Feb 16, 2010
Business Afternoon Updates
Simon Bids $10 Billion for General Growth Properties
By MICHAEL J. DE LA MERCED
Simon Property Group on Tuesday made an unsolicited $10 billion bid for
General Growth Properties, a rival mall operator that is trying to emerge from
U.S. Wants to Know When Toyota First Knew of Problems
By NICK BUNKLEY
If regulators determine that an automaker did not meet its statutory obligations,
the manufacturer could be liable for a maximum of $16.4 million in civil penalties.
Tax Evasion Case Draws in Another Bank
By LYNNLEY BROWNING
A wealthy investor in Virginia pleaded guilty on Tuesday to criminal tax
evasion through an international bank, said by a person briefed on the
case to be HSBC.
As Garment Industry Moves Out, Arts Groups Move In
By ALISON GREGOR
With so much of the garment industry moving overseas, theater and arts groups
have been filling vacancies in the garment district.
In Des Moines, Downtown Is a Team Effort
By KEITH SCHNEIDER
Public and private cooperation helped Des Moines add 3.8 million square
feet of downtown office space in the last decade, and projects often move
at a speedy pace.
Personal Finance Daily
FEBRUARY 16, 2010
Tuesday's Personal Finance stories
- Bank customers want good service
- Fund managers' trading may cost you
- The unexpected hits working parents hard
I'd like good customer service, close attention to account security, and low fees. Given all the negative things so easily said about banks in the aftermath of the financial crisis, it seems odd to say this but I must admit I often get exactly what I want from my bank.
Of course, it's those times when they fail in some way that always stand out.
For instance, a year or so ago, I received an email from my bank ostensibly notifying me about "account changes." Only, the message didn't contain any details. So I sent an email to the bank asking for the specifics about what was changing. When the response from the bank was unclear, I called for clarification. A month later, a charge for that call appeared on my statement.
When I protested the charge, the bank removed it, so that's a good thing. But sometimes you just have to wonder what they were thinking. And of course, it's that random, annoying, "can you believe that?" instance that continues to stick in my head.
Similarly, I still remember walking into a branch when my daughter was very young, maybe 5 or 6 years old. She was really eager to save money and I thought talking to a bank teller about opening an account and about how to save would really be a positive experience for my daughter. Not. The teller brusquely said there were no savings options for kids that little (um, have you heard of custodial accounts?). Nice way to cement those customer relationships. We found a different bank for my daughter.
Still, not long ago my now-teenage daughter and I went back to my bank, because for a variety of reasons -- mainly ATM convenience -- she wanted to transfer her savings. A very knowledgeable teller helped us and I was impressed with the service. It didn't hurt that the guy found a cheaper account for me.
But customers have really, really long memories for the bad stuff. If the big banks weren't so busy focusing on the latest and greatest exotic investments, maybe they'd remember that.
-- Andrea Coombes , Personal Finance editor
Bank customers want good service, not just prices
Banks, many of which are deluging consumers with new fees and changing services, held their own in keeping customers happy in the latest quarter thanks to the myriad of smaller banks, the American Consumer Satisfaction Index reported Tuesday.
See Consumer Watch.
Working parents face child-care dilemma
Taking care of children is tricky when both parents work, but when one parent falls sick, goes on a trip or is out commission for whatever reason, balancing work and child care can be downright daunting for the parent left in charge.
See Diary of a Recession Baby.
Fund managers shy away from risk, February survey shows
Global fund managers moved out of equities and into cash and bonds during February as they lowered their risk profiles, according to a monthly survey from Bank of America's Merrill Lynch unit.
Commentary: Contrarians say this is only a correction
Advisers are returning from their three-day holiday in a decidedly melancholy mood. And that gives contrarians hope that the bull market that began last March is not yet over -- recent market weakness notwithstanding.
See Mark Hulbert.
