKGRADE WORLD MARKETS RISK SUITE | | 
MANILA |
MUMBAI | 
TAIPEI | 
SINGAPORE | 
SYDNEY |
SEOUL | 
WELLINGTON | 
WMRISK COMP | | PHILIPINNES | INDIA | TAIWAN | SINGAPORE | AUSTRALIA | SOUTH KOREA | NEW ZEALAND | WMRISK | | 1 | | | | | | | | | | 2 | | RM2 | | RM2 | | | | | | 3 | | | | | | | | | | 4 | | | | | | | | | | 5 | | | | | | | | | | 6 | | | | | | RM6 | | | | 7 | | | | | | | RM7 | | | 8 | | | | | | | | RM8 | | 9 | | | | | RM9 | | | | | 10 | | | | | | | | | | 11 | | | | | | | | | | 12 | | | | | | | | | | 13 | | | RM13 | | | | | | | 14 | | | | | | | | | | 15 | | | | | | | | | | 16 | RM16 | | | | | | | | | 17 | | | | | | | | | | 18 | | | | | | | | | | 19 | | | | | | | | | | 20 | | | | | | | | |
ABIDJAN
SUMMARY  Abidjan is the largest city and former capital of Côte d'Ivoire (Ivory Coast). It is the commercial and banking center of Côte d'Ivoire as well as the de facto capital. (Yamoussoukro is the official capital.) It is also the most populated city in French-speaking Western Africa. It stands in Ébrié Lagoon on several converging peninsulas and islands, connected by bridges. There are an estimated 4 to 5 million inhabitants in the metropolitan area.[citation needed] In the region, this is second only to Lagos, the previous English Capital of Nigeria. Abidjan is considered the cultural crossroads of West Africa.
Industry
Major industries include food processing, coffee, cocoa, lumber, automobile manufacturing, and the manufacture of textiles, chemicals, and soap. There is also a large oil refinery. Abidjan is also a large commercial sea port, forming a gateway for the industrial world to and from Western Africa
Energy
The District, contributes approximately half of the national production of electricity (600 MV over 1200), 42% of the customers low voltage and 54% Medium Average.
Telecommunications
Ivory Coast Telecom has a powerful fixed telephony network with 450,000 lines (2004), providing High speed Internet Connection, Specialised lines, and ADSL. Several Access Providers like Aviso de Cote d'Ivoire Télécom, Africa On Line, Globe Access etc. operate within the city.
Banking
Abidjan is home to representation of all the major international financial institutions: The World Bank, the IMF, BAD, BOAD, etc. Banking commission of the UEMOA, Regional Values Exchange, and subsidiaries of the large international banks: BNP, General company, Crédit Lyonnais, Citibank, Chase, Barclays etc.
Stock Exchange
The Common Stock Exchange of West Africa (BRVM) is located in Abidjan, which is traded on by companies of the Ivory Coast and major west african neighbouring companies.
Political Unrest Cote d'Ivoire has been dogged by political unrest since the Coup d'Etat led by the military junta of General Robert Guei (later assassinated) followed by the attempt coup of Northern Rebels group spearheaded by the current Prime Minister Guillaume SORO in September 2002. Since then, the country, formerly a model of relative prosperity in the region, has seen massive relocation of foreign direct investment towards neighbouring countries like Ghana, Senegal, Mali and Burkina Faso. International businesses and institutions, among them the African Development Bank, also left the country due to tangible concerns as regard to approximations of the rule of law and impunity. According to major human rights organisations, Cote d'Ivoire is ranked as one of the most dangerous places to conduct business due to political instability, lack of goodwill on the part of its political establishment and the general security climate for ordinary residents, chiefly those of African ties with foreign origins. One foreign journalist has been assassinated and another one has disappeared into thin air.
SHANGHAI
SUMMARY
Shanghai is often regarded as the center of finance and trade in mainland China. Modern development began with economic reforms in 1992, a decade later than many of the Southern Chinese provinces, but since then Shanghai quickly overtook those provinces and maintained its role as the business center in mainland China. Shanghai also hosts the largest share market in mainland China.
Shanghai is one of the world's busiest ports. In 2005, Shanghai ranked first of the world's busiest ports in terms of cargo throughout, handling a total of 443 million tons of cargo. In terms of container traffic, it is the third busiest port in the world, following Singapore and Hong Kong.
