BUSINESS BRIEFS
Asia cities gain as major centers of world commerce
Advertiser Staff and News Services
NEW YORK — Emerging markets such as China have been lucrative regions to invest in over the past several years. Now, their cities are becoming some of the world's major centers of commerce, according to MasterCard data.
London and New York are still the top two global centers of commerce, according to MasterCard Inc.'s second annual index of worldwide centers of commerce released yesterday. But Asian cities are gaining ground — and not just Tokyo, which ranks third for the second year.
The city posting the most notable jump was Shanghai, which advanced to No. 24 from No. 32 on last year's list.
Some U.S. cities that dipped in the rankings included Los Angeles, to No. 17 from No. 10; Boston, to No. 21 from No. 13; Atlanta, to No. 25 from No. 20; San Francisco, to No. 28 from No. 18; and Miami, to No. 29 from No. 21.
MasterCard Worldwide's index ranks cities by measuring five dimensions: legal and political framework, economic stability, ease of doing business, financial flow, business center, knowledge creation and information flow, and livability.
TAIWAN AIRLINE REDUCING FLIGHTS
China Airlines, Taiwan's largest carrier, will cut flights to the U.S. and Asia because of surging jet fuel costs.
The airline will cancel 100 passenger flights and 50 cargo services a month, or about 10 percent of its capacity, spokes-man Bruce Chen said by phone yesterday.
VEGAS PRESERVE IS LOSING MILLIONS
LAS VEGAS — A Las Vegas preserve built with expectations of becoming a destination for tourists and locals has fallen short with out-of-towners, leaving it more than $10 million short of expenses for its first year.
Officials for the Springs Preserve originally predicted 600,000 visitors over the first year, but only about 200,000 have come, including about 6,200 people from out of town.
The 180-acre preserve that includes museums, trails and botanical gardens cost $235 million to build and is expected to get millions more in funding over the next five years from the Las Vegas Valley Water District.
Officials consider the site the birthplace of Las Vegas because its freshwater springs attracted human settlers.
LEHMAN ON VERGE OF RAISING BILLIONS
NEW YORK — Lehman Brothers Holdings Inc. is close to raising more than $5 billion of capital from a group of primarily U.S. investors, The Wall Street Journal reported yesterday.
The investors include the New Jersey Division of Investment, the Journal reported, citing an unnamed person familiar with the matter. This person also said Lehman, the nation's fourth-largest investment bank, is set to report a second-quarter loss of more than $2 billion. Until recently, reports pegged the loss between $300 million and $700 million.
The firm was completing final details of the capital infusion yesterday, and the investment, primarily through issuing common shares, could be announced today or tomorrow, the Journal reported.
DANISH CAPITAL CHOSEN TOP CITY
Copenhagen was chosen the No. 1 city in the world by Monocle magazine, relegating Munich, 2007's winner, to second place, the publication announced in an e- mailed news release.
The Danish capital was also awarded top spot as "Best Design" city in the Monocle list, to be published June 19 in the magazine's July/August issue.
The release announcing the winners said the magazine's ranking system "goes beyond the usual metrics that only look at housing costs and schools" and includes consideration of late-night attractions, aesthetic appeal and even the ease of setting up a business.