Commentary: Managers' frequent trading can cost investors money
One money manager's protection is another manager's short-term thinking. The difference is in portfolio turnover numbers, and there is a growing body of evidence to suggest that fund managers are as guilty as anyone of falling for short-term moves.
See Chuck Jaffe.
Volatile housing ETFs build gains
While rumblings from China and Europe have captured investors' attention in recent weeks, an exchange-traded fund tracking U.S. home-builder stocks has quietly established itself as the best-performing sector fund so far this year.
See ETF Investing.
Commentary: 10 short-term tips for investors worried about 'debt bomb'
Join America's new "mad as hell" club. You want short-term investing "solutions?" Stick with me, today we have 10 fabulous short-term solutions, solid tips for readers worried about the coming "Debt Bomb Explosion ."
See Paul B. Farrell.
Investors finally warm to U.S. stock funds
Investors who fled from stock mutual funds in the market meltdown now appear to be carefully tiptoeing back. In January, they put $2.7 billion into U.S. stock funds, reversing four consecutive months of outflows, and placed more than $8.1 billion into international stock funds, the most since December 2007, according to investment research firm Morningstar Inc.
Investors should act their age
Life should be simpler in retirement. So should your finances. A clear-cut financial plan is a good idea at any age. But a growing body of research suggests simplicity takes on added urgency as we move into our 70s, when stock-picking acumen begins to slip.
High trading is bad news for investors
Buy-and-hold hasn't looked too good lately, but churn-and-burn is no better. Stocks are sloshing around faster and cheaper than ever. You can trade online for $7.95 or less. Nearly 2 billion shares are handled daily on the NYSE, not counting trades in rival markets. Throw those in, and trading is a tidal wave, averaging 9.4 billion shares so far in February -- up from 9.1 billion in January, says Rosenblatt Securities.
See Jason Zweig.
You just have to do it
People in the midst of a career reinvention don't have the luxury of a manager who sets priorities for them. The most difficult part of making a career change is starting it, especially with only your desire to propel you.
The $550,000 student-loan burden
When Michelle Bisutti, a 41-year-old family practitioner in Columbus, Ohio, finished medical school in 2003, her student-loan debt amounted to roughly $250,000. Since then, it has ballooned to $555,000.
See College Costs.
WellPoint cancels investor day due to hearing on price hike
A congressional hearing into WellPoint Inc.'s proposed rate hikes in California has prompted the health insurer to cancel its investor day, taking a bite not only out of its shares but those of other carriers as well.
See Health Care.
ECONOMY & POLITICS
Commentary: Can we wean ourselves off pork?
Mirror, mirror on the wall, who's the biggest porker of them all? It's hard to tell; there are so many to choose from. It seems as though hardly a day goes by without a politician on either side of the aisle railing against government spending and the humongous deficits it has produced.
See Irwin Kellner.
Builders slightly more optimistic in February
Encouraged by low interest rates and the restoration of federal home-buyer tax credits, U.S. home builders were a bit more confident that the housing market is recovering, according to a monthly survey released Tuesday by the National Association of Home Builders.
See Economic Report.
Fed's Kocherlakota sees slow recovery
The U.S. economic recovery is likely to be slow and the unemployment rate is likely to stay above 8% by the end of 2011, said Narayana Kocherlakota, the new president of the Federal Reserve Bank of Minneapolis on Tuesday.
See The Fed.
U.S. risks crisis without fiscal action: Hoenig
U.S. fiscal policy is on an "unsustainable course" and the government must adjust its tax and spending programs or risk a crisis, Kansas City Federal Reserve Bank President Thomas Hoenig said Tuesday.
See The Fed.
Liberals continue to push for financial transaction tax
As policy makers in the U.S. and Europe contemplate mechanisms to ward off another economic near-collapse, one idea is gaining traction among liberals at the same time as it is infuriating conservatives: a financial transactions tax.
See Capitol Report.
The economy is improving, money manager says
Wall Street needs to see evidence the economy is improving, and we've been getting that in reports that include today's report on New York-area manufacturing, says Chuck Lieberman, the chief investment officer for Advisors Capital Management.