The 2000 census put the population of Shanghai Municipality to 16.738 million, including the floating population, which made up 3.871 million. Since the 1990 census the total population has increased by 3.396 million, or 25.5%. Males accounted for 51.4%, females for 48.6% of the population. 12.2% were in the age group of 0-14, 76.3% between 15 and 64 and 11.5% were older than 65. 5.4% of the inhabitants were illiterate. As of 2003, the official registered population is 13.42 million; however, more than 5 million more people work and live in Shanghai undocumented, and of the 5 million, some 4 million belong to the floating population of temporary migrant workers, a large proportion of whom are from Anhui Province as well as Jiangsu and Zhejiang Provinces. The average life expectancy in 2003 was 79.80 years, 77.78 for men and 81.81 for women.
Shanghai and Hong Kong have had a recent rivalry over which city is to be the economic center of China. The city had a GDP per capita of ¥55,153 (ca. US$ 7,116) in 2006, ranked no. 1 among all 659 Chinese cities. Hong Kong on the other hand, possessed an unparalleled GDP per capita of ¥310,021 (ca. US$ 37,400). Hong Kong has the advantage of a stronger legal system, international market integration, superior economic freedom, greater banking and service expertise. Shanghai has stronger links to both the Chinese interior and the central government, in addition to a stronger base in manufacturing and technology. Shanghai has increased its role in finance, banking, and as a major destination for corporate headquarters, fuelling demand for a highly educated and modernized workforce. Shanghai has recorded a double-digit growth for 14 consecutive years since 1992. In 2005, Shanghai's nominal GDP posted an 11.3% growth to 915.4 billion yuan (US$117 billion).
As in many other areas in China, Shanghai is undergoing a building boom. In Shanghai the modern architecture is notable for its unique style, especially in the highest floors, with several top floor restaurants which resemble flying saucers. For a gallery of these unique architecture designs, see Shanghai (architecture images).
The bulk of Shanghai buildings being constructed today are high-rise apartments of various height, color and design. There is now a strong focus by city planners to develop more "green areas" (public parks) among the apartment complexes in order to increase the quality of life for Shanghai's residents, quite in accordance to the "Better City - Better Life" theme of Shanghai's Expo 2010.
Historically very Western in lifestyle, Shanghai is increasingly a critical center of communication with the Western world. Examples include the opening of the Pac-Med Medical Exchange in June of 2004, a clearinghouse of medical data and a link between the Chinese and westernised medical infrastructures. In medicine and other humanitarian fields, China is actively seeking input of first world nations to improve living conditions and trade status. Arguments for and against modern Chinese leadership question the genuine influence the influx of western culture and technology will have on vast Chinese interior, outside of the densely populated, often visited urban centers. The Pudong district of Shanghai contains contemporary architecture and "modern"-feeling districts, in close proximity to major international trade and hospitality zones. Visitors to Shanghai find free public parks manicured to startling perfection; in distinct contrast to the massive industrial installations which reveal China's emerging environmental concerns. Shanghai's international diversity is perhaps the world's foremost window into the rich, historic and complex society of today's China.
BANGKOK SUMMARY Bangkok is the economic center of Thailand, dominating the country's economy and dwarfing other urban centers. Development continues to pour in to Bangkok mostly neglecting the rest of the nation. In 2005, it produced a GDP (PPP) of about USD 220 billion, which accounts for 43 percent of the country's GDP. Its GDP (PPP) per capita is well over USD 20,000, one of the highest in Southeast Asia, although statistics do not reveal the extent of the vast differences in wealth between haves and have nots. The Stock Exchange of Thailand is located in Bangkok with over 400 listed companies and combined market capitalization of about THB 5 trillion (USD 120 billion) as of January 5, 2006. Due to the large amount of foreign representation, Thailand has for several years been a mainstay of the Southeast Asian economy and a key center in Asian business. In the recent mini-crash known as Black Tuesday, the SET lost over THB 800 billion or USD 25 billion in value, causing markets in the Asia-Pacific to fall and causing a global impact on December 17, 2006. The loss of market valuation evoked fears of a repeat of the Asian Financial Crisis of 1997; however, a partial policy reversal saw market gaining back nearly all of the value lost.
Bangkok is home to the headquarters of all Thailand's large commercial banks and financial institutions; 18 financial institutions hold at least USD 1 billion in total assets. Their bank deposits totaled approximately THB 7 trillion (USD 177 billion) at the end of the third quarter in 2005. Many transnational companies operate regional headquarters in Bangkok because the cost of operation in the city is less than in most cities in Asia. Thirteen Bangkok-based companies are on the Forbes 2000 list, including the largest Thai bank, Bangkok Bank, and the country's largest energy company PTT.
