London snatches tech city crown from New York

JESSICA FRANK-KEYES

LONDON has been ranked as the world’s most high-tech city snatching the top spot from New York, according to new research shared exclusively with City A.M.

The capital scored top marks for its world-leading financial services and deep talent pool as well as the quality of its business environment and international reputation, according to Z/Yen Group’s seventh edition of the Smart Centres Index.

Climbing one point on last year’s score, London was joined in the top five by NYC, San Francisco, Zurich and Lugano. Oxford came in seventh place, after climbing three places in the ranks, while Los Angeles, Tel Aviv and Hong Kong ranked in the top 10.

“We will only solve our global problems by harnessing technology to the task,” executive chairman of Z/Yen Group Michael Mainelli said.

“Our expectations of technology will only be realised if we can deploy it, which is the job of commercial centres.”

“It’s an exciting, and dangerous, time, and more than ever we must improve our assessments of new technologies ranging from AI to materials, space, graphene, carbon capture, or quantum computing.”

The Smart Centres Index (SCI) assesses the power of top global cities to create and deploy new technologies.

Researchers noted Asian and Pacific cities had dropped in the rankings amid concerns over Chinese conflict with Taiwan, while western Europe and the US maintained a strong performance.

The news that London has clinched the top spot will likely be welcomed by Rishi Sunak, who has set out to develop the UK as a whole into a science and tech superpower since becoming prime minister late last year.

The ranking will also be seen as another welcome boost for the City.

Last week, London was crowned the ‘best city brand’ in the world, according to a new international league table.

Abercrombie & Fitch jumps on surprise profit and raised guidance

GRANTH VANAIK

ABERCROMBIE & Fitch yesterday posted a surprise quarterly profit and lifted its full-year sales forecast, as the clothing retailer banks on its efforts to fill shelves with in-demand goods, sending its shares up as much as 29 per cent.

The apparel retailer has worked to increase its stock across all its labels and lure affluent Americans to purchase a variety of clothing items as people return to social gatherings and office work.

Consumers have been diversifying somewhat out of denims, said CEO Fran Horowitz, adding “this non-denim bottom trend that we’re seeing is really terrific”.

The company’s eponymous Abercrombie label posted a 14 per cent increase in sales in the quarter, while the Hollister brand dropped seven per cent.

The company now expects 2023 net sales to increase two to four per cent.