Sunday, November 29, 2009

Dubai as finance hub faces first test

Dubai's ambitions to become an international financial centre are in doubt after the shock announcement that its main state-owned firm wants to suspend debt payments, analysts said on Sunday.

"What happens next and, more pertinently, how critical decisions are disclosed will cement its continuing credibility and its place as a financial centre," said Cubillas Ding, senior analyst at Celent research and consultancy group.

"Dubai's untested financial legal system is now facing its first real test in relation to how it deals with the international community. No one wants to play in a playground where the rules are unclear," he said.

Dubai International Financial Centre, a 110-acre (44.5 hectare) free trade zone which opened in 2004, prides itself on its website as "the world's fastest growing international financial centre."

More on this AFP article.

Tuesday, November 24, 2009

Better citizens--not politicians--can solve our nation's problems. Thomas Friedman

Tom Friedman Explains Causes Of America's 'Sub-Optimal Solutions' (VIDEO) in The Huffington Post, it reads : New York Times columnist Thomas L. Friedman is worried that America is producing "sub-optimal solutions" to big problems like global warming, an education system in decline and a weak economy.

The author of Hot, Flat, and Crowded appeared on The Charlie Rose Show on Friday night to discuss President Obama's recent trip to Asia, and more specifically China. Friedman lamented the failure of US governance and the "forces of paralysis" that surround President Obama. He is worried that China's streamlined, one-party system will be in a better place to implement solutions to large global problems more quickly than the US.

Holding us back, Friedman argues, is a political system too closely connected with money and well-funded interests. Gerrymandering on the part of politicians makes it so that our leaders practically pick us, not the other way around. Friedman also thinks cable news television distorts the truth and that the internet (at its worst) can be a terrible thing for our nation's politics. He also says American businesses have gone AWOL, and hover over America, participating only when it suits their industry's needs.

Friedman says that better citizens--not politicians--can solve our nation's problems.

Friday, November 20, 2009

A Victory by Cheating in the Beautiful Game

One of Europe's leading football players, French superstar Thierry Henry who has a good reputation for fair play- up to the "Hand of God II" incident - has confessed he cheated to rob Irish of a World Cup place. The France striker used his hand twice to control the ball before crossing for William Gallas to head home in extra-time during their World Cup play-off on Thursday.

This incident is reminiscent of Diego Maradona's infamous Hand of God goal when Maradona scored the winning goal to defeat England in a 1986 World Cup quarterfinal match.

Thierry Henry has tarnished his reputation for good. Argentina's Diego Maradona an icon of football in the 70s and 80s, despite his talent is considered one of the sports most controversial figures for various reasons including his use of drugs. Thierry Henry is one of the finest strikers of today's game twice nominated for the FIFA World Player of the Year, was named the Profeesional Football Association Players' Player of the Year twice, and the Football Writers' Association Footballer of the Year three times.

Thierry Henry has missed an opportunity to set a higher standard by admitting to the referee that he had handled the ball. The goal would not have stood and he would have earned the admiration of the entire sporting world. But he didn’t do it. He knew that he had done wrong, but he put his team's interest ahead of doing what was right. Now he has shattered his squeaky-clean image as an ambassador for football.

From what we see on the football pitch- players diving for penalties, dangerous fouls to hand balls- and off the pitch from the violence that show the ugly side of the game, it is clear generally that the beautiful game no longer exists. World Cup Football has become the world's biggest sports spectacle driven by the money and power of big business, sponsorships and merchandising. The pressure to win at all costs has killed the beautiful game.

Even Brazil known to play the beautiful game have abandoned their open and flowing style of the game to adopt the more physical style of the game played in Europe.

Tele Santana, one of Brazil's greatest coaches who led Brazil at the 1982 and 1986 World Cups and guided Sao Paulo to two successive wins in the Libertadores Cup in the early 1990s is reported to have said: "I'd rather lose the game than tell my team to foul, kick the opponents or win with an illegitimate goal. "

Santana was widely respected for his sense of fair play and his refusal to use rough-arm tactics.

The qualities that the late Santana espoused seems to have been confined to history.

Tuesday, November 17, 2009

UN Chief Warns of Increasing Global Hunger

U.N. Secretary General Ban Ki-moon opened the three-day UN World Food Security summit in Rome Monday, warning the international community that the world cannot achieve food security without first tackling global warming.