Tourism is a significant contributor to Thailand's economy, providing about 5 percent of GDP. Bangkok is Thailand's principal international gateway and a destination in its own right.
Income inequality of Bangkok's residents is significant, especially between relatively unskilled lower-income immigrants from rural provinces in Thailand and neighboring countries and wealthier government officials, middle class professionals, business elite, and retired foreigners. About 7 percent of Bangkok's population (excluding illegal immigrants who constitute about 5-8 percent of population) lives below the poverty line compared to the national average of 9 percent.
HONG KONG SUMMARY Hong Kong maintains a highly capitalist economy built on a policy of free market, low taxation and government non-intervention. It is an important centre for international finance and trade, with the greatest concentration of corporate headquarters in the Asia-Pacific region. In terms of gross domestic product per capita and gross metropolitan product, Hong Kong is the wealthiest urban centre in the People's Republic of China. The GDP (PPP) per capita of Hong Kong exceeded the four big economies in Western Europe (UK, France, Germany, Italy), as well as Japan.
Continuing the practice established under the British administration, the Government of Hong Kong mostly leaves the direction of the economy to market forces and the private sector. Since 1980, the government has generally played a passive role under the official policy of positive non-interventionism. Hong Kong has often been cited as a prime example of laissez-faire capitalism in practice, most notably by economist Milton Friedman. It has ranked as the world's freest economy in the Index of Economic Freedom for 13 consecutive years, since the inception of the index in 1995.[28][29] It also places first in the Economic Freedom of the World Report.[30]
Hong Kong has little arable land and few natural resources within its borders, and must therefore import most of its food and raw materials. Hong Kong is the world's eleventh largest trading entity,[31] with the total value of imports and exports exceeding its gross domestic product. As of 2006, there are 114 countries that maintain consulates in Hong Kong, more than any other city in the world. Much of Hong Kong's exports consists of re-exports, which are products made outside of the territory, especially in mainland China, and distributed through Hong Kong. Even before the transfer of sovereignty to the People's Republic of China, Hong Kong has established extensive trade and investment ties with mainland China. The territory's autonomous status enables it to serve as a point of entry for investments and resources flowing into the mainland. It is also a connecting point for flights from the Republic of China on Taiwan destined for the mainland.
The currency used in Hong Kong is the Hong Kong dollar. Since 1983, it has been pegged at a fixed exchange rate to the United States dollar. The currency is allowed to trade within a range between 7.75 and 7.85 Hong Kong dollars to one United States dollar. The Hong Kong Stock Exchange is the fifth largest in the world, with a market capitalisation of about US$2.28 trillion as of August 2007. In 2006, the value of initial public offerings conducted in Hong Kong was second highest in the world after London.[32] The City of London Corporation's Global Financial Centres Index (GFCI) 2007, which evaluates the competitiveness of 46 financial centres worldwide, ranks Hong Kong as the third-best financial centre globally and the strongest centre in Asia.
Hong Kong's economy is dominated by services, which accounts for over 90 percent of its gross domestic product. In the past, manufacturing had been the most important sector of the economy, as Hong Kong industrialised following the Second World War. Driven by exports, the economy grew at an average annual rate of 8.9 percent in the 1970s. Hong Kong underwent a rapid transition to a service-based economy in the 1980s, when growth averaged 7.2 percent annually. Much of the manufacturing operations moved to mainland China during this period, and industry now constitutes just 9 percent of the economy. As Hong Kong matured to become a financial centre, growth slowed to an average of 2.7 percent annually in the 1990s. Together with Singapore, South Korea, and Taiwan, Hong Kong is known as one of the Four Asian Tigers, or Dragons for its high growth rates and rapid industrialisation between the 1960s and the 1990s.[34]
The economy suffered a 5.3 percent decline during 1998, in the aftermath of the Asian financial crisis. A period of recovery followed, with growth rate reaching 10 percent in 2000, although deflation persisted. In 2003, the economy was greatly affected by the outbreak of Severe Acute Respiratory Syndrome (SARS), which reduced economic growth to 2.3 percent that year. A revival of external and domestic demand led to a strong recovery the following year, as cost declines strengthened Hong Kong export competitiveness. The 68-month-long deflationary period ended in mid-2004, with consumer price inflation hovering at near zero levels.[35] Beginning in 2003, the Individual Visit Scheme has allowed travellers from some cities in mainland China to visit Hong Kong without an accompanying tour group. As a result, the tourism industry of Hong Kong has benefitted from an increase in mainland visitors, further aided by the opening of Hong Kong Disneyland Resort in 2005. The economy continues to grow strongly with the return of consumer confidence and rising trade. Hong Kong has set low rates in both personal and corporate taxation.
