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Hong Kong tops World Economic Forum report
Wednesday, December 14, 2011
Wednesday, December 14, 2011

Hong Kong SAR has overtaken the United States and the United Kingdom to top the World Economic Forum’s (WEF) fourth annual Financial Development Report.

As the first Asian financial centre to achieve this rank, Hong Kong’s position was bolstered by strong scores in non-banking financial services such as IPO activity and insurance.

Although the US fell one spot to second place, its overall score remains almost unchanged compared to last year. While financial stability continues to be a concern, the US was able to offset this weakness with strong financial intermediation results. Particular strengths in this area include highly developed foreign exchange and derivatives markets, as well as comparatively robust M&A and securitization activity.

The UK declined in both score and rank, placing third overall. The greatest contributing factors to its decline are lower scores on securitization and IPO activity.

To get more information on the report watch a short video here.

Download a PDF of the report here.

The Broadcasting Corporation of The Bahamas (ZNS) has signed a contract with digital integration company Kit Digital Inc to upgrade the TV broadcaster's facilities from analog to digital. The contract, worth $2.4 million, is part of a $5-million government fund allocation for modernization.

Bahamian tennis star Mark Knowles has posted photographs from the recent charity event held at Atlantis Paradise Island on his website. Andy Roddick headlined the event, which raised $150,000 for local charities.

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