Listen to Radio Report.
Toyota to suspend production at two key U.S. plants
Toyota Motor Corp. will reportedly suspend production at two key U.S. plants to keep inventory from ballooning as mounting recalls have slammed demand for its vehicles.
See full story.
Fort to cut shift at Mustang plant in Michigan
Ford Motor Co. on Tuesday said it will halve the number of shifts at a plant in Michigan this summer to better match its production capacity to demand in a move that will impact about 900 jobs.
See full story.
February 16, 2010
CFTC Commissioner Michael Dunn to be keynote speaker at NFA's CPO/CTA Regulatory Seminar
CFTC Commissioner Michael Dunn will be the keynote speaker at NFA's CPO/CTA Regulatory Seminar on Tuesday, March 2 in Chicago. The day-long seminar will focus on several CPO/CTA issues, including new and pending legislation, recent additions to financial reporting requirements and common errors made in promotional material and disclosure documents. The seminar will also outline the NFA audit process and discuss common audit deficiencies.
There's still time to register to attend the seminar. The cost is $100 for NFA Members and $150 for non-Members. The fee includes all workshop materials, continental breakfast, refreshment breaks and lunch.
Click here for more information on the seminar.
February 16, 2010
Alert Name: FGC BOLSA - FGC FINA
February 16, 2010 Compiled: 1:44 PM
February 16, 2010 Compiled: 1:44 PM
BUSINESS / MEDIA & ADVERTISING
BY THE NEW YORK TIMES (NYT)
|February 16, 2010|
|You can always find the latest political news at RealClearPolitics.com.|
|Top 5 Stories on RealClearPolitics|
|Dems Take Blow as Senator Bows Out - Hitt & Davis, Wall Street Journal|
|WASHINGTON—Indiana Sen. Evan Bayh, an influential Democrat who carved out a rare role at the political center, announced Monday that he won't se...|
|Bayh Hits Sharp Partisanship in Washington - Taylor Rushing, The Hill|
|Indiana Sen. Evan Bayh (D) on Monday blamed the sharp partisanship that divides Washington for his lack of desire to serve there, saying that Congress...|
|Good Riddance to Evan Bayh - Steve Kornacki, Salon|
|Evan Bayh learned early that liberalism and ambition don't always mix in a red state like Indiana.It was 30 years ago that Bayh, then a 24-year-old la...|
|Possibility of a Republican Senate Grows - Sean Trende, RealClearPolitics|
|Evan Bayh's surprise announcement that he would not seek a third term has sent shockwaves through the pundit class on an otherwise quiet President's D...|
|Pundits Unwisely Want U.S. to Emulate Europe - Joel Kotkin, Forbes|
|The evolving Greek fiscal tragedy represents more than an isolated case of a particularly poorly run government. It reflects a deeper and potentially ...|
|More Opinion and Analysis|
|President Palin's Long Odds - David Paul Kuhn|
|One week after keynoting the Tea Party convention in Nashville, Sarah Palin attended NASCAR's premiere race – the Daytona 500. "It's an all...|
|A North Star Fades - Richard Cohen|
|It's possible that Sarah Palin's best quality is that she has none at all. She exists for both her friends and enemies as a fantasy figure. For the le...|
|Politicians Taking Away Your Freedom - Thomas Sowell|
|If eternal vigilance is the price of freedom, incessant distractions are the way that politicians take away our freedoms, in order to enhance their ow...|
| Intelligent Investing Panel |
Housing Shortage Coming In 2011
If new houses aren't built soon in the U.S., there won't be enough next year.
With Alexandra Zendrian
| Intelligent Investing |
Soar High With Boeing And Friends
Boeing and its multitudinous supplier base are on an upswing thanks to both the military and the Dreamliner.