In 2006, Hong Kong's per-capita GDP ranked as the 6th highest in the world at US$38,127, ahead of countries such as Switzerland, Denmark, and Japan.[36] Its GDP ranked as the 40th highest at US$253.1 billion.
JAKARTA SUMMARY Jakarta (also DKI Jakarta), formerly known as Sunda Kalapa, Jayakarta, Batavia and Djakarta is the capital and largest city of Indonesia. Located on the northwest coast of the Java Island, it has an area of 661.52 km² and an official population of 8,792,000 (2004). Jakarta currently is the eleventh largest city, fifth largest metropolitan area and ninth most densely populated city in the world with 44,283 people per sq mile.[3] Its metropolitan area is called Jabodetabek and contains more than 23 million people, and is part of an even larger Jakarta-Bandung megalopolis.
Jakarta is served by the Soekarno-Hatta International Airport. Since 2004, Jakarta, under the governance of Sutiyoso, has built a new bus system, which is known as "TransJakarta" or "Busway." Jakarta had hoped to establish its newest transportation system, the Jakarta Monorail, in 2007, but the project has been delayed and its completion date will very likely be pushed back. Jakarta also is the location of the Jakarta Stock Exchange and the National Monument.
Like many big cities in developing countries, Jakarta suffers from major urbanization problems. The population has risen sharply from 1.2 million in 1960 to 8.8 million in 2004, counting only its legal residents. The population of greater Jakarta is estimated at 23 million, making it the fourth largest urban area in the world. The rapid population growth has outgrown the government's ability to provide basic needs for its residents. As the third biggest economy in Indonesia, Jakarta has attracted a large number of visitors. The population during weekends is almost double that of weekdays, due to the influx of residents residing in other areas of Jabotabek. Because of government's inability to provide adequate transportation for its large population, Jakarta also suffers from severe traffic jams that occur almost every day. Air pollution and waste management are also severe problems. By 2025 the population of Jakarta may reach 24.9 million, not counting millions more in surrounding areas
JOHANNESBURG SUMMARY Johannesburg is the economic and financial hub of South Africa, producing 16 % of South Africa's gross domestic product, and accounts for 40% of Gauteng's economic activity. Mining is the foundation of the Witwatersrand's economy, but its importance is gradually declining. While gold mining no longer takes place within the city limits, most mining companies have their headquarters in Johannesburg. The city has a great variety of manufacturing industries, including steel and cement plants. Many banking and commercial companies are also located in Johannesburg. Johannesburg has Africa's largest stock exchange, the JSE Securities Exchange. Due to its commercial importance, this city is the site of a number of government branch offices, as well as consular offices and other institutions that are usually found only in capital cities. There is also a very large informal economy consisting of cash-only street traders and vendors which are largely missed in official statistics. The Witwatersrand urban complex is a major consumer of water in a dry region. Its continued economic and population growth has depended on schemes to divert water from other regions of South Africa and from the highlands of Lesotho, but additional sources will be needed early in the 21st century.
The container terminal at City Deep is purported to be the largest "dry port" in the world, with some 60 % of cargo that arrives through the port of Durban arriving in Johannesburg. The City Deep area has been declared an IDZ (industrial development zone) by the Gauteng government, as part of the Blue IQ Project.
Johannesburg's largest shopping centre is Sandton City, while Hyde Park is one of its most prestigious. Other centres include Rosebank, Eastgate, Westgate, Northgate, Southgate, and Cresta. There are also plans to build an extremely large shopping centre, known as the Zonk'Izizwe Shopping Resort, in Midrand. "Zonk'Izizwe" means "All Nations" in Zulu language, indicating that the centre will cater to the city's diverse mix of peoples and races.
KUALA LUMPUR SUMMARY
In short the city remains the economic and business centre of the country. In fact the city is a center for finance, insurance, real estate, media and the arts in Malaysia. The infrastructure development in the surrounding areas such as the Kuala Lumpur International Airport at Sepang, the creation of the Multimedia Super Corridor and the expansion of Port Klang further reinforce the economic significance of the city.
