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City Guide - New York - Business | ||
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Business Business Profile: New York City is undoubtedly the international capital of the business world - nearly 25% of all non-American businesses have a headquarters in the city. It stands proudly as the world's most powerful financial centre boasting the world's biggest stock exchange. The financial district, focused around the famous Wall Street, is located in downtown Manhattan and dominated by the twin towers of the World Trade Center. More than half a million people are employed in banking, real estate and insurance, although the city is also a major international player in the fields of fashion, media and advertising. More than 100,000 people are employed in clothing manufacture and, reflecting its status as the cultural capital, one-third of all books published in the US are printed in New York. In fact, the city's thriving media, management consultancies, public relation firms and advertising agencies helped cushion the city during the recession of the late 80s and early 90s and the city is now firmly on the road to prosperity. With its enduring image as the ultimate city, it comes as no surprise that tourism plays a consistently powerful role as a generator of wealth. New York City will welcome a record 34 million visitors in 2000 - up 2% from 1999 and 17% over the past five years. Visitor spending is also expected to increase in 2000, by 6.1 % to 16.4 billion US Dollars. Business Etiquette: Normal business courtesies should be observed, although New Yorkers are less formal than Europeans and usually use first-name terms. Both men and women usually wear suits but short-sleeved shirts are acceptable in summer. Appointments and punctuality for business meetings are naturally expected and business hours are officially weekdays, 0900-1730, although an extended working day is very common in certain sectors and it is not unusual for people to be working well into the night, or over the weekend. |