With Rick Whittington
Video: Intelligent Investing With Steve Forbes
| Intelligent Investing With Steve Forbes|
Wesbury Says Mark To Market Was The Problem
First Trust Advisors chief economist Brian Wesbury lays out the case that mark to market was the culprit for the market downturn.
The article below is the translation from Spanish into English from the Gurus Blog To read the original article in Spanish , visit http://www.gurusblog.com
Fernando Guzmán Cavero
By Miki Gurus the February 16, 2010
Since tomorrow all unemployed who exhaust the provision and known as the former unemployment insurance, will enjoy the support of 426 euros. The new support of labor and social policy of our State.
From today can now apply for assistance monthly, as tomorrow and as published in the Official Gazette, will come into force this special extension called subsidiria 'Program Temporary Unemployment Protection and Integration', in regulating such aid.
Nobody denies the benefits of such aid to all unemployed beneficirán that fail to benefit from today and until August 15. But can real social security bear this new financial burden?
This assistance will cost 518 million euros, matters of social security were serious, they can now become critical. Assisting 245,000 people unemployed is clearly a good social policy, no doubt, but may do so through social security was not the best option, if you really want to continue on a model with clear public pensions
One of the more controversial parts of this new benefit or subsidy, is that only people who will benefit from today and over the next six months to get money to stop the strike or unemployment benefit; not be extended to the pertación in any case, people who do not end up in these earlier dates p prestactones later. That is, who ends his unemployment benefit on 25 August will not be able to access these extra six months.
All this is regulated by a Royal Decree, which was replaced by Law 14/2009 of 11 November. We'll see how it works.
Gerald Celente : When greedy people are losing a lot of money expect a world scale war Posted: 15 Feb 2010 09:55 AM PST
Posted: 15 Feb 2010 09:55 AM PST
Gerald Celente on CNN Radio 10 February 2010 This time they will close the banks not only Wall streetThe budget deficit in the US is worse than most of that in the European countries ...the worst is yet to come , prepare for the worst and hope for the best , Gerald Celente does not give any financial advise but he cannot repeat it enough that he is a "True Gold Believer" ..when greedy people are losing a lot of money expect a world scale war says Gerald
Gerald Celente is a respected media commentator on business and consumer trends in the US, and publisher of The Trends Journal. His presentation aims to help exporters understand the key global niche markets they should be designing new products and services for, and signal what the key business and consumer trends will be. The Trends Research Institute is on record as accurately forecasting many major social, economic and political trends. such as the dot.com crash, the rise of gourmet coffees and organic foods. They are currently predicting a rise in ‘simplicity hip’ for the average US family with downsizing in cars,houses and extravagances but a strong requirement for quality products that reflect personal styles and which are simple, reliable and can be repaired – not trashed – when broken.
Trends Expert Gerald Celente is also known as Dr Doom and the Nostradamus of Modern Times , Gerald Celente is regarded as one of the foremost trend predictors in the world. This author of Trends 2000 and Trend Tracking, and publisher of The Trends Journal, is frequently a guest on television news and talk show programs. The New York Post said "if Nostradamus were alive today, he'd have a hard time keeping up with Gerald Celente." Subscribe to the Trends Journal >>>
Following are Gerald Celente's Forecasts for 2010: · The Crash of 2010: The Bailout Bubble is about to burst. Be prepared for the onset of the Greatest Depression. · Depression Uplift: The pursuit of elegance and affordable sophistication will raise spirits and profits. · Terrorism 2010: Years of war in Afghanistan and Iraq and now Pakistan have intensified anti-American sentiment. 2010 will be the year of the lone-wolf, self-radicalized gunman. · Neo-Survivalism: A new breed of survivalist is devising ingenious stratagems to beat the crumbling system. And, they're not all heading for the hills with AK-47's and pork & beans. · Not Welcome Here: Fueled by fear and resentment, a global anti-immigration trend will gather force and serve as a major plank in building a new political party in the US. · TB or Not TB: With two-thirds of Americans Too Big (TB) for their own good (and everyone else's), 2010 will mark the outbreak of a "War on Fat," providing a ton of business opportunities. · Mothers of Invention: Taking off with the speed of the Internet revolution, "Technology for the Poor" will be a major trend in 2010, providing products and services for newly downscaled Western consumers and impoverished consumers everywhere. · Not Made In China: A "Buy Local," "My Country First" protectionist backlash will deliver a big "No" to unrestrained globalism and open solid niches for local and domestic manufacturers. · The Next Big Thing: Just as the traditional print media (newspapers/magazines) were scooped by Internet competition, so too will new communication technologies herald the end of the TV networks as we know them.