Bursa Malaysia or the Malaysian Bourse [8] is based in the city and forms one of its core economic activities. As at end-June 2007, the market capitalisation stood at US$307 billion.
The Gross Domestic Product (GDP) for Kuala Lumpur is estimated at RM25,968 million in 2000 with an average annual growth rate of 4.2 percent. The per capita GDP for Kuala Lumpur is RM30,727, an average annual growth rate of 6.1 percent. The total employment in Kuala Lumpur is estimated at around 838,400. The service sector comprising finance, insurance, real estate, business services, wholesale and retail trade, restaurants and hotels, transport, storage and communication, utilities, personal services and government services form the largest component of employment representing about 83.0 percent of the total. The remaining 17 percent comes from manufacturing and construction.
The large service sector is evident in the number of local and foreign banks and insurance companies operating in the city. Kuala Lumpur has in recent years become a premier international Islamic financial centre. The city has a large number of foreign corporations and is also host to many multi national companies’ regional offices or support centres, particularly for finance and accounting, and information technology functions. Most of the countries’ largest companies have their headquarters based here.
The tourism sector also plays an important part in the city’s economy, providing income, employment and expanding business opportunities. As an extension of this, many large worldwide hotel chains have presence in the city. Kuala Lumpur has also developed into an international shopping destination with a wide variety of shopping centres and mega malls which carry well known global and local brands. Conference tourism has also expanded in recent years and is becoming a very important component of the industry.
Other important economic activites in the city are education and health services. Kuala Lumpur also has advantages stemming from the high concentration of educational institutions located within its boundaries, providing a wide range of courses. Such public institutions include the University of Malaya, the University of Technology Malaysia, International Medical University and the Medical Faculty of the University Kebangsaan Malaysia. There are also a large number of private colleges, including the University Tun Abdul Razak and Tunku Abdul Rahman College, in and around Kuala Lumpur providing a wide range of courses which attract students from all over Malaysia as well as from other countries. There are numerous public and private medical specialist centres and hospitals in the city which offer general health services and a wide range of specialist surgery and treatment catering to locals and tourists. There has been growing emphasis to expand the economic scope of the city into other service activities such as research and development which supports the rest of the economy of Malaysia. Kuala Lumpur has been home for years to important research centers such as the Rubber Research Institute of Malaysia, the Forest Research Institute of Malaysia and the Institute of Medical Research [9] and more research centers are expected to be established in the coming years.
MANILA SUMMARY Every district in the city with the exception of Port Area has its own public market, locally called the pamilihang bayan or Palengke. Public markets are often divided into two, the dry goods section and the wet goods section. Commerce in these public markets is lively, especially in the early morning. Under the urban renewal program of the incumbent administration, some of the public markets had been refurbished and given a fresher look, like the Sta. Ana public market. It is one of the more advanced markets in the city featuring a modern 2-story building with an escalator.
The tropical climate in Manila plus the facilities of its world-class malls continue to attract Filipinos to the shopping malls. Modern shopping malls dot the city especially in the areas of Malate and Ermita. SM City Manila, part of the country's largest chain of malls, stands behind the Manila City Hall, while the original SM Department store still operates in Carriedo in Sta. Cruz while another called SM Centrepoint is located north east of the city in Sta. Mesa close to the Quezon City-San Juan boundary. One of the popular malls that lies at the heart of Manila is Robinson's Place Ermita. In the southern part of the city in Malate district is Harrison Plaza, one of the city's oldest shopping malls.
For the adventurous shoppers, you may venture beyond the hotel/shopping complex package and combine other interesting destinations for cheap buys such as in Divisoria and Quiapo districts. Bargaining is the major part of your shopping experience when you pass by on these areas, as it sells goods at rock-bottom prices. In Divisoria, there is already a shopping mall that caters to the adventurous shoppers. Tutuban Center in Divisoria gives a little comfort to the shoppers as it offers air-conditioned mall, but the price of the goods here is still very similar to the goods bought outside. In Quiapo, one unique spot is the marketplace under the bridge. It sells indigenous Filipino crafts and delicacies. Raon Center is famous for its cheap electronic products. Though through the changing times, department stores began sprouting the Quiapo area, but still the flea market of Quiapo is still vibrant and very much popular among the average Filipinos. Photo and video enthusiasts looking for cheap equipment can proceed to R. Hidalgo street in the Quiapo district.
