The changing face of Financial Order

Hong Kong named world's top financial hub - Asia-Pacific - Al Jazeera English:

'via Blog this'

It is not surprising for me to see Hong Kong as worlds top financial hub. This indicates two things. The first thing is world order is changing. The old power house are now old horses impaired with many diseases, they can not win a race. Betting on such horses are use less.
USA has its own financial mess to manage. It has lived on others money for long time. China, Japan along with other countries invested in USA debt and finance the luxuries of life. This luxury financing has created two problems. The first is USA asset bubble, USA spent money on which they can not afford, this luxurious spending is hounding USA and others. I do not see any solution to this problem in foreseeable future. The solution is cleaning the toxic from the system, which no one wants. There is no alternative, cleaning the system from crooks, which is impossible. When there is no will to implement solution, the only alternative left is slow and painful death of US economy.

The second problem is the financing of surplus economy to USA has deprived the needy, underdeveloped and least developed and developing economies of this money. Which may have used to grow these economies. This financing has increased poverty in world. When it will be stopped then definitely a new economic order will emerge.

These least developed, under developed and developing economies will get surplus money to grow and reduce poverty. The change in direction of money flow will change everything. More employment is created and will get better healthcare.

The Asia with its population, China and India along with their neighbors and east Asian economies will see a major shift in near future.

Indonesia, Malaysia along with Saudi Arabia will play a major role in global financial markets.Singapore which is already a major financial hub for east asia, Mumbai, Dubai, Qatar are other financial hubs which are in contest to change the landscape of world order.

It may take some time but the process has started and soon it will pick up. With China coming with its own Sovereign Wealth Fund of USD 300 billion, along with SWF of Malaysia, UAE, Qatar, Singapore, Kuwait and other OPEC countries will see a major change.

Let us make this change a positive, to reduce poverty, and improve justice and equality in this world.

Qatar ranked above India, China in innovation index

Innovation has created wealth in last century. Knowledge is most imprtant part of creating wealth. Creating knowledge is the only way forward for the GCC to creat diversified economy and sustainable economy.
DUBAI: Qatar has been ranked 26th in the Global Innovation Index, securing the highest position in the Middle East ahead of even the world's two largest emerging economies China (29) and India (62).
The report, prepared jointly by business school INSEAD and few other institutions, said that Qatar improved its world ranking by nine places vis-a-vis its 2010 position.
Last year, the Gulf country was placed 35th on the Global Innovation Index. The Global Innovation Index is computed as an average of the scores across input pillars (describing the enabling environment for innovation) and output pillars (measuring actual achievements in innovation).
The UAE, which has the second position in the Middle East, is eight ranks below Qatar at No. 34 in the list. No other Middle East country figured in the top 40 on the Global Innovation Index.
As per the findings of The Global Innovation Index 2011 edition, Switzerland topped this year's GII ranking, with Sweden in second place and Singapore third.
Joining INSEAD as Knowledge Partners for the report were Alcatel-Lucent, Booz & Company , the Confederation of Indian Industry (CII) and the World Intellectual Property Organisation (WIPO), a specialised agency of the United Nations.
The GII includes 16 economies from the Middle East and North Africa. While Qatar and the UAE are in the top 40, the other GCC economies are ranked in the top 60. Bahrain secured 46th rank, Kuwait was 52nd, Saudi Arabia 54th and Oman 57th.
Three countries from the region are within the bottom 15. They are Syria (115), Yemen (123) and Algeria (125). The five pillars of GII constitute the Innovation Input Sub-Index: 'institutions', 'human capital and research', 'infrastructure', 'market sophistication' and 'business sophistication'.

Oil Economy to Knowledge Economy -
Sustainable Growth - Oil Economy to Diversified Knowledge Economy

Global economic uncertainty make it imperative that GCC countries should develop competitive, diversified economies, concludes a new paper from the Carnegie Middle East Center.
In the report explains that the top priority for the Gulf Council Cooperation (GCC) countries should be improving economic governance
Special Industrial Parks and Their Role in Diversifying Economy
- Bio IT KnowledgeCenter
Objective
· To diversify local economy
· To increase high end employment opportunities for the national
· To develop Knowledge based economy for the future
· To develop education to locals in association with different universities and biotech companies present in the park.
Components
· Biotech
· IT/ITES
· Pharmaceutical
· Pharmaceutical Logistic and Warehousing