Google Blogs Alert for: financial and forex info
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| Forex Trading: EURUSD Remains Contained In Narrow Trading Range …|
By Greg Michalowski
Financial News. Financial News & Information ... Forex Trading: EURUSD Remains Contained In Narrow Trading Range … Posted on February 15, 2010 at 1:53 PM. . Forex Trading: <b>EURUSD</b> Remains Contained In Narrow Trading ...
Financial News - http://domaindnseye.com/
February 16, 2010
Europe-China Connection Could Rattle Stocks
By Jon D. Markman, Contributing Writer, Money Morning
I was watching the Asia Edge show on Bloomberg television Wednesday night when the lovely and smart Susan Li broke in breathlessly on her guest with news about China's consumer inflation numbers. Inflation was reported up just a touch in January, which was considered good news because if it was higher it would have made Chinese banking authorities more anxious to clamp down on interest rates and if it was lower it would have raised the awful specter of deflation.
The Shanghai stock market ended a fraction higher, so it was a bit anticlimactic. But the key thing to know is that the Chinese market still appears to be in a downtrend and that bodes ill for the rest of the emerging markets. The 50-day moving average of iShares FTSE/Xinhua China 25 Index (NYSE: FXI) has turned emphatically negative, as has the slightly longer 100-day average. The index fund also is already beneath its 200-day average, which tends to distinguish bull cycles from bear cycles.
Read more about the Europe-China secret...
|Markman on... |
- Soaring Lumber Prices and Strong D.R. Horton Report May Not Signal an Immediate Rebound in Housing Stocks
- Four Ways to Profit From a Business-Driven Rebound
We're Looking at a "Double" on this Oil Play
The number of oil tankers floating in the Mediterranean and English Channel is up by 71% in the last 2 months. Each ship can hold nearly 1 million barrels, so a jump in price of just $1 means an instant profit of a million dollars per ship. And Goldman Sachs predicts $85 a barrel in the next 90 days. One small company that refuels all those tankers at sea is making a killing in this oil speculation. It is almost a monopoly, too, and is beautifully positioned to double from today's price. Go here for the full report.
Toyota Recall Messages Lost in Translation
By Don Miller, Associate Editor, Money Morning
On the face of it, Toyota Motor Corp.'s (NYSE ADR: TM) recall of more than 8 million vehicles appears to be a serious-yet-simple matter of a carmaker facing up to a long list of manufacturing errors. But an in-depth examination of the case reveals a much deeper cultural disconnect.
Like two people from two distinctly different cultures who find themselves locked in an uneasy marriage, the U.S. consumer and Toyota management are suffering from a failure to communicate.
And unless Toyota very quickly makes an all-out effort to close the communications gap, the Japan-based carmaker could find itself relegated to also-ran status, says Keith Fitz-Gerald, a recognized expert on Asian business who is also the chief investment strategist for Money Morning and The Money Map Report.
"If they don't get a handle on this [problem], it could be a deal killer," Fitz-Gerald said in a recent interview. "They're risking catastrophic damage to their brand for years to come."
|Are there topics you'd like to see better coverage of Money Morning? Editors that you'd like to hear more from? |
Send your editorial suggestions attention to "MM Mailbag" here.
All other customer service inquiries can be addressed customerservice@MoneyMapPress.com.
