Friday, November 27, 2009

Asia is where the action is

HSBC to Refocus on Asian Markets - Good piece here in the New York Times about HSBC's decision to move its CEO from London back to where he should be: in Hong Kong. He's not the only one: I gather that Fidelity International's Investment President Anthony Bolton is heading this way too along with Goldman Sachs head of global capital markets, Dominique Jooris.

What's this all got to do with business media? Well, two things possibly:

1. Asia is where the action is. It's been that way for a while, but this is very clearly the story of the next 2 - 3 years at least. The BBC recently reported the OECD's improved global outlook with the headline "World economies rebound but China set for best growth". And Hong Kong looks poised to take big advantage of that: property markets are booming here, back to almost record levels, and the mood is far more upbeat than either Europe or N. America.

2. The financial media based here should reap dividends from these moves: companies like Haymarket with its Finance Asia title, Euromoney plc with AsiaMoney and the various specialist titles of Incisive can only benefit from the moves which are being announced. Interesting that Incisive has just launched its new Professional Advisor title in Hong Kong with the now compulsory Twitter feed up and running on day one. I suppose all those bankers are going to need some good advice on how to work their own money harder.

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