London is now a more global city than New York Essay

London is now a more global city than New York - Essay Example The criteria used for identification is usually based on a yardstick value which considers the producer service sector or the imminent determination which basically compares the productivity of the cities. There are a number of global cities in the world including London and New York.Economic characteristics of a global city†¢ A global city serves as the corporate headquarter for multinational corporations, financial institutions, stock exchanges, law firms and conglomerates that influence the economy of the world as a whole.London offers major business and financial services for example; it is home to more than 33% of European headquarters of Global Fortune 500.†¢ To be a global city, it should also be able to contribute some considerable financial output to the city’s regions and the nation’s GDP†¢ A global city needs to appear at the top of the cost of living.†¢ It should be home to major stock markets.More than 40% of the world's foreign equities and shares are traded in London, more than are traded in New York.Over 30% of the world's foreign exchanges take place in London, which is more than Tokyo and New York put together. New York, same to Tokyo rely mainly on their large American and Asian domestic markets while around 80% of London’s business is international.  Political characteristics†¢ London, Berlin, Tokyo, Paris among others, feature among the cities that have achieved this. New York is not among them. The standards of living or the quality of life should be considerably high.

Motivations For Attendance At Notting Hill Festival Literature review

Motivations For Attendance At Notting Hill Festival - Literature review Example The Notting Hill carnival has been taking place on the last weekend of August each year since 1965. The carnival has become a major London and national event with over a million people attending each year. The carnival began as a way to address hate crime as well as race riots that took place in 1958. Since then, the carnival continues to be an anti-hate crime event endorsing racial harmony and the celebration of differences. The event not only brings together the black community but also tourists and Londoners alike in the biggest street festival in Europe. This study will seek to understand the fundamental magnitudes of motivations for attending the famous Notting Hill Carnival. The study will also try to discover why visitors’ numbers have decreased over the last six years of the Notting Hill Carnival. Finally, the study will analyse whether overcrowding and disruptive behavior has an effect on visitation. This research is important because it will bring awareness and critical understanding for the reason behind tourists or individuals attending the famous ‘hallmark event’; Notting Hill Carnival. Hallmark events is said to be an event that occurs in a town, city or region each year, on a specific date or around a specific time. For instance, Notting Hill Carnival occurs every year on the August bank holiday Sunday and Monday. Richie (1984, p. 2) defines hallmark events as: Major one-time or recurring events of limited duration, developed primarily to enhance awareness, appeal and profitability of a tourism destinat ion in the short term and/or long term. Such events rely for their success on uniqueness, status, or timely significance to create interest and attract attention. Notting Hill is a prime example of a well-known Hallmark event, which is why the study focuses on the key motivational factors for tourists attending the yearly event as well as importance of continuous attendance at the event. 1.2 Why Recent research has focused on visitor motivation and they experience they seek within music festival (Pegg & Patterson, 2010, p. 86). Consequently, not many studies have