MUMBAI SUMMARY Mumbai serves as an important economic hub of the country, contributing 10% of all factory employment, 40% of all income tax collections, 60% of all customs duty collections, 20% of all central excise tax collections, 40% of India's foreign trade and Rupees 40 billion (US$ 9 billion) in corporate taxes.[22] Mumbai's per-capita income is Rs.48,954 which is almost three times the national average.[23]
Many of India's numerous conglomerates (including State Bank Of India, Tata Group, Godrej and Reliance), and four of the Fortune Global 500 companies are based in Mumbai. Many foreign banks and financial institutions also have branches in this area.
Up until the 1980s, Mumbai owed its prosperity largely to textile mills and the seaport, but the local economy has since been diversified to include engineering, diamond-polishing, healthcare and information technology.
Mumbai’s status as the state capital means that state and central government employees make up a large percentage of the city's workforce. Mumbai also has a large unskilled and semi-skilled labour population, who primarily earn their livelihood as hawkers, taxi drivers, mechanics and other such blue collar professions. The port and shipping industry, too, employs many residents, directly or indirectly.
The Bandra-Kurla Complex, a modern business district, has shifted commercial concentration towards the suburbsThe media industry is another major employer in Mumbai. Most of India's major television and satellite networks, as well as its major publishing houses, are headquartered here. The centre of the Hindi movie industry, Bollywood, is located in Mumbai, and the name Bollywood is a portmanteau of Bombay and Hollywood, the center of the American film industry. Marathi television and Marathi film industry are also based in Mumbai.
Along with the rest of India, Mumbai, its commercial capital, has witnessed an economic boom since the liberalisation of 1991, the finance boom in the mid nineties and the IT, export, services and BPO boom in this decade. The middle class in Mumbai is the segment most impacted by this boom and is the driver behind the consequent consumer boom. Upward mobility among Mumbaikars has led to a direct increase in consumer spending.
Mumbai has been ranked 10th among the world's biggest centres of commerce in terms of the financial flow volumes in a survey compiled by Mastercard Worldwide, which takes into consideration size of financial services network besides equity, bond, derivatives and commodity contract transactions.
TAIPEI SUMMARY As the capital of Taiwan, Taipei has been at the centre of rapid economic development in the country and has now become one of the global cities in the production of high technology and its components. This is part of the so called Taiwan miracle which has seen dramatic growth in the city following foreign direct investment in the 1960s. Taiwan is now a creditor economy, holding one of the world's largest foreign exchange reserves of more than $500 billion (100 G$) in 1999. Despite the Asian financial crisis, the economy continues to expand at about 5% per year, with virtually full employment and low inflation.
In the 1960s, foreign investment in Taiwan helped introduce modern, labor-intensive technology to the island, and Taiwan became a major exporter of labor-intensive products.
On July 1, 1970, to further develop Taiwan international trade activities, Taiwan External Trade Development Council (TAITRA) were established as economic growth was accelerating.
The Taipei World Trade CenterThe Taipei World Trade Center was completed in 1985.
In the 1980s, production in Taiwan shifted toward increasingly sophisticated, capital-intensive and technology-intensive products for export and toward developing the service sector. At the same time, the appreciation of the New Taiwan dollar (TWD), rising labor costs, and increasing environmental consciousness in Taiwan caused many labor-intensive industries, such as shoe manufacturing, to move to mainland China. Taiwan has also invested heavily in mainland China estimated to total more than $100 billion.
However the Taiwan External Trade Development Council (TAITRA), was established in 1986 to provide a single, modern venue that would combine exhibition space, conference facilities, offices, and hotel accommodation for international business. Its located in the city's Xinyi District, TWTC combines every possible service that brings together a vast consulting service on trade-related issues, trading partners, suppliers, and markets.
The International Trade Building was completed on 1988) and the International Convention Center completed in 1989.
Today well over 100 major Taiwanese and international firms have offices in the city [citation needed]. See Companies of Taiwan
SINPAGORE SUMMARY Singapore has a highly developed market-based economy, which historically revolves around extended entrepot trade. Along with Hong Kong, South Korea and Taiwan, Singapore is one of the Four Asian Tigers. The economy depends heavily on exports refining imported goods, especially in manufacturing. Manufacturing constituted 26 percent of Singapore's GDP in 2005.[30] The manufacturing industry is well-diversified into electronics, petroleum refining, chemicals, mechanical engineering and biomedical sciences manufacturing. In 2006, Singapore produced about 10 percent of the world's foundry wafer output.[2] Singapore is the busiest port in the world in terms of tonnage shipped.[31] Singapore is the world's fourth largest foreign exchange trading centre after London, New York City and Tokyo.[32]
Singapore has been rated as the most business-friendly economy in the world, with thousands of foreign expatriates working in multi-national corporations.[33] The city-state also employs tens of thousands of foreign blue-collared workers from around the world.
