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regicide
Joined: 01 Sep 2006
Location: United States
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 Posted: Sun Mar 02, 2008 6:41 pm Post subject: Seoul Ranked Outside Top 50 Financial Hubs |
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Seoul Ranked Outside Top 50 Financial Hubs
By Lee Hyo-sik, Korea Times (February 29, 2008)
http://www.koreatimes.co.kr/www/news/biz/2008/03/123_19856.html
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... it has even failed to make it into the top 50 in the latest international financial hub ranking....
But the Roh government apparently failed due to anti-foreign sentiment, inconsistent policies and militant labor unions.
Foreign analysts have pointed out that Korea's anti-foreign sentiment is the biggest obstacle to the hub plan, adding the country should deregulate the financial market, lower taxes, and create a more foreign-friendly residential and educational environment. |
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blaseblasphemener
Joined: 01 Jun 2006
Location: There's a voice, keeps on calling me, down the road, that's where I'll always be
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| Posted: Mon Mar 03, 2008 1:01 am Post subject: |
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| I just read that Seoul was 6th on the list last year. If that's true, sounds dubious that it dropped so much. Any link to the top 50 list this year? |
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thepeel
Joined: 08 Aug 2004
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moosehead
Joined: 05 May 2007
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| Posted: Mon Mar 03, 2008 5:13 am Post subject: |
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wow you think that ramming the iron bar up Lone Star's arse had anything to do with this report? !  |
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Kuros
Joined: 27 Apr 2004
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| Posted: Mon Mar 03, 2008 7:13 pm Post subject: |
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| thepeel wrote: |
http://www.zyen.com/Knowledge/Research/GFCI%203%20March%202008.pdf
Different organizations use different means to judge what constitutes a "hub" of finance. Maybe that is why you read Seoul was #6. Also, Seoul is not #6, unless being rated by a Korean organization.
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Wow, Osaka made #50, Seoul didn't even make it. That's devastating. |
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Funkdafied
Joined: 04 Nov 2007
Location: In Da House
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| Posted: Mon Mar 03, 2008 8:41 pm Post subject: |
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| And yet you've still got your die hard apologists who will swear black and blue that Korea is no more xenophobic than anywhere else... |
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thepeel
Joined: 08 Aug 2004
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| Posted: Mon Mar 03, 2008 8:41 pm Post subject: |
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| I was surprised DC was on the list and Charlotte was not. It is a rather weird measure of a "hub". Generally, the criteria is "outside assets under management". |
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Pligganease
Joined: 14 Sep 2004
Location: The deep south...
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| Posted: Mon Mar 03, 2008 8:48 pm Post subject: |
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| In a country where foreign nationals can't even get the most basic of services and where foreign investment is hindered at every turn, is it any wonder that Seoul is now shunned by business? |
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thepeel
Joined: 08 Aug 2004
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| Posted: Mon Mar 03, 2008 8:51 pm Post subject: |
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| I think Roh just liked the word "hub". He had no intention of actually altering the economy to create one. |
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Adventurer
Joined: 28 Jan 2006
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| Posted: Mon Mar 03, 2008 9:08 pm Post subject: Re: Seoul Ranked Outside Top 50 Financial Hubs |
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| regicide wrote: |
Seoul Ranked Outside Top 50 Financial Hubs
By Lee Hyo-sik, Korea Times (February 29, 2008)
http://www.koreatimes.co.kr/www/news/biz/2008/03/123_19856.html
| Quote: |
... it has even failed to make it into the top 50 in the latest international financial hub ranking....
But the Roh government apparently failed due to anti-foreign sentiment, inconsistent policies and militant labor unions.
Foreign analysts have pointed out that Korea's anti-foreign sentiment is the biggest obstacle to the hub plan, adding the country should deregulate the financial market, lower taxes, and create a more foreign-friendly residential and educational environment. |
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In South Korea, the conservatives are more of our friends. The Leftists are not foreigner friendly it seems. I hope the new president makes massive, positive changes, and I don't care if there are massive protests in reaction to it. Investors unlike us teachers are much more well-traveled and they share stories with each other, so many know more about Korea before dealing with Korea, and if they know there is a strong foreign anti-sentiment, they will take their Euros and dollars somewhere else. Wouldn't you? I remember when I was in Canada reading about provincial governments offering incentives to foreigners.
You have to be foreigner and investor friendly if you want beneficial transactions with foreigners. |
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regicide
Joined: 01 Sep 2006
Location: United States
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| Posted: Tue Mar 04, 2008 9:31 pm Post subject: |
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| Pligganease wrote: |
| In a country where foreign nationals can't even get the most basic of services and where foreign investment is hindered at every turn, is it any wonder that Seoul is now shunned by business? |
Indeed. Imagine working legally and not even being able to send back your meager salary?
Michael Been of Insight Communications put it succinctly.
"Seoul did not make it to the list because it is not an international financial center. I do not think Korea wants to be one,'' said Michael Breen, president of Insight Communications Consultants in Seoul." |
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thepeel
Joined: 08 Aug 2004
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| Posted: Tue Mar 04, 2008 10:11 pm Post subject: |
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| regicide wrote: |
| Pligganease wrote: |
| In a country where foreign nationals can't even get the most basic of services and where foreign investment is hindered at every turn, is it any wonder that Seoul is now shunned by business? |
Indeed. Imagine working legally and not even being able to send back your meager salary?
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The more well-paid foreigners in Korea use private banking services that let them do what they please.
Walk around the finance areas of NYC, London, Singapore, Hong Kong or even Toronto. You will see wealthy people from all over the world. At my firm in Singapore we had Nepalese, Indonesians, Americans, Canadians, British, Indians, Malaysians and oodles of Mainland Chinese (and Singaporeans, of course). In Seoul, head to Yoido and you'll see Koreans with the odd white dude on an internship or short assignment. Even Japanese and Chinese are very unlikely to work for a Korean financial firm. The most international diversity you will see will be Kyopo from the West (and then, likely only America). The biggest problem is the immigration restrictions on hiring foreign professionals or even inter-company international transfers. That and the raging dislike of foreigners "stealing" profit from Korea and taking it home.
Also, why would a foreign bank enter an almost fully closed financial market? While the major IB's have offices in Seoul, what they are able to do is seriously limited and often requires a Korean institutional partner who will fleece you for "consultant" fees (meaning, they went to a whorehouse with a government official or Chaebol bigdog and found a way to move the business along).
Korea doesn't need to be an international financial hub. There are enough of them already. The political class should be seeking more realistic and less sexy goals that focus on climbing the manufacturing/design value chain etc. Korean banks can handle Korean finances. |
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