Buy, Sell or Hold: Buying Into Brazil by Betting on Vale (NYSE: VALE)
By Horacio Marquez, Contributing Editor, Money Morning
On Oct. 27, 2008, I strongly recommended that Money Morning readers invest in the Brazilian stock market through the iShares MSCI Brazil Index Fund (NYSE: EWZ).
It was a momentous decision. The U.S. economy and the global financial system seemed to be coming to a precipitous end.
The day before Money Morning published my lengthy analysis and recommendation, The New York Times published an editorial by the newly anointed economics Nobel laureate Paul Krugman, entitled "The Widening Gyre." Krugman in that editorial criticized those of us who believed emerging economies would decouple from the financial melee that was wrought by the over-leveraged and imbalanced developed economies.
"The really shocking thing, however, is the way the crisis is spreading to emerging markets - countries like Russia, Korea and Brazil," he wrote. And he derided the notion of "the supposed ability of emerging market economies to keep growing even if the United States fell into recession.... Now the emerging markets are in big trouble."
Read full article...
Toyota's troubles highlight cracks in product liability law.More by Richard A. Epstein
Bin Ladenism, it turns out, is bad for Muslims.More by Ilan Berman
Pundits unwisely want the U.S. to emulate the Old Continent.More by Joel Kotkin
February marks the last chance for ObamaCare's passage.More by Rich Karlgaard
February marks the last chance for ObamaCare's passage.More by Rich Karlgaard
USA Department of the Treasury: Deputy Secretary Neal S. Wolin Opening Remarks at the Dubai School of Government
Deputy Secretary Neal S. Wolin Opening Remarks at the Dubai School of Government
February 16, 2010
Deputy Secretary Neal S. Wolin Opening Remarks at the Dubai School of Government – As Prepared for Delivery
DUBAI – Good afternoon. Thank you, Dean Yousef, for hosting me today. Thank you, Lubna Qassim. And thank you to all of you for being here. It's a privilege to be here at the Dubai School of Government. A number of years ago, I was a lecturer at the Kennedy School of Government, with which this institution is closely affiliated. I can tell already from my short time here today that the Dubai School of Government has done a tremendous job of creating the same vibrant, public-interest oriented atmosphere that I found so enriching at the Kennedy School.
In his speech in Cairo last fall, President Obama said that "education and innovation will be the currency of the 21st century." His Highness the late Sheikh Zayed, His Highness Sheikh Khalifa, and His Highness Sheikh Mohammed bin Rashid have been leaders in promoting education and innovation for men and women from throughout the region. The rapid emergence of the Dubai School of Government as a center of educational excellence and public-policy research is a testament to their vision.
Before we move to our discussion today, I'd like to speak briefly about the importance of that vision as we work not only to cement the global economic recovery, but to move beyond recovery to build a more stable and sustainable model for global economic growth.
One year ago, the world faced the worst financial crisis in generations. Global credit markets had frozen. Global trade was collapsing. The world was standing on the edge of an economic abyss. The crisis proved – if anyone still doubted it – that in today's world, our nations and our economies are inextricably bound together.
In responding to this crisis, the nations of the world moved swiftly and in close coordination. Together, we acted to stabilize the financial system, to restore the flow of credit, to assist emerging economies and to help keep markets open for trade and investment. Gulf nations have played a critical role in these efforts. Here in the UAE, as elsewhere in the Gulf, you made substantial financial commitments to combat the downturn, with the largest percentage of the investment going – importantly – to the education and service sectors.
The results of that coordination are now clear. After four quarters of contraction, the U.S. economy grew in the third quarter of last year. It grew again in the fourth quarter, at an annualized pace of 5.7 percent, and we expect to see continued growth in 2010. And for the Gulf Cooperation Council as a whole, the International Monetary Fund predicts 5 percent growth next year.
To be sure, there is still much work to do. In the United States, the GDP numbers have yet to translate into the job growth that matters to people hit so hard by the economic downturn. Beyond the United States, the market turbulence in recent weeks and months, including here in Dubai, is a reminder that risks and challenges remain.
