Never mind the burning wreckage of the global financial industry, Linda Mosher still believes that Halifax will replace Singapore as the next global financial capital. At least, she repeated as much at last night’s council meeting.
I suppose before the economic collapse, there was some logic in this line of thought—oh, not for anyone in Halifax to take the notion seriously, but it certainly made sense for Financial Services megacorp Citco to hawk that hokum to the rubes up in Halifax. I wonder how much they made off that snake oil.
And it certainly made sense, after a fashion, for Nova Scotia Business Inc to pull some more numbers out of its ass and ride the snake oil gravy train for everything it’s worth. Sure, the two million square feet of office space will never materialize, but nobody ever calls “economic development experts” on their bullshit, so what the hell.
But how any rational person could actually buy the snake oil… well, that’s a different story.
Thinking it through, if we’re going to replace Singapore, won’t we at the very least need a strongman to lock us up for chewing gum and spitting on the streets?
Listen to Mosher yourself:
This article appears in Jun 4-10, 2009.
Trace your finger on a globe (NY, Halifax, Ireland, continental Europe) learn the complicated infrasctructuring of data management, learn time zones, then I suggest you rewrite your post. Lastly, try a little optimism.
Actually I’m please that NSBI has been able to achieve what they have over the last few years, I’ve followed this quite closely, Nova Scotia has done quite well in the sector, thanks to NSBI, CITCO are slated to employ over 600 employees over the next 6 years, Marsh Captive Management are hiring aggressively as we speak, FlagstoneRe employing another 80 over the next 3 years, Merdian Fund Services continuing to hire, Butterfield Fulcrum continuing to hire. These companies are hiring right now at a time when other companies in TO, NYC, and many other parts of the world are laying off. These are all great jobs that pay very well in a newly attracted sector of the financial services industry that didn’t exist here 4 years ago; it does now thanks to NSBI. Graduates don’t have to move to TO, NYC or Cayman to get this experience; they can get it right here in Nova Scotia and contribute to the economy. All these companies have been attracted here by NSBI, how do I know this? I’m a student being interviewed by all of the above and unlike Mr. Bousquet, I’ve done my homework and understand global economics apparently, Mr. Bousquet isn’t aware that states, provinces and many other countries compete worldwide with much more aggressive incentives than NSBI has in it’s pocket to attract companies like those we have now. If Mr. Bousquet had any experience at all and would have done his homework, he may not have made an embarrassment out of himself. So thanks NSBI, I don’t have to move to Toronto or Cayman, I love Nova Scotia, I want to work in the hedge fund administration space, and now I can. Oh, and by the way, this is a new world trade and convention center that will probably have a hotel as many do, so the 2 million in space is for a combination of office, hotel and trade center venues, not office space alone. Again a lack on knowledge in Mr. Bouquet’s case.
A Nova Scotia Graduate!
Very disappointing to read the characterizations about Nova Scotia’s financial services sector, which employs many Nova Scotians in great jobs.
Look at the positives that ARE happening. We, NSBI and its partners, have targeted four key sectors over the past five years to help grow our economy — and I think we have had as much success as any jurisdiction in the world.
Let’s look at the following facts:
Defence & Aerospace — We now have the top three defence companies IN THE WORLD here.
Insurance — We now have the top company IN THE WORLD here.
IT — we now have the hottest IT company IN THE WORLD here.
Financial Services — we now have several of the top fund administration companies IN THE WORLD here.
NSBI is promoting Halifax as a world financial centre because Halifax has the right ingredients to succeed. And the city is already well on its way. We have a well-educated workforce, great universities and an award-winning community college system. Beyond that – our companies believe we can do it.
Fortunately, there are many people, both young and old, who believe in this city and its potential — including our clients and the people they employ.
It is great that there is encouraging signs of growth in Halifax. Next issue, wages. The city will not grow into the next Ottawa of 2001, or the ongoing Toronto, it will remain stagnant. These companies will come, hire professional positions, and maybe throw up a few office towers here and there. Their pay will be the shits. No doubt. Any position they hire will pay 25-30k more a year in Toronto, Ottawa or even parts of New Brunswick. Cost of living in Halifax will continue to climb and the universities will continue to crank out b.comm types eager to take any job thrown their way thus keeping the salaries down. Halifax will continue to be the low paying stepping stone to true paying jobs in the big cities. It is happening already – look how little thigns change – there is no huge disposable income in the city because everyone who works there is just making ends meet – either under-educated middle aged people who pay the bills pay cheque to pay cheque or young professionals just trying to make that next student loan payment.
So for professionals like my partner and I who are young yet experienced in our fields are ready to blow our disposable income on anything and everything, we would be faced with the decision to move back to the city we love and live like students or stay where we are, keep saving money for our home back east and at least be able to pay our bills; in the hopes that someday, someone will pay us what we deserve back home.
Moral of the story: Bringing jobs is great. Next issue, bring companies that will hire and pay for real talent.
Oh, and where does one find the jobs mentioned in the above comments – CITCO has two jobs listed on their website for Halifax.
Very enlightening comments, esp. with regards to NSBI. Halifax ever going from it’s current state to “the next Singapore” still sounds preposterous though.
This is a hellish joke. Halifax being the next Singapore is like saying Detroit will resurrect itself from its own ashes in three weeks flat. My ass Linda!
The EU is trying to destroy the London financial industry by giving complete control over banking, investments and insurance to the boys in Brussels, so if you think that Halifax is not an option for thousands of new jobs think again by reading : http://www.telegraph.co.uk/finance/economics/5508…