Mr. Ban said the human cost of the food crisis has been enormous. Millions of families have been pushed into poverty and hunger. In the past year, food insecurity has affected about 30 countries.

The U.N. secretary general said there can be no food security without climate security.

"The food crisis is a wake-up call for tomorrow. By 2050 our planet may be the home of 9.1 billion people, over two billion more than today," he said. "At a time when the global population is growing, our global climate is changing. By 2050 we will need to grow 70 percent more food, yet weather is becoming more extreme and unpredictable," he said.

Mr. Ban said a comprehensive agreement is needed at a climate change summit next month in Copenhagen. Such an accord, he said, must provide a firm foundation for a legally binding treaty on climate change.

FAO Director General Jacques Diouf gave a clear picture of the numbers involved.

"One billion hungry people, that is one of every group of six persons in the world, 105 million more than in 2008, five children dying every 30 seconds. Beyond numbers this means suffering for each of these human beings," he said (Link)


As the world's top leaders including the US President Barack Obama have not turned up for this summit, there are fears that the new commitments to deal with the food crisis may not materialise. The Italian Prime Minister Silvio Berlusconi is the only leader of a G8 country attending the summit. Italy of course is hosting the summit.

Friday, November 13, 2009

Nov 13 - World Kindness Day

According to the World Kindness Movement, "The purpose of World Kindness Day is to look beyond ourselves, beyond the boundaries of our country, beyond our culture, our race, our religion; and realise we are citizens of the world. As world citizens we have a commonality, and must realise that if progress is to be made in human relations and endeavours, if we are to achieve the goal of peaceful coexistence, we must focus on what we have in common. "

Countries that celebrate the World Kindness Day this year include Canada, Japan, Australia, India, Scotland, Nigeria ,United Arab Emirates and Singapore. The Singapore Kindness Movement celebrating the World Kindness Day for the first time is distributing 45,000 yellow daisies meant to motivate the public to show appreciation for acts of kindness.

People like to feel recognised and appreciated. Saying 'thank you' has become a competitive advantage in business these days in the fast-paced world we live in. Those who practise personal gratitude in life- to parents, friends and others will find it easier to do so in the business world- from the sales person to the executives who close deals worth millions of dollars.

A thank you note expressing gratitude creates a strong incentive for the recpient to stay connected.

It has also become good business for business owners and managers to thank their employees for a job well done.

Thursday, November 12, 2009

This, Too, Will Pass

In chapter 8 of 'A New Earth', Eckhart Tolle writes a thought provoking story about the discovery of inner space.

"According to an ancient Sufi story, there lived a king in some Middle Eastern land who was continuously torn between happiness and despondency. The slightest thing would cause him great upset or provoke an intense reaction, and his happiness would quickly turn into disappointment and despair. A time came when the king finally got tired of himself and of life, and he began to seek a way out. He sent for a wise man who lived in his kingdom and who was reputed to be enlightened. When the wise man came, the king said to him, ‘I want to be like you. Can you give me something that will bring balance, serenity, and wisdom into my life? I will pay any price you ask.’

The wise man said, ‘I may be able to help you. But the price is so great that your entire kingdom would not be sufficient payment for it. Therefore it will be a gift to you if you will honour it.’ The king gave his assurances, and the wise man left.

Be at peace

A few weeks later, he returned and handed the king an ornate box carved in jade. The king opened the box and found a simple gold ring inside. Some letters were inscribed on the ring. The inscription read: This, too, will pass. ‘What is the meaning of this?’ asked the king. The wise man said, ‘Wear this ring always. Whatever happens, before you call it good or bad, touch this ring and read the inscription. That way, you will always be at peace.’

This, too, will pass. What is it about these simple words that makes them so powerful? Looking at it superficially, it would seem while those words may provide some comfort in a bad situation, they would also diminish the enjoyment of the good things in life. ‘Don’t be too happy, because it won’t last.’ This seems to be what they are saying when applied in a situation that is perceived as good.

The full import of these words becomes clear when we consider them in the context of two other stories. The story of a Zen master whose response is always ‘Is that so?’ shows the good that comes through inner nonresistance to events, that is to say, being at one with what happens. The story of a man whose comment is invariably a laconic ‘Maybe’ illustrates the wisdom of nonjudgment, and the story of the ring points to the fact of impermanence which, when recognized, leads to nonattachment. Nonresistance, nonjudgment, and nonattachment are the three aspects of true freedom and enlightened living."

Link