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Business Business Profile: New York’s economy was already contracting before the attacks of September 2001, due to the US recession. The destruction of the Twin Towers was, in many ways, more damaging emotionally and psychologically than physically for New York’s economy. Although offices were quickly reopened in new buildings and the stock markets were reopened within a week, the confidence and sense of security in the city’s financial district were irreversibly damaged. The benchmark Dow Jones and NASDAQ stock indices both suffered major falls in the weeks after September 11. Nevertheless, the quick recovery programmes that were initiated and quiet determination shown by the major companies ensured long term loss of business to other financial centres, like London and Frankfurt, was kept to a minimum. In December 2001, the city’s unemployment rate stood at 6.5%, which is, however, considerably higher than the national average of 5.4%. New York City remains the international capital of the business world, with nearly 25% of all non-American businesses having headquarters in the city. Most major global business players have a presence in the city, including American Express, Barclays and KPMG. New York stands proudly as the world’s most powerful financial centre, boasting the world’s biggest stock exchange, located on Manhattan’s Wall Street. 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. The real growth industry in New York, over the last three decades – since the brilliant and phenomenally successful ‘Big Apple’ marketing campaign of the early 1970s – is tourism. In the wake of the September attacks, however, it may be some time before visitor levels again top the 35-million-a-year mark and tourist related revenue returns to over US$15 billion a year. Business Etiquette While on business in New York, 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. 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. Business meetings frequently take place over breakfast, brunch and lunch. For lunch meetings, alcohol, in moderation, is acceptable. Great care should be taken when discussing anything relating to September 11, as great offence can be caused with even the most seemingly innocuous comment. |
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