As we move forward, it is critical that we deepen our partnership even further – and that we work through remaining challenges with openness, transparency and with a deep sense of common purpose. I have no doubt that, together, we will put the troubles of the past year behind us and fully repair the damage of the financial crisis.
But our work will not end there. Looking to the future, we have to begin the work of building a more balanced, sustainable model for global economic growth – a model in which our economies are more diverse, the world's trade flows more balanced, and the system as a whole less prone to bubbles and collapse.
Recognizing that imperative, the G-20 Leaders committed in Pittsburgh last September to a new Framework for Strong, Sustainable, and Balanced Growth. Achieving that goal will require partnership well beyond the G-20. Nations across the world – developed and emerging, large and small – all have a critical role to play.
As we work towards sustainable, balanced growth, nothing will be more important than investing in the education of the rising generation of leaders. Your generation will be the source of new ideas and new technologies. Your generation will produce the entrepreneurs that will capitalize on those innovations. And your generation will produce the policy-makers who will help ensure that public policies facilitate – and keep pace with – responsible innovation in the years to come.
Here in the Emirates, you recognize the importance of education. Yesterday, I had the opportunity to meet and talk with the leaders of several groups, including the Tawteen council in Abu Dhabi, which have partnered with the government to provide students with the skills and employment opportunities to excel in the private sector. Today, we meet at a school that embodies the UAE's commitment to the next generation.
I'm proud that U.S. institutions are contributing to these efforts. About 15 American universities now have partnerships in the Gulf, including some of my country's best-known schools.
The United States looks forward to doing more. President Obama will host a Summit of Entrepreneurship later this year to discuss the importance of technology and innovation, access to capital, unleashing youth entrepreneurship, mentoring and networking, and fostering a culture of entrepreneurship in Muslim-majority communities around the world. In fact, our moderator today, Lubna Qassim, is one of the invitees to the Summit.
As we invest together in the next generation of leaders, it is critical that all our young people have the opportunity to learn and to lead. In the UAE and in many other parts of the Gulf, you have long since realized that no country can truly thrive if half of the population is denied the opportunity to learn and lead. The UAE is a clear leader in this region, with female Ministers, Parliamentarians, business leaders, judges and even fighter pilots.
As a public servant – and given that I am speaking here at the Dubai School of Government – let me add another point: private sector entrepreneurs are key to economic growth. But the private sector should not have monopoly on innovation, and the private sector is not the only arena in which entrepreneurs are needed. In my own career, I have seen that the most effective public servants are those that are able to bring the same kind of training, innovativeness and sense of entrepreneurial spirit expected of successful businesses to bear on public policy.
Nothing demonstrates the power of policy entrepreneurship better than Dubai itself, where vision, imagination and determination gave rise to a global financial center.
There are some who may point to recent headlines and ask what the future holds for Dubai. But as a citizen of the United States – a nation that has been tested by a Great Depression, by wars, by financial turmoil, and yet has always emerged stronger and more resilient – I say this with confidence: where people are willing to face their challenges and address them directly and openly, where people are willing to learn from the past, and where ideas, investment and change are welcomed, growth and prosperity will follow.
Soon, you and your generation will take the lead in these important efforts. As Young Arab Leaders, it will be for you – along with your peers in America, in Europe, in Africa, in other parts of Asia – to build a more balanced, sustainable global economy. It will be for you, as President Obama said, "to re-imagine the world, to remake this world."
Sheikh Mohammed bin Rashid has said, "the leaders of tomorrow are the foundation of the future." Those words are wise. I look forward to talking with you, as leaders of tomorrow, about the challenges facing your countries, mine and the world, and about how we can rise to meet these challenges together.
MORE ABOUT THE FRAUD
Please Watch It ASAP And Save
More proves. To see the site you can click the next link:
It can be taken out any time , but below is the snapshot:
Fernando Guzmán Cavero