Singapore's Central Business District (CBD)In 2001, a global recession and slump in the technology sector caused the GDP to contract by 2.2 percent. The Economic Review Committee (ERC), set up in December 2001, recommended several policy changes with a view to revitalising the economy. Singapore has since recovered from the recession, largely due to improvements in the world economy; the Singaporean economy itself grew by 8.3 percent in 2004, 6.4 percent in 2005[34] and 7.9 percent in 2006.[35] In the first half of Year 2007, the economy grew by 7.6 percent. The growth forecast for the whole year is expected to be between 7 percent to 8 percent, up from the original estimation of 5 percent to 7 percent.[36] On August 19 2007, Prime Minister Lee Hsien Loong announced in his National Day Rally Speech that Singapore's economy is expected to grow by at least 4-6 percent annually over the next 5-10 years.
The per capita GDP in 2005 was US$26,833 and the unemployment rate was 2.4 percent as of 31 July 2007, a record six year low.[38] In 2006, there were 173,000 new jobs being created, a record high. In the first half of Year 2007, 111,000 new jobs were created, reaching another breaking record.
Orchard Road is decorated for Christmas, 2005.Singapore introduced a Goods and Services Tax (GST) with an initial rate of 3 percent on 1 April 1994 substantially increasing government revenue by S$1.6 billion and stabilizing government finances.The taxable GST was increased to 4 percent in 2003, to 5 percent in 2004,[40] and to 7 percent on 1st July 2007.
Singapore is a popular travel destination, making tourism one of its largest industries. About 9.7 million tourists visited Singapore in 2006.[42] The Orchard Road district is the centre of shopping hub in Singapore. To attract more tourists, the government decided in 2005 to legalise gambling and to allow two Integrated Resorts to be developed at Marina South and Sentosa.[43] To compete with its many rivals such as Hong Kong, Tokyo and Shanghai, the government has announced that the city area would be transformed into a more vibrant and exciting place with more buzz by lighting up the city completely. Other than the Integrated Resort, about 15 new developments are coming up, which include the Singapore Flyer, which would be the largest Ferris wheel in the world, the Gardens by the Bay and a 280-metre Double Helix Bridge. Cuisine has been heavily promoted as an attraction for tourists, with the Singapore Food Festival in July organized annually to celebrate Singapore's cuisine.
Singapore is also growing its medical tourism sector. In 2003, 230,000 foreigners sought medical care in the country, and Singapore Medical services are aiming to serve one million foreign patients annually by 2012, and in doing so generate $3 billion in revenue and create at least 13,000 new jobs within the health industries [3]. Singapore hospitals are actively engaged in international healthcare accreditation, at least partly as a by-product of this desire to grow the income from medical tourism.
Under the Infocomm Development Authority of Singapore (IDA), Wireless@SG is a government-initiated initiative to build Singapore's Infocomm infrastructure. Working through IDA's Call-for-Collaboration, SingTel, iCell and QMax deploy a wireless network throughout Singapore. Since late 2006, users have enjoyed free wireless access through Wi-Fi under the "basic-tier" package offered by all three operators. This will last for 3 years.
SYDNEY SUMMARY The largest economic sectors in Sydney, measured by numbers of people employed, include property and business services, retail, manufacturing, and health and community services.[25] Since the 1980s, jobs have moved from manufacturing to the services and information sectors. Sydney provides approximately 25% of the country's total GDP.[26]
Sydney is the largest corporate and financial centre in Australia and is also an important financial centre in the Asia Pacific. The Australian Stock Exchange and the Reserve Bank of Australia are located in Sydney, as are the headquarters of 90 banks and more than half of Australia's top companies, and the regional headquarters for around 500 multinational corporations.[28] Fox Studios Australia has large movie studios in the city.
The Sydney Futures Exchange (SFE) is one of the Asia Pacific's largest financial futures and options exchanges, with 64.3 million contracts traded during 2005. In global terms it is the 12th largest futures market in the world and the 19th largest including options. With the increasing commercial role of Sydney's many medical laboratories and research centres, science and research is another strong growth sector.[citation needed]Tourism plays an important role in Sydney's economy, with 7.8 million domestic visitors and 2.5 million international visitors in 2004.
