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  • PTE SWT Collection 4

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    This document summarizes the rise of London as a global financial center, beginning with stockbrokers meeting in Jonathan's Coffee House in 1698. While progress was not entirely smooth, with events like the South Sea Bubble and a fire in 1748, London has surpassed rivals like New York and Frankfurt to become the world's dominant financial hub. It now manages more funds than New York, dominates foreign exchange and bond markets, and its institutions paid out large bonuses in December. For foreign finance workers, London remains an exciting place to be despite challenges like high living costs, strained infrastructure, and security threats.

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    This document summarizes the rise of London as a global financial center, beginning with stockbrokers meeting in Jonathan's Coffee House in 1698. While progress was not entirely smooth, with events like the South Sea Bubble and a fire in 1748, London has surpassed rivals like New York and Frankfurt to become the world's dominant financial hub. It now manages more funds than New York, dominates foreign exchange and bond markets, and its institutions paid out large bonuses in December. For foreign finance workers, London remains an exciting place to be despite challenges like high living costs, strained infrastructure, and security threats.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    135 views1 page

    PTE SWT Collection 4

    Uploaded by

    hung nguyen
    This document summarizes the rise of London as a global financial center, beginning with stockbrokers meeting in Jonathan's Coffee House in 1698. While progress was not entirely smooth, with events like the South Sea Bubble and a fire in 1748, London has surpassed rivals like New York and Frankfurt to become the world's dominant financial hub. It now manages more funds than New York, dominates foreign exchange and bond markets, and its institutions paid out large bonuses in December. For foreign finance workers, London remains an exciting place to be despite challenges like high living costs, strained infrastructure, and security threats.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    that culminates in a hamburger, these bacteria have, just like the grasses, coevolved with the

    cow, whom they feed. Truly this is an excellent system for all concerned: for the grasses, for the
    bacteria, for the animals, and for us, the animals' eaters.

    Solution:

    The co-evolutionary relationship between cows and grass is one of nature's


    underappreciated wonders, which happens to be the key to understanding just about everything
    about modern meat, and this is an excellent system for all concerned: for the grasses, for the
    bacteria, for the animals, and for us, the animals' eaters. (51 words)

    LONDON - SWT03

    Who would have thought back in 1698, as they downed their espressos, that the little band
    of stockbrokers from Jonathan's Coffee House in Change Alley EC3 would be the founder-
    members of what (1) would become the world's mighty money capital?

    (2) Progress was not entirely smooth. The South Sea Bubble burst in 1720 and the coffee
    house exchanges burned down in 1748. As late as Big Bang in 1986, when bowler hats were
    finally hung up, you wouldn’t have bet the farm on London surpassing New York, Frankfurt and
    Tokyo as Mammon's international nexus. Yet the 325,000 souls who operate in the UK capital’s
    financial hub have now overtaken their New York rivals in size of the funds managed (including
    offshore business); they hold 70% of the global secondary bond market and the City dominates
    the foreign exchange trading. And its institutions paid out £9 billion in bonuses in December.
    The Square Mile has now spread both eastwards from EC3 to Canary Wharf and westwards
    into Mayfair, where many of the private-equity ‘locusts’ and their hedge-fund pals now hang
    out. For foreigners in finance, (3) London is the place to be (a wonderful and exciting place). It
    has no Sarbanes-Oxley and no euro to hold it back, yet the fact that it still flies so high is against
    the odds. (4) London is one of the most expensive cities in the world to live in, transport systems
    groan and there’s an ever-present threat of terrorist attack. But, for the time being, the deals just
    keep on getting bigger.

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