As of September 2003, the unemployment rate in Sydney was 5.3%. According to The Economist Intelligence Unit's Worldwide cost of living survey, Sydney is the sixteenth most expensive city in the world, while a UBS survey ranks Sydney as 18th in the world in terms of net earnings.
As of 20 September 2007, Sydney has the highest median house price of any Australian capital city at $559 000. Sydney also has the highest median rent prices than any other Australian city at $450 a week. A report published by the OECD in November 2005, shows that Australia has the Western World's highest housing prices when measured against rental yields.
Sydney has been classified as a "Beta" global city by the Globalization and World Cities Study Group and Network.
SEOUL SUMMARY As headquarters for some of the world’s largest corporations, such as Samsung, LG Group, Hyundai, and Kia Motors, the service sector in Seoul has thrived, benefiting the national economy and development. South Korea derives 63.2% of its GDP from the service sector, above the average for the upper income nations (World Bank 2004). The major exports are electronics, automobiles, and machinery. This economic development has also helped keep unemployment at around 3.4% and ensured that the informal economy of Seoul is negligible. Foreign direct investment is also high at around $2 billion ; however, South Korea was expected to be threatened with a slowing economy which could hurt it and its development. As one of the "Four Asian Tigers", it experienced rapid growth in the 1990s. Nonetheless, the CIA fact book denotes that South Korea has shown a moderate economic growth between 2003 and 2006 by 4-5% on average. The constriction of consumer consumption has restricted South Korea's economic growth, but consumption has begun to increase again gradually. So far, the economy in South Korea has cruised smoothly, and its prospect is also quite positive.
Seoul (서울) listen (help·info) [sʌ.ul] is the capital of South Korea and is located on the Han River in the country's northwest. The city is situated about 50 km (~30 mi) south of the North Korean border, also known as the de-militarised zone (DMZ). Seoul is a city with ancient history, the area of Seoul appears in history as early as 18 BCE, when the kingdom of Baekje founded its capital, Wiryeseong, in what is now southeastern Seoul. Modern Seoul descends from a city called Hanyang, built during the Goryeo era, which then became the capital of the Joseon dynasty in 1394. Seoul has been the capital of successive Korean nations ever since.Designated the status of a Special City, Seoul is administered directly by the national government.
With over ten million people, Seoul is South Korea's largest city and one of the largest cities in the world by population. Covering an area of only 605 square kilometres, smaller than New York City or Tokyo, it is one of the world's most densely populated major cities.
The Seoul National Capital Area, which includes the major port city of Incheon, has almost 23 million inhabitants making it the second most populous metropolitan area in the world, after Greater Tokyo. Almost half of South Korea's entire population lives in the Seoul National Capital Area, and nearly one quarter in Seoul itself, making it the country's political, cultural, and economic centre, as well as a centre for international business. The rapid economic, social and technological development of the city has played a key role in South Korea's development, and has been referred to as the "Miracle on the Han River".
Seoul hosts more than three million registered vehicles and widespread traffic congestion is common. In recent years, the metropolitan government has undertaken extensive clean up of the city's air and water pollution. The revival of Cheonggyecheon, a stream that flows through Seoul city centre, was a recent major urban beautification project.
WELLINGTON SUMMARY Wellington (unofficially Te Whanganui-a-Tara[1] or Poneke[2] in Māori) is the capital of New Zealand, the country's second largest urban area and the most populous national capital in Oceania. It is in the Wellington region at the southern tip of the North Island, near the geographical centre of the country.
Like many cities, Wellington's urban area extends well beyond the boundaries of a single local authority. Greater Wellington or the Wellington Region means the entire urban area, plus the rural parts of the cities and the Kapiti Coast, and across the Rimutaka Range to the Wairarapa.
Wellington is New Zealand's political centre, housing Parliament and the head offices of all government ministries and departments, plus the bulk of the foreign diplomatic missions based in New Zealand.
Wellington's compact city centre supports an arts scene, café culture and nightlife much larger than most cities of a similar size. It is a centre of New Zealand's film and theatre industry. Te Papa Tongarewa (the Museum of New Zealand), the New Zealand Symphony Orchestra, the Royal New Zealand Ballet and the biennial International Festival of the Arts are all sited there.
Wellington has the 12th best quality of living in the world, according to a 2007 study by consulting company Mercer. Of cities with English as the primary language, Wellington ranked fourth.1
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